I didn't say anything about investing 'to the last penny'. Portfolio construction refers to strategic allocation of funds among different markets saying nothing of the percentage of personal net worth invested.
Back to your point; great traders are certainly passionate about their craft but there are many mere fools whos are passionate about 'forex' in a misguided way.
Interesting thoughts in this thread. I have been trading the futures market for years or in reality the real market. Heres the real deal in forex you say i get .09 spread with eurusd really? All fx brokers are market makers they make a market for you based on futures market. In futures they don't have crosses so let's use the euro usd example the futures price say it's 1.10 they will quote you 1.106 to 1.127 so that .09 turns out to be alsmost 2 to 3 pips. Second no such thing as ecn it's an illusion it just means they automated there bookmarking algorithm there's no banks to pawn trade to there liquidity is clients in their company. When was the last casino you know home belly up. Here's my advice if you are a real trader trading real money not ten cents a pip but minimum 5 dollars a pip go and run to futures market the field is level brokers only involvement is the access to market
I just started my trading way, but I really believe that this is the way to earn money. Now my main aim is to get experience and to make my knowlede deeper. I hope I will earn on market big money.
You are much better off taking the forex money out, buying a car and becoming an Uber driver.
For traders such as myself it's like asking an Ice Addict "Is Ice worth doing?"
"If so, why?"....
Forex worth of trading because it is money out of thin air. If you cannot or not trained to produce a product but you have brains, you can learn to trade and make money in the movement of resources on the charts. Adding or emptying your pocket - it is a question of your skill. Yet the concept is that of.
Forex market is the biggest financial market in the world ,trading more than $4trillion daily .As risk is a part of everyone's daily life and there are some risk that are worth taking. Similarly forex trading is risky but it's worth the risk because of the plenty of profitable opportunities it offers to the investor.
Why do I trade?
I prefer to spend my life making a living out of doing something I do not dislike. If I could make a career out of any of the few hobbies I have, I would gladly do so. However the entry requisites to those areas in the professional fields is extremely difficult to attain.
Is it to be rich?
To make a living. If you are good trading, getting rich is an eventual added bonus. A struggling trader's trading life is not pretty at all on the other hand.
Do I trade as a hobby?
I do not actually like many aspects of trading itself. So it is hard for me to regard it as a hobby.
Do I love it? do I hate it?
I don't think about it. I just try to get good at it. Maybe I might like it once I am good enough. At the moment, I am still trying to get it right.
What are your dreams and goals in trading? Are they realistic? Are we wasting time?
To be consistently profitable. The key is to develop reliable trading systems and good trading skills.
Very tough. I have to keep reasserting myself it can be done. Whether it is realistic or not, is hard to say. In reality, a lot of aspiring traders will never make it in trading, and lose lots of money in their pursuit in it. I think it is better for a non CP trader to be mentally prepared for the highly possible scenario of failure to the very end.
Well working in a job which you are not interested in is a waste of time. If you want to really learn something and master it, and you are willing to put in time and effort into it, it is not a waste of time.
Any stories you want to share? Good/difficult times? Have you made it? Still trying to find your way?
Bad times: The first few years. I blew up my accounts 3 times I think. Lost over 5K in total I think. Attended a very expensive trading course (another 10K) which I later found to be useless and regretted taking.
Good times: This year. I am starting to understand trading, notably the market a lot more. My analysis/forecast/market sense is decent. My systems' performance are improving.
I see a minimum of 5 years of consistent profit as the equation to 'make it'.
Now lets talk a bit about why 95% of people lose in trading.
What are the biggest mistakes that are made? Why do only 5% of traders profit? What needs to change and how can this number grow?
1. Bad trading skills + Bad trading habits
2. No reliable systems that work in the long run
3. Lack of risk management + Bad position sizing
4. Psychological/emotional issues
Nothing needs to change. Growing the number of winning retail traders? The world doesn't work in this way. There are good reasons why most retail traders lose (and 'need' to lose). For instance, if trading gets to the point where it is 'easy', it will have many negative effects.
1. If retail traders are mostly winning traders, then who are the losing traders? For every win, there will be a lose. For every buy, there will be a sell. In theory at you can get 50% of retail traders who are winning. The problem is professional traders are too good at trading and they trade with huge positions. Naturally they account for most part of the winning portion of the trading world. The public's entry requirement to trading field is very minimal. Practically everyone of legal age can trade. But most of these people will lose money, which partly contributes to why most retail traders lose.
2. If trading is too easy, people will opt to trade for a living instead of getting normal jobs. The society will have big problem with labour shortage. Next, the government will definitely intervene by stepping in and ban retail trading altogether. With dramatically less bad traders, professional trading firms will have problem making money. Professionals will have to compete among themselves. The weaker professionals will soon leave the trading field as no one can survive for long without making money. If there are no losers/bad traders, there will be no more winners. Trading for profiting purposes will cease to exist eventually. Another thing if people are not allowed to buy shares/stocks, companies will run into money flow problem and would not be able to operate efficiently. In the worst case scenario, big companies will go bankrupt, unemployment rate will soar high, and the world will be plunged into a terrible recession.
3. Proper trading skills training is never made available to the public. Professional traders and companies generally do not reveal their trading secrets to the public for obvious reasons. Trading books, courses, free information found on the net are not enough to make one a success. Misleading / contradicting information makes the matter worse. One's chance at trading relies on one's intelligence / proper analytic ability, personality, discipline, diligence, patience, talent, capital and so on. The toughest requisites to attain are the desired personality traits, intelligence / proper analytic ability and talent. Another way is to get successfully recruited into a good trading company (and perform) which as we know is very difficult.
It is thus essential that trading is difficult. It is a good thing that there are many losing traders. Things are fine the way they are now.
Let's see the results of ladder board for 2016.
Here we can have accounts with 100 usd whiling to take huge risk and 100k accounts too.
Some not want to share to publicity.
Those who shared and made +5% for the whole year!!! there are here!!! - to few from my opinion.
Is worth or not?
If is 1k account and made 2000% in the whole year! That is 20k, divided by 12 month, so maybe, if you had money enough and wasn't this for living ( top 1 position.
If is 1k account and 5% , that is 50 usd - for 12 month! ... well, better click on ads it pays more...
If is a 10M (professional account) and made 500k - half for your company - half for you, after paying al taxes lef half: 250k profit for 12 month, not to bad...
if if 1M account, than only 25k for 12 month....
The question is who will let you to trade his 1M-10M account for 50-50%?
It comes down to your system/performance and the capital you have. I know that I can make around 80-120% per year and therefore I wouldn't trade with less than 30k so that it's worth for me.
Weird. Why nobody will teach me this? I cannot risk my money to stop working at my main job and go full time trading. But I like trading and I hope you are not right and I can learn over time. And I heard people saying before - that I need to do this only full time and only then I can learn. But I like to make them not right, at least to try And this forum should have function to count statistics of each people wins when they post a graph and setup. Then we would know who to follow and who to learn from and who to not follow. The biggest problem is that there is so much false information and if you can find which information is correct, you should be able to make it.
I already sit long time after my job near computer and read/do something related to trading. And I do not even have a girlfriend which some might think that I should put an ours into getting better with girls. I really do not have enough time. Of course some of my time eats fun things like facebook, but can you really live life without fun things, you will not be happy and be angry maybe, so what is the point?
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