Trading.

chucknorris

SailorSam wrote: »

Did anyone watch the Bbc2 programme earlier about online Trading. It was a 2 parter with last weeks episode showing how the big boys in the City win or lose millions at the click of the mouse trading in currencies.
Tonights show was showing the growing number of amateurs working from home, often with no more than a laptop. Some of the people they followed were doimg better than others but overall it was estimated that only 10% of those that went into it made money consistenly.
Has anyone ever tried this, or perhaps you are a Trader.

http://www.tvguide.co.uk/detail/2020235/101731157/traders-millions-by-the-minute?systemid=&thistime=20&thisday=9/22/2014&ProgrammeTypeID=&gridSpan=&catColor=#.VCCiE1d16ew

Thanks, I'll watch them later, I've just downloaded both episodes from Sky on demand.

Archi_Bald

If it was working well as a steady and reliable source of high income, why would anyone go on telly / seek other publicity to tell others how to do it?

latecomer

I watched but thought it was pretty poor. Everyone was "trading" despite there being significant differences between what some of them were doing - some were just trading shares, some were were taking positions on currency etc.

One guy gave up trading successfully in antiques to become a shares "trader" and I think they said that he hadn't made any profit in 7 years.

At least it wasn't sensationalist and showing everyone making a profit.....

purch

I worked with a guy back in the early 90's. He was one of the best currency traders I had ever worked with, and one day he decided to quit the Bank, and trade for his own account from home.

Within 4 months he was back.

It will always be easier to trade with someone elses money, and with the clout and leverage a big organisation gives you than trading your own account.

Eco_Miser

JohnRo wrote: »

Training implies there is a secret strategy to successful trading and there just isn't imho.

What matters are things like managing risk and controlling the level of your exposure to the downside. That's something that requires discipline and some considerable effort in terms of fighting your instincts.

Presumably, the training is in fighting your instincts, managing risk and limiting your downside - together the secret strategy to successful trading.

And presumably training pays better that trading, or the trainers would be trading instead.

gkerr4

purch wrote: »

I worked with a guy back in the early 90's. He was one of the best currency traders I had ever worked with, and one day he decided to quit the Bank, and trade for his own account from home.

Within 4 months he was back.

It will always be easier to trade with someone elses money, and with the clout and leverage a big organisation gives you than trading your own account.

its what i was saying above - we can make rational, sensible decisions with someone else's money - the difficulty is our emotional response to losing - or gaining - our 'own' money!

its back to the fear and greed cycle - we can't help it. I have (and do) spend time thinking about how to become a "better trader" - not "make more money" and the money follows. and focussing on the discipline to cut losses and let winners run. - its very very difficult.

SailorSam

LannieDuck wrote: »

It was really interesting.

I quite fancy having a go on one of the dummy accounts the nurse was using at the start. Did anyone recognise the website she was using, or know of a good place to find a dummy account?

I know you can open adummy account with Share.com and they give you a bag full of money to start with, but i think it may only be to practise buying shares. These programmes last night concentrated more on buying currencies. I'm sure there must be something out there that gives free practise training.

gkerr4

try IG.com - most of the spread bet companies will allow you to have a trial account - the spread bet companies are your easiest route to market for currency - and shares, both long and short positions. The usually do covered warrants / CFD's as well.

SailorSam

http://www.ig.com/uk/welcome-to-ig

JohnRo

Eco_Miser wrote: »

Presumably, the training is in fighting your instincts, managing risk and limiting your downside - together the secret strategy to successful trading.

A reasonable person might assume that to be the case, it isn't at all the case though.

http://www.bbc.co.uk/news/uk-19909942
http://www.theguardian.com/business/2012/feb/12/this-man-could-nmake-you-rich-or-could-he

And presumably training pays better that trading, or the trainers would be trading instead.

Evidently.