The trader IS the holy grail.
What i have learned so far (lost 2 live accounts already):
1. Good Things happen to those who wait.
2. Forget about earning a hundred thousands, millions or being listed in Forbes billionaires list in a fast way.
3. Follow a strict MM and stick to it by any means necessary. (My hardest part of trading)
4. Plan your trade and trade your plan.
Others:
1. This business is manipulated imo.
2. Jewish conspiracies. Bernanke is Jewish.
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1. Good Things happen to those who wait.
2. Forget about earning a hundred thousands, millions or being listed in Forbes billionaires list in a fast way.
3. Follow a strict MM and stick to it by any means necessary. (My hardest part of trading)
4. Plan your trade and trade your plan.
Others:
1. This business is manipulated imo.
2. Jewish conspiracies. Bernanke is Jewish.
-
Stupid people will mistake your confidence for arrogance
Being stubborn can cost you money. My username is not an attempt to be ironic but the truth about my trading carrier . I had multiple total and partial margin calls over the years. My very first one left my 200K account with barely 5K. But even a hard headed guy like me can learn and today I can say categorically that i will NEVER be margin called again. Of course if my broker crashes and don't fulfill my multiple panic stop losses my account may be in danger, but if it depends just on my trading ethics I will NEVER be margin called again. I've...
The worst thing is to see that not too far after my positions got closed by the broker price would come right back my way.
I spent quite a few months not trading because I thought Forex was manipulated on the personal level.
I really believed that somehow the broker was manipulating price inside my computer.
Don't call me. I call you!
............... I really believed that somehow the broker was manipulating price inside my computer I've said it before under a different topic ....... the market is conniving against me personally.......... whatever I trade with the market subsequently trades in the opposite way ... you need broad shoulders
Thats quite a mystery! Isn't it?
I went through the same experience myself. And I have seen all over the internet traders posting the same thing.
Is this mass manipulation
WEll, I used to think it was but there is a better explanation.
If you go to a auction and pay attention to the mechanics you will notice that price breaks at its limit.
The item auctioned sell happens at a price right before the highest bid ( the second highest bid)
and curiously the vast majority is at or right behind this point.
So if you have 100 people in the action, right there where price breaks 99% will lose and 1% will win.
If you have other items the auction will move to the next. In forex you don't have another item so what it does?
It goes in the apposite direction for the same item, leaving 99% behind
Don't call me. I call you!
- #50
- Jan 30, 2014 2:25am Jan 30, 2014 2:25am
- | Joined Jul 2012 | Status: Trader | 1,036 Posts
{quote} Thats quite a mystery! Isn't it? I went through the same experience myself. And I have seen all over the internet traders posting the same thing. Is this mass manipulation
So, you think you have rights? LOL
{quote} Thats quite a mystery! Isn't it? I went through the same experience myself. And I have seen all over the internet traders posting the same thing. Is this mass manipulation
- #53
- Jan 30, 2014 6:50am Jan 30, 2014 6:50am
- | Joined Jul 2012 | Status: Trader | 1,036 Posts
Did you see my username? I'm not the best person to answer your question
So, you think you have rights? LOL
Since I already covered what I learned about brokers, let me tell you guys what I've learned about the market.
The almighty market is nothing more than the total sum of parts.
Via banks we have hedge funds, speculators, import/export companies, big corporations and even countries trying to
push price around to their own needs and advantages. So price is always moving.
Price equilibrium is very dynamic. It is better described as a range rather than as a specific point.
If more parts are selling the total will be negative, so price will go to the bottom of the range, and vice-versa.
Due to fundamental reasons, like a crisis or natural disaster, politic/monetary issues or something else. A country
can get in a situation where nobody wants they money. In this situations the range can be broken.
So basically the "price discovery" mechanism we hear so much boils down to groups of people
( in the form of institutions) after their own interest and bumping against each other interests.
This kind of interaction creates all the support and resistance levels we see in our charts.
Lets create an example.
A middle eastern company just got payment for their oil export. they have 2 billion USD
They need to buy machinery in Europe which is sold in EUR.
They call UBS. Since they are a big customer UBS has a agreement to give them the best quote possible.
UBS wants to buy Euros but in order to maximize their clients purchase they first have to sell Euros
to raise the dollar.
So UBS brings EUR/USD to a support level before the conversion is executed and the client got a lot more euros
for their dollars.
Now at the same time DeutscheBank has a 3 billion Euros order from a big client to exchange for dollars.
So now you have UBS trying to bring EUR/USD down and DeutscheBank trying to bring it up at the same time.
Now add all the banks in a given session, and all the pairs, and the crosses. Don't forget that since the dollar
is a world currency all currencies are first converted to dollar than converted to other currencies.
The interactions are humongous.
Put on top of that manipulations by central banks and you have the Forex market
The almighty market is nothing more than the total sum of parts.
Via banks we have hedge funds, speculators, import/export companies, big corporations and even countries trying to
push price around to their own needs and advantages. So price is always moving.
Price equilibrium is very dynamic. It is better described as a range rather than as a specific point.
If more parts are selling the total will be negative, so price will go to the bottom of the range, and vice-versa.
Due to fundamental reasons, like a crisis or natural disaster, politic/monetary issues or something else. A country
can get in a situation where nobody wants they money. In this situations the range can be broken.
So basically the "price discovery" mechanism we hear so much boils down to groups of people
( in the form of institutions) after their own interest and bumping against each other interests.
This kind of interaction creates all the support and resistance levels we see in our charts.
Lets create an example.
A middle eastern company just got payment for their oil export. they have 2 billion USD
They need to buy machinery in Europe which is sold in EUR.
They call UBS. Since they are a big customer UBS has a agreement to give them the best quote possible.
UBS wants to buy Euros but in order to maximize their clients purchase they first have to sell Euros
to raise the dollar.
So UBS brings EUR/USD to a support level before the conversion is executed and the client got a lot more euros
for their dollars.
Now at the same time DeutscheBank has a 3 billion Euros order from a big client to exchange for dollars.
So now you have UBS trying to bring EUR/USD down and DeutscheBank trying to bring it up at the same time.
Now add all the banks in a given session, and all the pairs, and the crosses. Don't forget that since the dollar
is a world currency all currencies are first converted to dollar than converted to other currencies.
The interactions are humongous.
Put on top of that manipulations by central banks and you have the Forex market
Don't call me. I call you!