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Should I quit trading forex?

  • #121
  • Feb 7, 2017 9:18am Feb 7, 2017 9:18am
Michi,

the following example explains just one of the systematic edges against you as a retailer based on a recent CFTC ruling against FXCM. That's the reality all over the globe in this industry. Some do it blunt, some do it smarter, and some don't even care much to hide it because they are located in countries they don't even have to bother about a efficient regulator....

http://www.cftc.gov/PressRoom/PressReleases/pr7528-17

Well, FXCM is not one of the countless tiny Cypress based fraudster brokers, its the CFTC / NFA regulated FXCM, the 3rd largest forex broker by volume....

http://fairreporters.net/economy/largest-forex-brokers-by-volume-in-2015/

Understand how they did it and think further about the countless other ways how you can build a systematic edge against retailers. I could imagine a hundred ways to screw them..... so can they.

It is a systemic problem - so best for society is to implement a global marketing ban for retail forex and binary options and drain this swamp. This is underway on a global scale, with European Countries taking the lead but others to follow soon.
  • #122
  • Feb 7, 2017 9:53am Feb 7, 2017 9:53am
99.99% suck anyway.
It really doesn't matter whith what broker they trade.
CFTC / NFA is the same shit or even much worse than the Cyprus crap.
  • #123
  • Feb 7, 2017 10:32am Feb 7, 2017 10:32am
Here is explained in detail how FXCM fleeced their customers.....

http://www.forexscamalerts.com/fxcm-permanently-banned-usa-fined-7-million

The market maker was the FXCM controlled Effex Capital.

So now I think I better understand how companies like EFFEX Capital function.

Quote:
Approach:
EFFEX Capital’s approach to trading offers a unique value proposition for venues. We can adapt and focus our models such that they interact with the extant trading in a given pool, building our price and trades based on the activity within that venue.

My interpretation:
Thanks to a previleged access to your client pool, we adapt and finetune our algo models to efficiently rip of your customers by trading against them on your behalf outside your books so that you look clean and compensate you afterwards by sharing the profits......

Isn't this what happend at FXCM? What about the other customers? If your broker has a business ties to EFFEX (liquidity provider or market maker) it might be worth thinking about it.

Does anybody still wonder why such companies are so profitable. It's not because they are so brilliant or smart.....
  • #124
  • Feb 7, 2017 11:03am Feb 7, 2017 11:03am
Quoting The-Flipper
99.99% suck anyway. It really doesn't matter whith what broker they trade. CFTC / NFA is the same shit or even much worse than the Cyprus crap.
Hi Flipper/ What do you suggest a trader should trader other than Forex? I think I know who you are
& if I'm correct you traded with much success the Bund market. If you are that person you views & comments
will be most welcome by me & if your not my humble apology to you.


___________________________________
  • #125
  • Feb 7, 2017 11:13am Feb 7, 2017 11:13am
Quoting HudithePfupf
Quit as fast as possible and don't come back ever. This decision will save you a lot of time and money. It is a negative sum game for retail traders. If the leverage you apply is >5 than you will destroy your account with 99% certainty over a relatively short period of time. The forex retail trader pays the gains of..... retail brokers / banks (hundreds of millions USD / year), just look at their marketing budgets.... wow! for insiders who capitalize on important economic data, political decisions, rate decisions etc. around news releases for HFT...
Absolutely 100% correct & spot on my friend.
  • #126
  • Feb 7, 2017 11:39am Feb 7, 2017 11:39am
Unfortunately, you tried in the wrong way! As a new Forex trader you need to learn manually! But I see, you tried with others trading EA, that’s not proper way buddy! For being a successful Forex trader you need to learn technical and fundamental analysis with properly! In this forum there have thousands of thread threads and posts, just spend your time here and update yourself!
  • #127
  • Feb 7, 2017 12:45pm Feb 7, 2017 12:45pm
Quoting acetrader
{quote} Hi Flipper/ What do you suggest a trader should trader other than Forex? I think I know who you are & if I'm correct you traded with much success the Bund market. If you are that person you views & comments will be most welcome by me & if your not my humble apology to you. ___________________________________
No, I'm not and you don't know me.
Apology accepted.

And if you can't trade Forex, you won't make a dime elsewhere.
I've seen it all.
Markets are all the same shit, only the conditions differ (what and how much you get for your money).
  • #128
  • Feb 7, 2017 5:05pm Feb 7, 2017 5:05pm
Quoting The-Flipper
{quote} No, I'm not and you don't know me. Apology accepted. And if you can't trade Forex, you won't make a dime elsewhere. I've seen it all. Markets are all the same shit, only the conditions differ (what and how much you get for your money).
Tks. Best of trades to you.
  • #129
  • Feb 7, 2017 5:13pm Feb 7, 2017 5:13pm
Quoting The-Flipper
{quote} No, I'm not and you don't know me. Apology accepted. And if you can't trade Forex, you won't make a dime elsewhere. I've seen it all. Markets are all the same shit, only the conditions differ (what and how much you get for your money).
Agreed. And when you know how to trade you can trade anything that moves.
You came here for the truth and let me unveil it for you
  • #130
  • Feb 7, 2017 5:23pm Feb 7, 2017 5:23pm
"Should i quit trading forex?"

Depends on what your motivation and goal is. If its just for fun or a hobby then no, no reason to quit.

If its something you want to do as a full time job and your only income, then save up 100,000k and go with a real broker otherwise quit! But lets face it, if you had 100,000k to invest there are much more low risk things to invest in.

The world of forex is mostly lies and deception. Brokers lie, traders lie, people selling systems or strategies lie. If your happy with this reality and like i said can do it as a hobby or for a bit of nonsensical fun then sure, keep at it. But im sure their are much more exciting hobbies you could do and spend your money on and be much more fulfilled at the end.
  • #131
  • Feb 7, 2017 5:28pm Feb 7, 2017 5:28pm
Quoting mrhigurashi
"Should i quit trading forex?" Depends on what your motivation and goal is. If its just for fun or a hobby then no, no reason to quit. If its something you want to do as a full time job and your only income, then save up 100,000k and go with a real broker otherwise quit! But lets face it, if you had 100,000k to invest there are much more low risk things to invest in. The world of forex is mostly lies and deception. Brokers lie, traders lie, people selling systems or strategies lie. If your happy with this reality and like i said can do it as a hobby...
Yes what exactly is your motivation for trading forex?

Is it to get rich quick?
Is it for fun like gambling is for fun?
Is it to con people by making claims of untold wealth and get investors to give you money?
Is it for a second income?
You came here for the truth and let me unveil it for you
  • #132
  • Feb 7, 2017 5:34pm Feb 7, 2017 5:34pm
Quoting michisuperfr
{quote} Yes of course, don't get me wrong, it's very clear to me that only a very few can be profitable for a certain amount of time. {quote} That they're probably not dumb enough to put everything in one account at one broker. I personally also have rather many small accounts and spread over 2-3 good brokers than only one big account. Also I think that real "top traders" don't need investors and most of them don't make their account public. {quote} Theoretically yes, it could be "luck" but most probably there is more to it. I can't judge it. {quote}...
You hit the point
Let Market Tell You
  • #133
  • Edited 6:18am Feb 8, 2017 1:10am | Edited 6:18am
Among all the financial markets forex is statistically safe !
some *# think the EURCHF crash was unpredictable, while it was 100% predictable: the CHF had a peg...

Also anyone with a brain know that black swans can happen in any market.

In terms of opportunities I agree 100% with The-Flipper..

There are brokers who accept >25-50k deposits and you wont see rich traders publishing their stats online. only managers and system sellers / fun traders..
you can see that some are consistently profitable in the long term (4+years), still I don't need to be encouraged since I can make my own conclusions through simulations.

Also trading is not necessairly that time consuming which means you can do other things while trading (eg. I'm working, trading, writing on FF lol).

If you start small, you need to trade high risk and withdraw frequently, high leverage gives an opportunity to make it big by starting small (with a good dose o luck indeed!).

Of course, if you dream of getting rich quick trading (forex / whatever..) is not for you. It takes time if you want to be consistent, high risk, low risk..
  • #134
  • May 11, 2017 10:42am May 11, 2017 10:42am
YES!! Take your money and run - fast!

Quitting retail forex is your first step towards a better life.

This video gives you some idea about the retail forex industry and where the retail forex trader has its place:

Inserted Video


Understand that people like Forexia, Heyyou, forexden.....etc. etc. are part of the marketing machine of retail forex brokers. Since these bucket shops burn through 90% of their customers within 3 month, they invest hundreds of millions USD a year on a global basis to lure in new suckers..... don't be one of the suckers. Quit now!

If you suffer serious gambling addiction, look for professional treatment before it destroys your life. Admit to yourself that you have a problem and put your addiction in the right place... retail forex is pure gambling, your broker is your drug dealer and only interested in your money, not your health.

If you can't let go use a micro account or demo account to satisfy your gambling addiction and keep the amount of money you burn through as small as possible...
  • #135
  • May 11, 2017 10:45am May 11, 2017 10:45am
Quoting HudithePfupf
YES!! Take your money and run - fast! Quitting retail forex is your first step towards a better life. This video gives you some idea about the retail forex industry and where the retail forex trader has its place: https://www.youtube.com/watch?v=1p2qIs-0nGc Understand that people like Forexia, Heyyou, forexden.....etc. etc. are part of the marketing machine of retail forex brokers. Since these bucket shops burn through 90% of their customers within 3 month, they invest hundreds of millions USD a year on a global basis to lure in new suckers........
why is this fucking video keep being posted!?!??!?!

anton is a smart man.. but he's still marketing a service. That violates FF rules. Now i'm about to go on a cleanup rampage.

stupid motherfuckers..
  • #136
  • May 11, 2017 11:16am May 11, 2017 11:16am
You ask why? Because it puts a lot of things in the right perspective.

I post it to make the job of snake oil sellers like you a bit harder and raise the lure in costs for forex brokers. People like you induce an incredible amount of pain into the lives of the weakest in society. So don't be surprised if your are meeting resistance from those who look through this shady industry. I am implanting the right thoughts into the minds of hundreds of thousands of readers..... does it work.... look a regulatory action in the last 5 years and I think the awareness in the US and in the EU has already reached a point where you should start to think about a new job.....

This video exposes some of the tricks forex brokers are working with and put a lot of things in a far more realistic perspective than the fairytales retail forex marketing scammers like you are hammering out each day.
  • #137
  • May 11, 2017 11:22am May 11, 2017 11:22am
Quoting HeyYou
If you start small, you need to trade high risk and withdraw frequently, high leverage gives an opportunity to make it big by starting small (with a good dose o luck indeed!)...
This is exactly the gambling business model of forex brokers...having customers with an average account size of 2500 USD that are gambling with up to 300 leverage..... there is no easier way to extract their money. They have 99.9% win rate in this game.....so it's clear they will exploit this edge till a regulator stops it by limiting leverage to a max of 5:1....
  • #138
  • May 11, 2017 12:00pm May 11, 2017 12:00pm
Quoting HudithePfupf
{quote} This is exactly the gambling business model of forex brokers...having customers with an average account size of 2500 USD that are gambling with up to 300 leverage..... there is no easier way to extract their money. They have 99.9% win rate in this game.....so it's clear they will exploit this edge till a regulator stops it by limiting leverage to a max of 5:1....
That is true but the regulator doesn't care if people that he doesn't know are gambling and losing their money. He is not trying to ''protect'' them, even if this is the official reason for these restrictions.

The regulator only cares that his citizens are spending their money abroad. Since the regulator serves his government, he will do anything to make citizens spend money in their own country, thus pay taxes on purchases, promote local employment, or investing in the national economy thru stock market...

Since in democratic countries like US or Europe, a law making illegal for citizens to invest their money with an offshore broker would be very difficult to implement, the governments choose the easiest way, that is threatening offshore brokers who would accept to open an account for their citizens...No idea how they do it, but seeing how all brokers abide by these rule although they lose a lot of potential customers, the threatening must be very effective.
Don't give up on your dreams. Keep sleeping.
  • #139
  • May 11, 2017 12:36pm May 11, 2017 12:36pm
Regulators in Europe are (re-) active.... just one sample:

https://smnweekly.com/2016/12/09/ger...d-instruments/

Countries like USA, France, Germany, UK, Belgium, Cypress, Turkey, etc. have recently introduced rules like marketing bans, leverage restrictions, negative balance protection, etc..... the regulators are aware of the fact that CFD's are especially tailored towards the retail market. There is an vast amount of evidence since many years that an overwhelming majority of retail traders are losing money hard and fast. In some cases like the SNB event on 15.01.2015 some not only lost their account, they had huge negative balances and ruined their lives.
  • #140
  • May 11, 2017 4:52pm May 11, 2017 4:52pm
Why do people still think, they can just find some holly grail EA, that will make them rich quickly or have very little to no knowledge about financial markets, take on insane risk exposures and then blame their brokers/banks, when they get a margin call? Trade 1 % max exposure per single position (0,5 % is even better) and 6 % max exposure on all open trades (3 % is even better), and you will never get a margin call, except in black swan event, like CHF-SNB (hey, you can also get hit by a bus, but you still walk the streets).

Mutatis mutandis forex trading is no different than trading any other financial market. If you are successful stock trader, good chances are, you will also easily become profitable forex trader. If you suck at trading stocks, you better not play on foreign exchange either. Read and learn, practice, have enough capital (50K is a minimum in my opinion) and then trade. Please don't pay for some mumbo jumbo webinars or instructions of some self proclaimed market prophet etc. Everything you need to know has been already written. Read books of John J. Murphy, Steve Nison, Thomas N. Bulkowski, Stephen W Bigalow, Alexander Elder, Marcel Link, Robert Prechter, Kathy Lien, Jack Schwager, Mark Douglas... If you can't afford to buy them, download pdf's for free, authors are already rich enough
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