The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

The Active Forex Traders Discussion

Anything related to investing, including crypto

Matt Dassel

Contributor
User Power
Value/Post Ratio
69%
May 15, 2018
35
24
It's good to be trading to keep your independent drive.

Are you trading on a longer term for better than average yearly returns while keeping a business on the side?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

CarrieW

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
41%
Nov 12, 2007
2,537
1,035
suburbs of savannah in Ga
Great stuff, im literally reading all your posts from 10 years ago on this thread! Im gonna read every page over the days and weeks, just daily study & grind! Whats the journey been like for you?
I've been thinking of rereading this thread. It's been quite a while I'm sure I will cringe a lot lol

I just pulled out my bag with all my materials in it and the first printed forex info I have in there is from may 2005. It's hard to believe it's been that long. No regrets though I had another journey to complete first.

Onward and upward!


Sent from my XT1585 using Tapatalk
 

WildHoneyTree

Contributor
User Power
Value/Post Ratio
147%
Sep 3, 2017
17
25
Planet Earth
Interesting thread...tried to read through most of it. But didn't find anyone who actually made a real income doing this. It's just the yay...I made a couple of hundred bucks and then lost it story. What total gains has anyone made in this after 5 years? Not trying to be Debbie downer....I would totally get into this if I thought the odds were remotely stacked in a small scale day trader's favor. I think only banks and brokers using millions make real money on this. And of course the trading sites that you up and take your money.

Back in 2006, I got interested in forex, did a free course, learned about candlesticks and whatever, got a demo trading set up. One day, I exited right before a big spike and felt bummed that I had missed the opportunity. The tutorial said....Don't worry, consider yourself lucky because chances are higher you would have lost if you had played.

That made me go hmmm and walk away. A game where you mostly lose by playing is NOT the path to riches. I think blackjack has better odds than this if you learn to count cards.

In hindsight, red flags for me were that the whole tutorial had the same spiel as an MLM with all the silly stories, anecdotes.

I'm gonna go right out and say it. Forex day trading is a scam and chances of making any money with it are like an MLM.

A bunch of people with connections to the market are making a lucrative business convincing people that they can become "financially free", work at home or on the beach, only 10-20 hours a week and be really cool "playing the market" like the Wolf of Wall Street or something. Pure hype.

You just have to learn systems that never work, get a bit of a buzz when you make $50. That's $50 in a week. Wow! And 10 years later, you're still learning a new trick. You've just gotta believe. Keep the faith!

Why are these people teaching you to trade forex instead of doing it themselves and becoming billionaires? Or they are billionaires and this is their philanthropy? Has Warren Buffet

This is a special kind of scam geared towards stay at home moms, unemployed recent grads, people in 3rd world countries and wishful thinkers everywhere.

It's hard to leave something after investing so much time and effort into it. But no need to stop...if you're still very addicted to it and can't let go of the delusion that the pot of gold is round the next corner... keep doing it but make a side bizz doing one on one coaching. Get a FB group or something, charge a monthly fee. Stay in the trading bizz but maybe explore other more legit areas.

Sorry if this was unhelpful to you. But I do hope it helps someone out there. Or that someone proves me totally wrong by showing figures with real total gains over the long term. If you made $2000 in 5 years watching a screen full time....don't bother.
I'm not trying to be nasty. I honestly think it's a scam and that's why I posted.

Peace.
 

CarrieW

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
41%
Nov 12, 2007
2,537
1,035
suburbs of savannah in Ga
Interesting thread...tried to read through most of it. But didn't find anyone who actually made a real income doing this. It's just the yay...I made a couple of hundred bucks and then lost it story. What total gains has anyone made in this after 5 years?Not trying to be Debbie downer....I would totally get into this if I thought the odds were remotely stacked in a small scale day trader's favor. I think only banks and brokers using millions make real money on this. And ofcourse the trading sites that you up and take your money.
Back in 2006, I got interested in forex, did a free course, learned about candlesticks and whatever, got a demo trading set up. One day, I exited right before a big spike and felt bummed that I had missed the opportunity. The tutorial said....Don't worry, consider yourself lucky because chances are higher you would have lost if you had played.
That made me go hmmm and walk away. A game where you mostly lose by playing is NOT the path to riches. I think blackjack has better odds than this if you learn to count cards.
In hindsight, red flags for me were that the whole tutorial had the same spiel as an MLM with all the silly stories, anecdotes.
I'm gonna go right out and say it. Forex day trading is a scam and chances of making any money with it are like an MLM.
A bunch of people with connections to the market are making a lucrative business convincing people that they can become "financially free", work at home or on the beach, only 10-20 hours a week and be really cool "playing the market" like the Wolf of Wall Street or something. Pure hype.
You just have to learn systems that never work, get a bit of a buzz when you make $50. That's $50 in a week. Wow! And 10 years later, you're still learning a new trick. You've just gotta believe. Keep the faith!
Why are these people teaching you to trade forex instead of doing it themselves and becoming billionaires? Or they are billionaires and this is their philanthropy? Has Warren Buffet
This is a special kind of scam geared towards stay at home moms, unemployed recent grads, people in 3rd world countries and wishful thinkers everywhere.
It's hard to leave something after investing so much time and effort into it. But no need to stop...if you're still very addicted to it and can't let go of the delusion that the pot of gold is round the next corner... keep doing it but make a side bizz doing one on one coaching. Get a FB group or something, charge a monthly fee. Stay in the trading bizz but maybe explore other more legit areas.
Sorry if this was unhelpful to you. But I do hope it helps someone out there. Or that someone proves me totally wrong by showing figures with real total gains over the long term. If you made $2000 in 5 years watching a screen full time....don't bother.
I'm not trying to be nasty. I honestly think it's a scam and that's why I posted.
Peace.
Thanks for Your take on it. If you read thru this thread there have been plenty of nay sayers. Most of of have been fully "warned".

I haven't lost thousands of dollars or years of time to make 2k but I also haven't attempted to focus on any of it in quite some time.

I can't say you are wrong. Cant say I'm right. Can't say you are right either ;).

No matter what you think specifically of forex the skills that I have actually learned can be transferred to any other kind of trading should I choose to change my focus onto stocks or something so I definitely don't feel like I have wasted any time either.

Please don't feel the need to reply.

Sent from my XT1585 using Tapatalk
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

loop101

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
161%
Mar 3, 2013
1,557
2,506
Interesting thread...tried to read through most of it. But didn't find anyone who actually made a real income doing this. It's just the yay...I made a couple of hundred bucks and then lost it story. What total gains has anyone made in this after 5 years?Not trying to be Debbie downer....I would totally get into this if I thought the odds were remotely stacked in a small scale day trader's favor. I think only banks and brokers using millions make real money on this. And ofcourse the trading sites that you up and take your money.
Back in 2006, I got interested in forex, did a free course, learned about candlesticks and whatever, got a demo trading set up. One day, I exited right before a big spike and felt bummed that I had missed the opportunity. The tutorial said....Don't worry, consider yourself lucky because chances are higher you would have lost if you had played.
That made me go hmmm and walk away. A game where you mostly lose by playing is NOT the path to riches. I think blackjack has better odds than this if you learn to count cards.
In hindsight, red flags for me were that the whole tutorial had the same spiel as an MLM with all the silly stories, anecdotes.
I'm gonna go right out and say it. Forex day trading is a scam and chances of making any money with it are like an MLM.
A bunch of people with connections to the market are making a lucrative business convincing people that they can become "financially free", work at home or on the beach, only 10-20 hours a week and be really cool "playing the market" like the Wolf of Wall Street or something. Pure hype.
You just have to learn systems that never work, get a bit of a buzz when you make $50. That's $50 in a week. Wow! And 10 years later, you're still learning a new trick. You've just gotta believe. Keep the faith!
Why are these people teaching you to trade forex instead of doing it themselves and becoming billionaires? Or they are billionaires and this is their philanthropy? Has Warren Buffet
This is a special kind of scam geared towards stay at home moms, unemployed recent grads, people in 3rd world countries and wishful thinkers everywhere.
It's hard to leave something after investing so much time and effort into it. But no need to stop...if you're still very addicted to it and can't let go of the delusion that the pot of gold is round the next corner... keep doing it but make a side bizz doing one on one coaching. Get a FB group or something, charge a monthly fee. Stay in the trading bizz but maybe explore other more legit areas.
Sorry if this was unhelpful to you. But I do hope it helps someone out there. Or that someone proves me totally wrong by showing figures with real total gains over the long term. If you made $2000 in 5 years watching a screen full time....don't bother.
I'm not trying to be nasty. I honestly think it's a scam and that's why I posted.
Peace.

You might want to Google "Mrs Watanabe".
 

Silver Silk

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
158%
May 10, 2017
99
156
Birmingham
Interesting thread...tried to read through most of it. But didn't find anyone who actually made a real income doing this. It's just the yay...I made a couple of hundred bucks and then lost it story. What total gains has anyone made in this after 5 years?Not trying to be Debbie downer....I would totally get into this if I thought the odds were remotely stacked in a small scale day trader's favor. I think only banks and brokers using millions make real money on this. And ofcourse the trading sites that you up and take your money.
Back in 2006, I got interested in forex, did a free course, learned about candlesticks and whatever, got a demo trading set up. One day, I exited right before a big spike and felt bummed that I had missed the opportunity. The tutorial said....Don't worry, consider yourself lucky because chances are higher you would have lost if you had played.
That made me go hmmm and walk away. A game where you mostly lose by playing is NOT the path to riches. I think blackjack has better odds than this if you learn to count cards.
In hindsight, red flags for me were that the whole tutorial had the same spiel as an MLM with all the silly stories, anecdotes.
I'm gonna go right out and say it. Forex day trading is a scam and chances of making any money with it are like an MLM.
A bunch of people with connections to the market are making a lucrative business convincing people that they can become "financially free", work at home or on the beach, only 10-20 hours a week and be really cool "playing the market" like the Wolf of Wall Street or something. Pure hype.
You just have to learn systems that never work, get a bit of a buzz when you make $50. That's $50 in a week. Wow! And 10 years later, you're still learning a new trick. You've just gotta believe. Keep the faith!
Why are these people teaching you to trade forex instead of doing it themselves and becoming billionaires? Or they are billionaires and this is their philanthropy? Has Warren Buffet
This is a special kind of scam geared towards stay at home moms, unemployed recent grads, people in 3rd world countries and wishful thinkers everywhere.
It's hard to leave something after investing so much time and effort into it. But no need to stop...if you're still very addicted to it and can't let go of the delusion that the pot of gold is round the next corner... keep doing it but make a side bizz doing one on one coaching. Get a FB group or something, charge a monthly fee. Stay in the trading bizz but maybe explore other more legit areas.
Sorry if this was unhelpful to you. But I do hope it helps someone out there. Or that someone proves me totally wrong by showing figures with real total gains over the long term. If you made $2000 in 5 years watching a screen full time....don't bother.
I'm not trying to be nasty. I honestly think it's a scam and that's why I posted.
Peace.
I met a real trader, hes made real money, he said he put thousands of hours into learning the trade and that i need to expect to do the some if i want to rise above the rest. Most probably wont make money cus you are looking for a quick buck. Gotta go hard at anything in order to achieve big results.

When you said "That made me go hmmm and walk away" you basically decided to quit... not the way to defy the odds...

Average effort = Average results
Extraordinary effort = Extraoridinary results
 

Matt Dassel

Contributor
User Power
Value/Post Ratio
69%
May 15, 2018
35
24
I met a real trader, hes made real money, he said he put thousands of hours into learning the trade and that i need to expect to do the some if i want to rise above the rest. Most probably wont make money cus you are looking for a quick buck. Gotta go hard at anything in order to achieve big results.

When you said "That made me go hmmm and walk away" you basically decided to quit... not the way to defy the odds...

Average effort = Average results
Extraordinary effort = Extraoridinary results
When you say real trader, do you mean an independent trader who doesn't need a bank, or investors money to continue to invest?

These are hard to find. Even people with talent initially fade away to hide their small misfortunes.

But from what I see, most people investing independently make their money from outside the trading environment. They then later learn how to keep a modest better than average yearly return. Which makes them have a feeling of control over their finances. I think that is the goal for everyone if they ever decide to trade.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Rabelo

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
177%
Apr 4, 2017
60
106
secunda
Interesting thread...tried to read through most of it. But didn't find anyone who actually made a real income doing this. It's just the yay...I made a couple of hundred bucks and then lost it story. What total gains has anyone made in this after 5 years?Not trying to be Debbie downer....I would totally get into this if I thought the odds were remotely stacked in a small scale day trader's favor. I think only banks and brokers using millions make real money on this. And ofcourse the trading sites that you up and take your money.
Back in 2006, I got interested in forex, did a free course, learned about candlesticks and whatever, got a demo trading set up. One day, I exited right before a big spike and felt bummed that I had missed the opportunity. The tutorial said....Don't worry, consider yourself lucky because chances are higher you would have lost if you had played.
That made me go hmmm and walk away. A game where you mostly lose by playing is NOT the path to riches. I think blackjack has better odds than this if you learn to count cards.
In hindsight, red flags for me were that the whole tutorial had the same spiel as an MLM with all the silly stories, anecdotes.
I'm gonna go right out and say it. Forex day trading is a scam and chances of making any money with it are like an MLM.
A bunch of people with connections to the market are making a lucrative business convincing people that they can become "financially free", work at home or on the beach, only 10-20 hours a week and be really cool "playing the market" like the Wolf of Wall Street or something. Pure hype.
You just have to learn systems that never work, get a bit of a buzz when you make $50. That's $50 in a week. Wow! And 10 years later, you're still learning a new trick. You've just gotta believe. Keep the faith!
Why are these people teaching you to trade forex instead of doing it themselves and becoming billionaires? Or they are billionaires and this is their philanthropy? Has Warren Buffet
This is a special kind of scam geared towards stay at home moms, unemployed recent grads, people in 3rd world countries and wishful thinkers everywhere.
It's hard to leave something after investing so much time and effort into it. But no need to stop...if you're still very addicted to it and can't let go of the delusion that the pot of gold is round the next corner... keep doing it but make a side bizz doing one on one coaching. Get a FB group or something, charge a monthly fee. Stay in the trading bizz but maybe explore other more legit areas.
Sorry if this was unhelpful to you. But I do hope it helps someone out there. Or that someone proves me totally wrong by showing figures with real total gains over the long term. If you made $2000 in 5 years watching a screen full time....don't bother.
I'm not trying to be nasty. I honestly think it's a scam and that's why I posted.
Peace.
I don't feel like I wasted my time Either. THE PAST 4 years have been very Challenging for me and i Grew as a Person. No one has Made/wrote they have made/making millions from Forex on this Thread but then it doesn't mean no one will. Don't be surprised when someone drags you back here Soon.
However We Appreciate your Honesty and Opinion,Sorry about the Experienced you had in "2005" ..12 years ago......for "2018"
 

Silver Silk

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
158%
May 10, 2017
99
156
Birmingham
When you say real trader, do you mean an independent trader who doesn't need a bank, or investors money to continue to invest?

These are hard to find. Even people with talent initially fade away to hide their small misfortunes.

But from what I see, most people investing independently make their money from outside the trading environment. They then later learn how to keep a modest better than average yearly return. Which makes them have a feeling of control over their finances. I think that is the goal for everyone if they ever decide to trade.
Yhh he said he trades from his room next and has traded for over 13 years, starting off part time. Hes an independant trader, said he could walk into any bank and thell hire him but he enjoys doing things on his terms which is fair play.

Met him in a pub, just by chance really he said he liked my attitude as he overheard me expressing my desire to win life and invited me to lunch, then i just mentioned he was a trader & i asked a few questions. To be honest he told me not to get into it because all youll do is think about the charts lol but he said some other things that made me think this is for me and so ive started my journey...

learned what going short and long means today lol. starting from the start but ill stick at it!
 

CarrieW

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
41%
Nov 12, 2007
2,537
1,035
suburbs of savannah in Ga
Not that I was going to win or anything but I'm sad now :(.

I got an email from myfxbook about a new trading contest.

I typically don't participate in that type of thing but I had decided to enter after 2 weeks of seeing it sitting in my inbox.

Being the person I am I read through the terms and conditions and rules. As I got to the end I saw it :(. Noone from the USA can enter fml lol.

So as far as regular trading I went through all my stuff and designed my study plan. There are sooo many candlestick patterns to learn. I decided to break it up into chunks. Pulled out a handful I'll study for a bit then swap them out after I get to understand them.

I was showing my hubs my stuff and explaining it and his eyes kind of glazed over lol. So I'm grateful to have you all to talk to!

Haven't quite decided what strat to study. I was kind of using bits n pieces from a couple things I have. One is the spine I guess so I'm thinking of rereading that first. The other series of books are different. One on scalping and then each other one is on other kinds of trading and psychology and money management etc. I almost feel like a total noob again. It's overwhelming!


Sent from my XT1585 using Tapatalk
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
445%
Jul 23, 2007
38,083
169,508
Utah
What total gains has anyone made in this after 5 years?

You make a good point.

In the 10 years that this forum has been around, we don't have ONE Forex success story. Nor have I gotten wind of one.

In the time this thread has started to today, someone could have made millions utilizing a Fastlane strategy and already been set for life. But we're still talking about "I made $200 this week."

And a 60 page thread that is years long demonstrating nothing doesn't bode well.

Not trying to stunt anyone's preferred path for income (or wealth), but this just isn't something I'd be focusing on.

If anything, sounds like the people getting rich are the shovel sellers.
 

CarrieW

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
41%
Nov 12, 2007
2,537
1,035
suburbs of savannah in Ga
I'm not sure what my total gains overall are but I was down under $20 (not sure the exact amount) and I grew it back to over $300. I want to say it's possible I posted more specifics somewhere in this thread.

Personally I haven't done much trading in the last 6-8yrs. I have kept some trades open and my account active but that is it. (Even through several broker demises lol)

I will agree it does seem like if you are looking for something fast lane this is not the way to go.

Even if I am able to perform a miracle and turn my $300 account into $30000 it won't be fast lol.

And no matter the time it would actually take trading the account I have put quite a bit of time and energy in the past into it.

Sent from my XT1585 using Tapatalk
 

Silver Silk

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
158%
May 10, 2017
99
156
Birmingham
You make a good point.

In the 10 years that this forum has been around, we don't have ONE Forex success story. Nor have I gotten wind of one.

In the time this thread has started to today, someone could have made millions utilizing a Fastlane strategy and already been set for life. But we're still talking about "I made $200 this week."

And a 60 page thread that is years long demonstrating nothing doesn't bode well.

Not trying to stunt anyone's preferred path for income (or wealth), but this just isn't something I'd be focusing on.

If anything, sounds like the people getting rich are the shovel sellers.
Challenge accepted, ill be the first one!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

socaldude

Saturn Sedan and PT Cruiser enthusiast.
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
212%
Jan 10, 2012
2,380
5,043
San Diego, CA
I've always been fascinated by the currency markets.

I've spotted a lot of opportunities in this space and almost none have to do with opening a FX account and buying and selling currencies and speculating directions while you eat a maruchan.

The only way you can make money off currency exchange is to basically be a bank and get that coveted interbank rate or be a currency dealer and sell to those who are not banks and give a less favorable rate and charge a fee as well(think western union or xoom).

But the common theme is always barriers to entry.

And its helpful to mention that you would basically be a trillionaire if you could predict market directions. It's easy to attribute making a few hundred bucks to skill instead of just chance.

FX would be something I would use to just hedge risk like buying Swiss francs. or something like that.
 

CarrieW

Gold Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
41%
Nov 12, 2007
2,537
1,035
suburbs of savannah in Ga
How is everyone doing this week?

I have an open trade on the Eur/USD that I've held forever. I am not ready to close it (it's in the negative like a lot lol) I need to find a totally uncorrelated pair to get familiar with so I can do some small quick trades.

Anyone have any suggestions?

Sent from my XT1585 using Tapatalk
 

Saystim

New Contributor
User Power
Value/Post Ratio
60%
Jun 21, 2018
5
3
I am a huge follower of the Forex market and I found it a topic to discuss more and more due to the unpredictable nature of the market. Every one has an opinion about the situation of the market and he always want to share it with others as well. Have a great career as a trader!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

FastLaneUzer

New Contributor
User Power
Value/Post Ratio
108%
Jun 20, 2018
12
13
New York, NY
I feel like I can contribute here. I don't really know where to start but I've been trading forex for almost 9 years now and I've made money and lost money, ups and downs and throughout all these years I've come to learn that the biggest enemy of trading success is right there in the mirror. You can develop the most strategic trading method that has a high win rate and you can STILL become unprofitable. I did things the HARD way by learning everything on my own instead of seeking a valid mentor who has been successful trading but in a way I'm glad I learned on my own because it developed my character. Believe it or not trading exposes who you really are because the market does not give a F*ck who you are or how you feel.

  • Can you handle being down thousands of dollars in a blink of an eye?
  • Can you handle being up $10,000 during the afternoon and come back an hour later to be down -$3,000? or maybe up $100,000 and come back to see you are down -$50,000?
  • Can you handle consecutive losses and battle doubt that grows with every losing trade?
  • Can you handle getting into a trade and feeling nervous that you are wrong and close the trade only to see the market going tremendously in your anticipated favor?

These are just a very small list of examples but what I'm getting at is trading is one of the most difficult professions on the planet because you have to not only master your trading strategy but also your emotions and psychology. Learning overall take a lot of time but at the end, It can be very rewarding. Here's a few things you need to figure out on your trading journey and it cannot be answered by anyone else because it has to be designed for who you are:

  1. What type of trader are you? Day Trader? Swing Trader? Long Term trader?
  2. What time frame are you going to be watching? 1Hr? 4Hr? Daily? Weekly? Monthly? A mix?
  3. What Currency Pair(s) do you prefer?
  4. What tools are you going to use to identify trading opportunities? Indicators? Chart patterns? Trend Lines? A mathematical formula? Fib Retracements? Pivot Pivot points? (list goes on and on)
  5. How will you manage risk to keep losses as low as possible? Will your trading strategy give you early warning that you are wrong and to cut losses?
  6. What are your weak emotional and mental traits and habits? Do you feel anxiety easily? do you tend to fear missing out? Are you very impatient?
  7. What are your strong emotional and mental traits and habits? Are you able to hit the Buy/Sell button without hesitation?(Can also be bad lol), You have no problem sticking to a winning trade? etc.
There's just so much more to add but it's hard to fit everything in one post and so many variables to consider. Again, The biggest battle with trading is not so much with the market and its participants but the battle with yourself. One might think how can the key to success be with mastering yourself? Well because if you don't have self control you will overtrade, you will make impulse trades, you will self sabotage yourself and overthink everything, You will watch CNBC, You will go on forums with thousands of people saying "Its going up! / Its going down!", You will enter a trade and get right back out only to get back in and decide to get back out again, You will try to FORCE the market to give you money but it wont and you can't work harder because you have no control over what the market is doing. All of these things can mind F*ck you pretty easily if you are not careful.

If anyone has questions, I can do my best to answer them and help others out. I know what it's like when you are first learning all this but really the best teacher is going to be Mr. Experience.
 

Elif

New Contributor
Jun 25, 2018
62
19
ok well have found them but it seems they arent adjustable...unless you know of some trick im overlooking?
 

Elif

New Contributor
Jun 25, 2018
62
19
I just set up my game(trial) account and am now tryng to figure out if it does what i need. seeings as how youve used this platform in the past i was hoping you could help me find them.(if they have them its my experience that most DONT and if they happen to they arent adjustable)

I am so not about to do all the calculations by hand and plot them...id never get into a trade it would take too long lol.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

TimothyJS

New Contributor
User Power
Value/Post Ratio
100%
May 24, 2017
6
6
Cambridge
You make a good point.

In the 10 years that this forum has been around, we don't have ONE Forex success story. Nor have I gotten wind of one.

Interesting. I've barely posted here but rest assured, some people do make a LOT of $ trading FX, as I know of someone who does (you'd never know it though - family man who doesn't flash wealth and even tells people he's on the dole). Remember that it's a zero-sum game (excluding broker fees) so someone has to win for the 99% who lose.

Personally I've never really tried because I'm not sure I'd have the mentality for the swings. All I'd say to people is to ask themselves why all the internet FX gurus teach the same things yet have so many losing students and don't tend to post their own results. Must be nice selling FX courses for $1k to unassuming folk. That's fastlane.

Babypips is also a complete waste of time.
 

FastLaneUzer

New Contributor
User Power
Value/Post Ratio
108%
Jun 20, 2018
12
13
New York, NY
I just set up my game(trial) account and am now tryng to figure out if it does what i need. seeings as how youve used this platform in the past i was hoping you could help me find them.(if they have them its my experience that most DONT and if they happen to they arent adjustable)

I am so not about to do all the calculations by hand and plot them...id never get into a trade it would take too long lol.

Elif, Is your post directed towards me? I'm not sure what you are asking. I don't want to leave you hanging if you are asking me so i want to make sure.
 

FastLaneUzer

New Contributor
User Power
Value/Post Ratio
108%
Jun 20, 2018
12
13
New York, NY
Interesting. I've barely posted here but rest assured, some people do make a LOT of $ trading FX, as I know of someone who does (you'd never know it though - family man who doesn't flash wealth and even tells people he's on the dole). Remember that it's a zero-sum game (excluding broker fees) so someone has to win for the 99% who lose.

Personally I've never really tried because I'm not sure I'd have the mentality for the swings. All I'd say to people is to ask themselves why all the internet FX gurus teach the same things yet have so many losing students and don't tend to post their own results. Must be nice selling FX courses for $1k to unassuming folk. That's fastlane.

Babypips is also a complete waste of time.

Good point on the Gurus and forums like Babypips, although it may be good to learn the very basics for someone starting out. In my opinion I believe the biggest problem is they teach people how to trade based on strategy, "systems", the technical/fundamental analysis etc. But there's no teaching of the mental/psychological aspect of trading which is the most difficult and crucial. Even those who do teach the mental/psychological part, it takes a very long time for someone to develop that self discipline.

The market has a way of pulling you in because when you are looking at a chart you are looking at trillions of dollars right in front of you and all you have to do is click buy or sell to try to get some of that in your bank account. Just because you can doesn't mean you should and many traders fall victim to this especially in the beginning stages of the learning curve.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

TimothyJS

New Contributor
User Power
Value/Post Ratio
100%
May 24, 2017
6
6
Cambridge
Babypips is useful, sure, for learning a few candlestick patterns and definitions but that's it. Forum UX is absolute garbage since they had a bizarre software overhaul and participation significantly dropped.

The mental aspect has been touched on (the book "trading in the zone", for example) but arguably it's the most important thing. Similar to poker, where the risk of going broke can be large even with a large bankroll. That's why it's so difficult to be a FX trader/poker player where you have no other source of income.

The biggest problem with FX is that teaching/learning "systems" is effectively meaningless (in my opinion). Go on any forum and count the # of posts by people akin to, "My system used to work, now it doesn't, I don't know why, I'm losing money". You can slap all kinds of fancy indicators on your chart and psychologically it'll make you feel good, but if you can't even answer the question, "WHY did the market behave in this way at this fibonacci level?" then you have no real understanding of what's going on. Did it even have anything to do with a damn fibonacci level or is that just human psychology at play? The only way you'll succeed in FX is if you can understand why the market does what it does, and how many people do you think can explain market behaviour in a way you or I could understand?
 

FastLaneUzer

New Contributor
User Power
Value/Post Ratio
108%
Jun 20, 2018
12
13
New York, NY
Babypips is useful, sure, for learning a few candlestick patterns and definitions but that's it. Forum UX is absolute garbage since they had a bizarre software overhaul and participation significantly dropped.

The mental aspect has been touched on (the book "trading in the zone", for example) but arguably it's the most important thing. Similar to poker, where the risk of going broke can be large even with a large bankroll. That's why it's so difficult to be a FX trader/poker player where you have no other source of income.

The biggest problem with FX is that teaching/learning "systems" is effectively meaningless (in my opinion). Go on any forum and count the # of posts by people akin to, "My system used to work, now it doesn't, I don't know why, I'm losing money". You can slap all kinds of fancy indicators on your chart and psychologically it'll make you feel good, but if you can't even answer the question, "WHY did the market behave in this way at this fibonacci level?" then you have no real understanding of what's going on. Did it even have anything to do with a damn fibonacci level or is that just human psychology at play? The only way you'll succeed in FX is if you can understand why the market does what it does, and how many people do you think can explain market behaviour in a way you or I could understand?

Definitely the Mental aspect is the most difficult to apply. Many people read books on the mental part but it's so damn hard to apply it. It really is crazy how you can read multiple times over and over again "Do not click buy or sell until you see a solid trading opportunity" but your mind and hand finds a way to click it anyway and then you later wonder, Why did i do that when I know i shouldn't have?

I agree on the indicators which get a massive amount of attention and makes many traders feel a sense of "security". This indicator is pointing down along with this other indicator and this other indicator crossed 0 barrier and this "market meter" is red and "ALL SIGNS POINT TO DOWN! I'm going all in short".............then Price rises aggressively. The person feels sick to their stomach because they just lost a few thousand dollars on a "sure thing".

Me personally I got caught up with the whole indicators, magical systems and even signal services in the beginning stages of my trading but as time went on, I removed everything and started learning patterns that repeat over and over again because in my opinion it represented market behavior. I began looking at random charts on google images and bought books that showed me various charts as far back as the early 1900's and I took a pencil and mapped patterns I could identify. After viewing thousands over the years, I was able to map them out and spot high probability opportunities but then I would think, if i'm able to see where the market may be headed why is it then that I am not making as much profits as i should? I battled with this for a long time and could not understand what I was doing wrong.

It had nothing to do with my analysis or the market but it was me sabotaging myself by trying to tweak and tinker with my positions and "milk the cow" as much as I could. Simply put, Greed and Impatience. I would sometimes nail a trade to the precise point with a risk of a few hundred dollars to gain thousands and I was correct in market direction but I STILL would not make as much as I should because I would increase position size which increased my leverage and margin % used and put me at higher risk for getting taken out if the market slightly pulled back temporarily and then continued the move. I could not just let my position work.

As far as patterns go, One of the simple examples of this is a "symmetrical" triangle, That tells me that the market is indecisive of direction and I have no business trying to force anything to happen, I simply need to stay in cash and let the market work itself out until it's more clear to me but when greed and a desperate need to make money come into play, people will open a Buy or Sell to try and force it. My biggest problem is impatience and I come to realize that in order to mitigate this is to have multiple sources of income so i am not so reliant on trading opportunities presenting themselves all the time. A week may go by or even a few months before then next solid trading setup and even then, getting into a position and seeing profits will take time as the market will trend to your target price.

Sorry for the long post but was trying to explain in the best way I could. Also for anyone thinking about books on trading, I highly recommend Reminiscences of a Stock Operator about Jesse Livermore. There's so many gems in that book that I have not read anywhere else which is incredible to me since it was originally published in 1923.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top