Why did you decide to trade forex?

[Rambo35]

Every trader has their own story and reasons why they decided to trade currencies, and I just wanted to ask you guys what made you decide to trade?

I was looking for secondary income from a source which allows me to do so regardless of what happens to the economy. After I achieved consistency in my trading returns, I move more and more full-time and now my trading revenues have reached a level where it serves as my primary revenue stream. I did not quite expect for it to go there, but hard work does pay off if you have the right attitude.

So, why did you start trading forex?

 

[malaguti]

Every trader has their own story and reasons why they decided to trade currencies, and I just wanted to ask you guys what made you decide to trade?

I was looking for secondary income from a source which allows me to do so regardless of what happens to the economy. After I achieved consistency in my trading returns, I move more and more full-time and now my trading revenues have reached a level where it serves as my primary revenue stream. I did not quite expect for it to go there, but hard work does pay off if you have the right attitude.

So, why did you start trading forex?

In a post just a couple of months ago, you were a fairly new trader embarking on a strategy, and now you are generating a revenue stream that serves as your primary income..if you dont mind me saying, that smells of bullsh!t to me

 

[DitterPD]

In a post just a couple of months ago, you were a fairly new trader embarking on a strategy, and now you are generating a revenue stream that serves as your primary income..if you dont mind me saying, that smells of bullsh!t to me

Maybe he is a prodigy? :smart:

 

[timsk]

So, why did you start trading forex?

Hi Rambo,
I never have and doubt I ever will!

What follows is mostly my personal view, as opposed to a formal position with my T2W hat on. The massive surge in interest in Forex in recent years - at the expense of other markets - is a marketing coup on the part of Forex brokers and those with a vested interest in retail traders trading Forex rather than equities, indices, commodities and other markets. In the FAQs and Stickies that I write for T2W, I make a point of saying that there's no inherent advantage in trading one market over another. In absolute terms, this makes complete sense, because no trader in their right mind would deliberately choose market A knowing that it's tougher to trade than market B. What worries me is the perception that new traders appear to have that Forex is indeed in some way better or easier to trade than other markets. It isn't. Some members would even argue that it's less suitable because of its very high leverage and volatility which, to the novice trader, can be a potent mix with disastrous consequences.

IMO, new traders would do well to carefully examine the pros and cons of different markets and be sceptical of anyone who pushes one market in preference to another. Having said that, if you want to be a trader then, obviously, you've got to trade something, and it might well be that Forex suits your trading style and requirements better than anything else.
Tim.

 

[trendie]

Because at the time I was obsessed with Moving Averages and other indicators.
Indices etc, had closing times and opening times, and the opening rush would leave my indicators behind, especially if there were gaps.

I chose forex as the 24-hour nature of the market meant I thought they would be kinder to the indicators.
These days, I can account for volatile opening sessions and gaps, but forex is something that has enough movement to be worthwhile, even though DAX is as good.

 

[NVP]

I like the 24/7 nature , the infinite depth of liquidity and therefore absence of control re market makers, the volatility of certain currencies ..........and the tool I use for watching these markets is perfect for the task....

Forex all came together for me in the early 2000's ........before that in the 80's and 90's it was individual Stocks, a little Indices and Oil and I never ever got the same confidence or feel as I do now ...............having said that it could be just the gradual experience gained and the new platforms these days that got me here to Forex so perhaps I could have been equally as comfortable still in Oil if I had persevered

Regarding the reason i'm still in trading - its used mainly as an Intellectual diversion from my (now) relatively mundane Finance role in a multinational Blue Chip company and generates a relatively small % of income relative to other things....

Within the next few years (as pension options kick in) I will look to move away from full time employment and expand the trading activity and (honestly ?) yes will look to see what is possible on the Training and mentoring side of this business if it pays well enough........I believe you can do both ethically and professionally if you have the time, the inclination and it pays well enough (naturally whilst providing high quality services)

My wife worked on the Trading desks of a major oil company for nearly 23 years so is also up for joining me when and if the opportunity arises.....and she can trade me off the table anytime/anywhere (what woman cant ?)

Regards
N

 

[timsk]

. . . and (honestly ?) yes will look to see what is possible on the Training and mentoring side of this business if it pays well enough........I believe you can do both ethically and professionally if you have the time, the inclination and . . .

Hi NVP,
Well, if you ever go down this route, you can use me as a guinea pig!

When people ask me why I don't trade Forex, I usually give the same answer. Namely, when I'm in Spain (usually a couple of times a year) and in a bar with Mrs timsk, and she asks me what the cost is in GBP of the beers we've just drunk - I draw a complete blank. On that basis, I conclude I've no business trading Forex!

So, make that lesson No. 1 of your training manual.
:cheesy:
Tim.

 

[Shakone]

Hi NVP,
Well, if you ever go down this route, you can use me as a guinea pig!

When people ask me why I don't trade Forex, I usually give the same answer. Namely, when I'm in Spain (usually a couple of times a year) and in a bar with Mrs timsk, and she asks me what the cost is in GBP of the beers we've just drunk - I draw a complete blank. On that basis, I conclude I've no business trading Forex!

So, make that lesson No. 1 of your training manual.
:cheesy:
Tim.

Lol, I'm starting an exhange called beerex which will quote the fair value of beer in whatever country you happen to be in.

Forex is hard, and although there are trends to capitalise on, they're often not as consistent as in indices. But it does have some other regular features.

 

[DionysusToast]

Lol, I'm starting an exhange called beerex which will quote the fair value of beer in whatever country you happen to be in.

Well - something fairly close: Beer Market Singapore- Beer - Food - Live Music - Sports Bar | beermarket.com.sg

 

[Pat494]

I used to just trade the S&P 500 but it got very boring waiting on 1 index. And on a small budget got expensive even at £1 per point. My trading wasn't profitable until recently on Forex. There about 20 pairs of currencies on MT4 which is for free and the minimum bet is very low. Quantity of betting has paid off. There is usually at least 1 set up that looks good. Automation is another plus.
Plus I can josh/joke a bit with other guys giving live bets and maybe a tip or two.

Best decision for a while

 

[DitterPD]

My wife worked on the Trading desks of a major oil company for nearly 23 years so is also up for joining me when and if the opportunity arises.....and she can trade me off the table anytime/anywhere (what woman cant ?)
N

Wow. Did it have some effect on her? I mean 23 yrs of looking at thousand of monitors and constantly being on the edge of the screen?

 

[Rambo35]

In a post just a couple of months ago, you were a fairly new trader embarking on a strategy, and now you are generating a revenue stream that serves as your primary income..if you dont mind me saying, that smells of bullsh!t to me

I guess you like to ask the same question a few times, but the response is the same; new to forex trading and not to trading in general plus I made adjustments which I do not need to disclose to you.

 

[Rambo35]

Hi Rambo,
I never have and doubt I ever will!

What follows is mostly my personal view, as opposed to a formal position with my T2W hat on. The massive surge in interest in Forex in recent years - at the expense of other markets - is a marketing coup on the part of Forex brokers and those with a vested interest in retail traders trading Forex rather than equities, indices, commodities and other markets. In the FAQs and Stickies that I write for T2W, I make a point of saying that there's no inherent advantage in trading one market over another. In absolute terms, this makes complete sense, because no trader in their right mind would deliberately choose market A knowing that it's tougher to trade than market B. What worries me is the perception that new traders appear to have that Forex is indeed in some way better or easier to trade than other markets. It isn't. Some members would even argue that it's less suitable because of its very high leverage and volatility which, to the novice trader, can be a potent mix with disastrous consequences.

IMO, new traders would do well to carefully examine the pros and cons of different markets and be sceptical of anyone who pushes one market in preference to another. Having said that, if you want to be a trader then, obviously, you've got to trade something, and it might well be that Forex suits your trading style and requirements better than anything else.
Tim.

I agree that one market is not better than another market and it depends on what the trader prefers and where the trader gets best results. I started out in equities and still trade them, but added forex in order to diversify after looking into it for quite some time.

 

[jamerobet6]

The main reason of mine to step in trading because i want to earn extra money for living and want to make Forex trading as my primary work and want to quit from my boss as well .

 

[D70]

I've said this before but I'll say it again.

Timsk is right about forex being a marketing coup. Retail has no place trading forex, it is a money stream for the brokers. Why?

1. It has the least volatility of all financial products and hence the least opportunity.
2. Forex allows great leverage (you buy cable at £1/pt and get a £15,000 position for a fraction of the cost).

Neither of the above are understood by retail traders and thus result in almost 100% guarantee that you will not make a penny in the long run.

 

[timsk]

Timsk is right about forex being a marketing coup. Retail has no place trading forex, it is a money stream for the brokers. Why?
1. It has the least volatility of all financial products and hence the least opportunity.

Hi D70,
I'm gonna crack open a bottle of bubbly tonight - I've got something right at last!


However, I see that we contradict one another on the issue of volatility. My understanding was that there's lots of movement in Forex (not always obviously, but often as not) and, therefore, lots of opportunity to profit. The flip side being of course that there's an equally large opportunity to lose big time. But, as I say, I don't trade Forex, so I'm happy to stand corrected if I've got that wrong.
Tim.

 

[Pat494]

Hi D70,
I'm gonna crack open a bottle of bubbly tonight - I've got something right at last!


However, I see that we contradict one another on the issue of volatility. My understanding was that there's lots of movement in Forex (not always obviously, but often as not) and, therefore, lots of opportunity to profit. The flip side being of course that there's an equally large opportunity to lose big time. But, as I say, I don't trade Forex, so I'm happy to stand corrected if I've got that wrong.
Tim.

Steady there Tim. Right again ! Twice no less.

 

[wackypete2]

Hi D70,
I'm gonna crack open a bottle of bubbly tonight - I've got something right at last!


However, I see that we contradict one another on the issue of volatility. My understanding was that there's lots of movement in Forex (not always obviously, but often as not) and, therefore, lots of opportunity to profit. The flip side being of course that there's an equally large opportunity to lose big time. But, as I say, I don't trade Forex, so I'm happy to stand corrected if I've got that wrong.
Tim.

Volatility in the forex market depends on what session you trade. Try trading the afternoon US session. Nearly zero volatility and no opportunity for 4-6 hours hours...even worse than the Asian session. If you want to see out of control volatility then take a stab at the 3x etf's!!

Peter

 

[timsk]

If you want to see out of control volatility then take a stab at the 3x etf's!!

Hi Peter,
Everything is relative, I guess. I've heard of these highly leveraged ETFs, but I don't know anything about them or of anyone who trades them.

I subscribe to StockCharts and I notice they feature quite prominently in the 'Public ChartLists' - a place for members to display their skills using the site's charts. Being a U.S. site with (mostly) U.S. members, I guess 3x ETFs are something that's taken off on your side of the pond - but are yet to be fully embraced over here?

Personally, extreme volatility suits me. Watching a trade for hours going nowhere does my head in!
Tim.

 

[wackypete2]

Hi Peter,
Everything is relative, I guess. I've heard of these highly leveraged ETFs, but I don't know anything about them or of anyone who trades them.

I subscribe to StockCharts and I notice they feature quite prominently in the 'Public ChartLists' - a place for members to display their skills using the site's charts. Being a U.S. site with (mostly) U.S. members, I guess 3x ETFs are something that's taken off on your side of the pond - but are yet to be fully embraced over here?

Personally, extreme volatility suits me. Watching a trade for hours going nowhere does my head in!
Tim.

I agree with you! The 3x ETFs are tough to trade though. With the extreme volatility comes price gaps even in the middle of the day. You need an iron stomach to trade them

Peter