Forex Is A Scam

I'll tell you why...Because most people are stupid and gullible. They bought into all these scam web sites selling E.A.'s and systems promising to turn $2,000 into $2Million in one year.....SCAM I can't believe people fall for this and how these sites have not been closed down by the F.T.C. is beyond me!

So the majority rush in having no experience about trading, risk,money management, trade an the biggest leverage their broker willl allow them. Lose their whole account in less than 1 month.

Then go on a crusade about how fx trading is ascam (sounds like you...)

Why do you not learn to trade (same for all time frames) then come back?

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If majority of the world's populace were not involved in the foreign exchange market, why is it the BIGGEST MARKET IN THE WORLD?
:cool:
 
Google "Forex Confidante"

This guy knows his stuff and is a real forex trader.....

To say it can'r be done is simply wrong. End of.

If you have failed then step back and ask why YOU are failing! Stop blaming the markets.
 
Hey Dr. Death....if I pay you $100 will you promise to turn me into a Dr. who creams $150,000 for sucker patients?

This sums it up....but as for a Dr. Why not simply move on and stop wasting our time?
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mayflip- I agree. I lost a few hundred a quickly stopped. I would like other beginners to stay far away from FOREX.
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So you can't trade for toffee....and everyone esle whould avoid it as well? Right that seems fair.

so what was your system? What risk was you taking? Did you even have a system? How was it performing 6 months ago? Max drawdown, most losses, etc?

I doubt you are even aware of the above!
 
Quote from intradaybill:
In your example, risk is 1%, it is not calculated. It is preset. Gosh...
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1% risk is fine, there's nothing wrong with that. Of course it's calculated, it's 1% of capital. It can be adjusted depending on market conditions, whereas your fixed leverage can't be, the only thing you can adjust is your stop to fit in with your maximum risk which is just about the worst thing you can do! Stops should reflect the market and not the maximum dollar amount you're prepared to lose, that's a very novice mistake.


Quote from intradaybill:

So you trade 2 contracts and I trade 1. Suddenly, ECB starts selling Euros and there is a 100 pip gap down our long EURUSD position stop price. You lose 4% in a single trade and I lose 2%.
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hehe, you still don't get it.

Ok look, this is really simple.....

Take 1% of your account, divide it by your stop, and that will give you a value per pip - and therefore a trade size. If you think it's necessary then add your ECB 100 pip gap scenario into the equation. Nowhere did you need to calculate the leverage you used, it's irrelevant.

Your fixed leverage can be very misleading because with a 25 pip stop your risk would be 0.5% and with a 250 pip stop it would be 5%.

Now if you use a risk of 1% then no matter what size your stop you will still maintain the same risk, 1%, it doesn't fluctuate with the size of your stop.

Bottom line is that using a fixed leverage is pointless as it's an irrelevant calculation.

Here's some examples for you using a 5k account trading Eur/Usd:

Your way using fixed leverage 10k trades:
25 pip stop = 0.5% risk, underleveraged.
75 pip stop = 1.5% risk, aggressive.
250 pip stop = 5% risk, overleveraged.

The 'normal' way:
25 pip stop - 1% risk
75 pip stop - 1% risk
250 pip stop - 1% risk

Add in your 'ECB scenario' to taste ;)
 
....here you are, I'll even give you your 'ECB scenario' calculations to save you the bother...

Your way using fixed leverage 10k trades:
25 pip stop + 100 pips 'ECB risk' = 2.5% risk, overleveraged.
75 pip stop + 100 pips 'ECB risk'= 3.5% risk, overleveraged.
250 pip stop + 100 pips 'ECB risk'= 7% risk, overleveraged.

The 'normal' way:
25 pip stop + 100 pips 'ECB risk' - 1% risk
75 pip stop + 100 pips 'ECB risk' - 1% risk
250 pip stop + 100 pips 'ECB risk' - 1% risk

etc etc etc

:p
 
Quote from chipmunk:

You cannot make a killing in forex. Banks with their huge resources can only make 20% to 40%. You should expect about 15% as a retail trader with prudent risk and money management
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ROFL you loser!

I am up 9% September so far....not taking big risks and I do not make profits every day! They guy who says 6% per month moderate risk is dead right....I have done it for a while. So go and take your losing attitude elsehwere. My guess is you'll lose in every business you enter and then spend all your time trying to convince people it's not you ...it's the business... "it's a scam" Joker :mad:
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We are talking real trading here not paper trading.

Given your attitude and ignorance of the markets any real 9% you will make will be followed by a -30%.

I will still be around trading, not making a killing but 15% is good enough for me given that my capital is over 1M.

OK, micro-lot paper trader?

:D :D
 
Quote from DeeDeeTwo:

You are misinformed and naive.

> 90% of the funds out there are "skimming operations"...
The Business Model is not to outperform anything...
It's to stay in business and take 3% every year for eternity.

If someone takes 3%/year for a lifetime...
Say 3%/year for 40 years...
They end up with 60-70% of your money...
While taking ZERO risk.

That is the Securities Industry Business Model...
So there is no reason for Fund managers to be "competent" or "well-informed"...
They just need to make their Customers believe they are.
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Misinformed and naive? LOL

So fund managers who could generate larger returns (for themselves and clients), choose not to. In favor of a paltry 3% management fee??? Yea, okay.

75% of managers don't beat the index because they can't. There's a difference.
 
Quote from intradaybill:


I will still be around trading, not making a killing but 15% is good enough for me given that my capital is over 1M.
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Yawwwwwwn
yawn.gif
 
Quote from intradaybill:


So you trade 2 contracts and I trade 1. Suddenly, ECB starts selling Euros and there is a 100 pip gap down our long EURUSD position stop price. You lose 4% in a single trade and I lose 2%. After 8 such hypothetical losses , you are down 32% and I am down only 16%. If you are a fund or a fx pro trader, you are forced to liquidate everything because you are over cummulative stop loss of 30%. Extreme scenario some may call it but it seems it happens occasionally. Last year proved that 10 consecutive losers is not that impossible scenario.
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When has the Euro Ever gaped down 100 pips, in non-news conditions? Let alone, 8 times over the course of a year?

Black Swans are rare. You're trading as if they lurk around every corner. Protective OTM puts/calls are probably cheaper than super wide stops = better returns @ higher leverage.
 
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