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Forex as a Future?

  • #41
  • May 14, 2016 12:48am May 14, 2016 12:48am
Quoting GibsonL6
You guys all make me laugh!! Maybe someday all of you, or hopefully most of you will see that there's not light at the end of this tunnel..!! There's only one guy who replied that made any sense...his user name was Luther ( I think)...but his post vanished?..if any of you caught that post , you'll know what i'm talking about. So...lets see.......there's roughly a dozen replies or so, that are convinced that Retail Forex is do-able, if you don't give up. So...that means that according to the stats, maybe one or none of you will get anywhere. Really?.......
"all brokers are bucket shops"<< your own opinion
"100% of traders fail"< your own opinion
"you need to be a real trader to suceed"<<< doesn't make sense
  • #42
  • May 14, 2016 12:51am May 14, 2016 12:51am
I realized this too and switched to bitcoin..glad I did
  • #43
  • May 14, 2016 1:13am May 14, 2016 1:13am
And yeah, you don't have to dedicate ALL of your time to trading, you can (must) maintain your job while learning.
  • #44
  • May 14, 2016 1:47am May 14, 2016 1:47am
Yer on the wrong planet Gibson a pro trader trades for a profession not for an institution as an employee.

Who teaches these so called graduates and why would they bother if they were worth their salt, more employees of uni/colleges.

I think most of the institutional traders are very poor traders else they would be working for themselves and they only last a very short time before they are sacked anyway. They try to force the markets in cahoots with colleagues and then try to get out before the Devil catches them dead. Sometimes it works sometimes it doesn't and the whole industry is exasperated by Chinese whispers.

What on earth makes you think institutions make more money than we do when most of them barely get past a couple of percent per year. Invest in one and see what kind of return you get... peanuts. I get at least a couple of percent per day. The problem these institutions have is they are trying to extract mega millions from one another whereas we just keep skimming off the cream and grin like Cheshire cats. Well that is to say some of us do.

People fail because they plan to do so, albeit unwittingly. They look for whiz bang solutions in the form of robots, EA's, special indicators no one else has, candle patterns, Fibonacci levels, false support and resistance levels, divergence which very few understand but most of all they simply 'think' trades. The market is absolutely brilliant at making people 'think' trades and ten seconds later making them 'think' entirely differently, another loser thank you very much. All of this paragraph is not trading it is mere illusion.

Trading is far more robust in that it deals with the reality of the 'now' situation and you cannot back test this because now didn't happen yesterday nor will it happen tomorrow. Some people just don't get that at all. Just because the price stopped at one level previously it doesn't imply it will do so again later else all out tops and bottoms would be the same and we would all be rich. look to the left is just plain nonsense.

Now I suspect you have fallen under the spell of some if not all of the above and this is not your fault at all because it is regarded as gospel among traders and the spin doctors keep repeating it over and over until many believe it to be factual. Once one gets into the practice of winning it becomes rather difficult to lose, strange as that may seem but winning is just as much habit forming as losing is.

So is there a future for traders in Forex? for some yes for others no.

Traders should first learn to learn they do not need to risk big money to learn, 10 cents a pip is plenty. Demo is just plain dumb it has to be real money or nothing.

I love it when traders start out with big bucks of which I get a nice chunk and they blame their brokers or whatever.

Keep losing guys, I love y'all
  • #45
  • May 14, 2016 8:26am May 14, 2016 8:26am
Quoting Nala66
Yer on the wrong planet Gibson a pro trader trades for a profession not for an institution as an employee. Who teaches these so called graduates and why would they bother if they were worth their salt, more employees of uni/colleges. I think most of the institutional traders are very poor traders else they would be working for themselves and they only last a very short time before they are sacked anyway. They try to force the markets in cahoots with colleagues and then try to get out before the Devil catches them dead. Sometimes it works sometimes...
Just another example of someone who wants everyone to believe he's got it all figured out. He's the trader that takes all your money,( because most don't know how to trade) yet feels compelled to share his winning strategies with everyone and he teaches also...impressive !!
Sounds to me like Nala66 is just recruiting followers here, so that he can teach them his winning ways, and charge them for his service ( of course) eventually, if he isn't already!
I would put him in the System seller category, because as trader he can't money.
  • #46
  • May 14, 2016 8:52am May 14, 2016 8:52am
Quoting GibsonL6
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...
Honestly why are you still whining, if you couldn't make it in fx thats fine its good to hear your experience but Im not getting the point that you are trying to make. It would be the same as whining on a Ford forum and telling everyone how much you dont like Fords. Or lets say you opened up a restaurant and it flopped and then telling everyone dont open a restaurant because its a scam and you will only loose.

If you look at the statistic's it is said 90 to 95% of "restaurants" will fail in the 1 year.

Does it sound familiar?
20 Pips a day keeps centerlink away
  • #47
  • May 14, 2016 9:05am May 14, 2016 9:05am
Quoting GibsonL6
{quote} Just another example of someone who wants everyone to believe he's got it all figured out. He's the trader that takes all your money,( because most don't know how to trade) yet feels compelled to share his winning strategies with everyone and he teaches also...impressive !! Sounds to me like Nala66 is just recruiting followers here, so that he can teach them his winning ways, and charge them for his service ( of course) eventually, if he isn't already! I would put him in the System seller category, because as trader he can't money.
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20 Pips a day keeps centerlink away
  • #48
  • May 14, 2016 9:14am May 14, 2016 9:14am
I don't understand what's your point (to the OP of the thread).

It's true, majority of traders eventually aren't able to make profit out of their trading career.
However, the majority of traders (at least, retail traders) see trading as a game, they play with the systems and the indicators and have fun on FF etc.
They put 100usd on a mini account and play just to have some fun.
And then they say "oh i'm not rich yet, this trading is bullshit".


And the stories about the bad brokers are just delusional.
The trading conditions on forex today are simply wonderful, top notch software absolutely bugs free, very low margin requirements, super low commissions, almost 0 spread, top notch worldwide hardware infrastructures that delivers prices on your computer in absolute realtime, ultrafast fills with 0 requote, etc.

60 years ago not even the most optimistic trader would dare to dream of what we have now.
  • #49
  • May 14, 2016 9:35am May 14, 2016 9:35am
You have retired after what i assume was a long hard working career and the best thing you can do with your time is come on a website like this and talk about something you did 4 years ago....? Damn, sucks to be you dude!
  • #50
  • May 14, 2016 10:47am May 14, 2016 10:47am
Quoting GibsonL6
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.
Success ultimately depends upon your own ability to find and exploit whatever non-randomness might exist in price behavior. It has nothing to do with any BS written on forums, or newbies being sucked in by system sellers. Allowing noise around you to shape your beliefs, and distract you from what should be your primary focus, is -- in my experience -- a fatal mistake.
  • #51
  • May 14, 2016 11:36am May 14, 2016 11:36am
Quoting HeyYou
People come to forums to learn, it's very rare to find a professional trader / successful trader posting on forums. As soon as he/she become profitable he/she leaves this "hell"
Well said...!
  • #52
  • May 14, 2016 11:52am May 14, 2016 11:52am
Quoting GibsonL6
FOR THE RECORD: I did leave FX with a profit..thats when I realized that this was not sustainable
Sounds like an oxymoron...

Anyhow, I had a quick look at the charts you posted some time ago on strat's commercial thread and noticed that you were using his "Big Boss/boss" vernacular. Although I quite like strat's approach to charting it's a killer mistake to adopt and trade another person's way of looking at price IMHO. A trader will simply never ever own his own method, and even when the profitable trades come there'll always be this nagging feeling, a kind of monkey on his back, that he doesn't quite own the process. Forex isn't full of failures - it absolutely isn't. But those who succeed absolutely do own their own process.
  • #53
  • May 14, 2016 12:15pm May 14, 2016 12:15pm
Quoting hanover
{quote} Success ultimately depends upon your own ability to find and exploit whatever non-randomness might exist in price behavior. It has nothing to do with any BS written on forums, or newbies being sucked in by system sellers. Allowing noise around you to shape your beliefs, and distract you from what should be your primary focus, is -- in my experience -- a fatal mistake.

My entire Retail Forex short trading career, was dedicated to one simple method , that was taught by a(now ) Commercial Member here. Totally focused on one method..I certainly was... until I realized, it was just a marketing ploy to recruit subsribers.

When you speak of "exploiting non-randomness that might exist in price behaviour"..I did that as well...and it worked out nicely....
Being a Canadian, that liked to travel to the US, I always kept an eye on where the US dollar was. I knew historically that the US dollar was always stronger than the CAD dollar, so I always tried to time my visits to get the best possible bang for my buck. When the US housing market collapsed, I not only travelled there more, but also invested heavily in their currency. This was a great time to buy!!....because the history of USD/CAD told me so.... Now, if that not exploiting price behaviour, I don't know what is. And it wasn't exploited through Retail Forex!

Between approx... 2010 and 2013...I loaded up on as many US dollars as I could , ( meaning actually buying the currency at a bank)....I think you can figure out the rest.....

Anyway, all the power to you in your Forex endeavours!
  • #54
  • May 14, 2016 12:27pm May 14, 2016 12:27pm
Quoting GibsonL6
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...
Sorry to hear that, 4 years ago, you failed as a Forex trader. Many people find failure to be a difficult thing to accept, and after 4 years, it is obviously still bothering you that you could not figure out the Forex. It's clear that you've become angry and bitter about the experience, and instead of spending the last 4 years trying to discover what you did wrong, you've just gotten more and more angry and bitter. How pathetic and sad. And now, the only contribution you are able to make here at FF is this thread, where you contribute nothing of substance, and instead, just drop your negative and sad comments on people who are trying to learn the things you could not learn. You have officially become the turd in the punch bowl. Congratulation!
  • #55
  • Edited 2:23pm May 14, 2016 12:44pm | Edited 2:23pm
Hi There,

Well traders , I'm working as FOREX trader , my experience around 12 years, after this period of time I became profitable trader, at least monthly 200 pips and I'm trading only GBP/USD, my method working fine on this pair, if I make the pip = 3.5 USD , my loss pips = 40 which is 140 USD per one trade which is 4.666 % of the total capital (3000 USD) per one trade , so after one month 200 pips * 3.5 USD = 700 USD per month , which is around 23% of the total deposite, and I 'm doing it by my method after a lot of studying and testing methods of my own research, and finally i joined 2 methods to make it as one trading method .

You can be successful trader but after alot of time, losses and experience, i did not gave up until i reach this point thanks GOD, now FOREX for me is just a game and i should obay my method rules no emotions no exceptions , if you reach this point of trading and your method is successful one , then you are going to be successful trader , this is from my experience and you have to be patient and look at the picture from monthly wise not daily wise , i mean if you lose one day or 2 days be patient because you know your method is going to correct it in the next coming days and balance the loss then make the profit , after a month i should get 200 pips profit at least it could be 300 or more little bit, but it is working finally in monthly wise.

I hope you will be a successful trader and be with the minority of the traders like me , don't give up because i lost more than 30000 USD till get to this point . Thanks and sorry for your losses but if you continue and improve yourself maybe you will be profitable trader , just keep improving until you reach this point.
  • #56
  • May 14, 2016 12:46pm May 14, 2016 12:46pm
Quoting GibsonL6
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...
who are you?
to whom you try to prove you?
"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."
what kind of loser leave when he is ahead?
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  • #57
  • May 14, 2016 12:53pm May 14, 2016 12:53pm
I dont know why so many pple are focusing on systems ... when trading is 95% psychology... I was doing it 2 years ... and it was really hard to find some miracle on chart ... then I cleaned my head of all hard and retarded systems ... and started use simply trendchannels... cause i think if u can wait for those type of setups u already won 10% of game ... then there is psychology + waiting (boring) + believe in your plan and change your mind from normal human to propability thinking+ learn to lose...... true is that trading is not played on chart ... but between monitor and your head. There is pple who made it in 3 months and ppl who made it after many years ... my clock stoped after 2 years ... I started at age 19 in horible job... motivation and disgusting desire to be trader transformed my dreams into reality. Trading is propably the hardest staff on this planet ... but u can make a lot of money ( even for the same performance, where somebody make less money.) when u make it and u can be really happy .

btw this thread is some extra when it made me writing here :-)
"I'm not answering stupid questions."
  • #58
  • May 14, 2016 12:54pm May 14, 2016 12:54pm
Quoting vasily
{quote} who are you? to whom you try to prove you? "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." what kind of loser leave when he is ahead? {image}
FOREX is entrepreneurship,not labor market.FOREX dont employee you,you must create job/work.clear?
  • #59
  • May 14, 2016 12:56pm May 14, 2016 12:56pm
Quoting Malchi
I dont know why so many pple are focusing on systems ... when trading is 95% psychology... I was doing it 2 years ... and it was really hard to find some miracle on chart ... then I cleaned my head of all hard and retarded systems ... and started use simply trendchannels... cause i think if u can wait for those type of setups u already won 10% of game ... then there is psychology + waiting (boring) + believe in your plan and change your mind from normal human to propability thinking+ learn to lose...... true is that trading...
so meditators are the best traders
  • #60
  • Edited 3:15pm May 14, 2016 2:32pm | Edited 3:15pm
Quoting GibsonL6
sustainable long term income from FX is just a dream.
100% fail, but that's just my opinion.
I did leave FX with a profit..thats when I realized that this was not sustainable and got out while I was ahead.
Hello sir!
Opinions are based on own experience. The forex world is marketed as low input - high output business. Which is as farthest from truth as possible. Understanding this is the tipping point towards some degree of successfulness. You are spot on about the fact that there are other ways of making money. I don't think anyone argues with that. The fact that you came to peace with knowing that this environment does not meet your requirements and / or expectations is a very mature train of thought and you should look into other domains with your head held high.



Quoting alphaomega
fx trading into a real business plan: 20-50% PER YEAR consistenly with maximum drowdown 5-8%.
1.MUST BE low risk, and scalable
2. Trade the strategy with your own capital for several years to build solid track record.

3. Find investors to invest in your strategy!

5. When the word gets out, more and more people will invest in you
This is how a real business works.
This is imho the only valuable post on this thread. Alphaomega knows what's up! Very nice. kudos!

Now for a bit of input from my experience / point of view:

Management of yours or others money is the pinnacle of business leader. Let me exemplify:

Step I: retail products & import-export : this is the easiest business idea in the world: buy cheap from one market (china, whatever) sell in your local market with a +% in price. ex: clothes/jewelery online shop, electronics shop, office supplies shop etc.
Step II : provide services, hardware acquisition & installation etc. This requires some degree of specialization: ex: install surveillance equipment, repair PCs, barber shop etc
Step III: product development: bring your own product. requires a lot of specialization. deep market research, patents, copyrights and so one. ex: automation, software development, and so on
and finally Step IV: financial markets & money management: this step contains all the other stuff from previous ones. aka the most synthetic, risky and advanced.

Due to extreme marketing of the brokers, inexperienced people will come into the world of fx completely void of any basic business skill. not to mention analytic skills, psychological understanding of themselves and the rest. It's no wonder the fail ratio is humongous. As a consequence they treat it like gambling, and getting extremely disappointed when they fail.

For every person that just found out about fx & markets in general please ask yourself the following:

 

  1. how much money have i done in the past on my own. no boss, no schedules. nothing, just you and your brain.
  2. how confident am i about loosing all my investment
  3. how much money do i want in return for the time i put in
  4. when do i stop everything and give up. (aka stop loss)
  5. what does success mean for me? & what will i do when i reach said success. (aka take profit)

I strongly recommend having a successful business before jumping into fx. preferably with at least one happy employee for at least 2 years. After this step your perception of business and return of investment will exponentially change.

And to restate Alphaomega's post: if you're not planning on pulling investors in the future, trading is just a hobby. treat it like one. and fx trading as a hobby is expensive money wise, but cheap time wise. never forget this. when you're doing it professionally it's gonna be the other way around.

there's still a lot to say on this subject, but it's getting late.
good luck all! & be true to yourselves.

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