Forex Trading - am I just betting?

[Mudgey]

Hi,

After seeing the guy trading currency on the Rich Kids program the other day I thought i'd give it a try. It is something I had researched into before but never got further than a demo account. But 3 days ago I deposited 10k that wasn't earning interest and thought I would give it a go. I chose 10k because my Forex broker gives lower spreads for this sum or more.

I have so far been Micro trading GBP/EUR on movements of 3-5pips & only when there isn't any volatility in the market, I am simply relying on the natural ebbs and flows of the currency and do not trade when there are big movements. I am in and out in 15 mins or less.

I am not interested in trying to make huge sums of money and the thought of losing lots of money keeps my trade values low. I have set a quota to try and make £20 per day, once I reach this I walk away.

I am keen to learn as much as possible but most of the stuff I can find on the interwebs sounds like sales rhetoric... are there any good forums to go and read?

Currently this is where I am at:

Day 1. +£22 but finished at +£1.
Day 2. Finished at +£23.
Day 3. Currently at +£9.

[Zoon]

Mudgey said:

Hi,

After seeing the guy trading currency on the Rich Kids program the other day I thought i'd give it a try. It is something I had researched into before but never got further than a demo account. But 3 days ago I deposited 10k that wasn't earning interest and thought I would give it a go. I chose 10k because my Forex broker gives lower spreads for this sum or more.

I have so far been Micro trading GBP/EUR on movements of 3-5pips & only when there isn't any volatility in the market, I am simply relying on the natural ebbs and flows of the currency and do not trade when there are big movements. I am in and out in 15 mins or less.

I am not interested in trying to make huge sums of money and the thought of losing lots of money keeps my trade values low. I have set a quota to try and make £20 per day, once I reach this I walk away.

I am keen to learn as much as possible but most of the stuff I can find on the interwebs sounds like sales rhetoric... are there any good forums to go and read?

Currently this is where I am at:

Day 1. +£22 but finished at +£1.
Day 2. Finished at +£23.
Day 3. Currently at +£9.

What data are you basing your trades on?
If you are just sticking a trade on and then hoping for the best then I'm afraid it is just betting.

[BobToc]

I'm not convinced it matters what you're doing, you're just betting.

[andrewrob]

A fair chunk of income from the guy on the Rich Kids program will be from his "lessons", mentioned on another thread here that there are a lot of people signing up to him.

[Jez m]

Mudgey said:

Hi,

After seeing the guy trading currency on the Rich Kids program the other day I thought i'd give it a try. It is something I had researched into before but never got further than a demo account. But 3 days ago I deposited 10k that wasn't earning interest and thought I would give it a go. I chose 10k because my Forex broker gives lower spreads for this sum or more.

I have so far been Micro trading GBP/EUR on movements of 3-5pips & only when there isn't any volatility in the market, I am simply relying on the natural ebbs and flows of the currency and do not trade when there are big movements. I am in and out in 15 mins or less.

I am not interested in trying to make huge sums of money and the thought of losing lots of money keeps my trade values low. I have set a quota to try and make £20 per day, once I reach this I walk away.

I am keen to learn as much as possible but most of the stuff I can find on the interwebs sounds like sales rhetoric... are there any good forums to go and read?

Currently this is where I am at:

Day 1. +£22 but finished at +£1.
Day 2. Finished at +£23.
Day 3. Currently at +£9.

Sounds just like the couple of days i played on William Hills financial betting app! Betting on real time market movements. I made about the same profit too!

[Mudgey]

Yea I couldn't quite work out what was going on with the guy, he didn't give off the usual vibe of a successful trader.

Currently just making trades when the currency is stable when there are small movements up and down. Only time will tell whether it is a lucky streak or whether there is any merit to this!

[FredClogs]

It's no more betting than roulette is, basically when you lose just just double up on the next trade etc.. etc.. there's no way you can fail as long as your nerve holds out...

I think that's right anyway, it's what Nick Leeson told me.

[anonymous-user]

yes, you are betting

nothing wrong with that, but it is easy to fall into the trap of believing you have a method

set yourself a limit on how much of the £10k you are prepared to lose and what you would do if you got to that point

remember that trading is at least 95% psychology and, at most, 5% methodology

[ATG]

"Natural ebb and flow" means you think you've spotted patterns that have some predictive power. It is an illusion; they aren't real. It is easy to convince yourself that there are patterns in random data so don't beat yourself up for having made this mistake. There are loads of professionals who essentially make the same mistake by putting faith in "technical analysis".

[hotchy]

Its just betting and with the small amounts your using you'd be aswell looking up matched betting. It pretty much guarantees you profit. I followed profit accumulator, free sign up wins cover your months sign up then you plod on. I done it to all the betting companies sign up offers and made a quick grand in one week and never done it again.

[andrewrob]

hotchy said:

Its just betting and with the small amounts your using you'd be aswell looking up matched betting. It pretty much guarantees you profit. I followed profit accumulator, free sign up wins cover your months sign up then you plod on. I done it to all the betting companies sign up offers and made a quick grand in one week and never done it again.

I did this, just plodded along with the easy ones that didn't need a big stake as I didn't have a lot of spare cash at the time.
Ended up making about £800 but could have gone on further with other signup deals.
I did read a guy's post on money saving expert that cocked up with a matched bet and lost both sides with a big steak, think he lost over £1000. There was an own goal in the game, betfair counts it as a goal is scored and the betting company doesn't count it as a goal or something like that.

[Hoofy]

Mudgey said:

I am not interested in trying to make huge sums of money and the thought of losing lots of money keeps my trade values low. I have set a quota to try and make £20 per day, once I reach this I walk away.

I note that you deposited £10k. Hopefully, you won't ignore the good but negative advice people will give you. Yes, it is just gambling. It is about the chances of success and the relative reward from that. The lottery costs just £2 but the reward is incredible even if the chances are low, but the loss is also low. In trading you have a much easier chance of losing a large wad of cash. And you can easily get sucked in with it all, chasing losses. Before you know it, you've deposited another £10k to earn your original £10k back.

Moving forward,
1) aim to make just £1 a day from micro trades. If you can't manage to contain yourself and want to make it more exciting, then take the £10k out and buy a Lotus Elise.
2) if you hit £1 in a day, but you continue to see opportunities, then keep going until you feel you've had enough.
3) if you lose £1 in a day, then leave it for another day.
4) do this for a MONTH then increase your total daily loss to £2 a day.

Your discipline and ability to control your emotions will have a big influence on how much you fk things up.

When I am not busy and a premier league game is playing, I trade on the odds markets and to me, it's like money is just sitting on the table waiting to be hoovered up. Problem is, I'm usually busy with other things.

You can sign up to my trading academy for £109 a month, though.

What?

Edited by Hoofy on Friday 8th January 12:57

[maxxy5]

What time frame are you trading off? It sounds like blind luck to be honest, but maybe you have a feel for it.

[Hoofy]

maxxy5 said:

What time frame are you trading off? It sounds like blind luck to be honest, but maybe you have a feel for it.

What every other beginner uses initially: tick by tick.

Trader face: O.O

[anonymous-user]

http://www.pistonheads.com/gassing/topic.asp?t=147...

Its enough to make you wince.

Edited by V6Pushfit on Friday 8th January 15:04

[kurt535]

Day trading is hard, hard, hard.

Trading is a language. It takes easily a year to have an idea what the natives are saying.

I would suggest learning something about daily charts (concentrating on open high low close). It absolutely helps you understand market sentiment and also when things are building towards a big move.

Falling markets will deliver your biggest wins/losses, Rising markets always far more stable but slower

Don't carry a position over economic numbers either..

And trading is not roulette. Any trade you do has 3 outcomes: scratch, up, down. Casinos don't offer that flexibility and infact some of the big floor trading companies were started by people who got fed up trying to trade casinos and realised trading exchange products carried less risk.

I could go on but i'll start to get itchy fingers..hehehehe

[veevee]

Mudgey said:

Hi,

After seeing the guy trading currency on the Rich Kids program the other day I thought i'd give it a try. It is something I had researched into before but never got further than a demo account. But 3 days ago I deposited 10k that wasn't earning interest and thought I would give it a go. I chose 10k because my Forex broker gives lower spreads for this sum or more.

IME a lot of rich kids like to pose as 'entrepeneurs', 'businessmen' or 'traders' - Instagram is full of them. They're bankrolled by rich parents who are glad they're 'doing something' after spending the last 4 years since they left uni romping around the world burning money.

'Trader' seems to be a popular choice for posers, as you don't actually have to even attempt to build a business, or do any business-type stuff, you can just click buttons and post picture of yourself in sharp suits, and screenshots of your winning 'trades'.

I don't know why 'Forex' trading seems to be something people are eager to big up as easy money, too many suckers willing to believe those pop ups you get on slightly-adult-themed-websites. Ahem.

Trying to trade 10k from scratch is a disaster waiting to happen, even if you have the most discipline in the world, and are extremely naturally able, you will still be wiped out before you learn the ropes.

If you want to trade something - try trading odds markets on Betfair, plenty of volatility to trade on, and much easier to find some direction/cues than blindly guessing at charts which you don't fully understand, and you'll be able to trade in a worthwhile way with the amount of money you have. You can get 4 screens and some fancy software with lots of charts and stuff as well if you want to look cool.

[veevee]

Why bother trading when you can automate the whole thing?

My favourite one: http://quickcashsystem.com/

[anonymous-user]

veevee said:

Why bother trading when you can automate the whole thing?

My favourite one: http://quickcashsystem.com/

Have you had any success at all with it? I presume Mrs Slickyank takes any income and takes commission on all bets not just returns?

Edited by V6Pushfit on Tuesday 12th January 09:46

[veevee]

V6Pushfit said:

veevee said:

Why bother trading when you can automate the whole thing?

My favourite one: http://quickcashsystem.com/

Have you had any success at all with it? I presume Mrs Slckyank takes any income and takes commission on all bets not just returns?

I quit my job after 24 hours like the video said to, I'm -£800 at the moment, but I've just deposited another 5k to cover it as their results are guaranteed, they have screenshots to prove it!