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Online FX traders ?


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samatm

So i reopened my old Oanda account  and i still have a balance.   I had  played back in 2008. and made some good money and short time and also lost even more money in a shorter time.    FX trading is really facinating if you trouble yourself to know whats going on in the world economies that shape currency trends.     But what is boggling is that it is addictive to begin placing orders and watching the trends by the minute or seconds hoping to cash in...   Does anyone else here trade FX ?    I would love to hear your stories and strategies as i contemplate refunding my account.  Currently i am playing with $1.75 in my account.   Which is kinda fun actually.   its amazing that i can place currency orders with such a small amount in the bank. 

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Very interested in this too. Never tried real time, but would like to hear other experiences.

 

Oanda is a good account, easy to use?

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Contango

Currency CFDs not my cup of tea, where is Oanda based? how much per trade? what's the spread?

 

If i do end up punting on currency's i think i would prefer to do it with IB and no leverage.

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Would like to hear more about this too . I remember hearing about training sites ( using play money ) , could you recommend one ?

Lol @ $1.75 in your account , had no idea you could do it with so little .

I have an addicted mind and playing with a few dollars would be right up my street.

 

The only kick i get at the moment is when i am about to send money to the phills and my f5 gets hot

as i am watching the exchange rate   :biggrin_01:

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There is plenty of free software which allows you to trade a dummy account.  Do this for a year at least using an initial $50,000 "investment" and see if you are up or down.  Never trade more than 5% in any single deal and be patient.  Take longer positions until you are experienced.

 

Read many online papers each morning before you trade and watch the revolving news channels.

 

Be prepared to lose! 

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Oh - set up an offshore company / bank account and keep it all out of the philippines...

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Capital Spreads will let you open a practice account.......... easy platform and good to have a bash!

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Knowdafish

I've thought about it, but never done it. 

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great info guys , 

 

i don't have any ambition ( or the cash ) to take it to serious at this stage but it sounds like good fun to pass a few hours.

Have caught myself thinking after seeing some news on the BBC , how will the pound \peso rate be affected lol.

i am used to bankroll rules as i play poker ( tournaments only ) !

 

How do i explain it to my wife when i have another new addiction ..... 

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samatm

OANDA is great.     They have operations in   UK,  Singapore, US and Aus.      You can open an acount with  $1000.00.    You can have your primary currency in any  of the above that  you choose.      back in 2008 I funded the account wihth 1000.00    I also opened a practice account which is EXACTLY like the live account.    needless to say my practice account did much better than my live account.  There is something about the psychology of  Real money that cause the brain to "painic"  and close positions while you in the middle of downturn just before your position starts  winning.       

 

The leverage makes it fun (and scarry).    But with only 1000.00 in my account it was never a huge risk as you cannot lose more than you have in your balance.  The system will automatically close your position if  your cannot cover the projected losses  ..

 

Open a practice account first.   Read some  online article,  Read abook.      With my $1.75    I am only placing  a 10:1 leverage and it has been floating  for 3 years with no attention paid.    I had bet against the Euro.    I had at one point made a whoppinig  $1.50.. Now i am at a bout break even.  As the EUR/USD  is about at what it was when i placed my order.

 

My best month was in early 2009 when i took in over 2500.00.   One trade I placed  at 50.1 leverage netted a $900.00 return in 7 hours.     It was postion against the USD/JPY.

 

Spreads are not fixed .    The EUR/USD  typically has the lowest spreads,  while  other lesser currencies  have high spreads.

 

Take a look.    I highly recommend OANDA.   They have been around a long time,  havn't closed my account even with a piddling amount  etc.   They also have a forum and you can learn a lot.    

 

I would not fund the account with anything but the minimum as to avoid temptation of blowing it all before you know what is going on.   

 

I have decided to refund, because i see a trend for the JPY to continue to devalue over this year and would like to ttake part.. 

I wll try to stay away from short term 1 minute trades ..as its highly addictive and purely speculative.   Its just so fun to see the bobber go up and down and see your projected trade gain value (or lose value) in realtime. 

 

Good luck

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bahalina buong

Never trading FX, but I've been tra

 

There is plenty of free software which allows you to trade a dummy account.  Do this for a year at least using an initial $50,000 "investment" and see if you are up or down.  Never trade more than 5% in any single deal and be patient.  Take longer positions until you are experienced.

 

Read many online papers each morning before you trade and watch the revolving news channels.

 

Be prepared to lose! 

Good advice!  I've never traded FX, but I've been short-term trading the S&P futures for more than 10 years and trading has been my sole source of income for the past 5 years. It's not easy and certainly not for everyone. If you want to be profitable, you have to treat it as a business, not just a fun way to pass the time. But if its just a hobby and you don't take it seriously, better keep it small, or you could lose everything you own.  Good trading!   

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  • 4 weeks later...
samatm

So this week I put 50 usd into my FX account and going by the news.. the sentiment is a for a  bullish  USD/JPY.        so i go long USD  using only 20  dollars at 50:1  leverage  thats 1000 dollars worth of YEN.   well Im up over 10.00 .      that on oly 20 dollars risked.    not bad.    If Ihad have  put in 5000 dollars  i would have scored over 10 K  this week.   Just for keeping up with the news and risking  some loss.   

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Knowdafish

So this week I put 50 usd into my FX account and going by the news.. the sentiment is a for a  bullish  USD/JPY.        so i go long USD  using only 20  dollars at 50:1  leverage  thats 1000 dollars worth of YEN.   well Im up over 10.00 .      that on oly 20 dollars risked.    not bad.    If Ihad have  put in 5000 dollars  i would have scored over 10 K  this week.   Just for keeping up with the news and risking  some loss.   

What I've casually observed it that on a yearly basis there are usually 2-5 easy, "no brainer" moves. The problem lies with being impatient and always thinking every move is going to make $$. I think it is better to wait for the easy ones and invest a little bit more "risk capital". 

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Mediaspot

Anyone tried using fxcm.co.uk? I'm planning to open a live account with them and do forex trading when I have the funds ready. Funds that i can afford to lose :) 

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samatm

Anyone tried using fxcm.co.uk? I'm planning to open a live account with them and do forex trading when I have the funds ready. Funds that i can afford to lose :)

 

I am using OANDA.com.     Very fair.  Leverage limited to 50:1  not crazy 500:1 stuff.(not sure if FXCM offers that )     I currently am practicing with $50.00 bucks in the account.   Oanda is very stable and no problems depositing or withdrawing.     FXCM looks good too.  I read a lot of FX news from their site. 

 

 

so I stayed long in the  USD/JPY and  last Thursday the Jap Stock market sank on news of China's poor manufacturing, and profit taking.   the crowded USD/JPY long trade turned and the YEN picked up strength  and lost my 10 bucks and now am down 10 bucks.      These things turn really fast.    But just by having some real money (even though its small is helped me hone in on where to find information and how begin duing FX trading.      I recommend you open your FXCM account and start trading on a small scale.    having a demo account didn't do it for me as its just not real money.    

 

I am staying long with the  USD/JPY as I believe over the next month  it will pick up and go back over 107...   I am testing this theory with my 50 bucks.. and at the same time learning about other plays.

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