Forex is eventually a scam, a losing gamble, not trade. - Page 3
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  1. #21
    Join Date
    Jun 2012
    Location
    Orlando Fl
    Posts
    1,032
    A little late to the party but here is my two cents, if you are going to trade/invest in any market you must have an edge, without one you will lose all your money, a blackjack player who counts cards has an edge over the casino, a roulette player chasing patterns has no edge and will eventually lose. In markets an edge could be something as simple as buying the S&P or DOW and holding for years, while reinvesting the dividends, this strategy has a 100% success rate. For my Trading Edge in Forex I employ the following, Trade with the Trend, Match a strong to a weak currency, trade against the crowd, patients to wait for ideal setups, and final sound money management

  2. #22
    Is Forex a scam? No it most certainly is not.
    Is Forex an area littered with the corpses of the clueless? Yes, it most definitely is.

  3. #23
    Join Date
    Apr 2014
    Location
    UK
    Posts
    320
    Hey Kadhiem,

    Like many have already said, an experienced trader looking at your story will feel sorry for you but won't be surprised. It's the same with most jobs or careers, I'm sure that what people think you do all day based on your job title is very different to what you actually do day in, day out.

    If you are going to trade for the next 10 or 20 years can every day or trade be life or death? Can you be stressed or under pressure each time a trade doesn't go your way? That would be a miserable life.

    With time, learning and experience your expectations become more in line with your 'reality', you then decide, or it is decided for you, if trading is for you or not.

    Trading for a living is very different from hobby trading. I trade full time and feel no pressure to generate a set figure each day or month, if i did i would be miserable. When a trade loses it's because it was supposed to, i don't feel it. When a trade wins i don't feel that either, it was supposed to win. Of course it wasn't always like that and it's taken a lot to get here, but in order for it to be a viable lifestyle for me i had to learn. Yes i do get quite pissed off at something trade related a couple of times a year but that just means it's time for a week off.

    Trading is a lot of work and there is a lot of going backwards to go forwards, but like any job if it suits you it's way more enjoyable than it is a chore, it can even feel like a privilege at times. (Mostly it's just pretty 'normal')
    Last edited by WinPsych; 02-15-2017 at 08:22 AM.

  4. #24
    Join Date
    Jul 2013
    Posts
    2,510
    Quote Originally Posted by Liton Das View Post
    Forex can never be a scam, a losing gamble. But there are some traders use this kinds of policy to make huge profit. But if we see attentively, we can follow that most of them become failure by this kinds of policy. Because scam, gambling are not a proper trading rule. A trader who follow the real trading system he never get loss from Forex. We should have the ability to make profit from Forex on regular basis.

    This is not only nonsense, but scary nonsense: as with several of your other posts, you have absolutely no idea what you're talking about.

  5. #25
    Join Date
    Aug 2008
    Location
    Southern Sweden
    Posts
    2,821
    Quote Originally Posted by stop runner View Post
    There's no discrimination whatsoever between institutional & retail environments as far as those terms & labels are concerned.

    Politely, to their face & in any correspondence, they are of course clients or customers, but in reality & in-house, they're all punters whether they're transacting via institutional brokers or retail bookies.

    They all simply place bets on the movement of financial instruments but generally the only crowd that gets sniffy about these labels & what it is they're actually involved in, is the retail sector. The vast majority of professional players really could care less & quite often refer to themselves as punters/gamblers.

    They're simply industry terms that get bandied about every day of every week & which just so happen to accurately describe the endeavor that's being undertaken.

    Underfunded & ill-prepared retail punters are by no means the exclusive donors of broker profits. Professional punters swell the satchels too on a very regular basis.
    I'd imagine that brokers have a fairly good handle on which clients are consistently profitable and which are not. I'd even venture a guess that some brokers may even piggyback their best clients from time to time?

  6. #26
    Join Date
    Oct 2013
    Posts
    936
    Quote Originally Posted by kadhiem View Post
    Hi All,

    I am not quite a newbie, in short I started GBP/USD forex last Oct, made £7k by mid January and so was "really unlucky". Lost that 7K plus 12k by end of Jan. restarted with tiny deals then lost 2k on Brexit, another 2k on Pound flash crash, finally moved to EUR/USD and lost another 2.5k last week after a patient waiting of 3 months of open mixed hedged deals.

    My conclusion is this: depending on span of time you eventually lose. If 5% people win first year that drops to zero eventually.

    I don't think there is any winning strategy because if there was there would have been a winning robot but such robot would not be sold obviously. Since there are many robots on the market it means there is no strategy.

    We tend to grab profit early but leave losses too late or never close them.If you hedge them you enter a mess of false wins.

    Any thoughts welcome. I am actively resisting the addictive nature of this scam so called trade (gambling in fact).

    Regards

    You are gambler, not trader bro, that's why you are losing. Genuine trader never feels addiction to trading, its like a daily routine job for you. When you will try with new deposit just imagine for a second that you lose everything. Think about that for some time. If you are ok with this losses then you can proceed. You DON'T have to feel joy from winning trade and sadness from losing trade. If you lose emotional poise you are doomed to lose.
    As an option, spend two weeks for analysis and a couple of days for a trade. I do 1-3 trades monthly and after 9 months of trading just slightly above the breakeven. Because emotions gained control over me forcing me to make wrong decisions.

  7. #27
    Join Date
    Jul 2011
    Posts
    50
    mh,
    Absolutely & they're rarely opposed, especially those who continually identify & surf strong dominant short & medium term flows, because usually when they're (the minority) surfing those strong waves the mug punters (the majority) are frantically swimming against them.

    And in the main, that type & flavor of activity denotes which group or characteristic of punters you lay & which group you play! These days the machines sort, filter & stack all that stuff out, but in theory that's still how it plays out.

  8. #28
    Join Date
    Apr 2010
    Posts
    1,055
    It's really rather simple. Just trade a micro account for 0.01 lots per trade, only cents per pip. Do that until you learn to make a consistent profit. You could have paid for your entire Forex education many times over for much less than what you lost at the very beginning. The only tough part is that it will probably take 5 to 10 years of steady learning before you learn to trade for a profit. Most traders do what you did and try to trade for large profits before they know what they are doing. That's not a scam, it's just a very common fault in human nature. The first thing you need to learn is patience.

  9. #29
    Join Date
    Mar 2016
    Posts
    348
    Great post Graviton

  10. #30
    Join Date
    Jul 2013
    Posts
    2,510
    Indeed: excellent post, there, from Graviton.

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