Downloaded practice forex today gotta see what all the hubub is about

Mr. Crabs

Mr. Crabs

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I prefer liquid volatile small caps but all this talk about the Forex has got me curious, I'll be posting the trades I'm confident in when I come across them. I have a lot of time on my hands after-hours so I figure this is a good way to spend it. I could use the practice anyway. Time to play some breakouts. Anyone like playing the Swiss Franc? I'ma check it out. One of my favorite currencies besides the dollar of course but that seems to be on a path of permanent value loss.
 
Just figured out how to buy and short, tested it buy shorting AUD/JPY got 38 pips in about 5 minutes. Great start, this is a good way to build confidence no?


But all in all I think I'll stick with volatile plays. The upside in the forex is too limited compared to day-trading stocks like NFLX and the 3x indices.
 
The 3x etf's used to bite me in the @ss. I stopped trading them. Forex volatility has dropped off over the years considerably.

Peter
 
wackypete2 said:
The 3x etf's used to bite me in the @ss. I stopped trading them. Forex volatility has dropped off over the years considerably.

Peter
Click to expand...

The additional liquidity would do that... I like volatility though. Just refrain from trading too frequently and buy only when you're extremely confident of the trend and you'll do better with the 3x etf's. The TVIX and NUGT are awesome for day-traders.

Trading too frequently and not taking profits is primarily where my losses have come from. But it is an extremely stressful game I'll tell you that much, TVIX makes huge moves intra-day to the downside on occasion, and sometimes it's eerily sudden.
 
Mr. Crabs said:
I prefer liquid volatile small caps but all this talk about the Forex has got me curious, I'll be posting the trades I'm confident in when I come across them. I have a lot of time on my hands after-hours so I figure this is a good way to spend it. I could use the practice anyway. Time to play some breakouts. Anyone like playing the Swiss Franc? I'ma check it out. One of my favorite currencies besides the dollar of course but that seems to be on a path of permanent value loss.
Click to expand...

After playing the forex tonight I see the pros and cons of playing it, mostly cons, the bid/ask spread is definitely a downer for scalpers, I'll say I'm not exactly a fan. It's essentially rigged to make scalpers pay brokers. The atmosphere is as competitive as it gets, and the upside is incredibly limited. But if you only buy when great opportunities arise you can beat the street most definitely, I'll give you forex traders that. I can imagine top notch traders consistently pulling a net 100% annually.

It is quite addicting though. I'm especially fond of the insight it gives into the macro-market.
 
Mr. Crabs said:
"and the upside is incredibly limited."
Click to expand...

I just found out how much margin you can get on this, anyone here doing 100X trades? Now I see why people love forex so much.

Also I feel like an idiot for mentioning a "limited" upside when it's truly unlimited. It's immensely competitive though.
 
Mr. Crabs said:
After playing the forex tonight I see the pros and cons of playing it, mostly cons, the bid/ask spread is definitely a downer for scalpers, I'll say I'm not exactly a fan. It's essentially rigged to make scalpers pay brokers. The atmosphere is as competitive as it gets, and the upside is incredibly limited. But if you only buy when great opportunities arise you can beat the street most definitely, I'll give you forex traders that. I can imagine top notch traders consistently pulling a net 100% annually.

It is quite addicting though. I'm especially fond of the insight it gives into the macro-market.
Click to expand...

another week and you will be an expert........

good trading
N
 
NVP said:
another week and you will be an expert........

good trading
N
Click to expand...

Haha we'll see about that. I gotta learn to refrain from taking positions in weak short-term trends. If you've got any advice or info you think would be especially vital put a link up here!

Good to see a legend on my humble thread.

You think the Euro's ready for a reversal yet? I think the pound and the franc are about to turn the tables on it.
 
Just made 1% flat shorting the pound against the dollar... Dumped the whole account and all the margin I could afford on it before the market closed Friday. Just netted over 10% this morning! Just a practice account but day 2 and I'm up from 50K to 62K what luck!
 
Mr. Crabs said:
After playing the forex tonight I see the pros and cons of playing it, mostly cons, the bid/ask spread is definitely a downer for scalpers, I'll say I'm not exactly a fan. It's essentially rigged to make scalpers pay brokers. The atmosphere is as competitive as it gets, and the upside is incredibly limited. But if you only buy when great opportunities arise you can beat the street most definitely, I'll give you forex traders that. I can imagine top notch traders consistently pulling a net 100% annually.

It is quite addicting though. I'm especially fond of the insight it gives into the macro-market.
Click to expand...

Got a bit more experience, now I'm seeing the pros and the enormous potential when compiling pips.

Looks like I'll be sticking with the forex for a very long time.
 
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