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Forex as a Future?

  • #61
  • May 14, 2016 2:43pm May 14, 2016 2:43pm
Most of us retail traders are on B side of the brokers.
  • #62
  • Edited 6:44pm May 14, 2016 6:17pm | Edited 6:44pm
This thread is confusing.

Op says that they came back after 4 years to tell you that 100% traders lose money! Oh except for the OP who left with profit, but the rest of us are disillusional for thinking we can make money.

Op thanks for coming out of retirement to tell us the flaws in our ways!
Trust the Market
  • #63
  • May 14, 2016 9:43pm May 14, 2016 9:43pm
I have been trading part time since March 2011. I tried a practice account for about three days when I realized that my mental game is different with play money, same dynamic when I play poker or blackjack.

In the last five years I have learned some important lessons about stop losses (tight stops kills long term strategy) and the importance of news, especially on a slow news day. I've had a few lucky breaks (I was on the right side of USDCHF when it lost its peg) and I have managed to be profitable. I have spent all of this time studying the markets and how it responds to events and news, and I listen to a lot of other traders on here and Trading View. I take it all in.

Two of my friends started trading around the same time and they both crashed out. I've also noticed that when I mention to people that I trade currencies they almost all have horror stories to share, if they know anything at all. I have yet to find a successful trader, or anyone that knows a successful trader.

Oanda is my broker and identified me as an "Elite" trader, which surprised me - but makes me think that the commonly stated figure of 95% of Forex traders lose money must be real. I've managed to increase my account by about 10% in these five years (of the current balance, more like 285% of the opening balance!) and I think I am at a point where I can simply keep being successful as long as I keep my discipline, keep watching the market and keep learning.

I don't want to say that anyone can trade Forex - but if you are willing to become a lifelong student of the market, you can learn to be profitable.

These people that are calling it a rigged system are delusional. No one is swinging the market just because of your trade.
  • #64
  • May 14, 2016 10:34pm May 14, 2016 10:34pm
Quoting GibsonL6
Anyway, all the power to you in your Forex endeavours!
Thank you sir. I'm sorry to hear that you lost money to one of the many dodgy system sellers. After spending money on a few educators myself, I've reached the conclusion that the only way to learn is through your own trial and error, over a period of (probably) many years. Anyway, I wish you all the best in your future endeavors, whatever they might be.
  • #65
  • May 14, 2016 11:31pm May 14, 2016 11:31pm
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.
I would be the last person to say I have it all figured out because I continue to find new things all the time'

Most people do know how to trade but most don't know how to win.

I am not recruiting anyone at all and have certainly never charged anyone a brass farthing for teaching what I know. In my country this would constitute an illegal practice. Nor can I tell people where and when to trade because this also constitutes financial advice which again is illegal unless licensed to do so, which I am not. I make my money as a trader and it probably costs me money because of the time I miss actually trading. I don't mind because I have plenty of money.

The very reason I started was because I thought there was too many people out there selling systems and ripping people off and we have continued with this same thought ever since. If I had a system I would gladly give it to you. I don't trade systems I trade only with risk management, profit is only a secondary event. I have a routine whereby I tried to deduce where and why price is heading for particular levels and these tend to be quite accurate if not pip perfect but I don't require all these pips just my percentage.

Pips mean nothing in this business, it is what you do with them that adds to the bottom line of the account. If I make two trades one making 10 pips the other making 100 pips then which one paid me the most in dollar terms. You don't know because pips are only a part of the equation. The whole concept of trading effectively requires skills in many areas just like any other business.

Now to burst your bubble I say to all here 'Do not attempt to contact me in relation to my teaching because it will be denied' The door is now shut. I don't need the all the trouble it causes me to point people in the right direction. Go ahead and pay someone a small fortune for what I was giving freely, no skin off my nose.

Have a luvly day y'all
  • #66
  • May 15, 2016 1:11am May 15, 2016 1:11am
Quoting Nala66
{quote} ... Now to burst your bubble I say to all here 'Do not attempt to contact me in relation to my teaching because it will be denied' The door is now shut. I don't need the all the trouble it causes me to point people in the right direction...
LOL
Gurus, always give me a good laugh.

Sorry
  • #67
  • May 15, 2016 1:18am May 15, 2016 1:18am
Quoting seahorse
{quote} LOL Gurus, always give me a good laugh. Sorry
How many times do I have to tell you I am not a Guru, but if you are laughing then I too am happy.
  • #68
  • May 15, 2016 2:24am May 15, 2016 2:24am
Quoting seahorse
Most of us retail traders are on B side of the brokers.
I don't see any problem with being "B-booked" until they launch their parasite "virtual dealer plug-ins" on B-booked trades...
  • #69
  • May 15, 2016 2:35am May 15, 2016 2:35am
Quoting seahorse
Most of us retail traders are on B side of the brokers.
Pardon my ignorance, but what does this mean? Can someone throw some light my way please.
  • #70
  • May 15, 2016 2:39am May 15, 2016 2:39am
Well... Its individual choice, just like we seeing long or short in same pair.

For my newbie perspective.. If we haven't a solid system and discipline to follow the rules...we Will always end with let the loss run with a Hope and pray the god Will do the rest to be in our side and always cut the profit early because just of fear factors.

Until we passes this stage... We were a loser side..

Just my cent guys...

Ps :just be positive then we will see different View.
Yen bodho ki ojo nemen nemen...
  • #71
  • May 15, 2016 3:07am May 15, 2016 3:07am
Quoting Nala66
{quote} Pardon my ignorance, but what does this mean? Can someone throw some light my way please.
Let there be light
http://www.abundancetradinggroup.com...forex-trading/
Have a nice day
  • #72
  • May 15, 2016 3:56am May 15, 2016 3:56am
Quoting billv
{quote} Let there be light http://www.abundancetradinggroup.com...forex-trading/
Thanks for that.

I cannot see how this can affect a trader though. Who cares which list they are on A B or Hybrid. I have no problem at all with my broker making money that is the business he is in.

Where I do see problems with brokers is the timing of the closes. It appears some use New York times and some use London. In effect this makes any bar greater than 1 hour varying chart structures. I have people who's 4 hour chart closes some 2 hours differently from my London chart. Though tops and bottoms end up in the same level they arrive in different bars. It seems there is no universal ruling on the closes of bars. It also appears internationally that daylight savings change the outcome of the closes also.

I often get people saying my chart doesn't look like yours. This also applies to the RSI where mine may cross the waterline but on others it does not. I think this is because different brokers draw their quote data from different sources, they are close but not always exactly so.
  • #73
  • May 15, 2016 4:08am May 15, 2016 4:08am
Quoting billv
{quote} Let there be light http://www.abundancetradinggroup.com...forex-trading/
I learn something new everyday.......Thanks.
It never gets easier, you just get better
  • #74
  • May 15, 2016 4:19am May 15, 2016 4:19am
Quoting MasterGuru
{quote} I don't see any problem with being "B-booked" until they launch their parasite "virtual dealer plug-ins" on B-booked trades...
LOL
MasterGuru, I hope you to stay in the B land, for many, many years.

Nothing to do with the plug-ins.
  • #75
  • May 15, 2016 4:20am May 15, 2016 4:20am
Quoting Nala66
{quote} Pardon my ignorance, but what does this mean? Can someone throw some light my way please.
It means: broker you
  • #76
  • May 15, 2016 4:22am May 15, 2016 4:22am
Quoting Nala66
{quote} Thanks for that. I cannot see how this can affect a trader though. Who cares which list they are on A B or Hybrid. I have no problem at all with my broker making money that is the business he is in. Where I do see problems with brokers is the timing of the closes. It appears some use New York times and some use London. In effect this makes any bar greater than 1 hour varying chart structures. I have people who's 4 hour chart closes some 2 hours differently from my London chart. Though tops and bottoms end up in the same level they arrive...
You have no salvation.
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  • #77
  • May 15, 2016 4:24am May 15, 2016 4:24am
Here we go....again
If you like my post throw me a Doge: D9eyP5TFYGDaN1JpjyU4jaU9ypg2wUk8Zp
  • #78
  • May 15, 2016 4:33am May 15, 2016 4:33am
Quoting seahorse
{quote} LOL MasterGuru, I hope you to stay in the B land, for many, many years. Nothing to do with the plug-ins.
B booking is simply a business model that brokers operate, ("bucket shop") as they know the net book order will always be favourable to them. Successful traders will probably moved to their A book eventually to reduce risk to themselves.
I don't see anything wrong here with this business practice, we must learn to adapt and utilise the advantage that this can offer you.
No, I don't work for any brokers.
It never gets easier, you just get better
  • #79
  • May 15, 2016 4:38am May 15, 2016 4:38am
F...it I will leave this thread to the losers, Don't know why I bother trying to communicate with seahorses, they are in a tank where there is no escape to a better world beyond.

That is all this thread is good for, talking rubbish. Tit for Tat and back again, absolutely pointless.
  • #80
  • May 15, 2016 4:39am May 15, 2016 4:39am
Quoting Shabs19
{quote} B booking is simply a business model that brokers operate, ("bucket shop") as they know the net book order will always be favourable to them. Successful traders will probably moved to their A book eventually to reduce risk to themselves. I don't see anything wrong here with this business practice, we must learn to adapt and utilise the advantage that this can offer you. No, I don't work for any brokers.
I didn't say I saw anything wrong with that.
I said most of the retail trades are on B side ...
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