Honest truth about forex.....
Apr 25, 2016 at 06:13
kmartyn posted:
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.
1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.
2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.
3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.
I hope this helps someone, please feel free to comment.
good points, money management is a thing to consider
Oct 27, 2016 at 08:56
I read most of the comments but I still think that leverage need to be used veery carefully and the lower it is, the less risky is to trade. if you like to put 100 dollar on eurusd, you will still put them sooner or later but the very high leverage can increase the risk. also we should no forget about the margin calls and stop outs set by the broker as this can save the account when trading during news like nfp.
Need for speed!
เป็นสมาชิกตั้งแต่ Jul 28, 2014
11 โพสต์
Oct 27, 2016 at 10:23
The honest truth is that 95% of us don't make money. We just keep deluding ourselves that we make money (while we kept our losses secret) and keep refueling our account.
forex_trader_345252
เป็นสมาชิกตั้งแต่ Jul 20, 2016
1 โพสต์
Oct 27, 2016 at 12:45
if you put greed aside and put it as investment rather than ...a job ...then u have a good healthy acc...
Oct 27, 2016 at 12:46
Parmenides posted:
The honest truth is that 95% of us don't make money. We just keep deluding ourselves that we make money (while we kept our losses secret) and keep refueling our account.
You mean for living, over the long term or at all?
เป็นสมาชิกตั้งแต่ Jul 28, 2014
11 โพสต์
Oct 28, 2016 at 08:40
Charles_F posted:Parmenides posted:
The honest truth is that 95% of us don't make money. We just keep deluding ourselves that we make money (while we kept our losses secret) and keep refueling our account.
You mean for living, over the long term or at all?
I meant for most of us, we either quit and take up new hobby or we keep refueling the account for another go at it.
We follow simple ideas we found in a book read by countless others and decide to trade it. We might do some backtesting on such idea while ignoring that real trading is more than just about picking numbers on where to buy/sell.There is requote, low liquidity or even black swan events.
If the market efficient theory is true( got massive evidence that the market is at least weakly efficient). It means looking for profit's opportunities is very difficult. And looking for opportunities isnt even the trading part yet.
Oct 28, 2016 at 13:11
Parmenides posted:
The honest truth is that 95% of us don't make money. We just keep deluding ourselves that we make money (while we kept our losses secret) and keep refueling our account.
Ok, but why do more and more people start trading with live accounts, even if the statistics say only 5 % of the traders are making long term profits...?
Trade with determination!
Nov 01, 2016 at 12:53
The honest truth about Forex is that there are a lot of scammers in the brokerage industry. Getting influenced by the incorrect advertisements and promotions which states that it is easy to make profits in the forex markets. People who don’t understand it are usually taken up by these advertisements and incur losses. However, reality is different. You would need to ignore such influences present in the market and focus on ECN or STP brokers.
forex_trader_29148
เป็นสมาชิกตั้งแต่ Feb 11, 2011
1916 โพสต์
Nov 01, 2016 at 15:03
Edward16 posted:
The honest truth about Forex is that there are a lot of scammers in the brokerage industry. Getting influenced by the incorrect advertisements and promotions which states that it is easy to make profits in the forex markets. People who don’t understand it are usually taken up by these advertisements and incur losses. However, reality is different. You would need to ignore such influences present in the market and focus on ECN or STP brokers.
touche,you get it
เป็นสมาชิกตั้งแต่ Feb 22, 2011
4862 โพสต์
Nov 02, 2016 at 07:45
rob559 posted:Edward16 posted:
The honest truth about Forex is that there are a lot of scammers in the brokerage industry. Getting influenced by the incorrect advertisements and promotions which states that it is easy to make profits in the forex markets. People who don’t understand it are usually taken up by these advertisements and incur losses. However, reality is different. You would need to ignore such influences present in the market and focus on ECN or STP brokers.
touche,you get it
It is always good to read FPA to get brokers overview.
Nov 02, 2016 at 12:56
Edward16 posted:i think he had some bad experiences. but i go with him :)
The honest truth about Forex is that there are a lot of scammers in the brokerage industry. Getting influenced by the incorrect advertisements and promotions which states that it is easy to make profits in the forex markets. People who don’t understand it are usually taken up by these advertisements and incur losses. However, reality is different. You would need to ignore such influences present in the market and focus on ECN or STP brokers.
เป็นสมาชิกตั้งแต่ Oct 01, 2015
47 โพสต์
Nov 03, 2016 at 15:29
You can't just simply blame the whole industry because, you got burned in every aspect you have the good sides and the bad sides, I understand that some of you might got 'scammed', but this is most likely because you didn't do you homework. Not trying to be mean, just being honest. Think about it - how can some traders can find good brokers , trade with them and have profit ? Simple - homework done perfectly = good results
เป็นสมาชิกตั้งแต่ Sep 12, 2015
1948 โพสต์
Nov 03, 2016 at 16:36
When you start making money ,that's when they start playing games , every broker is great at the start to get you on board.
The broker I use has been pretty good I can say,it might not be the most sophisticated platform , but I can make money on it.
The broker I use has been pretty good I can say,it might not be the most sophisticated platform , but I can make money on it.
"They mistook leverage with genius".
Nov 07, 2016 at 11:01
CliveCampbell posted:
You can't just simply blame the whole industry because, you got burned in every aspect you have the good sides and the bad sides, I understand that some of you might got 'scammed', but this is most likely because you didn't do you homework. Not trying to be mean, just being honest. Think about it - how can some traders can find good brokers , trade with them and have profit ? Simple - homework done perfectly = good results
You are right ! But I did not blame the whole industry. I just claimed that there are some scammers that exist in the industry. Every trader looks for the best broker but sometimes there are real influences which can drive your profits into losses.
เป็นสมาชิกตั้งแต่ Feb 07, 2016
21 โพสต์
Nov 07, 2016 at 15:45
rstaton1430 posted:
Study study study....Practice practice practice...Unless your iverson
According to me, if any one not able to control their mind of removing stop loss or extending it and taking too much risks in the market must never consider this business.This is only for tough minded people and not for those who cannot follow their trading plan.
"Slow and steady wins the race"
forex_trader_29148
เป็นสมาชิกตั้งแต่ Feb 11, 2011
1916 โพสต์
Nov 07, 2016 at 15:46
snapdragon1970 posted:
When you start making money ,that's when they start playing games , every broker is great at the start to get you on board.
The broker I use has been pretty good I can say,it might not be the most sophisticated platform , but I can make money on it.
what broker are you talking about?
forex_trader_29148
เป็นสมาชิกตั้งแต่ Feb 11, 2011
1916 โพสต์
Nov 07, 2016 at 15:47
i meant kieran,what broker are you talking about?
เป็นสมาชิกตั้งแต่ Oct 01, 2015
47 โพสต์
Nov 08, 2016 at 12:28
Edward16 posted:CliveCampbell posted:
You can't just simply blame the whole industry because, you got burned in every aspect you have the good sides and the bad sides, I understand that some of you might got 'scammed', but this is most likely because you didn't do you homework. Not trying to be mean, just being honest. Think about it - how can some traders can find good brokers , trade with them and have profit ? Simple - homework done perfectly = good results
You are right ! But I did not blame the whole industry. I just claimed that there are some scammers that exist in the industry. Every trader looks for the best broker but sometimes there are real influences which can drive your profits into losses.
Yes, I see what you mean. After all it all a matter of trust - who do you trust to invest your money with. Some traders can rely only on marketing messages as you said and then they got trapped because they didn't research enough. The scam brokers always find excuses for their manipulations which irritates me quite much...
Nov 09, 2016 at 07:15
snapdragon1970 posted:
When you start making money ,that's when they start playing games , every broker is great at the start to get you on board.
The broker I use has been pretty good I can say,it might not be the most sophisticated platform , but I can make money on it.
Kieran is right, there is no such thing as the “perfect broker”. If their conditions match your needs for trading – you found the right one. A good trader should focus on his strategy, not waste time to find the best broker. They are changing options all the time…
Accept the loss as experience
