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jimmylad

Forex...... Anyone Here Make Any Money From It

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Just wondered if anyone on here trades forex for a living ??

I've been trying for a few years & whilst I'm holding my own I'm not actually getting anywhere so if you have any advice you'd like to share then please feel free. I suppose holding my own isn't to bad as I haven't blown my account yet but it would be nice to make £250 a week.

The way I trade at the moment is wait for the London open & then wait for some momentum with correlation then get in. ( Correlation between usd/chf, usd/gbp & eur/usd )

Anyone ??

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Just wondered if anyone on here trades forex for a living ??

I've been trying for a few years & whilst I'm holding my own I'm not actually getting anywhere so if you have any advice you'd like to share then please feel free. I suppose holding my own isn't to bad as I haven't blown my account yet but it would be nice to make £250 a week.

The way I trade at the moment is wait for the London open & then wait for some momentum with correlation then get in. ( Correlation between usd/chf, usd/gbp & eur/usd )

Anyone ??

I was damn lucky on a physical trade afer selling my house and clearing off on a RTW trip. Bought US Dollars at a fraction below $2.01 with the intent of buying a house in the States. That didn't happen so I took my rather handsome profit and have done a few medium term trades since, getting fingers burned on one.

I looked at doing Forex trading on short-term trades and opened a couple of demo accounts but found that the more trades I did, the bigger percentage of losers and ended up emptying both demo accounts. They say that only 5% of Forex traders make money on a regular basis so take your time and open demo accounts with FX Pro, FXCM or others and just trade the pretend money for a few months to see if you are really 1 in 20.

I did read somewhere recently that 7am to 9am was the best time to be trading currencies. Good luck Jimmy.

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Too hard for me, you are usually news trading which requires some kind of feed and constant work.

For the first year amateur traders most forums say you will lose or in the best case break even.

Tried it myself and you end up making £500 then losing 1K , then making 1K then chasing it on

and on until you end up with 10 quid profit and 200 hours of unpaid work.

You have to leverage up to make it work, lose 500K and make 700K or whatever. Then lose 600K

and make 650K it's all about leverage to make real world money which is why the best traders need

other peoples cash to make it worthwhile and why they don't work from their own capital.

Just my very basic opinion.

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Go onto the House Price Crash forum > Investment > Financial markets forum and post this message on the Hi Guy's Thread for former forex Trader & OP Time Virus. This looks like a nice Forex thread developing.

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Just wondered if anyone on here trades forex for a living ??

I've been trying for a few years & whilst I'm holding my own I'm not actually getting anywhere so if you have any advice you'd like to share then please feel free. I suppose holding my own isn't to bad as I haven't blown my account yet but it would be nice to make £250 a week.

The way I trade at the moment is wait for the London open & then wait for some momentum with correlation then get in. ( Correlation between usd/chf, usd/gbp & eur/usd )

Anyone ??

The Forex market is one of the most manipulated there is-regardless of what people tell you. Remember you are in with very deep pockets, including the central banks. Fundamentals of an economy mean squat day to day. At the moment there is huge "cooperation" between major players on the currency front. I did risk $20,000 last year on a computer program that had been tested, back tested for two years, that had tight stops and all the other bells and whistles. My stop loss was $3K and guess what? I met it, and quickly to. There are multitudes of programs out there promising the same stuff. Mostly BS-it's a crapshoot and how can it be any different? There are two sides to every trade-a winner and a loser. YOU CAN"T ALL BE WINNERS.

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Go onto the House Price Crash forum > Investment > Financial markets forum and post this message on the Hi Guy's Thread for former forex Trader & OP Time Virus. This looks like a nice Forex thread developing.

cheers............... never occurred to me

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I wouldn't like to have to trade currencies day to day but one thing does seem glaringly obvious about long term trends of currencies i.e. Cable or Pound v Dollar.

When the Pound is worth two or more Dollars it is by historical standards overvalued in my opinion.I would make one huge trade with all I could into Dollars and wait for the Pound to devalue then trade back into Sterling.Takes a few months to materialize the trade and I guess most currency traders are not holding positions for that long.It's not just Pound v Dollar I have noticed it with a lot of other currencies but it's a long term position ,not a day to day trade,by that I mean up to a year.

I have found the Oanda website very good for comparing longterm currency trends ...it's something which fascinates me but I have never actually taken the plunge.

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I would make one huge trade with all I could into Dollars and wait for the Pound to devalue then trade back into Sterling.

Possibly but how do you stop getting wiped out with stop or margin call when it moves suddenly, or make the same profit out of futures.

If you get 20% return off 100K in cash that's an amazing return but not in day to day life.

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Possibly but how do you stop getting wiped out with stop or margin call when it moves suddenly, or make the same profit out of futures.

If you get 20% return off 100K in cash that's an amazing return but not in day to day life.

Agreed but I would leave day to day trading to the so called professionals and just pick and choose a trading opportunity when it arose.Not a serious living but a hobby if you like.After all no sense in being greedy.We all know what that leads to :ph34r:

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