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Bitman_Begins (OP)
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June 21, 2011, 03:35:34 PM |
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Has anybody else got into this, and did they find it useful to download the practice program? And what do they think of the real Forex trading??
I am considering at a future date, getting into that, but don't have a clue what it's all about. Thanks for any help!
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tany000
Newbie
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Activity: 51
Merit: 0
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September 24, 2011, 09:49:31 PM |
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It is a 1% technical skills and 99% psychology.The most important thing is to keep your money management really tight and your risk:reward should be equal or above 1:2.5 .I personally, have been doing this for about 4-5 years and if you're asking if its worth it -well YEAH(that's if you're stubborn enough).
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zerokwel
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September 24, 2011, 10:14:18 PM |
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forex is worth it. But with trading money gotta know when to fold and not get emotionally driven. I.E only use money you can afford to loose etc.
First off get a test account on an exchange so you can work out how it work's. Do your research on what markets you want to trade in. when you start making fake money that way. Then its time to start investing with real money.
At lest that's how I got started. and yes I do ok out of it
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Richard Rahl
Newbie
Offline
Activity: 56
Merit: 0
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September 24, 2011, 11:35:00 PM |
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Trading with fake money is the best way to get a good understanding of it. It uses real-time market data and you buy and sell just like you would with real money, except it's fake. It's not really a "practice" program, so much as it's just using fake money. It's the real thing.
When you do go for it, don't go for high leverage. I made that mistake I ran 1:50 (I think?) and gambled away about $2k over the course of about 6mo. I actually got that up to about $8k at one time, but it slowly dwindled away from there. I think I pulled out with $500 or something left. It's a great feeling to see your money multiplying with leverage, but the same happens when you lose money too.
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AyeYo
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September 25, 2011, 10:22:45 PM |
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Trading with fake money is the best way to get a good understanding of it. No, absolutely not. Trading with fake money is a great way to build confidence before you go live and blow your account up, because of this... It is a 1% technical skills and 99% psychology. Open a small account with a broker/mm that allows micro lot trading. I'd recommend FXCM. Depending on what country you live in, anywhere from $50-200 is sufficient for proper money management in a micro account. The fact that you're trading with real money, even though it's small amounts of money, changes the game entirely. It will force you to experience the most difficult aspect of trading: emotion. Demo accounts don't do that. |
Enjoying the dose of reality or getting a laugh out of my posts? Feel free to toss me a penny or two, everyone else seems to be doing it! 1Kn8NqvbCC83zpvBsKMtu4sjso5PjrQEu1
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iamzill
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September 26, 2011, 03:29:49 AM |
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Trading with fake money is the best way to get a good understanding of it. That's like saying watching porn is the best way to get better at sex.  |
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Maria
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September 27, 2011, 01:11:43 AM |
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Has anybody else got into this, and did they find it useful to download the practice program? And what do they think of the real Forex trading??
I am considering at a future date, getting into that, but don't have a clue what it's all about. Thanks for any help!
Do not bother learning the hoops, just read this thread and thank me later. https://bitcointalk.org/index.php?topic=41793.0Maria. |
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payb.tc
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September 27, 2011, 01:52:05 AM |
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Trading with fake money is the best way to get a good understanding of it. No, absolutely not. Trading with fake money is a great way to build confidence before you go live and blow your account up, because of this... It is a 1% technical skills and 99% psychology. Open a small account with a broker/mm that allows micro lot trading. I'd recommend FXCM. Depending on what country you live in, anywhere from $50-200 is sufficient for proper money management in a micro account. The fact that you're trading with real money, even though it's small amounts of money, changes the game entirely. It will force you to experience the most difficult aspect of trading: emotion. Demo accounts don't do that. i completely agree. $100 of real money is far better practice than $100,000 fake money. (i recommend fxtrade.com for micro accounts) |
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evolve
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September 29, 2011, 06:12:44 AM |
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i recommend checking it out if you are interested in forex; http://www.babypips.com/school/ ...lots of info, everything from the basics to simple ta and trading strategies. |
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Cornia
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August 20, 2020, 08:24:18 AM |
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There are many different trading strategies, for example, scalping strategy, single trading strategy, trading strategies for the short-term timeframes etc. All you find here fbs trading broker https://fbs.com/tags/trading-strategy-65 I have an answer for your question. In my opinion, trading strategy: three wise men and the alligator is really profitable for using. Due to this site you will learn how to make money using the trading strategy of the world famous trader. In my view, fbs is the best way to self-develop. How can you find this thread which is created in 2011? Just curious. |
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articlecity
Member
Offline
Activity: 196
Merit: 11
https://blockmembers.io/
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August 20, 2020, 09:46:15 AM |
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Trading is risky my friend and you should know that majority of the traders lose in forex trading so it is a tricky market but yes if you are highly updated and active person you can be successful.
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Mauser
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August 20, 2020, 11:09:48 AM |
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Has anybody else got into this, and did they find it useful to download the practice program? And what do they think of the real Forex trading??
I am considering at a future date, getting into that, but don't have a clue what it's all about. Thanks for any help!
Be careful when going into forex, trading derivatives without the proper understanding first is very risky. You can easily lose a multiple of your initial investment. The market moves very fast and can wipe you out fairly quickly. I would recommend reading a book first before you you get into that. The thing about foreign currency trading is that most prices are fixed for the near future due to equilibriums. You can always replicate a forward contract with actually investing the cash today in the other country in a money market fund. How much money do you plan on trading? Do you have a secure monthly income to cover any big losses? |
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proscratcher
Newbie
Offline
Activity: 14
Merit: 0
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September 02, 2020, 05:15:10 PM |
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Has anybody else got into this, and did they find it useful to download the practice program? And what do they think of the real Forex trading??
I am considering at a future date, getting into that, but don't have a clue what it's all about. Thanks for any help!
Be careful when going into forex, trading derivatives without the proper understanding first is very risky. You can easily lose a multiple of your initial investment. The market moves very fast and can wipe you out fairly quickly. I would recommend reading a book first before you you get into that. The thing about foreign currency trading is that most prices are fixed for the near future due to equilibriums. You can always replicate a forward contract with actually investing the cash today in the other country in a money market fund. How much money do you plan on trading? Do you have a secure monthly income to cover any big losses? What's the fate of forex in the future? Will forex stay for long? Is it a good idea learn forex now? |
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