Make a living trading FOREX?
- Thread starter mjl
- Start date
I think 99% fail because they don't have a clue about what they're getting into!
Despite excellent planning, sufficient funding, and expert advice and support from experienced professionals 50% of start-up businesses fail within the first 12 months, and a staggering 90% within the first 5 years!
Now look at the average retail forex trader. Underfunded, little/no experience or knowledge, very little reliable advice available, and bucketshops skewing the game!
The outcome for the unprepared noob is inevitable I would have thought....
Your opponent might know your hand but ultimately he isn't in control of what cards you get dealt. You're also in control of the bet you make, he can't affect that.
Sure he can make life difficult for you but it's your job to compensate.
Poor comparison, there are very few similarities between playing poker and trading forex, if any.....
True. New traders come in thinking that the broker is their friend, the EA they purchase online is going to give them steady incomes, that forex is centralized like other assets, don't realize in times of tight liquidity price action can be exaggerated. the list goes on and on.
But it is funny to me that people believe just because they can play poker they can trade. There is a set probability based on players/number of decks. So you can "assume" or try to "predict" your standing vs others. This is not so easy when trading. Unlike poker, it doesn't matter if you bluff. You don't know how many people are playing... , when they are coming and leaving, and the dealer sees all the cards!
Too bad my life depends on trading as I can't play poker for shit!
There's a difference between a forex broker & a forex trader. If he is offering to sell you some system, he's not a broker. Broker's will usually package software(platform) just because you have an account with them.
Used car lot? Yeah, this dude definitely just a trader. If he's willing to sell you his system, gotta wonder.. why? if it's so damn easy?
But I gotta admit tho, it is pretty easy once your strategy is flawless. But not many traders have found such a flawless set-up..
You don't have to accept the price he's quoting, and he can't keep quotes too far away from the underlying market for very long, it wouldn't be practical. But let's say he did, how long would you stay with a broker like that?
We all know it's not a level playing field, but if we want to trade this maket we have to adapt and be a little creative
lol, me either!
I don't know many professional forex traders but the one's I do know say they very rarely gamble and when they do it's only for entertainment.
Trading......it's a funny old game!
I wonder if they're going to try limiting forex trading like they're trying to do with commodities? Central banks are always complaining about speculators, Trichet bangs on about it every time he gets a chance! Imagine forex without the speculators, it would be like the Asian session....every day! A snooze fest!
to answer your question...YES, of course!!...why would anyone be trading if this was not possible????
1-become CONSUMED with one Forex cross rate...literally CONSUMED!...focus and study it until you know it like your favorite Starbucks coffee
2-don't over trade
3-don't revenge trade