Tuesday, October 2, 2012

Trading Currency Endeavor

I think I've stepped into some very useful grounds with trading. Trading currency is an extremely risky business without having the proper mentality and training. It's extremely difficult to get on the right track with varying amounts of principles out there and how traders really want to make a living off of it.

I can say that I have some grounds now with my own personal methodology. I'm not really going to share it because even though it might turn out to really profitable for me, I think people are not really going to want to buy into it even if I make a billion dollars off of it because I'm mentioning the truth! Anything can happen in this market, despite your practices and staying strict to your disciple and proven rules of engagement; it is possible to statistically lose more than one could chew.

To start out, it's really important to pick a good broker that would supply the needs of a trader. There are basically two types- the market makers and non dealing brokers. The non dealing brokers are pretty much a trader's friend because they make money off of traders who trade very often. The market makers trade against traders like a casino. I think I'm going to stay away from market makers. The problem I'm noticing is that in the U.S. many brokers are pretty much market makers, so it's extremely difficult to find a perfectly friendly broker that will cater to U.S. citizens. I've read that there are also hybrids meaning that brokers will do both, so they have a win-win situation. The best I could come up with is a hybrid broker in the U.S. Unless I decide to have residence somewhere in Europe, I'm not really going to get access to the best brokers in this currency market. It's the best I could do, so most definitely, from being a trader in the U.S., I definitely won't be able to make clients profit off of investing with me. I'm definitely going to stick to making millions my way while assuming all of the natural risks there and managing it to limit losing so much.