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  • #46,001
  • Aug 5, 2012 7:13am Aug 5, 2012 7:13am
Quoting CurrencyMan
Combined Account StatementStatement Period: from Aug 4, 2012 9:04:11 PM through Aug 5, 2012 8:01:46 AMUser Name: luke skywalkerFXCMUK

He has opened a $50,000 US Dollars demo account with FXCM UK.

His target is 5% profit a month. Will he do it or not ? Stay tuned.

Beginning Balance0.00CommTrading Commission0.00RolloverRollover Fee0.00PnLProfit/Loss of Trade0.00DeposDeposit50,000.00WithdWithdrawal0.00OptionOptions Payout0.00CommOptions Commission0.00AdminFeeAdministrative Fee0.00MngFee Management Fee0.00PerfFeePerformance Fee0.00VoidDeposit...
Are you going to follow his DEMO calls? Are they gonna somehow influence your decisions while you are trading your OWN REAL money?
  • #46,002
  • Aug 5, 2012 7:14am Aug 5, 2012 7:14am
Quoting CurrencyMan
Combined Account StatementStatement Period: from Aug 4, 2012 9:04:11 PM through Aug 5, 2012 8:01:46 AMUser Name: luke skywalkerFXCMUK

He has opened a $50,000 US Dollars demo account with FXCM UK.

His target is 5% profit a month. Will he do it or not ? Stay tuned.

Beginning Balance0.00CommTrading Commission0.00RolloverRollover Fee0.00PnLProfit/Loss of Trade0.00DeposDeposit50,000.00WithdWithdrawal0.00OptionOptions Payout0.00CommOptions Commission0.00AdminFeeAdministrative Fee0.00MngFee Management Fee0.00PerfFeePerformance Fee0.00VoidDeposit...

Skywalker's in da house...
Thanks in advance to CurrencyMan for his mentoring!!!
I'm looking forward to learn from him, and more than interested in sharing my progress with everyone here.
  • #46,003
  • Edited 7:55am Aug 5, 2012 7:45am | Edited 7:55am
Quoting Paulenok
Are you going to follow his DEMO calls? Are they gonna somehow influence your decisions while you are trading your OWN REAL money?
Everyone here should make their own calls. You must notice that even though our leader, PipTrapper is very skilled at trading forex he NEVER tells anyone what they should trade. I NEVER make trade calls since I might change my mind 1 minute later because of new information and the person that is following me will not have access to my new information.

If you look at the signature of our friend you will also have the answer to your question.

I have VERY STRONG convictions based on close to 10 years being in the forex business.

If you want to become a winner in forex and join the 5% club then you need to invest the time and effort.

If you do not have the discipline needed to control your fears, greed and Ego than no matter how skilled you are in Technicals, Fundamentals you will not join the 5% club.

If you trade with insufficent funds you are fighting an uphill battle.

You must have first of all a Trade Plan.

Part of a Trade Plan is to NOT TRADE just to trade. If you do then that is not trading and it is gambling.

You MUST have a proper Risk Management Plan to go along with your Trade Plan.

Trading using only technicals and price action in my opinion cannot make you a member of the 5% club.

Why is that ? Fundamentals always move the technicals. Wait a minute how can that be ?

Sometimes the PERCEPTION replaces the Fundamentals short term. Last week was a GREAT example of this. Everyone was convinced that the FED would act or at least they thought it was possible. When the FED did nothing ALL attention turned to the ECB and Draghi.

When on Thursday at 8:30 AM EST during his Press Conference he DROP KICKED again the PERCEPTIONS changed to REALITY and down went EUR/USD.

Then we were are all awaiting NFP of Friday August 3, 2012 at 8:30 AM EST.

PERCEPTION again said that the number would be between 65,000 and 100,000.

WOW !!! 163,000 What a nice surprise. PERCEPTION again changes and REALITY stays the same.

The market trades on PERCEPTION of the M A S S E S.

Of course if you remove the M, from M A S S E S you then understand some of the the issues about Perception. You can call it misinformation or ignorance.

I read and posted this morning about the TRUTH of the 163,000 NFP number of Friday.

Fool Me Once Shame On You... Fool Me Twice Shame On Me !!!

I remember when President George Walker Bush tried to say that during one of his Press Conferences and messed it up. Dick Cheney was the Real President for a reason. He usually knew how to shoot straight except when he nearly killed his hunting partner.

I was sorry to see that some traders here lost money with the two big moves first down in EUR/USD and then UP on Friday.

When there is RISK ON then the money flows out of the US Bonds whether it is the 2 Year, 5 Year, 10 Year or 30 Year.

The US Bond Yield GO UP as the Price of the US Bonds come down.

It is that SIMPLE !!!

Now the $64,000 Dollar Question is where does the money go once these US Bonds are sold for US Dollars ?

It was right there ALL DAY on Friday as money flowed to EUR/USD and EUR/JPY and Oil and Gold. The money flowed out of the US Dollar and out of the other RISK OFF currency, USD/JPY.

Money Flow can be your EDGE if you understand it.

I hope this post lets you understand my point of view and thanks to my past suggestions, I did the whole post without using a copy and paste.

Have a good trading week and keep in mind that when PERCEPTION changes back to REALITY all the Asset Classes reflect that and all or some of the Four Trillion Dollars starts to move again and as it does so does the charts.

The charts are just an instant SNAPSHOT of things.

The Dow going UP or DOWN 250 points is called REALITY !!! Some traders are then winning money and others are losing so things are then done with their funds.
  • #46,004
  • Aug 5, 2012 7:59am Aug 5, 2012 7:59am
Gotta love the folks at forexlive
They posted a link to an article about how the Swedes are doing so much better than the Brits, but of course they had to add a touch of humor... as usual.

Here's a link to the article in question

Lessons from Sweden in assembling a recovery

and here's the humor.

Inserted Video
Those who say it cannot be done should not interrupt those who are doing it
  • #46,005
  • Aug 5, 2012 8:01am Aug 5, 2012 8:01am
Quoting CurrencyMan
Combined Account StatementStatement Period: from Aug 4, 2012 9:04:11 PM through Aug 5, 2012 8:01:46 AMUser Name: luke skywalkerFXCMUK

He has opened a $50,000 US Dollars demo account with FXCM UK.

His target is 5% profit a month. Will he do it or not ? Stay tuned.

Beginning Balance0.00CommTrading Commission0.00RolloverRollover Fee0.00PnLProfit/Loss of Trade0.00DeposDeposit50,000.00WithdWithdrawal0.00OptionOptions Payout0.00CommOptions Commission0.00AdminFeeAdministrative Fee0.00MngFee Management Fee0.00PerfFeePerformance Fee0.00VoidDeposit Rollback0.00ASPCommASP...
Quoting kokopelli
Skywalker's in da house...
Thanks in advance to CurrencyMan for his mentoring!!!
I'm looking forward to learn from him, and more than interested in sharing my progress with everyone here.

I strongly discourage this kinda Road Show! I am really not interested to see how this account grows 5% per month or whatever.

If your method works you explain it to the public and thats all ... there is no need to use the space for free personal business advertisement.

Why this 'team up'? Any new idea?!
  • #46,006
  • Aug 5, 2012 8:08am Aug 5, 2012 8:08am
Hello Everybody

A new week, with new challenges, new deviations, and new pips to be collected... May we all by successfull, and should a mishap occur, take the lesson to heart...

Regards
  • #46,007
  • Aug 5, 2012 8:30am Aug 5, 2012 8:30am
Quoting rekon67
I strongly discourage this kinda Road Show! I am really not interested to see how this account grows 5% per month or whatever.

If your method works you explain it to the public and thats all ... there is no need to use the space for free personal business advertisement.

Why this 'team up'? Any new idea?!
CM & kokopelli,
I agree with Rekon. With this experimental side show, you should consider starting a thread in the trading journal forum. GL
  • #46,008
  • Aug 5, 2012 8:33am Aug 5, 2012 8:33am
Quoting FXSwissTrader
CM,
I agree with Rekon. With this experimental side show, you should consider starting a thread in the trading journal forum. GL

Agreed... and perhaps add the demo account to your trade explorer and attach it to the new trading journal thread.. That way all interested can keep track of the trades in real time.
Those who say it cannot be done should not interrupt those who are doing it
  • #46,009
  • Aug 5, 2012 8:37am Aug 5, 2012 8:37am
Quoting CurrencyMan
Combined Account StatementStatement Period: from Aug 4, 2012 9:04:11 PM through Aug 5, 2012 8:01:46 AMUser Name: luke skywalkerFXCMUK

He has opened a $50,000 US Dollars demo account with FXCM UK.

His target is 5% profit a month. Will he do it or not ? Stay tuned.


Notes: "THIS IS A DEMO ACCOUNT WHICH IS TRADED WITH VIRTUAL FUNDS. NO REAL MONEY IS USED IN TRADING THIS ACCOUNT. Demo accounts are used primarily for education purposes, testing of strategies, and familiarizing traders with market movement and the FX Trading Station. There...
Hi CurrencyMan,

I appreciate your posts related to Forex news. Always good for someone like me to find it here in one place/thread.

Among other things, you give the impression with your winning traits, the fund under your management must be in milions if not billions. One question, if you would like to share - have you ever traded your own personal fund like 1 - 5 millions or maybe more? How does it feel to trade that amount of money compared to managed funds, mentally?
  • #46,010
  • Aug 5, 2012 8:41am Aug 5, 2012 8:41am
Quoting rekon67
I strongly discourage this kinda Road Show! I am really not interested to see how this account grows 5% per month or whatever.

If your method works you explain it to the public and thats all ... there is no need to use the space for free personal business advertisement.

Why this 'team up'? Any new idea?!
One of the posters here asked for some help. There is no costs involved. There is no self promotion involved. This is NOT a commercial site. You can put me on your IGNORE BUTTON if you like.

Your comment about Team Up is offensive. There is no team up just a simple matter of a person asking for help free of charge. My time and efforts are given here all the time and some appreciate it.

I will defer to the comments of PipTrapper if he cares to comment.

Thank you for sharing your point of view.

Good Trading...
  • #46,011
  • Aug 5, 2012 8:53am Aug 5, 2012 8:53am
Quoting Ken A
Hi CurrencyMan,

I appreciate your posts related to Forex news. Always good for someone like me to find it here in one place/thread.

Among other things, you give the impression with your winning traits, the fund under your management must be in milions if not billions. One question, if you would like to share - have you ever traded your own personal fund like 1 - 5 millions or maybe more? How does it feel to trade that amount of money compared to managed funds, mentally?
I had a very good friend who died of cancer a few years ago. He was a winning and very successful commodity trader. He traded for family, friends and business associates. He NEVER traded his own funds.

I was one of the lucky few that traded for him before he got sick with cancer.

He put up $25,000 US Dollars and I had a LPOA to trade the Commodities account for him only trading EUR/USD Future Contracts. I was limited to 8 open positions and had to always trade with a Stop Loss.

I traded only one month and made him 12% or $3000 US Dollars. I still have the copy of the $1000 US Dollars check he gave me for my 33 1/3 Performance Fee.

He was my MENTOR not in the trading however in the State Of Mind.

He taught me that trading is a way of life. Your mind and body have to be in harmony. Your life habits need to be strong. When you are on a losing streak just walk away and more importantly when you are TOO HIGH because of recent wins ALSO walk away take a break and Smell The Roses.

I have NEVER traded my own funds personally however I now trade my corporation funds for my shareholders so in a way I am still trading for other people though since I control and own over 50% of the shares I can say that I am now trading for myself as well.

My goal is to trade One Million Dollars during 2013 and I KNOW I will.

Thanks for the question.
  • #46,012
  • Aug 5, 2012 9:09am Aug 5, 2012 9:09am
Quoting PipTrapper
Agreed... and perhaps add the demo account to your trade explorer and attach it to the new trading journal thread.. That way all interested can keep track of the trades in real time.
A Day or so ago I posted a message offering to teach anyone FREE OF CHARGE how to join the 5% Club.

Only one person took me up on my offer. I have been clear and 100% transparent. There is NO BENEFIT to me other than help another human being improve his trading.

This is your thread and I always listen to your rules. Since I am familar with some of the things you suggested I will ask Luke Sky Walker if he can set it up. If not I will just teach, share and enjoy without anyone learning by doing it one on one privately.

We live in strange times when honesty, integrity, sharing, helping, teaching seems to bother some that have their own views on how things are done.

The above are my personal views and are not intended to be anything else. We do not need a debate here. I offered my views and I leave it here.

Good Week and Good Trading All !!!
  • #46,013
  • Aug 5, 2012 9:14am Aug 5, 2012 9:14am
Quoting CurrencyMan

He was my MENTOR not in the trading however in the State Of Mind.

He taught me that trading is a way of life.
Very wise

Quoting CM
I have NEVER traded my own funds personally
I feel that when we trade others money we have a psychological support that is absent when we are 100 % alone. The feeling is very different and those feelings affect our trading decisions. It is not the same.

By the way, I love the market information that you bring here. They are very helpful.

Cheers
Empty as water and soft as a facing wind mountain
  • #46,014
  • Aug 5, 2012 9:21am Aug 5, 2012 9:21am
Quoting CurrencyMan
A Day or so ago I posted a message offering to teach anyone FREE OF CHARGE how to join the 5% Club.

Only one person took me up on my offer. I have been clear and 100% transparent. There is NO BENEFIT to me other than help another human being improve his trading.

This is your thread and I always listen to your rules. Since I am familar with some of the things you suggested I will ask Luke Sky Walker if he can set it up. If not I will just teach, share and enjoy without anyone learning by doing it one on one privately.

We live in strange times...
CM. Please do not be offended. You have shown yourself to be very knowledgeable trader. It would be a benefit to those that would love to follow you, to do so under your specific personal trading journal that would be devoted to your trading philosophy and mentoring. I myself would be interested in following without having to filter through other posts that is relevant to the subjects discussed here. Anyways, think about it and let us know if it would be ideal for you. I wish you many green pips. Happy trading and thank you for your contributions to the betterment of all traders. We do appreciate you sharing your knowledge. Have a nice day.
  • #46,015
  • Aug 5, 2012 9:29am Aug 5, 2012 9:29am
Quoting CurrencyMan
A Day or so ago I posted a message offering to teach anyone FREE OF CHARGE how to join the 5% Club.

Only one person took me up on my offer. I have been clear and 100% transparent. There is NO BENEFIT to me other than help another human being improve his trading.

This is your thread and I always listen to your rules. Since I am familar with some of the things you suggested I will ask Luke Sky Walker if he can set it up. If not I will just teach, share and enjoy without anyone learning by doing it one on one privately.

We live in strange...
Hi CM, There is absolutely nothing wrong with what you are doing as far as teaching and helping. However, this thread is for sharing our technical and fundamental analysis of the markets. So I agree with Swissie's suggestion that the tracking of a demo account should not be posted here as a learning aid for a few of the posters. Instead, just start a supplementary thread in the Trading Journal forum where you can post every trade and also attach the trade explorer to it as a running record of the trades.

I do enjoy reading your copy/paste posts so I certainly don't have any issues with any of that... especially since they are of extreme value when it comes to analysing the current underlying fundamentals.. and also since the majority of the readers here also feel the same.

No offence was intended by me. Also I do not believe that Rekon intended to offend you. I am sure you can understand that Rekon's mother tongue is NOT English. Sometimes you have to take that into consideration when interpreting what he and other non-English posters write. The worst thing anyone can do is try to interpret an emotion that may or may not be hidden in written words. None of us are poets or novel writers (at least as far as I know anyway) so we do not have the proper skill set to convey the proper emotion or intention in these pages.
Those who say it cannot be done should not interrupt those who are doing it
  • #46,016
  • Aug 5, 2012 10:14am Aug 5, 2012 10:14am
Quoting PipTrapper
Hi CM, There is absolutely nothing wrong with what you are doing as far as teaching and helping. However, this thread is for sharing our technical and fundamental analysis of the markets. So I agree with Swissie's suggestion that the tracking of a demo account should not be posted here as a learning aid for a few of the posters. Instead, just start a supplementary thread in the Trading Journal forum where you can post every trade and also attach the trade explorer to it as a running record of the trades.

I do enjoy reading your copy/paste posts...
We are all in 100% agreement and now we all turn our focus to making money trading forex.

All comments noted, appreciated and accepted.

Have a good week trading and I can handle constuctive feedback so please feel free to suggest anything without worry that I might take offense since I love Reproofs.

CM

“Reproofs of Instruction are the Way of Life”

Proverbs 6:23 – “For the commandment is a lamp; and the law is light; and reproofs of instruction are the way of life.”
I. “Reproofs of instruction are THE way of life.”

  1. Notice the wording of this verse: Reproofs are the way of life.
  2. Reproofs are simply a requirement of life; they simply must be done.
  3. A life free of reproof is a life free of self-discipline, free of self-restraint, free of responsibility, and ultimately, free of reward and blessing.


II. “REPROOFS of instruction are the way of life” – That is, correction, direction, and guidance are to be the way of life.
III. “Reproofs OF INSTRUCTION are the way of life.”

  1. That is, guidance with the intention of making us wiser is the way of life.
  2. Reproofs are meant to perhaps . . .

    1. Grow us out of our childishness

      1. Proverbs 29:15 – "The rod and reproof give wisdom: but a child left to himself bringeth his mother to shame."
      2. Proverbs 13:24 – "He that spareth his rod hateth his son: but he that loveth him chasteneth him betimes."
      3. Proverbs 22:15 – "Foolishness is bound in the heart of a child; but the rod of correction shall drive it far from him."

    2. Show us our own flaws and inconsistencies – Hebrews 12:1-11, esp. vv. 9-11 – “Wherefore seeing we also are compassed about with so great a cloud of witnesses, let us lay aside every weight, and the sin which doth so easily beset us, and let us run with patience the race that is set before us, 2 Looking unto Jesus the author and finisher of our faith; who for the joy that was set before him endured the cross, despising the shame, and is set down at the right hand of the throne of God. 3 For consider him that endured such contradiction of sinners against himself, lest ye be wearied and faint in your minds. 4 Ye have not yet resisted unto blood, striving against sin. 5 And ye have forgotten the exhortation which speaketh unto you as unto children, My son, despise not thou the chastening of the Lord, nor faint when thou art rebuked of him: 6 For whom the Lord loveth he chasteneth, and scourgeth every son whom he receiveth. 7 If ye endure chastening, God dealeth with you as with sons; for what son is he whom the father chasteneth not? 8 But if ye be without chastisement, whereof all are partakers, then are ye bastards, and not sons. 9 Furthermore we have had fathers of our flesh which corrected us, and we gave them reverence: shall we not much rather be in subjection unto the Father of spirits, and live? 10 For they verily for a few days chastened us after their own pleasure; but he for our profit, that we might be partakers of his holiness. 11 Now no chastening for the present seemeth to be joyous, but grievous: nevertheless afterward it yieldeth the peaceable fruit of righteousness unto them which are exercised thereby.”

CurrencyMan

I hope G O D is not upset with me for bringing Jesus into it since I only accept one G O D and one faith. The faith in the Human Race all as ONE in the Future.

I LOVE FREE WILL and I do not eat bacon...

  • #46,017
  • Aug 5, 2012 10:41am Aug 5, 2012 10:41am
A sacred cow is usually defined as that which is regarded as far too valuable or prestigious to even think about altering. Any proposition that comes close to complete abolition is met with astounding ridicule. In the realm of legalized harlotry (politics), careers are made out of defending sacred cows no matter how expensive, socially corroding, or intentionally dishonest they are. Compulsory public education is one of the first to come to mind. The various vote buying schemes that masquerade as a welfare safety net are another. Whenever the political class or its apologists in the media find themselves in a bind trying to validate the government’s latest plot to fill its coffers or grind already-undermined liberties further into the curb, they often resort to evoking the greatest sacred cow of all: democracy.

Starting from the earliest years of basic comprehension, children in the Western world are propagandized into believing that without democracy, society would descend into unlivable chaos. Schools, both public and private, perpetuate the fantasy to millions of forced attendees every year. They are told that the government which has a hand in practically anything they encounter was formed with only the best intentions. In America especially, the representative democracy constructed out of the collective genius of the country’s founding fathers is lauded as a gift to humanity. And though its influence is waning in recent years, the Constitution served as a model for developing nation-states around the globe. Back in 1987, Time magazine estimated that of the 170 countries that existed at the time, “more than 160 have written charters modeled directly or indirectly on the U.S. version.”

The Constitution is presented as the miraculous creation of divine individuals when, in fact, it was nothing of the sort. Like any attempt to centralize state power, the Constitution was formed out of the economic desires of its framers. Thomas Jefferson, John Adams, Thomas Paine, and Henry Adams weren’t even present at the Philadelphia Convention as it was drafted. Many Americans at the time were suspicious at what ended up being a coup to toss out the decentralized Articles of Confederation in return for an institution powerful enough to be co-opted for the purposes of rent seeking. As Albert Jay Nock noted:

The Constitution had been laid down under unacceptable auspices; its history had been that of a coup d’état.

It had been drafted, in the first place, by men representing special economic interests. Four-fifths of them were public creditors, one-third were land speculators, and one-fifth represented interests in shipping, manufacturing, and merchandising. Most of them were lawyers. Not one of them represented the interest of production when the Constitution was promulgated, similar economic interests in the several states had laid hold of it and pushed it through to ratification in the state conventions as a minority measure, often — indeed, in the majority of cases — by methods that had obvious intent to defeat the popular will. Moreover, and most disturbing fact of all, the administration of government under the Constitution remained wholly in the hands of the men who had devised the document, or who had been leaders in the movement for ratification in the several states.

Unvarnished history like this is never taught in public schools and is hardly known by the public at large. There is a reason for this of course. When the rose tinted glasses are removed, the state appears as the organized criminal racket it really is. Those entrusted as “representatives of the people” are really looking out for themselves and their financial well-being. As government grows and regulatory bureaucracies flourish in size and scope, law formation becomes not just a job for the elected legislature but also of the executive enforcers. In other words, the same people tasked with enforcing the law are also given discretion over what rules they wish to impose. These unelected bureaucrats, in a constant effort to validate their positions of authority, will never seek to cut the tax money that is their lifeblood. Instead, they will spend the whole of their budget every year as they live out their desire to have meaningful employment through crushing freedom. The people’s will is sold off to ensure a new bloc of state-privileged voters.


Leviathan’s growth by bureaucracy has been occurring all over the Western world but it is accelerating at a worrisome rate in the United States and Europe. In the 2012 edition of the Competitive Enterprise Institute’s 10,000 Commandments which provides a type of snapshot of the American regulatory state, it is documented that federal agencies were responsible for the implementation of 3,807 rules. These economically destructive regulations were set in stone despite only 81 bills passing Congress and being signed by the President. Representative democracy has been replaced by the rule of the unaccountable. In an environment where the power players are shielded from public backlash, the opportunity for cronyism, corruption, and back room deals increases tenfold. Revolving door politics becomes the norm as the regulators who write the laws end up being employed at the same firms that avoid their punitive nature.

Across the pond in Europe, unelected technocrats continue to try and save the floundering currency union. Austerity measures, which amount to more tax increases than cuts in government spending, have been imposed by bureaucrats who have little to no identification with the people they are levied against. It is centralized planning on continent-wide scale. The person with the most sway in the crisis has been European Central Bank President Mario Draghi. Though Draghi only has one vote in the body that controls the printing press, he is seen as its mouthpiece. Last week as the Olympic Games kicked off, he infamously made the off-the-cuff remark on doing “whatever it takes to preserve the euro”. The remark, whether Draghi admits it or not, carried with it the bought-and-sold notion that the printing presses would soon be put on overdrive in an effort to quell the crisis by buying sovereign debt. Stocks in both the U.S. and Europe rallied on the news but sunk soon after the plan was revealed as a farce. There was no trick up his sleeve; Draghi’s remark was pure posturing.

However the event was highly revealing of the reliance the global economy has on a constant injection of cheap, fiduciary currency. Under central banking, consumer preferences which normally guide the free market’s structure of production take a backseat to the whims of the operators of the printing press. Financial markets begin centering their operations around fresh batches of newly created digital currency. Fractional reserve banking becomes even more emboldened. Because money isn’t neutral and always enters the economy at specific points, the first receivers are able to spend and invest before overall prices are affected. The last receivers must deal with prices rising prices as their wages stagnate; thus lowering their real income.


The free market economy is analogous to democracy because consumers vote with their wallets on who produces the best product. Under central banking, few individuals are granted the monopolistic license to produce that which facilitates all transactions. There is nothing democratic about central banking in practice; it is a system of top-down governance based on the fantastical idea that there exists an ideal amount of money that only a few intellectually gifted economists can determine. With one hundred years of operation under its belt, all the central banker profession has learned through the various recessions which plagued the 20th century is that money printing appears to solve everything.


From the beginning of the Eurozone crisis, anyone not quenching their thirst with the Kool-Aid of good, honest government recognized that the large banks were the true beneficiaries of the various bailout schemes. Because commercial banks in Northern Europe are exposed to sovereign debt, it is in their best interest for default to be avoided even if it means receiving interest payments in a devaluing currency. The people of the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) are told their governments are being bailed out as a benefit to them. What’s really happening is the bankers are pulling the reigns of an unscrupulous political class looking to ultimately cash out by helping their friends in high places. The rhetoric of preserving democracy by EU officials amounts to nothing but a childish ploy when contrasted with the brazen, systematic exploitation the state embodies.


To the ruling establishment, the approval of “we the people” matters insomuch that they don’t recognize their oppressors. Democracy is a charade to convince the masses that they are in charge of their future when they are servants to authoritarianism. Economist and philosopher Hans-Herman Hoppe was spot on when he recognized that Democracy has nothing to do with freedom. Democracy is a soft variant of communism, and rarely in the history of ideas has it been taken for anything else.


Rather than give the people a voice, democracy allows for the choking of life by men and women of state authority. When Occupy protestors were chanting “this is what democracy looks like” last fall, they wrongly saw the power of government as the best means to alleviate poverty. What modern day democracy really looks like is endless bailouts, special privileges, and imperial warfare all paid for on the back of the common man.


None of this is to suggest that a transition to real democracy is the answer. The popular adage of democracy being “two wolves and lamb voting on what’s for lunch” is undeniably accurate. A system where one group of people can vote its hands into another’s pockets is not economically sustainable. Democracy’s pitting of individuals against each other leads to moral degeneration and impairs capital accumulation. It is no panacea for the rottenness that follows from centers of power. True human liberty with respect to property rights is the only foundation from which civilization can grow and thrive.


James E. Miller holds a BS in public administration with a minor in business from Shippensburg University, PA. He is the Editor in Chief at the Ludwig von Mises Institute of Canada and a current contributor to his hometown newspaper, the Middletown Press and Journal.
  • #46,018
  • Aug 5, 2012 10:47am Aug 5, 2012 10:47am
After nearly 5 years of being here on FF, nobody has ever made my ignore list until a few days ago.

Over posting copy/paste analysis from other websites is of no value to me, and really shouldn't be to anyone else. It's not hard to find that information and offering absolutely zero insight of one's own is definitely no value.

A simple link to an article and some analysis could be useful, but the way CurrencyMan has been spamming the thread with this stuff got to the point where it was a pain to scroll through a bunch of junk to follow the real conversation here.

I'm surprised anyone is giving this guy kudos for doing something that takes literally no skill and not at all surprised he is now trying to recruit clients for some managed accounts.

Here's a clue folks: if you're a winning trader, you don't need to manage other people's money. I manage a couple accounts for very close friends ONLY. I do this as a personal favor and don't even charge a percentage because I don't need it. The people that are in here trying to get you to sign on with their managed accounts are generally losing traders that are hoping that something finally "clicks" for them and they've blown all of their personal funds trying to make that happen and so they need your money.

Stay away, folks!
check out my blog: forexmademillionaire dot com
  • #46,019
  • Aug 5, 2012 11:00am Aug 5, 2012 11:00am
Jeez im so technologically handicapped I couldnt even figure out how to link my account to one of those live trading journals.

I even tied MyFX book with no luck.

My trading log is actually a Moleskin journal with a pen. lol

That being said I dont think CM is a bad guy or a bad influence or a bad trader. I enjoy his fundamental articles and if everyone doesnt like them because they are lengtthy then maybe just post up brief synopsis with the link to the full article. I for one read all of them and digest them because that sort of stuff interests me and im sure a few others.

You cant make everyone happy in this world. There will always be detractors and naysayers. We just have to be able to discern who they are and mearly stay in alignment with our moral and ethical compasses.

Just my .02 guys

Stay humble

Wulf
  • #46,020
  • Aug 5, 2012 11:19am Aug 5, 2012 11:19am
Hey Guys.. Just did some work over the weekend. Thank you all for a fantastic discussion after some of the tumultuous events in the markets at the end of the week. Congratulations are in order to those who positioned correctly for positive pips.



Here is a review of last week and my outlook for the upcoming sessions.



Payroll employment for increased by a solid 163k, which was significantly stronger than the 100k expected.


It certianly represented a significant uptick from last months dismal numbers.

The news from the separate household survey was not as positive because it indicated an unexpected increase in the unemployment rate to 8.3% from 8.2% in June. So the data was certainly mixed, not giving a clear picture to the markets.





In correlating risk markets Gold climbed back above $1,600/oz on Friday after NFP numbers boosted appetite for risk, pushing the dollar sharply lower against the euro and boosting stock markets 2%.


Gold is still down 1.6% this week, however, on track for its biggest weekly loss in six weeks.

The dixy fell 1 percent to 82.498, on track for its biggest daily drop since Late June. perhaps aiming for support of the uptrending channel at 82.00



Euro is still stuck in middle of recent range against dollar today even though strong recovery is seen in early US session following NFP release.


The FOMC statement released earlier this week was essentially unchanged from last meeting, which was a disappointment to investors who hoped for hints on additional easing. Looks like the Fed will still wait for updated projections in September’s meeting.


Current Market Conditions

E/U – currently 1.2375 — Stock market closed up 200+ points



Seems the market makers are positioning for next downward move of E/U to retest 1.2150 area and possible move to 1.2019/1.2000


If Dow stays above 13,000 today or 200+ points , Ill be looking for the E/U to range between 1.2381 to 1.2460 and will plot moves within that range.


IF Dow drops below 13,000, Dollar will strengthen and the EU should retest 1.2354 to 1.2334 area


By the way, The DOW has had Triple-Digit moves last Five Friday sessions


Draghi did promise to “consider further non-standard monetary policy measures” and “design the appropriate modalities” in the coming weeks.


Yes, the overall downward trend is still down in EUR/USD and Yes, the market drivers are positioning for next move down. Patience is great virtue to have in waiting for next move.


Good luck guys

Ill be trading demo for the next month as I build back up my account to recapitalize but I will still participate as i audit my system and practice and condition my mindset

Wulf
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