Noob Question(s)

Beginner Questions
81

I;m n not cherrypicking information, actually am doing quite the opposite and trying to hear all the versions of the story…you are making 2 assumptions…a) I am reading other’s people’ stories (witch is right, but not in the sense that I am cherry picking, actually I am doing the opposite and trying to take into account any version somebody has on a topic, I am trying to be impartial) b) that you already know the process of how other people lost money and why they are giving negative reviews…maybe you are right maybe you are not, maybe it is the trader’s fault (and just like somebody told me on the telephone…“they are jjust b*tthurt losers that don’t know how to trade”…maybe they did get in fact swindled by the broker)

there is no absolute answer, and there are probably a lot of in between versions of the story

reasonable right?

also I kind of let that particular question about how brokers work kind of die, and was at peace with it… but everybody loves giving their opinion on it so it resurfaced

and one last thing , you are calling me a trol, mainly Falstaff, but how about some of the community is very unresponsive to new people?

NOBODY IS FORCING YOU TO COMMENT ON MY QUESTION , why call my content garbage and irritating with a passion? also some veteran members have said to the following (on other older threads) to the newbies

“they are all bucket shops, but don’t worry there are some good ones”

“if you feel better about it being regulated, go ahead , but it doesn’t really matter”

so who is trolling who?

some (veteran members…not all) don’t just mislead people , they also have a very elitist attidute

In conclusion for some answers and users I am very gratefull but for some not so much, because some people have the impression I should kiss the ground they are walking on

82

Ok…the only access to the retail FX market for most retail traders (funds under $100,000) is via the retail Brokers that are out there advertising their wares… FXPro, Pepperstone, Tickmill, Gain etc… If these portals to the FX market didn’t exist there would be no retail forex trading, spread betting, speculating… whatever you want to call it…

So they are a necessary evil.…now… the only way to protect yourself (to a point) is to ensure that the Broker you chose is well regulated in countries where financial regulation has teeth…not the Marshall Islands, Belize, Seychelles, Cyprus etc…

And either use advanced money management techniques or low leverage to protect the amount of funds you have exposed on any given position…

Another red flag is a Bonus amount to start a LIVE account with… no serious broker will give away money, sure you may be able to trade the bonus for a profit… but I am certain you won’t be withdrawing it anytime soon.

So… having said all that… let me say this…the reality is retail FX is a dark market, and very few traders know how everything in this market operates, me included… and if someone claims to be an expert or market guru…run the other way… so if risking funds in this market makes you nervous or your unsure how it works, walk away from it…

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83

I saw a broker that advertised that they are true ecn/stp and are requiring a minimum deposit of 1000, but you are right, he is based in Cyprus.

86

thank you for being upfront !! that’s what I suspected too but it’s good somebody else has said it. (I hope It doesn’t get deleted, it shouldn’t because nothing bad has been said and like everything it’s just a opinion")
"FX is a dark market, and very few traders know how everything in this market operates"
that’s precisely why I am going to think long before investing time energy and money into this endevour, we will see.

also I will post this witch I have found on another thread

“I am not entirely blowing my accounts, but I am not growing them either. It’s a two-steps-forward-two steps-back kind of situation. Like someone just purposely flips a switch and a seemingly good and logical system fails miserably.”

this made me think that it’s like I said earlier POSSIBLE to be rigged…

I would also point out the fact that probability and possibility are two different things.

if you have a probability of 51 to 49 that something will happen, will that thing happen 51 times out of 100?

you could PROBABLY win 51 from 100 but you could POSSIBLY win 100…or lose 100 or any combination…this is the difference between probable and possible.

this can also be used as an excuse , if the game is in fact rigged. (“it’s just volatility”)

…another aspect is you don’t really know what the other people are doing and how they are trading ,you the trader don’t have this information so it really is a good chunk of things you have no power upon

on the other hand some people said here they needed about 5 years until they became profitable, and in those 5 years they had a lot of bad streaks ( I guess they finally won because they believed in probabilities more than in possibilites and just “grinded out” their losses bad streaks)

anyway the lack of transparency brokers have is unsettling.

I am not saying you can’t make money , but it is an endevour people should really think about if they want to engage in or not.

88

Yep, FX " Merry-Go-Round" until you find an edge or strategy that works for you…

1 Like
89

yes but question is how do you discerne between having the need for a new strategy and having the need to remain stable in your strategy ?

90

Doing a Manx on me and changing your username mid conversation…Mmmmm.

You’ll know when your winning positions are returning more than your losses… That is one of the MAJOR issues with Forex… you are always tweaking your system, lowering the risk, decreasing the losses, improving the profit…

Sitting still in this game is effectively going backwards…

When I first started in FX i bought this strategies book… cause I thought this was all about just the strategy…so, so wrong…

You won’t earn a living from it and I’m not suggesting Scalping,… but it laid out 20 or so strategies in detail and it made you understand what a strategy was…some simple some complicated…

91

i’ll explain in a PM why I changed my name, as for a manx I don’t know what that is…maybe you can clear it up (perhaps in private?)

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