General

Does anyone do online FX trading?

Reply
  Tools
Dubz +

guardian of ITM

Dubz's Avatar
Joined
Oct '07
Times thanked
< 573
Posts
7,731
Does anyone do online FX trading?
I'm thinking about getting into it but interested to know if anyone else has given it a shot and what the results have been like.

All the courses promise the potential to retire and live off the money you make from trading, which is nice but my logic tells me if it was that easy then everyone would do it, and they don't, so it can't be.

Any tips/advice on this subject are welcome.
Elliot G +

...

Elliot G's Avatar
Joined
Oct '06
Times thanked
< 36
Posts
3,449
http://www.moneysmart.gov.au/investi...change-trading
CheelWinston +

not a cop

CheelWinston's Avatar
Joined
May '01
Times thanked
< 1,958
Posts
13,462
it does seem tempting to buy a bunch of US dollars now considering their interest rates can't stay at zero forever and the aussie dollar will have to come down eventually

I say do it and if you fail, I'll let you eat out of my garbage bins.
Listen to your friend Cheely Zane
He is a cool guy...
Dubz +

guardian of ITM

Dubz's Avatar
Joined
Oct '07
Times thanked
< 573
Posts
7,731
Cheers mate! That mirrors a lot of stuff I've read on online blogs.

The particular programme I'm looking at entails setting a trade in the morning and collecting at the end of the days trading. It also involves setting a "sell" point below where you buy that ensures you risk only 1% of the money you've traded. i.e if the currency drops below the value of the initial trade by a certain amount, it program automatically closes the trade and minimises losses.

This is meant to ensure that you don't have to watch the markets all day, that you can't lose more than you trade, and so on.

But not sure if this practise is effective or not.
avatar_karma +

Registered User

avatar_karma's Avatar
Joined
Jan '07
Times thanked
< 1,986
Posts
11,205
I would imagine the time investment you'd need to make an educated gamble on the movements of the exchange rate would render any money rewards insignificant.

I'd rather go bet on the races, at least you get to watch horses go for a canter.

Quote:

Originally Posted by CheelWinston View Post

Enlightened, morally strong sports fans follow the NRL.

airconteka +

moving sideways in a forward motion

airconteka's Avatar
Joined
Dec '06
Times thanked
< 11,605
Posts
22,131
The trick with online trading is to buy high and sell high. Do not do it drunk.
Unspoilt by Progress
Mickstah +

"Science needs to be applied to beds"

Mickstah's Avatar
Joined
Jun '02
Times thanked
< 3,320
Posts
24,792
Follow the wise old words of Fuzzy rainbow: Buy low and sell high!
ಥ_ಥ - - - - - - - - - - - -ಠ_

"She was like a candle in the wind... unreliable."
Dean Learner
Trase Love:
O Mick you are so cool
More cooler than a dolphin
Let's hug me


Pinozi +

Degenerate Speculator

Pinozi's Avatar
Joined
Jan '03
Times thanked
< 22
Posts
1,708
Dont waste your money with overpriced education promising you easy riches - spend a few hundred on some good trading books and be willing to put in some work learning the craft of trading
wassup 2 3 4 wassup 2 3 4
CheelWinston +

not a cop

CheelWinston's Avatar
Joined
May '01
Times thanked
< 1,958
Posts
13,462
lol @ trader fasepalm avatar
Listen to your friend Cheely Zane
He is a cool guy...
Ecleracid +

Registered User

Joined
Apr '08
Times thanked
< 8
Posts
172
I was working with this guy who was absolutely obsessed with FX trading.

Long story short - he had a program that made automatic trades for you. Before you sent it live you could tweak your trading profile and see how it would have performed using 1 min FX data from the last 20 years.

Finally he got his shit together, tweaked his profile so he reckons he could turn $10,000 into $1,000,000 in 12 months and sent it live.

It took a few months, but sure enough he lost the lot.

Poor c unt.
andreas +

wheredafukarewe

andreas's Avatar
Joined
Dec '02
Times thanked
< 0
Posts
3,452
I havent ever traded currency but know a guy that works for a big one in the uk (not great stories about success). Also another guy I was working with was doing it during work whilst in the UK. He made a few decent daily profits (100 quid here a couple hundred there) then one day blew about 1000 pounds. As you win your bets tend to get bigger etc.

Only a couple of pieces of advice.
1. Professional traders ala currency desks at the big investment banks generally trade on volatility as far as I know. The bets these guys make are significant and generally hedged.
2. put aside the capital that you are willing to lose, formulate a trading strategy (including stop losses or trailing stop losses) and stick to it, assess the trading strategy regularly and amend as required.
3. Try and learn as much as you can about investing and particularly the investing style that you intend to adopt
jdoodle +

in on the killtaker

jdoodle's Avatar
Joined
Nov '01
Times thanked
< 2,110
Posts
16,694

Quote:

Originally Posted by Dubz View Post

I'm thinking about getting into it but interested to know if anyone else has given it a shot and what the results have been like.

All the courses promise the potential to retire and live off the money you make from trading, which is nice but my logic tells me if it was that easy then everyone would do it, and they don't, so it can't be.

Any tips/advice on this subject are welcome.

worked around it for 15 years, only bet, and to be frank its betting, what you can lose, if you want to gamble go to a tab, seriously not for amateurs
"Although it is not true that all conservatives are stupid people, it is true that most stupid people are conservative." John Stuart Mill
airconteka +

moving sideways in a forward motion

airconteka's Avatar
Joined
Dec '06
Times thanked
< 11,605
Posts
22,131
I traded my distortion pedal for a wah wah back in high school. A former mate traded a few of my pedals for heroin
Unspoilt by Progress

Last edited by airconteka: 29-Apr-11 at 08:42pm

Reason: Optional

silverspoon +

new and improved!

silverspoon's Avatar
Joined
Feb '03
Times thanked
< 1,451
Posts
6,256

Quote:

Originally Posted by airconteka View Post

I traded my distortion pedal for a wah wah back in high school. A former mate traded a few of my pedals for heroin

did he turn a profit?
red is the new blu
airconteka +

moving sideways in a forward motion

airconteka's Avatar
Joined
Dec '06
Times thanked
< 11,605
Posts
22,131
smack for some flange, pretty good deal i spose
Unspoilt by Progress
walkdogz +

Registered User

walkdogz's Avatar
Joined
Mar '08
Times thanked
< 510
Posts
7,168
Share market is where you make gains... far higher potential for appreciation and you can have a greater knowledge of what you're investing in. And you get dividends. Would leave the FX to the professionals with lots of cash.
Pinozi +

Degenerate Speculator

Pinozi's Avatar
Joined
Jan '03
Times thanked
< 22
Posts
1,708
Thanks to the int3rn3tz most things are freely available so you don't even need to pay for your trading education

I've gone through most of this course and its a great free resource with some solid knowledge (no I don't get anything by sending you there) - enjoy

http://www.informedtrades.com/trades...tradingcourses

You can even get most of the best trading books free if you know how to torr3nt
wassup 2 3 4 wassup 2 3 4
Fred_Pillhead +

Registered User

Fred_Pillhead's Avatar
Joined
Jul '09
Times thanked
< 331
Posts
1,585
I do a fair bit of online FX trading. It's a great way to make some extra $$ whilst I'm at work in front of the PC all day.

www.babypips.com is all the educations you'll need. Check out their education section and follow the courses from Kindergarden to College.

I've obviously been shorting the US against the AU$ lately and it's been a good little earner.

I use this online broker too: https://dealbookweb.live.gftforex.com/

It's great because broker because I can trade anywhere I have a net connection.

My advise is start off with a play money account to get a good feel of things and go from there.
"If your chromosomes are fucked and you look like a toad
Beat your meat and fling the load"
tomxon +

Registered User

Joined
Nov '07
Times thanked
< 19
Posts
925
^ cheers for the information. I've been looking to get into this as well due to the fact it's the most liquid market trading you can do. The whole leverage factor tho of being able to loose a lot (as well as make a lot if course) has kind of turned me off it.

But I'll give some if this info a read.
jarrardscott +

i've had enough of "digital prophet"

jarrardscott's Avatar
Joined
Aug '06
Times thanked
< 4,485
Posts
26,688

Quote:

Originally Posted by Dubz View Post

I'm thinking about getting into it but interested to know if anyone else has given it a shot and what the results have been like.

All the courses promise the potential to retire and live off the money you make from trading, which is nice but my logic tells me if it was that easy then everyone would do it, and they don't, so it can't be.

Any tips/advice on this subject are welcome.

i do it as a job
http://soundcloud.com/jarrardscott
becy +

is the rarity you find only when everything is correct

becy's Avatar
Joined
Jan '03
Times thanked
< 1,458
Posts
28,117

Quote:

Originally Posted by airconteka View Post

I traded my distortion pedal for a wah wah back in high school. A former mate traded a few of my pedals for heroin



i got in this thread to make more or less that exact comment.


well played.
This is ITM
Home of the NSFW Nazis

Discuss snackfoods, bitch about the DJ Top100 Poll, or make mildly embarassing, banal admissions about your personal life.
WE'RE IN BEIGE COUNTRY NOW.
options765 +

Registered User

options765's Avatar
Joined
Dec '12
Times thanked
< 0
Posts
1
Forex trading sources
If you visit my profile page you can find great forex trading sources
CheelWinston +

not a cop

CheelWinston's Avatar
Joined
May '01
Times thanked
< 1,958
Posts
13,462
Update required on how rich you now are, Dubz
Listen to your friend Cheely Zane
He is a cool guy...
Fuzzy Rainbow +

OMG are you serious?

Fuzzy Rainbow's Avatar
Joined
Jul '04
Times thanked
< 1,899
Posts
9,151

Quote:

Originally Posted by Mickstah View Post

Follow the wise old words of Fuzzy rainbow: Buy low and sell high!

aaaaaw
Dubz +

guardian of ITM

Dubz's Avatar
Joined
Oct '07
Times thanked
< 573
Posts
7,731

Quote:

Originally Posted by CheelWinston View Post

Update required on how rich you now are, Dubz

Currently I am close to having ALL the money

Rich doesn't begin to cover it
CheelWinston +

not a cop

CheelWinston's Avatar
Joined
May '01
Times thanked
< 1,958
Posts
13,462
all the monies are belong to you?

like 'hotel on mayfair' status or 'I am the bank and I own the boot, the little doggie, the shoe and the dice'
Listen to your friend Cheely Zane
He is a cool guy...
Reply

« Previous Thread Next Thread »

Posting Rules

+
    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts