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Forex - A negative sum game for losers

  • #601
  • Sep 5, 2023 2:20am Sep 5, 2023 2:20am
Quoting HudithePfupf
Wow, Aussi put me on ignore.... what a badge of honor. Looking at the timing he is either a MFF victim or part of the team. Missies cookie money might be gone for good.
Congratz fo'yo badge!
Oh yeah, he's always even on antipodes time full time player ...and he's definitely part of the team, maybe even of some much bigger political team of BRICS
Member
  • #602
  • Sep 14, 2023 1:39pm Sep 14, 2023 1:39pm
Hi guys, I have being a member of FF for more than a decade and also traded retail Forex for basically more than 12 years.

My question goes to TUDORLOAN, I understand that the hype is that 95% of daytraders lose their Capital and all that shit...

I started trading with a group of guys I introduced into FX business becos my objective was to look for a viable lucrative business that can make me money, not necessarily being wealthy but at least to a point where my demographical location will not determine my standard of living.

I come from a poor background from Africa, with a 9 to 6pm job where you hardly can save up to $200 by month end.

Our trading journey started from there and I can sincerely tell you that after about 4 years of consistent trading i .e 2013, I was the only one making a little profit because I was trading news release (high impact news).
But that didn't still last for a long time before I depleted my account. Till today, I still feel that trading the fundamental news release is still one of the most reliable strategy of you understand it.

Now to my question, I tried something recently which had to do with HEDGING...and it seems to work out just profitable I.e buying and selling the same currency pair.
So have you thought about the hedging strategy because even that Big Investment Bank although with HEAVY pocket use this same strategy.

Second question, if you had to give up FOREX one day(just brain picking you) what professional would you pick up.
  • #603
  • Sep 15, 2023 12:34am Sep 15, 2023 12:34am
Quoting imoh4king
Hi guys, I have being a member of FF for more than a decade and also traded retail Forex for basically more than 12 years. My question goes to TUDORLOAN, I understand that the hype is that 95% of daytraders lose their Capital and all that shit... I started trading with a group of guys I introduced into FX business becos my objective was to look for a viable lucrative business that can make me money, not necessarily being wealthy but at least to a point where my demographical location will not determine my standard of living. I come from a poor background...
Hi there,
First off, it's Tudor Ioan with an i.
In short, hedging in Forex it's just mirroring the (same amount of) risk or even expanding the risk (if adding positions to increase the odds for you), it's just pushing up the same shit. Investing is different. But both need to be evaluated in long term to have the right picture.
Tradin on fundies boils down to 50-50 odds on long term. No sure thing either, nor significant weight to tip the balance left or right. Imagine the army of experts who might go the same way every time playing fundamentals ...just if it would be so plain and simple. Remember that banks play against each other, this is important.
Member
  • #604
  • Sep 15, 2023 5:17am Sep 15, 2023 5:17am
Quoting TudorIoan
{quote} Hi there, First off, it's Tudor Ioan with an i. In short, hedging in Forex it's just mirroring the (same amount of) risk or even expanding the risk (if adding positions to increase the odds for you), it's just pushing up the same shit. Investing is different. But both need to be evaluated in long term to have the right picture. Tradin on fundies boils down to 50-50 odds on long term. No sure thing either, nor significant weight to tip the balance left or right. Imagine the army of experts who might go the same way every time playing fundamentals...
I stand corrected, Tudor ioan.
Thanks.

So, if you were not trading Forex, what would you be trading or what other line of business would you indulge in.
  • #605
  • Edited 5:48pm Sep 16, 2023 5:37pm | Edited 5:48pm
Quoting michisuperfr
After 7 years of full-time trading, I have to say that Forex traders make it unnecessarily difficult for themselves. NQ/ES are soooooooo much easier to beat.
NQ offers more interesting expansions, intraday at least, but FX offers more setups for ppl living in Europe. You have the end of the Asian session, London preopen or the first settlement during the open time. Then you have London open itself that lasts, normally, till 10AM London time. Then you have, many times, a new opportunity to join after 10AM till 12 or 13.

NY preopen is a gem for USD pairs, between 8:00 and 9:00 AM and later on. After 11AM NYT, I really dislike FX and prefer indices like ES/NQ, especially past 9:45 AM NY time till 11AM. Finally, NY afternoon brings more fun to indices but, for Europe, we are out of the game at these hours, unless you may be working full time and want to trade during the evening.

In that sense, I think that FX is more appropriate for ppl in Europe and, besides, I think it is easier to understand intraday because it often moves slower than NQ, ES and Dow.

I forgot to mention Gold, that it is slow but it also has an interesting trading window between 12 and 16 London time for instance. DAX is also popular (I do not trade it and do not have an opinion about), Cryptos are also interesting because they trade over the weekend, for those who cannot do it during the week and considering that, to get a decent income, you do not need more than 2-3 trades per week and make 2-6% a month. Ie, with a relatively small 200K account that is something between 4K and 12K gross; more of what most people earn at work and much beyond of the precentage the average trader makes of course.

Cheers.
  • #606
  • Sep 17, 2023 7:48am Sep 17, 2023 7:48am
Quoting imoh4king
Hi guys, I have being a member of FF for more than a decade and also traded retail Forex for basically more than 12 years. My question goes to TUDORLOAN, I understand that the hype is that 95% of daytraders lose their Capital and all that shit... I started trading with a group of guys I introduced into FX business becos my objective was to look for a viable lucrative business that can make me money, not necessarily being wealthy but at least to a point where my demographical location will not determine my standard of living. I come from a poor background...
"becos"?
All you touch and all you see, is all your life will ever be.
  • #607
  • Sep 17, 2023 3:48pm Sep 17, 2023 3:48pm
Hi all, here is an example of trades taken by an advisor at an unregulated broker. If you analyse the open of the position of let's say USDCAD on 25/8, the open price was 1.34012 which was never the case after 8/8. On 25/8 the price was already above 1.35. I always suspected brokers already have open orders and just sell them off to retail resulting in a pull back of the price when you buy in an already open position and depending on the amount they close it translates in a deeper pull back just enough to get your sl. You see the orders where all in profit because he tried to prove himself to my friend who opened an account with them. This is how most b book brokers with their own trading desk operate and you can never win from them if they don't want you to win. You can analyse the other orders by yourself and see that most orders in profit have wrong open prices.
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  • #608
  • Edited Sep 20, 2023 12:39am Sep 19, 2023 1:57am | Edited Sep 20, 2023 12:39am
Quoting imoh4king
{quote} I stand corrected, Tudor ioan. Thanks. So, if you were not trading Forex, what would you be trading or what other line of business would you indulge in.
Well, I never said I don't trade FX. But that's just because I'm a fkn degenerate gambler, that's why. Brokers loves me.
And trust me, I really know this game for tooooo many years.
I'm only playing for fun, ...games are fun.
What would a world full of only churches be like and no casinos?
I can even call myself a "winner" ...based on my account balance for a couple of years now. But I try not to be a hypocrite like those trading gurus on the threads here, street clowns gathering cult members for their lust for being a leader of ...something. Although I can understand that as some nice socializing for lonely people in front of their computers and FX charts, or some hospital lounge of flying over cuckoo's nest merry members. That's fine. But when they seriously pretend to be consistent on the FX in the long run........... Well, myself I have an EA running small in green for years ...but I'm aware it's pure luck.
Sure, after all why not, the mirage of getting rich fast by luck attracts ...almost everybody. That illusion builds a big part of ...the economy
People use to consume tones of all kind of shit trying to fill that empty void in their souls ...that's ok too
Most hilarious as I see it, is that even when we are proven that retail-FX is a skin-game we're still in, arguing for the industry. I even see old folks here arguing for the retail trading and punching on the guys who expose the shit in this game...
That's why I'm still here, it's so much fun, I swear!!
I'm sorry to spoil that for you if you ever thought this as a select club only for serious business people

Have fun, y'all!
Member
  • #609
  • Sep 20, 2023 8:07am Sep 20, 2023 8:07am
Quoting TudorIoan
{quote} Well, I never said I don't trade FX. But that's just because I'm a fkn degenerate gambler, that's why. Brokers loves me. And trust me, I really know this game for tooooo many years. I'm only playing for fun, ...games are fun. What would a world full of only churches be like and no casin. That's why I'm still here, it's so much fun, I swear!! I'm sorry to spoil that for you if you ever thought this as a select club only for serious business people...
Lol.

Well, I ain't disappointed at all. I even think its a great mindset to treat retail FX trading like a game for the purpose of fun despite your EA greenish performance.

But it also sounds devastating for people like me from third world countries after devoting yourself for about a decade in a market that is a negative sum business.
The truth is that most people indulge in retail trading becos they see it as an ESCAPE from the boring white collar routine office jobs....imagining that they can work from any where/part in the world, at their own time and even get to spend time with their families or loved ones while making some cool pips.

I did read a particular HARVARD review which the researchers who were traders concluded that you can't make money in the long term in retail Forex market especially with the ridiculous leverages and bonus used by most brokers not to even mention the platform freezing, requotes, inside information and decisions that affect the market which retail traders are not privileged to such info etc.

I actually enjoyed binary option trading at a time when I was using martingale strategy for 30 mins TF reversal pull ups around support/resistance area but I got discouraged when brokers would default in crediting your account when your conditions were correct and only pay after you must have sent numerous mails to their customers support mailbox.

Am thinking of getting a paycheck job at the moment but will still relentlessly continue trading but this time just for the fun of it.
Also thinking of Youtubing...most YouTube's become very successful in few years if they really know what they are doing.
  • #610
  • Sep 21, 2023 1:28am Sep 21, 2023 1:28am
Quoting imoh4king
{quote} Lol. Well, I ain't disappointed at all. I even think its a great mindset to treat retail FX trading like a game for the purpose of fun despite your EA greenish performance. But it also sounds devastating for people like me from third world countries after devoting yourself for about a decade in a market that is a negative sum business. The truth is that most people indulge in retail trading becos they see it as an ESCAPE from the boring white collar routine office jobs....imagining that they can work from any where/part in the world, at...
Devastated... oh, come on!! I appreciate and return your candor, don't worry, we've all been there. I don't intend to mock your idyllic view to work from any where/part in the world, at your own time and even get to spend time with your family or loved ones while making some cool pips after your jail-break from your daily job routine. We've all been hopeful first, and then "devastated", and then got rid of addiction and then just had fun trading FX like playing some video game online ...always in need for new addiction ...and hope, sure... mostly killing that void inside
My "conservative" EA runs with some very small constant gains. I don't call that a success. And because I'm aware is just a luck kind of thing I will never set it for the big money. A luck thing will betray you just when things seem that are going better for you. Everybody sane knows that.
Conservative FX strategy it's sort like a small-risk-investment-portfolio-money-machine, you need 20 to 30 years to retire... hm, boring, huh?! Except much higher risk if trading the FX big.
So, I'm just a pips winner, not a money winner, yeeee!
If trading would be a sure thing for professionals I would bet all in as you can imagine and be rich in just a couple of months, but that's not the case.
Although it's not a life advice thread and we are guests here, try something more clssical like diversified investing, bud! ...even if you still need to keep your job for the next 20 years.
And take for granted Burton Gordon's: "A blindfolded monkey throwing darts at the financial pages of a newspaper could select a portfolio that would do just as well as one carefully selected by experts" - A Random Walk on Wall Street
...or bet all in
...or try anything between
But always remember the thumb rule, never risk more than you can afford to lose. That's how you control sentiment in trading, ...and works in life too. That beats Harvard, huh?

Take it easy, bro!
Member
  • #611
  • Sep 21, 2023 2:02am Sep 21, 2023 2:02am
Quoting Drolph
{quote} I do not share any TE or other detailled trade statistics, as I do not allow to gain insight into my trade logics. I said it would be possible to make money in this "business", but I did not say it would be easy. It is by far not! I am coding strategies on my own to create a portfolio for a diversified trading approach. So showing single performance curves would most likely lead to reactions like "cherrypicking", just because I did not let my pants fully down. But even If I would prove my success for several years with all possible details,...
Hubris, you gotta love it.

Why did so many respondents to this thread have their memberships revoked?
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  • #612
  • Sep 21, 2023 2:38am Sep 21, 2023 2:38am
Can only speak for myself, but I lost interest in constantly "defending" the fact, that I am making a living out of this. There is no benefit for me and I know several others who left this place once they are making money consistently. But thanks to your quote I can remind everyone that Hudi is a loser who simply never made it.

Thats the only truth here.
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  • #613
  • Sep 21, 2023 4:59am Sep 21, 2023 4:59am
Quoting Drolph
Can only speak for myself, but I lost interest in constantly "defending" the fact, that I am making a living out of this. There is no benefit for me and I know several others who left this place once they are making money consistently. But thanks to your quote I can remind everyone that Hudi is a loser who simply never made it. Thats the only truth here. {image}
Glad to hear about your continuing success! I respect that you took a risk posting a public curve and then leaving it up. I usually hide my failures like a common scoundrel.
  • #614
  • Sep 21, 2023 5:06am Sep 21, 2023 5:06am
Hubi,
I’m not a crypto fan but I liked this thread more when it was about Forex corruption. When are we going to talk about brokers trading directly against their own client flows?

Everyone says the markets are random but 99.7% losing suggests they are much worse than that, and so, paradoxically, much worse than random, in other words, non-random.

“A rigged game is the easiest one to win.”
  • #615
  • Sep 21, 2023 9:57am Sep 21, 2023 9:57am
Quoting imoh4king
...Till today, I still feel that trading the fundamental news release is still one of the most reliable strategy of you understand it.
I would agree with this. News like "non farm payroll" or "core inflation rates" can really move the market and this is something that you need. Then all you need is to come up with a smart trade idea and it should work.
Personally, it's something I just started to play with recently, after so many other failed "tecnical" strategies and now slowely moving towards fundamentas.
  • #616
  • Sep 21, 2023 1:28pm Sep 21, 2023 1:28pm
Quoting TudorIoan
{quote} Devastated... oh, come on!! I appreciate and return your candor, don't worry, we've all been there. I don't intend . And because I'm aware is just a luck kind of thing I will never set it for the big or try anything between But always remember the thumb rule, never risk more than you can afford to lose. That's how you control sentiment in trading, ...and works in life too. That beats Harvard, huh? Take it easy, bro!
Okay bro...I surely will take it easy.

Thanks for the audience.
  • #617
  • Sep 21, 2023 1:31pm Sep 21, 2023 1:31pm
Quoting YoMoney
{quote} I would agree with this. News like "non farm payroll" or "core inflation rates" can really move the market and this is something that you need. Then all you need is to come up with a smart trade idea and it should work.
Alright. Work in progress.
  • #618
  • Edited 2:03am Sep 25, 2023 12:35am | Edited 2:03am
Oh, look, I'm making a living out of FX too !!
And I swear I'm not some broker's MOFO liar promoting this business!
This is the real proof that a will make a living out of it ...even in the future ...because as you can see I can seeee the future
Oh, forget about that it doesn't mention the amount of real cool cash, it's only green pips... but I can make a livinig out of only green pis, you konw!
PROOF, real evidence!!

...fkn clowns
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  • #619
  • Sep 27, 2023 9:32am Sep 27, 2023 9:32am
Quoting Drolph
Can only speak for myself, but I lost..... {image}
Drolphy, how is the signal seller business going? Still find new victims or just posting nice photoshop pics of retail traders wet dream.
You are a total joke and fraud.

Retail forex is a negative sum game for losers and those who buy signals from people like you are scammed on top of that.
  • #620
  • Sep 27, 2023 10:01am Sep 27, 2023 10:01am
Here is Drolph's current Litforce System he has on Myfxbook to lure in new victims:

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It has the typical structure of a grid system doubling down on losers and warehousing risk. A classical newbie mistake. While the profit / loss curve goes up smoothly, the equity curves shows huge drawdowns, when he is unable to bail out a position by doubling down with 2, 4, 8, 16, 32 microlots. Such systems look good till they blow up spectacularly in markets where price moves without looking back.

The equity is minimal and he claims to make a living. Try harder, scammer.
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