Forex beginner

smeagold

darkpool wrote: »

I'll be the first to admit that I'm not a forex expert. But in one post you say forget reading tech books, then in the very next post you say learn everything about it? Does the second post not completely contradict the first?

I do suspect that the majority of amateurs that trade forex give up after a few months because they are not making money. I also expect there is a tendency for amateur traders to only remember trades where they have done well and not the ones where they have lost money.

What I mean is, is that some falsely assume, that if they read a couple of tech books and fill their heads full of theory they can then open a live account start trading and make money. Doesn't work like that, open the account and learn the tech as you go along and apply the tech to the market while your doing it and see if it works but use demo money during that process. Tradings just a skill, like any skill, the more you do it the better you get at it and you cant learn a skill just by reading a theory manual. The best way to learn to trade imo is though the act of trading.

heres some excellent advice for beginners:

http://www.marketoracle.co.uk/Article14286.html

http://www.marketoracle.co.uk/Article14285.html

and heres a forum for forex beginners:

http://www.babypips.com/

(don't know anything about them, came across on my travels so DYODD)

As for the giving up bit, nobody succeeds by giving up, thats why it takes determination.

darkpool

surely with any activity where you are not succesfull it makes sense to give up after a bit?

As a matter of interest what type of returns do you get trading? Do you have a full time job?

smeagold

darkpool wrote: »

surely with any activity where you are not succesfull it makes sense to give up after a bit?

As a matter of interest what type of returns do you get trading? Do you have a full time job?

My full time job is trading. All i do all day is watch charts and hit buy/sell buttons, now and then. A decent forex /commod trader should be able to make at least 10% of his overall risk capital on a weekly/monthly basis.(depending how good he is)

As for sucessful, well what is sucessful? what does it depend upon? some super human power of foresite? No, just determination, a basic undertstanding of the market your trading and a desire to learn and win. Its easy really just think about it clearly.

I could teach you guys everything you need to know to make profit week after week after week, but how determined are you though? Determination is everything. I'll help them determined, the lazy can take a walk though.

darkpool

10% return a week? tbh, i would find it easier to believe if you said you could walk on water.

sometimes my portfolio has went up 10% in a week, but generally that's after is has fallen 20% the week before. i just don't believe anyone could consistently get 10% returns every week over years.

a 10% weekly return would mean you turn £1000 into £20million in less than 2 years.

smeagold

darkpool wrote: »

10% return a week? tbh, i would find it easier to believe if you said you could walk on water.

sometimes my portfolio has went up 10% in a week, but generally that's after is has fallen 20% the week before. i just don't believe anyone could consistently get 10% returns every week over years.

a 10% weekly return would mean you turn £1000 into £20million in less than 2 years.

The most I made in one month was about 27% of total risk equity the least was close to zero(only once in the last 2 years) I only trade gold and silver, when the price drops consistently for a month I don't make much but when it turns up I scale in big I've made 5% of total risk capital in a hour before now because they're so volatile. so your right its closer to monthly than weekly. I never use stops so I never book losses. I don't accumalte trades I pull profits at the end of each week but on avaerage I make about 15-20% per month

smeagold

I made this rather fantastical claim on the silver thread a few months ago and got absolutely lambasted, was called the 100% man, mr perfect, the next warren buffett etc especially by purch who really laid into me(I like purch) hes been a trader for 30 years when I did eventually explain how it was done the only thing he said was "well I was expecting more but yes that would work" It can be done just takes alot of hard work and determination

purch

but i've never met anyone who got rich trading cable.

Hello.

P.S. Not so much Cable in reality, I was more of a DollarMark man myself.

darkpool

so what gearing do you have on your gold/ silver investments? i wouldn't say the gold/ silver price is that volatile?

no offence but anyone could post anything here and it would be hard to prove or disprove.

darkpool

ehhhmmmm dollar mark? we've not had a D mark for 10 years?

purch

could teach you guys everything you need to know to make profit week after week after week, but how determined are you though? Determination is everything. I'll help them determined, the lazy can take a walk though.

Yes.

Trading is not 'rocket science',it's not even particularly difficult. In fact it's usually when you think about it too much, you end up getting burnt fingers.

But it is hard work, and with 100% focus and the ability to work within your plan, accept when you are wrong and not allow your ego to overtake you, making a good living is not impossible.