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Anyone got involved in forex trading?
Comments
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Depending on which survey you look at, it is basically 5-10% of people can actually make money in forex.
That means up to 95% of people lose, myself included many times. Be my guest but you will eventually lose, and maybe lose everything you own. It is addictive, if you have some winners in the beginning, you think you are smart and it gives you false confidence. Then you move stops, double down and pray when a position goes against you.
it is human nature not to want to lose, so you can just watch your account disappear because you are too much of a wimp to close out.
Steer well clear, forex companies are nothing more than sophisticated conmen who give you enough leverage to hang yourself.0 -
rosierosierosie wrote: »I didn't realise how silly I must have sounded.. But I can sum up all of your great advice...
Thank you guys. Maybe I'll just stick to the practise account for a good few months
First things first, you did not sound silly at all. We all have to start somewhere and asking on here is one of the best ways to do that.
One thing I'd say about practice accounts is that they never, in my opinion, realistically reflect actual trading simply because of the connection you have to virtual funds compared to your money is completely different.
As for the guy who said don't do it!? Don't listen to that - what advice is that? I'd say go for it. Every single trader never wins all of their trades - just like businesses don't always meet their targets; just like how we get questions wrong in exams. But you know what... we learn better from failure than we do from success. It's just a matter of whether you are strong enough to take a hit and keep moving forward.
My only guess is that the guy who is saying don't do it has failed at trading and hasn't got it in him to move forward. If this was so bad, then why is the forex market the most liquid market in the world? Why are there a lot of people building a successful account from it? Yes, there are people that fail, but that is not because of the markets, it is because of them.
As for the guy talking about being realistic etc. Yes, we need to be realistic, but not to the point it grounds us and halts our ambition to better ourselves. There are risks in everything in life. Yes you are a newcomer, but that does not mean that failure is imminent. Your potential to fail at something is always equal to your potential to be successful, but unfortunately, more people would want to see you fail like they have done. If you listened to advice like that, then mark my words, your success is going to distance itself further and further away. There are risks in everything in life. I see this the same as if you saw the girl/guy of your dreams in a bar. Would you go and talk to her? Would you listen to your friends saying don't go, she's out of your league... she'll turn you down... she'll probably go for this type of person etc etc. You have two options, listen to this "realistic" advice, or shoulders back, chest out and seize the opportunity. What is the worst that can happen? Oh, you're pride might get knocked, your wallet stung by buying drinks all night... BUT... you learn from it either way. No matter how you look at it... you win. Don't let anyone tell you otherwise.
If you want this, do it! PM me and I'll give you everything you need to educate yourself. Not going to watch another ambitious person remain on the sidelines.0 -
If you are prepared for the risks of forex then starting with S&S would seem to be a good idea.
There are many things to invest in that involve risk if you don't want to be holding cash. Most investments do not involve losing more than you have invested - as citymike1989 has explained forex can.
At least with shares if it all goes horribly wrong you lose the money you have put in. Get it wrong with forex you could potentially lose your house.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Many brokers operate margin calls on the account so it's not possible to lose more than everything in there, which is of course precisely what will happen sooner or later.'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB0
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Don't do it. I have two friends who blundered into this and lost a five figure amount in a frighteningly short space of time. There are some very persuasive advertisers on the web (and posters on here...) who will sign you up to a forex trading platform and hook you in. The end result is usually misery.0
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citymike1989 wrote: »As for the guy who said don't do it!? Don't listen to that - what advice is that?
It's good advice.My only guess is that the guy who is saying don't do it has failed at trading and hasn't got it in him to move forward.
On the contrary, I've never been so daft as to even try, partly because of my strong background in statistics and mathematical modelling, and partly because I know a mug's game when I see one.As for the guy talking about being realistic etc. Yes, we need to be realistic, but not to the point it grounds us and halts our ambition to better ourselves.
That would be me again. There are lots of outlets for ambition that don't involve losing huge amounts of money by playing a game that you don't understand.Your potential to fail at something is always equal to your potential to be successful
Sorry, but that depends on what said "something" is. Forex trading is gambling, and the potential to fail is *much* larger than the potential to succeed.You have two options, listen to this "realistic" advice, or shoulders back, chest out and seize the opportunity. What is the worst that can happen?
The worst that can happen is that you lose huge amounts of money, which is also by far the most likely outcome too.Not going to watch another ambitious person remain on the sidelines.
I'm sure that drug dealers use the same excuse when handing out crack cocaine in school yards and I have exactly the same opinion of you as I do of them.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 -
citymike1989 wrote: »If you want this, do it! PM me and I'll give you everything you need to educate yourself. Not going to watch another ambitious person remain on the sidelines.
I could do with a bit of a laugh. Why don't you post your forex strategy up here?
Show us what a badass trader you are.0 -
gadgetmind wrote: »I'm sure that drug dealers use the same excuse when handing out crack cocaine in school yards and I have exactly the same opinion of you as I do of them.
This is the funniest response I have ever seen on here. Seeing as you like to think you give good advice, then I'm sure you will agree that what I say next is astounding advice, and will most definitely help you on your way for the rest of your years...
Grow up. This is a forum. It is slightly worrying how quick you are to talk about narcotics. And even more worrying by pairing narcotics with school yards.0 -
citymike1989 wrote: »Seeing as you like to think you give good advice
Relatively speaking, compared to the atrocious "advice" from other quarters, it's definitely good advice.
Your logic is flawed. How does me giving good advice lead to a conclusion that I'll think that advice from you might be astounding?then I'm sure you will agree that what I say next is astounding advice
It was a thought that just sprang to mind when I saw you suggesting that someone who comes across as a novice advice should try their hand at forex trading. Your emotional arguments (dreams!, pride!, ambition!) seemed to be trying to goad/cajole them into actions that both the advice from others and (let's be honest), just some clear thinking, would have steered them away from.Grow up. This is a forum. It is slightly worrying how quick you are to talk about narcotics. And even more worrying by pairing narcotics with school yards.
Your advice frankly stinks and I feel it's only right that I should question both your motives and your morals.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 -
citymike1989 wrote: »This is the funniest response I have ever seen on here. Seeing as you like to think you give good advice, then I'm sure you will agree that what I say next is astounding advice, and will most definitely help you on your way for the rest of your years...
Grow up. This is a forum. It is slightly worrying how quick you are to talk about narcotics. And even more worrying by pairing narcotics with school yards.
why don't you tell us about your forex trading system then? maybe also tell us what it's like to be still living at home?0
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