Just wondering if anyone trades the forex ? I’m interested in learning to trade but don’t know where to start there is that much on the internet it’s confusing, I’ve tried finding tutorials on YouTube but it’s all stuff like earn £10000 in no time lol, if anyone does use the forex do you care to share the programmes etc you use, cheers.
I don’t know,but I would suggest that you need to be sat in front of a computer all day.
Difficult if you drive for a living 
Baggie:
I don’t know,but I would suggest that you need to be sat in front of a computer all day.
Difficult if you drive for a living
Hello mate this is the sort of stuff I’m wanting to find out , wether it’s possible to do it from using apps during the day and computer in the evening , bills basics really lol , I’m more interested in it as its 24hrs unlike the FTSE etc.
Actually you dont need to be in front of a computer. If you think that for exampl, sterling is going down against the dollar, then you start your trade in the morning and let it run all day. You can roll over to the next day if you want.
If you do think that you might try it then FFS do it virtually for a month at least, you can sign up to a virtual platform. There are forex forums, think forex factory is still going.
Forex is not for the faint hearted. You really need to be clued up with how the markets are going to move; how the markets are played by the big hitters and MM’s (yes, they can manipulate things to their benefit and screw PIs); and you also need to be able to respond quickly when things move against you.
You also have a greater chance of loosing bigger through FOREX than you do through normal stocks and shares due to the pace of movement; and the ease of which you can buy/sell on margin.
If anyone is telling you you can earn thousands in day/weeks - I’d be hugely cautious. Whilst it is feasible, you need to be bang on with your plays, and even then, the odd aren’t great. Chances are they are trying to sell you a service/product…
Cheers for replies , like I’ve said I’m Interested in it but I don’t have a clue this moment in time lol, I’ve read about opening a demo account but it’s all a bit daunting on how it actually works making a trade, I know that it’s basically betting against one currency doing better against another , but when you see it on a screen it’s all head baffling as how you actually make a trade to make money, that’s what I’m struggling to find out, all the videos you see online are ones claiming to make you thousands within minutes. Appreciate any replies as it all helps thanks
If you want to try virtual first try an app like CMC Markets lets you trade commodities and forex in spread betting.
Start with £10,000 and try it for example forex.
Aus dollar / Canadian dollar is trading now at 0.9893 you bet points per pound which is paying a percentage of 0.9893 is leveraged eg 5 pts per pound is worth £49,483.
You can bet it to go up or down but forex has to be watched like a hawk it’s a fickle beast.
Started on £10,000 and I’m on £185,534
Jeff.
You’re better off trading forex via the futures markets that are done through transparent exchanges like Globex/CME.
If you opt for some backstreet outfit otherwise - you risk them running off with your money at any point, as they are not regulated by FSA.
The most common scam such boiler room forex outfits do at this time is “insist that you have a stop loss in the market” - which strangely always seems to get hit, regardless of where the market goes from day to day. This is because the market THEY quote is not actually the “real” market, but “their own prices based around the real market” which of course isn’t centralized in London. Over a hundred different firms will all be offering slightly different prices, last traded, highs and lows, etc. You need to avoid ALL such firms.
“Sorry bud, your stop got hit with the market down 2c on the day as you stipulated” (whilst most of the other brokers only saw a low of down 1.87c on the day…)
Think of it like the betting ring at a horse track. Cheltenham it AIN’T if you’re a backstreet firm - more like Lingfield, where SPs routinely get “squeezed” in thin markets - to benefit the betting shops, who pay retainers to some of the on-course bookmakers.
There’s a lot of skullduggery in the marketplace, and it really is a jungle.
ANYONE can get a coin-flip right in making money on Forex - but the skullduggery sets the odds slightly against the punter, so they’ll end up going broke over a matter of weeks - regardless of how good they are. Anyone “seems” good when they’ve had a few winning trades on the spin - but fall foul when they attempt to up stakes, or try a market they are less familiar with.
Stick to GBP/USD via the CME futures contact, which is all official and above board. In THIS market, if your stop was outside the days range - you KNOW it didn’t get hit, thus relieving a lot of worry and stress. 
British Pound Mar '24 Futures Price - Barchart.com (Pound/Dollar contract)
For charts, highs, lows, official closes, and other blurb… (delayed data)
FREE “live prices” on a variety of futures prices, including the main currencies.
I’ve been using these two sites in particular for over a decade by this point.
If you want any other info - just ask. 
Baggie:
I don’t know,but I would suggest that you need to be sat in front of a computer all day.
Difficult if you drive for a living
When I was off on long-term sick back in 2005, I was on zero pay and needed to make some money whilst unable to leave my house.
I traded the markets full time for 10 months, and turned a $20,000 starting balance into £35,000 drawing down the profits at the end of each month to live on.
I wouldn’t be able to do that today, as the margin requirements for overnight holds (saves a lot of trades that!) have increased considerably since then. Markets got a whole lot more volatile from pretty much the credit crunch onwards, and that is reflected by increased overnight margin requirements for contracts held in your account.
A starting balance of $20,000 nowdays WOULD be enough to trade Sterling/Dollar futures though, and maybe one of the mini stock index contracts too. I used to trade the currencies, and the mrs used to bang around with the mini dow contract ($5 per point) with a fair amount of that £1500 a month I spoke of coming from that as much as my own dealings…
Like in Poker - It’s possible to turn a bad starting position into a good profit - if you know when to hold and when to fold.
If you’re too paranoid about “Losing” all the time, then you’ll take small loss after small loss - and go broke in a matter of weeks.
You need to take the attitude that your account could blow up any second at any time - and face the risks which you’ve bothered to get to know - prior to entering the trade, and then monitoring further developments as they break on the news feeds.
£/$ is a good one to follow, as is the Dow Jones - because radio news programmes keep you up-to-date with where they are at.
Other markets might be easier to follow as well these days - IF you’ve got unlimited data internet on your mobile device. 
Currency futures on CME trade from 11pm sunday night to 10pm the following night, with a one hour closedown. Friday night at 10pm is the main final closedown for the week for most of the Globex contracts, including the currencies.
The biggest movements in the currencies are during the “London Session” which peaks at around 13:00 GMT right around to the official London Close at 6pm. Quieter trading continues on CME until their close at 10pm GMT.