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Is trading FX for living a myth? 183 replies

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Quoting Igrok
{quote} the correct statement should rather sound like "90% of the time I don't understand what the market is up to"...
I read alot of your posts in FF and it sounds like your the only one that " doesn't understand what there doing". You spew alot of criticism and hot air but I don't see any running PnL from you wind bag.
Quoting Gobigfx
{quote} I read alot of your posts in FF and it sounds like your the only one that " doesn't understand what there doing". You spew alot of criticism and hot air but I don't see any running PnL from you wind bag.
just like i said... make your own research if curious...
Quoting Gobigfx
{quote} He scaled in moron only a retail trader would be foolish enough to go all in when time is a factor on a trade. Sheesh you guys are so terrible I don't know why I even bother to help lol
//-----

hey champion..... i clearly understand what steve was doing and why..... my concern is not for him, you, me or any trader of his caliber.... my concern is for those retail traders, as you say, that might not fully grasp the risk involved nor have the net worth to live thru it had the market moved further against him or them......

ya know, there is possibly a better section for threads like this..... it's specially designed so as to protect us moron hayseeds.....h
to trade and code, keep both simple... no call to impress....h
Quoting hayseed
{quote} //----- hey champion..... i clearly understand what steve was doing and why..... my concern is not for him, you, me or any trader of his caliber.... my concern is for those retail traders, as you say, that might not fully grasp the risk involved nor have the net worth to live thru it had the market moved further against him or them...... ya know, there is possibly a better section for threads like this..... it's specially designed so as to protect us moron hayseeds.....h
obviously those both videos are at best misleading and at worst are gravely dangerous because they promote false views and are full of misconceptions... I would never recommend to watch something like that to novices, who by following those leads might result in great losses for themselves and same time getting discouraged from learning a safe way of doing this business...
Quoting Igrok
{quote} obviously those both videos are at best misleading and at worst are gravely dangerous because they promote false views and are full of misconceptions... I would never recommend to watch something like that to novices, who by following those leads might result in great losses for themselves and same time getting discouraged from learning the right and safe way of doing this business...
//----

hey igrok..... i fully agree..... and truly believe that if steve was a member here he warn everyone of the tremendous risks involved in that one particular video.....

now if someone with a muti-million dollar account wants to double down contract sized trades in a falling market for what ever reason thats one thing, he can afford it.... but most of the guys and gals around here could not afford it, neither financially or mentally......

in my mind, the risk of ruining lives and families is just too great to allow that type material outside the commercial section..... especially when those videos are coming from a commercial operation.....

it's in twee's hands now..... i'm done......h
to trade and code, keep both simple... no call to impress....h
Quoting Gobigfx
{quote} I read alot of your posts in FF and it sounds like your the only one that " doesn't understand what there doing". You spew alot of criticism and hot air but I don't see any running PnL from you wind bag.
but on the second thought and in case you really insist... this is the sample of one of my actual statements from the times 10 years prior to the moment you appear here on FF and start distributing nonsense... satisfied?...
Attached Image
Quoting hayseed
{quote} //---- hey igrok..... i fully agree..... and truly believe that if steve was a member here he warn everyone of the tremendous risks involved in that one particular video..... now if someone with a muti-million dollar account wants to double down contract sized trades in a falling market for what ever reason thats one thing, he can afford it.... but most of the guys and gals around here could not afford it, neither financially or mentally...... in my mind, the risk of ruining lives and families is just too great to allow that type material...
this type of scaling, which is adding to losing position is as a sure way to kill your account as catching some sort of a cancer for a human... it only means that a trader insists on being right while rendering the market wrong... that's the most stupid trading strategy that can ever be used or recommended in forex...
adding to an already profitable position is the only way of scaling that could be allowed or recommended in trading...
Quoting Igrok
{quote} but on the second thought and in case you really insist... this is the sample of one of my actual statements from the times 10 years prior to the moment you appear here on FF and start distributing nonsense... satisfied?... {image}

This means nothing show me a running PnL like Steve showed and show it to me every night like he shows day after day in his videos.

You claim to want to protect the members of FF but I see no signs of intelligent life from you. You sir are a rank amateur and how do I know that ? because of every retail piece of nonsense that comes out of your mouth.

It is people like you that are the danger to readers of FF because you perpetuate the lies and myths.

Im done wasting my time with you and you are on ignore have a nice life
Quoting Gobigfx
{quote} This means nothing show me a running PnL like Steve showed and show it to me every night like he shows day after day in his videos. You claim to want to protect the members of FF but I see no signs of intelligent life from you. You sir are a rank amateur and how do I know that ? because of every retail piece of nonsense that comes out of your mouth. It is people like you that are the danger to readers of FF because you perpetuate the lies and myths. Im done wasting my time with you and you are on ignore have a nice life
yeah... also am gonna send all of my account numbers and pin codes... you seem to be even more out of your mind than i suspected initially...))))
Quoting hayseed
{quote} //---- hey igrok..... i fully agree..... and truly believe that if steve was a member here he warn everyone of the tremendous risks involved in that one particular video..... now if someone with a muti-million dollar account wants to double down contract sized trades in a falling market for what ever reason thats one thing, he can afford it.... but most of the guys and gals around here could not afford it, neither financially or mentally...... in my mind, the risk of ruining lives and families is just too great to allow that type material...
What part of scaling in to a full position do you not understand ?

If your full size is 20 lots and you scale into a position 5 lots 5 lots 10 lots why in the world would that make any difference to a retail trader who's full size might be 2 lots and scale in .5 .5 and then 1 lot. ?

Do you honestly think that scaling in is more dangerous then going all in 2 lots right from the get go?

Think about what your saying man !!!
Quoting Igrok
{quote} yeah... also am gonna send all of my account numbers and pin codes... you seem to be even more out of your mind than i suspected initially...))))

Sure nice comeback I didnt ask for your account numbers I asked for proof of a running PnL like Steve shows in his video but continue with your retail trash I'm sure the rest of the people in here who have bought into it hook line and sinker will love you for it.
Quoting Gobigfx
{quote} Sure nice comeback I didnt ask for your account numbers I asked for proof of a running PnL like Steve shows in his video but continue with your retail trash I'm sure the rest of the people in here who have bought into it hook line and sinker will love you for it.
Put me on your ignore list too. What a bunch of hogwash you are spewing here.
Quoting Gobigfx
{quote} Sure nice comeback I didnt ask for your account numbers I asked for proof of a running PnL like Steve shows in his video but continue with your retail trash I'm sure the rest of the people in here who have bought into it hook line and sinker will love you for it.
several seasoned traders here in this tread are now trying to explain you that your video materials can make no good to novices except for misleading, misinforming and confusing them... there are lots of different strategies offered on FF by lots of different traders that are way less risky and way more intelligent from any reasonable point of view by any pro or just more or less experienced person in this business...when i was also a trading instructor back 15 and more years ago and had some students from over a hundred different countries my very first lesson always was about not scaling losing positions... and here it is... another "genius" has "invented" the same old bs and promotes it...
Quoting Igrok
{quote} several seasoned traders here in this tread are now trying to explain you that your video materials can make no good to novices except for misleading, misinforming and confusing them... there are lots of different strategies offered on FF by lots of different traders that are way less risky and way more intelligent from any reasonable point of view of any pro or just more or less experienced person in this business...

hahahaha several seasoned trader on Forex Factory there is the joke of the day.

The only people on Forex Factory who spend as much time here as you do are Ego maniacs that are all losing traders but feel the need to make themselves feel better and spew more retail nonsense and losing traders that come here to fill their bellies with your nonsense.

If you ever actually came and worked at an institutional trading firm we would laugh you out of the building the first day. Every word you say is a complete joke.

I have started 3 threads in this forum in the last year and maybe a total of 20 posts and all your 9 years in here can not even come close to the value I offer this forum.
So do me a favor and if you don't like what I am saying go find another thread to troll.

I am here to help those losing traders who wish to see the reality of a true institutional prop trader.
Quoting Gobigfx
{quote} hahahaha several seasoned trader on Forex Factory there is the joke of the day. The only people on Forex Factory who spend as much time here as you do are Ego maniacs that are all losing traders but feel the need to make themselves feel better and spew more retail nonsense and losing traders that come here to fill their bellies with your nonsense. If you ever actually came and worked at an institutional trading firm we would laugh you out of the building the first day. Every word you say is a complete joke. I have started 3 threads in this...
So far you've shown nothing that will really help so-called losing traders. Just arguing. Let's see something of substance proving you say you are what you are and that you can really help. I'm not even asking for profit and loss statements. So markets are random and you say you can show how to profit from them. Let's see it. Stop arguing and pony up.
"Steve Patterson Trading" Another forex internet cash cow cashing in on subscriptions, signal services and memberships. Real traders trade.
  • Post #57
  • Quote
  • Edited 9:58pm Sep 11, 2016 9:47pm | Edited 9:58pm
Quoting Gobigfx
{quote} hahahaha several seasoned trader on Forex Factory there is the joke of the day. The only people on Forex Factory who spend as much time here as you do are Ego maniacs that are all losing traders but feel the need to make themselves feel better and spew more retail nonsense and losing traders that come here to fill their bellies with your nonsense. If you ever actually came and worked at an institutional trading firm we would laugh you out of the building the first day. Every word you say is a complete joke. I have started 3 threads in this...
i posted my very first message here only yesterday after almost 6 years of being away from this forum and just enjoying my life and trading my own money from time to time out of leisure... and i came back to FF only because i was personally asked to do so by some of my former students... i can't see any reason why i shouldn't help them to navigate through some tough market times... i'm also quite sure that most of the so called "institutional traders" you refer to (though i used to be one of them) are for the most part a bunch of losers cause only complete idiots could for example lose as much as lots of banks and dealers had lost on that SNB disaster that took place in 2015... only a moron wouldn't been able to foresee way in advance that it's coming and inevitable then...))))
Quoting Gobigfx
{quote} What part of scaling in to a full position do you not understand ?
//-----

thanks for not calling me a moron again...... i fully understand scaling in..... the practice.... the benefits..... the risks.....



If your full size is 20 lots and you scale into a position 5 lots 5 lots 10 lots why in the world would that make any difference to a retail trader who's full size might be 2 lots and scale in .5 .5 and then 1 lot. ?

yes, often it's different..... steve's accounts are 6 figures..... he probably uses less than 5:1 leverage...... both he and i can afford a 30k loss..... large dollar losses are common for me, said so many times before on this forum..... whether there common for him i can not say.....

but the average guy's around here is under capitalized and trades his account fully leveraged.... the slightest move against them and they've blown another account..... they can not afford to average down.....

Do you honestly think that scaling in is more dangerous then going all in 2 lots right from the get go?

depending on your account size, yes it could be..... many traders don't fully grasp the true power in limiting yourself to 5:1 leverage..... it's a well know statistic that large accounts , like steve's, use bare minimum leverage and make money while small accounts use maximum leverage and lose money.... roughly speakin of course....

//------

small traders need to scale in as the trade moves for them..... i've posted many charts with hundreds of scaled in trades as the trend continues to move in my favor...... and i've posted a few doing the opposite......

but if the market is rising and you want to short it, rather than scaling in, it's quite often better to have several spaced trailing sellstops..... this way there is no draw down while waiting for it to turn.....

course i'd be a hypocrite if i did not confess upfront the temptation to scale in as the market moves against me is high..... but i'm talkin about nickel and dime money, not full contract sizes........ adding to losers is easy to start and hard to stop.......

and thanks again for not callin me a moron again...... i do so hate cryin in public......h
to trade and code, keep both simple... no call to impress....h
Quoting hayseed
{quote} //----- thanks for not calling me a moron again...... i fully understand scaling in..... the practice.... the benefits..... the risks..... If your full size is 20 lots and you scale into a position 5 lots 5 lots 10 lots why in the world would that make any difference to a retail trader who's full size might be 2 lots and scale in .5 .5 and then 1 lot. ? yes, often it's different..... steve's accounts are 6 figures..... he probably uses less than 5:1 leverage...... both he and i can afford a 30k loss..... large dollar losses are common for...
Finally an intelligent response in this thread ..

First of we are in agreement about retail traders over leveraged so on that we agree. I agree with you 1:5 leverage is about the maximum a retail trader should ever use and anything else is foolish.

I still do not understand your argument about the dangers of scaling in. What difference does it make to account size if you have a set stop of X percentage of your account but you are not sure of entry price you are doing what is known as building inventory.

Lets pretend this is not Forex and its Shoes and you own a shoe store but your unsure of the time horizon and demand that your shoes will take to sell so rather then committing all your working capital or percentage you test the waters with a small size. If demand for your shoes is there you add to the winner if the demand does not show up on the timeline you expected then you build more inventory at the lower price because if your analysis is correct and you are working off a reliable model / edge you know that the demand will show up except now you have a much better price and you are still not fully committed and risk losing the entire allocation.

Forex pairs are no different then running a retail store in alot of ways your buying a product at what you believe is a discounted price in hopes of increased demand and the more you can reduce your risk the better you are at running your business.

Cheers
That's his account stats. When he's saying the market is going down, that's not true, it's his account going down....lol. Just because he wasn't making money, doesn't mean everybody else was losing either......
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