Forex is a scam

[Xspurt]

Hey Milton, you sound like a nice guy and that's great by me. I'd prefer it if the whole world was made up of nice guys, but the reality is the love of money corrupts and it doesn't matter if it's home or institutional trading.

When it comes to money, more often trust and stupidity go hand in hand, and in a corporate world nice guys get eaten by sharks.

If there are two traders with a similar performance the one who is prepared to bite the others head off tends to be the one to get the best opportunities because tame is seen a vulnerable.

Dick heads often run departments and they promote those who reflect their own values. Take a look at the reasons for huge fines against top brokers over the years - it's a joke.

There are some nice guys but they have to swim upstream as persona and camaraderie is important.

 

[cabletrader]

Quote from wildfirepow:

Also managed forex account offered by profitable and experienced forex traders have high minimum investment such as $20,000 or $50,000 so few members are able to profit from it.

Not true, there are many managers who welcome a small initial investment because it offers a potential investor the opportunity to see results first hand. Xaron maintains a list of a few Oanda FXManager managers here.

Most fund managers know that scams and wannabe's (like your 'friend'!) plague this business with their high risk and volatile equity curves, too many people are getting burned by inexperienced and unprofitable traders who have lost their own money and want to gamble someone else's.

 

[cabletrader]

Quote from achilles28:


The thing about those uber-cocky wanna-be Streeters - if they actually knew how to trade, they wouldn't be cocky.

Ok, I gotta know the thinking behind that comment!

I can't say I've met too many traders who are wallflowers, in a competitive environment it pays to get noticed or you simply don't survive!

Some of these traders might not be the most talented in the business but they make money, and at the end of the day that's what it's all about, cocky or humble it doesn't matter.

 

[cabletrader]

Quote from Milton:

I don't need to apply for a job because I'm a full time trader and I also manage OPM.

And that comes from being humble does it? How about all the brash arrogant traders who take home a 7-figure bonus, how did they manage it without being humble like you?

Hey listen, you be any way you want, just don't say humble is the only way because that makes you sound conceited, and conceited hardly goes with the humble image

 

[Rimping]

I would say cocky-ness, arrogance, a strong convincing personality might help you in business in general. But also here, as so often, what is useful in normal life, doesn't help you a bit in trading.
Markets are never impressed by cocky-ness, loud personalities. They sweep you away just as easily.
In my opinion, more often than not, the really big money in trading is made by very unflashy often unnoticed people.

 

[cabletrader]

Quote from Rimping:


Markets are never impressed by cocky-ness, loud personalities. They sweep you away just as easily.

Markets neither know nor care, that's why this subject is so funny

 

[achilles28]

Quote from cabletrader:

Ok, I gotta know the thinking behind that comment!

I can't say I've met too many traders who are wallflowers, in a competitive environment it pays to get noticed or you simply don't survive!

Some of these traders might not be the most talented in the business but they make money, and at the end of the day that's what it's all about, cocky or humble it doesn't matter.

haha. Well, I guess we know who's cocky now

Like I said, trading is simple. Arrogance is a crutch. Not that I haven't indulged in my share of ego trips. But a 10 year old could do what i do. I could teach them in less than 5 minutes. Most profitable strats are 100% kiss (yours included, I'm sure). And thank God its simple, otherwise I wouldn't have figured it out...

What we do is nowhere close to rocket science. Its more like modern alchemy dressed up as quackery. Another mind-blower. So the guys strutting around like they're Gekko on roids are just playing make-belief bullshit. That what they do and who they are is untouchable. When its not. Now why they do it? I'll let you decide for yourself.

I will admit there are a few guys who are legitimate Eisensteins of trading. Guys pulling 60%+, PA with algo strats. Fundamental traders earn a ton of respect, from me. Guys like PTJ who know macro and market reaction. That takes a ton of academic knowledge/market wisdom. TA, well. That's for guys like me. Nice and easy. My 2 cents.

 

[short&naked]

Who said you have to day-trade?

Forex and futures provide you with enough liquidity that you can put in a large position without having to worry about large amounts of slippage and getting out of your position when you need/want to.

Aside from counter-party risk with fx, most of the risk that you face with stocks have been eliminated. futures can't go to zero and neither can currencies.

That said, they are simple the best for long term positions. With stocks you are walking a tight rope everyday (unless you think you are buying at a discount to intrinsic value).

If however you can't control your use of leverage you will end up getting smashed and are probably better off trading stocks.

 

[daxscalper]

Quote from achilles28:

[
I will admit there are a few guys who are legitimate Eisensteins of trading. Guys pulling 60%+, PA with algo strats. Fundamental traders earn a ton of respect, from me. Guys like PTJ who know macro and market reaction. That takes a ton of academic knowledge/market wisdom. TA, well. That's for guys like me. Nice and easy. My 2 cents. [/B]

TA is all I gots too...just one set up over and over and over...
I couldnt sell my strat as it would take 2 lines on a page to define.

 

[achilles28]

Quote from daxscalper:

TA is all I gots too...just one set up over and over and over...
I couldnt sell my strat as it would take 2 lines on a page to define.

Yep. And I guess the solutions elegance gives birth to some of that hubris. Like E = MC^2.

But the understanding behind our strat is child's play. It all comes down to where one looks for the answer. Not what the answer is, per se. JMO.