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Thanks Macca. I'll stay out for a bit longer then :)

It was actually oil that wiped me out. Before Xmas it seemed to be in a nice channel and I was able to scalp a few bucks here and there. But then things went nuts yesterday. Every time I thought the downward trend had stopped it started up again. I should have just stayed out, but I didn't. Not...

Lol, don't worry DT! It was only $250 bucks (well, $300 if you include the $50 I made before oil went backwards). I think I've learnt two very important things: 1) things get a bit erratic around Xmas and 2) I get too emotionally involved in my positions. I can work on number 2, and I can...

Thanks for being concerned folks. I won't gamble any real money until I have a plan and good habits in place. I'll demo trade for a few months (or more if needs be), and then I'll build up from trading lots of 50k, 100k, 200k, etc. I've been reading up on different approaches and risk management...

Thanks China, that's really helpful. :) Does the rate stay the same each day? Or change during the day? Either way, I think it would be a great part of my approach.

Thanks for all the helpful information so far, it's much appreciated :) OK, another forex question. I'm trying to put together a trading strategy to practice during my demo period. Among other things, I'm going to have daily, weekly and monthly goals. My daily goal will be to make $200. Most...

Thanks Macca. I'll have a look. Though, to be honest, I tend to think people on SS are saner than people on other investing forums. :)

Haha, TC. Perhaps it's a mid life crisis? :)

So it's best to go with lower leverage, plenty of money left in your margin and set a step loss? Makes sense :) I've opened a practice account with Oanda. So far I'm having fun just working out what everything does. It's scarily addictive! My initial thought was just to buy and hold some USD...

lol :)

I will tread carefully guys :) There just seems to be so much talk of a looming recession in Oz that I thought it was worth investigating. Just looking at headlines and articles from the last few months, it seems the consensus is that the AUD might rally for a month or two but then weaken...

Done! :)

Hi folks, I'm trying to get my head around fx. I'm tentatively thinking it might be a good idea to buy USD/AUD early next year, hold it for a year, then see where things are at the end of the year. From my initial googling, it seems most fx is highly leveraged. How does this work if you...