These vary from studying currency charts for patterns and favourable signals that can be used to predict price movement, to the less nerdy option of using news events as indicators. Really, though, it's a coin flip. David says I should trade as small as possible, which sounds like sensible advice, but leverage means this is not as easy as I first thought.
Because it's not actually possible to trade with sums as low as the ones most consumers can afford to invest, retail forex accounts offer high leverage, which involves borrowing the funds needed to enter the market from a broker. I also set a stop loss order — the safety mechanism that ends the trade if it loses a certain amount of money — then I cross my fingers. The trade starts in the red and gets worse from there. It lasts no more than a couple of minutes and I'm already down. I brush it off and place more trades in the next few days. I try different strategies, setting wider stop loss and take profit orders the reverse of a stop loss — it cashes you out once you hit a certain profit.
I chase my losses from my desk at work. I really thought about my first few trades before committing, but I gradually get more impulsive. My early optimism is crumbling. I fairly sure I'm going to be one of the vast number of rubes who lose money. As well as working within the industry, he also trades off his own back and is under no illusions about how hard it is to turn a profit. With my losses mounting, I look for help the only place I know: Google. Fortunately, there are a huge number of people on the internet willing to help inexperienced forex traders get profitable.
Unfortunately, most of them are scammers. There are a few places to look for help for free, including YouTube tutorials and babypips. Ultra-aspirational social media culture — think Wolf of Wall Street memes and traders posting pictures of them standing next to other people's Ferraris — has fed the idea that there is easy money to be made in forex. Scammers prey on this by offering "signals" for a fee to novice traders, or signing them up to fake trading platforms and falsifying profits.
They promise big returns if you follow their trading tips, but many offer bad advice or simply vanish after taking your money. He also points me to the FCA's ScamSmart page , which has information on how to spot and avoid investment scams.
3 Things I Wish I Knew When I Started Trading Forex
Searching for help, I find a number of forex accounts on Instagram offering unrealistically high profits in exchange for signals or commission fees. When I confronted him, the person running the account would not reveal his identity, but denied running a scam and said: "We simply provide training and share tips on how to trade the financial markets, which reduced the chance of people losing money if they were to start trading blind. She then ruined all the hard work she had done in winning me over by saying her trades are 98 percent accurate, higher than any legitimate trader could guarantee.
If only trading forex were that simple. Neither account replied to multiple requests for comment after I suggested they were running scams. He lost money on dodgy signals when he was a rookie, but continued paying out of a misplaced sense of pride. I might as well be throwing darts at a dartboard. Tom has been trading for 15 years and he now does it full-time after quitting his HR job at a bank and moving to Mexico. Although he has been profitable for the past five years, he says it is only really in the last two years that those profits have given him consistent returns.
He also supplements his forex income with matched betting and other remote work. With the scams too much of a minefield to navigate, I push forward alone. My biggest win comes off the back of a piece of news: an MRP poll, which is seen as a reliable general election result predictor, forecasts a Conservative majority and GBP rises quickly against the Euro because markets tend to prefer the Tories to Labour.
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