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The Future of Forex?

  • #1
  • First Post: Feb 9, 2009 12:55pm Feb 9, 2009 12:55pm
Hi, guys!

This is something I was wondering about...

After almost 5 years after I started with the stock investing "business" and almost a year after I started trading forex (and after COUNTLESS reading of books, forums and gaining real life experiences), I can quite surely say, that I have found my personal holy grail. I'm making consistent money out of this business (thanks to studying Jacko, BillyRayValentine and Nick B.) and I rarely close a position with a loss (for many months now).

Now, I still have a full time job, but my gains are quite bigger, than my salary and this is something I could get used to!

I was just wondering if you guys think that trading forex is a sustainable business? I invested YEARS in this stuff (so I can finally say that I have a "feeling" for the market) but if someone or something would prevent us from trading the market... I think I would go nuts! You know, if I would invested so much energy and time in a "normal" business and make it as profitable as forex trading is, I guess I would have a bit higher feeling of "security" than I have now. Forex is just a business that I am part of, but it is not MY business.

You know, what is someone decides that forex is too "dangerous" for people to trade so they would shut it down? Or if someone imposes... like... 60% tax on our gains? And what if the market becomes too erratic for trading? And what if my favourite trendlines and S&R stop working??

Forex business is quite nice to me and I don't want it ever let go!

What are your thoughts about this?
  • #2
  • Feb 9, 2009 1:05pm Feb 9, 2009 1:05pm
Quoting hendrix
Hi, guys!

This is something I was wondering about...

After almost 5 years after I started with the stock investing "business" and almost a year after I started trading forex (and after COUNTLESS reading of books, forums and gaining real life experiences), I can quite surely say, that I have found my personal holy grail. I'm making consistent money out of this business (thanks to studying Jacko, BillyRayValentine and Nick B.) and I rarely close a position with a loss (for many months now).

Now, I still have a full time job, but...
Trade CME futures then and/or change country.

I would be more concerned that the market can change..
  • #3
  • Feb 9, 2009 1:11pm Feb 9, 2009 1:11pm
The Markets are important when it comes to a well functioning ecconomy, the combination of many traders opinions of a fair price cant be beaten IMO.

Any regulation that could threaten the level of market participation( and liquidity ) wouldnt be made likely.

I think were pretty safe to be honest. But If we were prohibited from trading I wouldnt feel like I had wasted my time, I think I have developed character trates over the past couple of years that could be carried over in to other area's.

Leon
Living the adventure in my head.
  • #4
  • Feb 9, 2009 1:14pm Feb 9, 2009 1:14pm
Quoting piccolo
Trade CME futures then and/or change country.

I would be more concerned that the market can change..
Yeah, with all those pesky programmers out there programming stuff like "if the 14 day EMA crosses 7 day EMA and the Stochastics is below 30 and RSI is below 20 then...". Damn, that is sooo perverse! It's not natural. Such lousy programming at large hedge funds could skew the market... That is why it would be good to ban the computers from trading and let the market flow naturally based on human "emotions".

Anyway, just let the market stay roughly the same for 20 more years and I'll be happy.
  • #5
  • Feb 9, 2009 1:15pm Feb 9, 2009 1:15pm
Quoting Leonlorenzo
The Markets are important when it comes to a well functioning ecconomy, the combination of many traders opinions of a fair price cant be beaten IMO.

Any regulation that could threaten the level of market participation( and liquidity ) wouldnt be made likely.

I think were pretty safe to be honest. But If we were prohibited from trading I wouldnt feel like I had wasted my time, I think I have developed character trates over the past couple of years that could be carried over in to other area's.

Leon
You know... that is quite TRUE! Thanks for reminding me about that.
  • #6
  • Feb 16, 2009 1:23pm Feb 16, 2009 1:23pm
Check out "Leverage in Jeopardy" in Trading Discussion from Pippi

Read the whole thread & especially the attachments. Make you want to put a gun in your ear & see if you can hear it when it goes off!




http://www.forexfactory.com/showthread.php?t=152086
  • #7
  • Feb 16, 2009 1:35pm Feb 16, 2009 1:35pm
Quoting petero
Check out "Leverage in Jeopardy" in Trading Discussion from Pippi

Read the whole thread & especially the attachments. Make you want to put a gun in your ear & see if you can hear it when it goes off!




http://www.forexfactory.com/showthread.php?t=152086
Thanks for the link! Well... kind of.
  • #8
  • Feb 18, 2009 8:27am Feb 18, 2009 8:27am
I totally agreed with what you said.Forex is a type of business that you can earn as much as you can, and the sky is the limit.Since you have a good strategy, would you mind to share with us?
Quoting hendrix
Hi, guys!

This is something I was wondering about...

After almost 5 years after I started with the stock investing "business" and almost a year after I started trading forex (and after COUNTLESS reading of books, forums and gaining real life experiences), I can quite surely say, that I have found my personal holy grail. I'm making consistent money out of this business (thanks to studying Jacko, BillyRayValentine and Nick B.) and I rarely close a position with a loss (for many months now).

Now, I still have a full time job,...
  • #9
  • Feb 18, 2009 8:29am Feb 18, 2009 8:29am
I totally agreed with what you said.Forex is a type of business that you can earn as much as you can, and the sky is the limit.Since you have a good strategy, would you mind to share with us?

Quoting hendrix
Hi, guys!

This is something I was wondering about...

After almost 5 years after I started with the stock investing "business" and almost a year after I started trading forex (and after COUNTLESS reading of books, forums and gaining real life experiences), I can quite surely say, that I have found my personal holy grail. I'm making consistent money out of this business (thanks to studying Jacko, BillyRayValentine and Nick B.) and I rarely close a position with a loss (for many months now).

Now, I still have a full time job,...
  • #10
  • Feb 18, 2009 10:10am Feb 18, 2009 10:10am
Quoting tjsun80
I totally agreed with what you said.Forex is a type of business that you can earn as much as you can, and the sky is the limit.Since you have a good strategy, would you mind to share with us?
It is not relevant to this topic, but...

I use H4 TF to find TL's and S&R's and then I fine tune those and trade them from H1 TF - in the direction of the trend ONLY. I use 40 pip TSL's and 20 pip PT's. That's it. It's a very discretionary system. You need to gain a "feel" for the market to trade this way.

Oh, and I trade EUR/USD and USD/CHF only.
  • #11
  • Feb 18, 2009 11:48am Feb 18, 2009 11:48am
hi Hendrix,

i have been following your posts for few days and i like the way you trade . i am new to forex trading and been reading some stuff and also using demo account to get familiar with the system. Can you please guide me in this process .. appreciate your help .. if you yahoo .. i can add you to my yahoo messenger list. hoping for a positive response

thank you
syed
  • #12
  • Feb 18, 2009 3:40pm Feb 18, 2009 3:40pm
Quoting syed736
hi Hendrix,

i have been following your posts for few days and i like the way you trade . i am new to forex trading and been reading some stuff and also using demo account to get familiar with the system. Can you please guide me in this process .. appreciate your help .. if you yahoo .. i can add you to my yahoo messenger list. hoping for a positive response

thank you
syed
Hi Syed,

if you wish, I can send you all the relevant learning material I used - these are compilations of messages from Jacko, BillyRayValentine and Nick B. from Forex4Noobs. It's quite extensive but well worth the read. Contact me please via PM.
  • #13
  • Feb 19, 2009 7:11am Feb 19, 2009 7:11am
I don't think the currency markets are going anywhere in our lifetime, but who really knows. What we do know is that gov'ts can and will interfere. If and when they do, vote with your feet. Most people don't realize how small the world has become and how easy it is to live in another country.

Us Americans have it the worse when it comes to this though because our gov't has bullied just about every other country in the world into giving them any and all info they might have on Americans residing in their countries. What a bunch of assholes the US gov't has become, every single frigging one of them.
  • #14
  • Feb 19, 2009 8:05am Feb 19, 2009 8:05am
Quoting Dopey
Us Americans have it the worse when it comes to this though because our gov't has bullied just about every other country in the world into giving them any and all info they might have on Americans residing in their countries. What a bunch of assholes the US gov't has become, every single frigging one of them.
So true ... just look at UBS ... they sold out their clients to save their own asses, knowing what they were doing was illegal in the first place. Not a lot of companies/countries can take getting hassled by the U.S.

http://news.yahoo.com/s/afp/20090219...20090219123217
http://www.cnbc.com/id/29265201

And what I'm noticing the most, american's moving to England/London. If I decide to tuck tail and move, I'm heading for New Zealand!!!
  • #15
  • Feb 19, 2009 8:31am Feb 19, 2009 8:31am
If you don't mind me asking, why New Zealand? I know they have a booming economy but eventually that will end.

I think Switzerland would be the place to move to....
  • #16
  • Feb 19, 2009 9:03am Feb 19, 2009 9:03am
Quoting Danoid
If you don't mind me asking, why New Zealand? I know they have a booming economy but eventually that will end.

I think Switzerland would be the place to move to....
I just hope that Switzerland doesn't join EU and adopts EUR as their own currency... I wish that mainly because USD/CHF is such a nice currency to trade. Unlike EUR/USD, it "respects" the TL's and S&R's much more.

Btw, talking about governments - our government imposed a 40% tax on all forex gains. That sucks quite badly... If this becomes too much of a hassle, I'll think about moving too... To Singapore.
  • #17
  • Feb 19, 2009 9:12am Feb 19, 2009 9:12am
Um....I mentioned Switzerland because they don't impose any taxes on income from investments (unless it involves real estate). From what I've read though it seems like it might be impossible to become a naturalized citizen, unless one has very good connections such as family already there.
  • #18
  • Feb 19, 2009 9:29am Feb 19, 2009 9:29am
Quoting Danoid
Um....I mentioned Switzerland because they don't impose any taxes on income from investments (unless it involves real estate). From what I've read though it seems like it might be impossible to become a naturalized citizen, unless one has very good connections such as family already there.
I know, but if they join EU, that will change too. So let's hope that they stay away as far as possible from EU.
  • #19
  • Feb 19, 2009 9:46am Feb 19, 2009 9:46am
Quoting hendrix
I just hope that Switzerland doesn't join EU and adopts EUR as their own currency... I wish that mainly because USD/CHF is such a nice currency to trade. Unlike EUR/USD, it "respects" the TL's and S&R's much more.

Btw, talking about governments - our government imposed a 40% tax on all forex gains. That sucks quite badly... If this becomes too much of a hassle, I'll think about moving too... To Singapore.
Switzerland has whole heartedly rejected joining the EU on several cantonal votes. (ie their states or provinces) as a whole. The fact that they manage a large portion of the world's wealth a switch to the EU would greatly undermine the country's financial system and they would lose a large number of foreign clients.

I heard a saying once "If a Swiss banker jumps off a cliff follow him....there's likey money in it."

My two bits.
  • #20
  • Feb 19, 2009 10:02am Feb 19, 2009 10:02am
i am also of the opinion that as long as countries & mulit-national organizations continue doing business w/ each other, then trillions of dollars in currencies will constantly be exchanged. & that all the banks, funds, & everyone else who participates & makes money from the fx market would influence the politicians & policy makers into leaving it be. probably why the spot market became available to the retail in the 90's anyway.
i think if anything were to happen it would be regional currency consolidation. like the "amero" thats been talked about for years. but even if that were to happen i dont think it will be anytime soon. & wouldn't we all love it china floated theirs? but i wont hold my breath. what i would love to see is the "scandi." finland w/d's from the euro & merges w/ the nok & sek. wouldnt that be somethin? another major.
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