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| Making money from Foreign Currency Trading | |
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+4siaw8 G_Man Duval_S watermyforrest 8 posters | Author | Message |
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watermyforrest Incredibly Active Golfer
Posts : 3248 Join date : 2009-07-17 Age : 49 Location : Serangoon Central
| Subject: Making money from Foreign Currency Trading Mon Sep 14, 2009 12:36 pm | |
| For Bros/Sistas here make money from foreign currency trading or has experience on this, can help to advise on how to start and what books to read? I wanted to grab some books from the library but hesitated just in case I started with the wrong fundamentals. | |
| | | Duval_S Hall of Fame Golfer
Posts : 8185 Join date : 2009-06-19
| Subject: Re: Making money from Foreign Currency Trading Mon Sep 14, 2009 12:41 pm | |
| ahhh...bro WMF....you must have gotten excited by the Stratis times role model.....I too m very excited Actuallly I am presently considering career change...to achieve ' Making money with people's money...and if lose also make money'.... | |
| | | watermyforrest Incredibly Active Golfer
Posts : 3248 Join date : 2009-07-17 Age : 49 Location : Serangoon Central
| Subject: Re: Making money from Foreign Currency Trading Mon Sep 14, 2009 1:15 pm | |
| - Duval_S wrote:
- ahhh...bro WMF....you must have gotten excited by the Stratis times role model.....I too m very excited
yep... you are right. I am trying to see I have the knack for it. - Duval_S wrote:
- Actuallly I am presently considering career change...to achieve ' Making money with people's money...and if lose also make money'....
LOL! how are you going to make money if people's money also gone | |
| | | G_Man Senior Golfer
Posts : 437 Join date : 2009-06-27 Age : 49 Location : Singapore. North
| Subject: Re: Making money from Foreign Currency Trading Mon Sep 14, 2009 1:40 pm | |
| Read all the books you can get your hands on. Try demo accounts with no money actually on the table to get a feel of how the systems work. READ READ READ!!!
www.gftasia.com www.igmarkets.com.sg
The markets are present to help you lose money! Yuo would be surprised the percentage of people that actually walk away from the markets richer for it. | |
| | | siaw8 Very Active Golfer
Posts : 945 Join date : 2009-06-19 Age : 44
| Subject: Re: Making money from Foreign Currency Trading Mon Sep 14, 2009 2:52 pm | |
| - G_Man wrote:
- Read all the books you can get your hands on.
Try demo accounts with no money actually on the table to get a feel of how the systems work. READ READ READ!!!
www.gftasia.com www.igmarkets.com.sg
The markets are present to help you lose money! Yuo would be surprised the percentage of people that actually walk away from the markets richer for it. Dear all, G_man forgot to mention that he is one of those who walks away richer:) | |
| | | watermyforrest Incredibly Active Golfer
Posts : 3248 Join date : 2009-07-17 Age : 49 Location : Serangoon Central
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 6:39 am | |
| - G_Man wrote:
- Read all the books you can get your hands on.
Try demo accounts with no money actually on the table to get a feel of how the systems work. READ READ READ!!!
www.gftasia.com www.igmarkets.com.sg
The markets are present to help you lose money! You would be surprised the percentage of people that actually walk away from the markets richer for it. Thanks G_Man, will try out those sites. And as you wrote above, I will just read all books I can get my hands on instead. Tried so many times on the equities (stocks) but either lose a lot or gain a bit, so now trying to see if I have the luck on foreign currency instead. If this also doesn't work, maybe will try commodities afterward. | |
| | | Agumon Super Active Golfer
Posts : 1071 Join date : 2009-09-08 Location : Singapore
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 8:02 am | |
| hi my frds,
currency trading is not as easy as the guy says in the straits times. i hv been trading currencies for 18 years with foreign banks. we hv all the systems n news as well as flows to help determine if they r going up or down. if u r really interested, try get a job with a bank as a trainee or asst n see how it REALLY works.. the rewards might be great but the loses can be as great too.
P.S. dont jump in as LUI PAI TAN.. dont anyhow lose them in currency trading. | |
| | | Agumon Super Active Golfer
Posts : 1071 Join date : 2009-09-08 Location : Singapore
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 8:34 am | |
| one more thing.. those tht make money with peoples money n still make money when clients lose money.. r wat we call 'bucket shops'
they make 'chek arc looi'.. u can join if u dont any conscience.. | |
| | | Duval_S Hall of Fame Golfer
Posts : 8185 Join date : 2009-06-19
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 8:37 am | |
| - Quote :
- Agumon wrote:
- one more thing.. those tht make money with peoples money n still make money when clients lose money.. r wat we call 'bucket shops'
they make 'chek arc looi'.. u can join if u dont any conscience.. I tot that is called ' fund manager' as they collect fee first... | |
| | | nientsu Caddy
Posts : 3295 Join date : 2009-06-18 Age : 50 Location : Singapore
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 8:41 am | |
| Was a futures and FX dealer when I was a newbie in the workforce. Sen many many horror stories.
Will always rem this guy with a 20k AUM in account and full margin limit. He was primarilly trading Mini Crude and a couple of USD crosses. In 2 months (approx), his account went up to 50k. Then he got gung ho. Requested for half margin, placed in another 50k so the he got enough margin to trade the full sized crude oil futures (think its 10 times the size of mini crudes).
In one week, he got wiped out and lost more. Couldnt pay and i think faced bankruptcy
Moral of the story is...all this talk on how you can trade for a living is not really real. Its not that easy, esp with real-time flow of info and the emergence of algo and bot trading systems.
So far, I only know 2 person who does that and can survive. One is a 18 year veteran working in FX dealing room in BOA, while the other learnt the very hard way...that is started losing lots of $$$ first before slowly recouping....Even my boss who first hired me and is a 15 year veteren in the mkts, still kuai kaui sit in dealing room as a dealing mgr... | |
| | | Lamts18 Incredibly Active Golfer
Posts : 2514 Join date : 2009-06-19 Location : Singapore
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 9:05 am | |
| Had some bad experiences with Forex and Futures trading , wouldn't touch it again as not my cup of tea ... After reading the above posts, those who think its still easy , go try it ... | |
| | | watermyforrest Incredibly Active Golfer
Posts : 3248 Join date : 2009-07-17 Age : 49 Location : Serangoon Central
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 9:26 am | |
| Bro Agumon, I really appreciate the advise... I actually want to become the trainee for FX dealers to build up the fundamentals but other commitments prevent me from doing so. I understand that FX trading will not be easy or else we have lots of George Soros around hehehe... Just like doing equities, some people have the 'x-factor' for it and since I know I am not one of them, I was trying to find out whether I have it for FX instead.
Bro Nientsu, since you were an FX dealers before, any advise on the fundamentals/strategies. I am a strong believer in farmer's style that is to follow step-by-step whatever proven methods (would be a great McD franchisee, but still trying to build up that fund to set up one hehehe...)
Bro Lam, you are right, nothing is easy... therefore I will start with G_Man's demo account just to have a feel. | |
| | | guybrush Junior Golfer
Posts : 174 Join date : 2009-07-01
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 9:46 am | |
| u can try this demo as well. www.oanda.com i have account in igmarkets but havent really use it yet. try few times and lost so far. so back in demo again. got a few locally trading companies. www.igmarkets.com.sg --> no min requirement for deposit www.saxomarkets.com.sg --> min 5k i think.. www.cityindexasia.com.sg --> never try before www.cmcmarkets.com.sg --> never try before went for 2 courses before, but dont really have time to study it in depth due to study and work commitment. will go through their method again once i finish my part time study. those methods that they teach is not easy and the market always go against ur direction. remember to put stop loss (SL). sometimes putting stop loss to low also not good because the market just went down and hit the SL before going up again. one of my sifu told me to try to aiming for 20pips per day and constantly at it for a start. some website that is quite good. www.babypips.com www.forexfactory.com --> here u can see some economic news in the week that will affect currency. must see the news and interpret the news. those who subscribe to bloomberg or reuters will get the news faster than the rest. Banks normally have such systems for their traders. hope this helps | |
| | | Lamts18 Incredibly Active Golfer
Posts : 2514 Join date : 2009-06-19 Location : Singapore
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 9:47 am | |
| - watermyforrest wrote:
- Bro Agumon, I really appreciate the advise... I actually want to become the trainee for FX dealers to build up the fundamentals but other commitments prevent me from doing so.
I understand that FX trading will not be easy or else we have lots of George Soros around hehehe... Just like doing equities, some people have the 'x-factor' for it and since I know I am not one of them, I was trying to find out whether I have it for FX instead.
Bro Nientsu, since you were an FX dealers before, any advise on the fundamentals/strategies. I am a strong believer in farmer's style that is to follow step-by-step whatever proven methods (would be a great McD franchisee, but still trying to build up that fund to set up one hehehe...)
Bro Lam, you are right, nothing is easy... therefore I will start with G_Man's demo account just to have a feel. Bro WMF, All the best and its good and wise that you start with a demo account to try with .... | |
| | | nientsu Caddy
Posts : 3295 Join date : 2009-06-18 Age : 50 Location : Singapore
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 9:47 am | |
| - watermyforrest wrote:
- Bro Agumon, I really appreciate the advise... I actually want to become the trainee for FX dealers to build up the fundamentals but other commitments prevent me from doing so.
I understand that FX trading will not be easy or else we have lots of George Soros around hehehe... Just like doing equities, some people have the 'x-factor' for it and since I know I am not one of them, I was trying to find out whether I have it for FX instead.
Bro Nientsu, since you were an FX dealers before, any advise on the fundamentals/strategies. I am a strong believer in farmer's style that is to follow step-by-step whatever proven methods (would be a great McD franchisee, but still trying to build up that fund to set up one hehehe...)
Bro Lam, you are right, nothing is easy... therefore I will start with G_Man's demo account just to have a feel. Bro Forrest The best advise I can give is:- 1. Your trend is your fren 2. Money management is all impt. Trend is against you.....freaking hell cut loss at all cost. 3. Ego management. (This is the hardest) a lot of ppe don cut loss bec they always feel there might come a reversal bc all their analysis point the opposite to wat trend is showing. Wat they don realise at that time is that if there is no reversal, your capital might be halved bc of that. Then when you want to cut, its too late orede. Just have to pray to God of Fortune. People all like to go be dealers hoping they can get the best strategies to trade. I persoanlly have seen some very good traders and from taking their orders on a daily basis, I roughly know how they trade, what they see on charts. I talking bout some people who stay at home, play with kids, and afford bloomberg at home and still making average half buck a year. But in the end of the day, how you enter and exit the mkt, see opportunity is a personal thing. No one can teach you that. Thats how I feel. People can teach you strategies and methods that wk best for them, but it may not necessarily work for you. | |
| | | watermyforrest Incredibly Active Golfer
Posts : 3248 Join date : 2009-07-17 Age : 49 Location : Serangoon Central
| Subject: Re: Making money from Foreign Currency Trading Tue Sep 15, 2009 10:55 am | |
| Thank you Bros for all the advise and sites to visit. Just like learning RSS, I am now going to embark on the new FX learning Hopefully can become expert and will start giving out advise as well coz I want to make sure we all make more moolah to spend on golf equipment at BFG and instructions from GE. 8) | |
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