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    All Forums | Investments

    I admittedly tried .. the practice FOREX account

    wizdumb2003
    wallstreetcappers
    JudgeSmails
    TrickaC14
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    wizdumb2003
    wizdumb2003
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    Posted: Aug. 20, 2007 - 9:55 PM ET #1

    Thought it might be fun to dabble on the laptop a few hours a day, on the beach.  Making millions. 

    My discoveries:

    1)  Regulated, but barely, depends on who you broke with

    2)  Practice accounts, are just that practice, within crap that is not real time

    3)  I found myself sitting and monitoring scores, just like a baseball or basketball game, paying attention to every detail of the quarter or inning.  <<~~Not Fun Anymore

    4)  You must know your stop loss data, big time, to play in this big bog market, as well as the regulatory agency that is involved.

    What's your experience FOREX???????
    Reply
    To remove first post, remove entire topic.
    Thought it might be fun to dabble on the laptop a few hours a day, on the beach.  Making millions. 

    My discoveries:

    1)  Regulated, but barely, depends on who you broke with

    2)  Practice accounts, are just that practice, within crap that is not real time

    3)  I found myself sitting and monitoring scores, just like a baseball or basketball game, paying attention to every detail of the quarter or inning.  <<~~Not Fun Anymore

    4)  You must know your stop loss data, big time, to play in this big bog market, as well as the regulatory agency that is involved.

    What's your experience FOREX???????
     
    wallstreetcappers
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    Posted: Aug. 20, 2007 - 11:56 PM ET #2

    Good comments Wiz..

    Unfortunately I doubt many trade the Forex here, me included..but that said I am quite familar with it and have researched it..and the comments you make are correct.

    Practice vs real cash is like night and day..you can practice for 10 yrs and still get the sh!t kicked out of you when the money is on the line. If it were me and I really wanted to try I would pay for the real time feed and "practice" on paper using real time data feed and real time stop loss practices.

    What will KILL you with the Forex is the following-

    Overmargining- they allow a ton of margining and that is a recipe for disaster

    Stop Loss- on both gain and loss scenarios NOT using stops and knowing where such said stops are and triggered.

    What would be the best is to have a program that does this for you (and they exist) and let the computer automate the trades and leave the human aspect of the business out.
    Reply
    Good comments Wiz..

    Unfortunately I doubt many trade the Forex here, me included..but that said I am quite familar with it and have researched it..and the comments you make are correct.

    Practice vs real cash is like night and day..you can practice for 10 yrs and still get the sh!t kicked out of you when the money is on the line. If it were me and I really wanted to try I would pay for the real time feed and "practice" on paper using real time data feed and real time stop loss practices.

    What will KILL you with the Forex is the following-

    Overmargining- they allow a ton of margining and that is a recipe for disaster

    Stop Loss- on both gain and loss scenarios NOT using stops and knowing where such said stops are and triggered.

    What would be the best is to have a program that does this for you (and they exist) and let the computer automate the trades and leave the human aspect of the business out.
     
    JudgeSmails
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    Posted: Aug. 24, 2007 - 10:23 PM ET #3

    I did the practice account and now am opening a real one...I'll let you know how it goes!
    Reply
    I did the practice account and now am opening a real one...I'll let you know how it goes!
     
    wallstreetcappers
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    Posted: Aug. 24, 2007 - 11:06 PM ET #4

    Were you trading off real time data and did you practice good stop skills? Are you using software for buy and sell points?


    Reply
    Were you trading off real time data and did you practice good stop skills? Are you using software for buy and sell points?


     
    JudgeSmails
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    Posted: Aug. 25, 2007 - 1:39 AM ET #5

    Yes real time on forex.com...I definitely set my stops and am disciplined as hell. Not using any software but I have a concrete strategy. We'll see , I'm pretty excited!
    Reply
    Yes real time on forex.com...I definitely set my stops and am disciplined as hell. Not using any software but I have a concrete strategy. We'll see , I'm pretty excited!
     
    wallstreetcappers
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    Posted: Aug. 25, 2007 - 1:42 AM ET #6

    Just caught this..

    How much dough you tossing in and I hope you are using very very conservative margin limits..

    Any questions let me know and keep us updated..
    Reply
    Just caught this..

    How much dough you tossing in and I hope you are using very very conservative margin limits..

    Any questions let me know and keep us updated..
     
    JudgeSmails
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    Posted: Aug. 25, 2007 - 4:41 PM ET #7

    2 grand to start, should be ready in about a week
    Reply
    2 grand to start, should be ready in about a week
     
    wallstreetcappers
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    Posted: Aug. 25, 2007 - 5:03 PM ET #8

    Quote Originally Posted by JudgeSmails:

    2 grand to start, should be ready in about a week


    I know it aint sexy, but if you are margining at anything higher than 2 to 1, you make one bad trade and say adios..

    Be careful...
    Reply
    Quote Originally Posted by JudgeSmails:

    2 grand to start, should be ready in about a week


    I know it aint sexy, but if you are margining at anything higher than 2 to 1, you make one bad trade and say adios..

    Be careful...
     
    TrickaC14
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    Posted: Aug. 28, 2007 - 2:11 AM ET #9

    I did this also, incredibly hard for me, I am only 19 trying to step into this huge market knowing it can be very profitable.  Very hard trying to learn this stuff and I have been researching it for a week or so....
    Reply
    I did this also, incredibly hard for me, I am only 19 trying to step into this huge market knowing it can be very profitable.  Very hard trying to learn this stuff and I have been researching it for a week or so....
     
    wizdumb2003
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    Posted: Aug. 31, 2007 - 10:15 PM ET #10

    JudgeSmails, please share your status update with us loafers?
    Reply
    JudgeSmails, please share your status update with us loafers?
     
    JudgeSmails
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    Posted: Sep. 1, 2007 - 10:22 AM ET #11

    Just gathering my strategies and studying. I'd love to do a daily trend but with all the leverage one wrong swing and you're wiped out. Pretty much gotta trade very short term unless you have tons of money. Daily chart would be eeeeasy money though dammit.
    Reply
    Just gathering my strategies and studying. I'd love to do a daily trend but with all the leverage one wrong swing and you're wiped out. Pretty much gotta trade very short term unless you have tons of money. Daily chart would be eeeeasy money though dammit.
     
    wizdumb2003
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    Posted: Sep. 27, 2007 - 10:33 PM ET #12

    OK if you say so Judge.
    Reply
    OK if you say so Judge.
     
    wizdumb2003
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    Posted: Oct. 3, 2007 - 11:03 PM ET #13

    updates???


    JudgeSmails?

    TrickaC14?
    Reply
    updates???


    JudgeSmails?

    TrickaC14?
     
     
    JudgeSmails
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    Posted: Oct. 7, 2007 - 12:54 AM ET #14

    Down big, then back to even. I think I have my strategy down now!
     
    Stocks are easy, I just check them once a day and occasionally make a trade...with the Forex it goes 24 hours ...very different ballgame.
    Reply
    Down big, then back to even. I think I have my strategy down now!
     
    Stocks are easy, I just check them once a day and occasionally make a trade...with the Forex it goes 24 hours ...very different ballgame.
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