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Thread: Currency Trading

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    Member Bartender's Avatar
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    Currency Trading

    I just started small scale currency trading to learn about it anyone here have any experiences or tips for a noobie? Also personal experiences? Made lots of money? Lost lots of money? Drove yourself crazy?

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    凸(ಠ_ರೃ )凸 stuck's Avatar
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    http://www.ft.com/intl/cms/s/0/93a46...#axzz20nAtoIeN

    Everything I'm reading sounds like it's the biggest sucker game of all.

    "Now, having perhaps sold the euro and bought the dollar, the client will be trading against his FX broker, who is now his trading counterparty. And that counterparty the FX broker can almost certainly wear far more volatility than an individual client.
    The FX broker is trading against thousands of individual punters. Not only does it make money from the spread between actual retail and wholesale FX prices; it also sweeps up every time one of those clients hits the stop loss limit on their trading account."

  3. #3
    Member Bartender's Avatar
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    Quote Originally Posted by stuck View Post
    http://www.ft.com/intl/cms/s/0/93a46...#axzz20nAtoIeN

    Everything I'm reading sounds like it's the biggest sucker game of all.

    "Now, having perhaps sold the euro and bought the dollar, the client will be trading against his FX broker, who is now his trading counterparty. And that counterparty – the FX broker – can almost certainly wear far more volatility than an individual client.
    The FX broker is trading against thousands of individual punters. Not only does it make money from the spread between actual retail and wholesale FX prices; it also sweeps up every time one of those clients hits the stop loss limit on their trading account."
    I am trading crypto currency actually. It's pretty volatile tbh I doubled my money but now my tiny sum is stuck in a currency that is selling very slowly.

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    凸(ಠ_ರೃ )凸 stuck's Avatar
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    Quote Originally Posted by Bartender View Post
    I am trading crypto currency actually. It's pretty volatile tbh I doubled my money but now my tiny sum is stuck in a currency that is selling very slowly.
    You're probably better off there, especially if you're not dealing with a broker or leverages: however, in essence, you're betting on the longterm growth of that market.

    This stuff is interesting to me, but I don't know shit about it. I could have made some money, having heard about bitcoin when it was at 10 bucks. Glad I didn't buy in at the boom, though, holy crap.

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    凸(ಠ_ರೃ )凸 stuck's Avatar
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    Here's what I want and what doesn't quite exist yet, AFAIK- an index fund for every cryptocoin that will ever be. I'll take a position on it and broker it to the masses, making 10x the amount of money as a broker than as a trader.

  6. #6
    schlemiel Faust's Avatar
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    Quote Originally Posted by stuck View Post
    Here's what I want and what doesn't quite exist yet, AFAIK- an index fund for every cryptocoin that will ever be. I'll take a position on it and broker it to the masses, making 10x the amount of money as a broker than as a trader.
    Allegedly this doesn't exist since hyperinflationary cryptocurrencies like dogecoin which will be exhausted in short order, or something.

  7. #7
    Tsundoku LordLatch's Avatar
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    Quote Originally Posted by Bartender View Post
    I am trading crypto currency actually. It's pretty volatile tbh I doubled my money but now my tiny sum is stuck in a currency that is selling very slowly.
    Which cryptos and what exchange?
    That's my poop stirrin' stick- Don't touch it! You don't know which end is the handle..

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    Member Bartender's Avatar
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    Quote Originally Posted by Dr. Ahcir View Post
    Which cryptos and what exchange?
    I'm just learning so I'm doing some brand new ones. Me and my buddies are doing a competition to see how much money we can make with 10k panda coins. It looks like I'm going to lose all mine hahaha. I'm on Bittrex and I got my "money" in EQX and I have learned a valuable lesson, Watch them before you buy them because I'm down a lot, like a real lot.

  9. #9
    a cantori Perdix's Avatar
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    Money into crypto-trading:
    Cash>LocalBitcoins.com>Wallet>Exchange (I use BTER and BTC-E.com)

    Money out of crypto-trading
    Exchange withdrawal>LocalBitcoins>Cash Bank Deposit

    Play it safe in the beginning, go to FIAT if you're uncertain.

  10. #10
    Member Bartender's Avatar
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    I'm just learning right now playing with less than a dollar. I'll keep that in mind if I decide to throw my hat into the ring for real. Seeing how risky this is I'm skeptical but its fun like gambling. (it essentially is)

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