Tradefair & Financials
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This might be a ridiculous question, I don't claim to know anything about this, but i've been working for Travelex for a while and have become pretty good at guessing which way our rates are going to go. Their rates may have nothing to do with how it is moving away from the company but I would guess it does.
Would it be worth signing up to Forex with a training account or a real account with a small amount in and having a go?
Would it be worth signing up to Forex with a training account or a real account with a small amount in and having a go?
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Their rates move the same as the entire market does, looking at this http://www.travelex.co.uk/Graph/Graph.asp?SiteId=4321&BaseCurrency=GBP&Curre...
What time frame do you think you are good at predicting movements over? If say a week, then you are best to go with small stakes, and wide stops. If intra day, then use higher stakes and tighter stops.
I would say you need a decent sized account of minimum £10k in all likelyhood. igindex is minimum 50p/point, so that gives you an idea of what you will be staking. most people don't tend to risk more than about 1% of their account per trade either. there's obviously nothing like cutting your teeth in a real account though, but perhaps practice in a training account for a little while first, then jump into a real account.
What time frame do you think you are good at predicting movements over? If say a week, then you are best to go with small stakes, and wide stops. If intra day, then use higher stakes and tighter stops.
I would say you need a decent sized account of minimum £10k in all likelyhood. igindex is minimum 50p/point, so that gives you an idea of what you will be staking. most people don't tend to risk more than about 1% of their account per trade either. there's obviously nothing like cutting your teeth in a real account though, but perhaps practice in a training account for a little while first, then jump into a real account.
my view is that paper trading accounts are only good to familiarize yourself with a particular platform.
They are next to useless as a "training" mechanism for real $$$ trading.
There is no emotional investment in paper profit.Everybody wins when paper trading.When paper trading you see all the right moves, when you have real dollars in and you down 5 trades in a row, you did'nt stick with your stops and you lost 50% of your account in 2 sessions , its much more difficult to line up again even when the perfect trade is staring you in the face.
When you use real money you want to lock in profits.Paper trade let it ride and hence catch all the big moves. It takes many years to make forex pay regularly.
On a different tack with paper trading- how many horse racing systems have you come up with on paper that were brilliant, only to find they were losers once you started betting?
If you really want to know about paper trading ask melly, if he does any trading at all its via fantasy.thats why he sound like an idiot all the time. No real life experience.
re travelex- are you really sure that when travelex rates move this corresponds to movements in fx? You would need to watch live data to confirm this is true.
If you open a real $$$ account I would find a provider who has the lowest contract size.I think you can get 10k contracts? Put 1000$ in the account and resign yourself to losing it all. If you don't , your on your way.
They are next to useless as a "training" mechanism for real $$$ trading.
There is no emotional investment in paper profit.Everybody wins when paper trading.When paper trading you see all the right moves, when you have real dollars in and you down 5 trades in a row, you did'nt stick with your stops and you lost 50% of your account in 2 sessions , its much more difficult to line up again even when the perfect trade is staring you in the face.
When you use real money you want to lock in profits.Paper trade let it ride and hence catch all the big moves. It takes many years to make forex pay regularly.
On a different tack with paper trading- how many horse racing systems have you come up with on paper that were brilliant, only to find they were losers once you started betting?
If you really want to know about paper trading ask melly, if he does any trading at all its via fantasy.thats why he sound like an idiot all the time. No real life experience.
re travelex- are you really sure that when travelex rates move this corresponds to movements in fx? You would need to watch live data to confirm this is true.
If you open a real $$$ account I would find a provider who has the lowest contract size.I think you can get 10k contracts? Put 1000$ in the account and resign yourself to losing it all. If you don't , your on your way.
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