Do full-time forex traders exist or is it just make believe?

FreakofNature · Apr 22, 2013

Quote from Xspurt:

Wot's up Atticus - is my rookie making you wet your pants You really think 40 pips a day is outrageous?

Consistently in a market with massive liquidity it truly is outrageous because it allows you to print money over a small amount of time, which is why everyone here is taking you for a FAKE except your lemmings of course who have already been brainwashed by the "Xspurt of Ambiguity".

wrbtrader · Apr 22, 2013

Quote from marketsurfer:

What I am interested in is the person who has ever won one of those contests more than once in a row-- then it might signal something. Any gambler can get lucky and win the contest ( lottery ).

I've seen several multiple winners on there. Yet, as mentioned before, I've never seen any North American traders win those competitions...that's something that's very odd.

Then again, I haven't read about every winner. Thus, maybe there has been a few North American winners on there. Also, they once publish a tracking of top 10 placers, there was a few common names consistently in the top 10.

Maybe its all luck or Dukascopy is a big scam designed to sucker in new traders. Heck, maybe Forex is just one clever ponzi scheme...right surf.

Last of all, I thought most forex brokers have their own internal competitions amongst their clients for cash prizes. I've seen a few but haven't monitor to see if there are any traders placing consistently in the top placers.

Xspurt · Apr 22, 2013

Quote from Xspurt:

Yes mostly reversals.

Daily and weekly cycles are in compression against each other which makes for the congestion we have at the moment in the daily. It's not a quality set up but I'd like to see the daily pop up a bit and then the weekly take it down.

There isn't anything really hot at the moment intraday. I like the resistance at 1.3070 in the 30m chart for a short if the PA sets up, but again, not great quality.

1.3070 held for 5 hrs and then worked a treat for the reversal down. I'm sure some of the loudmouths will be able to tell you why I chose 1.3070 as resistance and not 1.3084 on the EUR/USD

pikachu9 · Apr 22, 2013

Quote from clacy:

most of the people on this site live with their parents and haven't made that much in their entire life.

So sad, yet so true, except I'd go further and say most on this site have lost money trading with money from whatever part or full-time job they had

macattack · Apr 22, 2013

Quote from Xspurt:

Wot's up Atticus - is my rookie making you wet your pants You really think 40 pips a day is outrageous?

1. How many trades does your rookie execute per day on average?

2. Do you think he is different from an "average" rookie in some way? An "average" rookie, if left to trade without you standing over him, would screw things up in no time from what I've seen. Lack of patience, cutting gains short, overtrading, etc.
Even with small stops & knowledge of good setups a rookie would die the death of a thousand cuts.

Is it possibly because he had pretty much no trading experience before you mentored him?

3. When you say you make a map of the market (can't remember how you worded it) before the day begins do you just write down an idea of what you think may occur, or do you have a chart which you mark up with what you think may occur, or is there some other method you use?

4. How does the rookie know when to scalp & when to hold for a bigger move...........markets chop quite often, so holding for a bigger move tends to result in a lot of stops if they aren't wide.

SimpleTrades · Apr 22, 2013

Quote from Xspurt:

1.3070 held for 5 hrs and then worked a treat for the reversal down. I'm sure some of the loudmouths will be able to tell you why I chose 1.3070 as resistance and not 1.3084 on the EUR/USD

Do we care? Over the long run the odds of you making the correct call at any given moment is exactly 50%. Over the last 5 weeks, I have a 100% record. Will this continue? I doubt it.

Xspurt · Apr 23, 2013

Quote from marketsurfer:

What I am interested in is the person who has ever won one of those contests more than once in a row-- then it might signal something. Any gambler can get lucky and win the contest ( lottery ).

It's volume of trades surf. You can get lucky on a few big swings on the weekly charts and look good for a year, but come 5 years the volume of trades is mounting and real ratios appear. It gets monstrously hard thereafter.

If you trade off the 1 min chart you hit the equivalent 5 year trade volume of the weekly swing trader in just one month. And you can get lucky for a month but it's hard in that style of trading. Get lucky for a year and that's the kind of luck that wins lotteries every month for a year. You're not lucky when you hit that level.

Xspurt · Apr 23, 2013

Quote from SimpleTrades:

Do we care? Over the long run the odds of you making the correct call at any given moment is exactly 50%. Over the last 5 weeks, I have a 100% record. Will this continue? I doubt it.

You must care if you take a RW position and comment on it

I have over 100 calls on ET - do your homework and see what the win ratio is and then we can compare it with your 50%

achilles28 · Apr 23, 2013

Quote from Xspurt:

1.3070 held for 5 hrs and then worked a treat for the reversal down. I'm sure some of the loudmouths will be able to tell you why I chose 1.3070 as resistance and not 1.3084 on the EUR/USD

hmmmm... what time frame? I'm still clueless on this one..

SimpleTrades · Apr 23, 2013

Quote from Xspurt:

You must care if you take a RW position and comment on it

I have over 100 calls on ET - do your homework and see what the win ratio is and then we can compare it with your 50%

No thanks. Waste of my time.

Careful you don't get distracted and spoil you record like Mr. Brasil. God forbid you have to log in with a new handle.