Forex Forum

Would anyone who advocates trading currencies to make money care to post their P&L?

Reply 82

Hi,

(edited 9 years ago)

Reply 83

l1lvink

11

I recently got interested in Forex trading, so I opened a demo account on Trading 212 (don't want and don't have the money to start an account with real money), but so far I've been doing pretty badly: it's mostly a "That looks high so I'll sell" thing for me.
What would you say is the best way for me to learn what to do and when?
Thanks

Reply 84

Original post by l1lvink

I recently got interested in Forex trading, so I opened a demo account on Trading 212 (don't want and don't have the money to start an account with real money), but so far I've been doing pretty badly: it's mostly a "That looks high so I'll sell" thing for me.
What would you say is the best way for me to learn what to do and when?
Thanks

If these guys knew how to make money by trading currencies they would be making money by trading currencies, not by selling tutorials on how to trade currencies.

Reply 85

Original post by IvanGray

It is apparent you are a novice when it comes to trading.

I have probably traded a much greater volume of forex than you, though not with a view to make a profit from currency movements. I do not believe that you (or anyone else operating from his bedroom) have a reliable way of making a profit from currency movements, and will tend to lose money over time due to platform costs and the spread. If you want to persuade me otherwise, show me a consistent positive P&L over a long time without obvious survivorship bias.

(edited 9 years ago)

Reply 86

Original post by Observatory

I have probably traded a much greater volume of forex than you, though not with a view to make a profit from currency movements. I do not believe that you (or anyone else operating from his bedroom) have a reliable way of making a profit from currency movements, and will tend to lose money over time due to platform costs and the spread. If you want to persuade me otherwise, show me a consistent positive P&L over a long time without obvious survivorship bias.

If you don't mind me asking what was the reason you started trading if it was not to make profit?

As long as you manage your risk, there is no reason why you cannot be consistently profitable.

Last week alone I traded 4 times and bagged 113 pips. My fxbook shows everything, have a look. All I wanted to do was to help people and answer questions because trading is difficult, however you can make money.

Reply 87

Original post by IvanGray

If you don't mind me asking what was the reason you started trading if it was not to make profit?

Tax optimisation due to having lived and worked in more than one country.

As long as you manage your risk, there is no reason why you cannot be consistently profitable.

Currency trading is inherently zero sum. Traders in currency as a whole lose money over time due to frictional costs. So what makes you think you know more than others in the market?

Last week alone I traded 4 times and bagged 113 pips. My fxbook shows everything, have a look. All I wanted to do was to help people and answer questions because trading is difficult, however you can make money.

You said it was one account out of several at the "trading school" you run at university. You've been trading with this account for only one week.

Reply 88

Original post by Observatory

Tax optimisation due to having lived and worked in more than one country.

Currency trading is inherently zero sum. Traders in currency as a whole lose money over time due to frictional costs. So what makes you think you know more than others in the market?

I never once did say I know more than any other trader or financial institution. However, you can make money trading currencies.

You're charged a spread of 1-3points which is factored into your P/L when the trade is executed. If you only manage to gain 10-20 points per trade or you're high frequency trader then I can see how some may lose money overtime.

Reply 89

Original post by IvanGray

I never once did say I know more than any other trader or financial institution. However, you can make money trading currencies.

You're charged a spread of 1-3points which is factored into your P/L when the trade is executed. If you only manage to gain 10-20 points per trade or you're high frequency trader then I can see how some may lose money overtime.
To say the one is to say the other. The only way you win the negative sum game is to be better than the other players. If you have no unique knowledge or analysis, why would you be better? A school child trading essentially at random is going to underperform the market and lose money over time. You refuse to present evidence that you've been able to consistently beat the market.

Reply 90

Original post by Observatory

To say the one is to say the other. The only way you win the negative sum game is to be better than the other players. If you have no unique knowledge or analysis, why would you be better? A school child trading essentially at random is going to underperform the market and lose money over time. You refuse to present evidence that you've been able to consistently beat the market.

Trading at random? Okay I just wish you'd take the opportunity to join the group to give you an insight into how and why we place trades.

Anyway, it was nice speaking to you. You have my fxbook account info take a look in 3months or whenever you feel is a long enough period of time.

Have a good new year, wish you all the best.

Ivan

Reply 91

Original post by IvanGray

Trading at random? Okay I just wish you'd take the opportunity to join the group to give you an insight into how and why we place trades.

Anyway, it was nice speaking to you. You have my fxbook account info take a look in 3months or whenever you feel is a long enough period of time.

Have a good new year, wish you all the best.

Ivan

Perhaps I'm not using this site correctly, but it shows that you've made 7 trades in total this year, 4 of which occurred this week, and made £109.90 net total, of which £88.50 this week. I do not see that there is a record going back 3 months, except of money sitting in a brokerage account.

Reply 92

Original post by Observatory

Perhaps I'm not using this site correctly, but it shows that you've made 7 trades in total this year, 4 of which occurred this week, and made £109.90 net total, of which £88.50 this week. I do not see that there is a record going back 3 months, except of money sitting in a brokerage account.

If you read what I said properly, I said take a LOOK in 3 months.

Reply 93