I am a trader from Australia. I have been trading FOREX since 2014, and shares since 1996.
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its a long time you have been trading in here , by the way , why you came here , actually willing to know what purpose you have ?
i think, you have long term knowledge and experience about trading. you should share among all beginners. thanks
Hi @NakedFXTrader welcome to the community… Its great to see such an experienced trader join
So what are you finding yourself trading in higher volume at the moment forex or stocks ?
Hi NeilKruger. I came here as it is part of the FX community. I also wanted to see just how informed people are about FX. I believe the reason that about 98% of traders fail is not because they are bad traders. I believe it is due to unscrupulous underhanded tactics of brokers. But more on that later.
Thank you sir! I will impart my knowledge if it is required. I actually just wanted to be part of the community.
I mostly trade Index CFD’s. Rarely FOREX.
Welcome! It’s always good to have new, experienced members here.
Actually just to be clear on one thing, I call myself the naked trader not because I trade nude, but I never use indicators. I find indicators counter productive as they are all lagging. This means you are making decisions based on what already happened. I prefer to be able to predict.
its a most active and helpful community from all. welcome in here.
@NakedFXTrader I am glad you joined this forum as we seem t0o have alot of things in common. I do not use Stop Losses and my main indicators are charts/channels(90%)…Most importantly though I do not trade naked!!!
Is any part of your trading automated or algo based ?
It most certainly is not. Even in the UK and EU, where broker regulation is of the toughest standards globally, no better than about 25% of current traders are making a profit.
But go ahead and set out your arguments.
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Who are you referring to?
I fully agree with you @Tommor. Whilst there undoubtedly are unscrupulous brokers, this does not account for 98% of retail trader losses. And, as you say, even the largest and most regulated brokers still report (as they are obliged to do under ESMA regulations) that some 70-80% of their traders lose money.
But I would also agree with @NakedFXTrader that this does not mean they are all “bad” traders. It just means that the sum of their education, experience and mind set is still in its infancy and without systematic development.
Good presentation of facts @anon46773462
I feel brokers like banks definitely manipulate the market like banks and retail traders are completely unaware how so they are easy prey
That is why I am really focused on teaching aspiring traders how money flows through the market
Well consider this guys, all FOREX is CFD’s so traders are really just trading against their broker. They do not have access to the actual market.
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Retail traders are buying derivatives so it’s not fixed in the sense that brokers can make up prices
What they can do is keep buying for example when the rsi hits 70 knowing that alot of retailers have all set up stop losses and are expecting a reversal because they follow the “textbook”. By doing so they can wipe out people by hitting thier stop loss
Another thing they can do is sell order flow to hedge funds for HFT… Which I know first hand because I built algorithms for hedgefunds built on such data sets
So traders just need some eye opening…