Welcome to the world of FX, aka. The Slaughterhouse...Ignored
I'd call it a lemming house rather than a slaughter house....
there has been a tremendous influx of new traders. 95% of them will lose tremendously and give the FX industry a bad reputation.Ignored
I honestly believe that once you gain a significant amount of experience (at least 3 years), you will go from the 95% crowd to the 5% crowd.Ignored
DislikedThe fact that the OTC FX market is relatively new compared to other markets; there has been a tremendous influx of new traders.Ignored
DislikedThe FX OTC market is actually the oldest in the world, started 600 years ago, before banking was even allowed (considered heresy back then) and even then people lost their shirt because there was no centralised market. The centralised stock market started in Amsterdam (yup the Cloggies again), and the first bond market in Paris, started by a Scottish convidcted murderer who absconded and fled to Paris ending up cornering the entire bond market and owning about half of the US before going bankrupt and starting the French Revolution.Ignored
DislikedI think he might have been referring to the retail end of the business, when did that gain popularity, 1996 I think was the first online trading platform operated by Deal4Free in the UK (now CMC Markets).Ignored
DislikedI think he might have been referring to the retail end of the business, when did that gain popularity, 1996 I think was the first online trading platform operated by Deal4Free in the UK (now CMC Markets), I was one of their first clients and still have an account with them. Bucketshop without a doubt but I don't have the heart to close it!Ignored
DislikedYou are quite correct.....that is what I meant. The FX market was once only relegated to the big players (banks,institutions,big players). How many of us had online direct access to the OTC FX market 10 years ago? Now, everybody knows foreign exchange has been going on for hundreds of years if you really think about it. Way before online trading was even thought about.
P.S. - To Cloggie...I apologize for not having my FX history correct in my comments. I didn't intend to mislead anyone. That's why I distinguished OTC FX market from FX market which...Ignored
The OTC market has been around for a while, but the retail traders back then needed millions and millions just to enter a trade.Ignored
Dislikedlol, that was me on the right, I used to check forums before making a trade, see what everyone else thought! If only I knew then what I know now......Ignored
DislikedYeah but we alll start in that seat thats the beauty of it, if we can stick around long enough ... if we're lucky we can slowly move up another chairIgnored
(A side note: Does a forum, like this, tend to lead a person more toward responsible, independent trading or lemming trading? Interactive Trading, Trading Systems etc.. You can be the judge of that.)Ignored
Disliked(A side note: Does a forum, like this, tend to lead a person more toward responsible, independent trading or lemming trading? Interactive Trading, Trading Systems etc.. You can be the judge of that.)Ignored
DislikedTo get anywhere near preferential (interbank) rates you probably would have needed in excess of 500k but it wasn't just money which prohibited participation, there were other criteria. Pre-'96 it was still possible to trade retail if you didn't mind paying more or less tourist rates (>5c spreads plus commissions, no leverage!). The advent of online trading platforms, tight spreads, and leverage was like a dream come true! Unfortunately bucketshops and all their tricks came along with it, I guess there's always a price to pay!
I can't remember...Ignored
DislikedThere's so much truth in that cartoon... and also, I think, an answer to the thread question. When you first start out - guess what - you're going to be on the wrong side. The loser side. The lemming side. Then, if you're smart enough to not get blown out and determined enough to keep learning and growing, you can possibly advance toward the left. The people to the left have a decided advantage - they are not looking to anyone else for their trading decisions.
What percentage of traders - pro and otherwise - are acting in a completely responsible...Ignored
DislikedTotally not, this forum is the CNBC of trading forums, it exists as a commercial venture for the owners, nothing else. That's why I can't understand why some senior members seem so concerned over the 'decline' in standards, did it ever have any good content? (i.e. stuff that is not repeated in a million other places on-line) FF is enticing to the rank beginner (and let's face it, we all start somewhere) due to the multiplicity of supposed systems and 'gurus', but really it's nothing more than newbie churn and burn.Ignored