ah yes but you could also be 3 inches from hell
Based on the tone of the replies to my comment, it looks as though the majority of currency traders disagree with me. From that I will assume that the majority of traders are making money trading or possibly be representatives of brokerage firms. As I said before, I expect that I am preaching to the choir because I doubt that many traders who have lost their butts are on this website. Will they please raise their hands? Just me, huh? Oh well, let me get back to my point. How many of you think maybe something funny is going on with your trades? Let’s be honest ----- how many are really making money? My purpose in writing this is for only one reason. Is currency trading honest or is it not? If it is, then I’m wrong and I will shut up (no encouragement, please) If it’s not, then it should be. Let’s try to be open in discussing this and find out what everyone really thinks. Obviously, I’m not the only person who thinks that something is kinky. Go to Google and type in “Is currency trading a scam” and see how many people agree with me.
if you truly believe the only reason your losing trades is shady dealer practices. Then move to a instrument on a real exchange with clearing houses, like futures, or equities. You can trade currency futures no problem and that is the most secure and regulated markets. Rather than trading spot forex.
A lot of people can not accept the fact they lost because they dont know what they are doing. Now will I say I have never lost my ass trading currencies? I have not lost money but I used sound money management/risk management from the start. Thats not to say I have not taken a harsh drawdowns from time to time. But with sound money/risk management I lived to get through it. Now to say no one one here has lost there ass or they would not be here is just ridiculous. Your here and you have been here for almost a year so you should know first hand most on here do not make money. Thats why they are here to learn. Now to assume something is kinky I am not to sure kinky was the best term to use lol. Forex is a heavily manipulated market to say the least but its not your brokers fault. Instead of calling it a scam why dont you scam the scammer or follow him either way you make money. Anticipate market manipulation. Now I also seen you say dont bet your rent money on forex. Now thats a step in the right direction agreed never ever ever use rent money to trade.
I can see three reasons that would make someone believe that forex trading is a scam:
-
Brokers hunting stops. I think that this could be easily checked if one bothers to look at the charts that appear all over the net or even get charts from another broker. If it regularly happens that your broker’s charts show highs/lows not reached by other charts, then you could have a point. But this would be very easy to prove.
-
Brokers doing other atrocious stuff like not allowing you to withdraw money, take your money and disappear, present software problems that they refuge to acknowledge etc. These phenomena should be very rare in regulated brokers and in any case, they would be noticed by the majority of traders if they were the norm.
-
Belief that the currency movements are essentially random, so winning in the long term is impossible and traders will bleed to death by paying spreads and commissions. But it has already been proven mathematically that the markets are not random.
I really can’t see any other reason why someone would believe that forex trading is scam. The fact that you can find many people that say so in Google, means nothing. Using Google you can also find many people who maintain that the earth is flat.
The worlds largest Handphone manufacturer is known as Nokia. Just google “Nokia Sucks” and be blown away by the sheer number of people who swear that Nokia phones are truly useless. They even have youtube videos and a dedicated facebook page for the “I hate Nokia club.”
I rest my case on your google reference my friend.
The Malay community has a proverb that literally means " the guy who has two left feet is complaining about the uneven floor boards."
I wanted to write about what you said much earlier about how price moves for you and than crashes again and again that you suspect that its being manipulated.
I couldnt elaborate on much as I was about to drive down to the federal territory around that time.
I have met many types of opportunistic parasites, speaking on behalf of the markets or in some cases, even being a pure and pure bucket shop, never passing on any of your orders as how a normal broker would do, banking on the fact that most newbies end up loosing money. Why just the commission when you can swallow the whole thing.
So like any other thing, there are wolfs in sheeps clothing among the millions who look at this same very chart.
But to label the entire thing as impossible or a scam based on a few pip discrepancy is very far fetched…
Grogy, What in the world are you doing trading in a way that you can loose $150 in 30 min. It sounds like you are treating the Forex market like a craps table, which means you have no one but yourself to blame for your losses. If you want to make money trading Forex that learn to trade as a business. Stop scalping to learn to trade on daily charts, use a micro account and trade at 10 cents a pip until you proof you can make money. Use wide stops like 200 to 300 pips, and trade in the directon of the trend. This type of trading may seem boring but it will show a profit if you do it properly.
Youv got to wonder though dont you.The trouble is a lot of people who spout off on forums dont really know what theyre, talking about,they say you can do this or that but have less experience than you.If only you knew for certain you can make money from forex from someone with credibility it would give you more hope.Sometimes the market certainly seems to move randomly,for exampe ,the EUR/USD moved up at 1.15GMT for absolutely no reason Fri 29/06/12.no figures were released at this time anywhere no statements were made anywhere,so why was there such a big move up?beats the hell out of me.This seems to happen all the time ,so are the charts being manipulated you have to wonder,Im not saying they are but just dont have the knowledge to know one way or the other.Another point with risk reward is that if my risk /reward is 2/1 and the pair could go either way 50/50 its got to go twice as far for a win as alose so surly this cancels the other out (if you get my meaning)simple maths really,the only thing being in your advantage is that your indicators or sma cros etc are telling you which way its going to go(which is usualy wrong anyway.Any thought on any of these points anyone!
The EZ Summit concluded, and the results were euro favorable.
It has been talked about on every news channel all week. Can’t really say there were no statements there…
They say that 95% of people who try out trading never make it. I think the figure could be closer to 98%.
It has nothing to do with luck, privilege or having an advantage of belonging to the secret group of Templars or Masons.
You have to understand that it takes people with special mindset and ideas in seeking their fortunes to actually come to the doors of trading forex or a similiar market. That itself is a break from tradition and not everyone can even grasp the concept, let alone come in and give it a go.
If that in itself was not enormous enough, now imagine you are attempting to not only survive but trying to grow in a huge lake that is filled to the brim with things that would make a 30 foot great white in the middle of a feeding frenzy look like Nemo after a spliff!.
Those who do not take it seriously will not more than 20 or 30 hours of active trading. That is probably how long a newbies deposit lasts.
So how serious does a newbie need to take this in order for them to have a reasonable chance?
Well of thousands, if not a hundreds of thousands of newbies trying to trade the market every year, only about 2% make it. They need to eat the other 98% to make it. That should give you an idea on what lies ahead.
Even if you are guided by someone who is trading profitably, you would need atleast a year before you can acquire that mindset or zone that traders go into when they are trading. That is assuming generously that you do not have to deal with a lot of psychological and bad trading behaviours that most traders have to struggle to overcome in their quest to make trading a very profitable venture.
The hardest thing to do, in trading, as in our lifes, is to constantly compete against ourselves. In this field, the only person you are really competing against is yourself. It is, and it will be the hardest thing you would evver have had to do in your life.
It is not a walk in the park, its not a bed of roses, and its not for those whos minds tend to take to superstition or even conspiracy theories.
The most important thing in learning how to trade is your own mindset.
In essence the entire exercise is about relearning how we think.
You need a calm analytical approach to trading. You must always have your emotions in check. Constantly.
A mind that jumps to conspiracy theories or accepts the idea of hidden hands show that it lacks one of the basic prerequisite to be able to read and trade off a technical chart. The thought process shows that it tends to jump to conclusions that cannot be justified or proven when faced with situations that it cannot yet comprehend. Its like faith. You think that its the truth and you stick to it because that is what you “feel” the truth is.
Gut instincts mate.
A person who explains what they cannot phantom yet with insinuations of a conspiracy or something along that line have a different set of values with which they process what they are seeing or experiencing. Their mind and that set of values will not help them in making trading calls.
Im not saying that something is wrong with those who make decisions this way. Its a very mainstream method of thinking and at times coping with what we cannot comprehend. Its a heritable trait that has been passed on from our earlier generations collectively.
We have to class what we do not comprehend as yet as lack of understanding or I do not know yet category. We would than proceed to find answers for that situation. We need to analyse it and when the answers finally present themselves, it will be one that falls inside the obvious, which was not so obvious earlier because we were not aware of it.
We cannot find solutions to things we do not understand by opening up an entirely new concept, theory or idea and insinuate without any logical flow on how we arrived at that conclusion and say hey this has to be it. Often its presented with a sly I know/You know/I know that you know and You know that I know smile and a wink.
In other words, we are manufacturing our own ideas and concepts and generating our own answers and convincing ourselves that it has to be the truth.
In law enforcement and Investigative industries, they call this fitting. Its the process of matching the evidence at hand to what we assume to be the truth. Just assumptions. We believe its the truth and those are the answers. They are not.
You need to follow the evidence and you will find the answers to what we are seeking. You cannot decide on the answers first and than say this that and the other are proof of it.
Conspiracy theories are always born with the act of finding the answer first. Than matching the trails.
Has anyone read this book: Mean Markets and Lizard Brains: How to Profit from the New Science of Irrationality by Terry Burnham?
I'm reading this book because a professor recommended it to me and it basically explains the premise that humans are hardwired for survival, which unfortunately is exactly the opposite as is necessary for trading in the markets.
You can get the first chapter free on kindle and tell me what you think but this book, I'm only partway into it, is already positively affecting my trading. :O for real. It's a sort of socionomic approach as well, does some analysis on crowd theory but he does a really good job on proving difficult ideas with simple examples.
on another note, I think that everyone experiences the feeling that the market does the opposite or that it does exactly what you expect it not to do (again what this book is about and how to change your mindset that’s why I think you should check it out)
I for example on friday closed all my orders because normally I don’t like to hold orders over the weekend, and then came back saturday morning to see that they all went in the exact direction I had calculated. Shoot 
SOooooooooooooo please check out this book I dont' want this to sound like an advertizement but I'm learning so much about crowd psychology and how to think for yourself and not fall into what human beings are programmed to feel.
:50::50:
[B]
In essence the entire exercise is about relearning how we think.[/B]
Perfect words,
But if I said that, I’d be labeled a Pot head, :28:
Thanks for your rely to my post Nikitax I appreciate your comments.What puzzles me most ,and I think its what Grogy was getting at is if the market is so predictable as some traders would have us believe,why do even professional traders only get it right 65%of the time (ish),even if it was more it still means they were wrong 35% of the time (or a bit less).Now some of these traders have been at it a long time,checking fundamentals,indicators,price movement support/resistance ,fibs etc. etc. So from this we can only assume something iffy is going on.I don’t really believe this though,I think its something that is being missed,if these people are missing something newbies like me will find it very hard.I would love to know what experienced traders think about this, all help to us newbies is much appreciated.Also do any experienced traders take a lot of notice of rising /falling triangles/pendants double tops,head and shoulder patterns and other associated candle patterns? most of the ones I see on forex sites seems to come nothing.finely babypips is one of the best forex sites ive seen and the school is absolutely brilliant for newbies and I would recommend people like me to give it a go,and its all for free,cant be bad can it
Thanks heaps for your time Nikitafx
Well, i’ve traded with IBFX for a while and they claim to be stp but they are a true market maker. About winnin rates, is lower than 25%, 10% is considered a good trading stake. So 1:3 rr ratio is just not enough. My aproach is that if i catch a good one, my expectation is to keep on winning, forever if possible. Take your own conclussions.
Finally, I wish you luck in your journey. The best advice I can give you is if you find that you are loosing, remember, its you who is missing something. Its not the system, not the market, not Zeus in heaven. And if you have it in you to stick it out, there will come a day when it all sort of fits into a nice big picture. Until than, remember, its always the trader who is missing something. The learning never stops.
Have been there, felt the same. Yes, facing that loss can be quite difficult to overcome initially but with determination, you can reverse your loss and make some profit. Granted there’s no easy 1-2-3 process but there are a few good brokers out there and tons of info on trading strategy…some of those are quite good. You may want to check out the same.