Forex trading....

    • Shakalis
      Shakalis
      Bronze
      Joined: 03.05.2010 Posts: 45
      Hello poker friends ,

      I am started to interest about forex a lot... i wanted to know does some one do this ? And if do can you share with me about your experiance about forex ? :) Becouse forex trading is very similiar with poker...
      I am interested in future to put some poker money in forex :)
  • 21 replies
    • Meemawuk
      Meemawuk
      Bronze
      Joined: 27.05.2009 Posts: 758
      I dabbled a few years ago but couldn't really get to grips with it. If I remember correctly it looked like you'd need ~$10k + to generate any sort of reasonable income though and the stress and risk to your "bankroll" is pretty high. I suppose if I revisted it with a poker eye it could be quite interesting.
    • akrammon
      akrammon
      Bronze
      Joined: 17.05.2009 Posts: 3,142
      I disagree. I think a beginner needs 1k dollars to start with, then if its sure he comes out winner, he should increase it. But the profits with 1k should be OK.

      Don't know much about it though. I have found some good teaching site a few weeks back but I can't find it now (copied the URL out from some newspaper) and I didn't save it cos it didn't interest me much... Sorry about that. But yea it needs a lot of patience, self-discipline and one thousand dollars to start with :) And at least one-two hours a day if you are serious.

      Hope you find what you seek.
    • budzisz
      budzisz
      Bronze
      Joined: 09.01.2010 Posts: 195
      Not one or two hours a day. You need to have 24h a day.
      I was forex dealer and I can tell you that only 5% of "investors" ( in my opinion gamblers) have some profit. Forex is good only to hedge real transactions.
    • mankeyinc
      mankeyinc
      Bronze
      Joined: 14.03.2010 Posts: 1
      Originally posted by Shakalis
      Hello poker friends ,

      I am started to interest about forex a lot... i wanted to know does some one do this ? And if do can you share with me about your experiance about forex ? :) Becouse forex trading is very similiar with poker...
      I am interested in future to put some poker money in forex :)
      I've been doing it for a couple of years now consistently, play poker on the side.. i can contribute the basics just msg moi =)
    • clawindsouza
      clawindsouza
      Bronze
      Joined: 08.12.2009 Posts: 7,085
      ask supeyrio...if i remember right he knows a lot about this...(either that or he lost a lot :D )
    • RaWRpewpew
      RaWRpewpew
      Bronze
      Joined: 23.08.2009 Posts: 83
      If he lost alot then its a excellent starting point... he can tell u what NOT to do ^^
    • erptech
      erptech
      Platinum
      Joined: 15.03.2008 Posts: 659
      http://www.babypips.com/school/
    • Wurble
      Wurble
      Silver
      Joined: 04.04.2009 Posts: 456
      Originally posted by erptech
      http://www.babypips.com/school/
      This + http://www.forexfactory.com and http://www.trade2win.com - The forums on those two sites are pretty decent. Then there's http://forex-strategies-revealed.com/ which is a good source of strategies.

      You can start with as little as $100 with fxcm micro, alpari and oanda which are all good and reputable firms. If you show a profit at $0.10 per pip then there's no reason you can't make the same in % terms at $100 per pip.

      Forex trading is not difficult when approached in the right way but you must know what you're doing before putting money on the line - I didn't a few years back and got creamed. I know what I'm doing these days but prefer playing poker and don't have time for both although it has to be said I could probably make more trading lol
    • Helipacter
      Helipacter
      Bronze
      Joined: 28.07.2010 Posts: 474
      I would read up on it thoroughly, and maybe practice a little with something like the Investopedia FX simulator.

      I wouldn't think about investing in it at the moment though!
    • METALzx
      METALzx
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      Joined: 03.08.2008 Posts: 4,501
      Finance is risky now esp with Japan situation :(
    • Helipacter
      Helipacter
      Bronze
      Joined: 28.07.2010 Posts: 474
      Originally posted by METALzx
      Finance is risky now esp with Japan situation :(
      USD/JPY yesterday:

    • Phgrinder
      Phgrinder
      Bronze
      Joined: 16.02.2009 Posts: 1,002
      mankeyinc sent a friend request. can't send a pm if were not friends. need info on forex hehe
    • delete461
      delete461
      Bronze
      Joined: 04.07.2008 Posts: 1,036
      I trade forex. It is much, much harder to learn than poker. You dont play against drunk fish and idiots, you play against the worlds largest financial institutions, hedge funds, central banks etc and they do not like people like us skimming their profits. These are people who have so much money to throw at an instrument they move the markets deliberately in their favor - bad poker players compain that online poker is rigged but in forex the game actually IS rigged.

      Having said that it is possible to make profits, but you have to love pain. First of all forget about playing poker AND trading forex - if you decide to trade forex you have to put everything into it. For the first two or three years you will spend thousands of hours studying strategies, charts, indicators and patterns, laboriously refining, backtesting, refining, backtesting, forward and demo testing with absolutely no gain - any real money you put in will be lost. Imagine playing millions of hands of SSS poker with play money over several years - very few people have the patience and willpower to do this.

      Forget about using strategies and signals designed by other people - this is where most traders eventually go broke, if you havent designed your own system you cannot consistently and accurately define reward/risk ratios. Successful strategies have very small edges and incorrect estimation of risk will wipe you out.

      have fun :D
    • jokin4party
      jokin4party
      Bronze
      Joined: 09.09.2009 Posts: 968
      Originally posted by delete461
      I trade forex. It is much, much harder to learn than poker. You dont play against drunk fish and idiots, you play against the worlds largest financial institutions, hedge funds, central banks etc and they do not like people like us skimming their profits. These are people who have so much money to throw at an instrument they move the markets deliberately in their favor - bad poker players compain that online poker is rigged but in forex the game actually IS rigged.

      Having said that it is possible to make profits, but you have to love pain. First of all forget about playing poker AND trading forex - if you decide to trade forex you have to put everything into it. For the first two or three years you will spend thousands of hours studying strategies, charts, indicators and patterns, laboriously refining, backtesting, refining, backtesting, forward and demo testing with absolutely no gain - any real money you put in will be lost. Imagine playing millions of hands of SSS poker with play money over several years - very few people have the patience and willpower to do this.

      Forget about using strategies and signals designed by other people - this is where most traders eventually go broke, if you havent designed your own system you cannot consistently and accurately define reward/risk ratios. Successful strategies have very small edges and incorrect estimation of risk will wipe you out.

      have fun :D
      knowing this, are you a winning trader or...?
    • delete461
      delete461
      Bronze
      Joined: 04.07.2008 Posts: 1,036
      I win slightly more than I lose, but it will probably take another year to find out if my edge is big enough to cover maximum drawdown. The most successful and experienced traders can increase their account by about 20% in a year, I would be extremely happy with 10% this year.
    • 333fivefive
      333fivefive
      Bronze
      Joined: 14.11.2010 Posts: 114
      Originally posted by delete461
      I win slightly more than I lose, but it will probably take another year to find out if my edge is big enough to cover maximum drawdown. The most successful and experienced traders can increase their account by about 20% in a year, I would be extremely happy with 10% this year.
      It seems like stock trading would be a much more profitable alternative. Without much interest or studying you can get 10 %/year on average, and then you don't have to put in several hours a day.
    • delete461
      delete461
      Bronze
      Joined: 04.07.2008 Posts: 1,036
      Stock trading is easier - if you use a long term set-and-forget investment strategy you should return 10%, but you cannot expect more than that. If you can average 20% a year with forex trading it makes a huge difference compounded over 20 years.
    • Wurble
      Wurble
      Silver
      Joined: 04.04.2009 Posts: 456
      Originally posted by delete461
      Stock trading is easier - if you use a long term set-and-forget investment strategy you should return 10%, but you cannot expect more than that. If you can average 20% a year with forex trading it makes a huge difference compounded over 20 years.
      20% per year? You not use leverage dude? Seriously, like 5x leverage is really not a massive risk ($0.50 per pip for every 1K in the account) and will obviously multiply your 20% to 100% annual profit. Stop loss is clearly a must on every trade though. I was churning about 6% per month for a little while off 4hr tf's but don't have time for trading + poker + family+ job lol so summat had to give and it was trading as I only have a small account.
    • farrellwi
      farrellwi
      Bronze
      Joined: 28.03.2010 Posts: 68
      i worked for a big Forex company.
      Most of the trading on all forex sites is "margin trading" which can be really risky. Some sites offer up to 200:1 leverage stay away from these!!!!

      The 2 major popular sites which have a good track record are FXCM and Saxobank.

      Check out http://www.forexpeacearmy.com for website reviews and trader feedback.
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