Hi Peter
Many thanks for your comment re. tax and Spread betting forex, thanks for offering some clarification here on the back of my message to Black Swan
I would of course welcome any more comments from the pro traders on the forum in response to my message below:
Hi Black Swan
I have no doubt whatsoever that you are right with your advice above and it is always good to hear frank and candid feedback from the pros who have gone through the trials and frustrations of getting into this game
I guess for most of us the key is having a good starting amount of capital to be able to trade with, so that with good money management rules we can take the hit of some losses but not lose faith that forex SB is worth pursuing due to the tax free advantages
That being said (and combined with your feedback above) what would you suggest in terms of moving forward from these primary basic techniques to something more profitable i.e what was your learning curve like? What were the fundamental lessons that you learned?
eg I'm still getting to grips on a demo account as to the best trading set up and time frames - daily plus 5 mins vs 15 mins vs 1 hour etc, what EMAs to use, oscillators etc. Combine this with trying to pick out double tops, bullish and bearish engulfing formations etc and then picking correct rather than false entry and exit signals - it's tricky when you are newbie and have no professional guidance to point you in the right direction -
For the above reasons I think that many newbies with what is relatively speaking (compared to the pros) an obscenely low account balance find it difficult to break into something more meaningful in terms of earnings so they can indeed quit their day job
You appear to be really well informed and experienced from what I've read of you on this thread and you also have pointed myself, Rugby Trader and others to some great online resources so I hope you don't mind me asking but what would you suggest around the following:
What trading set up would you recommend?
What time frames?
What times of the day would you trade (around big news/avoiding big news etc)?
How do all of us get onto the path of some more meaningful earnings without using a "an out of the box/out of the trap scalp system"?
I personally (as I'm sure many others) would welcome any of the advice that you can provide. I'm sure the reason we are all on here is to learn and try to better our own situations which is why many of us are trying to educate ourselves in the evenings, weekends etc - Please give us some tips to push us in the right direction...
All the very best wishes to you and good trading...
Sunbeam 2010
ps for all newbies -
www.informedtrades.com offer some great 4-5 minute video tutorials for the basics of trading, charting, basics of forex etc... I hope this helps