Beware of your FX wins, they will create over confidence, carelessness, and set you up for destruction.
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.
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Beware of your FX wins, they will create over confidence, carelessness, and set you up for destruction.
Luce, I want to offer a non-leveraged approach to profiting from foreign currency movements. I recommend the HSBC multi-currency accounts. This is like a regular savings account wherein I store cash savings. This account allows you to store your savings in most major currencies you want. No leverage, no borrowings.
Lets say you have 1m USD in this account. When you see a significant currency movement, like 1 AUD is now worth 70cents USD, then I will opt to switch my USD into AUD. The exchange rate is very competitive and it works instantaneously. This account is great for long term holds without worrying about margin calls, complex terminology or close watching of market. In fact, with some currency holdings, they will pay you interest on your savings. Obviously, not something for constant, rapid gains but something to help you profit from long term currency trends.
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.
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.
We tried to warn you
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.
The market doesn't get back to "normal" until the second Monday of January usually, until then the kids are in charge as the market is set up to make the next charge when the big traders come back.
Thanks Macca. I'll stay out for a bit longer then