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Do you guys find that forex trading sucks?

  • #101
  • Dec 19, 2011 7:37pm Dec 19, 2011 7:37pm
i trade for a living but i do work as a bodyguard not that i have to but its great being in the limelight.A scenario, i had a fight with a semi pro boxer. if i was in a ring by rights he would of beat me to a pulp but alas i was in the street and dislocated his knee and broke his collar bone. the moral to the story is i fight one way he fought the another. I trade one way and you trade another. i trade forex and make approx 55 thousand english pounds per annum. that isnt a huge amount but its comfortable for me. and before you ask i dont use indies, fundies or what ever is good at the time. But i do have a massive bank roll for the trading and do compound and will think nothing of doubling up on a loss. Just thought i'd have a say happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #102
  • Dec 19, 2011 8:03pm Dec 19, 2011 8:03pm
Quoting erock
I've traded forex for the past year. I trade on about $100,000 account and normally trade futures and equities.

Normally if I trade a currency I trade it through a futures contract. I decided to incorporate forex into my trading but was greatly disappointed.

There is too much volatility and the markets don't adhere to any trading theory or indicator. Forex markets don't even adhere to basic psychology that most markets adhere to.

You also can't write covered calls or puts that help to add income to your positions. It just seems like...
I disagree.... If you are watching the right things the market is fairly easy to read.

Higher tf trend, support and resistance, lower tf price action to reduce risk. Set targets at the next s/r level until price action says they're being respected, exit the trade. Easy....
  • #103
  • Dec 19, 2011 8:34pm Dec 19, 2011 8:34pm
Erock,

You forgot to mention that you're a genius of a trader and if you can't do it, then nobody can! I believe in your claim! I will quit trading forex now. I will wait for your success before attempting forex again.

Love,
cHiCk3n420
  • #104
  • Dec 19, 2011 9:04pm Dec 19, 2011 9:04pm
Quoting billytt
i trade for a living but i do work as a bodyguard not that i have to but its great being in the limelight.A scenario, i had a fight with a semi pro boxer. if i was in a ring by rights he would of beat me to a pulp but alas i was in the street and dislocated his knee and broke his collar bone. the moral to the story is i fight one way he fought the another. I trade one way and you trade another. i trade forex and make approx 55 thousand english pounds per annum. that isnt a huge amount but its comfortable for me. and before you ask i dont use indies,...
More power to you, I'm not a genius trader and I'm not bashing forex traders. I'm just saying it's not for me and I didn't lose. I gained a little. Just not my cup of tea. God bless you guys if you are doing it!

I'm just saying when someone tells me they can consistently make 50-100% returns I know for a 99% fact they are full of shit. If they can do it by all means I would love to hear how you consistently do it. Not one or two or three years you're up 50 to 100% but multiple consistent steady years. Even if you are up 20% year, Year in and year out, it's amazing. Do you realize Warren Buffet's track record is something like 21%.
  • #105
  • Dec 19, 2011 9:09pm Dec 19, 2011 9:09pm
Quoting Venice
This is false. Did you just completely skip over all of the calculated risk posts?
  • #106
  • Dec 19, 2011 9:15pm Dec 19, 2011 9:15pm
yes darrenlittle. It's easy easy and easy.
Have a good profitable trading always.


Quoting darrenlittle
I disagree.... If you are watching the right things the market is fairly easy to read.

Higher tf trend, support and resistance, lower tf price action to reduce risk. Set targets at the next s/r level until price action says they're being respected, exit the trade. Easy....
  • #107
  • Dec 19, 2011 9:19pm Dec 19, 2011 9:19pm
Quoting Venice
This is false. Did you just completely skip over all of the calculated risk posts?
So you can consistently make 100% returns a year. If you can I want to give you $100,000 to trade for me. You can make 100% a year returns for 7 years.

This will generate roughly 12.8 million dollars.
  • #108
  • Dec 19, 2011 9:19pm Dec 19, 2011 9:19pm
hi smittens,

I do agree with you. You have seen the market clearly.
Keep trading forex. it is the real trading field.

Good luck

Quoting smittens4212
No, it's really not. A 30% return on a $1000 account is $300. $300 is not shit. That's one night out at a nice restaurant in the city. You're telling someone trading a $1000 account that they should be happy making $300 in a year. Hell, multiply that by 10. 30% on a $10000 account is $3000. Again, $3000 is not shit (assuming you're looking at making this a liveable income at some point).

You mentioned volatility as seemingly the primary reason you were unable to trade FX successfully, but did you ever stop to consider that the very same volatility...
  • #109
  • Dec 19, 2011 9:22pm Dec 19, 2011 9:22pm
Buma,

I do agree with you.
it is harmony random.
It is really exciting trading forex day in day out.
Good luck

Quoting bumapatria
Uh no mate there are serious traders out there. the volatility is WHAT WE ALL LOVE in FOREX. its what separates stocks from forex. 2 trill + is traded average per day its a huge market. No indicator or theory can explain forex? i think you already starting at the wrong mindset of trading forex. there are many types of analysis and methodologies that can help traders make trading decisions. Price action, Price/time analysis, VSa, Elliot waves... the list is endless.u dont need luck, u need an edge. The market flows in harmony and is not random.
i...
  • #110
  • Dec 19, 2011 9:25pm Dec 19, 2011 9:25pm
Quoting erock
More power to you, I'm not a genius trader and I'm not bashing forex traders. I'm just saying it's not for me and I didn't lose. I gained a little. Just not my cup of tea. God bless you guys if you are doing it!

I'm just saying when someone tells me they can consistently make 50-100% returns I know for a 99% fact they are full of shit. If they can do it by all means I would love to hear how you consistently do it. Not one or two or three years you're up 50 to 100% but multiple consistent steady years. Even if you are up 20% year, Year in...
As others have said you cannot compare people like Buffet to retail traders trading forex.

I don't think anyone who is doing 20%+ a month is claiming that they are compounding the full amount, most are trading for a wage and compounding part of that. For instance trading with a 50k account, risking 1% a trade, taking in 20%+ a month and taking a wage of around 3k a week.
This is not what I am doing but those that are close to me - one extended family member.
No smoke and mirrors or illusions here, they have just mastered the instruments they trade and trade in a way that ensures they are ahead each month.

To argue that someone claiming they can do these kind of percentages has to be lying because you can't is laughable
A lot of people I talk to have a psychological limit at a $ to pip value, hence why they take a wage and compound the rest. I'm sure there are some that do no have this issue and compound in a very short time.
I doubt they would be concerned about proving anything to people like you my friend.
  • #111
  • Edited 9:53pm Dec 19, 2011 9:32pm | Edited 9:53pm
Quoting nhen
As others have said you cannot compare people like Buffet to retail traders trading forex.

I don't think anyone who is doing 20%+ a month is claiming that they are compounding the full amount, most are trading for a wage and compounding part of that. For instance trading with a 50k account, risking 1% a trade, taking in 20%+ a month and taking a wage of around 3k a week.
This is not what I am doing but those that are close to me - one extended family member.
No smoke and mirrors or illusions here, they have just mastered the instruments they trade...

Ok so let me get this straight you know people that trade on 50k accounts and generate 20% a month, so that's 240% a year. Alright let's compound this out.

3 years 50k at 240% turns into 2 million
5 years it turns into 22 million
and 10 years it turns into 10 billion

So in 10 years you can generate 10 billion dollars from 50k. Now that's pretty impressive. Do you understand my point. It's doesn't work like that. You can't compare anyone to buffett or soros. Those guys are legends.

If anyone can seriously trade and generate profits, legends are born. Brokers talk, people talk about what traders are doing. Richard Dennis was one of the best commodity traders he borrowed $1,600 and made $200 million in about ten years. He had a legend that grew because he could legitimately do it. You're relative can't, if he could he would have a Wikipedia page about him like Richard Dennis does

http://en.wikipedia.org/wiki/Richard_Dennis

He's a legend, he understands risk and compounding interest. Your relative isn't Richard Dennis. Nobody on this site can do that. I don't mean to be ignorant, I'm just so tired of people claiming they can do something that they can't.
  • #112
  • Dec 19, 2011 9:33pm Dec 19, 2011 9:33pm
Quoting erock
So you can consistently make 100% returns a year. If you can I want to give you $100,000 to trade for me. You can make 100% a year returns for 7 years.

This will generate roughly 12.8 million dollars.
Compounding is awesome, isn't it?

But, you assume no cash is taken out. And taxes that also need to be paid on that income. I don't just make money to horde it mang.

As for trading others money, I really don't want that responsibility. I have thought about opening a Managed Account through my broker on several different occasions, but i'd rather just focus on me.

Why don't you trade it in one of the easier markets that you were chatting on about? Most of us have spent 3-4 years learning these markets before finally 'getting it' and, well, it seems like you should do the same. Get on demo and learn it. Always could use more comrades here!

The door is open, walk through it... and enjoy.
  • #113
  • Dec 19, 2011 9:35pm Dec 19, 2011 9:35pm
Quoting erock
Ok so let me get this straight you "know" people that trade on 50k accounts and generate 20% a month, so that's 240% a year. Alright let's compound this out.

3 years 50k at 240% turns into 2 million
5 years it turns into 22 million
and 10 years it turns into 10 billion

So in 10 years you can generate 10 billion dollars from 50k. Now that's pretty impressive
I think people who trade for a living actually withdraw the money to live? The individual can keep the 50k and just withdraw whatever he profits from that month. 3k/week isn't bad.

Edit: Just personal preference.
  • #114
  • Dec 19, 2011 10:01pm Dec 19, 2011 10:01pm
Quoting chick3n420
I think people who trade for a living actually withdraw the money to live? .........
So if only they lived on Ramen noodles for ten years they would have the 10 billion instead huh?

20% yearly is attainable, 240% is hitting the lottery territory.
  • #115
  • Dec 19, 2011 10:02pm Dec 19, 2011 10:02pm
Quoting chick3n420
I think people who trade for a living actually withdraw the money to live? The individual can keep the 50k and just withdraw whatever he profits from that month. 3k/week isn't bad.

Edit: Just personal preference.
or why not just get a job and trade on the side
  • #116
  • Dec 19, 2011 10:08pm Dec 19, 2011 10:08pm
Quoting SunTrader
So if only they lived on Ramen noodles for ten years they would have the 10 billion instead huh?

20% yearly is attainable, 240% is hitting the lottery territory.
LOL. If I made 3k/weekly, I wouldn't be living on ramen noodles.
  • #117
  • Dec 19, 2011 10:29pm Dec 19, 2011 10:29pm
Quoting erock
Ok so let me get this straight you know people that trade on 50k accounts and generate 20% a month, so that's 240% a year. Alright let's compound this out.

3 years 50k at 240% turns into 2 million
5 years it turns into 22 million
and 10 years it turns into 10 billion

So in 10 years you can generate 10 billion dollars from 50k. Now that's pretty impressive. Do you understand my point. It's doesn't work like that. You can't compare anyone to buffett or soros. Those guys are legends.

If anyone can seriously trade and generate profits,...
Once again you have selectively read a post, please read it again, I clearly said he takes a wage from his trading every month and compounds what percentage is left over.
He can and does make those percentages every month and yes effectively could compound to infinity BUT as I said some people have a psychological limit on the $ value of a pip they can handle.
The point is it is absolutely possible to make even 40%+ a month trading forex, what is more difficult is to continue doing those figures when the $ pip value gets past a certain point.

Do you really think that once one has a million dollar account they would still be risking the same % per trade that they were risking when trading a 50k account?

Think about it.. What is possible and what most can handle in terms of $ value risk are two different things.
  • #118
  • Dec 19, 2011 10:53pm Dec 19, 2011 10:53pm
Quoting chick3n420
LOL. If I made 3k/weekly, I wouldn't be living on ramen noodles.
IF, biggest two letter word in the English language.
  • #119
  • Dec 19, 2011 10:56pm Dec 19, 2011 10:56pm
Quoting nhen
Once again you have selectively read a post, please read it again, I clearly said he takes a wage from his trading every month and compounds what percentage is left over.
He can and does make those percentages every month and yes effectively could compound to infinity BUT as I said some people have a psychological limit on the $ value of a pip they can handle.
The point is it is absolutely possible to make even 40%+ a month trading forex, what is more difficult is to continue doing those figures when the $ pip value gets past a certain point.

Do...
Don't you get my point. RISK IS RISK. You have the risk the 50k to get to the million.
  • #120
  • Dec 19, 2011 11:01pm Dec 19, 2011 11:01pm
Quoting erock
Don't you get my point. RISK IS RISK. You have the risk the 50k to get to the million.
Not all in one trade, though.
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