Hello everyone..
I am a newbie and know practically nothing about how to trade Forex. For the last 2 weeks I have been trying my hand with a free practice account where i've been given $50,000 of virtual money and a platform. While I made on average one or two trades a day, I have had very scant success but mostly missed markets. My Impression is that one has to be a prophet to know in advance what to buy or sell. In the meantime I read as much as possible about other peoples trades and their systems. At 72 years of age and on a very small pension, I can't afford to lose any money here or anywhere else; I wonder if someone has or is using a hedge of some kind because that's, IMHO, what this trading calls for. I've read about the interest rate differential variety using 2 brokers, plus the Futures aproach and also how to trade some pairs having a negative or very little Concordance; The only hedge that succeeded in grabing my interest is the one using "PUT"Options concurrently with a Long position in Forex. Unfortunately I am still trying to find the broker that allows the use of this strategy. If somone knows one broker that does, I would appreciate if you let me know about it. On the other hand if I find one myself I'll gladly share the info with all of you.
Thanks & Good Luck to all.
Albert
PS: So far I love this business; I am quite sure there's a lot that can be made out of it and that it is an honest enterprise. Forex trading is done by everybody and the whole world and therefore nothing could be more legal or straightforward than to be a participant.
Happy an successful trading "Hedging?" to All.
I am a newbie and know practically nothing about how to trade Forex. For the last 2 weeks I have been trying my hand with a free practice account where i've been given $50,000 of virtual money and a platform. While I made on average one or two trades a day, I have had very scant success but mostly missed markets. My Impression is that one has to be a prophet to know in advance what to buy or sell. In the meantime I read as much as possible about other peoples trades and their systems. At 72 years of age and on a very small pension, I can't afford to lose any money here or anywhere else; I wonder if someone has or is using a hedge of some kind because that's, IMHO, what this trading calls for. I've read about the interest rate differential variety using 2 brokers, plus the Futures aproach and also how to trade some pairs having a negative or very little Concordance; The only hedge that succeeded in grabing my interest is the one using "PUT"Options concurrently with a Long position in Forex. Unfortunately I am still trying to find the broker that allows the use of this strategy. If somone knows one broker that does, I would appreciate if you let me know about it. On the other hand if I find one myself I'll gladly share the info with all of you.
Thanks & Good Luck to all.
Albert
PS: So far I love this business; I am quite sure there's a lot that can be made out of it and that it is an honest enterprise. Forex trading is done by everybody and the whole world and therefore nothing could be more legal or straightforward than to be a participant.
Happy an successful trading "Hedging?" to All.
