Does anyone really make money off of the Forex? - Page 27
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  1. #261
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    Quote Originally Posted by sman1109 View Post
    This is all in support of more regulations, and in agreement to what I've been saying. People can't control risk without proper training, in the future people would be required to take classes and get a degree before trading FOREX.

    If all that is true in your post, then government must save people from their own ambitions with better rules. Presently to many people are LOSING money off of FOREX, and the government reducing leverage gives them time to get that training.
    I'm not in favour of overregulation at all - it is not possible or sensible to legislate for everything, even down to the level of attempting to legislate out people's chances of making poor decisions. If someone was able to lose their life savings by investing in something in which they are not experienced and don't really know what they are doing, then they made an obvious mistake. It is not the role of Government to legislate against that, it is not the role of Government to 'save people from their own ambition'. If there is a warning sign at the top of a cliff, it is not the role of Government to supply cushions at the bottom of the cliff to save the life of the idiots who ignore it, stand too close and fall off. There are plenty of warnings out there about how trading the markets is risky, about how we can lose as well as win. Someone staking a life-changing amount of money is making a mistake and a society in which mistakes have consequences is a healthy society. Children learn through mistakes having consequences for a reason, life has to have consequences to save us from collective arrogance, laziness and bigger disaster.

    So if someone loses their life savings as a rookie dabbling in the markets then I am sorry but they had it coming. Sometimes, if one takes life lightly, it bites back.

    ST

  2. #262
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    I make around 700$ per week ... trading S/R ... sell high ... buy low ... but sometimes i lose 3 months gain on one trade ... if any1 tells you that he never lost any and that he keeps gaining then you will know that he is fooling himself ...

  3. #263
    Quote Originally Posted by ForexMnstr
    I make around 700$ per week ... trading S/R ... sell high ... buy low ... but sometimes i lose 3 months gain on one trade ... if any1 tells you that he never lost any and that he keeps gaining then you will know that he is fooling himself ...
    You make $700 a week after your massive losses merely trading S/R? I imagine your recommendation to short xxx/JPY falls into the losing category.

  4. #264
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    Quote Originally Posted by SimonTemplar View Post
    I'm not in favour of overregulation at all - it is not possible or sensible to legislate for everything, even down to the level of attempting to legislate out people's chances of making poor decisions. If someone was able to lose their life savings by investing in something in which they are not experienced and don't really know what they are doing, then they made an obvious mistake. It is not the role of Government to legislate against that, it is not the role of Government to 'save people from their own ambition'. If there is a warning sign at the top of a cliff, it is not the role of Government to supply cushions at the bottom of the cliff to save the life of the idiots who ignore it, stand too close and fall off. There are plenty of warnings out there about how trading the markets is risky, about how we can lose as well as win. Someone staking a life-changing amount of money is making a mistake and a society in which mistakes have consequences is a healthy society. Children learn through mistakes having consequences for a reason, life has to have consequences to save us from collective arrogance, laziness and bigger disaster.

    So if someone loses their life savings as a rookie dabbling in the markets then I am sorry but they had it coming. Sometimes, if one takes life lightly, it bites back.

    ST
    That isn't the same as FOREX, it promises people will make money but should compare itself to gambling.

    There is no standardized training for FOREX, until then anyone trading FOREX is liable to lose money even their life savings, and that should be articulated clearly by the wealthy brokers and traders who profit from them.

    The disclaimers aren't enough, newer traders cannot possibly comprehend the risks they are about to embark in until its too late, and by then the wealthy have already capitalized on them and profited from their losses.

    So the only people who make money from FOREX are the wealthy experienced traders, and the brokers, NOT the majority of traders who are bled for the gain of a few.

  5. #265
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    Quote Originally Posted by mastergunner99 View Post
    You make $700 a week after your massive losses merely trading S/R? I imagine your recommendation to short xxx/JPY falls into the losing category.
    I have closed my short position on USD/JPY early today ... sold @82.52 yesterday close @ 82.25 today ... made 675$ out of it ... so please and iam probabley gonna short again when it goes up to 82.80 ...

  6. #266
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    Quote Originally Posted by sman1109 View Post
    That isn't the same as FOREX, it promises people will make money but should compare itself to gambling.
    I have seen no promise that people will make money from currency trading, simply statements that it can be done. And it can.


    Quote Originally Posted by sman1109 View Post
    There is no standardized training for FOREX, until then anyone trading FOREX is liable to lose money even their life savings, and that should be articulated clearly by the wealthy brokers and traders who profit from them.
    Why should there be any standardized, centralized training? It's a personal life choice. I choose to race cars as a hobby, if I wrap one around a tree and kill myself it's my fault for entering into something risky and then exceeding my talent, or not having the right equipment, or being overly ambitious: my estate won't sue the State for my not having been trained to the correct standard. Trading is a voluntary activity, so it is noone's responsibility to ensure that we don't do it badly.


    Quote Originally Posted by sman1109 View Post
    The disclaimers aren't enough, newer traders cannot possibly comprehend the risks they are about to embark in until its too late, and by then the wealthy have already capitalized on them and profited from their losses.
    If a newer trader stakes a sum of money that is of great significance to them with any gaps in their wider comprehension then they are the ones at fault; a fool and his money are easily parted. I was a newer trader once, we all were. Three years ago I did not know what a pip was. I studied right, played it sensibly and cautiously, today I am full time and profitable and never blew an account or had any significant drawdown. So of course the disclaimers are enough - they state that you can lose your shirt in this game, they state repeatedly that losses can exceed account size.


    Quote Originally Posted by sman1109 View Post
    So the only people who make money from FOREX are the wealthy experienced traders, and the brokers, NOT the majority of traders who are bled for the gain of a few.
    Even if that were true it does not prove that the market is corrupt. Just look around the threads on BP and other fora - a lot of newer traders seek to run before they can walk, they target unrealistic pip/cash returns, they risk too much to get there, they overtrade horribly, they have enormous overall exposure to the market at any given moment, etc. The majority of threads on BP include contributions from newer traders who make basic mistakes, but that is part of the journey, I did it, most of us did. We can learn our way through that. Unless we wipe ourselves out during that period through poor decision-making. The sensible ones will be controlling their risk during the learning period, so will not be overly financially punished for their mistakes. I have only ever risked 1% of my account per trade, and when starting out only ever had two open trades at a time. Because I was a rookie. Now I still risk 1% per trade but will have a couple more open trades going at a time if the market conditions suit. We read of newer traders around here taking several setups at a higher risk. That is a personal choice, and in my view they are making a mistake, they're risking being bitten by the market during the period when they still often do not really understand why they are in a particular trade. I did not come into this as a wealthy, experienced trader, or as a broker, yet I am still here as are many others. I did not have some special, inside track giving me the secrets on how to survive - I learned my craft steadily and just got better at it, working off the same information to which everyone else has access.

    If someone takes too much risk too early then they are at fault, not the system, and that obviously goes for anything - not taking crazy risks while not really knowing what one is doing is a life skill, not a trading skill.

    You're coming across as a little bitter, and as wanting to find someone or something to blame for your own bad experience, for your own shortcomings. Don't bet the farm on something you don't understand, then start a witchhunt for someone to blame when you lose the farm. You had a choice at every stage, and you made a poor one. I'm sorry, but that does not mean that the system is at fault. Gamblers don't always win.

    ST

  7. #267
    Quote Originally Posted by ForexMnstr

    I have closed my short position on USD/JPY early today ... sold @82.52 yesterday close @ 82.25 today ... made 675$ out of it ... so please and iam probabley gonna short again when it goes up to 82.80 ...
    Awesome. So you have poor risk management. You were sitting at a loss beyond $700 long before you came out $675.

    Despite that inherent losing strategy, my driving point is to stop talking dollars and cents. It doesn't impress anyone.

    Percentages, pips, units, these are concepts and terms everyone can directly relate to.

  8. #268
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    Quote Originally Posted by mastergunner99 View Post
    Awesome. So you have poor risk management. You were sitting at a loss beyond $700 long before you came out $675.

    Despite that inherent losing strategy, my driving point is to stop talking dollars and cents. It doesn't impress anyone.

    Percentages, pips, units, these are concepts and terms everyone can directly relate to.
    Well Iam still learning ... everyday is a new day ... losing money and making mistake is the way you learn ... you have to experience that and accept it ... how can I make my own strategy ...

  9. #269
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    Quote Originally Posted by SimonTemplar View Post
    You're coming across as a little bitter, and as wanting to find someone or something to blame for your own bad experience, for your own shortcomings. Don't bet the farm on something you don't understand, then start a witchhunt for someone to blame when you lose the farm. You had a choice at every stage, and you made a poor one. I'm sorry, but that does not mean that the system is at fault. Gamblers don't always win.

    ST
    The system is at fault, that is why the government is taking on new regulations to protect the majority of new traders in this market.

    No one is making money but for a very few traders and brokers, who profit from 8 out of 10 losing newer traders that come into this market and then leave.

    The US government will influence the world to change their rules soon as it does here so there will be no more cheating with Hedging, High Leverage, and First In First Out will be mandatory, you will see these market scams will end everywhere to provide for a fairer market.
    Last edited by sman1109; 11-26-2012 at 02:07 PM.

  10. #270
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    Quote Originally Posted by sman1109 View Post
    The US government will influence the world to change their rules soon
    I highly doubt it....

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