Forex anyone?
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06-07-2015, 01:40 AM
RE: Forex anyone?
(06-07-2015 12:27 AM)god has no twitter account Wrote:  I do what you do, more or less, except on the horses.

I started in 2003 and haven't done anything else since.

Yes, it was difficulty. It was the hardest thing that I have ever done done. I collapsed twice in one night and ended up in hospital with exhaustion because I was working flat out. I was working up to 20 hrs a day, day after day for months on end.

Someone mentioned that it was immoral.

In 2003, the company that I worked for went Bankrupt because of some stupid decisions they made.

I was at the wrong age to get another job but I tried anyways.

No one wanted me and I was thrown on the scrap heap of life. Now, that's immoral.

In the end, I had a choice, become a gambler/trader or go on welfare. Yes, there were lots of things I could have done, unfortunately, once you are over a certain age, no one wants to know you.

I hate what I do but it sure as hell pays the bills.

Damn that's rough, mate. I hope things are going good for you. I don't understand how the horses work. The only information I have on them is what you typically see on TV.

8000 years before Jesus, the Egyptian god Horus said, "I am the way, the truth, the life."
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06-07-2015, 01:58 AM
RE: Forex anyone?
(06-07-2015 01:40 AM)BlackMason Wrote:  
(06-07-2015 12:27 AM)god has no twitter account Wrote:  I do what you do, more or less, except on the horses.

I started in 2003 and haven't done anything else since.

Yes, it was difficulty. It was the hardest thing that I have ever done done. I collapsed twice in one night and ended up in hospital with exhaustion because I was working flat out. I was working up to 20 hrs a day, day after day for months on end.

Someone mentioned that it was immoral.

In 2003, the company that I worked for went Bankrupt because of some stupid decisions they made.

I was at the wrong age to get another job but I tried anyways.

No one wanted me and I was thrown on the scrap heap of life. Now, that's immoral.

In the end, I had a choice, become a gambler/trader or go on welfare. Yes, there were lots of things I could have done, unfortunately, once you are over a certain age, no one wants to know you.

I hate what I do but it sure as hell pays the bills.

Damn that's rough, mate. I hope things are going good for you. I don't understand how the horses work. The only information I have on them is what you typically see on TV.

There's NO difference between a horse and a currency. You bet on the exchange rate moving in a certain direction and I bet on a horse's odds moving in a certain direction.

At the heart of what we do are EXACTLY the same mathematical principals.

With currencies, in theory, there is a 50% chance that an exchange rate will move in a given direction. Same with horses. There's a theoretical 50% chance that the odds will move in a given direction.

In order to win over the long term, we have to find a method which determines which way the currency/odds will actually move often enough to more than offset our losses plus commission. This is the same for currencies and horses alike.

We must also have a method which manages our bank. That's just as important, if not more so. No matter how good your system is, if your money management methods are poor, you'll go broke. This is really about risk management and there are methods available which will do this. This is the same for currencies and horses alike.

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06-07-2015, 04:12 PM
RE: Forex anyone?
Quote:Dude, you totally have to check out anything that involves the NZD. It's been trending for a long time now. NZD/CHF (Swiss Franc) blew my mind when I saw all the missed opportunities with retrospective trading. If you got in when the Aussie was on par with the Kiwi you'd be balling outta control now.

Yea, we're in a bit of an economic bubble at the moment.
The dollar was 1:1 against the Australian about 2 years back as well when I was at uni.
I don't follow the NZD against anything other than the Aussie (though that could change if I decide to get into forex trading). I'll certainly note to keep an eye on it against the Swiss Franc though.

I've seen the NZD as low as $0.79 against the AUSD
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06-07-2015, 05:52 PM
RE: Forex anyone?
Thank god man invented practice accounts that's all I got to say.
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06-07-2015, 07:07 PM
RE: Forex anyone?
(06-07-2015 05:52 PM)earmuffs Wrote:  Thank god man invented practice accounts that's all I got to say.

lol

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06-07-2015, 09:47 PM
RE: Forex anyone?
Watching videos and shit, getting my edumacations up and shit.
Meanwhile, playing around some more with the practice account. I actually bounced back, manage to get my loses back. It's pretty exciting shit, even if it's fake money. I have one investment currently, nzd/usd, I thought the market was going to trend up so I bought but it tanked by like 20 pips but than after like 2hours it bounced back and it was on the cusp of being profitable, fluctuating between -0.0 and -0.3 pips for like two minutes and than the market ticked over and it tanked again and it's now down at -2.7 pips. Edge of seat, edge of seat, edge of seat, crying...
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06-07-2015, 10:14 PM (This post was last modified: 07-07-2015 09:56 AM by Bucky Ball.)
RE: Forex anyone?
(06-07-2015 09:47 PM)earmuffs Wrote:  Watching videos and shit, getting my edumacations up and shit.
Meanwhile, playing around some more with the practice account. I actually bounced back, manage to get my loses back. It's pretty exciting shit, even if it's fake money. I have one investment currently, nzd/usd, I thought the market was going to trend up so I bought but it tanked by like 20 pips but than after like 2hours it bounced back and it was on the cusp of being profitable, fluctuating between -0.0 and -0.3 pips for like two minutes and than the market ticked over and it tanked again and it's now down at -2.7 pips. Edge of seat, edge of seat, edge of seat, crying...

You REALLY want to live like that ? Facepalm

Trading chart patterns can be dangerous, as you never know when a big mover is gonna come in and cover their short positions, (if the market is falling, it can pop up very fast, temporarily.) I think it's best to have an external market "driver". Usually bad news. That way the "chart reverses" are minimized).
Fear is stronger than greed. Markets fall much faster and quicker than they rise. You will see that as you trade.

Most traders blow through their first account deposit, so stick with fake money for a while. You will find your own way, if you really like it, but I stick to predicable news events. Your broker should have a calendar of news releases around the world. You can configure that calendar, (comes out weekly) to the times you trade. For example on Sundays I look at the coming week, filter out all but the high impact news events, (the biggest is always - normally - the US monthly unemployment data). If the Euro/$ is already trending, and the news is a surprise in THAT direction, you can set an automatic order to catch the fast move, (actually you can do it in either direction as a conditional order). Those moves can be huge and fast (100's of pips). Then get out. They reverse, at least for a while. Also on Sundays, there are sometime large "gap" (up or down) openings when trading resumes after the weekend. You can be VERY certain the gap will "fill in" in the opposite direction almost every time. Watch a few gaps. You will see it happen. The last two big Euro/$ gap downs, reversed, before continuing down. It happened today, and two weeks ago.

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07-07-2015, 08:29 AM
RE: Forex anyone?
(06-07-2015 09:47 PM)earmuffs Wrote:  Edge of seat, edge of seat, edge of seat, crying...

Damn son I can't live like that. That's why I trade the dailies. I put my trade in at the beginning of the day or place an order the day before and just carry on with life. Every couple hours or so I log in to check the progress. I prefer to check progress around 2 hours into the London session and then a couple hours into New York. I can't do edge of seat man. Sometimes I'm afraid of checking the progress of my trade. I rationalise that more time is better. Logging on to find a position in loss territory sucks beaucoup!!

I'm still rocking a demo too to get very familiar with the markets. I've also checked out videos and all that. I've been in Usd/Cad (Canadian Dollar) for exactly a week now. I've got 3 positions in there all entered at different times going long. Last I checked they were all in profit for a combined total of 41 thousand! But that was the London session. New York can reverse what London did but that's usually due to some news.

8000 years before Jesus, the Egyptian god Horus said, "I am the way, the truth, the life."
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07-07-2015, 09:55 AM
RE: Forex anyone?
Quote:You REALLY want to live like that ? Facepalm

Yea, it's something I could see myself doing. It's a lot of fun and I haven't started using real money yet!
If I started using real money and on my first trade I made $1 I would flip shit like I won the fucking lotto.
With downs comes ups.

Besides, if I have to stock shelves for 8 hours a day 1 more time I'm probably just gonna jump off the bridge on the way to work.

Quote:Trading chart patterns can be dangerous, as you never know when a big mover is gonna come in and cover their short positions, (if the market is falling, it can pop up very fast, temporarily.) I think it's best to have an external market "driver". Usually bad news. That way the "chart reverses are minimized).
Fear is stronger than greed. Markets fall much faster and quicker than they rise. You will see that as you trade.

Most traders blow through their first account deposit, so stick with fake money for a while. You will find your own way, if you really like it, but I stick to predicable news events. Your broker should have a calendar of news releases around the world. You can configure that calendar, (comes out weekly) to the times you trade. For example on Sundays I look at the coming week, filter out all but the high impact news events, (the biggest is always - normally - the US monthly unemployment data). If the Euro/$ is already trending, and the news is a surprise in THAT direction, you can set an automatic order to catch the fast move, (actually you can do it in either direction as a conditional order). Those moves can be huge and fast (100's of pips). Then get out. They reverse, at least for a while. Also on Sundays, there are sometime large "gap" (up or down) openings when trading resumes after the weekend. You can be VERY certain the gap will "fill in" in the opposite direction almost every time. Watch a few gaps. You will see it happen. The last two big Euro/$ gap downs, reversed, before continuing down. It happened today, and two weeks ago.

That's good advice, noted.

From what it appears to me forex is much less risky compared to share trading. Macro vs micro economics means it's near impossible to manipulate, you also need to know less information. I think the key to trading short terms and minimize risk is gonna be to trade matching longer term trends. So if the overall trend for the day is trending down than looking for good selling opportunities is favorable because even if the market turns the overall trend is down and so while the trade wont be profitable in the short term (like within an hour) at the end of the day (literally) it'll be profitable. Though I could be talking out my ass, I'm obviously very new to this.


On the upside I'm up on my practice account (above the initial amount they give you). Though I wish I didn't sell my last trade so early, it's now an hour later and it's up 25pips above what I sold at.
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07-07-2015, 09:59 AM
RE: Forex anyone?
(07-07-2015 09:55 AM)earmuffs Wrote:  From what it appears to me forex is much less risky compared to share trading. Macro vs micro economics means it's near impossible to manipulate, you also need to know less information.

No. No. No. Smile
The big banks can and do manipulate Forex all the time. The trick is no be on their trend, and get out if you're not. However really big political and news driven moves are difficult for them to manipulate when the rest of the market is against them.

Insufferable know-it-all.Einstein God has a plan for us. Please stop screwing it up with your prayers.
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