Is Forex trading worth it? If so, why? | Page 5 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why do indicators not work/work? Why is Forex not truly random? 129 replies

Is the Bloomberg terminal worth it for forex trading? 22 replies

CMT: Is it worth it for a Forex trader 2 replies

FOREX course - worth to invest $ ? 3 replies

Attachments: Is Forex trading worth it? If so, why?
Exit Attachments

Is Forex trading worth it? If so, why?

  • #81
  • Dec 3, 2015 3:11am Dec 3, 2015 3:11am
Quoting Pipsalon
{quote} Do you know how much money is needed to move the EUR/USD 1 pip?
I have seen some big trades go through (not my account and not a retail trader) that I would have thought it would be something to move the market. We are talking in the multi hundreds of standard lots with no noticeable impact. It would really depend on the users access to the market along with available liquidity at the time.

Nothing like watching a trade that each pip movement was more than your account balance at the time. LOL!
  • #82
  • Dec 3, 2015 3:25am Dec 3, 2015 3:25am
Quoting Pipsalon
{quote} Do you know how much money is needed to move the EUR/USD 1 pip?

This question is answered 5:40 in. As he states, and as we should understand that a pip is not always a pip in terms of the volume it takes to move it. The price will gravitate to the closest orders available depending on the volume at that time. Trying to put in $50m in the lead up to the Tokyo session will likely not be absorbed within a pip.

This video is a should be seen (despite the poor sound in places) by all traders in my opinion.

Inserted Video


Not a gospel, but a good hypothetical example of market dynamics where the real action is.
Wealth comes from what you keep, not what you earn
  • #83
  • Dec 3, 2015 3:42am Dec 3, 2015 3:42am
Time is the Great Equalizer

Time is the great equalizer. Every person gets 24hrs each day, no more and no less.
Death is also a great equalizer. Every person will die someday.

I like to think that Forex is a great equalizer of fortune.
Very few people will make money without ever realizing that it was due to luck.
Other's will lose greatly without ever truly understanding the "why".

One of the greatest lie ever told was that if you work very hard, you will become a success.
In life, there are winners and losers... not everyone can be a winner.
The greatest winner in life are those who knows when to walk away.
It doesn't make you any less of a person when you walk away.
Each and one of us are unique. It is about realizing your own uniqueness and individuality.
It is not about trying to become, who you are not.

Who is at fault here... the compulsive bullshit artist or the person listening to the bullshit artist?
As cruel as it may sound, if you don't have the brains to think for yourself, life will shit on you mercilessly.
Do I wish this upon my fellow human being... No... but that's just life.

Look...
Snow White died from food poisoning.
Red riding hood got eating the by big bad wolf.
The tortoise finished second against the hare.

Life is not as rosey as it seems.
Trading is not as romantic as it seems.
Nothing in life is as romantic as it seems.
If any person (who is above 30 years of age) have not come to this realization by now, then, may god have mercy on your soul.

As I continue to advocate... there is more to life than trading.

Those who are destined for greatness will find their own way.
And those who are not destined will suffer a great defeat.
Does a worker ant suddenly decides that he wants to be a soldier ant instead?

Despite that we humans thinks we have control of our destiny, we are part of a grand design.
Each and one of us have been placed purposely in that design. It is not a matter of what you think.
It's a matter of aligning your true path and being honestly with yourself.

Life is effortless... and if you find yourself struggling... you are off track from your true path.
Life promises you that you can experience anything you want, but in return are consequence... good or bad.

Success is as dangerous as failure. You will suffer greatly, if you ever attain something, for what is not yours.

What is up with all this philosophical bullshit?... I don't know, you tell me.


Peace,
CrucialPoint



Quoting edge540
If anyone is interested I'm happy to post a list of FF's biggest BS artists and losers.
Did I make the list?
  • #84
  • Dec 3, 2015 3:47am Dec 3, 2015 3:47am
Quoting CrucialPoint
Time is the Great Equalizer Time is the great equalizer. Every person gets 24hrs each day, no more and no less. Death is also a great equalizer. Every person will die someday. I like to think that Forex is a great equalizer of fortune. Very few people will make money without ever realizing that it was due to luck. Other's will lose greatly without ever truly understanding the "why". One of the greatest lie ever told was that if you work very hard, you will become a success. In life, there are winners and losers... not everyone can be a winner....
You made my list of intellectually sexy people I'd like to meet someday
  • #85
  • Dec 3, 2015 3:56am Dec 3, 2015 3:56am
I normally only read one or two threads on FF but occasionally when I come across a thread like this I like to go through it. Some very valuable insights in here I think.

I've been trading for just over a year now. Luckily, I soon realized that trading is one of the hardest businesses to be in. The whole world tries to make money here so it was clear to me that I would have to put in work. I have demo traded all this time except for a 100€ account which I turned into €600 in 2 weeks only to lose it again in 4 days (obviously).

I always told myself that I never wanted to blow a real account if I deposited. I think I have to be realistic that in the first few years (and perhaps always) this will be a possibility. Key take-away if I ever manage to be profitable consistently is being conservative and withdrawing profits along the way. Don't ever become greedy.

I'm willing to put in the work and I have been doing so for a few months ever since I realized my 'incompetence'. I just try sticking to a system and learning along the way. Some valuable posts in here about the balance between life and trading. I will try to remember that I should be willing to put in the work, but don't try to put it all in today. My girlfriend has been supportive although I know that she kind of hates it. I will try to find more balance. On this forum when I see good posts I often check their bio. Quite often they have lots of experience +10years etc.. It has been stated in this thread and I really think there is some truth in this. Perhaps there is good traders with under 10 years of experience but possibly a minority.

I don't want to become a full time trader or anything. I look at this as a way to supplement my monthly income. Attainable goals, start small, be realistic...

Best,
  • #86
  • Dec 3, 2015 4:09am Dec 3, 2015 4:09am
Quoting tibovwh
I normally only read one or two threads on FF but occasionally when I come across a thread like this I like to go through it. Some very valuable insights in here I think. I've been trading for just over a year now. Luckily, I soon realized that trading is one of the hardest businesses to be in. The whole world tries to make money here so it was clear to me that I would have to put in work. I have demo traded all this time except for a 100 account which I turned into 600 in 2 weeks only to lose it again in 4 days (obviously). I always told myself...
The reason why demo trading does not work is because a large part of trading is about learning to deal with pain/failure/rejection in a positive/resourceful manner. It is inevitable to have losing trades and it is inevitable that we need to cut losses. Demo trading does not deal the same amount of pain as live trading. Once the discomfort from taking losses comes in, it adds a totally different layer of complexity to your trading. The mind will start playing tricks on you. The urge to trade against your own plan or to revenge-trade and gain back losses will become overwhelming all of a sudden. One thing I have noticed about the market over time is that whenever the right trade is to go short, there will be tons of opportunities to go long appearing. If you are not careful or if you don't have sufficient conviction in your plan, it's easy to jump on one of those and go into a spiral of losing trades and bad decisions. (i.e. not to mention that the further price goes away from your best entry, the worst the risk-reward is. At some point you'd have to abandon the trade completely because you've missed the train. Trying to chase it would be disastrous etc. So it's clear that a single mistake can possibly derail an entire trading session/plan.)

These things are not impossible to tackle. But it takes time and lots of time.
Build good relationships with others.
  • #87
  • Dec 3, 2015 4:14am Dec 3, 2015 4:14am
Worth it

Attached Image (click to enlarge)
Click to Enlarge Name: 11-30-2015 7-15-24 PM.png Size: 6 KB
  • #88
  • Dec 3, 2015 5:07am Dec 3, 2015 5:07am
Quoting shellsnail
{quote} The reason why demo trading does not work is because a large part of trading is about learning to deal with pain/failure/rejection in a positive/resourceful manner. It is inevitable to have losing trades and it is inevitable that we need to cut losses. Demo trading does not deal the same amount of pain as live trading. Once the discomfort from taking losses comes in, it adds a totally different layer of complexity to your trading. The mind will start playing tricks on you. The urge to trade against your own plan or to revenge-trade and gain...
Like this post
  • #89
  • Dec 3, 2015 5:22am Dec 3, 2015 5:22am
Quoting shellsnail
{quote} The reason why demo trading does not work is because a large part of trading is about learning to deal with pain/failure/rejection in a positive/resourceful manner. It is inevitable to have losing trades and it is inevitable that we need to cut losses. Demo trading does not deal the same amount of pain as live trading. Once the discomfort from taking losses comes in, it adds a totally different layer of complexity to your trading. The mind will start playing tricks on you. The urge to trade against your own plan or to revenge-trade and gain...
Thx for your reply. I agree that there clearly is a difference in terms of emotions. but the feeling you are describing are exactly the feeling I have on my demo accounts. I'm sure the real thing is even worse. But why would I go on a live account if I haven't proven anything on a demo account? Dealing with these emotions is a matter of discipline and confidence I think. I don't agree that because these feelings are worse on a real account we should not demo. In my eyes, that's not a correct answer to this problem.

Best,
  • #90
  • Dec 3, 2015 5:39am Dec 3, 2015 5:39am
Quoting Pipsalon
{quote} Do you know how much money is needed to move the EUR/USD 1 pip?
1 pip is nothing, I can easily move it 10 pips. I just open a long and it will go 10 pips south!
Hope for the best, prepare for the worst.
  • #91
  • Dec 3, 2015 6:06am Dec 3, 2015 6:06am
Quoting dab
{quote} 1 pip is nothing, I can easily move it 10 pips. I just open a long and it will go 10 pips south!
  • #92
  • Dec 3, 2015 6:10am Dec 3, 2015 6:10am
Quoting CrucialPoint
Time is the Great Equalizer Time is the great equalizer. Every person gets 24hrs each day, no more and no less. Death is also a great equalizer. Every person will die someday. I like to think that Forex is a great equalizer of fortune. Very few people will make money without ever realizing that it was due to luck. Other's will lose greatly without ever truly understanding the "why". One of the greatest lie ever told was that if you work very hard, you will become a success. In life, there are winners and losers... not everyone can be a winner....
hello CP, are you still a trader ?
  • #93
  • Dec 3, 2015 6:50am Dec 3, 2015 6:50am
Quoting CindyXXXX
{quote} Im all ears
Have a read through the Market Wizards book series.

Many traders interviewed didn't manage money until they achieved some level of competence.
Quoting silverheat
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.
Just following the path of least resistance. Sellers of pickaxes are no more morally accountable than sellers at the start of a great crash.
  • #94
  • Dec 3, 2015 7:26am Dec 3, 2015 7:26am
[quote=CrucialPoint;8622818]Time is the Great Equalizer Time is the great equalizer. Every person gets 24hrs each day, no more and no less. Death is also a great equalizer. ........

Hi CP,
what you are saying makes a lot of sense and it's very true, but I do not fully agree with your conclusions.
There are no wiinners born neither losers born; each person rises with some special attitudes and what makes the difference between a winner and a loser is mind: a winner sooner or later recognizes his attitudes and works to develope them at his best; a loser is not aware of his attitudes or even if he is, due to his mind conditioning choses to make something different struggling all his life long.
  • #95
  • Dec 3, 2015 7:28am Dec 3, 2015 7:28am
Quoting silverheat
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.
In fairness, that was Copernicus' point, I just agreed with him - lol

But seriously, I did mortgages back before the crash in '07 and you see the same thing in that industry. I had left my retail job (for like the 3rd time) to broker loans. It was unusual being the guy parking his lowrider truck in a parking lot filled with Mercedeses. Anyway, these guys made so much money it was insane but, whenever we'd have our weekly meetings, there'd be a running joke about how if you wanted to make real money, we'd get into selling stuff to mortgage brokers. Advertisers and marketers man, the people selling stuff to help us make money made more money than any of us.
  • #96
  • Dec 3, 2015 7:38am Dec 3, 2015 7:38am
I've always maintained if you're in trading for the money, you've lost before you start. Not only that, but that fact that money is the only driver means you'll be run ragged with your losses too.

Do what you love, look after those you love, and f*ck anyone who tells you otherwise.
  • #97
  • Dec 3, 2015 8:13am Dec 3, 2015 8:13am
Quoting Bilstein
{quote} In fairness, that was Copernicus' point, I just agreed with him - lol But seriously, I did mortgages back before the crash in '07 and you see the same thing in that industry. I had left my retail job (for like the 3rd time) to broker loans. It was unusual being the guy parking his lowrider truck in a parking lot filled with Mercedeses. Anyway, these guys made so much money it was insane but, whenever we'd have our weekly meetings, there'd be a running joke about how if you wanted to make real money, we'd get into selling stuff to mortgage...
yea, those sales guys are a bunch of fuckers, the best job probably, if you can live with yourself, lol, they run around selling stuff they don't understand to people who don't understand either, then you have to push through all those projects because they promised too much to get another damn client, the boss is happy, the sales guy is off to get the next deal while the rest of the company is working their asses off. you gotta love em
Invincibility lies in the defence, the possibility of victory in the attack
  • #98
  • Dec 3, 2015 8:21am Dec 3, 2015 8:21am
Quoting Atokys
{quote} Sellers of pickaxes are no more morally accountable than sellers at the start of a great crash.
yes, i don't mean just the sellers, i mean the whole thing, the people who fuel it, the people who feed on it, the clueless people being used, the people who flip and the people who fight it, you can't really judge anyone, it's simply a big mess.
Invincibility lies in the defence, the possibility of victory in the attack
  • #99
  • Dec 3, 2015 8:28am Dec 3, 2015 8:28am
Quoting silverheat
{quote} yes, i don't mean just the sellers, i mean the whole thing, the people who fuel it, the people who feed on it, the clueless people being used, the people who flip and the people who fight it, you can't really judge anyone, it's simply a big mess.
If you haven't already noticed, this interplay of action and reaction is why we get trends in speculative markets. The crowds are well and truly mad and im not complaining.
  • #100
  • Dec 3, 2015 9:06am Dec 3, 2015 9:06am
Quoting Atokys
{quote} If you haven't already noticed, this interplay of action and reaction is why we get trends in speculative markets. The crowds are well and truly mad and im not complaining.
it's an intriguing theme, the madness of crowds

i've read an unusual book from canetti once, he relates power to eating with teeth as the symbol and interprets crowd behavior in different stages, depending on how cohesive it is.
Invincibility lies in the defence, the possibility of victory in the attack
0 traders viewing now