Laura asks…
Several questions regarding the Forex market…?
Hi All,
I know everyone’s strategies, experience, capital, money management, time they spare for trading, etc are completely different than each other, but I will be really glad If you inspire this new guy who is eager to make a small statistics about the market. (Needed for a presentation).
Not able to find any firm statistics on the web though, anyways.
You may answer any question you like, Thanks.
1. What is your capital?
2. How many lots or how much per day do you trade? (micro, mini or standard)
3. What is your daily limit? (trades, profit, pips, etc)
4. What leverage makes you feel safe? (50:1, 100:1, 200:1, etc)
5. Do you like fixed or variable spread?
6. Do you prefer market execution or instant execution?
7. Is scalping always profitable to you, what do you think?
Appreciate your answers, time and help.
Regards,
kenspong answers:
Hey,
Just want to start out with I’m no pro but I’ll give my 2 cents and help you on with more resources.
1. The great thing about forex market is that you can start small. Some start from 5000-10000 but many start with 250 and that’s all fine. If you’re new to the trade you likely want to start small and use minilots until you get the hang of things as there can be learning curves that can result in some unpleasing experience but it helps build your knowledge and wisdom.
2. Most people likely trade with standard however yet there are many who prefer to trade with minilots. Personally if I were new to a certain currency pair, minilots or micro lots would be my choice, if I were more familar with a specific currency then more onto standard might be my choice but yet sometimes I’d still like to trade mini depending on the trend and past results
3. That really varies from each trader however it would likely be contigency on their capital and lots traded
4. I’m one that takes things very save so I generally prefer 50:1 but that’s a personal preference sometimes I move 100:1
Mark asks…
Help! Working experience for CV!?
I am an overseas student studying in a university in the UK. I’m not very familiar of what kind of working experience that you should include in your CV. I’m planning to apply for an internship in the UK next summer. I’m probably applying for a finance-related ones, such as capital markets. This summer, I worked for my parents who are doing some private forex trading activities as a personal assistant as I couldn’t really get a job out there in my country. I learnt quite a lot of stuff and I’m thinking of whether to include this as a working experience in my CV. A friend of mine said that I shouldn’t, since I wasn’t working for other parties. Do you think I should include this as I didn’t have any other working experience?
The other problem I’m worried about is since I was working privately for my parents and that’s their own trading instead of companies, I might not be able to provide a reference.
Thanks for answering…
kenspong answers:
Yes, include it. You need to be specific about what skills you gained and give examples of each, eg communication, problem-solving, numerical. You can do this in a short paragraph or a bulleted list.
Sandy asks…
Want to become a Proprietary Trader?
I’m currently interning @ RBS Greenwich Capital Markets in Credit. It is boring. I’ve been offered a chance to maybe move around the firm to a different area. I know I really want to proprietary trader or be a FOREX spot trader, but I was unsure if they would be too busy to work with an intern. I would think so, in which case where can I learn to trade for free? Also, I was hoping I could get some clarifications into the two areas, what seperates them, and what kind of person would be better fit for both areas. Thank you so much.
kenspong answers:
If you like trading and some one offers you a chance to work on trading desk and you don’t take you’re a fool and don’t deserve to even work for that company
You don’t worry is someone is going to “work” with you, you take the golden opportunity and run with it. If you think traders are going to hold you hand and spend time teaching you better not take the job. You learn by doing, by following, by listening, and paying attention.
All traders have the some abilities, personalities & traits, some a little more servere than others. Traders are above average intelligence (you would know most of the time) quick thinking, good a math and have out going personalities and most importantly are not wrapped too tight.
I’ve been on the floor of most exchanges, including the options. Equities and commodities and a trader is a trader is a trader. A good floor trader (and most inhouse) can trade anything with a very short indoctrinization period
Ken asks…
Do you like trading FOREX?
Who trades FOREX here?
Could you please help me make a small statistics about the market? (Not able to find any firm statistics on the web though).
1. What is your capital?
2. How many lots or how much per day do you trade? (micro, mini or standard)
3. What is your daily limit? (trades, profit, pips, etc)
4. What leverage makes you feel safe? (50:1, 100:1, 200:1, etc)
5. Do you like fixed or variable spread?
6. Do you prefer market execution or instant execution?
7. Is scalping always profitable to you, what do you think?
Appreciated a lot, thank you.
kenspong answers:
This Seems very similar to another question I already answered so Here is a Quote of it:
“Hey,
Just want to start out with I’m no pro but I’ll give my 2 cents and help you on with more resources.
1. The great thing about forex market is that you can start small. Some start from 5000-10000 but many start with 250 and that’s all fine. If you’re new to the trade you likely want to start small and use minilots until you get the hang of things as there can be learning curves that can result in some unpleasing experience but it helps build your knowledge and wisdom.
2. Most people likely trade with standard however yet there are many who prefer to trade with minilots. Personally if I were new to a certain currency pair, minilots or micro lots would be my choice, if I were more familar with a specific currency then more onto standard might be my choice but yet sometimes I’d still like to trade mini depending on the trend and past results
3. That really varies from each trader however it would likely be contigency on their capital and lots traded
4. I’m one that takes things very save so I generally prefer 50:1 but that’s a personal preference sometimes I move 100:1”
Lisa asks…
I need $30,000 so I can trading stocks but I currently cant figure out a way get a hold of that much money?
Ever since I was in middle school Ive known that I wanted to make my living trading stocks. I’m getting tired of paper trading, Ive developed a strategy that is a winner but I need day trading privileges to put it into execution. Ive always viewed the money markets (stock market, forex) as the best wealth generators available. But I wasn’t born into alot of money and have no rich friends or family, so its extremely difficult for me to come across the $30,000 I need to start trading stocks with day trading privileges.
So what I need help with is ways to raise the capital. I made some mistakes earlier in life so I don’t have a good credit rating and Im not a home owner. The most frustrating part of it all is knowing that I have the ability to do something great but I lack the resources. so please pour in the suggestions. Email me if you have any further questions bjulyjayjr@yahoo.com thanks in advance
kenspong answers:
Rob a bank. They robbed us all anyway. Mine as well get some retribution.
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