Anyone trade on the Forex?
Anyone trade on the Forex?
Author
Discussion

Ruskie

Original Poster:

4,249 posts

216 months

Tuesday 28th June 2011
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Looking to start playing with play money on a website recommended to me to get to grips with it. Anyone trade regularly? Any useful tips?

ringram

14,701 posts

264 months

Wednesday 29th June 2011
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rtfm imo smile

Id ready a few books for a start. JFGI is also a good start.

RemainAllHoof

78,741 posts

298 months

Wednesday 29th June 2011
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Alpari.co.uk - demo it until your head falls off.

Take 100 demo trades, see if you're up or down. If you're up, do it another 100 times. If you're even higher up, you could have something.

Then trade for 0.01 lots (6p/pip) for 100 live trades. If you're up, do it another 100 times. If you're even higher up, you could have something.

If you are thinking "fk that", and want to drop £5k on the markets, please give it to me instead so I can buy a nice watch with it as that would be a better investment.

Oh, check out babypips.com. Lots of relevant info there.

zac510

5,546 posts

222 months

Wednesday 29th June 2011
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I do but not by the tactic 'Hoof uses.

Your request is quite vague as there are many styles and techniques for trading. The idea is to settle on the one you feel comfortable with and then work hard at it.

RemainAllHoof

78,741 posts

298 months

Wednesday 29th June 2011
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zac510 said:
I do but not by the tactic 'Hoof uses.

Your request is quite vague as there are many styles and techniques for trading. The idea is to settle on the one you feel comfortable with and then work hard at it.
I haven't given any tactics beyond essentially taking your time to test ideas rather than going all in on the first trade like most noobs do.

And yes, need to find what suits you and stick with it despite what you may hear others are doing.

anonymous-user

70 months

Wednesday 29th June 2011
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beginners website babypips.com

beginners book Adventures of a Currency Trader

demo yourself dizzy

zac510

5,546 posts

222 months

Wednesday 29th June 2011
quotequote all
RemainAllHoof said:
I haven't given any tactics beyond essentially taking your time to test ideas rather than going all in on the first trade like most noobs do.

And yes, need to find what suits you and stick with it despite what you may hear others are doing.
Sorry I didn't word that very well. I just meant to say that I didn't really use that technique to learn. I backtested and wrote an automated strategy based on information in a book. After trading that live I refined the risk model. But it's definitely not intraday which most people seem to want to do.

NorthernBoy

12,642 posts

273 months

Friday 1st July 2011
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It's the most efficient market in the world, with the largest number of algorithmic traders looking for the slightest edge in a world where they can execute deals 0.001 from mid.

It's worth asking yourself, why do you think that you can beat it.

To me, the task is about as difficult as turning up in the F1 pits with a shopping trolley, some plywood, and a strimmer engine, and hoping to beat McLaren to the flag.

zac510

5,546 posts

222 months

Friday 1st July 2011
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Don't start with that attitude that's for sure biggrin

Ruskie

Original Poster:

4,249 posts

216 months

Friday 1st July 2011
quotequote all
NorthernBoy said:
It's the most efficient market in the world, with the largest number of algorithmic traders looking for the slightest edge in a world where they can execute deals 0.001 from mid.

It's worth asking yourself, why do you think that you can beat it.

To me, the task is about as difficult as turning up in the F1 pits with a shopping trolley, some plywood, and a strimmer engine, and hoping to beat McLaren to the flag.
Total rubbish. Have you never heard of beginners luck?

mcflurry

9,179 posts

269 months

Friday 1st July 2011
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Ruskie said:
Total rubbish. Have you never heard of beginners luck?
The house always has the edge if you're talking about chance..

RemainAllHoof

78,741 posts

298 months

Friday 1st July 2011
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mcflurry said:
Ruskie said:
Total rubbish. Have you never heard of beginners luck?
The house always has the edge if you're talking about chance..
Beginner's luck often over-rules the edge... but when the beginner thinks he's a trading god, that's when the edge makes itself known. evil

Hitch78

6,118 posts

210 months

Sunday 3rd July 2011
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Beginners luck is no good to you when you are no longer a beginner.

RemainAllHoof

78,741 posts

298 months

Sunday 3rd July 2011
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Hitch78 said:
Beginners luck is no good to you when you are no longer a beginner.
I wonder if we can fool the gods of luck by closing and starting new accounts to fool them into thinking we are always a beginner? jester

limpsfield

6,350 posts

269 months

Sunday 3rd July 2011
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RemainAllHoof said:
I wonder if we can fool the gods of luck by closing and starting new accounts to fool them into thinking we are always a beginner? jester
no

RemainAllHoof

78,741 posts

298 months

Sunday 3rd July 2011
quotequote all
limpsfield said:
RemainAllHoof said:
I wonder if we can fool the gods of luck by closing and starting new accounts to fool them into thinking we are always a beginner? jester
no
Damn them!! What about if I sacrifice an evil banker?

limpsfield

6,350 posts

269 months

Sunday 3rd July 2011
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RemainAllHoof said:
limpsfield said:
RemainAllHoof said:
I wonder if we can fool the gods of luck by closing and starting new accounts to fool them into thinking we are always a beginner? jester
no
Damn them!! What about if I sacrifice an evil banker?
nope

zac510

5,546 posts

222 months

Sunday 3rd July 2011
quotequote all
limpsfield said:
RemainAllHoof said:
I wonder if we can fool the gods of luck by closing and starting new accounts to fool them into thinking we are always a beginner? jester
no
I think you would have to use a different email address at least.

limpsfield

6,350 posts

269 months

Sunday 3rd July 2011
quotequote all
zac510 said:
limpsfield said:
RemainAllHoof said:
I wonder if we can fool the gods of luck by closing and starting new accounts to fool them into thinking we are always a beginner? jester
no
I think you would have to use a different email address at least.
I didn't think of that

zac510

5,546 posts

222 months

Sunday 3rd July 2011
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limpsfield said:
I didn't think of that
Gotta find an edge somewhere!