whizzer

I've considered starting some forex trading... but haven't had time to look at it much yet.

I have to ask... playing relatively safe, what monthly returns can you expect from it, lets say if you sit 2-3 hours per night?
... or do you need to spend much more time with it?

I also assume that you have some time constraints with the trades (or people would simply buy when low then wait f.ex. 1 week until you can make a profit on it)?

JoseLeon

I am a newbie in forex but perhaps I can answer some of your questions:

- What you can expect is according your trading success, ability and strategy.
- Many people only trades daily and about half an hour with some type of strategies, perhaps you can look for one of them.
- You must trade in virtual forex many months before trying with real money.
- You must learn a lot, some websites for newbies are posted in other sections of this forum.

I hope this can help you.

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Jude

I'll organise the Beginners for Forex section, and drop some strats which I can test and find it easy for beginners like us.

And maybe to try demo-ing you can sign up under Jose or anyone else on Marketiva to get a free $5, and North Finance demo for learning.

We'll touch on that soon.

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whizzer

That would be wonderful!

Actually I was surfing around after demo accounts today and found a forex simulator trial, that contains historical data from 1999 - 2005 (with fairly advanced features (I think) and 14 currency pairs). I downloaded it, but haven't had time to check it out yet due to work.

Some claims that it is better to use a simulator instead of a demo account as they demo accounts are usually updated less frequently and don't give an accurate pictures of actual trading... I don't know how true this is but thought it would be at least worth mentioning.

JoseLeon

No, that´s not true

You can login with a demo account in Northfinance (NorthFinance - forex, forex broker, online forex trading, forex exchange, mini forex, mini forex trading platform) or with marketiva (in this case please do it with my referral) and begin with a demo account. Marketiva is more for newbies and with accounts with few money.

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TickerTapeTrader

This is really funny so I thought I'd share it on here.

There's this trader I met, must be about 10 years ago or more in the then open outcry futures markets. I was in the bund pit trading as a local - for those of you who can recall back then this guy was a mere Yellow Jacket. He was sharp though and eager to learn. I was a red jacket. Should stir some memories. In those days before everyone framed those jackets that was the way we traded.

Anyway, this guy now a trader himself, approached me recently asking me to trade a book for him for old time sake. So in classic fashion I said yeah give me 1/2 million to trade with to start with, an offshore location and keep well away from me after rofl. Now the chap blew a fuse and for old time sake I said ok give us what you can.

This chap is called Tony Webster. I recall this guy because boy did he run around as a runner. This guy use to burst his balls doing the admin, matching trades for clearing, and running after tickets. Now, he comes to me offering me money to trade a book.

Small world folks.

Dan

hehehe nice one

Small world indeed!

Regards,
Dan

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thiec

Do you trade?
Yes, I have been doing real trade (seriously) since one years a go.

What platform do you trade on? Why?
I have tried many platform and currently MT4 is the best platform for me
First, because its tools (indicator ect..) second, need less bw to operate it.

What kind of trading?
If you mean which pair, I have trade many pair, but more concentrace on cable and fiber. I trade with news (fundamental) for almost every major, but use technical for filter it out.

How succesful have you been sofar?
Well.. Maybe i have beginner luck, I have success trade with my strategy for months until i loss my own rule (i ignored it) so mess everthing up in thanksgiving event. Currently i working hard to recover my loss and so far so good, never loss since then (but also never win "big").

etc etc
I try to sharpen my skill day by day, so i will quit my day job and trade for living.

Jude

That's the dream! Now good luck to you on trading for a living!

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andrewunknown

Do you trade? If No, why not?

I have actively traded full-time or part-time for 4 years, first in equities, then e-mini contract futures beginning about one year ago, and finally making a transition from futures to forex around the beginning of this year.

What platform do you trade on? Why?

I execute trades on Oanda because a) it was the first platform that I developed an affinity for when I was shopping around for one, b) I like the clean interface, and c) the spreads, except on rare occasion, are among the very best out there.

What kind of trading?

I trade a couple of systems that are mostly of my own devising, one for trending and the other for ranging markets. In addition, I trade on a discretionary basis using synthetic (fundamental and technical) analysis. In all cases, I trade intraday or swing exclusively, sometimes trading intraday in a sub-account and running swing trades in my primary account. Lately, as my comfort level with Forex rises as I become better adjusted to the peculiarities of the market, I have been tending more toward swing trading.

How successful have you been so far?

For forex trading, in particular, the results vary quite a bit on a daily and weekly basis, but have been very positive, on the whole. Last week, for example, I bagged an uncommonly high number of pips trading Cable and the Yen crosses; other weeks are flat either because of not being in the market at the right times, tepid market movement, or modest losses. I continue to chip away at the psychological rough edges and lack of education that impede my greater effectiveness as a trader, but am beginning to see some tangible overall improvement.

etc etc

I'm happy to add that I am up 205 pips since my post in the introduction section last night. Again, all credit goes to Jude!