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[lansdale]

Originally Posted by Dick Schmidt

"Hi Dick,

Much thanks for your input. In the last year or so, I've also begun to conclude that horserace handicapping is reaching the point of no return, and am looking for alternatives. One trader I know, one of the former Turtles, has recommended getting involved with Forex, and has done pretty well himself, although his background is extensive. Would be grateful for any insight on the degree of difficulty and time investment involved.

Cheers,

lansdale"


Sorry not to answer promptly, but I don't visit every day and didn't see your post until tonight. Like in racing, the degree of difficulty is high. It demands all your attention and focus, plus lots of study and practice. Most people fail, but those who have survived the rigors of racing may find it less demanding. I did. Also, I was used to losing lots of my bets, so I didn't have the need to win every trade that gets so many in trouble. Careful of the system sellers; their ethics are on the same level as race track touts.

Time commitment is MUCH less. I normally trade for 2-3 hours a day (starting at midnight west coast time, when the London market opens. Forex is still a European game). I do play with stuff during the day when the mood strikes, and I used a practice account for 3 months to get started (this is free) but now I just keep doing what works for me and grind out a nice living.

I am also a member of a group called 4XLA that teaches and discusses Forex trading. They develop software (its all free) and keep each other informed on what's working. Sometimes I lead an online webinar doing live trading to show how I use the software (several of us take turns, again free). I would find a good Forex club and start attending. I think you'll find many people eager to help you get started. The Forex market is so huge that no one worried about competition. Retail traders (us) make up about 5% of the market world wide, which right now is averaging 3.5 Billion dollars a day. Fun stuff.

Dick

The final test of a gentleman is his respect for those who can be of no possible service to him.

Hi Dick,

Much thanks once again for this detailed reply, and I too, am sorry for the delayed response. Thanks also for the contribution you've made to handicapping over the years, which has benefitted not only myself, but I would guess, a number of others who are members of this site.

Cheers,

lansdale