Active forex traders ?

aqueoushumour01

thanks i might check this out. in the industry i work in I've seen currency managers lose 20% over the last month, 30-40% over the last year. crazy figures but there's also a lot of potential profit if you make the right calls. I'm looking to develop a portfolio of various things, with a small amount of money as I am VERY risk averse - so hope to increase my confidence and gradually my appetite for risk! How much does it cost to trade, and how quickly are the trades placed?

Blah99

I won't touch forex with a barge pole. There is just too much information you need to keep on top of to make sensible decisions. Charting has its place but I don't agree on using it as a complete trading strategy - the fundamentals are just as, if not more important.

I'll happily spread bet on shares and, sometimes, indices when the environment is obvious, but no forex for me thank you.

justpaper

aqueoushumour01: read read and read,(sites listed above) and demo trade with play money,. as stated above, ive been trading for a year now, all is well, just to answer your Q's tradering is instand, price data is streamed to you per 5secs, it is Live tradering, traders a placed by yourself instantly, and then closed the same way, and you can trade with any amount, but 250£ - 500£ would be a good starting block, AFTER using the demo account to back test your trading method, also dont trade a currency zone you are not familiar with, i stick with EUR/GBP, also i dont think its wise to place 1 active trade at a time when your starting out,

Blah99: I disagree, yes their is alot of methods/infomation (tools) for the forex trader, is doesn't mean he/she has to use All of them to make a trade decision,
nothing is a complete trading strategy, every trader has a mix of things that work for him/her, if your already doing spread bets/ you should look into it, with £1.5 trillion being trade daliy on forex market thats alot of money flying around

its late sorry for any typos,

tubsmacker

justpaper wrote: »

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,

Hi JustPaper,
I like the sound of your results. What is your strategy for trading?
I trade Forex and agree with you on the huge potential.

I manage risk by : A/ always always using a Stop loss and B/ making sure that I don't risk more than 1% of my account on any one trade.
I believe that any successful trade is made up of 3 components. A/ The entry system B/The exit rules and C/ The psychology aspect. e.g my ability to stick to my rules and only trade the way that my system dictates

I haven't done so well on the lower time frames of late so I'm very interested to hear what your trading rules are.

I second what you said earlier in that anyone interested in forex could do a lot worse than start at https://www.babypips.com

Entertainer

Justpaper, how do you actually choose your trades- technical analysis? How do you get your edge over the markets? Are you certain you're not just happening to be on the right side of a trend say with the strength of the USD recently?

The difference with riding a bull market in equities is that something is actually being created i.e profits but forex seems to fall into zero sum gain category more. Tell me more.

justpaper

tubsmacker , hard thing to anaswer,..i agree with your post they are the standard rules,. but with any job role, everyone works at it in their own way, i say stick you the timeframes your getting results with, But you could always have a look at 20pip systems 30mins/ 15mins systems, or forex system review sites that back test systems, i myself wouldnt go lower to 10mins / 5mins etc etc,

Entertainer, babypips.com has alot of free systems, goto free systems and try it out on a demo account,
I use technical analysis you start to noitce different types of doji's (candle stick) forming, and you'll see enter exit points, I still watch the news,. But trading isnt hard ,..all that happened was these guys came to forex town with their Phd/ Masters / Docs in lord knows what and made forex confusing, Right now my fav/ pair is moving with out a trend, then again all pairs are trading funny due to the current problems, always trade with the trend, if the signals are not goign with the trend pass on it and wait untill they are,.
the market will always give you another opening

but im slowing down, I may even stop trading untill i have a new broker, not a maket maker i cant find to trust them types of brokers, these bucket shop brokers have made me loose trust, I'll move more towards ECN brokers, and if you can't Trust your own broker firm how can you trade with confidence. i guess if people read this from start, will see how my mine set has changed, i have to be honest and say i didnt know about the bucket shop setups these broker firms had, and the fact that they sometimes bet against you, its hard to go to sleep with X amount on the line, this messed up my routine and i did lose money, but like i said i would look for a good ECN broker

its good for on the side long term, but doing it for a living not my cup of tea,

justpaper

Been back on the forex for a few weeks now. just cant let it go :A

I dont trade on the Asia session this was just a random brust 6:30 pm to 8:30pm, look at base of chart for time frames
profit of 152£ odd after commission, i did more then 4 trades but didnt want to write up all 6, these 4 trades where closer to gether
just basic scalping at 1min charts looking at RSI level and Bollinger band (BB) on Eur/GBP, I know shame on me for scalping but I was bored,

Sorry about spellings in the Image, (its late) (their is no Red dot on T3 i didnt edit it in so forget about it)
T1 means Trade 1 etc
Using RSI crosses and BB to get entry and exit, didnt get greedy, did get lazy on T3 but the trend was up i Entered late could of made much more on that, but hey its ok,

justpaper

Update: the best ECN for low min account opening i can find is WH selfinvest

whselfinvest.com

Min 2500£ to open accound, linked with Barclays for fund clearing read it about its forex product here http://www.whselfinvest.com/en/Forex_retail_investors.php

Please remember if you going to trade forex trade with ECN not market makers,
you should read about it so you under stand the Major difference between the 2


EDIT - WH SELF INVEST IS A STP (LOOK IT UP) Not a ECN well they say they are a ECN / STP so some trades are ECN executed and some are STP (most prob the winning trades are STP)

Aegis

ps3home wrote: »

I dont understand Forex. But someone I was talking to mentioned it and said he generally has an 80% win rate.

Im letting him have a go with a $100 deposit. What do you recommend?

I'd be surprised if anyone has an 80% success rate with forex to be perfectly honest. I doubt it's even worth the punt, especially if you don't understand it and have no regulatory protection from being duped if this guy turns out to be full of it.

tradetime

ps3home wrote: »

I dont understand Forex. But someone I was talking to mentioned it and said he generally has an 80% win rate.

Im letting him have a go with a $100 deposit. What do you recommend?

Personally, I'd wonder if he was just "someone" you "were talking to" why he'd want to be placing bets for you?
Aside from that, I suppose it depends what $100 represents to you.

I don't trade much in forex, tends to be a bit of fun now and again as I haven't taken the time to study the fx markets. In and of itself an 80% batting average trading is not impossible, but can be very deceptive.

Things you might want to know:
Over what time period he has had an 80% success rate, ie for how long?
How frequently does he trade?
What is his risk reward parameters?