Anyone Do FX Trading Or Spreadbetting?

AzimScot

Hi,

I am looking into this and looking for a training club I can join anyone involved with FX or spreadbetting.

Thanks.

hawki

Hi
Have a look at Cashmaster site,or more money review, lots of ideas there to get started & good luck

Hawki

katali_d

Read reviews of products very very very carfeully before spending a penny! If a product is new and has no independent reviews then avoid it for at least 1 month, and preferably 6!! No matter what the sales pages looks like, and how many emails you get about it, and how often you're told it's for a limited time only. There are a massive number of completely rubbish products out there. As far as I can tell from 2 years or so of serious (and expensive) investigation the only way to make money on this is to do it full time, and learn everything you can.

I recommend babypips for a start, and then forums like forex factory and trade to win. Please don't spend money learning this until you have exhausted every free resource there is!

I speak from the experience of wasting a huge amount of money over the last few years. Take any site that earns a comission from you buying through their links with a pinch of salt.

jago25_98

I agree.

The systems advertised sound great and indeed they can work, but not in the way presumed by those interested.

Basically there are a few people I think it possible to work for

-The wealthy. Have enough cash to purchase/subscribe to someone elses method/algorhythm. The fees for systems I found good enough for me personnally meant I need at least 100k or more to justify it. You may feel that its possible with less but personally Im cautious

-The dyslexic mathematician genius. If you enjoy numbers anyway, this can be facinating and that drives success.

-The modest. If you just want to inflation proof and no more, beating poor savings rates then it possible, with work to make it happen

Looking at off the shelf advertisements youd think you can run this money machine with little involvement. Its not like that at all. Lets not forget, is this really productive work.

What are the threats that make me think its only suitable for the above people?

-its not instrinctly a valuable thing to do with your time, that is, its not valuable to other people. Youre dependant on the broker system

-inflation. If you look at the commission on shares and pips youve got costs involved there. The other option is currency and inflation effects every currency. So the first thing you have to do is beat inflation. That can cut out any gains.

-"Mervin King warns of currency wars" Remember that headline? To me that was a subtle que to protectionism, and that can ruin the system. In fact the week after that news a very large forex fund I knew had everything siezed by the FSA... "coinsidence" of course... but lets not forget the BoE print money and actually the FSA was created by the BoE. Thus, the BoE can shut it all down.

-the next threat is psychology. That is, you got to put some measures in against oneself. Its got to be an algorithm or be disciplined. Mistakes can be made, have you got attention to detail? Can you make it so you cant influence or even know the buying when it goes bad... for example. (not to mention subtle social influence from forums, those around oneself, the feeling of the time and so forth. This can even translate into non fundamental interp by which algorhythm you choose -we are all social).


That said, numbers is (for want of a more independent term,) gods language and its great to be educated on that even if it can be a waste by competing against one another in incalculable ways.

That said, if you find it enjoyable anyway then its no time lost and in which case, go for it. But it does take time, time which may be better spent working to ones strengths if it would take a lot of self development to get to a position of having it work beyond inflation.


-j