Investing ?

Figaro

Figaro

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Has anyone ever had any dealings with Metatrader for currency dealing ?
Or any other type of dealing.
I believe the platform to be genuine for that type of trading, but I might have got involved with a dodgy online broker, some of the reviews of the broker are less than flatering.
I'm only into it for less than 200 pounds, so not a biggie, but they're pressing for a bigger chunk and I'm not willing to put more in after reading reviews about them.
Anyone have any experience please ?
TIA
 
Figaro said:
Has anyone ever had any dealings with Metatrader for currency dealing ?
Or any other type of dealing.
I believe the platform to be genuine for that type of trading, but I might have got involved with a dodgy online broker, some of the reviews of the broker are less than flatering.
I'm only into it for less than 200 pounds, so not a biggie, but they're pressing for a bigger chunk and I'm not willing to put more in after reading reviews about them.
Anyone have any experience please ?
TIA
Click to expand...

I don’t know of the platform but anyone pressing for more money would ring alarm bells with me.

But then I trust very few with my hard earned 😉
 
Figaro said:
Has anyone ever had any dealings with Metatrader for currency dealing ?
Or any other type of dealing.
I believe the platform to be genuine for that type of trading, but I might have got involved with a dodgy online broker, some of the reviews of the broker are less than flatering.
I'm only into it for less than 200 pounds, so not a biggie, but they're pressing for a bigger chunk and I'm not willing to put more in after reading reviews about them.
Anyone have any experience please ?
TIA
Click to expand...
I would run like crazy.

Also currency trading is not a good way to make money.

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Don’t do currency but I’ve heard the rouble might be a place to start from its low point currently
 
I think that a lot think investing is the same as saving but it's totally different as it involves risk. At the high risk end like currency trading I think there's little to differentiate it from gambling other than it sounds a bit more acceptable as a word! If you fancy a flutter fine but it's just gambling for posh people.
 
Banks and investment companies are circling like sharks, banks are paying crap rates on savings and ISA's and encouraging us to put our money into stocks and shares etc, where they can charge a monthly fee, they dont care if the stocks rise or fall as they've had there cut in fee's, Beware of strangers bearing gifts
 
Traditional instruments are on the way out fast, we have seen similar events in history and institutions rely on a flow of currency to survive.
With volatility as it is and likely in my view to remain currency trading will be like breeding pigs, Feast or Famine.
As a country we have inflicted great harm on other nations, history is not taught of our excesses or downright slaughter.
However those action are coming back to haunt us in international negotiations.
When the Metropolitan Police investigate war crimes a good start would be Southern Africa, then on to India, then let's not mention weapons of mass destruction!
Let's not throw stones whilst inside a fragile glass House.
 
Figaro said:
Yeah, I'm going to get out, I don't understand it sufficiently to put any more funds in.
Thanks all, thoughts confirmed 👍
Click to expand...
Sensible IMV, there's a lot more to investing that just putting money in a 'plant' pot and hoping someone else can make it grow ... some 'plants' do well, others curl up and die.
 
FX trading is not investing. Believe me, I've built FX exchanges as a software engineer and I'm passionate about finance and investing. FX trading is pure speculation unless you are using it to hedge some other position (like if you bought a 777 Airbus and you need to lock an exchange rate to make good your promise to deliver a few million euros in the future).

Investing is something different. Is buying productive assets for the long term and looking at the assets rather than the price action. Best way for retailers to do this is to buy a low cost index fund and dollar cost average over many years/decades. You will slowly but surely get rich.

Currency is not a productive asset and you only make money by exploiting some market inefficiency (something you can't do, that's for the market makers and hedge funds that can pay 1 million pound to have their computers collocated on the same server rack that the exchange) or by forecasting FX exchange rate movements which is something that no one can do consistently. That's why 80% of people lose money (the other 20 are just lucky).


From Warren Buffet:

"And I say, the real test of how you — what you're doing is whether you care whether the markets are open.

When I buy a stock, I don't care if they close the stock market tomorrow for a couple of years because I'm looking to the business — Coca-Cola, or whatever it may be — to produce returns for me in the future from the business.

Now, if I care if whether the stock market is soap tomorrow, then to some extent I'm speculating because I'm thinking about whether the price is going to go up tomorrow or not. I don't know whether the price is going to go up."


Hope it helps

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autocaravaner said:
FX trading is not investing. Believe me, I've built FX exchanges as a software engineer and I'm passionate about finance and investing. FX trading is pure speculation unless you are using it to hedge some other position (like if you bought a 777 Airbus and you need to lock an exchange rate to make good your promise to deliver a few million euros in the future).

Investing is something different. Is buying productive assets for the long term and looking at the assets rather than the price action. Best way for retailers to do this is to buy a low cost index fund and dollar cost average over many years/decades. You will slowly but surely get rich.

Currency is not a productive asset and you only make money by exploiting some market inefficiency (something you can't do, that's for the market makers and hedge funds that can pay 1 million pound to have their computers collocated on the same server rack that the exchange) or by forecasting FX exchange rate movements which is something that no one can do consistently. That's why 80% of people lose money (the other 20 are just lucky).


From Warren Buffet:

"And I say, the real test of how you — what you're doing is whether you care whether the markets are open.

When I buy a stock, I don't care if they close the stock market tomorrow for a couple of years because I'm looking to the business — Coca-Cola, or whatever it may be — to produce returns for me in the future from the business.

Now, if I care if whether the stock market is soap tomorrow, then to some extent I'm speculating because I'm thinking about whether the price is going to go up tomorrow or not. I don't know whether the price is going to go up."


Hope it helps
Click to expand...

We see various ideas about investing from MHomers, but that is about the best I have seen.

The Warren Buffet concept is good, because it concentrates on a good ROC(return on capital) over an extended period.

My best has been my personal house, but also have Investment Trusts which have always increased their dividends for 25-50 years - not mega returns but inside an ISA and Personal Pension they make a nice tax-free contribution.

As a result I could go out to buy a new Morelo, if we had time to use it.

Now instead of ROC I am looking for ROTL(Return on time left) :LOL:

Geoff
 
This story on BBC Moneybox is an absolutely heart-breaking warning about the sort of scams that are out there. https://www.bbc.co.uk/programmes/m0015kpy

A scammer managed to persuade an intelligent man who had had a long career as an officer in the RAF to not only part with every penny he had, but to take out big loans and eventually even sell his house. He started by investing £50 but eventually lost over £800,000.
 
you have to remember that the poor investment manager is only in the game to help you make lots of money. He’s not there for himself, honest.

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Currency trading/dealing……………….please please don’t go there!!!!!!!

Its a lottery.:rolleyes::rolleyes:
 
MartinW said:
This story on BBC Moneybox is an absolutely heart-breaking warning about the sort of scams that are out there. https://www.bbc.co.uk/programmes/m0015kpy

A scammer managed to persuade an intelligent man who had had a long career as an officer in the RAF to not only part with every penny he had, but to take out big loans and eventually even sell his house. He started by investing £50 but eventually lost over £800,000.
Click to expand...

Why was it a given he was intelligent being an officer in the RAF.

Mind you there was a surgeon and his wife lives in Gloucestershire and let a scammer have something like half a million.

Then tried to claim it back from the bank even after being told not to transfer monies 🤷‍♂️
 
Figaro said:
Has anyone ever had any dealings with Metatrader for currency dealing ?
Or any other type of dealing.
I believe the platform to be genuine for that type of trading, but I might have got involved with a dodgy online broker, some of the reviews of the broker are less than flatering.
I'm only into it for less than 200 pounds, so not a biggie, but they're pressing for a bigger chunk and I'm not willing to put more in after reading reviews about them.
Anyone have any experience please ?
TIA
Click to expand...
Doesn’t sound right. sounds like something my father got involved in. Small CFD trades, ‘broker’ wanted more and more, kept saying he’d put his own money in. Goodness know how he actually managed to get his money out again once I’d tipped him off to ‘quirkiness‘ of the arrangements, lack of FSA regulation, etc.

If you want to ‘trade’, imo, the best vehicle for this is with a Stocks & Shares ISA via a decent company such as Interactive Investor, Heargreaves Landsdown, etc. If it’s a hobby you’re after, this can be great, as you’ll be doing LOTS of reading and research, and you might make some money, or you might lose some.

My own experience - Stocks and Shares ISA via Interactive Investor. My initial research was reading ‘The Naked Trader’ - it’s a very good honest guide to trading. Then I started buying small amounts of shares in companies I did a little research in - not enough research! Did more research, read the forums (check out ADVFN), beware of EVERYTHING you read in online forums. I found this a really exiting hobby, and in the end I backed a winner! I started buying shares in a small U.K. company making advanced semiconductor materials. My research led me to believe they were undervalued and had a good product, and (importantly) I was familiar with the industry.

For months, I was watching the share prices daily, scrapping for all the spare cash I could find to buy more shares, and we went on a ride! News broke that the company was supplying chips for Apple and other phone giants and the price went up massively. I sold up close to the peak and made a good profit (for me). Share price then dived, and it’s been dead for a few years now, but (my) research now suggests it’s a good time to get in again, so I’m back on the train again.

So, read The Naked Trader, he will tell you to avoid CFDs and spread betting, he will tell you how to do the research you need, then you can just practice. in your head, just buy some shares, and watch to see if you would make or lose money over time. More importantly, don’t spend money you can’t afford to lose, there are many horror stories out their. Who would want to be holding shares in P&O right now?

Good luck!
 
phase3begins said:
you have to remember that the poor investment manager is only in the game to help you make lots of money. He’s not there for himself, honest.
Click to expand...
I've yet to hear of an investment manager that offers no fee unless they acheive in excess of the footsie index yet they all claim they can.
 
If the advisor cannot produce a bank account with at least 1m in cash. How can he or she be an advisor, second question is why are you still working with such wealth.
Financial advisor go to ****

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Figaro said:
Yeah, I'm going to get out, I don't understand it sufficiently to put any more funds in.
Thanks all, thoughts confirmed 👍
Click to expand...
Don't know how old you are mate but I assume you are getting close to me, and to be honest I am more interested in spending it than investing it in something that "might come good in X years ".
I might be wrong but all my spare cash nowadays goes into something I can see and enjoy before cashing it in.
 
Podney said:
Currency trading/dealing……………….please please don’t go there!!!!!!!

Its a lottery.:rolleyes::rolleyes:
Click to expand...

Some currency traders make lots of money...

....but they are the professionals, glued to the screens and watching every tick up/down. Then their counterpart takes over in NY, and then the next one in Tokyo.

No amateur can compete.
 
Figaro said:
Has anyone ever had any dealings with Metatrader for currency dealing ?
Or any other type of dealing.
I believe the platform to be genuine for that type of trading, but I might have got involved with a dodgy online broker, some of the reviews of the broker are less than flatering.
I'm only into it for less than 200 pounds, so not a biggie, but they're pressing for a bigger chunk and I'm not willing to put more in after reading reviews about them.
Anyone have any experience please ?
TIA
Click to expand...
Clear out whilst you can, do not give them anything else.
 
If you are reading this forum for advice, Do NOT trade. Under any circumstance, it's a losing game and if you are reading this for advice you have ZERO changes of making money trading. I'm certain about that, I have worked in the industry and I know what professional High Frequency trading looks like, I have build the software that run the brokers and the exchanges. When adding trading costs and taxes, the odds are heavily stacked against you. Forget about options, highly leveraged trading and complex schemes, they will ruin your life. There are no quick roads to riches unless you are prepared to end up bankrupt or scammed with a very high degree of probability. I know that it's sexy and it makes you look smart but is not the way to get rich.

Rather than that, hold for long periods of time good quality assets or just a simple low cost index (SPX or LifeStrategy from Vanguard are probably worth a look). Overtime you will get rich.

Look at this table that shows the holding period of the SP500 VS the probability of profits. If you can not or you are not prepared to hold at least 5 or 10y and see price swings of +-50%, do not invest and enjoy life. This game is not for you.

SPX-Time-Frames.png


Just my two cents. Not investment advice.

More (easy accessible and fun) info:
https://awealthofcommonsense.com/2015/11/playing-the-probabilities/

* This is not investment advice. I do not know your personal circumstances. Consult a professional financial adviser.
 
autocaravaner said:
There are no quick roads to riches unless you are prepared to end up bankrupt or scammed with a very high degree of probability. I know that it's sexy and it makes you look smart but is not the way to get rich.
Click to expand...
Couldn't agree more.
I've never gambled since I got my fingers badly burned in 1963 when I invested half a crown on a horse in the office Grand National sweepstake and it lost.
I do buy charity raffle tickets and Premium Bonds but without any expectation. At least if I don't win with PB's I can get my money back.

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