you are gambling Luce.
gambling is fun but addictive.
only gamble with money you have.
Gambling with money you don't have ends in tears.
Explain forex leverage, margin calls, and long term positions to me?
- Thread starter luce.rocks
- Start date
you are gambling Luce.
gambling is fun but addictive.
only gamble with money you have.
Gambling with money you don't have ends in tears.
Forex trading is a zero sum game, where the house always gets their cut.
Avoid.
Avoid.
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 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 strategies. I've got a notebook I'm filling slowly with with notes, and the beginnings of an approach.
I know it's a lot like gambling, but I'll make sure I have a yearly amount that I'm comfortable to lose, e.g. 5k., and once I hit that figure, I'll walk away from trading/gambling for the year.
I know it's a lot like gambling, but I'll make sure I have a yearly amount that I'm comfortable to lose, e.g. 5k., and once I hit that figure, I'll walk away from trading/gambling for the year.
Thanks China, that's really helpful.
The exchange rate offered changes in real time as per the actual forex markets, maybe a slight delay.
We tried to warn you
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 work around number 1.
I'll allow myself another $200 next month, and so on. I want to stick at it and hopefully get better. If I don't get better I'll give it up. But I really hope I can figure out a workable strategy; I don't have a 'day job' over here and it would make me feel good to have something I 'worked' at. Wake up, read news, check graphs, watch movements, be patient, look for a favourable pattern, make a few trades, etc.
I've been a full time mum for 2 years now and I'm craving something else.
ETA: Also, I'm kind of glad I went in too early with real money and lost some. If I'd demo-traded for a few months using large amounts I might have opened a larger forex account and been caught off guard by my emotional reaction when real money was involved, and ended up losing more. If that makes sense.
Hi Luce, I'd stay away from fx. Have you tried day trading instead? I'd be interested to trade commodities but there is not much info about it in Australia.
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 sure if it's put me off oil or just put me off trading at the end of the year.
Sounds like gambling to me, not trading. To trade is to make calculated risk. Commodities is cyclical. My theory with oil is its a planned movement by the big player. They are able to bear short term loss. Russian economic will collapse. Oil price will go back up in 2015. Aluminium will be good to watch.
Thanks Macca. I'll stay out for a bit longer then
While I think of it, the same thing happens in the week around Easter and again in the Northern Holiday season for the last half of July and most of August, all the execs go on summer holidays then.
I can recall from my 3 years of trying, UK is the main trading centre as it overlaps all time zones covering the end of Asia and the start of USA. The hour before USA opens the UK is usually quiet as they have lunch then ready for USA overlap.
It is all very clandestine and very hard succeed without some inside help though a long term view has just as much hope as a short term view and absolutely any method you can create will have good and bad runs.
I know of one guy who quit his job after a great year on FX then promptly lost in all in 3 months, I had good months and bad months and in the end got sick of time required for no long term result. Overall I lost exactly $300 so I had a lot of fun but stopped when I went on holidays and never went back to it.
I believe the stock market is easier to be honest but with FX ,Oil and Gold I could experiment with a minimum cost by using the lowest amount setting on my platform. I always intended to let it snowball over a year or two if I could be consistent but couldn't achieve that.
