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Exodus

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About Exodus

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  1. Dear moderators, Happy New Year ...please approve my post (a way) above. Thanks
  2. Hi, I have been an IG client for about 18 months and just created this profile so that I can answer you. To other readers, please don't log-jam my messaging inbox. I may not even look at it. First, @TrendFollower, you are right about successful traders not posting much on forums. Here are the main reasons why they don't. In my opinion of course... a) if you have a working system then you will not want the forum scavengers from banks and trading desks pirating your hard work because they will automate it and then your system will probably stop working. b) most people posting in forums are looking for answers, the rest have a gap in their life and may be feeding their egos. Once you have answers you may not stay on any forum. There is another unfortunate cause behind successful traders withdrawing from a forum ... nobody believes them. I have seen a couple who have tried to help new traders by attempting to open their minds to the realities of the market. They have been castigated by trolls and failed-players who are convinced that there is no success available. @Adam71, trading FX requires a great deal of learning. It took me about 10 years to become both proficient and resilient with investing in stocks. There are some lessons that can only be learned the hard way. My investments are now my bread and butter. I have been living off them for 6 or 7 years. I started trading FX because I learned some of the lessons with investing, a significant lesson being that 'investing' relies on a buoyant market. When the market starts going down (2 straight years after the dotcom bust) you are going to find it very difficult to make money as an investor. I have 'survived' the dotcom bust, the 2008 great recession (aka the banking crisis), and I am now looking over my shoulder because the current bull-run is ten years old and a massive correction is well overdue. Plus some of the weasley practices around in 2006/7 are beginning to appear in some financial products. So FX does not care which way the market is going, who is thriving nor who is going bust. All you need as a traders is to be able to make sense of the various currency movements. It has taken me another ten years to become profitable on FX to the point where I no longer wonder if I am doing it right. However I still consider myself a fledgling in some respects. What has been my biggest handicap? My investing experience ... the FX market does not move in the same way as the stock market but the stock market does sometimes present the same chart patterns which technical analysis recognises in FX. You need to learn how the market behaves before you can develop a trading strategy. I suggest you visit BabyPips (dot com) and check out their free course "How to Trade Forex". I apologise in advance for the journalistic style therein which is somewhat reminiscent of Motley Fool, however just grin and bear it and it will take you a few weeks to complete. Then start watching the market. One of the great things about having an IG account is that you have unlimited 'demo' trading and can practise without perpetual hassling from salesmen wanting you to deposit funds. I will try to come back here and answer any points that may arise, but don't hold your breath. When I started FX trading there were quite a few people in the FX boards who said similar things about how long it would take to become proficient. I didn't believe them because I suffered the worst possible event ... early success. So there you have it, this is a long and sometimes hard road. If you don't have stamina and persistence you will not make it. Stick to one currency pair until you have become comfortable with that pair, the next pair will not react in the same way. There are probably no systems worth buying, why would anybody sell such a system? If it is profitable all it takes is an initial stake and some time. Similarly with trading signals, although signals could be thought of an extra pair of eyes. However when you are starting you are looking at one pair only, you need no other 'eyes'. I trade two pairs. Good luck.
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