Anyone made any money trading FOREX? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HUKD, you accept our cookie and privacy policy.
Get the HUKD app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Anyone made any money trading FOREX?

cycleman Avatar
6y, 1m agoPosted 6 years, 1 month ago
I've been looking at FOREX trading for a long time but never quite got round to trying it out, was wondering if any other HUKDers had given it a go and their experiences?
All comments welcome!
Tags:
cycleman Avatar
6y, 1m agoPosted 6 years, 1 month ago
Options

All Comments

(24) Jump to unreadPost a comment
Comments/page:
#1
Get Metatrader 4 software , its free , and sign up for a demo account.

Check this site http://www.babypips.com/

Trade with the demo account for at least 6 months before you commit any cash.

Edited By: mikewhite on Nov 04, 2010 14:54: spelling
#2
FOREX trading depends on very tiny margins and multiple trades per day.
Ask yourself these questions before you start.

Do you have online access to the spot price (without 15 min delay)
Do you have an account with FOREX dealers?
Do you have large amounts of cash that you can move about numerous times a day?
#3
Thanks guys, helpful comments, have you done any trades yourselves?
#4
Bought Euros over the last 8 years in quantities up to 65K
#5
cannyscot
Bought Euros over the last 8 years in quantities up to 65K
good results? who do you use a broker?
#6
I would look for a trader who offers a mini account , you can open this type of account with a very small amount of cash say £100 , if you shop around some traders offer 1:100 - 1:200 leverage, it is a good way to start
#7
Google Forex traders and set up trade with 4 or 5.
They will contact you when the currency you are dealing in gets to a price that you determine.
But
They work on a margin and have access to instant pricing
Unless you can get this too you have to do longer term deals that have bigger differences in price
Problem with that though is your capital is tied up.
#8
my mate tried it a couple of years ago & basically crippled him. for a few days he was making around 250 a day on small trades, then ended up loosing 14.5k in space of 3 weeks. nearly lost everything, but luckily hasnt.

my saying was always take ur days/weeks/months trade then walk away......
#9
mikewhite
I would look for a trader who offers a mini account , you can open this type of account with a very small amount of cash say £100 , if you shop around some traders offer 1:100 - 1:200 leverage, it is a good way to start
Is it a good idea to have a high leverage as a beginner, couldn't the losses get out of hand?
#10
lanc_red
my mate tried it a couple of years ago & basically crippled him. for a few days he was making around 250 a day on small trades, then ended up loosing 14.5k in space of 3 weeks. nearly lost everything, but luckily hasnt. my saying was always take ur days/weeks/months trade then walk away......
Yeah I've heard a few stories like that, make a bit then lose a fortune.........
#11
cycleman
lanc_red
my mate tried it a couple of years ago & basically crippled him. for a few days he was making around 250 a day on small trades, then ended up loosing 14.5k in space of 3 weeks. nearly lost everything, but luckily hasnt. my saying was always take ur days/weeks/months trade then walk away......

Yeah I've heard a few stories like that, make a bit then lose a fortune.........


it was his own fault really cos he didnt walk away. he kept trading after he'd made his daily gain. i remember him calling me one night & said hed just lost 2.5k in a single trade cos the pips kept going down. he didnt know wether to pull out or keep it going. he then got a margin call from his broker....nightmare.

i was going to give it a go, but reckon there a serious amount of research & a proper plan before dabbling. good luck tho
#12
Anyone explain what a spot trade is, as far as I understand it's an immediate trade of currencies, but isn't that just buying or selling in one transaction so how is any money made?
banned#13
This is one type of trading where setting fairly tight stop loss isa must, if a trade goes the wrong way than limit the loss and live to trade again, only trade 5-10% of your trading capital on each trade. you only need to win 60% of the time to make a constant overall profit.
banned#14
cycleman
Anyone explain what a spot trade is, as far as I understand it's an immediate trade of currencies, but isn't that just buying or selling in one transaction so how is any money made?

spot trade just means immediate execution/delivery as opposed to a futures trade which has a future predicted price quoted.

Edited By: slamdunkin on Nov 04, 2010 15:45: .
#15
slamdunkin
cycleman
Anyone explain what a spot trade is, as far as I understand it's an immediate trade of currencies, but isn't that just buying or selling in one transaction so how is any money made?
spot trade just means immediate execution/delivery as opposed to a futures trade which has a future predicted price quoted.
so no money is made it's just a single transaction?
banned#16
if you are going long you first trade will be a buy, then at a later time when you wish to sell you will make a close trade (sell) both trades will be made at the current spot price = spot trade

Edited By: slamdunkin on Nov 04, 2010 16:02: .
#17
slamdunkin
if you are going long you first trade will be a buy, then at a later time when you wish to sell you will make a close trade (sell) both trades will be made at the current spot price = spot trade
Thanks for that, where would you suggest opening an account?
banned#18
I wont be open one, as seems to much hassle for it!
banned#19
No idea who is the best broker for FX trading....if I bet on oil, gold or an index then I use a spread betting company like financial spreads which works on the same principle as futures trading and profits are tax free...if you really want to get into it, then find the specialist forums and learn the pros and cons of each FX broker and what the platforms are like as well as the prices which will very depending on how many trades a month you wish to make.
#20
slamdunkin
No idea who is the best broker for FX trading....if I bet on oil, gold or an index then I use a spread betting company like financial spreads which works on the same principle as futures trading and profits are tax free...if you really want to get into it, then find the specialist forums and learn the pros and cons of each FX broker and what the platforms are like as well as the prices which will very depending on how many trades a month you wish to make.
OK thanks for all your help, I'm off to babypips now, hows the biking going, I'm out of action after a couple of nasty tumbles.
banned#21
I'm only getting out once a week now the weather is shyte, so my fitness isn't as good as it was throughout the summer months. I'm going to ladybower this weekend hopefully.
#22
slamdunkin
I'm only getting out once a week now the weather is shyte, so my fitness isn't as good as it was throughout the summer months. I'm going to ladybower this weekend hopefully.
Cool, I won't be out of plaster till christmas and then intense physio, so no biking for me for a while, but plenty of time for FOREX!
banned#23
Play a virtual game for a while and also look a few of the platform demos at various brokers.

Please don;t forget what I said about your money management, don't be tempted to play to big a stake, it will be the differance between success and failure over the long term....SERIOUSLY!!!!!!!!!!!

have a read
http://www.onlineforextrading.com/learn-trading/money-management

also how to choose an FX broker
http://www.onlineforextrading.com/learn-trading/choose-forex-broker


Hope the injury heals well....good luck


Edited By: slamdunkin on Nov 04, 2010 17:02: .
#24
Some great info here. "Bet" what you can afford to loose, and start small I think. There is a wad of oil on the Falkland Islands, so keep an eye out for any companies starting up there, or "testing" and buy shares for the long term ;)

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!