Forex? Discussion

destriero said:
20Y trading. Let that sink in.
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I could assume your attitude towards retail traders and such.

Contra seems to be in the same sort of position as me, what's your opinion on retail trading and forex?

Do I just get profitable and ride that out, what are the prospects of crossing into the more professional realm.

My trading right now seems very primitive so to say, based on products/strategies/platforms when compared to what I've seen from the pros.
 
I try and do swing trades in FX but I am not full time and have never made any real money with it.

As soon as I get some real money together I'd like to move into options and trading vol on single names, like destriero has demonstrated here in his journals. I'd like to get into some futures trading as well, however, using volume on FX futures is not a strategy I plan to use.
 
D-3C0 said:
I could assume your attitude towards retail traders and such.

Contra seems to be in the same sort of position as me, what's your opinion on retail trading and forex?

Do I just get profitable and ride that out, what are the prospects of crossing into the more professional realm.

My trading right now seems very primitive so to say, based on products/strategies/platforms when compared to what I've seen from the pros.
More...


My comment addressed Padu's experience. 20Y and thinks the MT4 dealer is offering legit volume. My point is that even futures volume is of limited utility. My first job out of school was at a Primary Dealer. You go through training and a desk picks you up. I ended up on FX majors. I carried a Metriplex24 pager with me. It was hell. An execution slave 24/5. I was there eight months and I got in an altercation with a fourth-year sales-trader. I was trying to make it bonus time. Bank FX is simply adding a pip and riding the order.

There is zero opportunity in carry or spec in retail FX. *If you're a good trader in FX then you're a better trader in virtually any other market.* There is infinitely more color in equities and you can trade them as a macro-bet. A couple thousand in options and you can carry 10-20 deltas in GOOGL.
 
If I had a good sized account in FX and full time to trade I feel I could make something work, but if I had the money to do that, as I said, I'd be in options and futures over FX by far.

destriero said:
There is zero opportunity in carry or spec in retail FX. *If you're a good trader in FX then you're a better trader in virtually any other market.* There is infinitely more color in equities and you can trade them as a macro-bet. A couple thousand in options and you can carry 10-20 deltas in GOOGL.
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Yeah... agreed. Plus you just sound way cooler and more legit trading options lol. Tell people you trade FX, you're looked at as a degen gambler pretty much - and that's if they even know what it is.
 
destriero said:
My comment addressed Padu's experience. 20Y and thinks the MT4 dealer is offering legit volume. My point is that even futures volume is of limited utility. My first job out of school was at a Primary Dealer. You go through training and a desk picks you up. I ended up on FX majors. I carried a Metriplex24 pager with me. It was hell. An execution slave 24/5. I was there eight months and I got in an altercation with a fourth-year sales-trader. I was trying to make it bonus time. Bank FX is simply adding a pip and riding the order.

There is zero opportunity in carry or spec in retail FX. *If you're a good trader in FX then you're a better trader in virtually any other market.* There is infinitely more color in equities and you can trade them as a macro-bet. A couple thousand in options and you can carry 10-20 deltas in GOOGL.
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No I meant your view in general not specifically padu. But yes your answer confirmed what I thought. Thanks for sharing that story and information.

Very interesting point on being better in other markets. I will probably start looking deeper into those other instruments.



contra said:
If I had a good sized account in FX and full time to trade I feel I could make something work, but if I had the money to do that, as I said, I'd be in options and futures over FX by far.



Yeah... agreed. Plus you just sound way cooler and more legit trading options lol. Tell people you trade FX, you're looked at as a degen gambler pretty much - and that's if they even know what it is.
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Yes I also have that same idea, really feels like I'm just drawing lines sometimes. I've had the same conclusion. Would say CME be a good place to scope around ?
 
Hey d, the problem is, people will believe what they want to believe. Its funny, after everything you have posted about volume, no one has the sense to say, "you know, maybe I should look into what this guy is saying". They don't know how the market they are trading in works, for example, there are people who still believe that they are executing against banks when they trade Spot Currency, others believe that the majority of contracts in futures are actually delivered. It just boggles the mind.

The Ever Much Respect VIPER
 
TradeViper said:
Its funny, after everything you have posted about volume
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yeah i traded for 10 years without volume
a transaction has both price and volume: but i think it is difficult to make sense of volume.
and people shy away from anything they have to work hard to figure out.

volume analysis is discretionary you cannot make rules though there are a few basic ones.
and more importantly what is volume? no of shares traded? a trade is a transaction
 
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padutrader said:
yeah i traded for 10 years without volume
a transaction has both price and volume: but i think it is difficult to make sense of volume.
and people shy away from anything they have to work hard to figure out.

volume analysis is discretionary you cannot make rules though there are a few basic ones.
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You worked hard to arrive at the "fact" that pepperidge's volume on MTF is useful?
 
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