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.
- Joined May 2008 | Status: dynamic | 2,412 Posts
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- Joined Jun 2008 | Status: Member | 622 Posts
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