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Originally Posted by wdevauld
I think we're being open, or we wouldn't still be here.  I like the idea of trading on the currency market, and I know that it is not some 'get rich quick' sceme. Like anything in life, you are going to have to work for it.
Right now, my work is making sure I have all my questions answered before I step into the water. So, some more questions:
1. What broker/dealer to do you use to trade? Do they have a monthly fee, or is the spread sufficient? How do you get money in/out? Is there a fee associated with moving your money in and out of your account?
2. Do you know of somewhere you can get a live or even delayed feed of data (Bid/Ask) without stripping it from a website? (RSS would be great!)
3. How much time, seriously, do you spend on this stream of income? I know you could execute all your trades in a couple hours in the morning, but do you spend the rest of the day thinking of your money and doing research? |
I wasn't talking about you
!
1, There are a range of brokers. In fact, you can choose who ever you like. There is no monthly fee, just the spread. You can get the money very quickly - no fuss. There is no fee associated with moving the money in and out of your account with the brokers that I will be using.
2, When you do the basic course you get the charts free for a month, so you can practice. There are sites out there that offer various feeds, but I haven't made a note of those I came across. A Google search will reveal some, I'm sure. And you can open as many demo accounts as you like to practice on. They are exactly the same as live accounts except that you are not using real money.
3, I don't spend more than three hours at a time trading, unless there is something special happening. I am also moving towards spending less time than that, as I can now receive SMS alerts to let me know when things are happening. This allows me more quality time away from the computer, and more quality time on it! That is, I am moving to a situation where I don't have to sit and wait at the computer for currencies to move. Even now, though, because we know when the busiest times are likely to be, time at the computer is minimized.
I don't spend every day doing research. Some days I schedule in some time to learn more about trading, but thankfully it isn't really necessary to study the markets and become very knowledgable about finance, politics and everything else that impacts on currency movements. Some days I go to head office for more (free) training and advice sessions and workshops, and it's good to keep talking to others as you can gain from their experiences. There are helpful support groups as well, as I mentioned before. Frankly though, the whole point of me doing this was to generate control over my time and thus improve the quality of my life, rather than being driven by insatiable business demands.