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Is Forex trading worth it? If so, why?

  • #41
  • Dec 2, 2015 12:30pm Dec 2, 2015 12:30pm
Quoting silverheat
{quote} i trade because i am a lazy bastard, that's why, i don't have any responsibilities, i can do whatever i want, go game. why do you need 5000$ shoes exactly? i'm not saying living in a cardboard box is the shit, but what do you need all that stuff for? you will die, everything will be gone, this moment is all you have. so my goal is doing the trades, which are reasonable and make money, so i can support my lifestyle. if i make a million, so be it. if i lose everything, so be it. there is no point to it anyways, it's just another thing i do....
Thats great man.. I was watching this video the other day where they did scientific testing on happiness and they strove to answer the question; Does money make you happy? And of course the answer they found was a resounding YES... But also what they found was that once basic needs were met... Food, Shelter, Clothing... The marginal benefits of money were very minimal.. Ive also found this to be so true... I like your post it represents this fact.
Time hides Nothing
  • #42
  • Dec 2, 2015 12:54pm Dec 2, 2015 12:54pm
despite what we're led to believe of course... Go go go
https://m.youtube.com/watch?v=Hq-pA4R_EMM
Time hides Nothing
  • #43
  • Dec 2, 2015 1:29pm Dec 2, 2015 1:29pm
Quoting CindyXXXX
{quote} Thats great man.. I was watching this video the other day where they did scientific testing on happiness and they strove to answer the question; Does money make you happy? And of course the answer they found was a resounding YES... But also what they found was that once basic needs were met... Food, Shelter, Clothing... The marginal benefits of money were very minimal.. Ive also found this to be so true... I like your post it represents this fact.
yes, you can observe it in your own reasoning, lots of stuff we buy/do are only relevant in relation to other people, specifically the status, money is just a piece of paper. but for us it's also survival, status, freedom, security, ...

Bilstein has also a valid point with the selling pickaxes during a gold rush simile, there is a huge self perpetuating complex to generate volume, to trigger a reaction from people, yes, it satisfies a demand, that is true, but the demand is from a conditioned response and people are fooled/fool themselves constantly.

what i learned is happiness is just an emotion, you can generate it easily by daydreaming doing your favorite thing or watching an enticing movie if you don't have the fantasy for it. and it's also not happiness we're after, it's actually to kill the pain (or uneasiness) about the present situation. you can watch it everyday in yourself, ever tried to just not eat when you were hungry? now were you in physical pain? not really, but something in your mind went louder and louder, maybe a voice, maybe an image of food, maybe you tasted it, you smelled it and wanted it badly, so you got it. now couldn't you wait for an hour? another day? surely, the body complains a bit, but the main resistance (to not eating) comes from the mind, the body can survive weeks without food, your mind goes crazy.
Invincibility lies in the defence, the possibility of victory in the attack
  • #44
  • Dec 2, 2015 1:38pm Dec 2, 2015 1:38pm
Quoting CindyXXXX
{quote} Lmao ya, the real "TA" Its really a great opportunity we have here with our 50:1 100:1 leverage... Seldom will appreciate it till its gone. But what a ride. I wouldnt change a dam thing... And yea MM is the holy grail, the parameters that you adapt for the next 100 trades based on the power and nature of your entry ... "Everyone" focus on the entry, but the exit is where the money is made. Loss or profit... Ok ill stop now.. Good thread you've started https://m.youtube.com/watch?v=XldnORDPYuQ

And yea MM is the holy grail,

yep,

not sure it takes 10 years to realise that but i know many of 60 years who never got it .
  • #45
  • Dec 2, 2015 1:46pm Dec 2, 2015 1:46pm
This is great guys! I didn't think this topic would get much attention because it seems most try and hide from the truths of forex trading. I wish I would have started thinking about these kinds of things back 5 years ago. If I did, I might have been a profitable trader then.

Keep them coming!
  • #46
  • Dec 2, 2015 1:50pm Dec 2, 2015 1:50pm
Quoting diceman555
{quote} And yea MM is the holy grail, yep, not sure it takes 10 years to realise that but i know many of 60 years who never got it .
so this is the part where you show me your rented yaught and i confess im not actually a hell hot sexy trading chick with daddy issues and you confess its not actually your yaught ?
Time hides Nothing
  • #47
  • Dec 2, 2015 1:51pm Dec 2, 2015 1:51pm
Is it worth it? Hmm. There is no straight universal answer. Depends on the individual (mostly the type of personality). Also the circumstances, the goal, and the abilities......

In general, trading is always a trade off. You have to give up certain things in order to be successful. But this is true in any field.....and it's a matter of priorities.

Personally I have lost and made alot of money, also lost some things in my life, but gained others things, and in this process learned alot about the markets, about the world, about politics, psychology, various other fields......but mostly learned about myself.

For me the amount of knowledge accumulated during my trading journey is far more valuable than the amount of money.

I am a risk taker,and to be honest, for 10 years I've hit rock bottom several times, but every time I was able to stand up again, and again, and every time I was able to recover, and eventually to gain multiple times of what I lost. It's really tough road, but after each fall I managed to come back stronger, better and wiser than ever before. And I'm thankful for this. I guess this is how we grow in life......

In the end, I think that everyone can gain something from trading.
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  • #48
  • Dec 2, 2015 1:53pm Dec 2, 2015 1:53pm
Quoting silverheat
{quote} yes, you can observe it in your own reasoning, lots of stuff we buy/do are only relevant in relation to other people, specifically the status, money is just a piece of paper. but for us it's also survival, status, freedom, security, ... Bilstein has also a valid point with the selling pickaxes during a gold rush simile, there is a huge self perpetuating complex to generate volume, to trigger a reaction from people, yes, it satisfies a demand, that is true, but the demand is from a conditioned response and people are fooled/fool themselves...
Well Ive always respected your ice point of view man so ill sleep on that one cheers
Time hides Nothing
  • #49
  • Dec 2, 2015 2:13pm Dec 2, 2015 2:13pm
Quoting alphaomega
Is it worth it? Hmm. There is no straight universal answer. Depends on the individual (mostly the type of personality). Also the circumstances, the goal, and the abilities...... In general, trading is always a trade off. You have to give up certain things in order to be successful. But this is true in any field.....and it's a matter of priorities. Personally I have lost and made alot of money, also lost some things in my life, but gained others things, and in this process learned alot about the markets, about the world, about politics, psychology,...

I like what you say here. Think about one thing though. Do we really need to lose a lot of money before we can figure out how to make money trading? This was one of my massive regrets in my trading career. I wish I would have demo traded strictly till I was able to profit consistently for at least 6-12 months. If I would have done this I basically would have kept myself from all my massive losses. The only problem was my impatience and over confidence back then. It kept me from demo trading very long. Now I look at demo trading the same as live trading. I guess before I looked at them differently causing me to take different trades in comparison.
  • #50
  • Edited 3:01pm Dec 2, 2015 2:32pm | Edited 3:01pm
Quoting Cubbybgood
Why do I trade? Is it to be rich? Do I trade as a hobby? Do I love it? do I hate it? These questions I've asked myself now for over 11 years. Forex trading has been an expensive venture for me. Back in my first 2 years of trading I lost $30k. I almost went bankrupt because I was naive and greedy. I now have been profitable for over 15 months. Is forex trading harmful? I've seen a countless amount of people lose everything and more trading. Why do we put ourselves threw all of this just for a chance at the profitable 5% club? What are your dreams...
Is entrepreneurship worth it and will make you rich as it happened for Gates, sugar boy Zuckerberg, etc? More businesses go under and end up in losses than succeed.

Even in the investment world, top managers like Buffet are surrounded by hundreds of generally successful, but nowhere as wealthy as him, individuals.

However, most of businesses also involve social aspect which might be rewarding experience on its own. Many traders (especially those unsuccessful) are generally deprived of it. Unlike in many other businesses, failure becomes evident much faster in trading, but perceived ease of entry keeps people trying.

It seems that very few women tend to understand challenges and have will to help, especially in the contemporary society when religious dogmas no longer matter. They do not mind harvesting rewards though. Many of them talk about some emotional aspect and connection, but fail to understand that a venture has emotional aspect as well and often it is difficult to balance two. No matter how one tries, it might be very difficult to be cheerful in one aspect of life as facing troubles in another aspect of life, especially if the former is the one which is has emotional component as a dominant factor. Many of women simply walk away to what they perceive as more secure and simpler life, as many employees flee businesses in troubles for more secure jobs.
  • #51
  • Edited 3:12pm Dec 2, 2015 2:43pm | Edited 3:12pm
Quoting Cubbybgood
{quote} I like what you say here. Think about one thing though. Do we really need to lose a lot of money before we can figure out how to make money trading? This was one of my massive regrets in my trading career.
The answer is YES. But losing a lot of money does not mean you will figure out how to make money from trading eventually. Many don't, very few do. And making money already does not mean that you have figured out how to make money, it just mean that you made more money than you lose today.

Make money has a lot of meaning to it, eg. $100 from $1000, $10,000 from $100, $10,000 from $100,000, $100,000 from $100,000, $1,000,000 from $100,000, $10,000,000 from $100,000 and so on. This all depends on our personal circumstances and our goal. It also determines how far we have figured out how to make money from forex trading.
  • #52
  • Dec 2, 2015 2:45pm Dec 2, 2015 2:45pm
Quoting Cubbybgood
{quote} I like what you say here. Think about one thing though. Do we really need to lose a lot of money before we can figure out how to make money trading? This was one of my massive regrets in my trading career. I wish I would have demo traded strictly till I was able to profit consistently for at least 6-12 months. If I would have done this I basically would have kept myself from all my massive losses. The only problem was my impatience and over confidence back then. It kept me from demo trading very long. Now I look at demo trading the same...
True. People rush to make money since it seems so easy. The feeling is perpetuated by occasional wins.

Demo might be also a difficult concept to grasp for many, since only few professions have demo mode. It is forced by regulations where safety of people is at stake (pilots, drivers, etc). Even then, new pilots, doctors, etc. are usually required to have an experienced mentor to look over their shoulder as they start working.
  • #53
  • Dec 2, 2015 3:25pm Dec 2, 2015 3:25pm
Quoting grin
{quote} True. People rush to make money since it seems so easy. The feeling is perpetuated by occasional wins. Demo might be also a difficult concept to grasp for many, since only few professions have demo mode. It is forced by regulations where safety of people is at stake (pilots, drivers, etc). Even then, new pilots, doctors, etc. are usually required to have an experienced mentor to look over their shoulder as they start working.
Demo trading is waste of time...... It's only useful at the beginning, when you learn the technical stuff - how the market works, how to buy and sell........and maybe to test some different things, to test new software, platform, to make experiments ect....

But you will never meet your real enemies on the demo. Only during the real battle, and especially during big battle(when you start to trade large volume).
If you stay in your comfort zone, you will never grow.

"There is no avoiding war; it can only be postponed to the advantage of others."
- Niccolo Machiavelli
  • #54
  • Dec 2, 2015 3:39pm Dec 2, 2015 3:39pm
Quoting alphaomega
{quote} Demo trading is waste of time...... It's only useful at the beginning, when you learn the technical stuff - how the market works, how to buy and sell........and maybe to test some different things, to test new software, platform, to make experiments ect.... But you will never meet your real enemies on the demo. Only during the real battle, and especially during big battle(when you start to trade large volume). If you stay in your comfort zone, you will never grow. "There is no avoiding war; it can only be postponed to the advantage of others."...
I do agree with you on many levels. I've personally traded REAL accounts totaling over $465,000. Live trading brings in emotions that demo trading typically does not. I actually didn't start profiting with really money till I realized I needed to treat my demo accounts as if they were live. If I looked at it as and expendable demo I would lose it every time.

I started demo trading with small account seizes. For example, If I had $1k real money and I was looking to put this into trading I would open a $1k demo and see what I could do with that first. When I demo trade the same amount as my live accounts it helps me get the blood flowing so it's looked at on a more serious level.
  • #55
  • Dec 2, 2015 3:46pm Dec 2, 2015 3:46pm
Is forex trading worth it?

No! Forex trading is a quick way to lose money. The big banks control the spot fx market, so it's a rigged game from the get-go.
If you really insist on trading currencies, try fx futures instead. At least then you're trading through an exchange that has rules in place, a level playing field.

I realize someone will say I'm wrong and will tell you how they've made "fortunes" trading forex. But, don't believe them - demand proof such as trade explorer results or a redacted brokerage statement. I promise you, when you demand proof, they will respond with deafening silence. NEVER believe anyone who says they got rich trading forex - they are lying through their teeth.
  • #56
  • Dec 2, 2015 3:59pm Dec 2, 2015 3:59pm
Quoting CindyXXXX
despite what we're led to believe of course... Go go go https://m.youtube.com/watch?v=Hq-pA4R_EMM

Awesome song! Thanks for that
Wealth comes from what you keep, not what you earn
  • #57
  • Dec 2, 2015 4:04pm Dec 2, 2015 4:04pm
Quoting CindyXXXX
{quote} so this is the part where you show me your rented yaught and i confess im not actually a hell hot sexy trading chick with daddy issues and you confess its not actually your yaught ?



I must confess the thought tickles parts of my persona,but im not able to rent the yaught or at the age of sugar daddy status yet but pending and you have sparked a thoughtful fantasy.

You have somewhat answered intentionally or not the reason of this and every other thread related to spot,if ones road was taking them to such pleasures then in most cases they would not risk that goal with fx,those not on such paths generally are here looking for that road often disheartened by the length of the journey
  • #58
  • Dec 2, 2015 4:12pm Dec 2, 2015 4:12pm
Quoting gravitist
Is forex trading worth it? No! Forex trading is a quick way to lose money. The big banks control the spot fx market, so it's a rigged game from the get-go. If you really insist on trading currencies, try fx futures instead. At least then you're trading through an exchange that has rules in place, a level playing field. I realize someone will say I'm wrong and will tell you how they've made "fortunes" trading forex. But, don't believe them - demand proof such as trade explorer results or a redacted brokerage statement. I promise you, when you demand...
The banks are participating in the market place .eating the liquidity ,that's what you are trading the pools ,with the banks or feeding them.
  • #59
  • Dec 2, 2015 4:14pm Dec 2, 2015 4:14pm
Quoting gravitist
Is forex trading worth it? No! Forex trading is a quick way to lose money. The big banks control the spot fx market, so it's a rigged game from the get-go. If you really insist on trading currencies, try fx futures instead. At least then you're trading through an exchange that has rules in place, a level playing field. I realize someone will say I'm wrong and will tell you how they've made "fortunes" trading forex. But, don't believe them - demand proof such as trade explorer results or a redacted brokerage statement. I promise you, when you demand...

I'm not actually saying I disagree with you on what you said about the claims thrown around on forums, nor about the banks controlling the fx market...But:

1) Fx futures may be exchange based, but that's irrelevant if the driving force behind the price movements of that instrument is, as you put it, rigged. All the exchange does is provide you conditions for the transaction and the choice to fulfill the contract, it won't help you pick a direction of trade any better, nor will it shield you from the movements in price reflected from the interbank market.

2) As I've asked others before; if this is your position...if you believe that successfully trading spot FX is impossible...why come to FX forums and post in the 1st place?
I'm not having a dig there, I am genuinely curious.
Seems like a fruitless exercise.
Wealth comes from what you keep, not what you earn
  • #60
  • Dec 2, 2015 4:17pm Dec 2, 2015 4:17pm
Quoting trader34
{quote} I'm not actually saying I disagree with you on what you said about the claims thrown around on forums, nor about the banks controlling the fx market...But: 1) Fx futures may be exchange based, but that's irrelevant if the driving force behind the price movements of that instrument is, as you put it, rigged. All the exchange does is provide you conditions for the transaction and the choice to fulfill the contract, it won't help you pick a direction of trade any better, nor will it shield you from the movements in price reflected from the...
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