Well I wasn't specifically asking about Forex, but yes, I agree that demo trading is quite a logical way to start low.
Well I wasn't specifically asking about Forex, but yes, I agree that demo trading is quite a logical way to start low.
rathcoole_exile
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zaysev, the best way is avoid Forex altogether, it's for fools, with very rare exceptions
Learn to play with the grown-ups on ZB, 30 year Bonds
Why that critical about Forex? It's not that much different from stock trading after all. Or do you think it is?
rathcoole_exile
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objectively,
much easier to manipulate, you're not trading against the broader market, you're basically trading against your broker
low barrier to entry means its full of low level, inexperienced wannabes who all think they're trading gods when they pull 20 pips out
these same inexperienced wannabes attract hundreds or thousands of scammers, snake-oil salesmen, with the latest course, indicator, EA etc
low barrier to entry as a broker means any Tom, Dick or Harry can set up as a broker, with the inevitable consequence of a long history of bankruptcies, collapses, disappearances with client funds etc
cost - spread and slippage can make it more expensive to trade than futures in the long run
and most importantly - no accurate Volume
subjectively,
for me personally, outside of the real professional forex trading, the multi-million banks etc, retail forex trading seems to me to smack of "seediness"
I wouldn't trade stocks either.
Take a look at futures, ES, NQ, YM, TF, ZB, C etc
If you must trade currencies, better to trade the relevant futures contract, 6B, 6E, 6J etc
Finally, I don't know the details, but I suggest you research on the big differences in the way your profits are treated by the IRS - Futures vs Stock vs Forex if you're an American taxpayer
much easier to manipulate, you're not trading against the broader market, you're basically trading against your broker
low barrier to entry means its full of low level, inexperienced wannabes who all think they're trading gods when they pull 20 pips out
these same inexperienced wannabes attract hundreds or thousands of scammers, snake-oil salesmen, with the latest course, indicator, EA etc
low barrier to entry as a broker means any Tom, Dick or Harry can set up as a broker, with the inevitable consequence of a long history of bankruptcies, collapses, disappearances with client funds etc
cost - spread and slippage can make it more expensive to trade than futures in the long run
and most importantly - no accurate Volume
subjectively,
for me personally, outside of the real professional forex trading, the multi-million banks etc, retail forex trading seems to me to smack of "seediness"
I wouldn't trade stocks either.
Take a look at futures, ES, NQ, YM, TF, ZB, C etc
If you must trade currencies, better to trade the relevant futures contract, 6B, 6E, 6J etc
Finally, I don't know the details, but I suggest you research on the big differences in the way your profits are treated by the IRS - Futures vs Stock vs Forex if you're an American taxpayer
Forex trading using TA is no harder or easier than any other form of trading. It is possibly too easy to get over-leveraged but that's nobody's fault but the trader. When I talk about trading forex, I don't mean intra-day - hardly anyone can make a success of that whatever they trade, no matter how reputable their access provider.
Well, I've heard opinions that Fx is more risky because you get less vital data, like volumes and stuff. Should this be a concern?
rathcoole_exile
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yes of course it should
Its a trade-off. Forex gives fewer nasty news event surprises, lower volatility, no opening gaps, less influence from competitors, no corporate impacts through share splits, buy-backs, dividend changes and Director dealings, no technical obsolescences, no shareholder influences, no corporate fraud, no dependence on volatile human resources.
Its not risk-free but its not risky as such.
From what you say I'd conclude that fx is more suitable for long term investors due to its stable nature, however to make short-term profits one'd rather used stock trading. Is this correct?
FX is certainly suitable for long-term but I wouldn't go so far as to say stock trading is suitable for short-term - only because I can't win at it.
Pat494
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One can make profits on forex whatever the time frame. Just be sensible.
Quite a blurry advice to be honest...
Different time frames require different strategies, obviously, and sometimes it's difficult to switch from long-term trading to short-term trading. I mean, it's very different to have a few positions that you keep open for days on end and then to try to scalp 5-10 times a day.
No, I certainly didn't mean short-term trading, I know it's much harder to keep it safe while day trading. So I'd rather like to know how to safely profit in a longer term (not years, certainly).
You're right, obviously. The question is how exactly do you manage it? Like what combination of orders to put so that it results in the most effective yet least risky trades?
It's unlikely someone here can suggest something to you. This thread has been around for a couple of months, still no legit advice here
It's unlikely someone here can suggest something to you. This thread has been around for a couple of months, still no legit advice here
Not correct, this tomorton chap gave some excellent advice....