Attended a Forex Trading Seminar

[Redgun71]

I attended a free seminar this morning, although it states seminar it was advertise as learn to trade.

It started off well, the guy selling himself how he got into FX trading and the results of the past 5 years - a luxury car and holidays around the world, etc... telling us not to buy or sell with emotion, to have a discipline, have a strategy/target and have a stop loss figure.

But there was no computers/laptops to play demo accounts with, just a couple of Powerpoint/Excel slides, videos and notes on a flip charts. I was left a little disappointed and the catch their goal was to sell you their trading course and trading software.

Don't get me wrong I knew it wasn't going to be a full training course but not to actually make a dummy trade or see multiple trades being executed doesn't make me want to buy into that company.

I'm fairly computer literate and have bought/sold stocks/shares online but there is so much going on a FX screen/Bloomberg terminal, one mistake or delay could cost you hundreds or thousands of pounds.

Is there any demo accounts and brokers/dealers you could recommend?
Any advice or tips that you could share?

Thanks

 

[The Dentist]

To be honest mate i would stay away.

unless its your full time job, not worth it.

As said above, you need to be totally on it. I;ve seen a few people make a couple of grand one week and lose a bit more the next. At the end of it, you will always end up down.

I''ve lost a lot of money on IG trading.

 

[Spectre]

their goal was to sell you their trading course and trading software.

I twiddled with day trading a while back but it is very intensive and consuming.

They sell trading courses because it's easier than actually trading.

 

[Redgun71]

Thanks for your replies, I understand the risks involved, I know it's another form of gambling just like spread betting and know if it was that easy everyone in FX trading would be millionaires.

I already have a job and get by with my wages/not struggling, I attended this seminar to learn about FX trading and if I like it/understood it use it as a source for a 2nd income, I did get more attentive when they said all money made was tax free.

This company did try to sell you a easy way to get rich but they did point out that most amateur traders lose all their investment within 90 days, without a strategy and a stop loss I too would lose money more often than gain a profit.

The speaker did say start off with a £1 per point or whatever you are comfortable with, as you get more confident and get use to trading/when you know what you are doing you can increase the price per point. Also you will not always make gains but also make losses on trades, do 5-10 trades a week and if you follow all the basic principles should make gains in 6 to 7 out of 10 trades or 2/3rd of your trades.
He did showed us a snapshot of his trades from yesterday (Friday), he did 31 trades, made 21 gains and 10 losses, talked about 2 types of brokers/dealers your regular type and the casino type brokers/dealers, he said their company were the former type and talked about historical data and trends so whatever currency goes up must eventually come down and vice versa which you still can still make money on.

 

[Mick]

Better off with Stakeholder pensions,

I would stakeholder (1%), then go for a high risk pot (tracker).

And with the new regulations coming in you can take it out... don't quote me on that lol... not sure how that will play out yet?

Won't give you the instant cash you want to make, but why all the risk lol...
@Spectre put it the best, you will get fooked lol its easier to sell courses and training than stock market entrepreneuring.

 

[Redgun71]

The phrase "there is no such thing as a free lunch" and "hook, line and sinker" comes to mind.

The company (I won't name them but they have a trading floor in Chelsea Harbor) showed a video of a trade and called it £19k in 4 minutes, £1k per point/pip buying long on GBP/USD, they closed the trade at +20 points/pips (their target) but the system actually closed it at +19 points/pips.

Even though it was over half my salary gained in minutes, I know it could of went the other way, your average working class family can not afford to gamble £1k-20k per trade!

Anyway anyone interested in Forex Trading here are some useful links, some with free demo accounts.

XE - Currency Trading and Forex Tips

What is Forex Trading - Forex Explained - City Index

Saxo Academy | Saxo Bank

https://www.ig.com/uk/trading-skills

 

[jhathawa]

I attended a free seminar this morning, although it states seminar it was advertise as learn to trade.

It started off well, the guy selling himself how he got into FX trading and the results of the past 5 years - a luxury car and holidays around the world, etc... telling us not to buy or sell with emotion, to have a discipline, have a strategy/target and have a stop loss figure.

But there was no computers/laptops to play demo accounts with, just a couple of Powerpoint/Excel slides, videos and notes on a flip charts. I was left a little disappointed and the catch their goal was to sell you their trading course and trading software.

Don't get me wrong I knew it wasn't going to be a full training course but not to actually make a dummy trade or see multiple trades being executed doesn't make me want to buy into that company.

I'm fairly computer literate and have bought/sold stocks/shares online but there is so much going on a FX screen/Bloomberg terminal, one mistake or delay could cost you hundreds or thousands of pounds.

Is there any demo accounts and brokers/dealers you could recommend?
Any advice or tips that you could share?

Thanks

Be careful, you can actually lose more than you deposit. Alot of people don't realize this. Even if you put in stops the market can jump past them in volatile times (usually Fridays or during certain market announcements).