self exlusion and forex trading

    • bullet101
      bullet101
      Bronze
      Joined: 30.05.2009 Posts: 26
      Hi all, after having a terrible day of bad beats and losing money the other day to stop myself losing more money from tilt on pokerstars i exluded myself from playing for 7 days to cool off and rethink my strategy, i also withdrew 100 dollars of my poker money and put it into a forex account. When my 7 days are up ive only got 10 dollars to play with, and am going to buld another bankroll from there. Question is do any other poker players trade forex online? Not sure why i did that move it was quite impulsive.. ps, made 15 dollars profit already in forex account. :s_cool:
  • 19 replies
    • DaPhunk
      DaPhunk
      Bronze
      Joined: 01.03.2008 Posts: 2,805
      I'm interesting but feel its just too hard and too much effort to try. I never even set up a playmoney forex account :p
    • cryoburn
      cryoburn
      Silver
      Joined: 17.11.2008 Posts: 322
      I've registered for a play account, read some stuff and explored the software a bit but i guess it's still complicated for someone minimal knowledge on economics, stocks and investment.
      Like poker, forex is a long-term study and investment process (although you can obviously be aware of constant daily variance and fluctuation). And if you want to succeed you have to work very hard as well.

      But probably it is worth a try if you have the time to dedicate to study the market and make a strategy based on the factors you consider most important.
    • Jackalof
      Jackalof
      Bronze
      Joined: 08.06.2008 Posts: 1,462
      You should have at least $30,000.00 to have proper BRM for FOREX. Leverage will kill your 100 dollars in no time. Good luck!
    • vladnz
      vladnz
      Bronze
      Joined: 17.01.2007 Posts: 1,355
      Originally posted by Jackalof
      You should have at least $30,000.00 to have proper BRM for FOREX. Leverage will kill your 100 dollars in no time. Good luck!
      lol depending on the lot size, u can trade nano lots with that
    • delete461
      delete461
      Bronze
      Joined: 04.07.2008 Posts: 1,036
      I am working on transferring my mad poker skills (lol) to the world of forex trading. The two are remarkably similar - if you are a winning poker player with a good understanding of BRM, EV, tilt, variance and risk v reward, you can make a killing in the forex market. And its ok to start with $100 if you practice good BRM, set tight stops and start with mini lots.

      As stated above though, dont think forex trading is easy money, it still takes time, patience and discipline to learn.
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      Yeeey, fellow forex traders... I have a small live account for about two years now but until now i wasn't able to consistently make money from trading. For me it's a hell of a lot harder than playing poker.

      You can trade forex with impecable BRM with a very small bankroll (on Oanda and Marketiva you can trade just 1$, not lots/mini-lots like others). Anyway if you guys managed to make money from it i'm very interested to know how...
    • delete461
      delete461
      Bronze
      Joined: 04.07.2008 Posts: 1,036
      best place to learn forex trading is http://www.babypips.com - its the forex equivalent of pokerstrategy. Just dont expect people you meet in the forex world to be as friendly and honest as people you meet in the poker world.
    • Waiboy
      Waiboy
      Bronze
      Joined: 18.09.2008 Posts: 4,877
      Hey delete - I take it you use an offshore website for your trading.. any local tips?

      BTW thanks for the link. :f_cool:
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      Yeah you'll never ever hear a trader say how much money he has. Maybe, just maybe he'll say in percentages how much he won/lost, but most often you'll hear about pips.

      But they are friendly... Somehow.

      Also check http://www.forex4noobs.com http://www.forexfactory.com http://www.investopedia.com http://www.informedtrades.com (video lessons).

      Books: Start with VanTharp - Trade your way to financial freedom.

      Basically you can't exchange more than 10 posts with anybody without starting to argue with him because every trader has his own style and perception about the market.

      If you post a hand for review you'll probably figure out that the evaluator is right, but the equivalent in trading is like posting a holdem hand and being evaluated like it is omaha.
    • andyb43
      andyb43
      Bronze
      Joined: 23.07.2008 Posts: 903
      Story..................

      I was live on line with forex when the planes hit the towers on 9/11.

      Like most forex traders i thought the sudden and massive drop in the $$ was a computer glitch, so I didn't sell sell sell............I could have made a fortune that day.

      Poker is a lot more controlable environment than forex... just 9 other numbskulls to worry about :tongue: ...unless you have serious money and can exert leverage. If you are seriuos about forex get 2 TV's and hook them up to channels like CNBS etc and watch like a hawk.

      Back to the story.......2 hours after the 2nd plane hit I got an SMS from my online forx provider....they were back online and trading...frightening shit considering they were originally based 2kms from the towers - money does indeed make the money go round.
    • csnmf
      csnmf
      Global
      Joined: 22.11.2006 Posts: 444
      I've had a passing interest in trading forex but never took the jump, i tried some demo software made by Party can even get "rakeback" on it maybe PS can diversify a little :p.
    • richard1817
      richard1817
      Bronze
      Joined: 11.02.2008 Posts: 353
      wow this sounds awesome I am going to finish my poker session today and spend the rest of the day reading up on this.
    • shane0878
      shane0878
      Bronze
      Joined: 30.06.2009 Posts: 164
      I know this is not Forex but it's in the same environment.
      http://confidential.pokerstrategy.com/Hedge_Funds_hiring_Poker_Pros
      Poker players may have an edge in forex too.
    • richard1817
      richard1817
      Bronze
      Joined: 11.02.2008 Posts: 353
      Just been reading. Hard to get your head around and will probabyl get a better understanding when I download the software. But off a $200 roll what kind of profit margin can I be looking at on a weekly basis if I worked hard at it?
    • lennonac
      lennonac
      Global
      Joined: 02.05.2009 Posts: 1,421
      Originally posted by richard1817
      Just been reading. Hard to get your head around and will probabyl get a better understanding when I download the software. But off a $200 roll what kind of profit margin can I be looking at on a weekly basis if I worked hard at it?
      I used to trade forex for some years, it is very very hard.

      From what I understand the best make like 10% on their account a year
    • richard1817
      richard1817
      Bronze
      Joined: 11.02.2008 Posts: 353
      that suks....and they call poker gambling. I could get 5% interest on my money just from a bank account effort free.
    • lennonac
      lennonac
      Global
      Joined: 02.05.2009 Posts: 1,421
      It doesnt sound much but when they have $100 million it seems ok to me
    • richard1817
      richard1817
      Bronze
      Joined: 11.02.2008 Posts: 353
      Originally posted by lennonac
      It doesnt sound much but when they have $100 million it seems ok to me
      If I had 100mil I would be sunning it in vegas for the rest of my days.
    • andreibalint
      andreibalint
      Bronze
      Joined: 11.04.2009 Posts: 872
      From what i know best hedge funds and investors make around 40%-70% yearly profit (they also trade stocks, futures, options, etc).