Trading is trading is trading

Based upon Marketsurfer’s example I have decided to venture into the world of currency trading.

I opened a small account with Oanda in order to evaluate this trading vehicle.

My findings are as follows:

- You can open an account with a few hundred bucks
- You can specify your own value of pip (so that hundreds of losing trades wont kill your account)
- Trade all day long
- Learn very cheaply some of the skills necessary in this business
- And if you fail, and you probably are, the entertainment you get for your buck you can’t get elsewhere

Good luck and don't trip over my shoelaces.

 

I'm interested in currency futures. Is this what you're trading and what does this "create your own value" mean ?

Thanks.

 

Well, I was ultra conservative when I started last week.

I made up my mind to start very, very small – my trading involves buying and selling 1000 units at the time.

That means, if you aim for a 60 pip target and 20 pip stop – the maximum you can lose is 2 bucks.

With that kind of risk you can play the game for a long, long time.

You can increase or decrease the number of units you trade at will.

 

Very interesting and informative, thanks for this thread. Are you able to trade 24 hours with this setup?

 

So I am told - I kept falling asleep though.

 

My humble apologies – I have forgotten the most important thing: the cost of trading.

There are no commissions of course, but you do have to pay the spread.

I like to trade EUR/USD where the spread is two pips (for 1000 units the cost is 2 cents – not bad at all).