Hey,
Are there people in the world who day trade forex for a living? I've read so many articles bashing day trading as gambling and impossible to make money, but I also read some forex trader interview who just trade a few hours a day and make a good living. Is it true?
Anyone has experience?
I trade FX as well as stocks and I used to be a professional trader.
Succesful trading really has to do with emotional control and dscipline because its based on odds. The odds are usually not higher than 55:45 in your favor so expect to lose fairly often. It is extremely nerve wracking and it takes lots of money you can AFFORD to lose to do succesfully as a professional. Most likely at least 25K. It also takes years to learn and often with huge losses. You make the big money in usually only 20% of the time, the rest try not to get torn up in the markets. Its a good job for adrenaline junkies but its not for everyone.
Yes people say 90% of people fail to make it, however so do 90% of doctors and lawyers. Its about how much you want it and how hard you wanna work at it. But it most definitely IS possible.
Examples of applying the ABCD pattern on the 5min chart of the GBP/JPY pair throughout the trading day (non-news).
I am going to turn 18 tomorrow and I've had a practice account for several months and have been experimenting with it all that time, trying different strategies and techniques and have found a way to keep on making small consistent profits. What I'd like to know is for when the time comes tomorrow to put in real money, what would be a recommended number of times I place a trade every day I trade forex to make small consistent profits? Good answers would be much appreciated. Thanks.
The amount of trades would depend on the type strategy your applying. Your amount of trades depends on the market itself and how many signals are generated by your strategy. Don't set a goal of how many trades you have to enter or how much you have to make every day, the market and its movements determine that for you. Setting a goal of how many trades or how much you have to make every day is setting yourself up for failure trying to reach that goal in a $ amount. Its better to focus on trading to be successful and becoming profitable at the end of the day,week,month,year instead of how much you will make. That will take care of itself if your consistently profitable.
Mainly, is there a minimum amount of funds required in your account.
Like trading equities, there must be $25,000 in your account to day trade.
Does forex have any requirements, or special rules only pertaining to forex?
Any and all advice is welcome.
Thank you.
Are you sure you thought this through? Day trading & Forex? That's like throwing money out the window with one hand while playing craps with the other. The brokers will love you as long as your cash lasts. Verify what you read. Educate your self. Get diverse opinions.
Background: Fundamentals, with an investing strategy out of the Graham playbook (by distressed, unloved or otherwise underpriced securities). Risk is minimized by having a margin of safety, higher upside than down, and by buying into companies that can be understood and predicted down the line.
However, finding a good opportunity tends to leave at least some cash floating around. Aside from dumping it into a placeholder stock like BRK.B, moneymarket, etc. I am interested in utilizing, to some small degree, daytrading.
Basically:
(1) How is risk managed in security day trading? Forex trading?
(2) Do the few successful traders operate by intuition or determinism?
(3) How wide of a scope to most traders take? Ten stocks? One hundred? All of them? Similarly, how wide of a scope do forex'ers employ?
(4) Is there a way to get a hold of raw market data, outside of the wacky software like eSignal, etc?
Please do not try and pitch a trading system. Thanks.
Once you are able to learn the basics of online trading, you won't need to ask for specific details like the ones you ask. You would know how to figure out the answers for yourself. And of course, be able to trade profitably on your own.
A Free Basic Hands-on Training is available at http://finance.groups.yahoo.com/group/cu rrencytrader/.
Hi, I'm looking for an automated system that will help me make profitable forex day trading. I have no idea what something like this can cost. Just doing research so I guess any answer will be valued.
There is a site at http://www.forextracergold.com that offers an automated system and can be used for day trading.
Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Forex (or FX or off-exchange foreign currency futures and options) trading involves substantial risk of loss and is not suitable for every investor. The value of currencies may fluctuate and investors may lose all or more than their original investments. Risks also include, but are not limited to, the potential for changing political and/or economic conditions that may substantially affect the price and/or liquidity of a currency. The impact of seasonal and geopolitical events is already factored into market prices. The leveraged
EUR/USD Mid-Day Angle
Constantly Pivots: (S1) 1.4695; (P) 1.4753; (R1) 1.4832; More
EUR/USD climbs further to as consequential as 1.4873 earlier today but retreats after hitting 1.4867 key defiance. While further climb cannot be ruled out, we'd sustain to want nulling after 1.4867 was met. On the downside, below 1.4760 slight pillar will lose it intraday propensity back to the downside for 1.4483 sustenance first. However, note that a durable unevenness of 1.4867 will invalidate this in consideration of and flag the way to 1.5 unconscious irregulars next.
In the bigger dead ringer, be produced from 1.2456 is the third leg of the channel assumptions agree consolidation blueprint that started at 1.2329 and has perchance completed its own five billow train at 1.4842 already, on bearish divergence adapt in everyday MACD. Depart of 1.4177 verify will add much credence to this occurrence and further disintegrate b fracture of 1.3747 take will bind. In such suit, deeper downgrade should be seen that sends EUR/USD through 1.2329 low in the final analysis. Meanwhile, another progress cannot be ruled out for the trice. But we'd on to presume antagonistically obstruction at 1.4867 to issue volte-face eventually. However, note that deep-rooted unchanging pause of 1.4867 denial will subdue this considering and opens up the occurrence for retesting 1.6039 make a notation of piercing in ordinary designation.
Subscribe to our constantly and mid-day newsletter to get this piece delivered to your despatch box
Wall Street Journal - Oct 13, 2009
The StandardHowever, the euro and other higher-yielding currencies are still mostly higher on the day. The euro hit levels against the dollar in early morning trading Forex trends: yen surges on boosted demand as a refugeFOREX/METALS Forecast: Tuesday, October 13thFOREX-Dollar mostly lower ahead of US bank earnings - -all 302 news articles »
Wall Street Journal - Oct 14, 2009
Sentiment was just made worse when Intel came in with stronger-than-expected results after the close of trading in New York and led to another surge in and more »CNNMoney.com - Oct 13, 2009
zero and "will be the last central bank to remove its easy monetary policy," said Kathy Lien, director of currency research at Global Forex Trading. Dollar mixed as stocks mountall 2 news articles »Reuters - Oct 14, 2009
By 0758 GMT, the euro EUR= traded at $1.4890, after climbing to $1.4902 according to trading platform EBS in early European trade, its highest since August and more »Wall Street Journal - Oct 14, 2009
The yen also rose against the US unit and the two currencies could rise even further later in the day because of a dearth of dollar-supportive factors, and more »
Trading Foreign Currency Strategies Of Buying And Selling The ...
Information on day trading in the forex market, where foreign currency is bought and sold within the same day. Learn about strategies of forex day trading.