blonde poker forum

Does any one forex trade regularly?

If yes

What platform do you recommend to a complete nooob

I am in process of learning before going live with real money but I have a few friends that now do this for a living, ie one trade a day for 3-4 pips and make a decent wedge from it. A system/site they use is Oanda, trusted, excellent customer service and nice software:

http://fxtrade.oanda.com/forex_trading/fxgame/ 

that is link to free demo money Account.

how much are u gonna start with?

i think i will start looking at starting an account need to get more info first

I invested about 5k in my mate who has made consistent profit for 6 months. I will most probs only start my real money account with $500 and have a 3 percent trade rule, similair to poker bankroll management.

ive been thinking of trying this myself for a while now, just trying to get to grips with TA before i try it, i might give that free account you listed a go aswell

lol epic fail today, did some wicked trades on £ vs $ made $100 on a demo $5k roll then sold instead of buying £ and went to doctors came back lost $300 :( instead of gaining..loving the demo acounts.

Cantor

???

Cantor index, brilliant trading platform and simple to use.

Thought I'd give this a bump cause it's what I am doing at the minute.  Does anyone know of any decent resources for forex trading?  I have had some success with this so far (about 10% ROI) but kind of feel like a blind squirrel just following trends.  I'm using Etoro fwiw.

Any guidance or info would be appreciated.  Also, how have you got on over the last few years if you stuck with it?  Any success stories?

So as I I understand forex trading you stare at some graphs for ages and then if it has gone up a bit then down a bit, then up a lot, then down a lot, then up a bit then you should SELL as this is a clear signal, it will go down a lot soon.

Betting on black because it has gone red, red, red in roulette seems to make more sense.

(http://2.bp.blogspot.com/_ELFl2_1q7DI/TObn1HnV2fI/AAAAAAAAAaQ/5JkvAtpbv7k/s320/Not_sure_if_serious.jpg)

PMd you the site I have dabbled on as dont want to be accused of spamming :)

Recieved TY.  Im pretty happy with the trading platform on Etoro, and I have been able to get money off there which I understand is a problem with some platforms.  Are they any blondes who're trading regularly / want to get in to trading?  Would be cool to have a skype group to share findings and talk about possible trades?

Alternatively, could just use this thread?

Keep thread going. Are you specializing in any area or just graph staring :D

I wanted to get into Forex trading but don't have the time to devote to it. A good friend of mine spends 4-5hrs a day on it, but only 5-10mins actually trading. He did some course and follows strict rules when to trade/pip amounts and when to trade out.

It is a really rigid way to trade and he never does more than one trade a day, never tilt, don't chase loses and always at the same time 8-9am.

When choosing a platform to use he said its important to look at how much they take per trade, ie the pips. http://www.oanda.com/ is pretty much the best really, the likes of etoro is more cut for them per trade you make,  it is considered more a gimmick site tbh.

 

Yeh the site does look a bit 'gimmicky' but it is really easy use and certainly an easy way to get started / have a go.  Once I get my address moved over on all my stuff I will defo give it a go.

Basically just following the trends.  Seems to have worked out ok so far.  Im sure you can make a much bigger edge by doing your own research though.

I hate to be negative here but what is it that makes you all think that you, sat in your bedrooms, will outperform all the major hedge funds and banks with their maths models and lower transaction costs?  I can understand with shares where there is an inbuilt +EV but forex seems to be a neutral EV bet as when once currency goes up another must go down?  Where is the edge I am missing?

Without having a solid working knowledge of it (and trying to explain it in the most crude and basic terms I have to hand), I'm guessing that the idea is to buy the currency when it's worth less and sell it when it's worth more.

As I understand though, the market is immensely complex and involves trading a load of money that doesn't really exist.

And it isn't neutral because the market can expand and shrink (growth and recession innit).*

^{*Everything I've said here may be completely wrong, I am pretty much guessing and utilising information I think someone might have told me once.  All statements could prove to be completely fatuous.}

I think you are missing my point a bit.  Obviously the idea is to buy currency when it is worth less and sell when it is worth more but what makes you more likely to estimate when that is going to happen than a bunch of quant analysts at Goldman Sachs utilising powerful algorithms and with significantly lower trading costs than you?  I also don't really understand why the fact that the market can expand and shrink means it isn't neutral EV (before trading costs).  Whilst the value of currencies can, like stocks, go up over time they don't do that in relation to each other overall so effectively you are comparing and speculating on the individual economic performance of countries.  Again I am not sure how you are more likely to do that more efficiently than a banker that is briefed by Janet Yellen.

Like a blind squirrel perhaps, but happy with a hard weekends graft:

Pretty much this. 

Most solo forex traders don't need to look at long term patterns or whats happening in the news (obviously you check to make sure no major announcements taking place around the time you actually trade), its all about identifying the correct movement in the two currency against one another and act upon it. You are not trying to beat the banking traders or experts at large firms who are looking at trends in currency going up or down which is a totally different thing. You cannot do that long term be a winner unless you are lucky.

The only difference in what most solo traders at home do is the way they identify a trade. Thousands of theories on what to look for but all of them require discipline, routine and very very few actual trades. Typical 1 a day.

Fama, Hansen & Shiler have today just won the Nobel prize in economics for - as the Nobel committe says  "There is no way to predict the price of stocks and bonds over the next few days or weeks'  (and currencies would be the same).

If you are better than them then day trading forex is the way to go.