Hanover is right and everyone that has done any research into this game knows it. Remember, he isn't saying it isn't possible, he is saying it probably won't last.
The benefits that Hanover has over 95%+ of you is he can cut code. He would have implemented any strategy that claims to make money and tested it over a descent period of time (I mean years not weeks). Probably the strategy blew up the account eventually wiping out the account and any previous winnings. The next step would be to tweak it so it doesn't blow up but then the returns are nothing to brag about. It isn't easy to make good money in forex. It is easy to make some money in forex.
Let's look at Dcrecycler's last trade Short EURUSD 1.21745 -> 1.21725 ... diff is 0.0002 ... He made 20,000 off 2 pips? Think about it... How big does that trade have to be? Ooo about 100 million dollars - i.e. the 1000x 100k lot he traded.
Now, let's look at the margin requirements for this trade. If I need to keep a 0.5% margin for that trade, I'll need an account balance of 500,000 minimum. He doesn't even have that now so realistically you cannot trade this. Even his first trade of 50 lots (5 million) would require a margin of 25,000.
We haven't even considered commissions or the spread yet!
These high risk strategies will eventually blow up, and if it didn't blow up in the first weeks then you are lucky because your buffer for the madness just happens to be larger.
The benefits that Hanover has over 95%+ of you is he can cut code. He would have implemented any strategy that claims to make money and tested it over a descent period of time (I mean years not weeks). Probably the strategy blew up the account eventually wiping out the account and any previous winnings. The next step would be to tweak it so it doesn't blow up but then the returns are nothing to brag about. It isn't easy to make good money in forex. It is easy to make some money in forex.
Let's look at Dcrecycler's last trade Short EURUSD 1.21745 -> 1.21725 ... diff is 0.0002 ... He made 20,000 off 2 pips? Think about it... How big does that trade have to be? Ooo about 100 million dollars - i.e. the 1000x 100k lot he traded.
Now, let's look at the margin requirements for this trade. If I need to keep a 0.5% margin for that trade, I'll need an account balance of 500,000 minimum. He doesn't even have that now so realistically you cannot trade this. Even his first trade of 50 lots (5 million) would require a margin of 25,000.
We haven't even considered commissions or the spread yet!
These high risk strategies will eventually blow up, and if it didn't blow up in the first weeks then you are lucky because your buffer for the madness just happens to be larger.
ignore the idiots who claim they have a "right to an opinion" it never ceases to amaze me how many mediocre people believe that every one else should be just like them! Can money be made from the Markets, of course it can! Does following the "Herd" work, of course it doesn't! Here is an example of 2 traders that make a "profit" out of the markets. If you...