Forex is a scam

jfyi, Lipschutz blew out several times big time...

Quote from Milton:

I don't know if its because of a lack of experience here, but from the majority of posts here I think that here are many many inexperienced... "traders". Someone who trade well, will tell you "don't matter what market you trade, they are just almost the same, all you need is to adjust the risk for every market and you should be ok"



This is true. Those who are newbie for the most part trade on the principle "buy low, sell high" wich is wrong.
Correct is "buy high, sell higher" and vice-versa. But for a newbie from a psychological point is much harder to trade so and instead is much easyer to trade on buy low sell high. They are practical try to buy weakness and sell strength and I think that they behave so because they want to time! the market and don't lose any oportunity; and for them it's not! ok to be wrong.
So remember, the best trades are the hardest to take!



google "bill lipschutz" .
And someone who is very known: george soros and there are many many more.
Now, try to understand how the best traders think, to be a successful trader you need to be very humble and they don't! like publicity, they like to remain [below radar] for the most part and this is why you don't see very much succesful traders.
To be a good trader you need to have a special philosophy about trading and many people can't have this and it's ok, not everyone can succes in this business!
Those who say to everyone how good they are, most of them are arrogant wich is not a good sign of a succesful trader.


For the OP, well @4 years in the market and you don't know some basics information... I think that you should re-think your carrer.
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Quote from ang_99:

There is a reason why the only people posting to the p/l thread trade stocks.

For the "little guy" stocks offer you the best chance at succeeding for the reasons you mention.
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More likely the main reason no one posts there is because whatever numbers someone posts will be called out as bullshit or demo numbers, especially since forex gives the trader so many opportunities to demo stuff allowing them to pic and choose the results they want. Just look at some of the stuff people post here and the constant accusation of "photoshopping" results. Why would they bother dealing with the same crap in another thread.

People do make money trading forex. But the rare 100% gains are few and far between.

The trick to surviving and being positive in forex is not all about the leverage, it is about the old 2-3-5% rule. So long as you tailor your trades to honor your stops following these % loss rules, you will not blow out your account in 30 seconds. Only Dave Kingman would put themselves in that position to leverage themselves to the max for the chance of the one big score. If you learn proper trading and loss principles, you CAN make money trading currencies.
 
my goodness, there is a reason I never touched Western women. Mine wants it every night, sometimes more than once a day, and I end up being the one faking headaches ;-)




Quote from bugscoe:

Trading forex (or all markets) is just like getting to know a woman. It's volitile as hell at first but as time goes on you learn how to read and anticipate her moods.

You learn what time of day is the right time to ask for a hug and the right time to ask for sex.

Once you know her and are married to her, she'll still hit you with some unexpected drama. But at this point you are equiped to deal with everything, as long as you remember when to ask for a hug vs sex.
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Quote from bwolinsky:

Good for you. I've said for years that forex is a market only for insitutions to hedge their currency risk with. The gambling casino may be open 24 hours a day, but there's no hot line when you blow your wad in 30 seconds as is possible at 200:1 leverage, but really anything beyond 10:1 and your guaranteed to blow out and that's how I know if someone is a newb or not. That is, they must understand that leverage beyond 4:1 is financial suicide. I've never heard any person get rich trading forex....ever.
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Joe Lewis made a fortune trading currencies. It was when he dabbled in the equity side of the Bear Sterns fiasco that he got is lunch handed to him:

http://www.digitalalchemy.tv/2008/03/joseph-lewis-lost-1-billion-in-bear.html

BTW, I have "never heard of any person get rich" selling their system on C2 either.
 
u dont need to choose , u can daytrade futures and FX for daily income ( money generator ) and u trade stocks longer term to make the real big money ...
 
Quote from mounafia:

After 4 years of trading the forex, I have realised that it is a scam.

I have read it for multiples years in this forum....but I thought it was because this peoples were not successful that were complaining....and that I would manage to succeed.

Don't get me wrong, you can win money in forex (I have win money.....) but you can not win in a long time.

I have never seen a market that change that much from a month to an other.
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Mind you, there are a lot of scams and manipulations in stock and futures markets too. Hope you don’t close out your stock account in big disappointment 4 years later and looking for another market. :cool:

Wherever there’s big money, there are scam artists around, that’s the reality today. It’s just a matter of how you deal with it. Good luck bro.
 
Quote from cabletrader:


As for being humble, to heck with that, most City traders are brash, arrogant, posers who like nothing better than to let everyone know how successful they are! Go to any Porsche dealership or City club bar on bonus day if you want to witness excess!

Humble shmumble :)
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you seem to be mistaking brokers for traders. there isnt as much skill in broking.
 
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