Having a parent trading all his life i have took up this beautiful trade of trading forex wondering if anyone else trades on the forums?
Forex
- Thread starter BernieMadoff
- Start date
Trade only what you can afford to lose - minimum return 10% p/m.
Risk only 2-3% of your money on a trade
Money management
Don't be greedy
Work on yourself to handle losses and not get over excited of the big money you make.
If you follow all that you are going to succeed in the forex game
Hi Bernie
I started trading part time over a year ago and I now trade daily.
My plan is to retire and to supplement my other income.
How are you going with it and do you have any other income?
Making money isn't easy these days and you need to be up to date with what's happening globally but it can be done.
The beauty of FX is that it is open 24x5 and liquidity is very high so when you want to buy or sell, execution is instant.
The other thing is that you can make money when price goes up or when it goes down. With shares you have to wait till price goes up.
With some brokers, trading shares using CFD's or indices is also possible so you can buy or sell a share and I believe trading CFD's is cheaper and it is definitely easier than trading actual shares
Hi Mate
I don't trade every day my only source of income is forex and i have been in the game for the last 5 years.
I could be doing a lot better if i risk more for each trade, but i like to keep things simple i mainly trade eur/usd - aud/usd - gp/usd those 3 pairs strictly currency.
yourself?
I have never traded shares and i will never touch shares, I think it is a waste of time.
Yes forex has high risk, but it also has high ROI with minimal investment.
Yes forex has high risk, but it also has high ROI with minimal investment.
I knew as soon as you said you only worked 3 hours a night in the other thread, that you traded fx for a living. Have traded fx for a number of years, but found it to be too stressful, was taking too much of my time and I wasn't getting consistent results.
I tried creating EAs for a long time, but had only limited success.
I have found that developing property gives me the kind of lifestyle and income that I want, that I couldn't find with fx.
I tried creating EAs for a long time, but had only limited success.
I have found that developing property gives me the kind of lifestyle and income that I want, that I couldn't find with fx.
The thing with fx is to have a system in place and following it, not a great fan of EAs myself as i believe we as humans can act quicker and read the market better plus most of the EAs have a massive draw down.
I have created everything almost from fx for the last 5 years its not easy its stressful you can make big money and you can wipe yourself out to, in fx you need to learn how to ride the waves.
There is a broker in sydney which offer an EA once you open an account with them its pretty much bringing in 5-8% return p/m but it only works in a SIDE WAYS market which is now and on the AUD/USD only.
I want to now get into property development if successful do bigger projects but i will never leave fx can't live without it.
Sure do what works best for you.
I'm doing a bit of scalping in the evenings trading key levels
plus experimenting with a few systems involving breakouts and pending orders.
I look at the main crosses of USD, AUD, EUR, GBP, JPY & CAD
I see the benefit of sticking to a couple of pairs but it means trading less often
which is ok as well, it depends on your strategy.
Im not a great fan of EA's either,
which Sydney broker and EA are you referring to?
cheers
Thats it stick to what works for you is the best way to go about it everyone thinks differently.
The broker is Synergyfx.com.au they are regulated by asic, but personally i use Pepperstone
The broker is Synergyfx.com.au they are regulated by asic, but personally i use Pepperstone
How much is each pip worth in your trades?
If your only risking 2-3%, what is your stop loss / take profit generally?
I've been trading on and off for 12 months, basically following signals but have started a idea that may work long term.
I gave intra day trading a try in the past. Tried CFD's, eminis and forex and never did get the hang of it. I believe it is mostly psychological issues that differentiate the winners from the losers and I don't think I have the psychology to succeed at it.
I do intend to go back to it and concentrate on longer term end of day trading in the future. I think I would be much better suited to that.
I do intend to go back to it and concentrate on longer term end of day trading in the future. I think I would be much better suited to that.
Woah! Did you know that according to the hitchhikers guide to figures pulled out of sanj's **** that would put you in the top 24.325% of forex traders in australia?
I trade on standard account - 1:100
I don't use s/l - t/p - I don't leave the trades to go over the next day i close the trades while i'm trading the only time i use s/l - t/p is when things don't go as planned so i change my order accordingly.
My trade account is in excess of $250k - once my per month % is reached i do not trade & 80% of my trades are when London opens.
I was watching this great video on youtube - check it out if you got time
http://www.youtube.com/watch?feature=player_embedded&v=tCcxr-fyF4Q
I don't use s/l - t/p - I don't leave the trades to go over the next day i close the trades while i'm trading the only time i use s/l - t/p is when things don't go as planned so i change my order accordingly.
My trade account is in excess of $250k - once my per month % is reached i do not trade & 80% of my trades are when London opens.
I was watching this great video on youtube - check it out if you got time
http://www.youtube.com/watch?feature=player_embedded&v=tCcxr-fyF4Q
I have been trading the all ord for 11 years and am over it All the great volitility is gone so I am learning Forex Have an account and a dummy account
So far using my dummy account it is a good way to trade as you set your profit,stop loss all at the same time and can walk away from the screen
I dont intend to make a fortune in forex trading. I will be happy to make $200.00/week as I think there is a lot to learn.
There is a great book out on how the currancy market started and the impending problems for the world.
The book is called CURRENCY WARS By James Rickards
So far using my dummy account it is a good way to trade as you set your profit,stop loss all at the same time and can walk away from the screen
I dont intend to make a fortune in forex trading. I will be happy to make $200.00/week as I think there is a lot to learn.
There is a great book out on how the currancy market started and the impending problems for the world.
The book is called CURRENCY WARS By James Rickards
I use pepperstone as well.
Do you pay $7 per lot?
I do but I get a rebate through cashback forex so it gets a bit cheaper.
My other brokers is IC markets, the spread is a bit lower than pepperstone (between 0.0 and 0.3 for EURUSD plus $5.50 commission (instead of $7) per lot.
