Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

forex and all eas are a scam, stay away from forex 47 replies

Suicide, fraud, arrests, Chinese investors and Forex: sad 4 replies

US broker PFGBest freezes funds after founder's suicide attempt 228 replies

Differences between SPOT FOREX and Commission FOREX? 2 replies

Get millions or commit suicide! 32 replies

Attachments: Suicide and forex
Exit Attachments

Suicide and forex

Quoting Samson85
{quote} You simply have to do your homework and be 100% committed. Forex is a ruthless game and you can never turn your attention away from it. You have to be willing to learn everyday and invest in yourself. You can learn from your mistakes and other people's mistakes which you can capitalise on. The market is 24/7 so you have to be willing to do this 24/7. 24/7 not just in front of your screen but processing trading ideas from within even if sat on a toilet. Every week I get some of the trades of the big banks and I share them on here. I then...
1. 100 committed is true.
2. Forex is ruthless..False. FX is no more ruthless than selling video games.
3. Willing to learn...true.
4. 24/7....completely false. There are times when the FX market is active. Just because you can trade at any time does not mean that you should.
If you are good at something, never do it for free--Joker
Quoting synicz
{quote} I think there must be some slight miscommunication. My focus was only on answering your previous posts. My sincerest apologies for not reading through the thread to get an understanding of the context in which you made that statement. Now you have brought up another interesting topic within the trading community. Correct me if I am wrong but the topic is regarding the benefits of day trading over longer-term trading? On this topic, my opinion is that there are both pros and cons to both style of trading. You do have some merit by claiming...

Loool nobody mess with synicz I'm telling you he could be Warren Buffets #2.

I agree with you
Quoting MLeslie
{quote} Im not talking about hedge funds eho have to invest millions/billions. Im talking about retail tradersnyoo and me OUR advantage is that we dont have to was all that loquidity though to make a profit. So we can and ahould be nimble and be making many gains. ok so that trade is 2.5-3.5 gain? you should do that everyday not every 3 weeks. You said it yourself you understand fundamentals well why not do the same thing but on 5m/1m charts?
Pretty good reasons not to, actually. Mostly, the power bill of that 30ft projector which you have to use to see more than the last 4 hours.

Also, because every time you exit a trade you're actually going against fundamentals in favor of raw PA and that takes a lot more time out of the day. Every time you get the timing wrong you're also losing money. Timing with fundamentals or PA are both imprecise.
"The fun is in the hunt. Not the kill."
Quoting jmn5611
{quote} 1. 100 committed is true. 2. Forex is ruthless..False. FX is no more ruthless than selling video games. 3. Willing to learn...true. 4. 24/7....completely false. There are times when the FX market is active. Just because you can trade at any time does not mean that you should.
You misunderstood me. When i say 24/7 it does not mean you have to place a trade everyday but it also involves forecasting, planning, media alertness etc.

You cannot do this game half heartedly.

Of course forex is ruthless!!
Quoting Samson85
{quote} You misunderstood me. When i say 24/7 it does not mean you have to place a trade everyday but it also involves forecasting, planning, media alertness etc. You cannot do this game half heartedly. Of course forex is ruthless!!
I just don't think so. FX is not ruthless because this invokes an emotion. FX is just a market that you have continuous data to. If street vendors who sell fish charted the prices, they would get trading decisions as well. FX is just getting on board when everyone else is on board, and to stop thinking you are smarter than price. We are not.
If you are good at something, never do it for free--Joker
Quoting jmn5611
{quote} See your yellow arrow that the bottom of your chart? Is that a reversal or a bear flag?
I believe cad will strengthen this week due to oil and potential rate hike on Wednesday (30% chance but if no hike I expect a positive statement due to current cpi and employment data being very good).

If cad statement voices concerns over trade war and potential nafta risk (although looks a done deal hence cad strength) them usd/cad will shoot up a bit.

Right now I see cad going down but I closed all my positions (wish I hadn't)
Quoting MLeslie
{quote} Im not talking about hedge funds eho have to invest millions/billions. Im talking about retail tradersnyoo and me OUR advantage is that we dont have to was all that loquidity though to make a profit. So we can and ahould be nimble and be making many gains. ok so that trade is 2.5-3.5 gain? you should do that everyday not every 3 weeks. You said it yourself you understand fundamentals well why not do the same thing but on 5m/1m charts?

Loooooooooool @ those time frames you suggested.

You have to use wisdom when trading and to know what time frames are suitable.

I would use a 5 min chart to scalp a cpi release for 20 pips if possible but I do not use those time frames. 15min 1hr 4hr 1day 1 week. 15min chart for point of entry on a day trade with the 1hr and 4hr chart providing the overall direction.
Quoting Samson85
{quote} Loooooooooool @ those time frames you suggested. You have to use wisdom when trading and to know what time frames are suitable. I would use a 5 min chart to scalp a cpi lease for 20 pips if possible but I do not use those time frames. 15min 1hr 4hr 1day 1 week. 15min chart for point of entry on a day trade with the 1hr and 4hr chart providing the overall direction.
If you are comfortable with M5 don’t need to change it. But I think, it’s not same to all. Like I am also doing scaling trading but I am using the M30.
Quoting LuizGuilher
{quote} If you are comfortable with M5 don’t need to change it. But I think, it’s not same to all. Like I am also doing scaling trading but I am using the M30.
For the record I rarely scalp but when I see a massive deviation on cpi, GDP or employment I will take the trade.
Quoting Samson85
{quote} Loooooooooool @ those time frames you suggested. You have to use wisdom when trading and to know what time frames are suitable. I would use a 5 min chart to scalp a cpi release for 20 pips if possible but I do not use those time frames. 15min 1hr 4hr 1day 1 week. 15min chart for point of entry on a day trade with the 1hr and 4hr chart providing the overall
direction.
biggest myth in trading as to why many get wrong is because they believe PRICE matters. It does not. Auctions matter. Why wait 15m when you have within that 15m the auction and test you needed.
ok well I use all charts of course for bias/zones/targets but i use 1m chart for my entries/risk management. As an intraday trader anything more then 1m you will miss the discount and the many opportunities
Quoting MLeslie
{quote} biggest myth in trading as to why many get wrong is because they believe PRICE matters. It does not. Auctions matter. Why wait 15m when you have within that 15m the auction and test you needed. ok well I use all charts of course for bias/zones/targets but i use 1m chart for my entries/risk management. As an intraday trader anything more then 1m you will miss the discount and the many opportunities
Ok so based on what you're telling me it sounds like you trade the same way as timoth Sykes and his students.

1m chart is a skill in it self to use.

I use pivot points for targets and also to assist with entries if in line with the fibanachi (not always in both pivot and fib line).
Quoting Samson85
{quote} Ok so based on what you're telling me it sounds like you trade the same way as timoth Sykes and his students. 1m chart is a skill in it self to use. I use pivot points for targets and also to assist with entries if in line with the fibanachi (not always in both pivot and fib line).
Yes pivots points are ends of auctions. But are they strong or weak? Is there liquidity there? If so great to target but if not youll be trading into demand/supply. Fibonaccis mean nothig. Absolutely zero help unless you are blind and need alerts to tell
you price has pulled back where ever you drew them.
anoher reason retailers lose. Fibs and price indicators LOOK at price while PRICE looks at INSTO LIQUIDITY for direction. How can you use a price indicator to predict the very thing it needs for
itself to calculate and move?? LOL. Biggest scam the worlds ever seen. Throw them away
Quoting MLeslie
{quote} Yes pivots points are ends of auctions. But are they strong or weak? Is there liquidity there? If so great to target but if not youll be trading into demand/supply. Fibonaccis mean nothig. Absolutely zero help unless you are blind and need alerts to tell you price has pulled back where ever you drew them. anoher reason retailers lose. Fibs and price indicators LOOK at price while PRICE looks at INSTO LIQUIDITY for direction. How can you use a price indicator to predict the very thing it needs for itself to calculate and move?? LOL. Biggest...

Lol fibs are very relative as they normally hit the key levels needed for entry. You get extra confluence if it falls on a pivot point. Prop firms use fibanachi extensively.

Lol I don't use any Mac d or rsi The way those indicators make traders lose money is a joke.

The only thing I have on my chart is extended pivot points and a moving average on the 1day 4hr and 1hr chart.
Quoting MLeslie
{quote} Yes pivots points are ends of auctions. But are they strong or weak? Is there liquidity there? If so great to target but if not youll be trading into demand/supply. Fibonaccis mean nothig. Absolutely zero help unless you are blind and need alerts to tell you price has pulled back where ever you drew them. anoher reason retailers lose. Fibs and price indicators LOOK at price while PRICE looks at INSTO LIQUIDITY for direction. How can you use a price indicator to predict the very thing it needs for itself to calculate and move?? LOL. Biggest...
Why aren't you using tick charts? 1m charts... Biggest scam the world's ever seen. Throw it away.
"The fun is in the hunt. Not the kill."
Quoting Spreadbetter
Despite being a false equivalence in relation to trading, I see this 95% failure rate for small business in the USA quoted a lot on here, it’s generally used as a lame defensive trope to justify failure in FX gambling, so it’s time to demolish yet another myth. 80% of start ups survive past their first year. 50% reach year five. 30% reach year ten. https://www.fool.com/careers/2017/05...eir-first.aspx As for your roulette analogy it’s apt, but not in the way you think... ‘Experienced’ roulette...

I don't equate trading to roulette, somebody else was doing that. From what I know, they're not related.

I don't quote the business failure rate to excuse the failure rate of traders, but to demonstrate that educating people as to failure rates will not stop them trying - and failing.

In one way I'm actually with you - I wish that the majority of people who try trading could be discouraged from even trying. But failure rates and anecdotes of suicide and gambling addiction just ain't gonna do it.

Perhaps an emphasis on how much hard work and time it takes would work better - but then again, that's where experienced guys quote the 10,000 hour rule - which is just so much self-congratulatory BS.
Quoting MLeslie
{quote}{quote} exactly what retailers dont understand is the accumulation, profit taking and distribution phase if you trade illiquid times, accukulation times or profit taking times you WILL LOSE EVERYTHING. 100% you will not beat market makers if you trade the right times in the right environment and understand supply/demand youll be a multi millionaire, every year. Retailers biggest problems 1. Theres differentmarket conditions - biggest myth and excuse 2. THAT You can trade 24/5 (you cant) 3. THAT Risk reward doesnt matter (it matters) i dont...

I agree with lots here - but with the proviso for traders still on demo, you're clearly experienced in intra-day trading and that's what you're talking about. I for one don't believe a new trader should ever ever be let loose on intra-day stuff with real money. Basic long-term stuff is the way to learn the craft.
Are you all ready for the Harvard study on retail Forex ?

It paints a darker picture than what spreadbetter has painted.

Its all based on hard data and stats,and I cant wait for you guys to read.


It going to end this thread.
Quoting goose4
Are you all ready for the Harvard study on retail Forex ? It paints a darker picture than what spreadbetter has painted. Its all based on hard data and stats,and I cant wait for you guys to read. It going to end this thread.

I have suggested previously that if you want objective research on retail forex, business schools are not the place to go and find it. They work for the corporates who lose out whenever the ordinary guy with some money to invest manages it himself (or tries to).
Quoting billytt
Forget a croupier/dealer is bent , casino games are random.
Trading is not random because the big boys move it, You need to be on their side, play their game....
Precisely.

Trading is worse than random.

100% rigged,
and
ridiculously manipulated.
by the big boys.
'For the market to work, it needs people who think that they can beat it.'
Quoting AlastorFate
{quote} Precisely. Trading is worse than random. 100% rigged, and ridiculously manipulated. by the big boys.
So have you quit?
0 traders viewing now