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FXTrader wrote:
I've been trading Forex for 10 years. Over these years I have made many,
many mistakes. There are too things I have learned. 1) You need to trade
size. Small trades get whacked on the spread. 2.) If you can't trade size
stay out of this market. Trading 4-7 pip spreads will kill anyone's profit
potential. My personal view, and this is my view after 10 years failures
and successes, is if you don't have $50,000 to open an account; don't trade
this market. Stick with the currency futures.
Rich
Do you mean don't try to scalp? If a trader is paying commission as
spreads, trading cost is directly proportional to size. Is it not?
Also, what is the deal on taxes on forex trades? (For US residents). Is
this same as section 1256 (for futures)?
Thanks.
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