Making Money Trading

This is a discussion on Making Money Trading within the First Steps forums, part of the Reception category; yeah, I voted bonds but on 2nd thoughts favour crude oil much more...

View Poll Results: Which market do you want to learn to trade?
Indices 43 42.57%
Foreign Exchange 38 37.62%
Bonds/Interest Rates 5 4.95%
Commodities 15 14.85%
Voters: 101. You may not vote on this poll

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Old Oct 26, 2007, 11:34am   #17
 
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yeah, I voted bonds but on 2nd thoughts favour crude oil much more
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Old Oct 26, 2007, 11:36am   #18
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Hi Trader_dante,

"There are also direct market accounts that will let you trade at any size you want" could you point any name for that..... (iam not sure, sorry if it is not allowed to say the name)

Cheers
Fxbee
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Old Oct 26, 2007, 11:42am   #19
 
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Originally Posted by TWI View Post
So not many people wanting to learn to trade commodites. I am amazed as this is where many fortunes will be made over the next decade. Commods have gone main stream and the liquidity is exploding.

Good trading,
I agree. But you will be able to take this method and use it on the market of your choice.
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Old Oct 26, 2007, 11:43am   #20
 
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Originally Posted by forexbee View Post
Hi Trader_dante,

"There are also direct market accounts that will let you trade at any size you want" could you point any name for that..... (iam not sure, sorry if it is not allowed to say the name)

Cheers
Fxbee
Hi Fxbee, I believe Oanda (direct access forex broker) allow you to trade at any size you want. You can certainly trade in increments of a penny. They also offer a demo account. I am not affiliated with them in any way.
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Old Oct 26, 2007, 11:58am   #21
 
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Quote:
Originally Posted by Arbitrageur View Post
yeah, I voted bonds but on 2nd thoughts favour crude oil much more
Hi Arb,

I favour Crude Oil too. But the basic principles I will show everyone can be applied to any market. I will show you something in this thread that many of you reading will use forever. It will change the way you look at charts.

Interestingly enough, I was reading a book on the Futures Markets only yesterday and it had a bar chart titled "Crude Oil Explodes on News of Hussein's Annexing Kuwait" and shows a sharp rise from around $15 to above $40. My eye was instantly drawn to that chart because right at the low was the price action that would have got me long on that trade.

I want everyone to know that this is not going to turn you into market wizards overnight but it will give you an edge in the market. It will give you the confidence to read the markets and trade high probability setups. Once you have this though, you still have to have the patience and the discipline and the risk management to execute your plan. This is the part that takes the time. I strongly believe that trading is a mind game all the way.
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Old Oct 26, 2007, 12:16pm   #22
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Originally Posted by trader_dante View Post
Hi Fxbee, I believe Oanda (direct access forex broker) allow you to trade at any size you want. You can certainly trade in increments of a penny. They also offer a demo account. I am not affiliated with them in any way.
HI trader_dante

thanks mate, just checked with another fx broker, they too offer to trade in .01 lots...
i think everyone would believe to start at one point and go on with commodities or indices, just a choice of preference i voted for FX...

looking forward for your article......Go on mate...

Fxbee
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Old Oct 26, 2007, 2:33pm   #23
 
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looking forward to this thread, good luck.sorry i voted fx

Last edited by superspurs; Oct 26, 2007 at 3:26pm. Reason: added info
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Old Oct 26, 2007, 3:21pm   #24
 
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Ive gone for FX, I'd suggest EURUSD as its probably the biggest market traded, 24 hours 6 days a week and will be good to see how the method copes with position or not prior to news data etc, low spreads too ,Oanda 0.9 spot spread on EUR USD so costs are attractive.

In short the whole world and his dog can follow it access free realtime charts 24 hrs a day, Unless we can get free realtime oil or other commods charts ??

Anyway I say FX.

Good luck with it..... anyhow, like you say people can tag the setup to their preferred market, so I dont know what the hell I'm going on about No surprise there....

All the best..
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