Currency Trading

[pboyles]

Maybe that chap could take up fishing instead. At least Timsk will have some useful tips and he'll have something to eat in his retirement. Whilst it might be a bit dangerous its hardly a road trip through Baghdad or anything.

 

[Liquid validity]

Once you’ve fully immersed yourself in the content of the Essentials Of New to Trading Sticky, there is one particular topic which you must understand. Failure to take on board the concepts outlined in the next link could be disastrous. Far from making any money, you could lose the money you have and more besides. Marriages have been destroyed and homes repossessed as a result of it and, in some extreme cases, lives have been lost. The topic is Essentials Of 'Risk & Money Management'. It holds the key to success or failure of every trader. Ignore it at your peril!

All good, no complaints from me.
Looks fine, all clear and makes sense, with additional links etc.

The bold highlight though, thats stronger than even I was thinking...
http://www.trade2win.com/boards/new-trading/30625-i-m-new-trading-where-do-i-start.html#post1246100
May well be true in a number of cases, I don't know, maybe this has the same
effect without scaring the crap out of people?
Suggested replacement for quoted bold highlight:

***********************************************************
Leveraged trading carries the risk of margin call (funds on deposit with broker
are not enough to cover a loss). In this event, you could end up owing your
broker quite a bit of money. In extreme cases a margin call could result in bankruptcy,
and loss of your house / other assets.

Even without margin call, if you don't have a trading plan you've tested [INSERT TRADING PLAN LINK],
your money is quite likely to drain away, albeit more slowly.
It should be noted that while a trading plan is no guarantee of success,
the odds of survival with a trading plan are certainly increased.
***********************************************************

Most people should be able to fill in the gaps regarding the peripheral
effects should that occur I would think.
If you think its suitably appropriate, re-jig as you see fit

Other than that minor point

 

[bustech]

Timsk

Hope you not rock fishing in AUS or NZ.
Trading might be safer.

http://en.wikipedia.org/wiki/Rock_fishing

 

[timsk]

Hope you not rock fishing in AUS or NZ. Trading might be safer.

There's nothing like a good soaking - all part of the fun! I'm more inclined towards the tranquil end of rock fishing mentioned in your Wiki link. I'll leave the extreme sport stuff to the (mostly) lads half my age and twice as fit!

Tim.

 

[timsk]

All good, no complaints from me.
Looks fine, all clear and makes sense, with additional links etc.

Hi L_v,
Thanks to you, I now have a severe hangover, such was the partying that went on well into the small hours after I read your post! Okay, I exaggerate, that will happen if I ever receive similar approval from pboyles!

I've re-jigged the final section of Step 1 of the Sticky, giving it a bulleted title of it's own: Before you Move on to Step 2 . . .

Thanks for the constructive feedback!

Tim.

PS. L_v, - while we're on a roll, for belt 'n braces I've amended the intro to the main post of risk and money management Sticky itself: What is Risk & Money Management?

 

[Liquid validity]

Hi L_v,
Thanks to you, I now have a severe hangover, such was the partying that went on well into the small hours after I read your post! Okay, I exaggerate, that will happen if I ever receive similar approval from pboyles!

I've re-jigged the final section of Step 1 of the Sticky, giving it a bulleted title of it's own: Before you Move on to Step 2 . . .

Thanks for the constructive feedback!

Tim.

PS. L_v, - while we're on a roll, for belt 'n braces I've amended the intro to the main post of risk and money management Sticky itself: What is Risk & Money Management?

Can't fault it
In all honesty, the T2W guide and FAQ is probably the most honest and in depth
introductory guide of any forum. FF & ET don't do a single thing on that front,
even BP, while pretty comprehensive, don't really emphasise the issues
warts and all.

To be fair most of it was already in place, just a few minor tweaks.
Short of writing a book on it, you couldn't do anymore.
Its probably better in this format anyway - less padding.
Well done

 

[yellowfloyd]

If you start trading currencies your savings will be gone a lot quicker. Do not do this.

Sad but can be true. I don't think it's a good idea to invest your savings. If you win its great but if you lose you have no where to recover.

 

[samith0217]

I liked reading this forum, as they also needed some extra classes and discussion forum to be based on information for you, I set the standard for reviewing more on these topics of interest

 

[pro_fx]

It is better you prefer stock market and energy trading rather than currency trading.

 

[Purple Brain]

Is even better pick name not anything do with anything and better still quite opposite. Is regulated broker necessary?

 

[neil]

Can you afford to risk loss

I liked reading this forum, as they also needed some extra classes and discussion forum to be based on information for you, I set the standard for reviewing more on these topics of interest

Many posters here would benefit from a, "how to write English that everyone understands and give the impression:| that they know what they are talking about."

To the OP - demo anything you think you would like to trade. Give it three months before using very small stakes. Read all that TIMSK has written for beginners :
http://www.trade2win.com/boards/first-steps/80692-best-threads-first-steps-forum.html
Give your self a couple of years of dedicated study AND practice. You might make it after going live but many don't. Sorry if I appear pessimistic but is it money you can afford to put at risk?
Stay away from VENDORS selling signals and other bowlocks.

Another site of interest:
http://www.forexfactory.com/showthread.php?t=2331
READ THE WARNING to aspiring traders in the first post

Prepare to burn the midnight oil , for, if you are serious, you will spend many hours studying markets and PRACTISING with your demo trades.
You might make as a trader or be better off in B&Q stacking shelves (I believe they pride themselves on employing the retired - risk free income compared to trading)

 

[neil]

Good afternoon all. I have recently retired. But within a few years, the savings will be gone! I would like to start trading currencies, but am a complete novice to all this. Could anyone suggest any books or videos to watch, that could help start the ball running please?
Many thanks
Dave Ridge

To the OP - demo anything you think you would like to trade. Give it three months before using very small stakes. Read all that TIMSK has written for beginners :
http://www.trade2win.com/boards/new-trading/firs...eps-forum.html
Give your self a couple of years of dedicated study AND practice. You might make it after going live but many don't. Sorry if I appear pessimistic but is it money you can afford to put at risk?
Stay away from VENDORS selling signals and other bowlocks.

Another site of interest:
http://www.forexfactory.com/showthread.php?t=2331
READ THE WARNING to aspiring traders in the first post

Prepare to burn the midnight oil , for, if you are serious, you will spend many hours studying markets and PRACTISING with your demo trades.
You might make as a trader or be better off in B&Q stacking shelves (I believe they pride themselves on employing the retired - risk free income compared to trading)

Maybe you shoiuld consider what Liquid Validity has suggested in his reply on page one, to your post.

 

[neil]

Did you have a particular advertising broker in mind or will any do?

Lulz aside, the reason people keep highlighting the risk and chance of success
is because those subjects, although covered in the T2W FAQ, don't have enough emphasis:
http://www.trade2win.com/boards/new-trading/30625-i-m-new-trading-where-do-i-start.html#post1246100

To be fair yes it is covered, but I personally think the overall balance is slanted
towards the assumption that most people will succeed, when the reality
is quite the opposite.

For instance, there is no mention of failure rates.
Statistically the fact remains, most people will not succeed at this.
Yes the failure rate is nothing unique to trading, its common in many
other professions as well.
So why not highlight it a bit more?

http://www.trade2win.com/boards/first-steps/178180-new-query.html#post2176528
Then again I should know better as I know this is a futile exercise...[/QUOTE]

As a supportive aside; Taleb, in his book about "Black Swans" etc. mentions that much is made about the trader/businessman that succeeds after one or more bankruptcies and other tribulations, but no mention is made of the hordes of aspiring traders/businessmen who fail in their aspirations.
Can you afford to fail ?