Trade2Day Forex trading etc
Discussion
Has anyone tried these Forex trading websites such as http://www.trade2day.co.uk
A friend of mine is currently using them and making some money. I am interested in knowing how it all works? Is it a form of spread betting etc?
I'd rather know before i part with my own money.
A friend of mine is currently using them and making some money. I am interested in knowing how it all works? Is it a form of spread betting etc?
I'd rather know before i part with my own money.
sidicks said:
I think the first question you need to ask yourself is what 'edge' you think you have on the 'market'?
The answer is none. Everyone wants a get rich quick scheme, and this appeals to many as one of them.Avoid. You don't know what you're doing. You don't have an inside line. You don't have the research, you don't see the FX flows, you don't have the technical analysis, you don't know about option barriers being protected/broken etc etc.
Go to the casino and fritter your money away there.
Mousem40 said:
The answer is none. Everyone wants a get rich quick scheme, and this appeals to many as one of them.
Avoid. You don't know what you're doing. You don't have an inside line. You don't have the research, you don't see the FX flows, you don't have the technical analysis, you don't know about option barriers being protected/broken etc etc.
Go to the casino and fritter your money away there.
Exactly the point I was leading up to!Avoid. You don't know what you're doing. You don't have an inside line. You don't have the research, you don't see the FX flows, you don't have the technical analysis, you don't know about option barriers being protected/broken etc etc.
Go to the casino and fritter your money away there.
jinkster said:
Has anyone tried these Forex trading websites such as http://www.trade2day.co.uk
A friend of mine is currently using them and making some money. I am interested in knowing how it all works? Is it a form of spread betting etc?
I'd rather know before i part with my own money.
It looks like this website IBs into a Cypriot CFD bookmaker. It was only set up last year but is part of the same cluster of firms such as stock.com, Forexyard.com, Excellence Option, Prestigeoption.com, and Optionsclick.com so mostly binary tripe. A friend of mine is currently using them and making some money. I am interested in knowing how it all works? Is it a form of spread betting etc?
I'd rather know before i part with my own money.
This kind of tells you all you need to know about the parent: http://www.bloomberg.com/research/stocks/private/p...
I seem to recall that it is just another Russian owned operation that does not like to return its clients' money when asked to do so.
As for the introducer's website, it has absolutely no contact details and no published data.
The quick and short conclusion is that it is not remotely credible in any way, shape or form.
I wanted to learn about Forex, rather than get rich quick, I put £1500 in an account, using £1200 as leverage and willing to lose £300 as education fees! I set my stop limits so i never made or lost more than $50 at a time. Overall I finished in positive and gained a better understanding of the markets. With it being on my phone it was hard not to have my phone open all day.
meehaja said:
I wanted to learn about Forex, rather than get rich quick, I put £1500 in an account, using £1200 as leverage and willing to lose £300 as education fees! I set my stop limits so i never made or lost more than $50 at a time. Overall I finished in positive and gained a better understanding of the markets. With it being on my phone it was hard not to have my phone open all day.
That's great, just be careful. If you start making profits and gain confidence it's easy to up the stakes and get smoked.I used to be an FX options trader/sales in investment banks, I know how the money is made. I used to laugh reading the FT the following day seeing their rationale behind the previous day's forex moves 'GDP in France up 0.1 Eur catches a bid as a result' utter tosh. We had a big Black box hedge fund step in an buy a load and moved the markets, the fund couldn't care less about French GDP figures. I never read the FT or the Economist, they were a joke. Banks have ways of telling each other what's going on, see the money flow, teams of economists and technical analysts and derivatives desks next to them being paid millions to help you.
The whole market moves up and down due to flows, options, technicals, economics, algos etc a lot of which your average Joe has no clue about. You may think you do, but you don't. I'd never chance trading outside of being on the 'inside'
Thank you for the info. My friend seems to do OK with it all.
I'd rather be interested in learning about FOREX and doing my own trading. However when you google - how to learn FOREX it just shows a hundred thousand or so get rich quick schemes.
Can anyone recommend something where I can learn and be educated?
I'd rather be interested in learning about FOREX and doing my own trading. However when you google - how to learn FOREX it just shows a hundred thousand or so get rich quick schemes.
Can anyone recommend something where I can learn and be educated?
z4RRSchris said:
you won't get rich quick . your 99% more likely to lose your cash
+1A good friend of mine who is a very clever chap, has been practicing FOREX trading and learning all about it for over two years now, and even he says it's still too risky for him to use his own money rather than the demo modes that he currently plays in.
He's read books on it, watched many tutorials, tried lots of different strategies, and as I said practiced daily for two years or more.
I'm fairly convinced that anyone who says they 'make a living out of it' by trading from home is simply lying.
jinkster said:
Thank you for the info. My friend seems to do OK with it all.
I'd rather be interested in learning about FOREX and doing my own trading. However when you google - how to learn FOREX it just shows a hundred thousand or so get rich quick schemes.
Can anyone recommend something where I can learn and be educated?
I would wager that your friend isn't. Sorry, but a service such as the one you've highlighted where the flow is going into the brokerage linked to it isn't ever going to make money. I'd rather be interested in learning about FOREX and doing my own trading. However when you google - how to learn FOREX it just shows a hundred thousand or so get rich quick schemes.
Can anyone recommend something where I can learn and be educated?
For starters, the system will be over trading so eroding vast amounts via spread, secondly the brokerage will be slipping the exits hard, further eroding the pot, typically slippage from Russian owned, Cypriot bookmakers is 2-3x the spread wuoted.
And finally, if the system made money they wouldn't be able to IB into a Cypriot 'B Book'.
The thing is that people can and do make money trading FX on the retail side. I have, and always have, clients who do.
I've been running such clients for 20 odd years back when most were professionals coming out of the pits or off trading floors. They usually had a worse time than most retail traders as they were used to succeeding, knew a lot about flows but more often than not didn't realise that the simple reason they used to be able to make money was because they were front running.
By far the biggest two/three misconceptions among the retail market though are that bookmakers that offer high leverage are focussed on anything other than rinsing their client out as quickly as possible. The purpose of excessive leverage is to encourage the client to burn out. Low spreads are a marketing wheeze to dupe punters also. It doesn't matter what figure the bookmaker publishes for marketing purposes the clients will be paying a wider spread and the general rule is that the smaller the published spread the wider the true spread. The other massive misconception is that traders believe it is normal to daytrade and that they can make large returns with a small pot. All excessive trading does is pump cash out of your account and into the hands of whomever is booking the spread and all trying to make big returns from a small pot achieves is adopting such high levels of risk that the unavoidable hit is much closer and going to be much bigger.
My long term clients are all from diverse backgrounds and they all trade in different ways and with different systems across a host of markets but what they have in common is that they make small gains from large deposits, they maintain a constant account size by removing the gains each month and while they are sitting there all day doing this they aren't trading all day.
I've not ever seen a retail client profit beyond the stopped clock principle when using one of these monthly signal services and this is not a big industry, if a system had worked then I would know about it.
I've been running such clients for 20 odd years back when most were professionals coming out of the pits or off trading floors. They usually had a worse time than most retail traders as they were used to succeeding, knew a lot about flows but more often than not didn't realise that the simple reason they used to be able to make money was because they were front running.
By far the biggest two/three misconceptions among the retail market though are that bookmakers that offer high leverage are focussed on anything other than rinsing their client out as quickly as possible. The purpose of excessive leverage is to encourage the client to burn out. Low spreads are a marketing wheeze to dupe punters also. It doesn't matter what figure the bookmaker publishes for marketing purposes the clients will be paying a wider spread and the general rule is that the smaller the published spread the wider the true spread. The other massive misconception is that traders believe it is normal to daytrade and that they can make large returns with a small pot. All excessive trading does is pump cash out of your account and into the hands of whomever is booking the spread and all trying to make big returns from a small pot achieves is adopting such high levels of risk that the unavoidable hit is much closer and going to be much bigger.
My long term clients are all from diverse backgrounds and they all trade in different ways and with different systems across a host of markets but what they have in common is that they make small gains from large deposits, they maintain a constant account size by removing the gains each month and while they are sitting there all day doing this they aren't trading all day.
I've not ever seen a retail client profit beyond the stopped clock principle when using one of these monthly signal services and this is not a big industry, if a system had worked then I would know about it.
DonkeyApple said:
The thing is that people can and do make money trading FX on the retail side. I have, and always have, clients who do.
I've been running such clients for 20 odd years back when most were professionals coming out of the pits or off trading floors. They usually had a worse time than most retail traders as they were used to succeeding, knew a lot about flows but more often than not didn't realise that the simple reason they used to be able to make money was because they were front running.
By far the biggest two/three misconceptions among the retail market though are that bookmakers that offer high leverage are focussed on anything other than rinsing their client out as quickly as possible. The purpose of excessive leverage is to encourage the client to burn out. Low spreads are a marketing wheeze to dupe punters also. It doesn't matter what figure the bookmaker publishes for marketing purposes the clients will be paying a wider spread and the general rule is that the smaller the published spread the wider the true spread. The other massive misconception is that traders believe it is normal to daytrade and that they can make large returns with a small pot. All excessive trading does is pump cash out of your account and into the hands of whomever is booking the spread and all trying to make big returns from a small pot achieves is adopting such high levels of risk that the unavoidable hit is much closer and going to be much bigger.
My long term clients are all from diverse backgrounds and they all trade in different ways and with different systems across a host of markets but what they have in common is that they make small gains from large deposits, they maintain a constant account size by removing the gains each month and while they are sitting there all day doing this they aren't trading all day.
I've not ever seen a retail client profit beyond the stopped clock principle when using one of these monthly signal services and this is not a big industry, if a system had worked then I would know about it.
Hi DonkeyApple,I've been running such clients for 20 odd years back when most were professionals coming out of the pits or off trading floors. They usually had a worse time than most retail traders as they were used to succeeding, knew a lot about flows but more often than not didn't realise that the simple reason they used to be able to make money was because they were front running.
By far the biggest two/three misconceptions among the retail market though are that bookmakers that offer high leverage are focussed on anything other than rinsing their client out as quickly as possible. The purpose of excessive leverage is to encourage the client to burn out. Low spreads are a marketing wheeze to dupe punters also. It doesn't matter what figure the bookmaker publishes for marketing purposes the clients will be paying a wider spread and the general rule is that the smaller the published spread the wider the true spread. The other massive misconception is that traders believe it is normal to daytrade and that they can make large returns with a small pot. All excessive trading does is pump cash out of your account and into the hands of whomever is booking the spread and all trying to make big returns from a small pot achieves is adopting such high levels of risk that the unavoidable hit is much closer and going to be much bigger.
My long term clients are all from diverse backgrounds and they all trade in different ways and with different systems across a host of markets but what they have in common is that they make small gains from large deposits, they maintain a constant account size by removing the gains each month and while they are sitting there all day doing this they aren't trading all day.
I've not ever seen a retail client profit beyond the stopped clock principle when using one of these monthly signal services and this is not a big industry, if a system had worked then I would know about it.
Looking at one of the reasons for a constant success you mentioned, would you say that a site like IG would allow gains in such a manner (large amount of £ in the account but just trading... £1 a point for ten points for instance) or would you eventually get 'noticed'?
DomBertone said:
Hi DonkeyApple,
Looking at one of the reasons for a constant success you mentioned, would you say that a site like IG would allow gains in such a manner (large amount of £ in the account but just trading... £1 a point for ten points for instance) or would you eventually get 'noticed'?
IG should be fine in that regard. They hedge overall net book exposure rather than individual clients so are one of the firms that gets financial benefit from having clients 'win'. As much as it pains me to say something positive about them they don't as a rule waste any time looking out for profitable clients. Looking at one of the reasons for a constant success you mentioned, would you say that a site like IG would allow gains in such a manner (large amount of £ in the account but just trading... £1 a point for ten points for instance) or would you eventually get 'noticed'?
Gassing Station | Finance | Top of Page | What's New | My Stuff