Forex/FTSE trading

[kylemrushall]

HI

I have been working on the Forex and FTSE markets for a while with mixed results....

I was wondering if any experts ie people who are making a full time living from them would be willing to share their secrets?? I would be willing to pay for some good one to one training.

thanks Kyle

[Dr Jekyll]

kylemrushall said:

HI

I have been working on the Forex and FTSE markets for a while with mixed results....

I was wondering if any experts ie people who are making a full time living from them would be willing to share their secrets?? I would be willing to pay for some good one to one training.

thanks Kyle

Try Googling on Traders university. Offputtingly flash and pretty expensive, but I know a couple of people who make money fairly consistently (10% a month!!) using their methods. Providing you have a decent sized trading pot, preferably £5K or more, they may well be worthwhile and you can get coaching from full time traders.

[Horse_Apple]

Dr Jekyll said:

kylemrushall said:

HI

I have been working on the Forex and FTSE markets for a while with mixed results....

I was wondering if any experts ie people who are making a full time living from them would be willing to share their secrets?? I would be willing to pay for some good one to one training.

thanks Kyle

Try Googling on Traders university. Offputtingly flash and pretty expensive, but I know a couple of people who make money fairly consistently (10% a month!!) using their methods. Providing you have a decent sized trading pot, preferably £5K or more, they may well be worthwhile and you can get coaching from full time traders.

You'll need to be making better returns than that in order to get back your fees. And I think we all know that isn't going to happen.

[Dr Jekyll]

Horse_Apple said:

Dr Jekyll said:

kylemrushall said:

HI

I have been working on the Forex and FTSE markets for a while with mixed results....

I was wondering if any experts ie people who are making a full time living from them would be willing to share their secrets?? I would be willing to pay for some good one to one training.

thanks Kyle

Try Googling on Traders university. Offputtingly flash and pretty expensive, but I know a couple of people who make money fairly consistently (10% a month!!) using their methods. Providing you have a decent sized trading pot, preferably £5K or more, they may well be worthwhile and you can get coaching from full time traders.

You'll need to be making better returns than that in order to get back your fees. And I think we all know that isn't going to happen.

I'm not so sure. Of the people I knew one paid about £2-3K for coaching and is averaging 5-600 return a month. The other paid considerably more and does forex but insists he covered his costs long ago. The method they use seems to be purely technical analysis, which I always regarded as little better than astrology, but if you can develop the knack it does seem to work for some.

[shadowninja]

I always wonder why these people are charging so much if they are trading gods.

And of those who are making money from trading after going on such courses or getting such coaching, how many regret handing their money over?

[Dr Jekyll]

shadowninja said:

I always wonder why these people are charging so much if they are trading gods.

And of those who are making money from trading after going on such courses or getting such coaching, how many regret handing their money over?

Perfectly valid questions.

All I know is that everyone I know who started trading without training lost money at first, the ones who carried on started to get their money back in the second year after losing at least a couple of K.

The 2 people who paid to learn from others experience both made a few percent in month 1, are both currently ahead, and swear by the training.

[Horse_Apple]

15 years in the markets and I've not seen the evidence I'm afraid.

Such courses tend to only reveal the blatantly obvious and nothing that can't be learnt for free from the local library. As such they tend to attract lazy, gullible and stupid people. These are not statistically likely to be good traders.

Out of the thousands who pay up money that they can really ill afford to waste, obviously a few will have a long enough winning streak to make it seem possible but I'm yet to see anyone be on anything other than a winning streak.

[Dr Jekyll]

Horse_Apple said:

15 years in the markets and I've not seen the evidence I'm afraid.

Such courses tend to only reveal the blatantly obvious and nothing that can't be learnt for free from the local library. As such they tend to attract lazy, gullible and stupid people. These are not statistically likely to be good traders.

Out of the thousands who pay up money that they can really ill afford to waste, obviously a few will have a long enough winning streak to make it seem possible but I'm yet to see anyone be on anything other than a winning streak.

According to the spread bet firms, about 90% of their customers consistently lose and around 5% consistently win, and there certainly are people who make a living from it. As for what is taught on courses being available for free in the library I agree with you. The original question was about 1 to 1 tuition, coaching, which is what my successful aquaintances put their results down to. Neither is stupid or lazy, one has just done an open university MBA for example, and they are both adamant that anyone looking for a 'get rich quick' scheme would have been quickly disillusioned.

I find it difficult to believe that forex trading is the one human skill at which coaching is irrelevant. The issue is where to get the coaching.

[Red Cabbage]

Dr Jekyll said:

I find it difficult to believe that forex trading is the one human skill at which coaching is irrelevant. The issue is where to get the coaching.

You've hit the nail on the head there, coaching and training is benefitial for just about eveything.

So long as the OP is looking for training and not a get rich quick scheme then I'm sure it is possible to spend money wisely.

[Horse_Apple]

Red Cabbage said:

Dr Jekyll said:

I find it difficult to believe that forex trading is the one human skill at which coaching is irrelevant. The issue is where to get the coaching.

You've hit the nail on the head there, coaching and training is benefitial for just about eveything.

So long as the OP is looking for training and not a get rich quick scheme then I'm sure it is possible to spend money wisely.

I'd certainly agree with that but I'll be buggered if I've ever seen anyone promoting themselves as a tutor that wasn't a well known spankmerchant.

I would have thought that trying to get onto a proper arcade's training scheme would be just about the best bet for a quick and honest education.

Edited by Horse_Apple on Monday 17th November 12:57

[shadowninja]

I think, Dr Jekyll, you've proven Horse Apple's point to an extent. Your friends are likely to be exceptions than the rule.

[Dr Jekyll]

shadowninja said:

I think, Dr Jekyll, you've proven Horse Apple's point to an extent. Your friends are likely to be exceptions than the rule.

The only point I disagree with Horse Apple on is the idea that those who seek training are lazy and unlikely to make good traders. If there is such a thing as a 'good trader' then study can only help, my friends reckon it's the coaching rather than the classroom stuff that's important.

If they carry on the way they are going, they might even persuade me to trade....

[shadowninja]

He wrote that they "tend to attract"... not that the only attendees are such people.

TBH trading tends to attract the lazy, gullible and stupid. I'm definitely lazy. I know I'm not stupid and as for gullible, my friend told me that it was no longer in the dictionary.

Edited by shadowninja on Monday 17th November 19:46

[shadowninja]

Dr Jekyll said:

averaging 5-600 return a month

Forgot to mention that this is a meaningless figure. He could be risking £3000 a month to get this which would make it a time-bomb.

[Dr Jekyll]

shadowninja said:

Dr Jekyll said:

averaging 5-600 return a month

Forgot to mention that this is a meaningless figure. He could be risking £3000 a month to get this which would make it a time-bomb.

Total pot £5K, tries to risk a maximum of £50 on each trade but subject to the vagaries of stop losses, reckons to have no more than 3-400 at risk at any one time. Unless I'm getting the forex and the FTSE guys mixed up success rate is just under 60% so has had some runs of losses. It may well be a time bomb, but if coaching just means it takes longer to lose it all that's probably an advantage.

[shadowninja]

Dr Jekyll said:

shadowninja said:

Dr Jekyll said:

averaging 5-600 return a month

Forgot to mention that this is a meaningless figure. He could be risking £3000 a month to get this which would make it a time-bomb.

Total pot £5K, tries to risk a maximum of £50 on each trade but subject to the vagaries of stop losses, reckons to have no more than 3-400 at risk at any one time. Unless I'm getting the forex and the FTSE guys mixed up success rate is just under 60% so has had some runs of losses. It may well be a time bomb, but if coaching just means it takes longer to lose it all that's probably an advantage.

60% is an acceptable rate if the win amount > loss amount.

[Scawie]

shadowninja said:

I always wonder why these people are charging so much if they are trading gods.

Because if they charged any less they might as well stick to their fantastically lucrative trading careers?

[Horse_Apple]

Dr Jekyll said:

shadowninja said:

Dr Jekyll said:

averaging 5-600 return a month

Forgot to mention that this is a meaningless figure. He could be risking £3000 a month to get this which would make it a time-bomb.

Total pot £5K, tries to risk a maximum of £50 on each trade but subject to the vagaries of stop losses, reckons to have no more than 3-400 at risk at any one time. Unless I'm getting the forex and the FTSE guys mixed up success rate is just under 60% so has had some runs of losses. It may well be a time bomb, but if coaching just means it takes longer to lose it all that's probably an advantage.

I think there is a glitch there.

He can't be risking £50 a trade and making those kind of returns. With such small trade sizes he would need to be trading thousands of positions a day and even if he was then all returns would be eaten up by comm charges (spread).

My humble guess is that he is doing this by spread betting and hasn't realised the value of a single contract. Even if he is using stops then the random slippage will kill him.

I don't want to labour my point too much, but while you are correct that tutoring is a good thing I would put a very large bet on the fact that a punter with a £5k pot will be paying a spanker for this service.

The market is full of them and they can teach nothing that an intelligent person doesn't already know or can't read for themselves.

[Dr Jekyll]

Horse_Apple said:

Dr Jekyll said:

shadowninja said:

Dr Jekyll said:

averaging 5-600 return a month

Forgot to mention that this is a meaningless figure. He could be risking £3000 a month to get this which would make it a time-bomb.

Total pot £5K, tries to risk a maximum of £50 on each trade but subject to the vagaries of stop losses, reckons to have no more than 3-400 at risk at any one time. Unless I'm getting the forex and the FTSE guys mixed up success rate is just under 60% so has had some runs of losses. It may well be a time bomb, but if coaching just means it takes longer to lose it all that's probably an advantage.

I think there is a glitch there.

He can't be risking £50 a trade and making those kind of returns. With such small trade sizes he would need to be trading thousands of positions a day and even if he was then all returns would be eaten up by comm charges (spread).

My humble guess is that he is doing this by spread betting and hasn't realised the value of a single contract. Even if he is using stops then the random slippage will kill him.

I don't want to labour my point too much, but while you are correct that tutoring is a good thing I would put a very large bet on the fact that a punter with a £5k pot will be paying a spanker for this service.

The market is full of them and they can teach nothing that an intelligent person doesn't already know or can't read for themselves.

He is spread betting, only bets when he reckons the potential profit is approaching £200 and usually only stays in a trade for a few days. The way he explained it to me was that about 40% of trades are somewhere between break even and £250, so more than cover the losses even after slippage, then the other 20% run for a couple of weeks and make the real money.

All figures approximate, your mileage may vary, etc etc.

[Red Cabbage]

Which is the most lively trading forum these days?

T2W seems a bit flat.