Challenge

Trade

ucad limit long at .9916, stop should be set at .9880 and take profit at .9970

Thats an limit order as price is not there yet,,, cough.

Hi Sonofsin

Hey bud.

gtc on the cad long, still not in it yet.

here is another limt order.

Buy limit audnzd at 1.2640 stop at 1.2590 tp at 1.2740
again gtc,,

now lets get a fill.

Moving stop on the audnzd to +1, currently at 1.2664, profit target remains the same except now it is a free trade.

Stopped for +1 pip.

Your buddy is an idiot.

Hes a great futures trader, but not liking the forex world right now. Definitively not an idiot.

As pointed out by some successful traders, to be a successful trader it is not necessary to be smart.

You wrote,

"He no longer believes FOREX is a trade-able market due to the corruption with retail brokerage firms and being a non regulated market."

A. FX borkers have always played games. However, in the last 2 years, the gov't has actually taken some of them to task and put all the others on notice. The capital requirements alone has chased the real scam artists out of the borker business.

As to borkers being corrupt, all borkers have their tricks and advantages that they use. Unless it's illegal, it's not corrupt. I agree that there is some in FX but it's the same with all borkers. I think we've all seen ample proof in the last few years of how fucked up the financial systems, including the largest borkers in the world, the banks, truly are.

B. The FX market has always been the least regulated market in the world. Again, gov'ts are now trying to impose regulations on the FX market by capital requirements, allowed leverage and any other thing they've done in the last 2 years.

C. If you're buddy is so smart, he should know all this. As you said, he's a futures trader and so he doesn't know shit from shinola about the FX market, yet he's more than willing to pass on his opinion to you about it. He should know that given his success as a futures trader that you would attach a lot of weight to his opinion. If he doesn't know this, then he's an idiot. If he does know this, and he also realizes he doesn't know about the FX market, then not only is he an idiot, he's an asshole as well.

But that's just how my mind works. I'm sure yours works differently.

Well I guess there is no need for this thread, he can just read your post.