Good for you. I've said for years that forex is a market only for insitutions to hedge their currency risk with. The gambling casino may be open 24 hours a day, but there's no hot line when you blow your wad in 30 seconds as is possible at 200:1 leverage, but really anything beyond 10:1 and your guaranteed to blow out and that's how I know if someone is a newb or not. That is, they must understand that leverage beyond 4:1 is financial suicide. I've never heard any person get rich trading forex....ever.
dont feel bad. you sound like a great trader! have you ever thought of trading YM futures at $5 a tick? dont worry about the exchange cos its a big con. instead, you can deposit min account balance of $5000 with me. when you want to trade, call me and i'll give you a quote. when you want to take your profit, call again for your quote/exit. dont worry, i promise i will never consider your position long/short when quoting a price. for all i know, you may be adding to your position right???!! im honest and you can trust me cos i spent a load on branding etc and speak 4 languages inc spanish.
dude - i read your post a few times. if i were you, after 4 years, id stick with fx cos you know how it behaves - cycles. sometimes volatile, sometimes not. sometimes when the figures release, sometimes not. all you have to do now is empathise with the current condition of the market and have a few strategies for when the market is balanced/ range bound and another for when its makiking a move. dont try and catch every move. youll be surprised how much you make if you have conservative goals rather than try to get every move. who said you have to sit in front of a screen all day? dont you want to trade to be free? do you think the 'fx pros' trade all day? no. they work in banks, and also have meetings, conf calls etc, they look at 30- 60 min charts. stocks as you describe will give little understanding and be a probability game/gamble rather than speculation/understanding.
You're correct mounafia, apparently the dreamer is you, so you're incompetent. I know of a trader that has been successful for years trading forex & it's very doubtful that he believes that forex is one big scam.
but what accont size does he have, and how often does he trade? this will determine his cost of execution. the reason most beginners 'fail' isnt because they are on the wrong side, but because their transaction costs. the smaller you are, the more vig you pay. what difference in pnl would you have if you paid 30% less e.g. on each r/t?
Quote from: FredBloggs but what accont size does he have, and how often does he trade? this will determine his cost of execution. the reason most beginners 'fail' isnt because they are on the wrong side, but because their transaction costs. the smaller you are, the more vig you pay. what difference in pnl would you have if you paid 30% less e.g. on each r/t? _____________________________________________________________ Newbies & struggling traders tend to(with great frequency) gravitate towards taking positions against prevailing sentiment, I believe it's because the market is good at using deception & those typically vulnerable to that deception are those that are new to this game, for example, if the market is moving down with great force, often times the market makes them feel or behave as if they're going to miss out on the world's biggest lottery that the world has ever seen by buying the market repeatedly, because they're afraid to miss the move again, hoping that the market turns upward, when in reality the market may not be close to turning in the opposite direction in a dramatic way. That's the reason that many newbies expend great energy, effort & time accomplishing very little. Their focus is on the tail that wags the dog principle, instead of the dog that wags the tail, which is the domain of experienced or educated traders. The less is more theory truly does have great value. He has a longer term viewpoint and not on what's the market's next move going to be in the coming second to minutes Fred Bloggs, so the issue of transaction costs & the size of his account has no bearing whatsoever, these are issues that only affect traders that are playing cat & mouse with the market, it's no wonder why some call it quits.
The reason Fx is a scam is that the banks have secret software that acts like malware and hides on your PC, but no AV or spyware can detect it. The way it works is when you take a position it informs the banks where your stop is and in a little the market moves against your stop to take you out. It has nothing to do with being a poor trader in a fast market with high leverage, or being able to understand market dynamics, or even having excellent chart reading skills or a trading edge. Nope. This was cloned from an alien spaceship and is the reason the banks make so much profit trading the worlds largest market - they make that profit by stealing from you. So don't think for one minute the market is telling you that your trading skills are not up to scratch... just blame the aliens, the banks and the secret malware on your PC, and move on to something easier where the trend lines and candles really work. Honest
What you mean to say is that you can't trade it, fine, but there are plenty of traders who have been profitably trading spot forex for years. Agreed, it's not an easy market but that doesn't mean it's a scam. I'm surprised that in 4 years you haven't realized there are times to trade and times to stand aside, forex isn't a market for impatient traders.