Prop for an FX trader

bugscoe · Oct 11, 2010

Quote from oraclewizard77:

If you were to trade EUR futures, you don't pay any spread instead if the currency moves 2 ticks in your favor, you are already up $ 25 while a normal trader is now just break even. Also, assume you went long, when you finally close your position, you are paying another 2 pips, while a futures trader like myself just pays standard round trip commission for the entire trade.

The above is why most FX scalpers lose money over time not to mention some shady brokers that trade against you.

Huh? No spread on the 6E contract?

And you're trying to tell us you pay the spread twice in the FX market?

Please do tell...

mr.az · Oct 11, 2010

Quote from bugscoe:

Huh? No spread on the 6E contract?

And you're trying to tell us you pay the spread twice in the FX market?

Please do tell...

of course you pay it twice

there's no last price traded

JamesL · Oct 11, 2010

Quote from bugscoe:

Huh? No spread on the 6E contract?

And you're trying to tell us you pay the spread twice in the FX market?

Please do tell...

If he thinks he pays 2x for the spread, then he doesn't trade and shouldn't be giving advice like he thinks he is some expert.

And the 6E does not trade zero spread, aka 1.3867 ~ 1.3867.

Seriously Mr Wizard, you don't know what you are talking about.

Georgii · Oct 13, 2010

This can all be established by putting together a strategy, getting capital, and finding a good prime broker. Minimal spread hardly a dime for commission; trade 20m at a clip 10 yards a month.

Goodluck.

Thanks...

What do you think about this idea: find a group of traders who are trading, and see if I can watch them trade and learn from them, then if they like me enough, join them?

LCFXTRADER · Oct 13, 2010

I was looking into Maverick trading. They trade forex.

bugscoe · Oct 13, 2010

Quote from JamesL:

If he thinks he pays 2x for the spread, then he doesn't trade and shouldn't be giving advice like he thinks he is some expert.

And the 6E does not trade zero spread, aka 1.3867 ~ 1.3867.

Seriously Mr Wizard, you don't know what you are talking about.

+1

bugscoe · Oct 13, 2010

Quote from Georgii:

Thanks...

What do you think about this idea: find a group of traders who are trading, and see if I can watch them trade and learn from them, then if they like me enough, join them?

At 50:1 leverage, I don't see why anyone would want to give you money to "learn to trade".

Put up a $1000, open an account at Oanda and spend the next 2-5 years cutting your teeth on screen time. If you don't have the cash, open a demo account and keep the demo set at the same dollar amount you have available for capital.

There are no shortcuts.

Georgii · Oct 13, 2010

Quote from bugscoe:

At 50:1 leverage, I don't see why anyone would want to give you money to "learn to trade".

I would be alright if I could find a group of seasoned traders and learn watching them, without having to pay for it. Just the ability to watch and ask questions at the right time would be a big boost. The idea is that if they like me, I can join their group and work with them later. Sort of like volunteering and then getting a gig. At that point I would be fine bringing my own capital to the table.

bugscoe · Oct 13, 2010

Quote from Georgii:

I would be alright if I could find a group of seasoned traders and learn watching them, without having to pay for it. Just the ability to watch and ask questions at the right time would be a big boost. The idea is that if they like me, I can join their group and work with them later. Sort of like volunteering and then getting a gig. At that point I would be fine bringing my own capital to the table.

And what are you bringing to the table that is so remarkable that a group of traders, or just a trader, should be willing to have you sit down and ask questions for months, all at the traders expense and not yours?

Georgii · Oct 13, 2010

Quote from bugscoe:

And what are you bringing to the table that is so remarkable that a group of traders, or just a trader, should be willing to have you sit down and ask questions for months, all at the traders expense and not yours?

Personally, and this is just my personality, I like to offer my experience to people and help them out. If that person does well, they can work with me - I've found myself someone who is a partner. I know that not all people think that way, but some do.