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I've figured out why so many people lose money in Forex

  • #381
  • Mar 1, 2015 3:18am Mar 1, 2015 3:18am
Quoting Chicky
{quote} Got it. Gambling is bad, trading is Kosher. I am getting old. My doctors are surprised how I can live beyond my expiry date. They are unaware of my long term positions on several pairs. Four wives have started shopping black and the Hindu one is buying white dresses. I am going to divorce them all and fire my doctors.
Never said good or bad. Just different. But wait? 4 wives? What happened to number 5? ... lol
Ghost Rider - WWTBMD?
  • #382
  • Mar 1, 2015 3:19am Mar 1, 2015 3:19am
Quoting albchr
{quote} ... To rich for my blood. I'm no ... Gambler.

http://business.financialpost.com/20...come-gamblers/
The Thief of Wall Street
  • #383
  • Mar 1, 2015 3:24am Mar 1, 2015 3:24am
Quoting Chicky
{quote} http://business.financialpost.com/20...come-gamblers/
Yeah, I read that a while back too Chicky. Glad it doesn't apply to me. Sadly, it does to many though.
Ghost Rider - WWTBMD?
  • #384
  • Mar 1, 2015 3:25am Mar 1, 2015 3:25am
Quoting Chicky
{quote} http://business.financialpost.com/20...come-gamblers/
I think this article/interview provides answer to the question of this thread. The major culprit responsible for losing money in forex is the Thrill.
The Thief of Wall Street
  • #385
  • Mar 1, 2015 3:30am Mar 1, 2015 3:30am
Quoting Chicky
{quote} I think this article/interview provides answer to the question of this thread. The major culprit responsible for losing money in forex is the Thrill.
Correct. And "thrill" comes from Gambling not running a business (unless you're lucky like I was and did what you truly had a passion to do). If gambling or just playing around for fun, either Casinos or Forex will do nicely.
Ghost Rider - WWTBMD?
  • #386
  • Mar 1, 2015 4:04am Mar 1, 2015 4:04am
Quoting Kong
My bro makes some nice coin at our local casino on the roulette wheel.. He'll often go out with $800 and come back with 4k {quote} When we went to Vegas last year he blew 10k in a night. I guess his system didn't work there
I have noticed that odds seem to be different from place to place. I have never won in Atlantic City, do so-so in Vegas and kick butt in Gulfport. Vegas likes to change dealers on me constantly.


Quoting Chicky
{quote} I think this article/interview provides answer to the question of this thread. The major culprit responsible for losing money in forex is the Thrill.
Hence back to my original comment. Thrill = Emotions
You cannot be extraordinary by being normal
  • #387
  • Mar 1, 2015 5:08am Mar 1, 2015 5:08am
Markets open in 8/9 hours.
Any thoughts.
Thinking flat at the futures open, unless headline in the next 12 hours.
Then Asia mid day Aus time might get some direction.
Then Europe and US should give us something to work with.

Sorry wrong thread.
can you remove
  • #388
  • Mar 1, 2015 5:12am Mar 1, 2015 5:12am
Quoting bustech
. Been rather broke and afraid of trading these past 7 years..Any thoughts. .
Kill
  • #389
  • Mar 1, 2015 5:39am Mar 1, 2015 5:39am
I think what he wanted to say and he is right about is the following:

if you trade intraday with 10 pips stops / targets and you pay 1-2 pips of b/o spread each time you trade, you definitely need to have a very decent edge due to this transaction cost (probably around 58-60% hit ratio with 1:1 risk reward - number just out of my head without any calculation, could be incorrect). One has to be very skilled to get to these kind of numbers in all this intraday noise we get every day.

On the other hand, if your trade horizon is rather 2-3 days / a week and you target 100-200 pips swings, the transaction cost you pay ag. the size of the move you are aiming for is much smaller and doesn't skew the law of large numbers so much against you (i.e. you probably need 51-52% hit ratio with 1:1 risk reward to be slightly positive). This is very simple maths and everyone should consider which one fits him the best when trading - i am a bit sceptical regarding hard-core intraday scalping because of this, but i am sure there are some people doing it profitably.

I am on the insti side for some time already and I know the industry / people quite well, and what i can tell you is that there is no buy-side / sell-side PM/trader doing intraday scalping - on the sell side you are more likely to have intraday guys but they would try to get at least 1/2 ATR kind of moves. You can have scalpers in prop trading houses, but this is mostly algorithmic and these guys are usually making markets (i.e. not paying b/o spreads)
  • #390
  • Mar 1, 2015 6:16am Mar 1, 2015 6:16am
Quoting orabi
{quote} just the time it takes differs but if you have a good analysis skill you will for sure make money what ever leverage you use all have a nice day
My point orabi. (y). Train your mind and good money management and you're set to profitability. Lak
  • #391
  • Mar 1, 2015 9:04am Mar 1, 2015 9:04am
Quoting Chicky
{quote} http://business.financialpost.com/20...come-gamblers/
Quoting Chicky
The major culprit responsible for losing money in forex is the Thrill.
Also Satan gaves a good explanation of dopamine.
Inserted Video
"I know one thing, that I know nothing." Sokrates
  • #392
  • Mar 1, 2015 1:03pm Mar 1, 2015 1:03pm
Quoting Chicky
by the way, there is also a Double Zero (00) also green in American roulette.
And a triple zero (000) on the Mexican roulette
Attached Image
Each losing trade is an opportunity to learn
  • #393
  • Mar 1, 2015 1:54pm Mar 1, 2015 1:54pm
People lose money on all markets because;

- They have no risk management

- They trade green/red signal systems
Simon says die
  • #394
  • Mar 1, 2015 5:16pm Mar 1, 2015 5:16pm
Quoting GU-Night
{quote} What you are saying here means that the Forex market is not random. It is manipulated, for manipulation is no room in a random process. So you can't base your calculations on randomness. If you do your calculations are not accurate. It is like being inconsistent and expecting consistent results.
I would assume that most traders believe the market isn't random, but on the other hand most of our positions are taken based on Bias, which of course is the root of emotion. So would it be safe to say the randomness of our trades is based on our emotions.
Looking "cool" isn't so "COOL" after all. #ProfilePicture
  • #395
  • Mar 1, 2015 10:03pm Mar 1, 2015 10:03pm
Quoting nicholas1021
{quote} I would assume that most traders believe the market isn't random, but on the other hand most of our positions are taken based on Bias, which of course is the root of emotion. So would it be safe to say the randomness of our trades is based on our emotions.
I think it's better for traders just be concentrated on the trades and learn to love small looses to stay cool. And yeah, you're right, randomness mostly depends on emotions.
  • #396
  • Mar 2, 2015 12:05am Mar 2, 2015 12:05am
Quoting lakhan
{quote} My point orabi. (y). Train your mind and good money management and you're set to profitability. Lak
thank you sir i will and i am i will keep it up thank you for your replay
have a nice day
focus while relaxed to see better
  • #397
  • Mar 2, 2015 12:16am Mar 2, 2015 12:16am
Quoting Tom_D_Trader
{quote} {quote} Also Satan gaves a good explanation of dopamine. https://www.youtube.com/watch?v=wAEfeNLKwd0
satan knows nothing or have mind that's why magic people can not rest they have always to lose more more so that satan can give them what they want
he just use a two strike in same idea if you defended the first which he appears to you like white shiny flying flash then the idea come again he appears black flash if you defended for second time .
he just use this method 00
the problem is not in satan our book holy quran says he so weak but the problem is from his followers they have more ways to harm you
but as i said satan is one he appear like white flash then black flash knocking the same idea that he knows by location of the idea in your brain because the idea is bad and there is connection here as he knows where did the idea located in your mind .that's why you should win the two strikes
thats why praying and reading holy quran after do a water clean we call it wdoa helps in that the satan can not enter and strike you
i have studied him very well he wants something from me i know a lot about him now and he panicked hahahahah
sorry for my bad english
have a nice day all
focus while relaxed to see better
  • #398
  • Mar 2, 2015 12:20am Mar 2, 2015 12:20am
when he appears like white falsh he is using his maxiumum speed when he appears black flash he is moving slowly .he choose a place in you to hide i have known where he where hide from me and he have no home now i like to gain knowledge
focus while relaxed to see better
  • #399
  • Mar 2, 2015 2:21am Mar 2, 2015 2:21am
Well, since we deviated from the main theme of the thread, and we are now talking about satan etc I have to say that the best traiding concept I got from the Bible. Bible is not only full of wisdom, but holds certain information that works well on the markets as well. Salvation is definitly within the good book.
  • #400
  • Mar 2, 2015 2:50am Mar 2, 2015 2:50am
Yeah, there' a lot of nice info in the good book. It's just a shame it's woefully incomplete since being canonized at the hands of corrupt men, and thus it's true message widely misunderstood. But the good news is ... True Faith ... has nothing whatsoever to do with "man's" religion.
Ghost Rider - WWTBMD?
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