I was drawn to it, because I was losing money on the CBOT, not knowing what Goldman Sachs was doing, always getting in late, getting out late, and bettng on peak supply on the NYMEX, undercapitalized to trade energy. and there over in my paper account, I was consistently making money in forex.
the thing that got me hooked was, my paper account was more than I wanted to trade with real money. I could have just reset it. But I decided to trade it down. I violated every rule I had been taught. Added to loosers, took small profits, and it just kept growing. Doubled up and took the other side. And it just kept growing. Of course, it didn't quite go that way in real life, but so far, it has gone that way enough that I can click the box on my Vanguard funds to reinvest.
i gotta get into vol-mkts... It would seem there are edges to be found with FX spot though and futures, especially in certain situations. The manipulation from talking heads can also be traded with an edge no?
there's a place in all of these markets if you find your place and for most small retail traders, it is some place in the middle like I said, I couldn't find a place in energy, even the middle was too high priced for me no matter how small you are, there is a place in the middle for you in forex but just because the barrier to entry is low, that doesn't excuse you from having a long term plan when I started trading forex, for the first time, I could start trading like Warren Buffet
Pure gambling or worse because at least most gamblers in a Vegas casino know they will lose money, but gamblers in forex expect to make money.
time to stick your head back up your ass, everytime you pull it out, you start stinking up the joint otherwise, a brilliant observation "gamblers in forex expect to make money" who writes your material? or is it original?
You're just bitter because you're not succeeding at trading forex. No shame in that. Forex is a tough nut to crack, as Mr. Atticus has noted. I just think the only way to win in forex is not to play at all, imho.
Why does anyone here need to prove anything to anybody? I'm reluctant to even say I'm net profitable trading in spot FX in this thread since I really don't wish to deal with the barrage of questions that are likely to follow. Or, put another way, ever wonder why so many good traders stop giving a shit about trading forums? Why "the greats" of ET have slowly left but are reported to still trade? It might have something to do with threads like this, and people making inferences trying to extract responses from others when their statements are designed to just incite some big online pissing match. Yes, it's unfortunate that one or two of the defenders of FX trading for a living ended up being bad examples... even more unfortunate that some of the anti-fx people here have been thick headed and ego driven, making a straightforward conversation about the topic into a train wreck... ...but I can assure you that, along with atticus, I personally know a few people who trade spot fx for a living. I don't know anyone in the 7 figure a year range, but still making a living off it non-the-less. -- Here's the problem: There's like zero barrier to entry to get into fx trading. If only 1/10 of stock traders at a prop firm will make it in the long run (and that's not saying they are making millions, just scratching by,) and they are focusing on trading in a structured setting with risk controls and ample screen time, what do you think the success rate is going to be in FX where anyone can open an account with $50 at some cruddy broker overseas and have the ability to blow it in a single trade? So if everyone here is just counting the instances of failed traders they see for every potential decent trader, of course they'll think people who can trade it for a living are rare or non-existent. -- Lastly, there's one other thing that really bugs me in this thread, and it's the projection I see a lot of people doing: "If I can't trade fx, then it must be rigged and no one can trade it, so anyone else saying they can is a liar!" In person, all the ultra successful (ie, made millions) traders I've ever met have one thing in common: They don't have an ego. I suppose the market beat it out of them over the years. I honestly don't understand how some people here, who are "proven" traders in other markets according to their forum reputation, can fall for this ego trap. Seeing their posts with this 'tell' about their personality actually makes me second guess their status as traders in their respective target markets. EDIT: Looks like atticus touched upon some of the same thoughts in an earlier post. Still, I had to write this out, it was bothering me.
You got to be kidding me, take your sorry ass elsewhere man, you stinking up the thread with negativity and pessimism. This shit is not easy but its far from impossible.