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currency trading (Forex)
jkc_2
Posts: 44 Forumite
I am really interested in currency trading, has any one dabbled? How did you get on? or do you know of a site that can be trusted? any tips and advice. Thanks jkc
:A
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Comments
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Try here as a starting point,
http://www.forexfactory.com/forum.php
Most short term trading, be it equities, commodities, or currency results in lost money so take it slow and careful.Hope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0 -
I've done a bit recently mainly GBP/USD as practice and it has been hit and miss. Every time I think I'm getting some where I make a mistake!
Overall I'm down on FX trading but not out yet (although probably not far off!)
I think getting the lowest spread is quite important for FX.Credit card balance/availability: £1400/£21,000
Overdraft balance/availability: £0/£1,900
Current accounts cash balance (0.1%):£0
High interest account balance/availability £3000/£7000
Cash: £800 Pension: c. £6,400
Smoke Free since 03/01/10: 7 Weeks, 600+ cigarettes!0 -
DesertFlyer wrote: »Every time I think I'm getting some where I make a mistake!
What do you define as a mistake ? If you mean a losing trade, that's not necessarily a mistake, in the same way a profitable trade isn't necessarily down to a good call.
Labelling losing trades as mistakes leads to the wrong mindset, and encourages one to run losses in the hope they will eventually come good. One way to define a mistake is - "if the same circumstances occurred 100 times, would I expect to make money, and in a manner sufficient to reward the risk taken ?" - if no, then it was a mistake.0 -
What do you define as a mistake ? If you mean a losing trade, that's not necessarily a mistake, in the same way a profitable trade isn't necessarily down to a good call.
Labelling losing trades as mistakes leads to the wrong mindset, and encourages one to run losses in the hope they will eventually come good. One way to define a mistake is - "if the same circumstances occurred 100 times, would I expect to make money, and in a manner sufficient to reward the risk taken ?" - if no, then it was a mistake.
My mistakes are not about losing trades - but poor personal discipline. For example escalation bias, or short stop trades. I find I rush into things sometimes.
I agree on the profitable trades as well - could just be blind luck on some occasions!Credit card balance/availability: £1400/£21,000
Overdraft balance/availability: £0/£1,900
Current accounts cash balance (0.1%):£0
High interest account balance/availability £3000/£7000
Cash: £800 Pension: c. £6,400
Smoke Free since 03/01/10: 7 Weeks, 600+ cigarettes!0
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