I was, while typing my last post in this thread, watching the movie "Casino". It was the scene where a Japanese businessman wins two million dollars of the Tangiers' money, and is in the process of returning to Japan. So Ace Rothstein, the character who runs the Tangiers for the mafia, instructs his security chief to tell the businessman that the private jet, provided free by the Tangiers, has a mechanical fault, so that the man's departure will be delayed. The man, while waiting, is eventually lured back onto the casino floor, where he not only loses back his two million dollar profit, he loses an additional million dollars of his own money. Ace Rothstein's narration explains:
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GFT Forex - Please Help
- Thread starter Golflyer
- Start date
Quote from gkishot:
Have you ever thought that your edge might be technical analysis and fundamental analysis?
I believe that roughly 99% of people who trade spot retail FX eventually give back all their profits. I think it extremely unlikely that somebody sophisticated enough to beat the odds, using technical or fundamental analysis, would be foolish enough to entrust funds to a bucketshop, when there are safer and more profitable ways to capitalize on their talents.
Quote from jimrockford:
. . . Bucketshops are like casinos. Your win is their loss. Your loss is their win. If you win, then they want you to keep playing, because they know that the odds favor the house, and you will eventually lose everything if you keep playing long enough. . .
You're giving casinos a black-eye comparing them to fx retailers. The casinos I've been in have, to my knowledge, offered legit games with the house edge in plain view.
Quote from Chood:
You're giving casinos a black-eye comparing them to fx retailers. The casinos I've been in have, to my knowledge, offered legit games with the house edge in plain view.
I'd like to apologize to anybody involved in the casino industry. Chood is correct. Casino games favor the house, but the casinos don't lie about the odds. The rules of casino games are fully disclosed. Bucketshops, on the other hand, use deception and lies to conceal the true rules determining trade prices, which ensure that the odds are against the customer. Casinos prey on human weakness, but they don't commit fraud. Bucketshops do commit fraud.
I'd also like to acknowledge that there are some very rare exceptions to the rule that retail spot FX traders, doing business with bucketshops, eventually lose all their profits and trading capital. I don't think that these rare exceptions are any reason for anybody to do business with bucketshops, since there are safer and more profitable ways to make the same trades elsewhere.
Quote from late apex:
No. I cannot agree with that statement.
There are rarely absolutes in trading, or in life.
What is the basis for your belief?
I believe that newbies lack the ability to protect their interests in the unregulated environment of the FX industry. I believe that they should begin developing their knowledge of trading in the regulated environment provided by the stock market. The stock market is far from perfect, but it is also a far better alternative, with far greater protection, than FX.