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Anyone got involved in forex trading?
rosierosierosie
Posts: 94 Forumite
So I'm in a position now that I never have been before in my 23 years of living.. I have a healthy amount of money to try and invest in something.
A friend of mine has been trading Forex for nearly a year, and from his experience it has been wonderful! I have £25K that I'm ready to invest and I don't mind taking 'risks', but also want to respect the money that I've worked so hard to earn.
I am trying to get my head around the Meta Trader 4 practise account on GoMarkets but it's taking me a little while to get to grasps with everything.
Does anybody have some advice for me? Have you had experience in Forex and how's it gone for you? I feel like this is the beginning of a new chapter in my life- for the better!
A friend of mine has been trading Forex for nearly a year, and from his experience it has been wonderful! I have £25K that I'm ready to invest and I don't mind taking 'risks', but also want to respect the money that I've worked so hard to earn.
I am trying to get my head around the Meta Trader 4 practise account on GoMarkets but it's taking me a little while to get to grasps with everything.
Does anybody have some advice for me? Have you had experience in Forex and how's it gone for you? I feel like this is the beginning of a new chapter in my life- for the better!
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Comments
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I think you should start with something far less hands-on and much lower risk.
An index tracking fund maybe.I am one of the Dogs of the Index.0 -
rosierosierosie wrote: »Does anybody have some advice for me?
Don't do it.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
So you've never invested or had any savings before now and you want to gamble it all on Forex trading?
As per previous reply, don't do it unless you are prepared to lose your money. Even most experienced investors who are prepared to take reasonable investment risks do not trade forex.Remember the saying: if it looks too good to be true it almost certainly is.0 -
gadgetmind wrote: »Don't do it.
Can't get any better advice than the above.0 -
I was buying and selling shares and reading financial news daily for five years before I tried my hand at stuff like forex and day trading; got my fingers burnt.
I wouldn't.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0 -
>I have a healthy amount of money to try and invest in something.
Forex is not investing, it's speculating. Personally, I would never do it because I have no way to evaluate the risks, except perhaps in the very long term (>20 years). However, maybe you will be lucky, like your friend. You could make a small fortune --just make sure you start with a large one.0 -
rosierosierosie wrote: »So I'm in a position now that I never have been before in my 23 years of living.. I have a healthy amount of money to try and invest in something.
A friend of mine has been trading Forex for nearly a year, and from his experience it has been wonderful! I have £25K that I'm ready to invest and I don't mind taking 'risks', but also want to respect the money that I've worked so hard to earn.
I am trying to get my head around the Meta Trader 4 practise account on GoMarkets but it's taking me a little while to get to grasps with everything.
Does anybody have some advice for me? Have you had experience in Forex and how's it gone for you? I feel like this is the beginning of a new chapter in my life- for the better!
I'm new to the forum after a long time stalking posts and this is my first reply so hi everyone!
The first thing I would like to bring to your attention is the glamour surrounding forex trading.
Yes, it is an extremely liquid market and thanks to the internet it has definitely allowed retail investors to take advantage of this.
However, there are very high risks involved and it is down to us as traders how we manage our risk.
One thing I have noticed on forums and reviews etc, is that they attract more pessimistic responses than optimistic ones.
YES - there is a lot of money to be made from it but I want to highlight a few things.
Leveraged trading, which is the most common way retail brokers will operate; you can lose more than your initial deposits. You need to be a master at fundamental analysis, technical analysis and sentiment analysis to be able to spot your opportunities, and place a stop loss to limit how much capital you can lose should the market go against you.
Say you are trading at £10 per pip on EUR/USD, and the market goes against you by 20 pips. That is a huge loss, yet when we reverse it, it can be a huge gain.
There are some great tools out there on the web they you can utilize to educate yourself in the markets. The only pessimistic thing I am going to say is stay away from the so called "become a forex trading guru" seminars. They will just sting your pocket and there are a copious amounts of trading communities around on the web that will offer you the same thing plus more for guess what... no money.
The most important skill that you will need above anything else with regards to trading... and in life in general whilst I am at it... is discipline. Never let greed take over. Create a trading plan, and stick to it for x amount of time. Assess how you have done, and move forward. You are not going to win all of your trades, but we learn from our mistakes, and learning from your losses will to be honest, be of more benefit to you than learning from your gains... providing you can openly admit to the hit and see where you went wrong.
I'd love to help you so feel free to bug me all you like. I have been trading for a very long time now and I am not a multi millionaire or anywhere near it... but definitely will be able to help you.
Stick to the above... TRADING IS SO MUCH FUN!!!!!!0 -
citymike1989 wrote: »One thing I have noticed on forums and reviews etc, is that they attract more pessimistic responses than optimistic ones.
I think the word you're looking for is "realistic".
For every winner there is a loser. Which is the newcomer likely to be?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I didn't realise how silly I must have sounded.. But I can sum up all of your great advice...gadgetmind wrote: »Don't do it.
Thank you guys. Maybe I'll just stick to the practise account for a good few months
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OP - don't do it.
For an amateur investor/trader, the FX market is probably the easiest way of losing all your money.0
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