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Forex - The ultimate Fastlane (?)

Discussion in 'Investing/Trading/Cryptocurrency/Altcoins' started by raad182, Jan 2, 2019.

  1. raad182
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    raad182 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thanks a lot!
    Thats a way to make money but at the end of the day you would need to invest a lot on Marketing as there are thousands of " forex experts " selling their knowledge or systems.
    I've been playing with my demo account, last night I was +700, this morning -800... Now -50
    Until now It seems like a very complex way to gamble.
     
  2. sam502w
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    sam502w Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I have been a forex trader for one year. Real money. Just now breaking even....after one whole year and untold hours of study and practice. Fastlane? Don't think so but here is my take:
    Control: it is all about my strategy, my risk management and my psychology. And the last one is very difficult for a variety of reasons. I'm not working for someone else in this.....

    Entry: 90% lose money. It is very difficult but not impossible. It takes knowledge and skill. It is not easy money. But it can be very profitable.

    Need: it is a zero sum game. When I win, someone loses, when I lose someone wins. Buyers do need sellers and seller need buyers. When to be one or the other is the deal.

    Time: can work in your favor. You don't have to sit in front of your computer. You can place your trades on the weekends if you are a longer term trader and check a few minutes a day to adjust.

    Scale: I monitor 28 currencies. You scale by trading more currencies and as your bankroll increases you increase how much money you trade with.

    Trading isn't gambling. But it is very difficult to learn. I feel confident as my skill increases I will be profitable moving ahead. Caution: there are many charlatans around and youtube is full of them. There are very few reputable teachers out there. I found one in Texas and one in London and its made all the difference for me.
     
  3. NeatStranger
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    NeatStranger Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I think you are missing the fact that the best Wall St traders in the world earn 12-20%/ per YEAR.

    If you have read either of MJ's books, you would know that you can be better than the best traders in the world but it is highly unlikely. This is why Forex isn't fastlane.

    If you start a business selling widgets, you only have to be better than the 10-20 other companies selling widgets, but if you start trading forex, you have to be better than every single other person in the world who has a brokerage account, and a few thousand bucks. Not to mention all of the ivy leave math genius wall street guys.

    Save your time, find a problem to solve that adds value to the world and create a business out of it. Make something better, try to make yourself a problem solver.
     
    AllanB, raad182, Xeon and 1 other person like this.
  4. John P.
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    About forex, my opinion...
    This is me and forex 3 years ago: http://jfxtrade.com/mquantum37/
    :)
    I was looking for the business of selling metatrader robots. Fully automated or semi-automated. Still, have the webpage... Sell the shovels, right? I thought. Also, it looked for quick bucks. Ok, was also for my benefit. I can't remember the details why I stop, Maybe was not the time for me or...

    Met few "traders" that were interested, but apparently, they were not making any money, was small fish. Big fish was laughing at my little thing called trading robot :) Really, can't recall the details about my adventures in forex, but one thing that left me in disgust was the aggressive marketing around "selling the dream" with forex, I must tell you they're pretty good :)

    Anyway, I think that one can live off anything related to forex.
     
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  5. Fassina
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    Fassina Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Poker is better and safer if you want to follow this route..

    Much higher control, the market, some politician or natural disaster won't make you lose money. Only your skill matters. You can actually make positive returns consistently because of the number of hands played and if you only play high EV hands you can't lose money in the long run (technically).

    Can work anywhere any time. Need a much lower starting bankroll. Stop loss is a natural part of it, you can only lose as much money as you have in the table (which is hopefully not your entire bankroll). Can transition into teaching it and turn it into a fastlane biz..

    The cons are that it takes a lot of time, it's boring work, and it's annoying to do if you live in the US.
     
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  6. loop101
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    loop101 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    You don't have to spend 1 penny on marketing. The websites do the marketing. You just have to consistently make profitable trades. The users on those sites look at a scoreboard to see who has the best returns, and put their money with the winners. If you think you can trade profitably, there is almost no reason not to use one of those sites. The only reason I know of is, that you don't want anyone know how you trade. Since your trades are public, within a few trades, most experienced traders will know exactly what you are trying to do.
     
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  7. James Fend
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    No knock on Forex or any asset trading system.. but my personal opinion is this:

    Provides zero value to society.

    You could argue in a way you contribute to helping fund capital for companies to grow.. but my take is this..

    To get good, it takes a self-mastery of emotions that takes years and years to perfect. The opportunity cost of not creating value elsewhere during a tech explosion stage in human history is not worth it imo.
     
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  8. raad182
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    raad182 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thanks Sam, really good explanation.

    May I ask you, what range of %profit should I expect (average skilled trader)? And do you have any book to recommend?
     
  9. raad182
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    raad182 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I've considered Poker too and you really have some good points, especially about the stop loss.
    Do you any source or book where I could learn and develop the basics? Never played Poker but I learn fast.
     
  10. Stanja1
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    Stanja1 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Fwiw, my best friend trades Forex successfully. He "retired" to Panama City, Panama a couple years ago after basically winning the Bitcoin lottery. He was an early adopter and had 5000 Bitcoins that he sold at the 20k peak to pocket 100 million plus. He actually flew up to Seattle about a month ago to hang out and "train me" in the advanced/ dark arts of Forex trading. I studied technical analysis/ candlesticks years ago. Things have changed quite a bit.

    What I learned:

    It seems simple but is very complicated. There are tons of styles and strategies. My friend mostly day trades using convergence/ divergence. However, he also trades long with different accounts. He has custom indicators that are a combination of moving averages, MacD, RSI, etc. It seemed to me that people don't share successful strategies. There are tons of custom indicators out there to purchase, rent, or even for free. The hard part is figuring out which ones actually work and are helpful. Also, it seemed like there are lots of advantages to be purchased. He pays a grand a month for some international squawk service to give him news data 10 seconds before the mainstream. Shady, but obviously advantageous. I think he pays $500 a yr to rent the main indicator that he uses which is MA, RSI, MacD combined relative to volume. Just the word Metatrader gives me a migraine. Certainly not intuitive. I did see him do a trade where he made 300 pips in less than an hour. I think that was a 30k profit in the account he was trading. He thinks that I can easily make 5k a month starting with 25k account with little risk. One thing I do know is that the hours suck. He does not use any robo trading tools, but always uses stop loss and take profit. He has an international hedge fund based out of Belize. I honestly have no idea what that really means. I do know that when he is trying to trade seriously his hours are crazy. The markets move the most typically when they open and when they close. So, I don't think he ever gets 4 hours of sleep. He also has a wife and 2 kids. He is online when the US, European, and Asian markets open and close. And if there is any big news announcement expected, he will be online for that. Can it be done? I think so. Will it be easy? Not for some time. My friend has been trading with real money for 7-8 years.

    The books recommended to me were the Jim Brown books that you can find on Amazon. Start with "Forex Trading: The Basics Explained in Simple Terms". If you like it, get the other two. Also, don't waste your time with a Demo Account. Start a Micro account for $500-1000. Best of luck! If I decide to start day trading, I will start a thread. I hope some of my info is beneficial. Ciao for now.
     
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  11. FxStrong
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    Raad, I literally registered an account so that I could respond to this thread. I did this because my thinking has been along this line for a very long time.

    I'm currently a profitable Forex trader made over 100% in 2018. So the returns you are looking for are very doable. However, some of the verbiage you are using worries me. Let me go through them here:

    "Flexible hours (Market 24/7)"- this is a blessing and a curse. I can not tell you how many hours of sleep I've lost worrying about positions or what kind of news came out. So this is not a "Pro" to me. If you use these markets as a source of entertainment you'll be humbled quickly.

    "No selling/No Networking". Yes, this true in a normal have to make a presentation setting. However, the learning curve for knowing what information to trust and how to filter information is quite steep.

    "You can work from anywhere as long as you have a laptop and internet." This is true. However, we're talking about a performance sport here. If you think you can sit in Cancun sipping Pina Coladas and beat some of the best in the world. You have another thing coming.

    "Acquire useful knowledge about global markets, trends, finance and economics". Just want to make a distinction here. There is an enormous difference between reading a bank report and having an opinion at Christmas dinner. Again, as stated above this will require a filter that only experience will provide. Your college economics class will do little to help you.

    The bottomline Raad is this. If you think you can read a book or use a system from ForexFactory its not going to happen for you. You need to be 110% committed to improving as a trader everyday. Over the last 3 years I've committed 4 hours a day (not including market hours) to backtesting, meditation and education. Finally, after years of labor I'm starting to see solid results. There will be soul crushing moments Raad I promise you.

    I would never try to talk someone out of being a trader. Honestly, the person you need to become to be a consistent trader is worth the process. However, I'm sure there are easier ways to make money than Forex trading. You have to love this game to play.
     
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  12. JordanS
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    I agree with this post. As someone who has been into crypto trading, and dabbling into forex now, it is pretty great. Tho it is not for everyone. You need to be pretty tough mentally to be able to handle drawdowns and not ever revenge trade. You must have strict risk management, and follow your system. Only take trades because they are smart, not because you want to make money.

    Many people will tell you how "90% of people fail" and that is good. Those 90% are the people we sell our winning positions to. they are the ones buying at the top of pumps and the bottom of dumps that you just shorted. If most retail traders were smart it would much harder to make money.
     
  13. raad182
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    raad182 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thanks for the answer...Final thought, Poker vs Forex? I have 4hours/day to invest. Which one would provide me the " drinks on the beach " lifestyle?
     
  14. jesseissorude
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    jesseissorude Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    I just wanna draw your attention to the fact that—in your mind—trading and LITERAL gambling both seem like equal alternatives.

    Instead, try this:
    -Name a customer community that you would wake up every morning eager to help. Ideally you’d also be a part of that community yourself. Dont be afraid to niche. Think: weightlifting grannies, new mothers interested in nutrition, businessmen with bushy moustaches, whatever.
    -Find 25 people that fit in that customer community and ask them out to coffee
    -Don’t pitch them anything. Just ask questions about their experience and listen. After 3 convos, you should start noticing some common pain points they share.

    It may be that you have to repeat this process a few times, but I can guarantee results... no need to buy my foolproof course (“Act now! This offer won’t last long!”)

    Best of luck brother. Short answer: What you are describing is not fastlane
     
  15. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    This hurts my soul. Wish you luck, brother.
     
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  16. loop101
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    loop101 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    [​IMG]
     
  17. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Either? Your job is to take money from people with only 4 hours a day to invest and who want to sip pina coladas on a beach.
     
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  18. AlessioLC
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    You can make money from Forex, everybody is doing it wrong.

    If you fall for the indicators bullshit of course you're going to get crushed, they've been created by brokers, brokers job is to make money from you.

    Trendlines, Naked Price Actions, Key Levels (Zones), Volume & Fibo is all you need, H4 charts minimum.

    Learn how the bank trades and you'll make money, not the other way around.
    AND NO, it require way more time than you think, unless you master this craft and can hold positions for days which would require only few hours to monitor...you gonna be behind the screen but who cares if you like it.
     
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  19. FxStrong
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    Raad182, at some point both of these can get you there. The question you need to answer is which can you go 5 to 7 years without making money? I'm not saying this is your experience but it can be.
     
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  20. James Fend
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    There is a lot of wisdom here in this FxStrong's post, full of gold nuggets that I can relate to all to well.

    For what it's worth; I got knee-deep into crypto trading a year or so ago. Got quite good at it, some would say "successful" and I found myself realizing a "gifted talent" in the Fundamentals aspect of trading. I do not hold any coins at the moment, cashed out awhile ago, and never got back in due to a big prediction trend I'm still believing strongly in (long story).

    Anyways.. I say all that to say this; I agree with the guy and his suggestion not to get into Forex. His concern and mine too is the "90% and 10%" thing is not being interpreted correctly.

    100% of people will fail. 100% of people will blow their first, second, (maybe third or more) accounts. There is no 10% that "succeeds", all 100% fail.

    However.... 10% of those 100% take a break (weeks or months, and all successful traders have taken breaks when they first got in the game), digest what they learned away from anything remotely related to a trading environment, what they did wrong, what they did right, etc. etc. and then slowly get back in the game as an "mentally improved" person.

    It's those "10%" that become successful in trading. The main fundamental flaw is people hear "10%" and think there is a 1 in 10 chance you will slip through and become successful through reading and hard work. 0.001% chance that happens.

    No. The hard work is picking yourself back up, taking a break, re-accessing the deepest corners of your emotions and brain, and repeating over and over and over again while losing money and more money and more money. Hard work is not putting in hours in front of a screen or chart or book; that is bare minimum not hard work.

    Anyways, just my two cents...
     
    Last edited: Jan 15, 2019 at 1:23 AM
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  21. raad182
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    raad182 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I've tried both Forex vs Poker until now seems like Poker suits me best. I've been playing for 3 days now. Day 1: Lost almost all hands played, Day 2: Lost the majority but won a few, Day 3: Profit =D... I've been surrounded by cards my whole life, my brother plays, when I came home yesterday they were playing cards (not poker). When I read the skills needed to be a good Poker Player, I see skills that I've always had but never knew what to do with them.
    I will play more in the next days, professionals say that after 1500 hands you get the idea if you are good.
     
  22. Stanja1
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    I agree. Hence my hesitation.
     
  23. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    In other words, it's like anything else in life. Put in the tough work, and you can do anything: Trade FX, trade options, play pro ball, start a multimillion dollar business etc. People like to dismiss the 5 to 7 years part... they want to do it part time, one hour per day, all of course while chilling on the beach with a margarita. Thank you for sharing the reality check.
    :thumbsup:
     
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  24. jesseissorude
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    jesseissorude Bronze Contributor Read Millionaire Fastlane Speedway Pass

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  25. calm
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    calm New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Forex investing is not a business.
    I have experiences in forex, share, derivative like option and future except for bond investment.
    The most critical problem in trading is that investors have very limited control power. You can not manipulate market but only react.
     

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