austinp I have great respect for your posts and I am humbled. Thank You I want to do my part to make ET's Forex Trading Forum the very best on the net! Michael B.
AustinP, Forex is not tougher to trade than any other market. Forex is in fact the best trending market, it is just the immense leverage that wipes out most people who overleverage just like in futures. You win quicker if you have an edge, you lose quicker if you have no edge. So smart people who have an edge move on to forex or futures
4x made easy IS GREAT, it has made me so rich, buy it and use it, these guys who are selling it are angles from god they are doing a world a service, people like that are not born every day (PS I don't know how I live with myself)
Virgin, I guess the toughest parts about FX trading are: #1: Trades around the clock. Invariably, the ideal entry - exit comes 1/2 hour before or after we're watching the charts. So... then we extend our trading hours in the chair both ways. Soon we're sleeping (a little) and watching FX charts the remainder of time. Eventually, sleep deprivation wins out. We go to mechanical system signals and/or prestaged orders in order to not miss out. If that approach fails to work, we repeat the process again :>) #2: Whatever FX markets do, they do with emphasis. The trends are extended and unbelievable. By the same token, those sideways swings are neck-snapping. Lately, most FX markets have been terminally sideways in dramatic fashion. I personally prefer the GBPUSD pair to all others. It makes some very nice moves every week... mostly when I'm sleeping :<( When I try to prestage orders, they fill = run in my favor = reverse and stop out while I'm snoring blissfully away. Two nights of that, and I'm sleepless wondering how the pre-staged trades are faring. Back to the sleep deprivation state, noted in #1 challenge with FX. ** FX markets are wide-range compared to all others, and the fact that they trade all week long is equal parts good & bad. Probably those two factors create breakdown in discipline of traders to highest degrees. When good traders flame out in the FX, they tend to do it in dramatic fashion. If I lived outside the U.S. where my normal trading hours were anywhere from midnight to 9:00am EST zone, I'd happily trade the GBPUSD and nothing else. But... most of the good moves (apart from 8:30am major econ reports) occur when I'm asleep. I really love trading FX... but my waking hours are not at all conducive to such. Same is true (imo) for too many U.S. traders.