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What Right Do You Have To Trade Forex?

  • #1
  • First Post: Mar 22, 2010 9:26pm Mar 22, 2010 9:26pm
The appeal of forex is the fact that traders can start with less than $25K in an account; the amount required to day-trade stocks. What a shame though, that when you open a forex account that you do not have to pass a test to day-trade. A commodity market exam should be a pre-requisite to having a forex account. Wonder why so many wanna-bee traders fail? They are not qualified. The 1%, or 10%, whatever the number is that make it, are probably qualified traders. We should all take a test, get a license, and have a chance. Shame on the NFA for reducing leverage, when they should be increasing qualification standards. Being able to put skin in the game does not make you a trader; education qualifies you to trade, money then enables you to succeed. The ability to put $500 in an account does not qualify anybody; this aint Vegas slots. Get educated people. How many of all that posters here have a CTA license? I’ll take a 100:1 gamble, with no stop loss, that 99% of posters here do not qualify. Thoughts? The wild west is alive and well. I failed the CTA test today, I got 69% and missed it by 1 multi-choice answer, and that is why I am going back to take it again. My wrong answer would be a failed trade.
  • #2
  • Mar 22, 2010 11:24pm Mar 22, 2010 11:24pm
Quoting Jimmy Jono
The appeal of forex is the fact that traders can start with less than $25K in an account; the amount required to day-trade stocks. What a shame though, that when you open a forex account that you do not have to pass a test to day-trade. A commodity market exam should be a pre-requisite to having a forex account. Wonder why so many wanna-bee traders fail? They are not qualified. The 1%, or 10%, whatever the number is that make it, are probably qualified traders. We should all take a test, get a license, and have a chance. Shame on the NFA for reducing...
Passing the CTA exams will not mean ensure that you will be a successful trader.
  • #3
  • Mar 22, 2010 11:30pm Mar 22, 2010 11:30pm
Quoting Jimmy Jono
The appeal of forex is the fact that traders can start with less than $25K in an account; the amount required to day-trade stocks. What a shame though, that when you open a forex account that you do not have to pass a test to day-trade. A commodity market exam should be a pre-requisite to having a forex account. Wonder why so many wanna-bee traders fail? They are not qualified. The 1%, or 10%, whatever the number is that make it, are probably qualified traders. We should all take a test, get a license, and have a chance. Shame on the NFA for reducing...

You mean there is a test that will make me a professional trader!?!?! Wtf!!!!!!!!!!

LMAO but.. anyways cool story bro.
  • #4
  • Mar 23, 2010 12:59am Mar 23, 2010 12:59am
The test will not make you a pro, but the mind-set will, and while taking the three months to learn just enough to pass a 70% multiple choice test the knee-jerk reactionary trades that blow most new traders apart will at least be contained.

No garauntees in life on any given thing, but not being allowed in until there is some learning skin in the game has got to be a good thing.

LMAO is what brokers do, as the newbie cattle plod along the road to the slaughter house.

Just look at how many of us look for the holy grail, without a clue as to what that actually is.

At least by getting CTA registered we prove to ourselves that we deserve the right to blow up our family budget..... LMAO is not that much fun, when you think about it Bro; just look at how many traders are still completely lost, and very, very clueless 3 months in. Force a test on us, and see who is standing, with an account balance, in another 3 months.
  • #5
  • Mar 23, 2010 1:20am Mar 23, 2010 1:20am


w t f

...

you should ask obama for a job ... i bet you'll get all the checkboxes right this time
Invincibility lies in the defence, the possibility of victory in the attack
  • #6
  • Mar 23, 2010 1:24am Mar 23, 2010 1:24am
Did that, did not qualify, tried forex instead.
  • #7
  • Mar 23, 2010 2:31am Mar 23, 2010 2:31am
Is it my imagination or has there been a huge amount of people coming onto these forums in the last year or so spewing out what makes a trader win, lose, pass gas, etc? They write as if they have the definitive knowledge of what works and what doesn't. And a large amount of them claim to have been trading for years and are now successful.

I guess we should be quite thankful that we're being blessed by the presence of all the successful traders showing up and trying to guide the hoi polloi out of their ignorance.
  • #8
  • Mar 23, 2010 2:51am Mar 23, 2010 2:51am
Dopey

I am no better or no worse than any other forex trader in regard to wanting to find the simplist route to making this work. If somebody had told me 36 months ago that a CTA test would have given me a sense of reality in what could be expected, it would have saved me a lot of effort, and would have saved a few blow-ups on the way.

That is all I am sharing here, a reality check that may help somebody save some time, and some money. If the forum is just for established members to post, have at it.
  • #9
  • Mar 23, 2010 7:26am Mar 23, 2010 7:26am
Jimmy,

I don't think that you were sharing anything. As Dopey said "They write as if they have the definitive knowledge of what works and what doesn't".

I am glad that you found you way. Good for you. But that does not make it the way for everyone/anyone else.

As for taking a course such as CTA or anything else, I could devour the books quickly, take the test and pass it. I know because I have done so with MBA, CFA and none of it helps with making that decision -- trade or pass, close or continue.

The vast majority of certifications are so someone else can set themselves up as King. Bureaucrats always want to protect us from ourselves and then give themselves the hammer.
  • #10
  • Mar 23, 2010 7:47am Mar 23, 2010 7:47am
Quoting Dopey
Is it my imagination or has there been a huge amount of people coming onto these forums in the last year or so spewing out what makes a trader win, lose, pass gas, etc? They write as if they have the definitive knowledge of what works and what doesn't. And a large amount of them claim to have been trading for years and are now successful.

I guess we should be quite thankful that we're being blessed by the presence of all the successful traders showing up and trying to guide the hoi polloi out of their ignorance.
yes i agree.internet is getting better with lots of price action methood and money management ,psychology all the information.its good for the new people.
ff is getting better as well.lots of good guys helping new peoples.
it will save lots of peoples hard earned life savings.

guys when you start trading allways demo first until ur fully confident take your time and learn there is no point to risk ur money without knowing what trading is.u will succed one day just hold on and learn day by day market will teach you everything you need.its hard for someone to explain how to trade because every moment in market uniqe.take your time practice in the demo than play smaller lots.

wishing you all the best.
sho
  • #11
  • Mar 23, 2010 8:13am Mar 23, 2010 8:13am
Quoting Jimmy Jono
The appeal of forex is the fact that traders can start with less than $25K in an account; the amount required to day-trade stocks. What a shame though, that when you open a forex account that you do not have to pass a test to day-trade. A commodity market exam should be a pre-requisite to having a forex account. Wonder why so many wanna-bee traders fail? They are not qualified. The 1%, or 10%, whatever the number is that make it, are probably qualified traders. We should all take a test, get a license, and have a chance. Shame on the...

The right to trade forex?

I'm trading with my own money, which I've saved from
my salary. I'm not borrowing money from family or (HA!) the banks.
I'm not using OPM. And I don't have a wife or child to support.

So I can risk it if I feel like it. Would you chastise
someone for spending their own money on shooting craps or playing
lottery tickets?

And I suggest you read what the market makers at your local
brokerage are doing in this link:
http://ftalphaville.ft.com/blog/2009...0bn-fx-hustle/

"Not qualified." Was that a joke?
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #12
  • Mar 23, 2010 8:26am Mar 23, 2010 8:26am
Quoting Jimmy Jono
A commodity market exam should be a pre-requisite to having a forex account.
People should be free do do what they like with their own cash.
Let's leave tyranical dictatorship to likes of North Korea please.
  • #13
  • Mar 23, 2010 8:28am Mar 23, 2010 8:28am
Quoting trade price
yes i agree.internet is getting better with lots of price action methood and money management ,psychology all the information.its good for the new people.
ff is getting better as well.lots of good guys helping new peoples.
it will save lots of peoples hard earned life savings.

guys when you start trading allways demo first until ur fully confident take your time and learn there is no point to risk ur money without knowing what trading is.u will succed one day just hold on and learn day by day market will teach you everything you need.its hard for...
  • #14
  • Mar 23, 2010 8:28am Mar 23, 2010 8:28am
Quoting Deusomega
LMAO but.. anyways cool story bro.
You play poker?
  • #15
  • Mar 23, 2010 8:41am Mar 23, 2010 8:41am
Quoting Dopey
Now that's funny! Surely his comment was carefully planned sarcasm? There's no possible way that was for real..........surely?
  • #16
  • Mar 23, 2010 8:51am Mar 23, 2010 8:51am
Quoting flotsom
Now that's funny! Surely his comment was carefully planned sarcasm? There's no possible way that was for real..........surely?
yes!!
  • #17
  • Mar 23, 2010 9:22am Mar 23, 2010 9:22am
WTF is a CTA....
never mind, seeing that it is my money it is my right to be a FOREX TRADER... hey if you buy a bike, are you a biker

o'ye if I did that CTA thingy it would have saved my A** from being Margin Called Twice and now with my 3rd acc, much smaller and actually higher leveraged...



I would have learned

  1. how to read PA
  2. MTF helps
  3. Indicators LAG
  4. Stuff happens when markets open/overlap/close
  5. Fundamentals, that stuff that moves the market is for scalping
  6. correlations .... whatever
  7. and lastly but not the least .... Trend is actually is your friend, what trend, what TF are you on

and before I forget, I would have learned that I need patience and that I will not win every trade.

Stuff like this does not come from practice with a LIVE acc after successful Demoing.... no sh*t Sherlock, the more I practice the luckier I get and that gives me the right to say I'm a Forex trader Wannabe

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  • #18
  • Mar 23, 2010 12:03pm Mar 23, 2010 12:03pm
Quoting Jimmy Jono
The appeal of forex is the fact that traders can start with less than $25K in an account; the amount required to day-trade stocks. What a shame though, that when you open a forex account that you do not have to pass a test to day-trade. A commodity market exam should be a pre-requisite to having a forex account. Wonder why so many wanna-bee traders fail? They are not qualified. The 1%, or 10%, whatever the number is that make it, are probably qualified traders. We should all take a test, get a license, and have a chance. Shame on the NFA for reducing...

imposing such a test would only accomplish a couple things, none of them good:

1) less entertaining posts in FF rookie section
2) less "free" money swimming around in this beautiful zero-sum game

even if you were able to educate every wanna be trader out there....you do realize that this is not a game where everyone can win right?
to me a trader without emotional discipline painstakingly built through experience is as dead-in-the-water as a wanna be trader who can't tell the difference between a buy and a sell order.

thorough analysis and the book list for the CTA....available to everybody...so is helpful advice and analysis on this forum. but don't get fooled into thinking this is a friendly game -- its as competitive as it gets. its just that the ones that "know", also realize that it takes a whole lot more than information or analysis to be consistently profitable.

oh, and why don't you go for a CMT to while you're at it--great required reading for that test as well.
  • #19
  • Mar 23, 2010 12:20pm Mar 23, 2010 12:20pm
Quoting Jimmy Jono
The appeal of forex is the fact that traders can start with less than $25K in an account; the amount required to day-trade stocks. What a shame though, that when you open a forex account that you do not have to pass a test to day-trade.
What gave you the right to take the CTA test before you were adequately prepared?
  • #20
  • Mar 23, 2010 12:26pm Mar 23, 2010 12:26pm
You already have the right. A license (for anything) only grants permission and thereby revokes your right.
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