Going offshore to escape the CFTC

Think I will be looking into FTMO as well. Just being able to trade the LMAX feed is worth it in my book.

3 Likes

now i see you donā€™t get a refund if you fail the challenge

Right. The refund is given if you complete the challenge successfully. I saw an interview with the founder and he was talking about why they decided to apply a small fee. Whether or not it is necessary is unknown to me.

I personally think that the challenge would be very easy, though. I cannot speak for others. I read somewhere that there is a free trial, but I have no idea what that involves. I suppose that it would be good to look into for anyone that wanted to get a feel for things before making any sort of financial commitment, especially if they were concerned about not succeeding in the challenge.

I am still tossing the idea around. I am currently busy with other things at the moment, unfortunately.

1 Like

What is your approach to trading?
hyperscalper

My Approach? is to sneak up on the market get a few pips and get the hell out before i get caught :mask:

i just follow my system, sometimes it can be, swing or scalp it all depends on how quick my t/p or s/l get hit. it can also be high risk and that depends on the set-up.

3 Likes

Which markets do you favor, and what are your typical commitment levels?
Do you use pending/limits for entry?
hyperscalper

90% of my trade are market orders for my entry

1 Like

iā€™m no thief but i donā€™t know if i can work here without thinking about it

1 Like

I remember reading years ago the interviews FXCM made with the winners of one of FXCMā€™s trading contests. One trader multiplied his account by 10 in one month trading mostly the EUR/USD using the 1 minute and 5 minute charts, making many dozens of trades. Another trader multiplied his account by a factor of 20 in just one month trading exclusively the EUR/JPY. That trader had 20+ years of experience trading stocks but only 4 months experience trading forex.

So I think the best way to get rich quick is still by trading the major forex pairs, if you have the discipline and determination to do it. I know the Dow has performed spectacularly recently, but currencies are still the best with its leverage and usually consistent price movement patterns when spiking and correcting and/or trending.

2 Likes

Iā€™ll take the bait. What Iā€™d say is that those who say ā€œAll trading is
just tradingā€; and who attempt to use Price action methods across
anything that movesā€¦ may fail to appreciate a critical difference
between Forex trading and things like Stocks/Equities.

Most obviously, a stock can essentially drop to zero valuation,
but that is not the case with Forex pairs. They are driven by
the 2 distinct entities Currency A relative to Currency B and
so any given Pair is not free to depart much from the
fundamental constraint that it is a ratio of 2 underlying
valuations; those of Currency A and Currency B.

My larger point is that there isnā€™t really a ā€œlearning how to tradeā€
in general. Rather, every successful trader finds a specialized
ā€˜nicheā€™
and that is how consistent success is found.

Looking at it from a philosophical standpoint, as might have
been addressed by Plato, or Wittgenstein; the fact that there
is an ā€œexpressionā€ learning to trade does not mean there
is such a thing, in general, in reality. Itā€™s not a ā€œgeneric skillā€
which, once ā€œmasteredā€, confers some sort of cross-market
superpower on the trader. :innocent: :rofl:

hyperscalper

2 Likes

I forgot to mention that after LQDFX was awarded the trusted broker status, I opened an account with them. I have not made a whole lot of trades with them yet and have not made a withdrawal yet either, but they seem like a good, solid broker with good support and decent bid ask spreads. They also have a good selection of indices. So if the vote was held again to see if enough traders thought LQDFX should be classified as another trusted broker, I would vote yes.

HyperScalper, I agree with you that finding and perfecting that specialized niche is where the big bucks are. Concerning myself, I am not really a good trader overall, in my opinion. The more time I spend on a certain kind of trading, though, the better I get at it.

3 Likes

I looking to transfer bitcoin from broker to broker and trying to bypass coinbase pro
Has anyone had success on doing these types of transfers?

I was thinking there could be an issue if the receiving brokers cyrpto address has an expiration and thus causing an issue if the sending broker drags there feet on sending bitcoin

thanks for posting your experience with LQDFX, keep us updated.

1 Like

i have never tried the broker to broker but i have seen where brokers put a time limit on your bitcoin deposits

for example when i deposit to eaglefx i have 15min to start the transaction so when i hit send bitcoins from my coinbase account the eaglefx portal updates and say thank you, with a broker like coinexx it will take 48hrs for them to hit the send button and that might lead to a problem as that is past the 15min time limit

1 Like

Iā€™ve personally never had a problem sending crypto directly from broker to broker, although Paul has some good points. If you just donā€™t want to use Coinbase and want to be cautious, you could transfer from one broker to your own wallet, then from your wallet to the next broker. This way, there is only one endpoint at any given time that you do not control.

2 Likes

Thanks for the responses. I think I will look into getting my own wallet.

ALSO: I have been doing some research on ā€œlow feeā€ bitcoin exchanges and Binance US is highly recommended on several forums/sites for having the lowest fees. General: 0.1% spot trading fee; 0.5% Instant Buy/Sell fee. Coinbase pro is killing me lol

3 Likes

U.S.A. U.S.A. U.S.A. :us: :us: :us:

1 Like

Anyone trading regulated futures contracts / currencies here? micro EUR/USD micro AUD/USD ect. whatā€™s is like to be trading futures vs forex? ( pros /,cons. )
Regulated US based Future Brokers ;
Tradovate
TDAmeritrade
Fidelity investments
Interactive Broker (IB)

1 Like

What does everyone know about Blockchain.com? (not sure if I can post a link yet in here if it doesnā€™t work)

I have a free crypto wallet with them Iā€™ve never really used - can we use that instead or along with Coinbase?