Forex trading?!

  • 9 replies
    • BoyRobot777
      BoyRobot777
      Bronze
      Joined: 26.01.2009 Posts: 327
      me
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      Yes, shoot!
    • meandi289
      meandi289
      Gold
      Joined: 22.08.2009 Posts: 208
      Does forex require more skill than poker? If yes, I'll definitely learn forex. I like brain games that can make money.
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      More skill, more patience, incomparably more money to spend to learn and to lose and a sickening amount of your time (like even years).

      There is no equilibrium way to trade, like push/fold, you have hundreds of indicators, patterns and theories which CAN but might not help you.

      It can be like reading a few articles and then depositing a few bucks to try your luck but i think your chances of actually becoming consistently profitable thinking this way are minimal.
    • BoyRobot777
      BoyRobot777
      Bronze
      Joined: 26.01.2009 Posts: 327
      Originally posted by andreibalint
      More skill, more patience, incomparably more money to spend to learn and to lose and a sickening amount of your time (like even years).

      There is no equilibrium way to trade, like push/fold, you have hundreds of indicators, patterns and theories which CAN but might not help you.

      It can be like reading a few articles and then depositing a few bucks to try your luck but i think your chances of actually becoming consistently profitable thinking this way are minimal.
      He posted in a short and very compressed manner. Theres nothing more i can add actually :)

      Just to agree that is definitely harder. There is no one way of looking at market, thats why its hard. In a way, you have to develop your own system, which works for you.

      As a former poker player you have one huge advantage against newcomers. Psichological edge.
    • meandi289
      meandi289
      Gold
      Joined: 22.08.2009 Posts: 208
      I now got the point, thank you. I will actually learn forex because if you have knowledge of forex, then you can work at a company; not like poker you can only play at your own. I have just gone through a few chapters at http://www.babypips.com/school/
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      That's not entierly right. There are just a few companies where you can work as a forex trader, most of them prefer equities (shares or bonds) or futures contracts.

      If you're not required to have experience it will help you a lot that you traded with your own money but won't count as pure experience in the field.

      You don't actually need to know anything about trading at most of these firms, problem is they have notoriously hard tests to pass to get there (very fast math skills).

      You have to like it first and think about these things after :D Good luck!
    • 3prswins
      3prswins
      Bronze
      Joined: 27.07.2011 Posts: 204
      You should check out poker strategy's sister site Tradimo

      Lots of good info there, especially for complete beginners :) .
    • Tosh5457
      Tosh5457
      Bronze
      Joined: 18.01.2008 Posts: 3,062
      More skill, more patience, incomparably more money to spend to learn and to lose and a sickening amount of your time (like even years).
      Yep! I'm into trading for 4 years (with some months breaks in between) and I only started trading for real money 1 year ago. It's much more difficult to learn than poker for many reasons. Besides it's only worth it if you have a nice amount of capital to start with, like $10k+.
      Psychologically it's much rougher than poker also. You won't have forums to support you, because in trading every method is different and if you have a losing trade, you may not be able to tell if it was a good trade or not (unlike poker, where you usually know if a play was bad or not). You'll only be able to tell if it was a good trade or not based on your rules system, which brings me to my next point: you need to make a trading system of your own, and backtest it to know if it's good or not.

      In sum, for a capital of $20k-, time spent in studying poker is more useful than time spent in studying trading. If you got a nice capital base though, you can consider studying it.

      You should check out poker strategy's sister site Tradimo

      Lots of good info there, especially for complete beginners .
      Be careful of that simple system they have there. They show it works on EUR/USD, but they didn't show for any other pair. Any person who has basic experience in backtesting manual trading systems will tell you that happens very often, and it basically means the trading system is rubbish. It's not consistent if it only worked on very specific assets in the past, so the most likely thing to happen is that it won't work in the future.