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Thread: Forex Trading and Signal Providers

  1. #1
    Master SeanST150's Avatar
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    Forex Trading and Signal Providers

    I've recently opened an account to dabble in FX trading. I've chucked a few hundred quid into the pot that I consider disposable.

    For now I'm recieving trade signals and copying those trades. I've only been going a week and have limited success; I'm not reacting quick enough to signals, or the market has moved to much changing the profit/loss balance more towards losses being greater than potential profits. I'm understanding the trades more.

    I'm nowhere near the stage of being able to place my own trades without them being a pure punt. I just don't have the time to study the markets or have access to charts, etc... while at my 9-5.

    Does anyone else here receive trade signals (or perhaps provide) that you can recommend/are having success with?

  2. #2
    I have played with this before and the banks themselves are playing the same game, just with multi million pound solutions. I know one guy that has superfast internet and a software package which costs him something like 200k and he seems to make very good money.

    If you want to play the markets avoid the short term plays and play the long term bets against the markets or major currency pairs, that way you will avoid the issue of not getting in and out in time. Alternatively and probably more wisely, spread your investment across multiple unit trusts and let the experts do it for you.

  3. #3
    Journeyman
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    I doubt there's much room in this for the hobbyist trader, especially in regards to responding fast to the market changes.

    You'll be better off doing long term investments or maybe try to go to cryptocurrency trading where the daily spread can be big enough to make a profit and there's not a lot of big players in the market already (although that's also changing).

    Also, read Flash Boys which a very good book on the subject!

  4. #4
    I started off in the financial industry a quarter of a century ago working on the world's largest FX trading floor. Back then, the market was only a trillion dollars a day. Today it is a multiple of that. Respectfully, that's a lot of volume every second while you are doing your 9 to 5 without time to study the markets. It's tempting to think there are reliable signals you can buy (or steal) that have actionable information unbeknownst to the majority of these market participants who foolishly offer you, the savvy signal-subscriber, an easy profit to take - when you have the time. But these services are there to make money for the signaller (by selling the information) or the bank/broker (for processing your order). Every scrap of actionable news, sentiment or analysis is acted upon in real time. The FX market is the most liquid in the world.

    The banks and brokers are connecting buyers and sellers, not trading their own money. They make their money from the spread, service and transaction fees, and/or selling signals or research - to inspire people to trade. The only party taking any risk in this game is...you. For short term trading, I'd save your money. Or just consider it a punt and accept your luck. Longer term you may find it wise to hedge over-exposure to any one currency, or indeed asset class, but that's a different game.

    I still have a premium trading terminal on my desk ($1000+ a month subscription). Lots of low-latency market data, news, graphs, complex analytics and real-time alerts ("signals", aka BS). I don't trade FX.

  5. #5
    Master Toshk's Avatar
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    My well to do brother in law is obsessed with FX trading. Has spent over $150k in test trades and developers fees building bots for him. Reckons this is not at all a loss, but an investment for a very bright future. I personally think he’s lost the plot.

  6. #6
    That's a brilliant post Tokyo Tokei.


    I've never seen anything that says to me making money trading FX can be any more than luck for the man in the street.
    Last edited by kace; 16th November 2017 at 01:09.

  7. #7
    Master studly's Avatar
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    Don't be silly op, you won't make any money.

    It is a mugs game as the markets are manipulated, and there is stop hunting etc.

  8. #8
    Master
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    I traded physical metal on the nymex for 6months in 2008 . I had about £60k in gold and tried to be smart selling high buying low. After about 3months of minor losses and gains it spiked and I made about 17k in the soace of a month. By that point I’d had enough and got out.

    It was taking too much time and stress monitoring the nymex and london . I think you are best staying away from trading yourself unless you are prepared to do it full time

  9. #9
    Master SeanST150's Avatar
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    Thanks gentlemen. Sounds like some excellent advice.

    I wasn't considering this as a 2nd career or need the additional income. I'm taking a punt by chucking a couple of hundred bob into pot to see where it gets me.

    I'll report back when I'm broke!

  10. #10
    Journeyman
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    What was the outcome of this out of interest. I dabbled a bit also and regret it. I should have just bought another watch lol

    Sent from my SM-N960F using Tapatalk

  11. #11
    Master SeanST150's Avatar
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    Quote Originally Posted by paul.woolrich View Post
    What was the outcome of this out of interest. I dabbled a bit also and regret it. I should have just bought another watch lol

    Sent from my SM-N960F using Tapatalk
    I'm still not sure if this was a scam. Certainly some of the signals delivered a profit and certainly some returned a loss. Overall I ended up about 50% up. So made £100 or so. I never got comfortable enough to place larger trades. I couldn't work out if I'd just been "lucky" with the trades I managed to sign up to?

    I called it quits when the bloke I used then wanted a monthly fee for his signals. If the signal success to loss ratio was 3:1 I'd probably have stuck but it was more like 1:1. On this basis I assumed the chap providing the signal needed just enough "wins" to keep people interested and then to share socially to show how good he was.

    To him, I assume, he didn't really care about the trades. He just needed enough people to be happy to trade to earn from a broker fee and his monthly subscription fee.

  12. #12
    Craftsman
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    I know people who made hundreds and thousands and then lost it all in a very short space of time. This is not something for the light hearted.

    Sent from my CLT-L09 using Tapatalk

  13. #13
    Craftsman
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    I use a Forex Trader/Broker whatever..... Put a few K into it and whatever he is doing it seems to work for me and many others that are doing the same with him. I don't understand anything about it.... he does.... it works fine for me... avg is about 15% per month return....

    regards

    V

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