A little backstory, i’m well educated and have experience in business. I’ve been obsessed with investment and property for a long time, trying to consume all the information I can. I’ve always shied away from stocks as I have other ventures that require capital, stocks have always been something I would do with excessive cashflow, though I do follow many companies and their stock performance.
I was on youtube one night, and for the heck of it I started typing in things like, “rich, billionaires, wealthy lifestyle” I wanted to see some pretentious nonsense. I came across this… person… who was young and had ridiculous claims of making a couple £million in a couple years with Forex, it was posted by a very reputable UK television company and that planted the seed. A while later I was watching a youtube gaming streamer who mentioned they trade Forex, I just had to check it out.
I don’t have to get into specifics, but I almost got ‘scammed’ or tricked into depositing into an unregulated broker through a referral link, I almost fell for the ‘limited spaces on my free trail’ BS, i was probably 65% of the way to depositing and following these signals blindly.
I managed to stay away from the obvious scammers but soon fell into the trap of watching countless hours and hours of poser Youtubers, who trade demo or have laughable strategies, but I didn’t know any better so I was watching their bland content just to try and pick up a piece or two of knowledge. Looking at them now, they are absolutely worthless channels, yet they have 95% like rates and 100k+ views? With strategies that are absolutely laughable.
I’m not going to go through the whole spiel, but I started reading and talking to more knowledgable people, started sifting through the nonsense and doing extreme due diligence, I was extremely selective of who I listened too. Of the few resources I classed as ‘reliable’ I have just reviewed them all and I have found
All of them are selling some service, i.e. a course, access to telegram, sponsored by broker - basically none of them are doing it without large financial incentive, I can’t even find one who just goes off YT ad revenue
None of them show broker statements or myfxbooks, sure they may post 2hrs late saying “entered this, in profit right now” in their telegram but come on…
Even the ones that are extremely reputable with fantastic reviews, I just believe that they give out information that leads to - fewer trades by the clients and a lower risk % and videos that are entertaining and appear to be consistent and well presented, so nobody really blows an account or feels scammed, they still get good reviews but in reality they arent turning noobs into profitable traders.
Believe me, i’ve traded every indicator and strategy (inc all the ‘best strategies’ on here from all of the years), price action, market structure, supply/demand, level 2 data, patterns, you name it I bet you i’ve tried it, and i’m not talking traded it for 3 trades and lost 2, i’m talking backtesting on months of data, 100s of trades on one strategy in some instances.
The problem is, i’ll find something that works well, but switch the chart back 2 months or switch the pair up and suddenly its a massive loser.
The other day I was looking at a forex chart and I just thought, there’s no reliable trends here, no consistent patterns, sure you can formulate an opinion as to why each price movement did what it did, but trading it live is totally different.
I mean, what I am looking at on this pair?
To me it seems completely unpredictable, almost random…
I’m at the end of my patience with Forex, divergance, fib levels, golden zones, trend continuations, double tops, I doubt it all.
There are finaincial institutions with billions, they employ the best of the best, they have the smartest people, PhD’s in Maths, computer science, economics, you name it. They have supercomputers and ridiculous advantages such as true order volumes and decades of industry knowledge. How are retail traders supposed to compete? I’ve been looking at studies on day traders and forex traders, you’ll find that it’s not 90%, hell it’s not even 99%, it’s more like 0.1% that make a minimum wage income from trading.
Sorry for being ‘that guy’, and i’m expecting all the “I know a guy whose profitable” with no real evidence. I’m expecting people to say “you’ve given up too easily” but why would I chase something with sparse or no successful people to follow, or on the hope that I might figure it out after 5 years or 10 years, that sounds more like a stupid pipe dream than a career path.
If you’ve spent 3, 5 or 10 years on something and you’re as useless at it as when you started, then it’s time to question your choices.
If you’re confident that you can return 5% a month and outperform hedgefunds, billionaire organizations, S&P500, essentially becoming the worlds best financial master - then goodluck but common sense would say that it wont happen.
Oh, and that chart, it’s entirely fictional, entirely random (pseudorandom) any ‘trend’ or support that you saw was non existent, the price was dictated by a computer that chose each tick movement randomly and never based it’s future price on previous price. It was not based on any historical data, yet you saw Forex patterns and good places to buy and sell? Question everything.
I’m sure you guys can google, ‘random fx chart generator’ if you believe I hand picked a chart, they all show Fx patterns. (Don’t get me wrong, i’m not saying markets are random, i’m saying that they are mostly unpredictable and less fine tuned than you think)
My argument concludes to, retail trading is unrealistic, you aren’t going to make money with amateur skills vs institutional trading. The only way to make money from FX is to be that 1 in a million who lucks out (you’ll see this on MMORPG games where players can stake 50:50 against each other, it just so happens 1-2 players will become extremely lucky and get rich)
OR sell courses, content, sponsorship, or get people to signup to your broker.
If i’m wrong where are all these ‘profitable’ traders with non-manipulated myfxbooks, I want to see brokerage statements or something substantial. Not a mobilephone screenshot. And i’m talking profitable for 1year, 2 years, 3 years, not a month or two.