Next step in a newbie's quest for glory

Quote from TD80:

I think peter has a solid suggestion, I would go so far as to say make sure you are fantastically profitable on paper with very minimal risk and drawdown before moving into real money trading with forex. The real tricky part to forex which will not show up in paper trades is the leverage, you see once you get greedy you'll be likely to run a hand with some ludicrous (200:1 anyone?) leverage, and the hand will go cold. Then the true test of your abilities will come to light. I don't want to discourage you too much, but as a beginner, the odds are solidly stacked that you will blow out with that much leverage on tap.

I also think vhehn's comment is quite valid. I've been trading for a long time, everything from futures, options, stocks, and even traditional commodities. I've continued to watch the forex market, occasionally trying out some strategies in a fictional account. I like the idea of trading hours an easy hedging, and hence I tend to keep an eye on this market for potential future opportunities.

That said, at the present time I wouldn't personally touch the forex market with a ten foot pole. I'm out-gunned in analysis, capital resources, and critical information flow. This is a closed game (although it's just now starting to open up), the interbank market is/was like an old boy's club. It does not act like a normal auction market should act according to my studies, it is a unique environment and will require some interesting tactics to make it work.

All that said I wish you the best of luck. I know how it is for people to tell you that you can't do something, or that you'll fail. Generally that just makes a trader more bull-headed about their approach. Just keep in mind that ego will destroy, and so will leverage. My suggestion is work a low leverage instrument, or if you have the capital... no leverage at all.

Goodluck,
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mini accounts good to practice with... but definitely demo first :-)

Andy
 
Quote from vhehn:


forex is no place for beginners.
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I suppose you are an expert vhehn.

Where do you think the GBP versus the USD will be in coming weeks. Now it is trading near all time highs.

What do you think?

Thanks
 
Quote from mauzj:

Hi,

Thanks for all the advice, I think that I shall now try to

- Keep a better log of my trades and spend more time analysing them after they've closed.
- Follow the threads of Rezo.
- Read MoneyTec.

Are either of these books worth reading?

- Trader Vic II: Principles of Professional Speculation
- The Alchemy of Finance: The New Paradigm

Thanks,


Mauzj.
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keep a journal of your thoughts too... :-)
 
Quote from OxonianTrader:



I suppose you are an expert vhehn.

Where do you think the GBP versus the USD will be in coming weeks. Now it is trading near all time highs.

What do you think?

Thanks
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it's not where you think it'll go, but what you'll do when it happens... :-)
 
gbp/usd is at yearly high not all time high EW says it goes back to 2.7 over next year or so level its has not seen since end of Bretton Woods in 70s
 
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Get a "second" OANDA FXGame acct. Trade this acct (which is excalcly the same as the real platform) until you get a positive return for some time.

Than switch back to your FXTrade acct.

This is one of the great features of OANDA. FREE real time Simulator that works exactly the same as the real platform.
 
Quote from rawman74:

gbp/usd is at yearly high not all time high EW says it goes back to 2.7 over next year or so level its has not seen since end of Bretton Woods in 70s
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Sorry, my charts were only going back 10 years......I should have said "10 year high"

Where do you think the pound will be by October 29th, 2003?

You think it will make new highs? What is the reasoning behind your argument? thanks
 
Quote from OxonianTrader:



I suppose you are an expert vhehn.

Where do you think the GBP versus the USD will be in coming weeks. Now it is trading near all time highs.

What do you think?

Thanks
More...

"all time" should be replaced with "10 year"

sorry about that
 
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