Forex Trading as a career?

uglyfish87

Hi,

Does anybody know anything about getting a traineeship as a currency trader?

I'll just start off by telling you all a little bit about myself. I graduated from college in '09 and after that did some barwork in pubs and clubs. I'll be going travelling in May to Australia, NZ and South America. I'll probably come back to Ireland in January/Feb.

I was planning on travelling for longer, but now I think want to go to London to work. I've been doing a bit of research online about Forex trading. From what I gather some companies will train you if you have around £4,000 to trade with, for a six month trading programme.
http://www.reed.co.uk/job-details/London/Banking/Trainee-Forex-Trader/?JobID=20017340&l=London%2c+South+East+England&s=5&ns=True&ps=50&WT.mc_id=Agg-Jobisjob

Has anybody out there ever done this before, or do they know of anybody who has done this? £4,000 is a lot money to pay (hopefuly I'll have enough money after travelling).

Any help/pointers will be welcomed.

Mr. Loverman

Long interesting thread on them here:

http://www.trade2win.com/boards/trading-firm/114182-anyone-heard-london-global-investments.html

mikemac

A decent company pays you a salary and will help fund your studies.
And then you deal with their client's accounts.

Not you pay them.

listermint

I think you can safely say you would have better chances taking that 4000 and putting it on the Lotto. Stay clear and dont be duped into these schemes

zig

Before you spend a penny of that, get yourself onto trade2win.com and forexfactory and try and read as much as possible. Go through all the beginner stuff and then you'll learn that it may take you years to become profitable in trading. Not to say its not impossible by any means, but success % wise, its on a par with deciding to become a professional at poker (plenty of them too but it may need years of patience/practice/discipline).

uglyfish87

Thank you all for your advice. I'll give trade2win and forexfactory a look. I also ordered a book off Amazon, called "Currency Trading for Dummies". Hope that will help me. Do any of you know anyone, who made money out of Forex trading, or am I just wasting my time?

zig

I met a few succesful traders by attending seminars etc, they werent just forex though, they were trading stocks as well. I was getting big into it for a while and was trading profitably on a demo account, I am currently getting very distracted with something else, but i definitely intend to go back to it when Ive more time and money.
if you are willing to treat the demo like a real account then it is good practice, but you are better off setting up a small account with 100 or 200 euro or something and trading for real, it will help psychologically.
Your question: Are you wasting your time? That really really depends on the answers to various questions, off the top of my head...

-Have you ANY interest in financial markets, price movements, general economics?? Does Bloomberg bore you to death?
- Are you willing to admit that to become a successful trader is like becoming succesful at any other trade in life, i.e. you have to spend years learning first. You cant just become an expert computer programmer or electrician over night, often you have to spend years in college, why should the time be any less for trading?
-Are you patient and disciplined? Would you be willing to stare at graphs for hours on end just to learn what kind of patterns take place?

Heres the best start imo, its a 4 step plan that gives any wannabe trader a wake up call...
http://www.trade2win.com/boards/trading-faq/30625-i-m-new-trading-where-do-i-start.html , it could take weeks to get through it all, if you cant get through it then you're probably not interested enough to stick with trading.
This part of forex factory has some classic threads where you can learn a pile of info...
http://www.forexfactory.com/forumdisplay.php?f=56
And heres a nice system you could practice with just to give you something to work off while your learning, the system is a 5 minute period system that trades pullbacks on a trend. If you try and follow all of 'Golfers' posts you will learn alot.
http://www.forexfactory.com/showthread.php?t=11854
Its worth learning the difference between trading indicators or trading price action. Price action is making decisions based purely on whats happening on the graph. Indicators are extra tools that you would add to a graph that indicate a trend or whatever else. I dont like them but alot of traders use them. You might also be interest in fundamental trading instead, which is basically trading the news. heres a news calender , its fun to watch the euro or whatever crash down or rally up based purely on what someone is saying...http://www.fxstreet.com/fundamental/economic-calendar/?id=ee86535c-3257-43d7-8df6-c3c1ee9f718f

This thread is also worth following during busy trading hours, its more of a live chat than a thread, but you can learn bits and pieces from reading what they are saying as it happens. http://www.forexfactory.com/showthread.php?t=10372
The one thing you HAVE to learn about is support and resistance , and how it behaves. That book will show you alot of that.

If I was you I would set up a demo account with alpari UK, they use decent software, metatrader4 its called and if you decide to set up a real account they have a low min deposit, 200euro I think, so you can trade 10c/pip
I would also recommend a demo acc with Marketspreads.ie , reason being they have a low stake size as well, 20c/pip afaik. No point blowing money starting out.
Best of luck. Maybe some day when I get back into it Ill be looking for advice off you if you decide to take it seriously.:)

ixus

uglyfish, paying 4K is a con job. Pure and simple. You clearly have absolutely no knowledge of trading or the industry. Do you actually know anything about fx?

You need to answer the questions Zig posted i.e. why do you want to trade?

Currency Traders for Dummies is a waste of money.

You're going down all the wrong avenues.

Don't post a question in trade2win. You'll be lampooned. Simply read what's there and learn.

I may come across harsh, but this is all pretty solid advice.

You may get some more answers on the Investment & Markets forum is you post there.

Kimi001

It is better to get training in forex trading before entering the real market. You can get the training through online also. Search in the internet and find genuine trainers. It is better if you get to know about trading software.