Active forex traders ?

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justpaper
justpaper Posts: 856 Forumite
in Savings & investments
just wondering if any are about ?

been tradering live since last xmas, its all going good, i think may people who dont understand forex and blow their account up, tend to voice their Hate for forex very strong, and put fear into others who could may well understand the system much better,.

I honestly think people are able to make mass profits, and the more money a trader has in the account the easyer it is to make fast profitable returns, when i say trader i mean someone who knows what their doing, please i not trying to promo forex tradering you really can lose money super fast.

The web has MANY MANY free ebooks/ sites all which are much better then a course, I would say paying for 1 on 1 lessons are very helpful but thats only if you can get a good teacher,. paying for a course is just crazy, i never did it,

Sorry to go on,... if any ones got any Q's - ill try my best to help, i am no way a expert trader :)
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Comments

  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    First Post First Anniversary
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    Given the huge volatility of forex, you really have to know what you are doing. Personally, I consider forex trading well beyond the realm of a retail investor/saver. me included.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • alchemistkevin
    alchemistkevin Posts: 173 Forumite
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    I would be interested to know more :)

    Been looking to get into it for a while but can't find concrete info I can use
  • justpaper
    justpaper Posts: 856 Forumite
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    Jonbvn- very true, you hit the nail on the head, it isnt for every one, and you'll need alot of trust in a forex trader to manager your money,

    but the reason I got interested in it is due to the huge volatility = chances to make money, margin trading (major reason), able to have the full trading freedom, and the fact that major companys stuff alot of money into forex account managers, i'm pretty sure its what e2save/cpw do to fulfill all them cashback deals, so im thinking "hey if the big boys do it, i want a piece" on a smaller scale :)

    and i think someone like you would be able to trade successfully, :) seems like you have financial mindset, = a good % of your post are in this section, i think alot of the bad press is from people that have not took the time to understand the the workings behind it, and end up losing their money quick,

    alchemistkevin- checkout babypips.com all the info/ on forex and even 6 resident traders that give out their trade signals, and their passed results,

    The broker i use is oanda.com open up a Demo account, it will give you a option to add Play money to it, only put in the amount your willing to invest, as its pointless it trading with a 50k account when your planning on having a 1k account, it WILL put you in a false mindset of the system, this is where many people fall in the forex ladder,
  • free4440273
    free4440273 Posts: 38,438 Forumite
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    the margin requirements of trading forex and the gearing can be H-U-G-E if the market turns against your open position - and for those who cannot 'read' technical charts, draw fib lines et al. forget it: they might as well blow their heads off; not just blow their accounts :)
    BLOODBATH IN THE EVENING THEN? :shocked: OR PERHAPS THE AFTERNOON? OR THE MORNING? OH, FORGET THIS MALARKEY!

    THE KILLERS :cool:

    THE PUNISHER :dance: MATURE CHEDDAR ADDICT:cool:
  • justpaper
    justpaper Posts: 856 Forumite
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    free4440273 - true indeed, but you would check out the risk-reward ratio before doing the call, and use a % of your account that you can aford to lose,

    i know your thinking the same thing its just not for everyone, :rolleyes: its a forever learning game, i had a bash at share dealing when i was pretty young, i loved it but they where slow returns, forex is just crazy, i love it! thats why i posted here i coudlnt believe people are not investing in it,.. but like you said those who cannot 'read' technical charts, draw fib lines et al. forget it: they might as well blow their heads off,

    but hopfully the right people will read this and go off and get stuck in,
    I wish i found out about it years ago, :(
  • alchemistkevin
    alchemistkevin Posts: 173 Forumite
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    Thanks, I'll give the site a read, hope don't end up losing my home over it ;)
  • I,_Brian
    I,_Brian Posts: 191 Forumite
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    Jonbvn wrote: »
    Given the huge volatility of forex, you really have to know what you are doing. Personally, I consider forex trading well beyond the realm of a retail investor/saver. me included.

    I agree - and I've hated the spam you see around trying to push Forex as "quick rich" schemes.

    Personally I've only just started investing, and investing in equities (actually, financials) and watching the volatility, I'm going to expand on my original "buy and hold" strategy and open a second trading account for day trading, specifically for the volatility.

    Therefore I can begin to see the attraction justpaper mentions - though I have no plans to touch Forex untill I am confident enough I can manage the risks properly.

    I think it's seriously important that anyone looking to invest understands that a lot of it is about managing risk rather than anything else. That's a hard thing for many to handle. People freaked a bit when I told them I was investing in the stock market. So I'll give justpaper due respect for managing a level of risk above me. :)
  • purch
    purch Posts: 9,865 Forumite
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    lot of it is about managing risk rather than anything else

    Sums it up perfectly.

    The biggest number of posts on this Forum relating to Investment are from people who have Invested beyond their risk profile.

    The hardest, but most important lesson anyone who Invests needs to learn is how to understand risk, and ultimately how to manage it effectively.

    Without that understanding, Investing for profit is very very hard.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • justpaper
    justpaper Posts: 856 Forumite
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    you can make some huge returns on forex market, but you'll always hear some person one posting how they lost X amount of £ , but they'll never say what they did wrong, bad news travels faster then good news,

    Just read and educate yourself, you'll learn ROI and all that jazz along the way,.. you will lose money hopfully not the whole account :)

    give yourself a target could be % of the account, or weekly pips you want to make,.

    I've set my target 8% return each month, which im achieving,

    just checked and ive made 9% return in 14days, in my own time from home, :)
  • justpaper
    justpaper Posts: 856 Forumite
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    just a update, more Forex Trading Signals and info is at dailyfx.com, i think the normal price for the service is $95 USD per month,. But right now its free! for now, dont know how long,

    also they have free strategies / trade "ideas" and newz bulletins, and their super Economic Calendar which i always check out when trading,

    hopefully this thread will get a few of you thinking about Forex market!! would of been better off, than having your money in icesave ;)
    (the icesave comment is NOT me having a go at martin, I believe its up to the end user to act on his advice, and he has always said to do your own homework,)
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