Is forex becoming less popular? | Forex Factory

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Is forex becoming less popular?

  • #1
  • First Post: May 18, 2013 6:23am May 18, 2013 6:23am
I remember when I first heard of fx back in 2007.I tried to research more and I thought it was the most complex thing I ever saw.

I used to lurk around this forums and the intelligent quality of the posts were such that it made me feel utterly stupid.

nowadays almost all of the old crew left. I believe most blew up or were largely unprofitable and don't want anything to do with fx.

has the novelty factor of fx wore off where every one says been there and I have the t-shirt?

the real question is that after 5years of fx trading will u regret of even hearing the word "fx trading"?
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #2
  • May 18, 2013 7:03am May 18, 2013 7:03am
Funnily enough I was wondering something similar.... Are there any real traders out there making money out of it? real people like me ? Or just the same old same millionairess that whatever they touch they turn into gold ? aka big finance companies, etc...
  • #3
  • May 18, 2013 9:42am May 18, 2013 9:42am
The quality of the forum has deteriorated.
Nothing worth having is easy.
  • #4
  • May 18, 2013 9:53am May 18, 2013 9:53am
Quoting thewriter30
Funnily enough I was wondering something similar.... Are there any real traders out there making money out of it? real people like me ? Or just the same old same millionairess that whatever they touch they turn into gold ? aka big finance companies, etc...
I am making money..not much but at least i don't blow accounts anymore

Here is my account http://www.myfxbook.com/members/supe...usd-wow/489977
  • #5
  • May 18, 2013 11:18am May 18, 2013 11:18am
Well with the pretext that only 5% of the fx traders win and 95% losses, that should be the case, fx trading is the most difficult field of endeavor to be with, but its the most lucrative and rewarding job available in this world, just imagine you can work any time any where of your own choosing, its a kind of job you can earn wealth exponentially...just think about it....but this not for everybody...this is only for the guys...who endure and persevere.. amidst long dark narrow road of success.
  • #6
  • May 18, 2013 12:05pm May 18, 2013 12:05pm
Well according to retail brokers and the number counting authorities it's never been more popular however iirc Forex Magnates ran an article late 2012 indicating that less than 200 new retail accounts were opened in the USA in 2012.

IMO the major peak in the retail FX industry coincided with the 2007 hysterical peak in property values, many new traders felt empowered to 'give it a go', suddenly they had access to magic funds by taking on more debt through equity withdrawal. And lets not lose sight of the fact that despite its more acceptable facade FX is a gamble, its arguably no more scientific than horse racing for the vast majority who take punts day in day out, therefore those who've become addicted to their gambling instinct and the gambling nature of trading, will find it very hard to walk away, that next 700 dollar account will be the last one, it'll work this time...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #7
  • May 18, 2013 12:53pm May 18, 2013 12:53pm
Quoting Spreadbetter
Well according to retail brokers and the number counting authorities it's never been more popular however iirc Forex Magnates ran an article late 2012 indicating that less than 200 new retail accounts were opened in the USA in 2012. IMO the major peak in the retail FX industry coincided with the 2007 hysterical peak in property values, many new traders felt empowered to 'give it a go', suddenly they had access to magic funds by taking on more debt through equity withdrawal. And lets not lose sight of the fact that despite its more acceptable facade...
So I reckon you're not profitable at all?
  • #8
  • May 18, 2013 1:05pm May 18, 2013 1:05pm
Quoting Spreadbetter
Well according to retail brokers and the number counting authorities it's never been more popular however iirc Forex Magnates ran an article late 2012 indicating that less than 200 new retail accounts were opened in the USA in 2012. IMO the major peak in the retail FX industry coincided with the 2007 hysterical peak in property values, many new traders felt empowered to 'give it a go', suddenly they had access to magic funds by taking on more debt through equity withdrawal. And lets not lose sight of the fact that despite its more acceptable facade...
true.....retail fx picked steam after dotcom bubble and like moths to a flame the public ran to the hottest new gamet. FF started in 2004 and gained steam by 2006-2009 as the fever spread...this was the height of intellectual discussions.by 2011 almost all of the original crew left mostly from heartbreak.

from then the quality of posts fell drastically. it has now become a noobs forum like baby pips .
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #9
  • May 18, 2013 2:24pm May 18, 2013 2:24pm
Quoting pemully
{quote} true.....retail fx picked steam after dotcom bubble and like moths to a flame the public ran to the hottest new gamet. FF started in 2004 and gained steam by 2006-2009 as the fever spread...this was the height of intellectual discussions.by 2011 almost all of the original crew left mostly from heartbreak.
This is just my opinion, but I'm sure trading markets goes in and out of fashion (as you mentioned), similarly to how a currency price rises and falls. I'm definitely no expert on the state of the FX market, but I'd be willing to bet that as long as the markets keep improving, there will be an influx of more and more traders in the near future.


SerenityFX
"Serenity, you sound like a frustrated Canadian living your life in the US"
  • #10
  • May 18, 2013 3:40pm May 18, 2013 3:40pm
Quoting pemully
nowadays almost all of the old crew left. I believe most blew up or were largely unprofitable and don't want anything to do with fx.
Who are the old crew? Any names? The popular thread I recently followed has quieten down since the leader decided to leave and spend more time with family. I'm looking for a new thread where the resident guru has Myfxbook or TradeExplorer to go along with his/her teachings. Any good suggestions? I don't believe they will blow up or are unprofitable, at least if they don't show their TradeExplorer we will never know for sure. But with 10+ vouches their contributions have been endorsed by members and we shouldn't doubt their profitability. Any of the old crew has a longterm track record available on the thread? I don't mind studying some old forgotten threads if you give a few good recommendations.
No longer trading forex. Looking for full time job.
  • #11
  • May 19, 2013 12:47am May 19, 2013 12:47am
Quoting Supertrader9
{quote} I am making money..not much but at least i don't blow accounts anymore Here is my account http://www.myfxbook.com/members/supe...usd-wow/489977
Hello there


thanks for sharing. Off topic, do you recommend FXPRO? I was about to open an account with them (live in Syd btw) Also, would share your thoughts as in what makes you successful so far? HAve long have you been trading? Are you one of those guys who read every single book in the market ? Did you just find a system you liked and stick to it? Always keen on reading on success stories...

Quality: I agree.... I see questions that tell me most people did not even read baby pips.. or a not a single trading book in their lives... Also pip magic making system hunters all over the place.

Also true most gurus left, I have seen 2 already that seem to know S%it load and now they are gone.

I took a very expensive share course back in 2006, and that introduced me into the securities world.
Tried many systems, learned to code in amibroker, metastock and such and such.

I am a true believer that a money making system (purely automatic) is a fallacy, ... utopia. And it's a fool's errand to look for such systems and waste during that quest.

I believe it's a combination of many factors as it has been covered over and over and over and over in every single share/cfd/fx forum

What i am really not sure about is whether that 5% are all geniuses that know every single aspect of markets, micro and macro economy (left aside inside traders), or some of them are people that found their strength using a couple of indicators and have a general knowledge of economics....

Hernan
  • #12
  • May 19, 2013 1:25am May 19, 2013 1:25am
I have no idea how people could actually just give up. After all the experiences and the learning? Especially since, with me, demo accounts were never something I wanted to do - never felt real enough for me? All the stuff I've been through with money in my life has had to do with one thread - I, like lots of others, want independence. I tried lots of ways to bring that about, including serious considering medical transcription because I wanted so very very badly NOT TO HAVE TO WORK with a large group, dealing with all the aspects of that... where I now teach in public school ..... no one is unlovable, no adult is a problem, no child really is but altogether: the situation is very stressful - I have monastic tendencies!!!! Like to work independently and concentrate - you really can't do that as a public school teacher especially in special education where seldom are things calm, and capable of being understood. I teach in public school and would prefer not to.

Trading is absolutely fascinating to me; I 'love' it and recommend it, but I guess most people just plain aren't cut out for it in the way I and others are. I've learned that a major major part of it is simply NOT LOSING WHAT YOU HAVE. I've learned so so much - and what I've lost is tuition. Unfortunately I spent quite a bit in the beginning on a 'course' - far more than I now see is reasonable but I encountered a powerful salesman. Anyway - I regard everything as having a lesson or a positive aspect.

As for the deterioration others cite in the forums - I don't notice that. I do find it disappointing that someone eliminated all the STARS that were posted next to stellar threads - why make it difficult to see which threads proved valuable to many? Why did the moderators decide to try to make everything 'fair.?'

Am I making money? Yes. Am I able to USE the money for the purposes for which I originally began trading? NO, not yet.

But, summer vacation is here, and I have enough money to work with. Finally, I will be able to spend more than tiny bits of time, and even stay up late to catch London open, etc.

Trading is very compelling, and an absolutely terrific way to learn about oneself.
  • #13
  • Edited 2:28am May 19, 2013 1:46am | Edited 2:28am
Quoting Greenstar
As for the deterioration others cite in the forums - I don't notice that. I do find it disappointing that someone eliminated all the STARS that were posted next to stellar threads - why make it difficult to see which threads proved valuable to many? Why did the moderators decide to try to make everything 'fair.?'
I think the stars and vouches have been abused to the point of meaningless value. If the thread starter preached words of wisdom and sounded really "good", followers will shower praises and garlands of flowers in the form of stars and vouches. If you agreed with every post and worshipped the guru, you will in return receive vouches from the guru (who now has 10+ vouches) and other followers who accepted you into the cult community. If you even doubted or questioned the guru, or dared to ask for Myfxbook or TradeExplorer, you will be banned/Ignore List and even "Suspended by Senior Member" for the audacity. The rating stars for the thread easily filled up 5 stars but you won't see any proof of profitability even from the most ardent worshipper. As for the words of wisdom, they have been repeated on so many threads by so many "new" gurus that I quite agree with permully that there is nothing new anymore.

Quoting loveevery1
The Day has come..... I came to help you guys with absolutely no intention of getting anything in return. All i got from you are heartburns. After all my heartbreaks i was still sticking to this thread for the sake of others..... Trust me folks..... im crying.... now. Whoever wants to learn Forex..... This thread is a GEM....You will not find it anywhere..... on the planet..... just with my posts..... you can quit ur job..... im not a great trader as you might think..... but overall im profitable..... what i have taught here..... works..... i dont need to prove rather no one needs to prove to anyone..... That you guys will not see me ever..... hear from me..... Now you know i was not here to make money.
No longer trading forex. Looking for full time job.
  • #14
  • May 19, 2013 2:08am May 19, 2013 2:08am
Quoting mmaker
{quote} I think the stars and vouches have been abused to the point of meaningless value. If the thread starter preached words of wisdom and sounded really "good", followers will shower praises and garlands of flowers in the form of stars and vouches. If you agreed with every post and worshipped the guru, you will in return receive vouches from the guru (who now has 10+ vouches) and other followers who accepted you into the cult community. If you even doubted or questioned the guru, or dared to ask for Myfxbook or TradeExplorer, you will be banned/Ignore...
One word:
jacko
  • #15
  • May 19, 2013 2:38am May 19, 2013 2:38am
I think most newbs are overwhelmed by trading and seek a guru to deliver them ....they view the guru as a god....someone who has attained what they desire most...they worship every word he says...like orphans they congregate together like sheep waiting to gain knowledge to untold riches.

they lose belief in themselves and look for a liberator.

they never get to grow.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #16
  • Edited 3:14am May 19, 2013 3:01am | Edited 3:14am
Quoting pemully
I think most newbs are overwhelmed by trading and seek a guru to deliver them ....they view the guru as a god....someone who has attained what they desire most...they worship every word he says...like orphans they congregate together like sheep waiting to gain knowledge to untold riches. they lose belief in themselves and look for a liberator. they never get to grow.
You are generalizing as if ALL visitors to a hot thread are newbies. What if they are not newbies but came with over 1-5 years of dabbling in the financial trading world? What do you say then?

A common habit of FF is to start the post with "most newbies .....". If we start banning people from starting their sentence with "most newbies ..... ", I think people will struggle to post an advice, lol. On the same thought, we should also ban people from ending their post with "..... then you will be successful" if they cannot substantiate this claim.
No longer trading forex. Looking for full time job.
  • #17
  • May 19, 2013 3:30am May 19, 2013 3:30am
forex sux now other plays... Key is to not leverage thats how the banks kill u... remember frational banking its designed to control u so y would u fall into its trap??

WHEN. i go live with good money i feel the imvisible hand nudge my Position into sl such that it cannot br coincidence.. its non random.

Others may disagree but if you have 10 yr exp and can prove othrrwise plz do so.

typical thinking is oh you must have set an sl at support etc nope read my posts u will realize more. Only those with less than 10 yr exp will think that anyway so i only care about responses like i said above
  • #18
  • May 19, 2013 4:07am May 19, 2013 4:07am
Quoting thewriter30
{quote} Hello there thanks for sharing. Off topic, do you recommend FXPRO? I was about to open an account with them (live in Syd btw) Also, would share your thoughts as in what makes you successful so far? HAve long have you been trading? Are you one of those guys who read every single book in the market ? Did you just find a system you liked and stick to it? Always keen on reading on success stories... Quality: I agree.... I see questions that tell me most people did not even read baby pips.. or a not a single trading book in their lives... Also...
Hi hernan,

Fxpro is a reputable firm, but only use them if you are trading a system with tp of 10 pips and above. You are australian, mate i recommend axitrader. They are good and regulated by ASIC. IMHO is a lot better than fxpro in terms of spread/execution cost. If they ever f*&^%d you just bring your lawyers to their office as they are physically located in sydney.

I started trading on july 2010. That might not seem long...but man, it has been a wild journey. I learnt more about myself than i ever did before Like most traders i went through the school of hard knocks sweat blood and tears. I failed so many times, blew so many accounts and read hundreds of trading literatures(articles and books and videos). I spent up to 18 hours per day studying the charts and reading books previously as i took a break from university for two semesters(please people finish your studies first).

I am very passionate of the market. I was fascinated by the intricacies and complexities of how and why the market moves. Trading for me was like the hardest
game ever invented by human. Why? Because the possibilities are endless. You could a trillionaire if you are f*&%$#g good.

From my experience the most important of all aspects in trading is risk management. You must create a system with a good rr/hit ratio. Like mine i am using both. There are trades with good hit rate ratio and trades with good risk to reward ratio. A trader is like a painter. The market is just an illusion. What lies behind is just data which is exploitable.

Before stumbling upon fx i did not read much but i still remember the first thing i did when i found fx was finishing babypips. I like it so much that i spent day and night trying to finish it as soon as possible and that was about 3 years ago. I thought i would have been a billionaire by now having my own hedge fund. Hehe that was why i wanted to finish babypips as soon as possible in the first place.

Nowadays i understand that if you can make 100% per year consistently for a year or two many funds will come asking you to trade for them and that is what i am trying to do at the moment. You can't really get rich if you just have like 10k in your account so what you must have is a good track record so that you can add your capital/revenue by trading for others for a commission.

Super
  • #19
  • May 19, 2013 4:13am May 19, 2013 4:13am
I think most professional individual traders trade futures instead of the FX spot market. If you have quite some capital in your account, there are several major advantages in futures over the FX spot market. So in the FX market there are institutional traders (Tier 1/2), very few successful individual traders trading through prime brokers and the retail FX market, where almost everyone loses money in the long-term.
  • #20
  • May 19, 2013 4:22am May 19, 2013 4:22am
In September 2012, according to FF, there were 60,249 active members in the last 90 days.

In May 2013, according to FF, there have been 44,213 active members in the last 90 days. Sixteen thousand posters have apparently disappeared.
Nothing worth having is easy.
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