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  • #861
  • Edited Oct 2, 2017 3:39am Oct 1, 2017 10:21am | Edited Oct 2, 2017 3:39am
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Climbing step by step
  • #862
  • Oct 1, 2017 11:44am Oct 1, 2017 11:44am
Quoting jusstin911
Loads of bull signals (Reversal) just around that bottom TL.. Not sure what will happen at the top of the TL but my wild Guess would be a break to the UP side for bigger targets maybe.. {image} {image}
Duuuhuuuude! You're looking very sexy in red. Congrats on the impact upgrade and I am biased toward 191566 area myself..or higher.
  • #863
  • Oct 1, 2017 11:49am Oct 1, 2017 11:49am
  •  jmmn
  • | Joined Nov 2015 | Status: Learning while making money... | 647 Posts
Bloomberg right now: eurusd = 1,1782
  • #864
  • Oct 1, 2017 11:49am Oct 1, 2017 11:49am
Hello everybody,

I come to you with a big question about the forex market.
I've talked with some long term successfulls traders over the past weeks and almost all told me to avoid forex.
Their principal arguments are:

-The forex is not regulated, your chart can have a weird big candle hitting your stop that doesnt appear on other broker's charts. You can complain about it but your broker doesn't care, you have no leverage against him (contrary to a regulated market).
-You don't have acces to the real forex market, the forex market is accessible only for HUGE compagnies (to cover their ass on a potential value loss on a currency, convert currencies to export products etc...). So at the end, home-traders represent nothing in this giant liquid market and you just trade on a mini-micro-market replication made by your broker (scary no?).
-Some of them traded in hedgefunds, they told me even hedgefunds dont touch at forex, to risky for them, and there is no very well-known trader that succeded trading forex (but they may be hiding )
-The massive publicity fishing amateurs for their little $$$.
-Lastly they (almost) don't know anybody trading forex for a living in the long term (most of them blowed their account at some point for different reasons).

Of course the forex market has a LOT of advantages on paper, but when you look at all those arguments, it makes me wonder:
Is it so risky to trade the forex for a living (imagining I have the required skills and a "honest" broker)? Do you know a lot of long term successfull forex trader? What's your opinion about forex?

Please share your opinion Im realy curious of what you guys think of this!
Climbing step by step
  • #865
  • Oct 1, 2017 12:41pm Oct 1, 2017 12:41pm
Quoting Venomousssss
{quote} Duuuhuuuude! You're looking very sexy in red. Congrats on the impact upgrade and I am biased toward 191566 area myself..or higher.
Yerrrrr I think that's a Danger' sign thanks mate... more work still
  • #866
  • Edited 1:16pm Oct 1, 2017 12:43pm | Edited 1:16pm
Quoting YouPi
I have a last question, maybe the hardest ^^: I talked with a few long term successfull trader, and most of them keep telling me to avoid the forex market. Their arguments are: it is not reliable (every broker as differents charts), it is not safe, if you see a weird big candle that hit your stop and compare to other brokers to find that it is not there, you cant complain about it: you have no leverage against your broker, contrary to a regulated market. You don't access to the true Forex market that is kept for big wallets so at the end you trade...
If we put the complete amount of forex traders around the globe in one pot, then the percentage of successful traders will not be more than 1% and maybe even less than that. In my thinking yes scam brokers and their dirty tactics might make a big amount of traders lose. But if we just filter out the most reputable and properly regulated brokers then there is no way to blame them for the losses traders are facing. In the end it comes down to two things:

  1. If you are really a successful trader your money will grow no matter what. Period!!!!!
  2. If the broker is trustworthy, they will let you withdraw your gains no matter how big the amount. Period!!!

If one of the two mentioned conditions fail you will never get rich from forex. And I think the second one is what scares pro traders the most and as a result they make use of other methods to assure the safety of their assets. To lower risk of their investments they try to create a portfolio from different areas like stocks, commodities, gold, real estate.. etc.. which is known as "diversification".

Stay Green

Focus only on what truly matters!
  • #867
  • Oct 1, 2017 12:50pm Oct 1, 2017 12:50pm
Quoting jmmn
Bloomberg right now: eurusd = 1,1782
My thinking: If market opens around 1.1782 which is a monthly support area, that level will probably hold and make price bounce back up. Price opening at 1.1782 would also mean market opens with a weekend gap. Again another reason to look for buys towards 1.18 and higher levels.

Stay Green
Focus only on what truly matters!
  • #868
  • Oct 1, 2017 12:54pm Oct 1, 2017 12:54pm
Quoting Ata-Turkoglu
{quote} My thinking: If market opens around 1.1782 which is a monthly support area, that level will probably hold and make price bounce back up. Price opening at 1.1782 would mean market opens with a weekend gap. Again another reason to look for buys towards 1.18 and higher levels. Stay Green
i agree bro.. 1.1793 ATM
  • #869
  • Oct 1, 2017 3:12pm Oct 1, 2017 3:12pm
let's see how the EU session goes
  • #870
  • Oct 1, 2017 3:18pm Oct 1, 2017 3:18pm
Quoting Ata-Turkoglu
{quote} My thinking: If market opens around 1.1782 which is a monthly support area, that level will probably hold and make price bounce back up. Price opening at 1.1782 would also mean market opens with a weekend gap. Again another reason to look for buys towards 1.18 and higher levels. Stay Green
Very good numbers my friend. I decided not to post my analysis anymore, you have done it all better and more efficient way. I will be only share trades that I am planning or taking. As I posted earlier Buy seems good to 1870 level. After that I would watch for further PA. I wish you profitable week.
  • #871
  • Oct 1, 2017 9:42pm Oct 1, 2017 9:42pm
Quoting Ata-Turkoglu
{quote} If we put the complete amount of forex traders around the globe in one pot, then the percentage of successful traders will not be more than 1% and maybe even less than that. In my thinking yes scam brokers and their dirty tactics might make a big amount of traders lose. But if we just filter out the most reputable and properly regulated brokers then there is no way to blame them for the losses traders are facing. In the end it comes down to two things: If you are really a successful trader your money will grow no matter what. Period!!!!!...
Very true. We have made quite a big amount of pot in trading from .10-.60 lots in the recent years and have withdrawn about 70% of our earnings (Helps us pay our monthly bills and still got some savings). Our broker is very quick in depositing the amount we request, max 2 days (as sometimes we apply on a Sunday) we get the money in our account.

Sensible trading is the key. You cannot trade bigger lots if your capital is limited. Some of the guys I chat with on other groups trade at 1-2 lots which is massive and therefore when it all go wrong they lose quite a big amount.
  • #872
  • Oct 1, 2017 10:25pm Oct 1, 2017 10:25pm
1.175 might be worth a tiny BUY
  • #873
  • Edited 10:47pm Oct 1, 2017 10:32pm | Edited 10:47pm
Good Morning Folks, Happy New Week and Month to All..

So far, market quickly closed gap and went back to fall down to probably retest weekly support level: 1.1758 area. Since it defeated the monthly support level at 1.1782 easily I would say we are starting a long term bearish trend.

When I look at the daily I see that price is now below 10 sma which is clearly bearish to me. Considering that the weekly trendline is now broken buyers should be extra careful inside these days. I already had a bearish bias but now I will begin to only sell the highs.

Below I added the potential daily support and resistance areas.

Stay Green
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD-D-Analysis.png Size: 29 KB
Focus only on what truly matters!
  • #874
  • Oct 1, 2017 10:52pm Oct 1, 2017 10:52pm
Quoting jusstin911
1.175 might be worth a tiny BUY
Could be like opening your wallet in a tornado too,,,,,,,,,just be careful man ,this Spain thing could alter the market landscape a tad ,,too early to tell but not real appealing looking .
  • #875
  • Oct 1, 2017 10:57pm Oct 1, 2017 10:57pm
Quoting digger1
{quote} Could be like opening your wallet in a tornado too,,,,,,,,,just be careful man ,this Spain thing could alter the market landscape a tad ,,too early to tell but not real appealing looking .
true that.. im on deck so i don't loss my pants too
  • #876
  • Oct 2, 2017 12:18am Oct 2, 2017 12:18am
EU H4 (2-6 October 2017)
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 26 KB
Self discipline It is a practice
  • #877
  • Oct 2, 2017 12:21am Oct 2, 2017 12:21am
opportunity to go short today on EUR
  • #878
  • Oct 2, 2017 12:23am Oct 2, 2017 12:23am
I know this isn't the place, but there is very tragic event occurring in las vegas right now, a mass shooting at a concert. I hope everyone stays safe. Horrifying to watch.
  • #879
  • Oct 2, 2017 12:30am Oct 2, 2017 12:30am
Quoting MXT
opportunity to go short today on EUR
You mean Buy EURUSD ??
  • #880
  • Oct 2, 2017 12:34am Oct 2, 2017 12:34am
This hurts guys. I confess. I'm feeling a bit of pain right now.
"The fun is in the hunt. Not the kill."
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