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Forex Trading. Anyone?

  • 20-03-2020 10:35pm
    #1
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭


    Isolation is getting boring and I've been spending the last 2 days researching/ learning about Forex Trading and how to do it etc, and using a couple of demo accs to practice different trades

    does anyone have any advice, or is experienced as a forex trader?


    I made an investment of €300 to Meta Trader 4 , and I'm currently following signals from a company TNT Forex,

    Made €255 today (pure luck i suppose, as it was the wrong lot size and could have gone awfully wrong)

    but feeling optimistic about it all anyway, it's fun to learn.


    Any advice/comments?


Comments

  • #2
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    The parent forum we're under would suit more, this sub-forum is for shítcoin gambling/idealism/mocking.


  • #3
    JohnnyFlash
    Registered Users Posts: 7,055 ✭✭✭JohnnyFlash


    Opportunity for a new form of gambling masquerading as investment there, Grindle.

    Something to do with forex, synthetic trades, 200x leverage, and wrap it up in some bullshït about tokenised contracts and you’ll have a fresh round of suckers waiting to hand over money.


  • #4
    Deub
    Registered Users Posts: 1,280 ✭✭✭Deub


    JohnnyFlash wrote: »
    Opportunity for a new form of gambling masquerading as investment there, Grindle.

    Something to do with forex, synthetic trades, 200x leverage, and wrap it up in some bullshït about tokenised contracts and you’ll have a fresh round of suckers waiting to hand over money.

    Have you traded on forex?


  • #5
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    He's our resident elite trader, trading pints for goopy dark green shít.
    JohnnyFlash wrote: »
    Something to do with forex, synthetic trades, 200x leverage, and wrap it up in some bullshït about tokenised contracts and you’ll have a fresh round of suckers waiting to hand over money.
    Probably exists already tbh, you need an ever-evolving cat family to be involved somehow to get the weeb dollars.


  • #6
    robman60
    Registered Users Posts: 2,222 ✭✭✭robman60


    Did eur/gbp for a while last year, mainly trading Brexit news. I stopped because of the stress of it. You could make a trade having analysed available information then a politician decides to make some throwaway remark and you're suddenly deep in the red. I realised I was essentially gambling and with leverage things can go very bad, very quickly. I probably ended the whole thing only about €200 in the red, having been up about €700 in my first 2-3 weeks just doing this as a side gig to my studies.

    The main issue I've found with it is I'd take my gains too quickly whereas I'd let losses run. Often justifiably as day to day news was often just noise. The issue was I found I'd have to be right far, far more often than I was wrong just to break even.

    Now if I want to gamble I just put it in Paddy Power. More of a thrill and less stress...


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  • #7
    Deub
    Registered Users Posts: 1,280 ✭✭✭Deub


    robman60 wrote: »
    Did eur/gbp for a while last year, mainly trading Brexit news. I stopped because of the stress of it. You could make a trade having analysed available information then a politician decides to make some throwaway remark and you're suddenly deep in the red. I realised I was essentially gambling and with leverage things can go very bad, very quickly. I probably ended the whole thing only about €200 in the red, having been up about €700 in my first 2-3 weeks just doing this as a side gig to my studies.

    The main issue I've found with it is I'd take my gains too quickly whereas I'd let losses run. Often justifiably as day to day news was often just noise. The issue was I found I'd have to be right far, far more often than I was wrong just to break even.

    Now if I want to gamble I just put it in Paddy Power. More of a thrill and less stress...

    I would not recommend starting trading with a live account. You need to read books about strategies and most importantly money management. It is gambling when you don't know what you are doing but it is probabilities when you have some knowledge. No one has 100% winning trades.


  • #8
    dartboardio
    Registered Users Posts: 2,436 ✭✭✭dartboardio


    I've been at it for about a week now, have started to learn some strategies, and find one that suits me which seems to be the engulf candlestick patterns.

    I find it a bit addictive though and when I make 20 quid profit off something end up putting on loads more small trades and losing most of it, so gonna take a step back and focus on learning strategies more, then moving forward doing better, but less trades..

    I have noticed this strategy working quite well though, especially when I monitor the market for a while rather than jumping straight into a trade when i see a pattern.


  • #9
    borderfox11
    Registered Users Posts: 78 ✭✭borderfox11


    dartboardio wrote: »
    I've been at it for about a week now, have started to learn some strategies, and find one that suits me which seems to be the engulf candlestick patterns.

    I find it a bit addictive though and when I make 20 quid profit off something end up putting on loads more small trades and losing most of it, so gonna take a step back and focus on learning strategies more, then moving forward doing better, but less trades..

    I have noticed this strategy working quite well though, especially when I monitor the market for a while rather than jumping straight into a trade when i see a pattern.

    very difficult ime - if you really want to give it a go then find a strategy that works for you, read some of best trading books on psychology (trading in the zone is excellent), ukspreadbetting is a good channel to start with on youtube

    I would advise staying above 4H timeframe as the noise will just kill you otherwise. Pay attention to economic news scheduled for the day https://www.myfxbook.com/en/forex-economic-calendar

    Journal your trades also, this will help with your discipline. Focus on win rate, forget about the money. Also if you are looking for a quick buck (you may not be) then this isn't the game imho - good luck


  • #10
    Timmaay
    Registered Users Posts: 11,394 ✭✭✭✭Timmaay


    Too much stress for me, and too many outside effect's that can totally blow your account in no time. Your learning phase you'll certainly make no profits other than pure beginners luck (very dangerous thing, give false confidence), after that you'll hopefully slowly start making steady profits, but its them random wtf days that are very frustrating when your previous month's profits are wiped out in a day. You'll get much better bang for buck learning about longer term trading strategies like dollar cost averaging, value investing, and other areas to save expenditure than wasting time on forex. Oh and finally, absolutely stay the hell away from any sort of paid fx courses or programs, 99% or more are doing nothing other than trying to take your sign up money, and string you along with some rubbish algorithm until you get bored and admit defeat.



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