You have to make a call heads/tails in the end.......

Many trading platform have demo accounts, try playing around with the demo account and see how well you fair.........

I know a few traders that have some success, but often losses eat up the profits..........

In November 2021 Bitcoin was almost @ a 1 Million, today its @ R500,000

On 2023-04-25 13:40:25 Modestlover said:
On 2017-02-23 10:48:10 Mohamed187 said: Ok here goes I'm sure someone can advise me since we have a diversity of members.

Recently there's been a major buzz about forex trading in South Africa, been seen a lot on social media aswell for those who have any knowledge of it kindly PM me. Is this stuff really legit? Can forex trading be done as a full time profession?

6 years later and people are still advertising this.
Would love to know if anyone has made it successfully in this industry?

I know people who made millions in a very short space of time and then lost it all even faster. It is very risky. Pretty much like gambling.

JP69

On 2023-04-25 14:37:20 Star8546 said:
You have to make a call heads/tails in the end.......

Many trading platform have demo accounts, try playing around with the demo account and see how well you fair.........

I know a few traders that have some success, but often losses eat up the profits..........

A good few years ago myself and a group of 5 all decided to do these things but we did the demo accounts individually with our won accounts. We were all nailing it on the demo accounts. One guy even got a senior developer to automate all his trades based on our learnings and he made buckets on the demo accounts. He decided to put real money in after a few days, the other guys followed suite all a fe days apart so probably a month down the line, everyone but me put real cash. I was just too busy with other stuff and they were making more than me anyway so thought I still needed to learn more.

Anyway, fast forward a bit and they started going flat and eventually lost. In 6 months everyone lost all their real cash and I was still playing on the demo account then like it was a game and was still making money. My conclusion is as much as we think the demo account is a real depiction of the market but the money is not real, it isn't actually. I'm sure there's subliminal things that make you make money, even if if just the lack of risk or greed but something changes your actual behaviour when it comes to real money so I rather leave that type of "investing" to the "professionals" that think it's monopoly money to them spending other people's money.

JP69

Interesting observation JP69. There might be a bit of confirmation bias when it's real money vs monopoly money. Emotions definitely play a part in it but it would cool to know exactly how using real money affected their decision making.

On 2023-04-25 16:03:23 WillGrey said:
Interesting observation JP69. There might be a bit of confirmation bias when it's real money vs monopoly money. Emotions definitely play a part in it but it would cool to know exactly how using real money affected their decision making.

Yip, interesting indeed and we were all scientists too, not the zoology and botany type but finance, and software etc. I did flat that up in the beginning, hence the development of an automated bot to follow the rules without emotions so to speak. That thing worked flawlessly making money every single day on the demo account. Hell, every time we checked it, we were up and that might have been at longest every 30 minutes.

I suspect the guy that wass running it with real money was probably tinkering and switching it of an on or changing rules when he saw his real money moving up and down and ultimately lost. But then the guys not using it also lost and there were some serious financial gurus in that group. Some already made millions of Bitcoin and I didn't listen to them when they told me in the beginning so that's kinda why I decided to join them in this test but glad I never got to putting real money down.

JP69

I luckily sold up the companies I was involved in pre-Covid lockdown, and was cash flush an debt free. Due to lockdown boredom I actually learnt the skill of trading. It is an extremely hard skill to master, and basically took me 2 years and still learning the various techniques of technical and fundamental analysis.

Currency trading is a waste of time for me. I'm way more consistent trading indecies (Nasdaq100, US30, Dax) and gold using 90% technical analysis.

Robots are not for the long term, you have to be robot yourself. People falling for the social media scammers selling robots are daft. 99% of social media traders flashing and trying to push their "courses" and "signal groups" at substantial costs are out pretending in order to scam people.

But it is a skill actually worth learning, (better with a well seasoned, experienced trader to guide you, there are a few genuine ones out there)

Another thing is the amount of money you trade with, and the most important variable - risk management. I trade with a 200K account (I know people who trade with a 500K to 800K accounts). But with a mere 50K account you can easily make at least 150K a month if you are willing to put the effort in. When I started as a beginner, I lost about a 100K of my own money. But as I got used to analysing, I took a 20K account to 80K within 3 weeks whilst using lot sizes no bigger than 0.15, thats when I knew this can be a useful hobby to make easy cash.

Edit: I do intra-day trading only and occasional sculp trading. Although there are serious traders that does swing trading only, soemthing I have no patience for.

I'd love to pick your brain Veteran Punter. I tried a little of the forex trading using shyft but it is really difficult to predict where the market is going so stopped bothering with it.

I'll DM you sometime if you're willing to share some of your knowledge

On 2023-04-26 10:13:59 WillGrey said:
I'd love to pick your brain Veteran Punter. I tried a little of the forex trading using shyft but it is really difficult to predict where the market is going so stopped bothering with it.

I'll DM you sometime if you're willing to share some of your knowledge

I'm no expert, but rather will guide you to proper legit trader's providing training and mentoring. I never heard of Shyft. I use MT4 and MT5 platforms and IFXbrokers; Exness and TDMarkets since none of these brokers ever ripped me off.

One lesson I personally learnt, there are lots of technical analysis tools. Try narrowing it down to only 3 to 4 tools that you master and use consistently. And know when to cut your losses in losing trades. Overall weekly/monthly profitability is what counts. Yesterday was super profitable on Nasdaq100 and Gold. Right now Im in a losing trade on Nas100, but Im holding to see if it will break the zone...........