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Forex - A negative sum game for losers

  • #741
  • Edited 5:54am Feb 19, 2024 5:40am | Edited 5:54am
Quoting moneymaker2
{quote} Well, since I played my part in the derailment, let's see if maybe I can add some value. Although I trade options almost exclusively now, I spent a few years trading only currency. I loved the fact that back then you could use 400:1 leverage, because the trade is going to do what it is going to do, and the amount of money you make on it is based solely on the number of lots you have. And since I traded small, high confidence trades with a goal of just 10 pips, the more lots I had, the more money I made. I traded a few different strategies,...
Hi moneymaker2,

Thnaks for your chart postings. Just curious what your RSI setting is. Is it 14 or smaller and why that setting?
  • #742
  • Feb 19, 2024 10:15am Feb 19, 2024 10:15am
Quoting FocusWinReal
{quote} Hi moneymaker2, Thnaks for your chart postings. Just curious what your RSI setting is. Is it 14 or smaller and why that setting?
I have my RSI set at 5 for two reasons: 1) it is a normal trading week and 2) it reacts fast enough to be able to give good indication of price. So when RSI is at the top and turns down, price will do the same.

Same with Stochastics being set at 5,3,3.

Many people don't like indicators on the charts, but I use certain ones and they really help me predict direction and support/resistance, and for the way I trade, that's all that's needed from a chart.
  • #743
  • Feb 19, 2024 8:47pm Feb 19, 2024 8:47pm
Quoting moneymaker2
{quote} I have my RSI set at 5 for two reasons: 1) it is a normal trading week and 2) it reacts fast enough to be able to give good indication of price. So when RSI is at the top and turns down, price will do the same. Same with Stochastics being set at 5,3,3. Many people don't like indicators on the charts, but I use certain ones and they really help me predict direction and support/resistance, and for the way I trade, that's all that's needed from a chart.
That makes sense mm2.
Thanks.
  • #744
  • Feb 25, 2024 6:07am Feb 25, 2024 6:07am
Quoting moneymaker2
{quote} I have my RSI set at 5 for two reasons: 1 and for the way I trade, that's all that's needed from a chart.
Nothing an indicator like the RSI is telling you is not already there in the price data. It is just an other way to display price data with a certain time lag. You can't predict price with RSI in a way you could extract money out of forex pair.
  • #745
  • Feb 25, 2024 6:29am Feb 25, 2024 6:29am
Quoting HudithePfupf
{quote} Nothing an indicator like the RSI is telling you is not already there in the price data. It is just an other way to display price data with a certain time lag. You can't predict price with RSI in a way you could extract money out of forex pair.
Why is the letter L missing? It kinda bothers me...
However, we at the $#%%?=(#%% are "near perfect", so I guess I understand.
  • #746
  • Feb 25, 2024 6:07pm Feb 25, 2024 6:07pm
Quoting HudithePfupf
{quote} Nothing an indicator like the RSI is telling you is not already there in the price data. It is just an other way to display price data with a certain time lag. You can't predict price with RSI in a way you could extract money out of forex pair.
Well, let's give it a shot...

The first chart is just nothing but price. I can't tell which direction it may go from that, others might be able to, but I can't.

The second chart is with indicators. I predict it will go down, most likely to the 10EMA or ~ 162.1256. I use those EMA's and BB's as support/resistance levels to let me know when to think about getting out of the trade.
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  • #747
  • Feb 26, 2024 9:46am Feb 26, 2024 9:46am
For some reason, I could not get this picture to post correctly last night, but I think I figured it out. Anyway, going along with what I said above about using EMAs and BBs as support/resistance to get in/out of trades, it did indeed go to the lower BB and that's where the trade ended (162.828 to 162.620). Not what most would consider a homerun, but decent money trading whole lots a few times a day. It was those short, high confidence trades that made me money back when I traded currency. I always used 400:1 because this trade was going to happen regardless and the more lots I had the more money I made, so high leverage was worth it to me.

Rather than clogging up this thread with more charts, I will start my own thread in the next day or so showing my predictions and if they come true in the hopes of showing that indicators are just another tool to be used to try and make money. For some, an extra $1000/mo doesn't seem like much, but you have to break it down: that may be enough to pay a water bill, electric bill, insurance, gas and some food and clothes. Even if it just paid a car payment and insurance, that's like a free car, right? You don't have to become a billionaire trading to make an impact in your life, so even a few hundred extra every month is welcome.
Attached Image (click to enlarge)
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  • #748
  • Feb 26, 2024 6:42pm Feb 26, 2024 6:42pm
Quoting moneymaker2
Rather than clogging up this thread with more charts, I will start my own thread in the next day or so showing my predictions and if they come true in the hopes of showing that indicators are just another tool to be used to try and make money. For some, an extra $1000/mo doesn't seem like much, but you have to break it down: that may be enough to pay a water bill, electric bill, insurance, gas and some food and clothes. Even if it just paid a car payment and insurance, that's like a free car, right? You don't have to become a billionaire trading...
Good points mm2. A small account can generate enough to cover the smallest of bills. (if one can trade that is.)
Cheers...
  • #749
  • Feb 26, 2024 7:07pm Feb 26, 2024 7:07pm
I've started a new thread under Trading Discussion, that way I am not clogging up this thread with charts and stuff. It is called:

Predicting Short-Term Direction and S/R Using Indicators
  • #750
  • Mar 2, 2024 5:25pm Mar 2, 2024 5:25pm
[quote=moneymaker2;14760506]{quote} Well, since I played my part in the derailment, let's see if maybe I can add some value.

Thanks for your input. Deep down I do believe TA has something, it just keeps failing me. I realize I am not a champion in reading charts and candles, so there is that. I come from trading mainly stocks and indecies, and have now included commodities, crypto and FX. I'm doing well in all other asset classes, but FX drags my portfolio down. The patterns often seem overly false and unreliable, as they are of course subjective. My best FX trades have been based on economic data, either predicting the direction or jumping in at the release, the latter being more of a gamble (and risk being bitten when you get a false spike or plummet, or when several conflicting data are released at the same time). I knew about diverging RSI, but have not looked much into it. I will now.
  • #751
  • Mar 3, 2024 12:04am Mar 3, 2024 12:04am
Quoting Bateman24
{quote}.....I'm doing well in all other asset classes, but FX drags my portfolio down.
Honestly, if you are doing well trading the other instruments, there is really no value added to learn to trade an instrument that currently causes you to lose money. Your time (and profit) may be better served by focusing on the trading you are already good at and honing those skills.

But if you do want to trade currency, I recommend that you don't make it more difficult than it needs to be. Simple, redundant patterns have served me much better than complicated systems and auto-signal techniques. And I recommend lots of screen time, because currency moves differently than stocks and indexes and futures. That being said, the amount of screen time you would probably need to get comfortable with the FX charts would undoubtedly interfere with your other trading, hence the original comment above.
  • #752
  • Mar 6, 2024 3:12am Mar 6, 2024 3:12am
Quoting moneymaker2
..... I always used 400:1 because this trade was going to happen regardless and the more lots I had the more money I made, so high leverage was worth it to me. ...... {image}
This sentence alone tells every real trader what you are and where you will end. Case closed.
  • #753
  • Mar 6, 2024 3:16am Mar 6, 2024 3:16am
The snake oilers are clogging the thread.... Don't waste your time and money on retail forex trading.
It will always come down to the very same conclusion:

Retail forex trading is a negative sum game for losers. All evidence supports this claim and as long as retail forex trading is offered to you by forex brokers, it remains true.
  • #754
  • Mar 6, 2024 9:16am Mar 6, 2024 9:16am
Quoting HudithePfupf
The snake oilers are clogging the thread.... Don't waste your time and money on retail forex trading. It will always come down to the very same conclusion: Retail forex trading is a negative sum game for losers. All evidence supports this claim and as long as retail forex trading is offered to you by forex brokers, it remains true.
You remind me of that divorced woman that spends the rest of her life bashing men. Always angry. Always upset. Jealous of people that have a good marriage because she couldn't make hers work.

We get it, you were unsuccessful as a trader. You feel if you can't do it, it can't be done. But you're wrong. Put some ice on your bruised ego and let the swelling go down and just accept you are not cut out to be a trader. I can't paint, I've accepted that fact, and I've moved on.....but I don't go around blasting those that can.

You need to take a deep breath, get a hobby, up your medication, whatever you need to do to lower your stress level or you're gonna have a stroke. Remember: You shouldn't worry about other people's situations more than they worry about it themselves.
  • #755
  • Mar 6, 2024 1:40pm Mar 6, 2024 1:40pm
Quoting moneymaker2
{quote} You remind me of that divorced woman that spends the rest of her life bashing men. Always angry. Always upset. Jealous of people that have a good marriage because she couldn't make hers work. We get it, you were unsuccessful as a trader. You feel if you can't do it, it can't be done. But you're wrong. Put some ice on your bruised ego and let the swelling go down and just accept you are not cut out to be a trader. I can't paint, I've accepted that fact, and I've moved on.....but I don't go around blasting those that can. You need to take...
Well said.

Don't tell him that Trump is up and running.... best keep that one quiet!
  • #756
  • Mar 7, 2024 10:07am Mar 7, 2024 10:07am
Quoting HudithePfupf
The snake oilers are clogging the thread.... Don't waste your time and money on retail forex trading. It will always come down to the very same conclusion: Retail forex trading is a negative sum game for losers. All evidence supports this claim and as long as retail forex trading is offered to you by forex brokers, it remains true.
Right now the best CFD trading conditions are the US stock indices on IC Markets:

1. Dow30 with only 0.5 point spread, no commission (Dow moves during the US session 200-400 points)
2. S&P500 2 points spread, no commission (equivalent to 400-600 points movement during the US session)
3. NQ100 1 point spread, no commission (100-200 points movement per US session)

These 3 are since months my favorite instruments to trade.
No forex, gold or other CFDs come even close to these conditions: overall cost vs. price movement.
  • #757
  • Mar 8, 2024 2:11am Mar 8, 2024 2:11am
Quoting moodybot
{quote} Well said. Don't tell him that Trump is up and running.... best keep that one quiet!
Even Adolf Hitler had hundreds of thousands of ”useful idiots” like you... cause that is what you are for the history


Quoting moneymaker2
{quote} You remind me of that divorced woman that spends the rest of her life bashing men. Always angry. Always upset. Jealous of people that have a good marriage because she couldn't make hers work. We get it, you were unsuccessful as a trader. You feel if you can't do it, it can't be done. But you're wrong. Put some ice on your bruised ego and let the swelling go down and just accept you are not cut out to be a trader. I can't paint, I've accepted that fact, and I've moved on.....but I don't go around blasting those that can. You need to take...
So you really are a filthy scoundrel.

Jeez, you're so stupid you don't realize that everything you said applies more to you since you show so much grudge, fury and hate
So you have shown your real face now, when you can no longer concretely prove that trading can be really profitable.
Member
  • #758
  • Mar 8, 2024 2:39am Mar 8, 2024 2:39am
Quoting TudorIoan
{quote} Even Adolf Hitler had hundreds of thousands of ”useful idiots” like you... cause that is what you are for the history {quote} So you really are a filthy scoundrel. Jeez, you're so stupid you don't realize that everything you said applies more to you since you show so much grudge, fury and hate So you have shown your real face now, when you can no longer concretely prove that trading can be really profitable....
As a useful idiot at least I understand how the Democrat/Socialist destructive influence has almost destroyed the way of life of the Five Eyes.

The Five Eyes you'll have to look up on Google because its a group that you would know nothing about.

Rest assured change is coming and as usual with the Socialists having spent everyone elses money they'll soon f%ck off back into the ether.

Hitler is a good one.

Nazi party, National Socialist German Workers' Party, the clue is in the name.

Toodle pip.
  • #759
  • Mar 8, 2024 9:20am Mar 8, 2024 9:20am
Quoting TudorIoan
{quote} Even Adolf Hitler had hundreds of thousands of ”useful idiots”...
At least we're "useful"...
  • #760
  • Mar 8, 2024 9:40am Mar 8, 2024 9:40am
Quoting TudorIoan
{quote} So you have shown your real face now, when you can no longer concretely prove that trading can be really profitable.
Why don't you check out the thread I started showing the real time trades with charts?
Predicting Short-Term Direction and S/R Using Indicators

Apparently you just aren't a good trader, and that is fine because everyone can't be good at everything, but to have such a misguided view of trading as to say it can't be done just because you can't make money at it really just puts you in a bad light. So what if you can't trade? Find something you can do and you'll be a lot happier. Probably. I wish that for you, though, because you seem stressed a lot. But maybe you're really more like Joe Biden was last night: just an angry old man yelling "Get off my lawn!" over and over again......?
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