- Joined Mar 2012 | Status: Trader | 12,127 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
- Joined Jan 2017 | Status: Member | 695 Posts
You came here for the truth and let me unveil it for you
Why most 'traders' fail 12 replies
Top Reasons Why Most Beginner Traders Fail 64 replies
The Miracle of Discipline, by Rob Booker 18 replies
Average system + great discipline =great results? 44 replies
Why Traders Lose Their Discipline 2 replies
DislikedI use my standard goal of reaching 5% a month each and every month of trading Forex as long as the minimum trading Capital is $50,000Ignored
Disliked{quote} Robert Ringer calls this the Definition Game in Looking Out for Number One. Heres how its played: We are all involuntary participants in the Definition Game. Because each of us is a unique human being with varying desires, tastes, prejudices, experiences and personality traits, we see things differently. . . What further complicates the game is that people have a habit of changing their definitions as they go along.Ignored
Disliked{quote} Hi BenjaminIs, Wow, very impressive, that means you are making 80% a year on a compound basis, almost 10 times the ROI of the S&P 500! What is your maximum drawdown if I may ask?Ignored
https://assets.bwbx.io/images/users/...o/v0/-1x-1.jpg
Mnuchin during his confirmation hearing in Washington, D.C., on Jan. 19, 2017.
Photographer: Andrew Harrer/Bloomberg
U.S. Treasury Secretary nominee Steven Mnuchin isn’t jumping on the Republican bandwagon to audit the Fed.
In written questions by senators following his confirmation hearing on Thursday, Mnuchin was asked about his thoughts on “politicizing decisions made by the Federal Reserve Board of Governors and the benefits of an independent central bank.”
Mnuchin’s answer was crafted carefully.
“The Federal Reserve is organized with sufficient independence to conduct monetary policy and open market operations,” Mnuchin responded to Senator Bill Nelson, a Florida Democrat. “I endorse the increased transparency we have seen from the Federal Reserve Board over recent years.”
The response appears to lean against legislation such as the Fed Oversight Reform and Modernization Act of 2015, or FORM Act, which was introduced in the House of Representatives but never became law, that would have subjected the central bank’s monetary policy decisions to greater congressional scrutiny.
As a candidate, President Donald Trump took aim at the Federal Reserve for playing politics, challenging its legitimacy as an independent institution. He accused the central bank of keeping interest rates low to benefit Barack Obama’s administration.
Mnuchin’s comments are “certainly endorsing the principle, if not every current detail of the practice of Fed independence,” said Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. “He does not want to make waves at this stage.”
Fed Vacancies
The seven-seat Fed Board in Washington currently has two vacancies, while Janet Yellen’s term as chair ends in February 2018 and Stanley Fischer’s term as vice chairman ends in June 2018. Trump can nominate his own choices for those positions, giving him significant scope to shape the Fed’s leadership and raising questions about the central bank’s future relationship with the Treasury and White House.
“People are asking questions and are curious if the Trump appointments could affect the conduct of policy,” said Paul Mortimer-Lee, chief economist for North America at BNP Paribas in New York. “I think it will be very tough to change very much” with the Fed’s mandate for stable prices and full employment so well established.
The FORM Act would have required the Federal Open Market Committee, the Fed’s policy panel, to submit its policy rule to Congress. If the Fed deviated from its rule, it would be subject to review by the Government Accountability Office and potentially an audit.
Bogged Down
The bill got bogged down in the Senate. Yellen opposed the FORM Act in a letter to Congress in November 2015, calling some of its provisions “significantly flawed.” A bill with similar requirements for the Fed called the Financial Choice Act hasn’t proceeded since being introduced last year.
Mnuchin’s comments point to the fact that the Fed doesn’t have constitutional independence. That’s protected more by organization of the system, as Mnuchin highlighted, where the heads of 12 regional Federal Reserve banks are appointed by private citizens. That’s a check against the influence of the White House appointees on the Fed Board.
Mnuchin also limited his discussion of independence to monetary policy. That could be significant if it suggests that Fed decision-making on financial regulation and crisis management will be up for challenge and debate under Trump.
“There needs to be more democratic accountability at the Fed but he seems to be OK with the status quo,” said Jeff Hauser from the Center for Economic and Policy Research in Washington.
COMMENTARY FROM BENJAMINIS: Ladies and Gentleman , The GAME IS RIGGED !!! We will see more on February 1, 2017 at the next FED rate Announcement.
Fascinating !!!
Dislikedin the forex market more then 90% of the retail trader fail. and they have to fail offcourse, because the forex market is a zero sum game like poker.Ignored
Disliked{quote} Where do you guys get those ideas? Forex market IS NOT zero sum game! Forex market exists to facilitate international trade. Simply as that. Just because some speculators decided to gamble on it, it does not mean it is any kind of the game for all participants. Let me give you a real life example. Couple months ago Singapore Airlines hedge contract for fuel at $80 per barrel (if I recall correctly), when price was at around $40 and was heading toward $20. Do you recon they somehow "lost", because they paid such a high price and some speculator...Ignored
DislikedCouple months ago Singapore Airlines hedged contract for fuel at $80 per barrel (if I recall correctly), when price was at around $40 and was heading toward $20. Do you recon they somehow "lost"Ignored
Disliked{quote} Oh boy! So when you earn 100 pips in the Forex market, where does the money come from? Who is paying you? {quote} You must be joking, right? When a corporation uses the Futures or the Forex market to hedge their commercial activity, they DO lose money on that transaction if they are on the wrong side of the market. And that money goes into the pocket of the speculator who took the other side of the trade. Of course these hedgers get that money back in the cash market but they still lose in the Futures or the FX market, sometimes millions...Ignored
Disliked{quote} You have speculator's mindset. I am afraid it is not curable... at least not easily. When you say: "When a corporation uses the Futures or the Forex market to hedge their commercial activity, they DO lose money on that transaction if they are on the wrong side of the market" - you have not idea what are you talking about. You have no idea how those people operate and what is their mindset. Look at the interview with Singapure Airline's CEO - it should be somewhere on Bloomberg. Maybe that voice with spark your mind. Obviously you dont care...Ignored
Disliked{quote} Again, I will repeat the (very simple) question: When you win $1000 in the Forex or Futures market, where does the money come from? Who is paying you?Ignored
Disliked{quote} And again I am repeating my answer: dont be lazy and look for an interview with Signapure Airline's CEO. You are NOT arguing with me how large commercials operate. You are arguing with one of the hand-on-job guys. You know, one of the fellows who actually run multi-billion dollars commercial operation, not couple cent account in local bucket shop. Find his arguments and oppose them. Surely you have more practice and experience in their business then them! Sorry boy, as I said, speculator's mindset is not easily curable...Ignored
Disliked{quote} No no... you are saying that Goh Choon Phong is blah blah blahIgnored
Dislikedwhat I did know that I have a specific strategy to follow and I am discipline in implementing its rules and at the end of the month my profits is upIgnored
DislikedGuys lets get back to the topic which is all about discipline in trading, Mr Breakout and kpclick maybe both right, maybe it is just a matter of perspective that really differs here, but anyway I am just an ordinary retail trader and I dont have a very broad understanding of the market, what I did know that I have a specific strategy to follow and I am discipline in implementing its rules and at the end of the month my profits is up, whether you agree or not that trading is a zero sum game or random in nature, it does not matter what matter most...Ignored
Disliked"I am too lazy to understand economics and politics and I refuse to learn that, because it is too hard".Ignored
Disliked{quote} If trading was about understanding economics and politics, economics and political science teachers would all be billionaires by now. Please stop talking nonsense and go easy with the insults.Ignored