Investing in Forex
- Thread starter Craggsy2
- Start date
ThePrisoner
Well-known member
My tip would be if you need to ask for tips then don't do it.
Andy_W
Well-known member
I would say don't get started, 75% of forex traders lose money, and the 25% who do make money are not the people who learn it part time, later in life trading their own money at low volumes. I bet 1% of the latter make it long term, at best.
You would already start at a massive disadvantage, due to having the least knowledge and experience and then it gets harder as you also have to try and beat the spreads, just to break even. If you paid for a premium account with tighter spreads then you would get killed by account fees.
Also, the economic conditions are extremely tough for any country, which makes forex even more difficult, and then couple that with finance getting cut tighter and anything else to do with finances being 100% up in the air, it's going to be even harder.
Biggest tip though would be DO NOT GET INVOLVED IN CFD'S.
Seeing as you've posted on a football forum, it would be far, far easier to make money gambling on sport professionally, but even doing that will take years to learn or some incredible skill/ knowledge/ structure.
ThatFragranceGuy
Well-known member
Matched betting used to be great, I used to make about 800 a month off offers, about £300 doing slots and there used to be two very profitable offers - ladbrokes and one other bookie used to do Accra refunds if one leg let you down so you would back a 5 fold at £50 and lay off each round hoping for one to let you down - anyone that does Accas knows that always happens! Sadly long since disappeared but I used to do very well out of that and would save up about 15 £50 bets to punt on Cheltenham. The first time I did Cheltenham I made £4200 between slots and offers and bets and was fuming I didn't take the week off work but my bank was largely depleted by then due to massive exchange liabilities (not money lost, just tied up locking in profit on the lays)
The other was bet365's 2up deal, I think they still do it but the odds are awful compared to the glory days. If team went 2 goals up it was paid out as a winner. So you back the team on 365, lay them on the betting exchange so you have as small a qualifying loss as possible. You could sometimes get £500 on for a couple of quid.
If they went 2 up, the game was on and if they got a goal back you were quid in as could cash out the lay, or you could hold your nerve and hope for a draw in which case you win both bets. Some absolute belters with that one, I remember winning loads when Newcastle played Man Utd and banged 2 goals in while I was in the shower
also remember having to go to the bog during a speed awareness course as I had a massive bet on psg. Back then the exchanges had offers of 0% commission but now with commission to pay as well as bad odds it would be very expensive to do and be literal gambling I've still got a WhatsApp group of all my mates as we used to all hammer it, and a load of people that joined and learned the process and we still keep it but it's more a general chat group now. Match betting still exists but the offers are a lot tighter; great money while it lasted but I don't miss spending my weekend planning out Accra spreadsheets or scouring for close matches for 2-ups either
I don't think football betting or forex trading is something best done between jobs for many obvious reasons
ThatFragranceGuy
Well-known member
The only good easy money in trading is in selling courses that teach you about it - that's where the real easy money.
HundredRoom
Well-known member
change the thread title to gambling on forex
Andy_W
Well-known member
My mate used to clean up on that matched betting, and I always used to forget about it. We must have explained it to about 100 people and only about half understood what the hell was going on.Matched betting used to be great, I used to make about 800 a month off offers, about £300 doing slots and there used to be two very profitable offers - ladbrokes and one other bookie used to do Accra refunds if one leg let you down so you would back a 5 fold at £50 and lay off each round hoping for one to let you down - anyone that does Accas knows that always happens! Sadly long since disappeared but I used to do very well out of that and would save up about 15 £50 bets to punt on Cheltenham. The first time I did Cheltenham I made £4200 between slots and offers and bets and was fuming I didn't take the week off work but my bank was largely depleted by then due to massive exchange liabilities (not money lost, just tied up locking in profit on the lays)
The other was bet365's 2up deal, I think they still do it but the odds are awful compared to the glory days. If team went 2 goals up it was paid out as a winner. So you back the team on 365, lay them on the betting exchange so you have as small a qualifying loss as possible. You could sometimes get £500 on for a couple of quid.
If they went 2 up, the game was on and if they got a goal back you were quid in as could cash out the lay, or you could hold your nerve and hope for a draw in which case you win both bets. Some absolute belters with that one, I remember winning loads when Newcastle played Man Utd and banged 2 goals in while I was in the shower
I've still got a WhatsApp group of all my mates as we used to all hammer it, and a load of people that joined and learned the process and we still keep it but it's more a general chat group now. Match betting still exists but the offers are a lot tighter; great money while it lasted but I don't miss spending my weekend planning out Accra spreadsheets or scouring for close matches for 2-ups either
I don't think football betting or forex trading is something best done between jobs for many obvious reasons
Acca's on footy are the biggest con in gambling, unless there's a way to exploit it through an offer, but these are rare now.
The bookies are well aware that these offers can get exploited and the actively want them too, as it gets people to sign up for accounts and then they pull the offer and they're left with a guy with no offers yet he still has his account. They always win.
I used to clean up on Betfair Tennis and Cricket, on the exchange, but it's a lot harder now and a lot more time consuming so I don't bother. Would be easy on NFL now but liquidity is crap and you never know what is actually "live" and what the delay is.
Poker used to be quite easy too online in the early days, but now even low stakes are tough as there are so many bots/ solvers, it's difficult to make a decent hourly "wage" unless playing 10 tables but it's mind numbing.
Millbrook
Well-known member
What's wrong with CFD'S?
Andy_W
Well-known member
What's right with them, for a novice?
If a novice is going to learn they're likely going to lose money, and with CFD's they will lose it faster and learn less as they will likely be broke faster. Lack of liquidity or margin calls are a likely route to the poor house.
Also you don't own the underlying asset, your broker does, so if something goes t*ts up it's you v your broker, when for anything else your broker would have your back to a degree.
Stocks, forex etc is gambling, and the less initiated you are the more of a gamble it is, and if you use CFD's you're effectively leveraging your cash 10x or whatever, effectively it's gambling with money you don't have. Extremely risky.
Laughing
Well-known member
If anyone really wants to get involved in trading, stay away from forex. There are bigger better players in the market and the spreads will kill you.
Sports trading is a viable alternative. Something like betangel for betfair is about 30 quid a month, a lot less if you buy a longer subscription. You will get access to the betangel forums where there is a lot of help.
betfair charge, at most 5% commission, and i think you can select 3% and forgoe other benefits.
Even trading randomly and getting out before the event starts, you will loose pennies whilst learning.
Trading betfair markets is identical to trading forex in as much as it's a market, it will go up, it will go down. The only real difference is that you should be out before the event starts (don't trade in-play when you start) so you can't just wait and hope your position comes back, there is a definate end to every trade.
Trading in-play there are some great tools, like total performance data that gives you real time graphical interface for horses in running. You get the data 5-10 seconds before anyone watching pictures.
It's mot for the fain hearted and definately not for anyone who has a gambling problem.
Sports trading is a viable alternative. Something like betangel for betfair is about 30 quid a month, a lot less if you buy a longer subscription. You will get access to the betangel forums where there is a lot of help.
betfair charge, at most 5% commission, and i think you can select 3% and forgoe other benefits.
Even trading randomly and getting out before the event starts, you will loose pennies whilst learning.
Trading betfair markets is identical to trading forex in as much as it's a market, it will go up, it will go down. The only real difference is that you should be out before the event starts (don't trade in-play when you start) so you can't just wait and hope your position comes back, there is a definate end to every trade.
Trading in-play there are some great tools, like total performance data that gives you real time graphical interface for horses in running. You get the data 5-10 seconds before anyone watching pictures.
It's mot for the fain hearted and definately not for anyone who has a gambling problem.
Borothruandthru
Well-known member
The trouble is you get fed up of staring at a computer screen.
Then theres the gamblers remorse.
I knew that was going up so why did I not bet bigger ???
You can get wiped out if you leave trades open overnite say.
I tried it , you can make money if you follow the trend, but its not 4 me.
Then theres the gamblers remorse.
I knew that was going up so why did I not bet bigger ???
You can get wiped out if you leave trades open overnite say.
I tried it , you can make money if you follow the trend, but its not 4 me.
Laughing
Well-known member
You are not wrong it's boring.
I trade horses in the last 4 or 5 minutes before the start. It's tedious but you have to concentrate to not loose.
I don't really trade over a few minutes.
Football I will trade in play but that is low stress.