Perils of Forex - article from HRE

The article said Solt holds a Ph.D. in finance.

That explains it... he's a college boy, not a trader. That is why he sits around and bitches out because he cannot win - if he got in the open fx market real traders would eat him and his PhD.
 
Quote from TigerO:

True, FX is cool and you can make good money there and there are good brokers like OAnda or Saxo, or IB if you want to trade currency futures, but what sucks are all the crooks, be they shady brokers, con artists or what have you FX attracts a bit more than other markets as it's unregulated.
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Forex is NOT unregulated.
 
Quote from TradeOff:

Quotes from the article:

""See this?" Solt asks. "You can sum this up by saying the risk [of loss] is 125 times greater than the average return on the yen." In other words, people betting on Japanese currency are 125 times more likely to lose money than to make it. The pound and Canadian dollar aren't much better."

I ask, what is his trading structure? Does he even have one?
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Solt is blunt: "If the currency moves against you, you could lose everything, like that – " he snaps his fingers.

I've had the currency move against me plenty of times - I have not lost everything.
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While Solt holds a Ph.D. in finance.

This guy has his head up his ass.
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This seems to be an issue with 4X Made Easy and a few rogue brokers.

The reality behind forex is this: All the PhD losers can't make a cent because their swelled "educated" heads cannot figure out how to.

I'm a high school drop-out and I consistently make a lot of money trading fx.

Forex trading is nothing but world currencies shifting hands daily. Prices fluctuate. To make money, your system needs to take into account certain... realities... behind the entire structure of this.

to
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phD's don't trade rigged markets like retail dealer based forex. there is no edge there.

surfer :confused:
 
Quote from TradeOff:

Forex is NOT unregulated.
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Yeah, you're actually right, since some time they've been under the supervision of the CFTC etc, what I meant was the fact that there is no single market place, and the CFTC can't be everywhere all the time.

But, like I said, find one of the few good brokers out there and there is very good money you can make trading FX.
 
Quote from marketsurfer:

phD's don't trade rigged markets like retail dealer based forex. there is no edge there.

surfer :confused:
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Of course there's an edge! Your system just must identify it and trade it.
 
Quote from TigerO:

Yeah, you're actually right, since some time they've been under the supervision of the CFTC etc, what I meant was the fact that there is no single market place, and the CFTC can't be everywhere all the time.

But, like I said, find one of the few good brokers out there and there is very good money you can make trading FX.
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Well, as far as good brokers out there, I have found OANDA to be the best, and that includes all brokers covering everything traded.

For guys who are leary of losing huge sums, OANDA allows you to trade $1.00 at a time at 50:1 margin - I highly doubt having a 1 cent loss on a trade is going to destroy anyone's account.

If it does destroy their account, having a losing trade is not their problem.
 
Quote from TradeOff:

Well, as far as good brokers out there, I have found OANDA to be the best, and that includes all brokers covering everything traded.

For guys who are leary of losing huge sums, OANDA allows you to trade $1.00 at a time at 50:1 margin - I highly doubt having a 1 cent loss on a trade is going to destroy anyone's account.

If it does destroy their account, having a losing trade is not their problem.
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That's why all those who advocate to learn fx through a demo until "consistently profitable" is bs. As quoted above, it is "very difficult" to wipe out an account of say $200.
At current prices (EURUSD), to "wipe" half the account using x30 leverage would need a dip of more than 2,000 pips, which is impossible. Or to lose 100 pips per trade for more that 20 consecutive times. No one with a little "grey matter" between his ears can do that!
Besides "most" wannabes are willing to pay hundreds or thousands for useless e-books while they can start "real" trading.
Wouldn't it be the supreme joy if a wannabe manage to build a fortune from $200?
 
Quote from TigerO:

True, FX is cool and you can make good money there and there are good brokers like OAnda or Saxo, or IB if you want to trade currency futures, but what sucks are all the crooks, be they shady brokers, con artists or what have you FX attracts a bit more than other markets as it's unregulated.
More...

Any names?
 
Legend has it Richard Dennis turned $400 into $200 million.

I think it is entirely possible using the OANDA platform.

I routinely deal with 100 to 200 point drawdowns in EUR/USD cash and end up profitable. So, it CAN be done.

I've made (and retained) 10% on my total live account in (the last) 2 weeks trading time with my modified system.

As long as things don't get too far off base I'm well set to double my (microcap) port in 12 months.

You just need to pay attention, and work your @$$ off.

to

Quote from cooldude:

That's why all those who advocate to learn fx through a demo until "consistently profitable" is bs. As quoted above, it is "very difficult" to wipe out an account of say $200.
At current prices (EURUSD), to "wipe" half the account using x30 leverage would need a dip of more than 2,000 pips, which is impossible. Or to lose 100 pips per trade for more that 20 consecutive times. No one with a little "grey matter" between his ears can do that!
Besides "most" wannabes are willing to pay hundreds or thousands for useless e-books while they can start "real" trading.
Wouldn't it be the supreme joy if a wannabe manage to build a fortune from $200?
More...
 
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