Anyone here trade forex?? And if so what startegy and how does it work out for you. I had 300$ in an account, lost 250 of it !!! - 83% in about a month!! My theory was to find all the free banks research recommendations out there, and make trades based on the general concensus. ie I had about 5 reports fundamental mostly and some technical and if 4 or 5 of the recommendations were to sell EUR/USD id take this tact. Anyway obviously it didnt work, although I wasn’t that disciplined.
lol Who do you think was taking the other side of those trades?
Sounds like that research wasn’t “free” after all!
Now … take the opposite of the research … be CONTRARIAN!!!
yeh i reckon, these guys suck if thats their day job. Anyway taking the other side of $50 transactions, 10,000 with the leverage, is not really worth there while to produce those reports. Im a small plater, but would love to be able to supplement my income with an extra 500 to a grand a month, but I guess if it were that easy everyone would be doing it
Oh, so you were thinking to invest $300 of capital and turn that into an extra $500 to a grand a month? Why not more, like 2K a month?
lol leverage sure SOUNDS attractive doesn’t it? if i recall, the VaR on UNleveraged currency is higher than even stocks…i think i saw that stat somewhere, may be wrong…so throw in leverage, and voila… - 83% in a month. enjoy hey, you got the vegas experience for less than the price of a roundtrip ticket! thats a steal…
If you really want to have fun, look up the WM Reuters mid for the day and figure out how much you were taken for on the spreads as well. Guarantee you lost 2oo bps there without even knowing it. Maybe try a nice index fund?
. . .also - Oanda (or something like that) has a nice free simulated portfolio if you really want to get crazy. .
lol … the secret of any success is persistence…\ jst keep on doing the same things… !!! You will certainly get some dividends.
FourCastles Wrote: ------------------------------------------------------- > Oh, so you were thinking to invest $300 of capital > and turn that into an extra $500 to a grand a > month? Why not more, like 2K a month? No 1 mate, on leverage you can do that, no 2, it was just an initial practice foray. No 3 your make yourself look like an idiot trying to shoot people down in here. But if thats what makes you feel big, trying to and unsuccessfully shooting people down on AF then continue.
rohufish Wrote: ------------------------------------------------------- > lol > > leverage sure SOUNDS attractive doesn’t it? if i > recall, the VaR on UNleveraged currency is higher > than even stocks…i think i saw that stat > somewhere, may be wrong…so throw in leverage, > and voila… - 83% in a month. > > enjoy > > hey, you got the vegas experience for less than > the price of a roundtrip ticket! thats a steal… I think currency vol is 8% historically so considerably lower than equity.
Anyway, maddane you do look a little naive here so you probably deserve a little busting. On the other hand, you put your own money up and tried something and posted on AF about it when it didn’t work. That means you have more balls than lots of people who will bust on you. Trading FX is actually not all that tough, but doing it in little quantities is pretty hard. If you are trading the same securities as huge hedge funds with less access to info and infrastructure you are going to get munched. The reason for reading those free reports is to see what idiots believe. You can’t necessarily just do the opposite of the idiots but you need to be able to see why they are idiots. If you look around the poker table and you can’t identify the idiot, then… If you want to trade futures contracts and make small money, find small money games in futures contracts, i.e., illiquid forward contracts that big money only plays for uneconomic reasons. Don’t play front month EUR as there is no reason to expect that you can play nearly as well as oodles of other people. If you want to learn more about FX trading, I suggest you work first on backtesting technical/fundamental trading techniques. Buy some data and get some software and start testing. You won’t make any money this way but you will have learned lots about FX markets.
^ agree with the advice. But if you choose to carry on, I would recommend trading against the research. If there is consensus, spec positioning is probably long/ very long. In the absence of any additional info or insight (you probably should not be trading), but I would prefer to be on the other side. I don’t think you deserve criticism, unless you are ASSUMING that your simplistic trading strategy will make you rich. Gambling is fun, and you might just stumble onto something or at least learn a thing or two.
Joey, when you say “buy some data and get some software,” (for backtesting trading techniques), do you have any suggestions for stuff that is relatively inexpensive, just to get started. BTW, do you still like your iMac?
Like my iMac but just bought a nice Dell laptop. Can you pick up some old TradeStation cheap somewhere? I like CSI UnfairAdvantage for data as pretty cheap.