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  • #388,761
  • Feb 16, 2011 4:19pm Feb 16, 2011 4:19pm
Quoting highlander2
The 95% never give themselves enough time either, most never last a year, having lost a few thousand dollars they give up and thats the end of that.

its a contant stream of lambs for slaughter.

as for oanda, yeah their platform is easy to use with the drag and drop orders.

as far as im concerned mt4 is a god awful shitty platform, even the thought of filling out an order makes me want to avoid a trade.
Unrealistic expectations I would say, driven by all the marketing hype surrounding FX trading, generated usually from brokers and snake oil salesmen, go figure. They don't call it the slaughterhouse for nothing...
  • #388,762
  • Feb 16, 2011 4:21pm Feb 16, 2011 4:21pm
Quoting rattyo
also i think its easier to trade biggger amounts. For example when intraday trading I trade 25£ per point if its something that looks good.. once thats...
Yes agree, the quicker you can cover the risk on a trade, and indeed lock in some substantial profit, the easier it is to manage the remainder and a lot less stressful...

I think by far the psychological aspect is much greater than the actual analysis be it FA or TA, so the more you can reduce the psychological pressures the easier it is and the more effectively you can operate...
  • #388,763
  • Feb 16, 2011 4:22pm Feb 16, 2011 4:22pm
Quoting cloggie
MT4 iis the crappiest setup I have ever seen in trading. The platform has so much latency build into it that even a Java based platform beats MT4 hands down. MT4 is nice for charting, easy to customise, easy to run data in and out of, easy to display other generated data and calculations, but by all means use another platform to put your orders through.
i am still using mt4 well so far i am going into the 3rd month in fx.

how are you? havent been a while on here as i was too busy and i did very little on forex just watching and waiting for the right setup.
  • #388,764
  • Feb 16, 2011 4:22pm Feb 16, 2011 4:22pm
Quoting rattyo
also i think its easier to trade biggger amounts. For example when intraday trading I trade 25£ per point if its something that looks good.. once thats trades around 20 points up I'll take 20£ per point out around 400£. Thats enough for me and leave the 5£ running. sometimes those 5£ per points run for 100 but they normally get banged out like todays spike up on the euro. I was short 1030GMT on euro at 13535 got out at 13505 20£ then saw it go another 40 odd down quickly and we know what happened this afternoon the 5 £ that was 70 odd points up...

I'm crying again .. for not letting my Long run this morning...

Long EUR/USD 1.3470
Long GBP/USD 1.6006
Long AUD/USD .99756

Always happened to me .... i'm fricking stupid
always get off the train so quick ....
  • #388,765
  • Feb 16, 2011 4:22pm Feb 16, 2011 4:22pm
Ah well, back to trading talk again, 85 capped it of nicely and we are seeing a retrace in the making on the 15 here, not sure yet if it is going anywhere as the M30+ still got a bit of catching up to do. 3550 looks to be in sight again for our Italian water sausage. A test of 3550 may well bring this a bit deeper.

Trading at this time of night is for the desperate, nothing is open right now and we will see little action till TY.

Am off for the night, see y'all later.
  • #388,766
  • Feb 16, 2011 4:23pm Feb 16, 2011 4:23pm
Quoting FibbinArchie
Yes agree, the quicker you can cover the risk on a trade, and indeed lock in some substantial profit, the easier it is to manage the remainder and a lot less stressful...
Thats it unless you some kind of idiot you don't need more than a few hundred euros a day to live on. So yes the less time your in the slaughterhouse the better the way I look at it.

thing is when people are trading these micro small accounts they are seeing a few dollars euros or pounds reward for there 20-30 points which you cant buy a tin of dog food for these days and the temptation to stick the farm on comes in.

Give someone 250k account and only let them ever lose 2% on a trade bit of training by cloggie or some other smart arse on here, and probably most would succeed I reckon. It's not that difficult.

Scaling out is the key or winners and losers.
rat
  • #388,767
  • Feb 16, 2011 4:23pm Feb 16, 2011 4:23pm
Quoting highlander2
The 95% never give themselves enough time either, most never last a year, having lost a few thousand dollars they give up and thats the end of that.

its a contant stream of lambs for slaughter.

as for oanda, yeah their platform is easy to use with the drag and drop orders.

as far as im concerned mt4 is a god awful shitty platform, even the thought of filling out an order makes me want to avoid a trade.

i hope i will fall in the other 5%

i am still up, but i guess that is down to luck...
  • #388,768
  • Feb 16, 2011 4:25pm Feb 16, 2011 4:25pm
No wonder Cloggie is such an angry person,u must had to go though a lot of $hit to make it where you are :] everyone would agree that trading of any kind isnt easiest thing on ones mentality.
  • #388,769
  • Feb 16, 2011 4:26pm Feb 16, 2011 4:26pm
Quoting Mr Hatch
Oanda's platform is extremely fast in execution, sans jumping into the NFP-spikes, that is. It is clearly layouted for scalping purposes, as it features one-click trading from the start, on-the-fly position adjustment and so on.
The charting features are very limited, though, but who when you look at Chicky's charts, you probably don't even need that.

The 95% losing traders didn't do their homework. When I observe, how many people here follow others into trades, or confirm an analysis with a *thumbsup*-smilie, when you can clearly tell based...
I see where your getting at, but on the other hand you need to use a bank wire for transfers, which takes a longer time

Since we are talking about platforms, I used my stock platform Gobal Trader when I first started out and I did actually fairly ok, then I started with MT4 and my profit declined before steady upwards....

Now a couple of months ago I went back to Global trader again and I am doing even better...
However it makes you think if that was by coincidence or not. Worth checking out?

I think this is because the psych levels are actually showing and not a dynamic function as in MT4
  • #388,770
  • Edited 4:30pm Feb 16, 2011 4:27pm | Edited 4:30pm
Leverage isn't why people lose money in Forex. The reason is that they take positions that are too big for their account size. Leverage is a scapegoat for people not using good money management. The reason I came to Forex was the great leverage. You take that advantage away and you might as well close down the entire industry because there is no reason for me to trade currencies anymore, imho.
  • #388,771
  • Feb 16, 2011 4:28pm Feb 16, 2011 4:28pm
sold @ 1.35628 aiming for 20points, capped by dtl on lower tfs as it appears
  • #388,772
  • Feb 16, 2011 4:29pm Feb 16, 2011 4:29pm
Quoting cloggie
Ah well, back to trading talk again, 85 capped it of nicely and we are seeing a retrace in the making on the 15 here, not sure yet if it is going anywhere as the M30+ still got a bit of catching up to do. 3550 looks to be in sight again for our Italian water sausage. A test of 3550 may well bring this a bit deeper.

The 15 is looking good for our Italian dude, let's see if the 30 cooperates and he may get a bit closer to his entry. Next hurdle 3550
  • #388,773
  • Feb 16, 2011 4:31pm Feb 16, 2011 4:31pm
Quoting rattyo
250k LOL...in a trading account LOL...

my money goes straight back to the bank each day i never leave more than 25 grand in a shitty trading account. Even that really is stupid.
What is so funny with that? I know there are services where you even could not start to trade with less than 300K. On the other hand no money transfer needed then anymore. And you might benefit then from a policy and rules that you even never have thought that they do exist.


2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #388,774
  • Feb 16, 2011 4:31pm Feb 16, 2011 4:31pm
Quoting rattyo
Thats it unless you some kind of idiot you don't need more than a few hundred euros a day to live on. So yes the less time your in the slaughterhouse the better the way I look at it.

thing is when people are trading these micro small accounts they are seeing a few dollars euros or pounds reward for there 20-30 points which you cant buy a tin of dog food for these days and the temptation to stick the farm on comes in.

Give someone 250k account and only let them ever lose 2% on a trade bit of training by cloggie or some other smart arse on here,...
yeah all makes good sense, which is why I don't think people should focus on money to begin with, rather focus on developing the skills you need to survive.

So what was your biggest break through or light bulb moment starting out?
  • #388,775
  • Feb 16, 2011 4:32pm Feb 16, 2011 4:32pm
Quoting FibbinArchie
Yes agree, the quicker you can cover the risk on a trade, and indeed lock in some substantial profit, the easier it is to manage the remainder and a lot less stressful...

I think by far the psychological aspect is much greater than the actual analysis be it FA or TA, so the more you can reduce the psychological pressures the easier it is and the more effectively you can operate...
I pulled out my initial investment.

Playing with casino money takes a lot of pressure from you.
  • #388,776
  • Feb 16, 2011 4:32pm Feb 16, 2011 4:32pm
Quoting alexxi
i hope i will fall in the other 5%

i am still up, but i guess that is down to luck...
try not to think about that statistic too much, what happens to others is irrelivent to you.

you just need to keep working at it and dont sicken yourself with big losses.

I have realised this past few months the experience is the best thing you can ever gain as a trader, and it only be learned with many thousands of hours work. it cant be bought and there are no short cuts to getting it.
  • #388,777
  • Feb 16, 2011 4:33pm Feb 16, 2011 4:33pm
Quoting highlander2
I have realised this past few months the experience is the best thing you can ever gain as a trader, and it only be learned with many thousands of hours work. it cant be bought and there are no short cuts to getting it.

Spot on, Highlander. You can't beg, borrow or steal your way to success in this business. Find a method/strategy that suits your personality and keep working on finetuning it.
  • #388,778
  • Feb 16, 2011 4:33pm Feb 16, 2011 4:33pm
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...... and other
  • #388,779
  • Feb 16, 2011 4:33pm Feb 16, 2011 4:33pm
Quoting cloggie
Ah well, back to trading talk again, 85 capped it of nicely and we are seeing a retrace in the making on the 15 here, not sure yet if it is going anywhere as the M30+ still got a bit of catching up to do. 3550 looks to be in sight again for our Italian water sausage. A test of 3550 may well bring this a bit deeper.

Trading at this time of night is for the desperate, nothing is open right now and we will see little action till TY.

Am off for the night, see y'all later.
L8RZ Cloggs...
  • #388,780
  • Feb 16, 2011 4:34pm Feb 16, 2011 4:34pm
Can I buy yet ? lol

Seriously dxd no buyers above 78.5 yesterday... and LOW volume down day on futures monday testing 1.3460 , agains tested today on a dip that was bought right away

Quoting cloggie
Yup and max leverage of 10:1 and a min deposit of 250k. The reason that most retailers fail is that they have made it way too easy. Most posters here have no business being in this. Any muppet with 100 dollars and a PC can just start trading, and most of them come on forums like this complaining about brokers, manipulated news, and the all time classic, "are we going up?" "the news was good, why are we going down?" "can we short yet?"

I am a big fan of the CFTC rules and am convinced they haven't gone far enough yet. The Europeans...
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