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Forex as a Future?

  • #1
  • First Post: May 11, 2016 1:41pm May 11, 2016 1:41pm
Its been 4 years or so since I traded FX, and I don't regret leaving this make believe world for one second. After spending thousands of hours studying/ learning all the ins and outs, I came to the conclusion that the only ones making money are the Brokers and System sellers. With the advent of the internet, retail forex was made available to the general public by brokers who saw an opportunity to tap into a fresh market...a nice easy market where money would come as easy as taking candy from a baby. Then came the system sellers ...another easy market where all they had to do was sell a dream! Well, it must be working because there seems to be more brokers and system sellers today than there ever was.

The purpose of this thread is not to bring up all the do's and don'ts of FX trading ( its been so long that I forget most of the jargon anyway) but rather to advise anyone contemplating/ or trading, that sustainable long term income from FX is just a dream. I don't believe that 95% of retail traders fail...I feel its more like 100% fail, but that's just my opinion. For all the time/aggravation ect.. you need to spend to even have a remote chance of coming out ahead in the long run( which I think is unrealistic anyway), you would be far better off working at MacDonalds a couple days a week, at minimum wage, rather than trading FX.

I thought after 4 years I would possibly give it a try again, but after reading all the BS here, and seeing all the newbies being sucked in , I will never trade FX again. There's much better ways of making money out there!

FOR THE RECORD: I did leave FX with a profit..thats when I realized that this was not sustainable and got out while I was ahead.
  • #2
  • May 11, 2016 2:09pm May 11, 2016 2:09pm
Hi Gibson

"I came to the conclusion that the only ones making money are the Brokers and System sellers. With the advent of the internet, retail forex was made available to the general public by brokers who saw an opportunity to tap into a fresh market...a nice easy market where money would come as easy as taking candy from a baby. Then came the system sellers ...another easy market where all they had to do was sell a dream! Well, it must be working because there seems to be more brokers and system sellers today than there ever was."

So true.


But there are a few more on the list

Selling "amazing" Expert Advisors
Selling "amazing" Indicators
Selling "amazing" Webinars/Coaching
Selling "amazing" Signals
Creating "amazing" paying Blog/Website
Creating "amazing" paying Chat Room
  • #3
  • May 11, 2016 2:10pm May 11, 2016 2:10pm
well, i think different from you .
I am a loser since the start of my forex experience, but i know why ...i don't have patience, and i am greedy.
If you play it very slow and small you can make 10 percent a year , how many financial instruments can have a return like this?
treat it as a business, be wyse and patient, not like me.
  • #4
  • May 11, 2016 2:24pm May 11, 2016 2:24pm
Quoting tarrini65
well, i think different from you . I am a loser since the start of my forex experience, but i know why ...i don't have patience, and i am greedy. If you play it very slow and small you can make 10 percent a year , how many financial instruments can have a return like this? treat it as a business, be wyse and patient, not like me.

You sound just like me when I first traded years ago, before I got wise!
Brokers created retail forex to pad their accounts...not yours.
You'll make more profit digging things out of your closet, and selling them in yard sales.
  • #5
  • May 11, 2016 3:03pm May 11, 2016 3:03pm
Let's the party begin.....
Dear how u realise that.
I think u did same mistakes over and over again.
This business not for every one but for those who want success as as wants life.
The easiest and hardest profession on planet earth....
Cheers..
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -2,370
  • #6
  • May 11, 2016 3:30pm May 11, 2016 3:30pm
Quoting mohsinali
Let's the party begin..... Dear how u realise that. I think u did same mistakes over and over again. This business not for every one but for those who want success as as wants life. The easiest and hardest profession on planet earth.... Cheers..

Believe me...if there was a party I would be there.
Every successful business was built around a solid plan, so ...in brief details please share your short and long term business plan.
  • #7
  • May 11, 2016 4:12pm May 11, 2016 4:12pm
Dear Gibson I completely agree with you. All you said make sense and very well said. I myself trade part time stocks and forex for more than 5 years. As we speak right now I am in profits and I mean by a good huge amount over my intial investment and all the loses I have had over the years. However I can tell you this is just a game. After all lets compare the market with poker. In Poker players sit around the table and nobody sees the other ones hand and its fair for all because nobody has advantage over the other by completely knowing at 100% what cards the other players have. So they just make assumptions and bluffs and we all know that.
Now in Forex and Forex market some players can easily see our hands. Who are we ( me + you+ Gibson + and most of retail traders and even some big players). All the fucking stop losses we use the big guys see that, the brokers and market maker and institution they all see those fucking stop losses.
That being said it means whenever they want to clean a stop loss they just attack and fuck us all. Lets say if they see a good amount of stop loss around x Value then what they need to do is easy. They will take that out in a matter of seconds with the big $$$$$$ they have.
so between me and you and being realistic do you think we will make money??? Of course there will be some of us and I mean a very small amount of us making some money in there. But that means we have to read their hand too making sure where they are heading and what stop loss they want to take out. And doing this is the million dollar question and basically impossible to none.
After all we are all sheeps and they can see easily where we all are putting our TP and SL. We are playing open hand poker vs Real Opekr players where they see all our cards. This the story of forex.
The only method I found over the years thats is sustainable and maybe easier is to get in and out if you have big amount of money. For instance a 3 pips or 5 pips move and thats it. Other than that there is no fucking way you can make consistent money if you want to have huge tp lets say 5-200 pips because by the time it gets there they will fucking take you out and then they will go alone to that tp. Yes baby this is the game. So if you want to play it discretion is advised
Good luck all
  • #8
  • May 11, 2016 4:16pm May 11, 2016 4:16pm
Quoting Salmas
Dear Gibson I completely agree with you. All you said make sense and very well said. I myself trade part time stocks and forex for more than 5 years. As we speak right now I am in profits and I mean by a good huge amount over my intial investment and all the loses I have had over the years. However I can tell you this is just a game. After all lets compare the market with poker. In Poker players sit around the table and nobody sees the other ones hand and its fair for all because nobody has advantage over the other by completely knowing at 100%...
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  • #9
  • May 11, 2016 4:20pm May 11, 2016 4:20pm
This is how you can turn fx trading into a real business, instead of just gambling like most people.

This is the business plan:

1. Learn how to make 20-50% PER YEAR consistenly with maximum drowdown no more then 5-8%. Your strategy MUST BE low risk, and scalable, meaning you have to be able to handle large volume without liquidity problems.

2. Trade the strategy with your own capital for several years to build solid track record.

3. Find investors to invest in your strategy!

4. Manage the investors money and then collect 20% of the profits.

5. When the word gets out, more and more people will invest in you, and your AUM will grow exponentialy.

6. IF you manage to get to this step - CONGRATULATIONS, now you FU**NG RICH. (we are talking millions, potentially billions)

That's it! This is how a real business works.
  • #10
  • May 11, 2016 4:51pm May 11, 2016 4:51pm
Quoting Salmas
Dear Gibson I completely agree with you. All you said make sense and very well said. I myself trade part time stocks and forex for more than 5 years. As we speak right now I am in profits and I mean by a good huge amount over my intial investment and all the loses I have had over the years. However I can tell you this is just a game. After all lets compare the market with poker. In Poker players sit around the table and nobody sees the other ones hand and its fair for all because nobody has advantage over the other by completely knowing at 100%...

I cant speak for all the brokers, but I have seen first hand, Stop Loss Hunting from one of my broker accounts...so it does exist and is a reality of trading.
  • #11
  • May 11, 2016 4:52pm May 11, 2016 4:52pm
Quoting seahorse
{quote} . {image}

Great analogy Seahorse!
  • #12
  • May 11, 2016 5:04pm May 11, 2016 5:04pm
Quoting alphaomega
This is how you can turn fx trading into a real business, instead of just gambling like most people. This is the business plan: 1. Learn how to make 20-50% PER YEAR consistenly with maximum drowdown no more then 5-8%. Your strategy MUST BE low risk, and scalable, meaning you have to be able to handle large volume without liquidity problems. 2. Trade the strategy with your own capital for several years to build solid track record. 3. Find investors to invest in your strategy! 4. Manage the investors money and then collect 20% of the profits. 5. When...


"20 to 50% per year consistently".....Good luck with that. You might be lucky enough to achieve that on a micro account, but I guarantee you will never achieve that on a Big Dollar account. The brokers simply wont let that happen.

"millions, potentially billions".....now your dreaming!
  • #13
  • May 11, 2016 5:29pm May 11, 2016 5:29pm
Quoting alphaomega
This is how you can turn fx trading into a real business, instead of just gambling like most people. This is the business plan: 1. Learn how to make 20-50% PER YEAR consistenly with maximum drowdown no more then 5-8%. Your strategy MUST BE low risk, and scalable, meaning you have to be able to handle large volume without liquidity problems. 2. Trade the strategy with your own capital for several years to build solid track record. 3. Find investors to invest in your strategy! 4. Manage the investors money and then collect 20% of the profits. 5. When...
Good plan AlphaO and with the right trading strategy it can work
Have a nice day
  • #14
  • May 11, 2016 5:55pm May 11, 2016 5:55pm
Quoting billv
{quote} Good plan AlphaO and with the right trading strategy it can work
You guys must be drinking from the same water fountain! But hey...if your gonna dream...DREAM BIG!
A perfect example of the great marketing job Brokers and System sellers are doing, just like a good salesman can sell a refrigerator to an Eskimo.
  • #15
  • May 11, 2016 6:01pm May 11, 2016 6:01pm
If you want something done right, you have to do it yourself.
If you can't figure out a way to make money, let it go and move on.

99.99% will fail anyway.
  • #16
  • May 11, 2016 6:02pm May 11, 2016 6:02pm
Quoting dkrock
You have not traded for 4 years, and are still whining about being a loser? Do you know this is a trading forum? Since you are not a trader, why are you making threads???? Did you not get enough responses in the crybaby chat room at yahoo? No one cares. I do not sail, so should I go to a sailing forum and tell everyone how much it sucks? WTF? Go live your life. Stop being a social media whore.

I just really like a good conversation, and if I can save one trader from false hopes, I've achieved something...don't you think.

"crybaby chat room at yahoo"...not sure what you're talking about.

" whining about being a loser".... not at all...just spreading the word of the reality of Forex!
  • #17
  • May 11, 2016 6:26pm May 11, 2016 6:26pm
Quoting dkrock
{quote} You are the self-appointed Forex Police? LOL. There is no conversation. You do not trade. How is listening to you whine about things you do not know how to do beneficial to anyone here? Go find a forum for whatever you do, and enjoy.
Forex Police...maybe..
"Whining about something I don't know how to do"...I've traded long enough to realize that most if not all retail traders fail, and was wise enough to leave when I was in profit... so now that I'm retired ( and have nothing to do)...I would like to spread the word to those who are wise enough to see through the BS...and love irritating people like you who still have their head in the clouds believing this is a Holy Grail".
  • #18
  • May 11, 2016 7:05pm May 11, 2016 7:05pm
Quoting seahorse
{quote} . {image}
That is the funniest thing I've seen on forex in a long time.

Kudos to you
  • #19
  • May 11, 2016 7:08pm May 11, 2016 7:08pm
Just for conversation purposes, for those who think nobody makes money trading Forex, what are the reasons you think are behind it? Lots of people come on FF saying this but without any real reason. The only argument these people have is "Show me a successful trader" And even if you do, they find some reason to dismiss it. Not to mention that most of these people have failed and lots more money then they are happy with so are rather bitter.

So good to see someone that has got out ahead and would be interesting to hear what you think the reasons are. I mean, how many people in the world are convinced there is a god and heaven? still doe not make me believe.

And, do not include things like paid "Systems", or "EA's". Only idiots think they can make money from these things.

Cheers
  • #20
  • Edited 8:02pm May 11, 2016 7:33pm | Edited 8:02pm
Quoting dkrock
{quote} These Forex protestors are aggravating. It is like saying the sun does not exist. I understand most of it though. Many people think they can sing, but they cannot make money at it. People think they can trade, but have never studied Trigonometry, Statistics, Economics, or even know how to plot a graph. If we took one to an airport and told them to fly us somewhere, then I guess flying would suck too, and nobody could do it. Everyone is skilled at something, and if you cannot do something it is simply because you cannot. Learn it or forget...
drock, thanks.

There are many good points made here. Everything is hard in life. Unless your born into money of course. But 99% (maybe more) of people are not.

Yes, most forex traders fail. So nobody should try? Most aspiring athletes will never go pro. So should everyone stop trying to be a pro athlete? I know just in Australia a number thrown around a lot. That is that 1 out of every 5 small businesses fail within the first 3 years. So should everyone not attempt to set up a small business?

And other things such as making money from blogging or youtube etc. Although you hear lots of success stories in the media, you rarely hear about the failures. I would say for every 1000 blogs or you tubers only 1 may make any money out of it. And probably much less odds for making decent money.

One thing i have noticed about forex traders, Why don't forex traders trade stocks? Trading stocks is expensive and requires a lot of understanding and research and much larger investment capital. Most forex traders prefer as little investment capital as possible with very little research but expect huge returns.
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