[quote="Lambretta"]Also like you, I lost a shit load of hard earned money trading nags, but was consistent on football[quote]
What do you do on the football?
At last some freedom from this nightmare.
There's a website where you check at what time major news annoucements will be made.
Also, it's possible to put in place an automatic stoploss, whereas with Betfair there isn't usually much you can do to limit your losses when a big spike hits...
I think that, with both Forex and Betfair, success boils down to finding technique(s) that work and applying them with discipline.
Jeff
Also, it's possible to put in place an automatic stoploss, whereas with Betfair there isn't usually much you can do to limit your losses when a big spike hits...
I think that, with both Forex and Betfair, success boils down to finding technique(s) that work and applying them with discipline.
Jeff
Mug wrote:I found forex a nightmare when I traded it. Prices flying all over the place and when news broke you seemed to be the last person to know as the price flew away from you. When I looked at my account I'd paid many times more fees and costs than I could reasonably make short term trading. When I started trading on Betfair it seems just so much easier than when I had a go at forex. That's my experience anyhow, obviously everybody is different for some reason.
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blackfriar
- Posts: 21
- Joined: Thu Aug 27, 2009 3:06 pm
You can side-step the news panic by not trading 45 minutes before the US TV news broadcoasts. As it's a 24 hour market, you're under no pressure to perform.Mug wrote:I found forex a nightmare when I traded it. Prices flying all over the place and when news broke you seemed to be the last person to know as the price flew away from you. When I looked at my account
Did you use a demo account for 6+ months, or jump right in with capital?
Don;t be fooled by stop losses in forex! Brokers will not guarantee your order will get stopped out. Because of the structure of the whole forex you could get filled at a price way off your stop loss if the market moves rapidly against you.
Forex is not a professional retail traders instrument. Brokers, banks with level 2 access all have so much more information than you can ever have and will allways be 2 steps ahead of you. thats why they love it so much! Its simply not a level playing field.
Forex is not a professional retail traders instrument. Brokers, banks with level 2 access all have so much more information than you can ever have and will allways be 2 steps ahead of you. thats why they love it so much! Its simply not a level playing field.
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blackfriar
- Posts: 21
- Joined: Thu Aug 27, 2009 3:06 pm
For the OP David's purposes, I think trading a free FOREX demo account for a year would be very helpful if he wanted to learn how to trade. I say Forex because it's open 24 hours, which is convenient.
Obviously using (and as a newbie, inevitably losing-) real money, even small amounts, is a big psychological barrier for him.
I've been doing the same, along with an Emini demo account, and plan to continue for another six months. When i've back & forward tested a system for a further 6 months, I will trade the E-mini Dow and Nasdaq - the Forex commissions would kill me.
Obviously using (and as a newbie, inevitably losing-) real money, even small amounts, is a big psychological barrier for him.
I've been doing the same, along with an Emini demo account, and plan to continue for another six months. When i've back & forward tested a system for a further 6 months, I will trade the E-mini Dow and Nasdaq - the Forex commissions would kill me.
Hi David,
If you're looking for an easier way to make money online than trading, I'm recommending free-lance writing. This website provides a starting point for information:
http://www.freelancewritinggigs.com/
Good luck.
As per trading, after 4 months I'm still a net loser and 75-90% of everyone who really tries will still fail. Betfair markets are very very tough, as pointed out, its probably far tougher now than it was when Betfair started out. Also pointed out was the fact that horse racing is probably harder than other sports.
If you're looking for an easier way to make money online than trading, I'm recommending free-lance writing. This website provides a starting point for information:
http://www.freelancewritinggigs.com/
Good luck.
As per trading, after 4 months I'm still a net loser and 75-90% of everyone who really tries will still fail. Betfair markets are very very tough, as pointed out, its probably far tougher now than it was when Betfair started out. Also pointed out was the fact that horse racing is probably harder than other sports.
Hi Zenyatta
Take it from a former copywriter - professional writing, like trading, isn't something everyone can do.
I'm not saying David can't do it - he might be a great writer for all I know. But like trading, it requires certain technical skills and psychological attributes. For example, just as a trader needs to know when to close his trade for a loss, a writer needs to be willing to put a red line through what he's just spend an hour writing.
Something else David might want to consider is multi-level marketing. You can start on a shoestring budget, and become very wealthy over time.
Jeff
Take it from a former copywriter - professional writing, like trading, isn't something everyone can do.
I'm not saying David can't do it - he might be a great writer for all I know. But like trading, it requires certain technical skills and psychological attributes. For example, just as a trader needs to know when to close his trade for a loss, a writer needs to be willing to put a red line through what he's just spend an hour writing.
Something else David might want to consider is multi-level marketing. You can start on a shoestring budget, and become very wealthy over time.
Jeff
Zenyatta wrote:Hi David,
If you're looking for an easier way to make money online than trading, I'm recommending free-lance writing. This website provides a starting point for information:
http://www.freelancewritinggigs.com/
Good luck.
As per trading, after 4 months I'm still a net loser and 75-90% of everyone who really tries will still fail. Betfair markets are very very tough, as pointed out, its probably far tougher now than it was when Betfair started out. Also pointed out was the fact that horse racing is probably harder than other sports.
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blackfriar
- Posts: 21
- Joined: Thu Aug 27, 2009 3:06 pm
Hey Ferru - I guess you know something I don't, but I always thought multi-level marketing was just another name for pyramid schemes?
No, although the two are often confused.
With pyramid schemes, money is simply passed from person to person - no product is sold.
With multi-level marketing, the person who sells the product gets paid a commission, as does their upline, and sometimes the upline's upline, etc. It's not that different to a traditional sales model, where a rep gets paid commission on a sale, and his manager and the sales director also benefit from the sale.
I once met a guy who was making something like 20 grand a month through mlm, and 5 years previously he had been flat broke! If you can find a product you believe in, and sell it with passion, the opportunities are limitless!
Jeff
With pyramid schemes, money is simply passed from person to person - no product is sold.
With multi-level marketing, the person who sells the product gets paid a commission, as does their upline, and sometimes the upline's upline, etc. It's not that different to a traditional sales model, where a rep gets paid commission on a sale, and his manager and the sales director also benefit from the sale.
I once met a guy who was making something like 20 grand a month through mlm, and 5 years previously he had been flat broke! If you can find a product you believe in, and sell it with passion, the opportunities are limitless!
Jeff
blackfriar wrote:Hey Ferru - I guess you know something I don't, but I always thought multi-level marketing was just another name for pyramid schemes?
Perhaps not, but it is possible to profit consistently on Forex if you know what you're doing.
As with trading on Betfair, it's a case of finding out what works, and then applying that knowledge with complete discipline.
I acknowledge that the bankers have lots of advantages (some are discussed here: http://www.michaelcovel.com/2010/07/21/ ... /#comments). But as with any market where humans are involved, there are inefficiencies which can be exploited.
Jeff
As with trading on Betfair, it's a case of finding out what works, and then applying that knowledge with complete discipline.
I acknowledge that the bankers have lots of advantages (some are discussed here: http://www.michaelcovel.com/2010/07/21/ ... /#comments). But as with any market where humans are involved, there are inefficiencies which can be exploited.
Jeff
jimrobo wrote:Brokers, banks with level 2 access all have so much more information than you can ever have and will allways be 2 steps ahead of you. thats why they love it so much! Its simply not a level playing field.
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mulberryhawk
- Posts: 165
- Joined: Thu Oct 29, 2009 12:37 am
Forgive me Ferru but I dont understand why if you have a consistently profitable strategy trading a highly liquid market like the forex markets, why would you be scratching around for money in the exchange markets?
Surely the goal is to graduate from the exchange markets to the financial markets where strategies are more scalable...
Surely the goal is to graduate from the exchange markets to the financial markets where strategies are more scalable...
Absolutely.
I don't currently trade Betfair, and I am currently testing and honing my Forex trading skills using very small stakes. I hope to start trading with more substantial stakes soon - I just need to be confident first that I have an edge and I am 100% sure about what I'm doing.
If you can increase a starting bank of a thousand pounds by just 3.5% per day, then that bank will be worth nearly a million pounds in a year's time!
Jeff
I don't currently trade Betfair, and I am currently testing and honing my Forex trading skills using very small stakes. I hope to start trading with more substantial stakes soon - I just need to be confident first that I have an edge and I am 100% sure about what I'm doing.
If you can increase a starting bank of a thousand pounds by just 3.5% per day, then that bank will be worth nearly a million pounds in a year's time!
Jeff
mulberryhawk wrote:Forgive me Ferru but I dont understand why if you have a consistently profitable strategy trading a highly liquid market like the forex markets, why would you be scratching around for money in the exchange markets?
Surely the goal is to graduate from the exchange markets to the financial markets where strategies are more scalable...
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mulberryhawk
- Posts: 165
- Joined: Thu Oct 29, 2009 12:37 am
Ah I see, well good luck with the project.
I would think its an interesting time to be trading the forex markets with all the uncertainty of the soverign debt crisis hanging over the markets!
I would think its an interesting time to be trading the forex markets with all the uncertainty of the soverign debt crisis hanging over the markets!
Interesting - yes. And potentially extremely profitable!
I tend to stay out of the markets when they're too volatile, so I should be safe from making massive losses.
BTW, the FTSE 100 is all over the place this morning, no doubt because of the stress tests! When our quarterly GDP figure was announced (which far exceeded expectations), I went long, only for the price to fall! Bizarre!
Jeff
I tend to stay out of the markets when they're too volatile, so I should be safe from making massive losses.
BTW, the FTSE 100 is all over the place this morning, no doubt because of the stress tests! When our quarterly GDP figure was announced (which far exceeded expectations), I went long, only for the price to fall! Bizarre!
Jeff
mulberryhawk wrote:Ah I see, well good luck with the project.
I would think its an interesting time to be trading the forex markets with all the uncertainty of the soverign debt crisis hanging over the markets!
