LOL!!!
We have another “version” here:
“Our banks will only lend you money if you can prove to them that you don’t need it”!!! LOL!!!
Regards,
Dale.
Hello.
Well I’m afraid that I have to agree with you MOSTLY. I’ll say this though: the VERY VERY VERY few that are actually making a living from trading FOREX are INDEED adhering to strict risk / money management rules and have self discipline ON EVERY SINGLE TRADE WITHOUT EXCEPTION. There are some that have managed to make a lot of money over a reasonable period of time but some have “thrown all caution to the wind” (after doing so well) on JUST ONE OR TWO TRADES and they’ve had to start ALL over again (and trust me when I say that thanks to my “day job” I know what I’m talking about here). I KNOW when an account is growing too quickly what the end result is eventually going to be. Hell: I’ve “been there, done it, and gotten the t-shirt” MYSELF (a few years ago which is pretty much common knowledge around these parts). I also KNOW that it’s possible to be consistently profitable trading CFDs on the major indices but, of course, you need CAPITAL (which goes back to my very first post here on this thread). THIS being said though: risk / money management and self discipline is STILL important. Read any book or watch any documentary on stocks, futures, and commodities trading and the “mantra” is ALWAYS the same (EVEN IF you’re a Floor Trader and are staying as far away as is humanly possible from trading FOREX): risk / money management is key (in other words: trading CFDs on the major indices is by NO means “guaranteed success” without risk / money management and self discipline). There’s been MORE than one “Wall Street Guru” that’s ended up as a “splat on the pavement” after making MILLIONS, then incurring losses, then overtrading to play “catch up”, and, well, then, as noted, have ended up throwing themselves off of something high!!!
Regards,
Dale.
I do apologize Im not an ignorant person, fustration maybe got the better of me while making that comment. Maybe forex isnt for me, or maybe I need to learn the technical side of things more in depth. Having said that I will look into trading indicies and others.
Again apologies if I offended the hard working forex traders out there!!!
Hello.
Well: you didn’t offend ME (for obvious reasons)!!! LOL!!!
I wouldn’t worry too much about it. As you say: maybe FOREX just isn’t for you (I know it’s not for me either). And I really DO NOT CARE what ANY “experts” have to say on the matter: technicals ONLY are WAY more “relevant” or, rather, “hold up” WAY more efficiently with Stocks, Commodities, Futures, Indices, etc. I HONESTLY believe that fundamentals play a MUCH bigger part when trading FOREX than do technicals. If you’ve got the time, patience, experience, will, etc. to actually STUDY and REALLY UNDERSTAND fundamentals then be my guest. Most people will never REALLY grasp fundamentals. So the easiest solution: a decent technical trading system, a decent broker, decent capital, trade CFDs on the major indices, and some decent free training and / or mentorship (although I HATE that word i.e. it’s condescending to say the least in my opinion). I mean (and I ask this to potential clients on the phone almost daily): ASSUMING you have enough capital (and therefore don’t require ONE KAJILLION TO ONE LEVERAGE) do you REALLY care what you’re trading as long as you’re making money??? I’m sure I don’t have to tell you what the answer is (USUALLY anyway).
Regards,
Dale.
smile
You didn’t offend me either. I just had this conversation, over and over…like millions of times.
Usually failed traders find some excuses to blame financial markets. They just can’t get over the fact that it wasn’t market who’s responsible. It was them.
And I agree that Forex (together with other financial markets) is not for everyone. Some people just find it hard to study the charts, develop their trading strategy, follow the latest news, overcome psychological factors (such as fear,greed)…etc.
I’d say, don’t give up. Study more, be persistent… and who knows, maybe you’ll find yourself in this mess, called Forex.
All the best. 
“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.
Don’t you mean “like a KAJILLION tiimes.”??? LOL!!!
Regards,
Dale.
Few more conversations on the same topic, and it will reach that “number”.
“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.