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Tim's £500 marathon. Goal £1 million

  • #741
  • May 17, 2015 6:26am May 17, 2015 6:26am
Quoting Mingary
{quote} Ok. So please explain to me how / why my comment is negative and why you should be sick of it ? I am not saying it's not possible to be profitable short term. What I am saying is: 1) no one is profitable long term 2) no one makes a living in retail forex and especially not from "trading from home". I don't know who you are, but I can guaranty you are not making a living from forex retail trading as your only source of income And again, I am not saying one should not try (if for no other reason than to get a good dose of reality on the subject)...
You need to move on with your life if you have failed. Stop trying to seek some form of redemption on meaningless forum. The result of your failure is obvious internally even if you can't see it. Just forget and move on..
  • #742
  • Edited 7:08am May 17, 2015 6:41am | Edited 7:08am
Quoting Markj
{quote} You need to move on with your life if you have failed. Stop trying to seek some form of redemption on meaningless forum. The result of your failure is obvious internally even if you can't see it. Just forget and move on..

I can't.
It's just too much fun to see what I know getting revealed and exposed in these forums... (:


2 points though:

1) to seek some form of redemption
I don't know what you are trying to say

2) The result of your failure is obvious internally (sic)
That is incorrect, speculators / traders must lose - it's their duty (of course not consciously). It's how they contribute to the free / open market, without their constant failure the economy would grind to a halt.
I have make more money from real contributions to society than can ever be made from being a "tool" to the financial markets.
That being said, I don't see anything wrong with extracting a few dollars from the market once in a while; always keeping in mind that placing bets in a financial market benefits society like masturbation benefits procreation (:
  • #743
  • May 17, 2015 7:11am May 17, 2015 7:11am
Quoting Mingary
{quote} I can't. It's just too much fun to see what I know getting revealed and exposed in these forums... (: 2 points though: 1) to seek some form of redemption I have no idea what you saying 2) The result of your failure is obvious internally (sic) That is incorrect, speculators / traders must lose - it's their duty (of course not consciously). It's how they contribute to the free / open market, without their constant failure the economy would grind to a halt. I have make more money from real contributions to society than can ever be made from...
You have internally processed that the market cannot be successfully speculated against because you have not been able to do it. You seem to be seeking some form of revenge against the market by telling everyone else it cannot be done thereby reinforcing to yourself that you have not failed because it is not possible. Some people can achieve things while others can't, some people are gifted in areas but not in others. This is not a put down in any way. I am just recommending that if you realize that you have not been able to trade successfully then you should move on for your own benefit. Trading is no noble per-suite, you are not helping anyone, creating anything in anyway so there is not reason to pursue unless for financial gain. Spend your energy in endeavors that you enjoy. If you enjoy spiritual areas, spend your time conversing with like minded people.

Speculators do not have to lose, it is not there duty. There purpose is to provide liquidity to the market so that people with real product, produce etc can hedge their positions so that they can level out there production, manufacturing costs and profit. Without speculators cash markets would be a much more volatile place.

Anyway good luck.
All the best.
  • #744
  • May 17, 2015 7:12am May 17, 2015 7:12am
There people who are trading from home who make consistent profit. I posted a video about from BBC about retail traders from the UK who make money trading at home. The guy called Charlie, makes 9k per trade... But please take it what Charlie what says about why people fail.

Trading is not easy, but It can be done. Only a few will make it.

Inserted Video
Trade smart, not hard
  • #745
  • May 17, 2015 7:36am May 17, 2015 7:36am
I have the same goal as you so good luck .
I actually know an American that is trading for a living.

The thing is, there are a lot of people, like in the video your post, that are very gullible and don't understand the basics and the mechanisms that are involved. Especially the psychological part of it all, as mentioned in the video, be very methodical, "let the market come to you".
  • #746
  • Edited 7:56am May 17, 2015 7:39am | Edited 7:56am
Quoting Markj
{quote} .... .. Speculators do not have to lose, it is not there duty. There purpose is to provide liquidity to the market so that people with real product, produce etc can hedge their positions so that they can level out there production, manufacturing costs and profit. Without speculators cash markets would be a much more volatile place. Anyway good luck. All the best.
Ok... economics 101.

If you are not a losing trader, you are not doing your job.
To be of benefit to a society in a free market economy traders MUST LOSE.
90 % of traders (the losers) are doing their job to help the economy -- they facilitate price discovery, bear the risk and take the loss that otherwise would have been assumed by the producer, and provide liquidity for the benefit of the producers: the REAL CONTRIBUTORS TO SOCIETY. This is how it works:
A farmer who knows how to farm will have a crop to the market in 3 months.
The current market price for wheat is 4 dollars / bushell. He knows the price will be less in 3 months
So he sells x number of wheat futures contract to hedge the position to neutralize the risk.
The contracts were sold to a speculator who now has a long position ==> the speculator loses.
The farmer stays in business and we can all have bread on the table and the speculator did his job perfectly - by losing!.
A speculator who wins (especially long term) is a necessary evil (not from a moral stand point but an economic one).
  • #747
  • Edited 8:16am May 17, 2015 8:04am | Edited 8:16am
Quoting Mingary
{quote} Ok... economics 101. If you are not a losing trader, you are not doing your job. To be of benefit to a society in a free market economy traders MUST LOSE. 90 % of traders (the losers) are doing their job to help the economy -- they facilitate price discovery, bear the risk and take the loss that otherwise would have been assumed by the producer, and provide liquidity for the benefit of the producers: the REAL CONTRIBUTORS TO SOCIETY. This is how it works: A farmer who knows how to farm will have a crop to the market in 3 months. The current...
This is assuming everyone is risk neutral. In most cases that is not true. For risk-averse agents such as the farmer, he is willing to pay X$ of certainty equivalence to get the certain outcome. So even though he ends up with less $, he is better off overall. It's the same concept as why we buy insurance. So it's a positive sum game here if a risk-averse agent is matched with a risk-neutral or risk-loving agent like traders.

Economics 101.

***

In the context of FX, this is when trading takes place on the forward or futures market. Producers hedge their risk there mostly.

In the spot market, there's a need for liquidity i.e. businesses to finance their operations, people demand foreign currencies to travel and consume imports. They are in the market for non-speculative reasons and they gain in utility simply by receiving a quote for their bid/offer and completing the transaction. The real loss of utility comes when they try to make a transaction and it gets declined or they get quoted some horrible price because of LOW LIQUIDITY in the market. Again, this is a positive sum game as the people undertaking these transactions are not price-sensitive to the extent traders are, and they are in the market not to make a profit from currency volatility.
Build good relationships with others.
  • #748
  • May 17, 2015 8:22am May 17, 2015 8:22am
Quoting TimTheTrader
There people who are trading from home who make consistent profit. I posted a video about from BBC about retail traders from the UK who make money trading at home. The guy called Charlie, makes 9k per trade... But please take it what Charlie what says about why people fail. Trading is not easy, but It can be done. Only a few will make it. https://www.youtube.com/watch?v=_ZgV0fWGWmM
Charlie is the only legit succesful trader in that video by the way. The 2 from Jusco Investments(where the video starts with) were a scam, showing demo accounts to unaware investors.. Their company was dissolved on 4 Jun 2013.
  • #749
  • May 17, 2015 8:41am May 17, 2015 8:41am
Quoting Robertk
{quote} Charlie is the only legit succesful trader in that video by the way. The 2 from Jusco Investments(where the video starts with) were a scam, showing demo accounts to unaware investors.. Their company was dissolved on 4 Jun 2013.
Wow that's surprising, considering they roped in so many soccer stars, and they talked themselves up so much.
Build good relationships with others.
  • #750
  • May 17, 2015 8:47am May 17, 2015 8:47am
Quoting shellsnail
{quote} This is assuming everyone is risk neutral. In most cases that is not true. For risk-averse agents such as the farmer, he is willing to pay X$ of certainty equivalence to get the certain outcome. So even though he ends up with less $, he is better off overall. It's the same concept as why we buy insurance. So it's a positive sum game here if a risk-averse agent is matched with a risk-neutral or risk-loving agent like traders. Economics 101. *** In the context of FX, this is when trading takes place on the forward or futures market....
In my view not risk neutral. This is considering producers always striving to maximize profit to stay in business. Therefore a producer who knows his stuff will leave very little chance for the speculator to win.
  • #751
  • May 17, 2015 8:54am May 17, 2015 8:54am
Quoting Mingary
{quote} Ok... economics 101. If you are not a losing trader, you are not doing your job. To be of benefit to a society in a free market economy traders MUST LOSE. 90 % of traders (the losers) are doing their job to help the economy -- they facilitate price discovery, bear the risk and take the loss that otherwise would have been assumed by the producer, and provide liquidity for the benefit of the producers: the REAL CONTRIBUTORS TO SOCIETY. This is how it works: A farmer who knows how to farm will have a crop to the market in 3 months. The current...
The farmer doesn't know what the price will be in the future, if it will go up or down, this would make him a speculator. Its the speculators job to do the best with what he knows to estimate which way the market will go. The farmer, manufacturer whoever is the hedger will lock in a price through the market because he is happy with the current price and does not want to risk a move against him due to the contracts he may have or price he has estimated . Any lose to the hedger from there will occur from the change of basis. That has nothing to do with economics.

The market can go against the farmer and to speculator just as easy. However the farmer does not lose money because he is holding the physical product so if the futures contract moves against him he will make it up in the open market minus the possible basis change.
  • #752
  • May 17, 2015 9:08am May 17, 2015 9:08am
Quoting Robertk
{quote} Charlie is the only legit succesful trader in that video by the way. The 2 from Jusco Investments(where the video starts with) were a scam, showing demo accounts to unaware investors.. Their company was dissolved on 4 Jun 2013.
Not legit in my opinion.
He runs a trader training outfit

http://ezeetrader.com/about-us/

That leaves absolutely nothing of value in this documentary.

... That elusive full time trader at home making a living from retail forex is rather difficult to find.
  • #753
  • May 17, 2015 9:15am May 17, 2015 9:15am
Quoting Mingary
...
So you are basically saying that every single person on this forum, even the ones like fxtyrant, gatorinla, etc. that have been active in forex for at least more than 5 years now, are all either demo traders, scams or about to crash and burn? I have one question for you then, why exactly are you on this forum then?
  • #754
  • May 17, 2015 9:40am May 17, 2015 9:40am
Quoting coldvinc
{quote} So you are basically saying that every single person on this forum, even the ones like fxtyrant, gatorinla, etc. that have been active in forex for at least more than 5 years now, 1) are all either demo traders, scams or about to crash and burn? I have one question for you then, 2) why exactly are you on this forum then?
1) Yes
2) I enjoy the show.

... more to the point - or to add to it. The documentatry mentioned above. The only character that appears to be a professional is actually peddling trader traning. Why was this not disclosed. Why the lies ?
  • #755
  • May 17, 2015 9:55am May 17, 2015 9:55am
Quoting Mingary
{quote} Not legit in my opinion. He runs a trader training outfit http://ezeetrader.com/about-us/ That leaves absolutely nothing of value in this documentary. ... That elusive full time trader at home making a living from retail forex is rather difficult to find.
I doubt that Charlie is a scam. And there is nothing wrong with taking your time to teach others how to trade. Its extra business. But I do agree that finding that one millionaire retail trader is rather scarce. Everybody swears they are a guru with no evidence but I have only met one guy so far who is very successful at trading forex. Just one.
Trade smart, not hard
  • #756
  • May 17, 2015 9:57am May 17, 2015 9:57am
Quoting Robertk
{quote} Charlie is the only legit succesful trader in that video by the way. The 2 from Jusco Investments(where the video starts with) were a scam, showing demo accounts to unaware investors.. Their company was dissolved on 4 Jun 2013.
I had my doubts about those two fellas. Managing a 1mill pounds account but his trading room is in his bedroom? Yeah it doest make sense to me. Although he did have a nice merc
Trade smart, not hard
  • #757
  • May 17, 2015 10:05am May 17, 2015 10:05am
Quoting coldvinc
{quote} So you are basically saying that every single person on this forum, even the ones like fxtyrant, gatorinla, etc. that have been active in forex for at least more than 5 years now, are all either demo traders, scams or about to crash and burn? I have one question for you then, why exactly are you on this forum then?
LOL. That one is indeed.
  • #758
  • May 17, 2015 10:17am May 17, 2015 10:17am
Quoting TimTheTrader
{quote} I doubt that Charlie is a scam. And there is nothing wrong with taking your time to teach others how to trade. Its extra business. But I do agree that finding that one millionaire retail trader is rather scarce. Everybody swears they are a guru with no evidence but I have only met one guy so far who is very successful at trading forex. Just one.

To me it really appears like he was pretending to be on his own when actually he is running a training buisness.
Therefore his part in the doco is all pretend and loses all credibility.
It should have been disclosed in the documentary IMHO.
  • #759
  • May 17, 2015 10:56am May 17, 2015 10:56am
Quoting Mingary
{quote} 1) Yes 2) I enjoy the show. ... more to the point - or to add to it. The documentatry mentioned above. The only character that appears to be a professional is actually peddling trader traning. Why was this not disclosed. Why the lies ?
Oh yeah, figured as much in regards to your answer to point 2.
But just to be absolutely sure I'm going to ask one more thing.

Do you believe it's:
1) Impossible
2) improbable
3) impracticable

to be a profitable retail trader and make a living out of trading?

P.S.: This might make it sound like I do but I'm not trying to dis you or anything like that. I really am just curious as to why you say what you say on this forum because you are basically saying Tim's and my personal goals are unobtainable. Although I'm not putting all my eggs in the same basket i.e. forex. I'm also investing in national (Belgian) and international stocks.
  • #760
  • May 17, 2015 11:58am May 17, 2015 11:58am
Quoting coldvinc
{quote} Oh yeah, figured as much in regards to your answer to point 2. But just to be absolutely sure I'm going to ask one more thing. Do you believe it's: 1) Impossible 2) improbable 3) impracticable to be a profitable retail trader and make a living out of trading? P.S.: This might make it sound like I do but I'm not trying to dis you or anything like that. I really am just curious as to why you say what you say on this forum because you are basically saying Tim's and my personal goals are unobtainable. Although I'm not putting all my eggs...
2) improbable (in the given context.)
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