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Starting to trade on FOREX?

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(edited 7 years ago)
You should probably look at CFDs if all you have is 8k.

Although, based on your tactics, why not just go to a casino?
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Original post by Huskaris
You should probably look at CFDs if all you have is 8k.

Although, based on your tactics, why not just go to a casino?


Leveraging- put in 1k, you can buy 10K easily, allowing £100 profit/loss each day.

The idea behind my tactic is that averaging out losing the commission is if you have literally no knowledge and just guess every time. If however, I do my research and follow trends it is likely I will be right slightly more than I am wrong. If in 10 days, I manage to be right 6 times, and wrong 4, that's £200 profit, minus the commission of maybe 20 quid.
Original post by nich01as
Leveraging- put in 1k, you can buy 10K easily, allowing £100 profit/loss each day.

The idea behind my tactic is that averaging out losing the commission is if you have literally no knowledge and just guess every time. If however, I do my research and follow trends it is likely I will be right slightly more than I am wrong. If in 10 days, I manage to be right 6 times, and wrong 4, that's £200 profit, minus the commission of maybe 20 quid.


Good luck man, that £8k will go pretty quick. No one makes money from day trading in the long run, remember that.

Also remember, with all due respect, if it was easy enough for you to do it, everyone would.

Just my humble opinion as someone who has been there, done that, lost a bit, won a bit, and done a degree in it. :smile:
there was a programme on tv the other evening about people who do trading at home using one of the online trading platforms. One guy was a millionaire, another started with 10k 7 years ago and was down to 4k! There are brokers who just do this, trades for individuals such as yourself. Look up the programme, its worth a watch if this is your thing.
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I will definitely give this a watch, thanks.

Huskaris


- I understand what you're saying, but don't worry, I'm not silly. I will start off trading so the maximum I can lose in each trade is 20 pounds. If I see I'm losing overall, I won't up that at all, and maybe make a small loss and give up. Even if I'm not successful I think it will be interesting- I will be doing a degree in an economics related subject (PPE) and investment banking is a possible future career I may pursue. So even if I just see this as a bit of experience :tongue:
Etorro or Plus500
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Original post by randy_ortan
Etorro or Plus500


I looked at Plus500, however it says I don't have enough trading experience when I answer truthfully. Is it against the law or really bad to lie on that?
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Oanda, Avatrade, Exness. Don't go short while eur/usd is at it's lowest :|
Reply 9
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Original post by Huskaris
You should probably look at CFDs if all you have is 8k.

Although, based on your tactics, why not just go to a casino?


If anyone else can do it so can you!
I use ETX capital, Plus 500 and city index for commodities. My fave so far is Plus500, on a good day I can easily make £200 from a £20 buy but not on forex usually commodities like Coffee, Gold etc. You should be careful I lost money on the referendum results day via ETX but made a nice profit from Plus500 buy buying GBPUSD. But forgot to set a limit on ETX so when the market turned bull I lost money and they don't kick you off until you've executed all your margin. So be careful set limits and watch the markets. It's not easy but as soon as you get it you'll be laughing to the bank.
http://www.thestudentroom.co.uk/showthread.php?t=2672696&page=4

Already a big thread here. Perhaps a mod could merge.
Reply 12
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doncht
How about for this year guys? What do you think are the top brokers for Forex?
Original post by doncht
How about for this year guys? What do you think are the top brokers for Forex?


What do you mean by top brokers? The number of companies that offer this service is vast and to be frank theres little difference between them I just do it through my banks as they both have investment arms I can utilize albeit I buy Government bonds options etc. in said currency more than the actual currencies themselves.
Been feeling rather poor lately though so missed the Rouble which would have made any idiot rich :frown:
Original post by bahonsi
I use ETX capital, Plus 500 and city index for commodities. My fave so far is Plus500, on a good day I can easily make £200 from a £20 buy but not on forex usually commodities like Coffee, Gold etc. You should be careful I lost money on the referendum results day via ETX but made a nice profit from Plus500 buy buying GBPUSD. But forgot to set a limit on ETX so when the market turned bull I lost money and they don't kick you off until you've executed all your margin. So be careful set limits and watch the markets. It's not easy but as soon as you get it you'll be laughing to the bank.


I have a friend who uses Plus500 and says good things.
I personally use JAFX as I like to trade Crypto as well as Forex and you can do this all on the mt4 app 24/7 with JAFX :smile:

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