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Daytrading Currencies Explodes
- Thread starter TradeOff
- Start date
izeickl: Dude, this should be posted in a gold frame and set at the entry of this thread all the forex bashing losers to read.Quote from izeickl:
I trade currencies mostly but not exclusivly. The way I see it, it is easier for people with small accounts to get started in currencies and its not been open to such people for very long thus its currently enjoying a great deal of new blood as people try it out.
I think all the negative talk about currencies is wrong however, the same negative aspects can be said of trading in general, how many people say any form of trading is gambling? I get told it by people all the time!
A new trader with a small account can get eaten just as easily/quickly in any market. People claim the 100X leverage is a recipe for disaster, and your right....but...its the trader who makes use of it who is at fault, not the market. Just because its available to you doesnt mean you use it. And for all the claims of it being unregulated etc, how many crooks are involved in markets in general?! Your competing against people with vastly more capital than you in any market. Look at all the angst the bonds sell off caused on ET with the job numbers, someone somewhere knowing in advance to short....
So....yes ForEx is risky, yes the leverage can kill you if you use it all...any other market is just as dangerous however if its traded by someone with no knowledge and treating it like a spin of the wheel in vegas (look at all the journals on ET of people trying to get into trading the ES). Dont go on a ForEx witch hunt. (side note, if you cant trade past a 2 pip spread then you cant trade period, you need to learn more about the market than what you think you know)
Right on, man!
to
Guys,
Looking at it this way. Broker stats show that about 70-80% of FX online traders lose money, which means that about 20-30% is running away with the profits. That said, it doesn't mean you can't make money in this market. Make yourself a good trading system and you can do very well in the FX markets. I find it the best market to trade due to the high liquidity and tight spreads. It's not easy, but do'able.
Good Luck
Looking at it this way. Broker stats show that about 70-80% of FX online traders lose money, which means that about 20-30% is running away with the profits. That said, it doesn't mean you can't make money in this market. Make yourself a good trading system and you can do very well in the FX markets. I find it the best market to trade due to the high liquidity and tight spreads. It's not easy, but do'able.
Good Luck
Quote from BKcurrency:
Broker stats show that about 70-80% of FX online traders lose money, which means that about 20-30% is running away with the profits.
I think you made that up. There's the old saw about a high percentage of day traders losing money. Did you assume it is true and then assume that people who execute FX trades online have the same profitability as day traders? Is that how you derived your statistic? Or did you reinvent the wheel and make up your "statistic" from scratch? Pretty specious in either case.
90% of all statistics are false. Including this one.
I think it's more like 99% of fx traders lose; 95% of all traders lose.Quote from BKcurrency:
Guys,
Looking at it this way. Broker stats show that about 70-80% of FX online traders lose money, which means that about 20-30% is running away with the profits. That said, it doesn't mean you can't make money in this market. Make yourself a good trading system and you can do very well in the FX markets. I find it the best market to trade due to the high liquidity and tight spreads. It's not easy, but do'able.
Good Luck
The other ones (who don't lose) get rich.
to
Quote from BKcurrency:
Guys,
Looking at it this way. Broker stats show that about 70-80% of FX online traders lose money, which means that about 20-30% is running away with the profits. That said,
Ok, you said it now show us those broker stats. A simple link would suffice. Oh, you can't? If so, please keep your suppositions to yourself. I get so tired of reading these threads riddled with posts filled with fabricated B.S. Grrrr!
I think ET should automatically delete those posts that contain fantasy stats. The threads would be so much leaner and easier to get through.
Uni
Where did you get this from? A broker I met at a seminar told me over 80% of the forex clients have accounts under $2000- they are just playing, .Quote from BKcurrency:
Guys,
Looking at it this way. Broker stats show that about 70-80% of FX online traders lose money, which means that about 20-30% is running away with the profits. and tight spreads. It's not easy, but do'able.
Good Luck
One account I had with FXCM I made 40% in one week. But it meant nothing because it was only a $2000 account. Yet I could see this being used as an example of how people can make easy money.
Those are the inside facts from several online brokers. I am in the FX business and know this. Of course it's of the record so I can't show it to you. If you don't believe it your are living in a dream.
Trader and broker business