I am trading foreign currencies and looking for a mentor with whom I can share strategies and have discussion with. Would like to improve the consistency of my results.
Any help would be appreciated
David
This is a property investing forum, and so unless Steve has just released a book “13,0000 profitable trades in 3.5yrs” O’m guessing he won’t mind me talking about other forums.
One excellent forum on trading oprions is Dr Van Tharps Trading Forum – http://mastermindforum.com/phorum/list.php?f=9
Dr Van Tharp is not a traderas such (though he does have a very large ‘retirement’ account that he trades) but he teaches what it takes to be succesful. In fact he is the only non trader to be interviewed in “Stock Market Wizards” by Jack D Schwagger which apparently to other people I’ve talked too is pretty impressive. He has some excellent ideas on how to create excellent returns trading.
I might suggest that perhaps finding another market might be better for a number of reasons – 1. You have the best brains in the business trading currencies, so your competing aginst that; 2. he currency market is very volitile, hughley so. make sure you can really handel the ups and downs!; 3. You will probably need toi trade large amounts (I’m not sue if you are willing to use leverage by using options, so I’m sssuming your not using options); 4. Currency markets are affected by everythign and anything, you will have to keep your pulse on everything if you want to make lare profits as a change in consumer sentement or inventories or even a simple statement can change a currncies value massivly.
Perhaps try out another market that you can ease into (like cotton or minerals, etc), rather than trying to trade currency – yeah it’s sexy, buy I would rather have less compertiton and make lots of $$$ and not be sexy.
Anyone else has any thoughts???
Rgds.
Lucier_auRead books by Alexander Elder- the set of come into my trading room, and his earlier ones.
Then reread and reread them.
Couple of comments. Forget currencies they are a 24 hour job around the world. Forget options, elder says that futures are actually a lot safer (and he backs it up, just pick the right market!)
Best thing about elder is his discussion of the mind, secondly the money management, and thirdly the methodology, whereas most books just spew out technical indicators.
Hi DollarBill,
I trade Forex using a CFD account with 2% margins. I Find a currency which is about to explode either way and basically just set tight trailing stop losses. I set my entry and exit prices at the same time I enter a position. With 2% margin I can trade 100k with 2k as margin plus another 2-3k as a buffer. Stick with less volatile currencies at first.
Easy!Originally posted by The Mortgage Adviser:They are very quick to do margin calls on Forex trading. The ups and downs that can occur in a day on a 2% leveraged hold are HUGE!!!
yep! unless you have a very large account, you are taking on substantial risk.
You can try daytrading with a smaller account, but this path is strewn with the corpses of blown up (usually undercapitalized) traders.
If you insist on giving this a go, try http://www.woodiescciclub.com and sign on to the live chat…it’s free and very good.
There are a number of traders who daytrade euro futures (including myself) and a chap who gives some excellent instruction on daily commodity charts (including the currency futures).
N.B. there is no commercial gain for the organisers of the site at all.
Cheers
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