Can Anyone Personally Teach Me Currency Trading?

Lkracken on 17/03/2017 - 23:21

I've been trying for a while, and I'd still like to learn currency trading.
I know this is a stretch… but I'd love to find someone I can personally learn under. It would be great if I could sit with you, watch, ask questions etc.
Not through an online course. I would prefer to learn from someone here in Australia. If you're genuinely interested, you're most welcome to message me here on OzBargain to start with. We can discuss costs and account size etc.

A bit about me:
I'm 35 now, and I've spent a few years trying to learn. I fully paid for and completed the following courses (trying roughly 1 per year).

  • Trade Empowered (Currency - technical analysis pattern trading, mainly on Fibonacci ratio indicators).
    https://tradeempowered.com/
    *I liked the material, but it became much more subjective than I expected for technical analysis.

  • Trading Pursuits
    (Stocks - writing and trading options trading)
    (Currency - long term fundamental analysis)
    www.tradingpursuits.com
    *I didn't understand the option course material very well. The rest was general stuff anyone can find on youtube.

  • Springboardyourtrading (Currency - fundamental analysis of economic news events)
    https://www.udemy.com/learn-to-trade-the-news/
    *I loved the theory, really loved it, but I couldn't get this strategy to work consistently.

I've also done quite a bit of property investing, which is working out great. But I'm still much more passionate about learning currency trading.

In regards to my ideal mentor I think I only have 3 preferences:
- you've traded for at least 10 years (from before 2007 so you have experience trading into, through and out of a global bear market, crashes, corrections and a big bull).
- you trade FOREX.
- you don't mind showing your trading account as proof of success. I've read almost all of the material on this site (www.tradingschools.org) and I think the main thing I learned was the value of transparent trading accounts. I'm not sure why successful traders are reluctant to reveal their trading accounts, but I believe this is a minimum requirement to prove a trader's success and competency.

Again, if you're genuinely interested, you're most welcome to message me here on OzBargain to start with. We can discuss costs and account size etc.

Financial

Comments

  • mskeggs on 17/03/2017 - 23:55
    +9

    . I'm not sure why successful traders are reluctant to reveal their trading accounts,

    Because so very, very few have any ongoing success.

    I believe you can trade from an insto desk and make a consistent profit as you front run clients and arbitrage with many millions to make the 0.0001% difference worthwhile as you have no broking fee. These strategies aren't available to private traders.

    I don't believe that private currency traders can make any money consistently. Maybe they can show consistent profits if they trade five or six times a year, only when they have constantly monitored the market and seen a divergence where a gamble is worth it. But that takes massive discipline. And one error can bring you unstuck. There was a small margin to be made on BREXIT, for example, backing the sure thing that the referendum would be defeated, but if you ran that trade you were wiped out. I doubt there was enough liquidity to stop out private traders without a big gap down.

    How much money are you personally ahead by after 10 years of trading?

    • mskeggs on 18/03/2017 - 00:01
      +6

      *I liked the material, but it became much more subjective than I expected for technical analysis.

      That is because TA is not at all scientific. It is financial astrology. You rely on the market moving as a result of other TA traders reaching the conclusions from graphs and candles that you did.
      Sometimes, the TA set up will be so clear that many traders spot it and the instrument trades as predicted. But most of the time the chart is open to interpretation so fewer traders agree on what is being signalled so the instrument doesn't move.

      Note you can see I place no store in TA except for its ability to predict sometimes how TA traders will behave, which is sometimes useful.

  • Scrooge McDuck on 18/03/2017 - 00:28

    If this was profitable AND practicable, wouldn't successful traders create funds to pool capital and take a cut?

    If such funds exist, have they yielded consistent returns?

  • [Deactivated] on 18/03/2017 - 00:41

    I'd be pretty impressed if anyone picked the AUD to stay steady around 0.77 USD after the rates buildup and decision. The AUD has dropped 3c plus before, just on nervousness about US rate rises and then when they did raise rates…nothing. Weird.

    • Scrooge McDuck on 18/03/2017 - 00:46

      The USD actually dropped.

      The rate rise announcement was factored in but eventuated in a more dovish rise (25 bp) than was expected by the market.

      • [Deactivated] on 18/03/2017 - 01:06
        +2

        If Biff Tannen's almanac told me six months ago that there would be two US rate rises and no RBA rise, I would not be backing the AUD to hold steady.

  • altomic on 18/03/2017 - 17:26
    +3

    buy low, sell high

    • eatwell365 on 18/03/2017 - 20:01

      cheeky but when?
      "buy when blood in the streets." quoted.

      • EightImmortals on 19/03/2017 - 09:40

        If you wait that long the blood will probably be yours. :)

        • eatwell365 on 19/03/2017 - 10:03

          if wait that long

          people wipe blood from the rectum using shares paper.

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