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tomorton Apr 16, 2018 5:22am | Post# 1941

Thereís an interesting recent article on finance feeds wrt how FX brokers hunt for the trading bait/chum to then churn over and throw away, they have zero interest in customer care, only in buying thousands of leads from the likes of binary options failures, then hoping that a small percent will gamble and lose a few hundred quid each. They spend a couple of grand fishing and convert it into twenty grand, thatís the typical model. Brokers cheat, but the majority of the deception involved in this industry is self deception; gamblers lie to themselves,...

Will the mugs take heed of the low win rate? No. Entry into trading is quick, simple, low cost, low effort. There is a risk of ruin but actual such cases are too rare to be a disincentive. Even ESMA state that most punters don't lose a fortune - an amount less than £30k is not a fortune. Only 10% lose more than that and its very possible that to at least some of the 10%, even an amount over £30k wasn't actually a fortune.

All in all, trading is enjoyable, cheap, educational, intellectually stimulating and emotionally challenging. It stimulates interest in world affairs, economics and political philosophy. It encourages improved skills in mathematics, statistics, news analysis, time management, budgeting, research and the graphic presentation of data. I regularly hear people say that it is aided by yoga, aerobic exercise, meditation and a healthy sleep regime: it certainly encourages attention in these important areas.

Sounds to me like its doing a lot of good things for people who can afford it.

mistakesr Apr 16, 2018 5:46am | Post# 1942

It's like expecting a chemist to prove that anchovies are delicious. It can't be done.
Oy, I love the taste of Anchovies, leave Anchovies alone, they have feelings too.

mistakesr Apr 16, 2018 5:52am | Post# 1943

{quote} Why aren't you using tick charts? 1m charts... Biggest scam the world's ever seen. Throw it away.
I hope he's very young or he will dead set have a heart attack down there.

Spreadbetter Apr 16, 2018 6:00am | Post# 1944

Youíre all over the place, completely riddled with denial and inconsistency, whilst ignoring the data. Over 50% of the losses I witnessed were through credit card payments, many hopeless punters coming back several times. In the U.K. close on 40% of working adults have zero savings, with less than 10% having accessible savings of 20k, retail gambling on markets attracts weak minded fantasists, the standard prey of brokers.

Gambling on markets provides little in the way of further education it simply encourages confirmation bias, whereas self investing, by way of making decisions on a reasonable portfolio of above £500k, can prove to be stimulating and challenging, however, most investors simply remain long markets, believing in the system to continually reward them long term.

You're a pensioner, playing around on IG, you might be enjoying an activity that keeps your grey matter ticking over, and if youíre breaking even whilst passing the time then good luck to you, but donít confuse that with the majorityís motivation and donít confuse IG as a fair minded player, theyíre not.

{quote} Will the mugs take heed of the low win rate? No. Entry into trading is quick, simple, low cost, low effort. There is a risk of ruin but actual such cases are too rare to be a disincentive. Even ESMA state that most punters don't lose a fortune - an amount less than £30k is not a fortune. Only 10% lose more than that and its very possible that to at least some of the 10%, even an amount over £30k wasn't actually a fortune. All in all, trading is enjoyable, cheap, educational, intellectually stimulating and emotionally challenging. It stimulates...

mistakesr Apr 16, 2018 6:13am | Post# 1945

Well, you know how them professors are... all knowledge and no wisdom. When it comes to trading; I would rather pay attention to a beatneck trader's words than the spreadsheet of a guy that doesn't play the game. Obviously, if he knew how to trade, then he wouldn't be a professor writing theoretical papers about the impossibility. Writers write and traders trade. We pretty much all know what the math says. Why would anyone pay attention to it? It's like expecting a chemist to prove that anchovies are delicious. It can't be done. Similarly, no trader...
Ha, I don't think you'll get too many. I come here after a few years of not wanting to expecting something maybe different, evolved, better but nah, it's exactly the same, full of egos and wannabes at the top of the tree but the soldiers are different, an 80%-90% revolving door. I am however very grateful for meeting you. We don't know each other from a bar of soap but I can tell from just the quote above, you've probably been on a very long trading journey and can see light at the end of the tunnel. Good for you!

EDIT: I forgot to mention, please leave Anchovies alone, haters gonna hate!

Redeflect Apr 16, 2018 6:25am | Post# 1946

{quote} Ha, I don't think you'll get too many. I come here after a few years of not wanting to expecting something maybe different, evolved, better but nah, it's exactly the same, full of egos and wannabes at the top of the tree but the soldiers are different, an 80%-90% revolving door. I am however very grateful for meeting you. We don't know each other from a bar of soap but I can tell from just the quote above, you've probably been on a very long trading journey and can see light at the end of the tunnel. Good for you! EDIT: I forgot to mention,...
You're probably right about the anchovies. No one hates umami. Just anchovies.

Very often the light at the end of the tunnel is a train waiting to run me over. I've just gotten better at getting out of the way and hopping on.

mistakesr Apr 16, 2018 6:39am | Post# 1947

{quote} Very often the light at the end of the tunnel is a train waiting to run me over. I've just gotten better at getting out of the way and hopping on.
Ah those trains, they're always better if they're going in the same direction everyone else wants to go. It makes life far more fun.

goose4 Apr 16, 2018 6:58am | Post# 1948

You’re all over the place, completely riddled with denial and inconsistency, whilst ignoring the data. Over 50% of the losses I witnessed were through credit card payments, many hopeless punters coming back several times. In the U.K. close on 40% of working adults have zero savings, with less than 10% having accessible savings of 20k, retail gambling on markets attracts weak minded fantasists, the standard prey of brokers. Gambling on markets provides little in the way of further education it simply encourages confirmation bias, whereas self investing,...

IG was my first broker.

Back then forex was not around,in was more about index trading.

It was 20 years ago just when online trading started with ig. You made a order and it was a human who would give you price, It took me 15 years of research to conclude,retail level trading is gambling.I was dumb. My ego would not accept this at first.

Damm did I see shady things with IG.

tomorton Apr 16, 2018 7:28am | Post# 1949

Youíre all over the place, completely riddled with denial and inconsistency, whilst ignoring the data. Over 50% of the losses I witnessed were through credit card payments, many hopeless punters coming back several times. In the U.K. close on 40% of working adults have zero savings, with less than 10% having accessible savings of 20k, retail gambling on markets attracts weak minded fantasists, the standard prey of brokers. Gambling on markets provides little in the way of further education it simply encourages confirmation bias, whereas self investing,...

Plus, I'm hugely enjoying the banter.

The mugs will never listen to you abut the dangers of retail forex trading. They will never listen to me either about the rewards of long-term trend-following.

Whereas I'm very happy to be ignored, I definitely feel it makes you unhappy. I do recommend you should find other pursuits on your coffee breaks, you're never been listened to here by a single new trader and their (naive) replies to your posts must eat you up. What do you actually get out of all of this?

profitfarmer Apr 16, 2018 7:40am | Post# 1950

Youíre all over the place, completely riddled with denial and inconsistency, whilst ignoring the data. Over 50% of the losses I witnessed were through credit card payments, many hopeless punters coming back several times. In the U.K. close on 40% of working adults have zero savings, with less than 10% having accessible savings of 20k, retail gambling on markets attracts weak minded fantasists, the standard prey of brokers. Gambling on markets provides little in the way of further education it simply encourages confirmation bias, whereas self investing,...
while your statement maybe all good....where do you stand with a nick like "spreadbetter"?

actually i dont really give much thoughts were others are with our without savings.
if any, then i am afraid.
i am afraid i did wrong, denied/sacrificed things from myself so i have 20k+ accessible savings.
i am afraid, that as always in past, those mindless consumers with loans get bailed out, and those with some savings will pay for it in general.
the usual, panish the good, reinforce the bad.

those who fucked away to their money for whatever, bigger house than can afford, travel they cant afford, new car, new cloths, drunken nights, prostitutes, gambling or whatnot...when they end up on social security handouts, those pay for it who didnt do those, or did with moderations at least.

Pip-Miner Apr 16, 2018 3:29pm | Post# 1951

Youíre all over the place, completely riddled with denial and inconsistency, whilst ignoring the data. Over 50% of the losses I witnessed were through credit card payments, many hopeless punters coming back several times. In the U.K. close on 40% of working adults have zero savings, with less than 10% having accessible savings of 20k, retail gambling on markets attracts weak minded fantasists, the standard prey of brokers. Gambling on markets provides little in the way of further education it simply encourages confirmation bias, whereas self investing,...
Spreadbetter what is your background? Have you worked in the forex industry ?

Pip-Miner Apr 16, 2018 3:37pm | Post# 1952

{quote} IG was my first broker. Back then forex was not around,in was more about index trading. It was 20 years ago just when online trading started with ig. You made a order and it was a human who would give you price, It took me 15 years of research to conclude,retail level trading is gambling.I was dumb. My ego would not accept this at first. Damm did I see shady things with IG.
They where my first broker about 10 years ago, real dodgy . I still remember the artificial spikes they created . Only got my money back after complaining. Needed charts from different brokers. Their excuse was technical issue .

Pip-Miner Apr 16, 2018 3:48pm | Post# 1953

{quote} Why not! But I think it's way too late for Forex or any other retail trading. The trend is down. You must catch a new trend from the start in order to become in the Top 2 or 3 of that niche and hope make money out from it. Any idea guys?
Sport gambling would be more popular and enjoyable. You can have a beer with your mates while watching your favourite team play. No need to worry about news, trump tweets etc and you can cook a bbq half time without stressing about price.

goose4 Apr 16, 2018 7:37pm | Post# 1954

{quote} Sport gambling would be more popular and enjoyable. You can have a beer with your mates while watching your favourite team play. No need to worry about news, trump tweets etc and you can cook a bbq half time without stressing about price.

Just try and compare the business model of retail trading vs betfair exchange.

betfair , The platform allows users to set their own odds and it subsequently matches their bets.Its an amazing business model. No spread. commission on winning trades only.

Spread betting is just pure horror show. They are out to murder you.

MLeslie Apr 16, 2018 7:51pm | Post# 1955

You can make millions per year Retail Forex Trading. And do it at 97% probability.

mollyellie Apr 16, 2018 9:09pm | Post# 1956

And do it at 97% probability.


a typo, yes?

riclater211 Apr 16, 2018 9:44pm | Post# 1957

You can make millions per year Retail Forex Trading. And do it at 97% probability.
I really hope that was a typo, cause if your serious about that number some folks on this thread are gonna rain down on you. Also, the making millions thing, depends on how much you start with. Just because its possible does not make it probable. The thing you must realize and most retail traders will not go though is, once you have a sizable account, you will most likely make adjustments to your money management and risk profile and not keep trading the same way.

Psychologically speaking, risking $20 out of a $1000 is a whole lot different from risking $20,000 of a $1,000,000 despite it being the same % of risk. You will find in time your risk % comes down as your equity goes up, at least if you are in your actual right mindset and not in the gambling mode. Trading should eventually be a somewhat dull but lucrative way to earn additional or primary income. Over the years I have went from 5% down to 0.5% risk. Even Spreadbetter says his risk is only, excuse me Spreadbetter if I'm wrong but I'm going off memory and didn't go back to look, 0.05 or 0.005.

Now if Spreadbetter is even half as experienced as he claims, that should tell you something.

- Ric

Spreadbetter Apr 17, 2018 5:06am | Post# 1958

In terms of FX retail industry experience; in the past Iíve been employed (on the dark side) as a market analyst, economist and helped to set up NDD/STP/ECN brokers. Iím an active investor in/founder of fintech firms, an investment manager and active trader, although my trading is not retail.

{quote} Spreadbetter what is your background? Have you worked in the forex industry ?
Using the line of credit I have from a former employer I risk between 0.05% - 0.1% account size per trade, have a circuit break of 0.5% loss per day, have only experienced a drawdown of more than 1.5% (3 losing days) once over the past two years. I aim for 50% account growth per annum.

{quote} I really hope that was a typo, cause if your serious about that number some folks on this thread are gonna rain down on you. Also, the making millions thing, depends on how much you start with. Just because its possible does not make it probable. The thing you must realize and most retail traders will not go though is, once you have a sizable account, you will most likely make adjustments to your money management and risk profile and not keep trading the same way. Psychologically speaking, risking $20 out of a $1000 is a whole lot different...
Actually IG are unrecognisable from what they were ten years or so back, however, their profits are still entirely generated by puntersí losses, trying to wake folk up to that concept is a difficult effort.

{quote} IG was my first broker. Back then forex was not around,in was more about index trading. It was 20 years ago just when online trading started with ig. You made a order and it was a human who would give you price, It took me 15 years of research to conclude,retail level trading is gambling.I was dumb. My ego would not accept this at first. Damm did I see shady things with IG.
I visit FF for my own reasons, mainly concerning trader pysche and to gauge trends in terms of behaviour and sentiment, in relation to a new fintech offering weíre planning to develop.

{quote} Plus, I'm hugely enjoying the banter. The mugs will never listen to you abut the dangers of retail forex trading. They will never listen to me either about the rewards of long-term trend-following. Whereas I'm very happy to be ignored, I definitely feel it makes you unhappy. I do recommend you should find other pursuits on your coffee breaks, you're never been listened to here by a single new trader and their (naive) replies to your posts must eat you up. What do you actually get out of all of this?
And some posters wonder why I display frustration, wrt the idiocy of this community.

You can make millions per year Retail Forex Trading. And do it at 97% probability.

goose4 Apr 17, 2018 11:11am | Post# 1959

In terms of FX retail industry experience; in the past I’ve been employed (on the dark side) as a market analyst, economist and helped to set up NDD/STP/ECN brokers. I’m an active investor in/founder of fintech firms, an investment manager and active trader, although my trading is not retail. {quote} Using the line of credit I have from a former employer I risk between 0.05% - 0.1% account size per trade, have a circuit break of 0.5% loss per day, have only experienced a drawdown of more than 1.5% (3 losing days) once over the past two years. I...

Thank you very much for your posts.

Your notions and sentiment has been like mine for a few years with deep research.Its great to add a guy like you to my list of supporting data. Its been painful journey for me. Wasting so much time trying to learn to trade on these markets at retail level. The ego and greed got me. It was driven mostly by forums,so many traders marking 30 plus pips daily I was reading. It distorted my reality.

tomorton Apr 17, 2018 11:43am | Post# 1960

{quote} Thank you very much for your posts. Your notions and sentiment has been like mine for a few years with deep research.Its great to add a guy like you to my list of supporting data. Its been painful journey for me. Wasting so much time trying to learn to trade on these markets at retail level. The ego and greed got me. It was driven mostly by forums,so many traders marking 30 plus pips daily I was reading. It distorted my reality.

What's your trading style these days?


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