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Trading Forex Trading-Yay or Nay?

Discussion in 'Shares' started by williamwallace169, 15th Dec, 2010.

  1. williamwallace169

    williamwallace169 New Member

    Joined:
    23rd Jul, 2007
    Posts:
    3
    Location:
    Sydney
    Hi everyone!
    Long time reader, second time poster.

    My question to everyone is regarding Forex trading.
    its been on my mind for a while. I've messed around a little with demo accounts but i'm not sure if it is worth it in the end. I would love to make it my full time job in the distant future. Mainly because i don't like people, and working in an office is slowly eating away at my soul.

    Does anyone here have an experience with it?
    Are there any full time traders out there who might be able to shed some light on whether it is worth it? And does anyone have any books or references that will actually help, and not just try to sell me something?

    Your help would be greatly appreciated.
     
  2. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,394
    Location:
    NSW

    I have no intention to patronise you, but below is my $1.
    Trading as such is a very lucrative business IF...certain rules are applied to it.
    I would suggest that before you put your money on the fast line, test you skill trading ordinary shares for at least couple of years.
    Trading demo and real account is a different story.
    I am not saying that you should forget FX but being in your shoes, I would first learn how to walk properly (trading shares), before trying to fly (trading FX).
    Good reading is here... http://www.invested.com.au/90/secret-trading-brilliantly-38009/
    There are a lot of books written about FX.
    I would recommend: "Trading in the Global Currency Market" and "Technical Analysis Applications in the Global Currency Markets" both written by Cornelius Luca.
    One more...Watch out for all those "best trading systems" for sale. Nobody so far invented the best system, and nobody will.
    In trading, your psyche is part of your system, and you should be able to develop your own system and test it before putting money on the line.
    Until then...keep reading and learning.
    You may find this http://www.invested.com.au/85/so-suddenly-you-think-you-currency-38050/ quite interesting.
     
  3. williamwallace169

    williamwallace169 New Member

    Joined:
    23rd Jul, 2007
    Posts:
    3
    Location:
    Sydney
    Thanks very much for the advice tropo
    I think i'm gonna start out like u said, trading shares over a long period.
    I'm in no rush, and id rather know as much as i can before risking money on it.
    I've gotten a hold of "trading for a living" and thats giving me a lot of useful information i can use.

    Thanks once again!
     
  4. Tropo

    Tropo Well-Known Member

    Joined:
    17th Aug, 2005
    Posts:
    3,394
    Location:
    NSW
    Good book !
    Take one step at a time.
    Happy Trading ;)