Retail Forex Trading.

Merjock

Absolutely agree with that. Forget about robots and 'systems' sold for $97, spend the time, and the effort, to learn to trade manually. Treat it as a job and not a get rich quick scheme. 80-90% of trading success is down to correct psychology and risk management. Greed kills!

arrowloopboy

Merjock wrote: »

Absolutely agree with that. Forget about robots and 'systems' sold for $97, spend the time, and the effort, to learn to trade manually. Treat it as a job and not a get rich quick scheme. 80-90% of trading success is down to correct psychology and risk management. Greed kills!

I'd say that 80-90% is conservative,if your head isn't right,no matter how good your system is,you'll turn it into a looser.
Tom Brasso writing in one of Van Tharps books,reckons anyone risking anything over 2% per trade is an absolute nutter,and over time,i agree.

Merjock

arrowloopboy wrote: »

I'd say that 80-90% is conservative,if your head isn't right,no matter how good your system is,you'll turn it into a looser.
Tom Brasso writing in one of Van Tharps books,reckons anyone risking anything over 2% per trade is an absolute nutter,and over time,i agree.

Yes, I'd agree with that. 1-2% max per trade is a sensible level of risk.
I'd also endorse VanTharps books. Not easy reads but plenty of good, sensible writing about expentancy and risk management, obviously a subject our banks and property developers knew absolutely nothing about over the past few years!
Newbie traders should be aware that the professionals are mainly obsessed, not with making vast profits, as people normally believe, but with effectively managing risk.

charles112

Hey everybody, first time here. I am looking for Clare based traders, Can anybody help...
Charles.

SeanHarris101

Hello to this thread. I have recently moved to Ireland from Edinburgh. I use forex for extra icnome and traded with Alpari before.

There is now an interesting company that you can register with called Admiral Markets. www.admiralmarkets.com

The spreads are good and they offer the use of MetaTrader4 Special Edition and MetaTrader5 as well. I have not seen enyone else offering those platforms of Irish and UK customers.

I am trading with them currently and they seem to be alright.

Anyone else has any expirience with this outfit?

sondhi

BrazilianNutter wrote: »

Hi there,

Finally I've found some Forex traders in Ireland!
I've been living here for the past 5 years and haven't met a single soul that trade forex privately.

I'm trading forex now for 6 years, and enjoy it. Specially because the volatility that you don't get anywhere else!

Currently I trade with a broker called Tamley Global Markets (www.tamley.com) they are regulated by the FSA. I've been trading with them since Oct08 and no complaints so far.
One thing that I like about them is the customer service and the trading platform (the best I've ever seen). Also their spreads isn't too bad at all, 1 pip on majors.

Do you guys know about a forex trading community here in Ireland?
If not, I'm thinking of setting up one...what do ya think?

Anyway, let keeping in touch.

Cheers!!

Hi

ME and my friend are doing forex from last three years . i would love to join people who do forex.
Please reply me .
Thanks
Amit sondhi

MikeyGog

FX Trading requires a huge amount of self discipline. Around 95% of all first time FX traders lose there investment. I am no expert but I would advise anyone reading this not to invest unless you have traded a Demo A/C for a least a year. There is so much to learn, not just about the FX market itself but about yourself and how you react to winning and losing trades. The emotional ups and downs can be very stressful. The market loves to see new little fish in the big pond. Remember for every Euro made/won in trading there is also a loser and you are trading against people who have been in this business a long time. Leverage is probably the most dangerous aspect of trading, some companies offer up 200/1 leverage which is crazy. Start small and be realistic with your targets. If you can make a profit of 10-15 percent in your first year you are doing well. I could go on and on but the only way to learn without losing money is by using a Demo
A/C but you must treat it as real money and even then you will not know how you will cope when you start trading the real stuff. Fx trading is Gambling at the end of the day so do not invest ( or donate ) unless you can afford to lose it.

arrowloopboy

MikeyGog wrote: »

FX Trading requires a huge amount of self discipline. Around 95% of all first time FX traders lose there investment. I am no expert but I would advise anyone reading this not to invest unless you have traded a Demo A/C for a least a year. There is so much to learn, not just about the FX market itself but about yourself and how you react to winning and losing trades. The emotional ups and downs can be very stressful. The market loves to see new little fish in the big pond. Remember for every Euro made/won in trading there is also a loser and you are trading against people who have been in this business a long time. Leverage is probably the most dangerous aspect of trading, some companies offer up 200/1 leverage witch is crazy. Start small and be realistic with your targets. If you can make a profit of 10-15 percent in your first year you are doing well. I could go on and on but the only way to learn without losing money is by using a Demo
A/C but you must treat it as real money and even then you will not know how you will cope when you start trading the real stuff. Fx trading is Gambling at the end of the day so do not invest ( or donate ) unless you can afford to lose it.

I agree with nearly all of that,except the gambling bit,its gambling for the majority,if your trading a plan with a set of criteria that returns a positive expectancy ,its the same as trading equities/commodities .
Granted,most don't approach FX that way,hence the 5 % mop up from the 95%.

MikeyGog

If you are spending money on an uncertain outcome you are gambling be it equities/ commodities, FX, horse race ect. I know a trading plan is vital but you are betting on yourself. Have you the mental strength to stick to your plan after a string of losses? Can you overcome the psychological challenges of trading? These are things you can only learn by investing real money. Demo A/C's can only teach you so much, the rest you have to learn from experience. What I am trying to say is there is no easy way to make money in the FX market, you may be lucky with your first few trades but in the long run if you are new to it there is a 90% chance you will be donating your money to the big fish, after all someone has to lose. It,s GAMBLING as sure as stocks rise and fall. So be careful, do plenty of research, and when you think you are ready do some more research and if you have the discipline to trade a demo a/c for 12 months (without blowing it) give it a shot. Good luck.

arrowloopboy

MikeyGog wrote: »

If you are spending money on an uncertain outcome you are gambling be it equities/ commodities, FX, horse race ect. I know a trading plan is vital but you are betting on yourself. Have you the mental strength to stick to your plan after a string of losses? Can you overcome the psychological challenges of trading? These are things you can only learn by investing real money. Demo A/C's can only teach you so much, the rest you have to learn from experience. What I am trying to say is there is no easy way to make money in the FX market, you may be lucky with your first few trades but in the long run if you are new to it there is a 90% chance you will be donating your money to the big fish, after all someone has to lose. It,s GAMBLING as sure as stocks rise and fall. So be careful, do plenty of research, and when you think you are ready do some more research and if you have the discipline to trade a demo a/c fo
r 12 months (without blowing it) give it a shot. Good luck.

You mention '' investing real money'' above,by your rational,should that not be gambling real money???

MikeyGog

Now your have it

arrowloopboy

MikeyGog wrote: »

Now your have it

Ooh right.

coldevolution

Hi... find myself with a few minutes to spare... my computer is being over hauled and 2 screens need replaced. Been trading around 7 years now mainly forex.. have attended many courses paying well over £3000.00 in London etc (plus flights hotel etc)... Back then as a newbie I guess my first course which I think was called "Ultimate Forex Profits" alowed me to quickly get a grasp on the business I was about to enter... Was it worth the investment??? Maybe? It was frightening... the prospect of earning 10 +% a week compunded could bend the iron will of most mortals.... lol

Looking back I can only say the one main thing that I should of taken to the top of the "Urgent" do not pass go until you get your psychological mindset in place... as the enemy is "you".... Those that have been trading for while.... will most likely have a laugh to themselves, those recently entering the business, please look into psychology in trading before you lodge one cent of your hard earned money. I have been using CMC for just over 6 years now, and I find the platform quite easy to use. The only issue during large effect news is the spread can run as high as 20 pips from the normal 0.7/1 pip spread, so scalping into these news releases is not recommended.
I utilise metatrader 5 for the charts in the majors I trade, only using CMC to place and manage the trades. Robots will only trade succesfully for an amount of time before blowing your bank away... so be careful. EA's are a helpful tool as long as you do not rely on these only, I can say with knowledge taking less trades will make you more money in the long run...do not over trade...

Ok thats my 4c worth... hope some of it helps

Regards to the traders...

arrowloopboy

coldevolution wrote: »

Hi... find myself with a few minutes to spare... my computer is being over hauled and 2 screens need replaced. Been trading around 7 years now mainly forex.. have attended many courses paying well over £3000.00 in London etc (plus flights hotel etc)... Back then as a newbie I guess my first course which I think was called "Ultimate Forex Profits" alowed me to quickly get a grasp on the business I was about to enter... Was it worth the investment??? Maybe? It was frightening... the prospect of earning 10 +% a week compunded could bend the iron will of most mortals.... lol

Looking back I can only say the one main thing that I should of taken to the top of the "Urgent" do not pass go until you get your psychological mindset in place... as the enemy is "you".... Those that have been trading for while.... will most likely have a laugh to themselves, those recently entering the business, please look into psychology in trading before you lodge one cent of your hard earned money. I have been using CMC for just over 6 years now, and I find the platform quite easy to use. The only issue during large effect news is the spread can run as high as 20 pips from the normal 0.7/1 pip spread, so scalping into these news releases is not recommended.
I utilise metatrader 5 for the charts in the majors I trade, only using CMC to place and manage the trades. Robots will only trade succesfully for an amount of time before blowing your bank away... so be careful. EA's are a helpful tool as long as you do not rely on these only, I can say with knowledge taking less trades will make you more money in the long run...do not over trade...

Ok thats my 4c worth... hope some of it helps

Regards to the traders...

Everyone that ever attempts to trade anything should do themselves a huge favour and read Trading in the zone by Mark Douglas.

Merjock

coldevolution wrote: »

Hi... find myself with a few minutes to spare... my computer is being over hauled and 2 screens need replaced. Been trading around 7 years now mainly forex.. have attended many courses paying well over £3000.00 in London etc (plus flights hotel etc)... Back then as a newbie I guess my first course which I think was called "Ultimate Forex Profits" alowed me to quickly get a grasp on the business I was about to enter... Was it worth the investment??? Maybe? It was frightening... the prospect of earning 10 +% a week compunded could bend the iron will of most mortals.... lol

Looking back I can only say the one main thing that I should of taken to the top of the "Urgent" do not pass go until you get your psychological mindset in place... as the enemy is "you".... Those that have been trading for while.... will most likely have a laugh to themselves, those recently entering the business, please look into psychology in trading before you lodge one cent of your hard earned money. I have been using CMC for just over 6 years now, and I find the platform quite easy to use. The only issue during large effect news is the spread can run as high as 20 pips from the normal 0.7/1 pip spread, so scalping into these news releases is not recommended.
I utilise metatrader 5 for the charts in the majors I trade, only using CMC to place and manage the trades. Robots will only trade succesfully for an amount of time before blowing your bank away... so be careful. EA's are a helpful tool as long as you do not rely on these only, I can say with knowledge taking less trades will make you more money in the long run...do not over trade...

Ok thats my 4c worth... hope some of it helps

Regards to the traders...

Totally agree. You can learn 'trading' (ie. technical analysis et al) in a matter of months, if you put your mind to it. Learning to be a 'trader' is a completely different kettle of fish. Having the complete confidence to pull the trigger when a correct setup occurs, and to accept losses as an inevitable part of trading, is something that takes a long time to develop.
Trading forces us to confront many of our failings and inadequacies, and we can discover the awful reality of self-sabotage. Another key is to use/develop/buy a trading system with proven positive expectancy,
so that one can have confidence of profitability in the long term.
Cheers, and good luck to any who set out on this perilous path!

afpteam

Hi,

New member. Looks like trading has been quiet here for some time.

Is there anyone still watching the forum active in Forex?

I'm hoping to be relocating to Ireland in the near future, interested in finding out the current state of activity in FX retail there in recent months.

Regards all,

AFP

liamw212

Hi Guys
Did anyone set up that Forex community excellent idea, be interested in joining

Yeager101

Hi all,
This thread seems to be wavering a little. I am an interlay trader, trading across equities, commodities, bonds and forex. Sweet spots are oil and technology equities.
Im also thinking of setting up a meet up or group office in Dublin. Wondering if there is also other interest? I would be looking at getting together with serious traders who respect fundamentals, technical analysis and strategy. Not gamblers or punters.
Get in contact if you are interested.

liamw212

Yeager 101, if you are still considering setting up that group, I would be very interested in joining

Yeager101

Sure, pm me and we can meet for a coffee

liamw212

Yeager, send me a email so we can organise best time and day for both of us

email add is cotindicator gmail.com.

papips

Hi guys
I am a also new to the fx and would like to join your group have been reading a lot of the treads and I to am finding it difficult to see any good no dealing desk broker pm me thanks

topgolfer101

liamw212 wrote: »

Yeager, send me a email so we can organise best time and day for both of us

email add is cotindicator gmail.com.

Hi, I would like to know is this forex group setup and did you manage to meet up? I've been trading forex for about 2 years and specialise in technical analysis and fundamental analysis also, would like to network with other traders...

J1my

liamw212 wrote: »

Yeager 101, if you are still considering setting up that group, I would be very interested in joining

Hi Guys, I have been reading up on Forex the past few months, and would like to help in setting up a group. If any of you folks are still interested in the group, please send me a PM with your number and I will setup a Wattapp group so that we can arrange a suitable date for a coffee maybe. Looking forward to speaking with people with similar interests. Thanks James..