Is forex gambling?
forex_trader_2825
Member Since Nov 09, 2009
131 posts
Feb 05, 2014 at 11:45
8888 posted:Hi 8888
Thats my 2 pips worth and I trust it helps you make more informed decisions in FX than 'most folks' do.
Well, your -2.7 Pip 😇
Expectancy: -2.7 Pips
Source:
https://www.myfxbook.com/members/NewMillenniumInc/nmi-extrapolus-new/811956
systems can then be copied, stolen by hackers, distributed and/or otherwise abused.
Really? Yours too? 😑😐😲😳😞😕
Not my design personally, no and you wouldn't be saying that if it had made 200% instead :)
Its a grid system and sometimes they go that way, yet folks still want to trade them despite the risk of total account loss which at least this system has an equity loss control built in prevent. It's a new system, it may or may not work out long term, we'll see and thats partly about the design as well as the market.
You can win them all the time, but what matters is making more than you loose that why diversification of risk over a number of system is one of the best approaches. The challenge for more is about building that portfolio and that's what NMi is about. The Carnivore is a system we nearly shelved, glad we didnt though and I doubt many would question that performance to date has been stellar ;
https://www.myfxbook.com/members/NewMillenniumInc/nmi-carnivore/790894
On the whole the portfolio of EA systems offered by NMi, with 5 different developers and coders involved is in the green and we're not showing all of our cards, ie there is more we have yet to roll out that is equally as good.
https://www.myfxbook.com/members/NewMillenniumInc
Every system is available to retail traders either directly as a download or in one case as a well proven managed account.
I am and my company is very genuine in its intentions for traders and our business model is entirely built around long term success and ongoing development of systems for our clients. Not all systems work out, but some do and all good systems take a lot of time and resources to develop. Its taken a lot of blood sweat and tears to get this far but we are one of the best positioned company in the retail forex market for the future because of our ongoing focus on system design and development.
Is forex gambling ? well, only if you dont have well formulated and statistically validated plan that you execute without fault. Does trading forex like this have risk of loss ? yes sure it does, but risk is not to be confused with betting on black all night.
Cheers, Adam :)
Feb 06, 2014 at 20:51
ahuruglica posted:
I have an idea and I hope I don't offend anyone.
Forex is 'haram' in islam religion because of swaps (interest) and also, when trading is betting, and betting is gambling. Gambling is prohibited by Islam too. So:
1. If you are a bad trader and can't win from the market, quit trading and keep praying for the afterlife.
2. If you are a good trader, quit religion and keep trading. You are on the few side. Mumbo-Jumbo is not for you.
Cheers
Best advice on this thread. So far.
Feb 06, 2014 at 20:52
8888 posted:
Here is what quran said:
O ye who believe! Devour not usury, doubling and quadrupling (the sum lent). Observe your duty to Allah, that ye may be successful.
quran 3:130:
https://www.usc.edu/org/cmje/religious-texts/quran/verses/003-qmt.php#003.130
Didn't know there were talking books before the birth of Christ.
Member Since Jun 15, 2013
37 posts
Feb 06, 2014 at 22:45
With respect to gambling being taboo for some people who belong to a certain faith:
There is actually some reason why there are speculators in this market. The reason there are speculators is that they help self correct the prevailing price of a security but more importantly they actually help regulate the price fluctuations of the financial instrument. There are so many of them that each has their own opinion about the market which makes it more difficult to find the consensus as to where the price will go.
If you notice when there are times when liquidity is low prices don't move so often and seems to have a random nature and the fluctuations can be very unpredictable. If this keeps up for a long time it could be possible to see the price change from 1% to -3% in a week which could disrupt the markets.
This was not the case back then when there was still no fixed exchange rates. The rates were changed by the government through the legislature but this method was cumbersome and it took a long time to reflect the real state of the economy. Floating or not, the exchange rates of currencies have always changed and fluctuated from time to time.
About the fact that this is 'haram' in islam i think that would refer to swaps. There are islamic accounts available that do not have swaps. Also, arab states don't have fixed exchange rates so that means they don't have a choice but to hedge or speculate in the global fx market otherwise it could disrupt their economy and alter the valuations of the exports most especially crude oil.
There is actually some reason why there are speculators in this market. The reason there are speculators is that they help self correct the prevailing price of a security but more importantly they actually help regulate the price fluctuations of the financial instrument. There are so many of them that each has their own opinion about the market which makes it more difficult to find the consensus as to where the price will go.
If you notice when there are times when liquidity is low prices don't move so often and seems to have a random nature and the fluctuations can be very unpredictable. If this keeps up for a long time it could be possible to see the price change from 1% to -3% in a week which could disrupt the markets.
This was not the case back then when there was still no fixed exchange rates. The rates were changed by the government through the legislature but this method was cumbersome and it took a long time to reflect the real state of the economy. Floating or not, the exchange rates of currencies have always changed and fluctuated from time to time.
About the fact that this is 'haram' in islam i think that would refer to swaps. There are islamic accounts available that do not have swaps. Also, arab states don't have fixed exchange rates so that means they don't have a choice but to hedge or speculate in the global fx market otherwise it could disrupt their economy and alter the valuations of the exports most especially crude oil.
Feb 08, 2014 at 02:03
lastpiponearth posted:Mature analysis, agreed. In the past, rates being jacked wayy to high haven't worked, who knows this time around. Sometimes the hardest thing to do when there is no clear avenue to tread in the market, is to sideline. That's where I'm at except for one pair im stuck on for now...Not looking good for the dollar right now cause of the economy lacking jobs and the sentiment of the us citizens. Without people working, you can't grow an economy without some hybrid marketing scheme
With respect to gambling being taboo for some people who belong to a certain faith:
There is actually some reason why there are speculators in this market. The reason there are speculators is that they help self correct the prevailing price of a security but more importantly they actually help regulate the price fluctuations of the financial instrument. There are so many of them that each has their own opinion about the market which makes it more difficult to find the consensus as to where the price will go.
If you notice when there are times when liquidity is low prices don't move so often and seems to have a random nature and the fluctuations can be very unpredictable. If this keeps up for a long time it could be possible to see the price change from 1% to -3% in a week which could disrupt the markets.
This was not the case back then when there was still no fixed exchange rates. The rates were changed by the government through the legislature but this method was cumbersome and it took a long time to reflect the real state of the economy. Floating or not, the exchange rates of currencies have always changed and fluctuated from time to time.
About the fact that this is 'haram' in islam i think that would refer to swaps. There are islamic accounts available that do not have swaps. Also, arab states don't have fixed exchange rates so that means they don't have a choice but to hedge or speculate in the global fx market otherwise it could disrupt their economy and alter the valuations of the exports most especially crude oil.
which is way too risky at best. I feel that faith is faith and markets are markets. Keep the faith, and learn from the markets, trade accordingly...
"Live The Dream"
Member Since Jun 15, 2013
37 posts
Feb 08, 2014 at 10:20
Guys if here is a brief history lesson that looks into what influences the markets today:
The Dojima Rice Market and the Origins of Futures Trading
When Tokugawa Yoshimune became Japan’s shogun in 1716, he sought to reform the state’s finances. Rice played an important role in his reforms, since it accounted for 90 percent of the government’s revenues. The shogunate also paid the bannermen (an important group of samurai who formed the civil and military administrations) fixed amounts of rice each year to secure their support
https://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_resource/content/4/CHY%20GED_LS-%23795938-v1-Dojima_Rice_Market_Case.pdf
The History of Japanese Candlesticks
https://www.candlestickforum.com/PPF/Parameters/1_279_/candlestick.asp
https://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
The Dojima Rice Market and the Origins of Futures Trading
When Tokugawa Yoshimune became Japan’s shogun in 1716, he sought to reform the state’s finances. Rice played an important role in his reforms, since it accounted for 90 percent of the government’s revenues. The shogunate also paid the bannermen (an important group of samurai who formed the civil and military administrations) fixed amounts of rice each year to secure their support
https://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_resource/content/4/CHY%20GED_LS-%23795938-v1-Dojima_Rice_Market_Case.pdf
The History of Japanese Candlesticks
https://www.candlestickforum.com/PPF/Parameters/1_279_/candlestick.asp
https://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
Member Since Aug 30, 2013
325 posts
Feb 08, 2014 at 11:34
lastpiponearth posted:
Guys if here is a brief history lesson that looks into what influences the markets today:
The Dojima Rice Market and the Origins of Futures Trading
When Tokugawa Yoshimune became Japan’s shogun in 1716, he sought to reform the state’s finances. Rice played an important role in his reforms, since it accounted for 90 percent of the government’s revenues. The shogunate also paid the bannermen (an important group of samurai who formed the civil and military administrations) fixed amounts of rice each year to secure their support
https://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_resource/content/4/CHY%20GED_LS-%23795938-v1-Dojima_Rice_Market_Case.pdf
The History of Japanese Candlesticks
https://www.candlestickforum.com/PPF/Parameters/1_279_/candlestick.asp
https://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
You have no clue about trading have you...it doesn't matter what influences the market and your money doesn't move the market what matters is that you are on the right side of the move ya dill lol
Member Since Jun 15, 2013
37 posts
Feb 08, 2014 at 14:19
Dude I've been trading for 2 years. Apparently you don't know the context as to what I am alluding to. If you do know the logic and history behind candlesticks you would know what I am talking about. All the charts is just a display of crowd behaviour and so far the japanese have been better a visualizing such data with their candlestick patterns. It was adapted only recently in the US and other markets who used older forms of graphing price action.
Tell, which would you prefer? The standard chart or the candlestick? You don't see a wick that shows price rejection and indecision in the standard chart types.
About not moving the market, of course we can't move it because we are just retail we do not have the capital like that of the institutional traders. They say they can't manipulate the market but what about fundamentals? As of the late they have been improving execution speeds and data transmission speeds just even to squeeze even a little as 1 ms just to get an edge over the competition. Just read some of my previous posts in this thread and tell me what you think of each of them.
Tell, which would you prefer? The standard chart or the candlestick? You don't see a wick that shows price rejection and indecision in the standard chart types.
About not moving the market, of course we can't move it because we are just retail we do not have the capital like that of the institutional traders. They say they can't manipulate the market but what about fundamentals? As of the late they have been improving execution speeds and data transmission speeds just even to squeeze even a little as 1 ms just to get an edge over the competition. Just read some of my previous posts in this thread and tell me what you think of each of them.
forexpipcatcha posted:lastpiponearth posted:
Guys if here is a brief history lesson that looks into what influences the markets today:
The Dojima Rice Market and the Origins of Futures Trading
When Tokugawa Yoshimune became Japan’s shogun in 1716, he sought to reform the state’s finances. Rice played an important role in his reforms, since it accounted for 90 percent of the government’s revenues. The shogunate also paid the bannermen (an important group of samurai who formed the civil and military administrations) fixed amounts of rice each year to secure their support
https://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_resource/content/4/CHY%20GED_LS-%23795938-v1-Dojima_Rice_Market_Case.pdf
The History of Japanese Candlesticks
https://www.candlestickforum.com/PPF/Parameters/1_279_/candlestick.asp
https://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
You have no clue about trading have you...it doesn't matter what influences the market and your money doesn't move the market what matters is that you are on the right side of the move ya dill lol
Member Since Jun 15, 2013
37 posts
Feb 08, 2014 at 14:19
Volumes follow fundamentals, price action follows volume. Ignore fundamentals and pay the price.
forexpipcatcha posted:lastpiponearth posted:
Guys if here is a brief history lesson that looks into what influences the markets today:
The Dojima Rice Market and the Origins of Futures Trading
When Tokugawa Yoshimune became Japan’s shogun in 1716, he sought to reform the state’s finances. Rice played an important role in his reforms, since it accounted for 90 percent of the government’s revenues. The shogunate also paid the bannermen (an important group of samurai who formed the civil and military administrations) fixed amounts of rice each year to secure their support
https://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_resource/content/4/CHY%20GED_LS-%23795938-v1-Dojima_Rice_Market_Case.pdf
The History of Japanese Candlesticks
https://www.candlestickforum.com/PPF/Parameters/1_279_/candlestick.asp
https://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
You have no clue about trading have you...it doesn't matter what influences the market and your money doesn't move the market what matters is that you are on the right side of the move ya dill lol
Member Since Aug 30, 2013
325 posts
Feb 08, 2014 at 19:44
lastpiponearth posted:
Volumes follow fundamentals, price action follows volume. Ignore fundamentals and pay the price.forexpipcatcha posted:lastpiponearth posted:
Guys if here is a brief history lesson that looks into what influences the markets today:
The Dojima Rice Market and the Origins of Futures Trading
When Tokugawa Yoshimune became Japan’s shogun in 1716, he sought to reform the state’s finances. Rice played an important role in his reforms, since it accounted for 90 percent of the government’s revenues. The shogunate also paid the bannermen (an important group of samurai who formed the civil and military administrations) fixed amounts of rice each year to secure their support
https://disciplinas.stoa.usp.br/pluginfile.php/69204/mod_resource/content/4/CHY%20GED_LS-%23795938-v1-Dojima_Rice_Market_Case.pdf
The History of Japanese Candlesticks
https://www.candlestickforum.com/PPF/Parameters/1_279_/candlestick.asp
https://en.wikipedia.org/wiki/D%C5%8Djima_Rice_Exchange
You have no clue about trading have you...it doesn't matter what influences the market and your money doesn't move the market what matters is that you are on the right side of the move ya dill lol
You could be trading for 2 years or 20 that does not mean you make money from the market dud...you can use candlesticks renko or fib whatever you want to call it, the market does not move according to your bullshit it moves as It wants so it's all about being on the right side no matter what method you use. NO INDICATOR OR CANDLESTICK IN THE WORLD CAN PREDICT the market. Go and look at the 300 pip bars and try predict them using your candleshit lol etc. Everybody has a term and a method so it boils down to picking the direction and making profit.
Off course you can convince me better if you show me 2 years of profits in a live account since you say you've been trading for 2 years. Your problem is you don't know how many years I been around and what I have seen.
Feb 09, 2014 at 00:26
You do know that Candlesticks only show the price and how it changed?
Since humans look at these, they act accordingly. Hence you can predict human action through candlesticks.
How many years have you been around? What have you seen? Are you fully learned?
Just had to ask...
Since humans look at these, they act accordingly. Hence you can predict human action through candlesticks.
How many years have you been around? What have you seen? Are you fully learned?
Just had to ask...
Member Since Aug 30, 2013
325 posts
Feb 09, 2014 at 01:27
Humans don't determine price movement and never have all they do is trade against each other, you vs your broker. The market will move as it wants to no matter what you say do or pray for it to do lol... if anyone can predict price through any instrument they would own the market. There is no instrument ever that can show all the time future price movement but only past price movement. I have seen it all in decades. I have/am very familiar with some candlestick and sometimes they call it renko bar set up, have renko charting set up with wicks and without, time charts and everything.
What does 'fully learned' mean? Learning is one thing but understanding market movement is another and unless you understand the market movement you will only be successful a short time.
In about 5 years time you will understand my way of thinking that's if you ever get there lol
Something to think about...the interest rate in your country isn't determined by you or your friend or your fellow traders, but you can generally tell which way it will go sometimes and in some cases or in many cases and the forex market is the same.
The only thing that counts is if you have a tested strategy and has worked for you in the past that's good and don't stop doing it BUT past results may does not mean you will get the same future results. That's a very well know saying and that's why very few on here can show 1 year of successful trading which in my view is very little time. How about 2 or 3 years of successful live trading? lol
BUT if you can show me 3 years of live trading with good success you are of a minority like 1 or 2 %. It can happen but not often at all in fact odds are 1% of strategy holders on this forum are successful in the long term.
What does 'fully learned' mean? Learning is one thing but understanding market movement is another and unless you understand the market movement you will only be successful a short time.
In about 5 years time you will understand my way of thinking that's if you ever get there lol
Something to think about...the interest rate in your country isn't determined by you or your friend or your fellow traders, but you can generally tell which way it will go sometimes and in some cases or in many cases and the forex market is the same.
The only thing that counts is if you have a tested strategy and has worked for you in the past that's good and don't stop doing it BUT past results may does not mean you will get the same future results. That's a very well know saying and that's why very few on here can show 1 year of successful trading which in my view is very little time. How about 2 or 3 years of successful live trading? lol
BUT if you can show me 3 years of live trading with good success you are of a minority like 1 or 2 %. It can happen but not often at all in fact odds are 1% of strategy holders on this forum are successful in the long term.
Feb 09, 2014 at 02:03
So, if NOONE on the whole planet makes a trade, will the market still move, as you imply? Since it wasn't the humans (and with humans I mean businesses as well)...
Fully learned - as in knowing when you say 'that doesn't work', you really meant 'I can't get that to work'.
So, you've been doing this for decades, how come you're hanging out here with us losers?
Fully learned - as in knowing when you say 'that doesn't work', you really meant 'I can't get that to work'.
So, you've been doing this for decades, how come you're hanging out here with us losers?
Member Since Aug 30, 2013
325 posts
Feb 09, 2014 at 02:20
(edited Feb 09, 2014 at 02:25)
Are you implying that if trading doesn't take place the world won't have foreign exchange? LOL
By the way since everything to you is human and that is business, government etc that aren't humans but you call them that, in your case then humans make the market move. Since when was a business a human derrrr.
'So, you've been doing this for decades, how come you're hanging out here with us losers?'
Since you know you're a loser then why ask ...why not try to be a winner instead of a loser lol
It seems your too busy trying to be a loser and have not time to try and change that
By the way since everything to you is human and that is business, government etc that aren't humans but you call them that, in your case then humans make the market move. Since when was a business a human derrrr.
'So, you've been doing this for decades, how come you're hanging out here with us losers?'
Since you know you're a loser then why ask ...why not try to be a winner instead of a loser lol
It seems your too busy trying to be a loser and have not time to try and change that
Feb 09, 2014 at 02:34
Behind every company, government etc, there are humans. And since humans are predictable, the market is... at least to some degree. And that is reflected in Candlesticks (and other stuff as well) since Candlesticks only show how the price has moved.
So, why are you? Perhaps you're not that successful after all?
Most successful traders I've met share their knowledge, since they know that sharing doesn't have any influence on their trading at all. It's not like they're lowering the odds, like in sports betting...
Would a successful trader spend their time here and trying to seem big by putting other people down?
So, why are you? Perhaps you're not that successful after all?
Most successful traders I've met share their knowledge, since they know that sharing doesn't have any influence on their trading at all. It's not like they're lowering the odds, like in sports betting...
Would a successful trader spend their time here and trying to seem big by putting other people down?
Member Since Aug 30, 2013
325 posts
Feb 09, 2014 at 02:44
Since the market is predictable why haven't you made billions or even trillions? Because you are?
Candlesticks only tell you what has happened not what will happen.
'Most successful traders I've met share their knowledge' Sounds to be you're too stupid to learn from successful ones because your still not successful. I'm not putting you down your doing a good job of it yourself and you never needed me to put you down did you? lol
It sounds like your one of those that know everything (which half of the humans are) and has nothing (most humans are).
So tell me what would I have to do to be like you? Read my renko charts and predict future price movement as accurately as you and make as much money as you? lol
Candlesticks only tell you what has happened not what will happen.
'Most successful traders I've met share their knowledge' Sounds to be you're too stupid to learn from successful ones because your still not successful. I'm not putting you down your doing a good job of it yourself and you never needed me to put you down did you? lol
It sounds like your one of those that know everything (which half of the humans are) and has nothing (most humans are).
So tell me what would I have to do to be like you? Read my renko charts and predict future price movement as accurately as you and make as much money as you? lol
Feb 09, 2014 at 02:58
Of course they tell you what has happened. That's what I said.
Human reactions however, can be somewhat predicted. (Yes, that is price action.)
Who said I haven't learned? I just haven't spent decades on it yet.
To fulfill your first demand on 2 years of successful trading, I have 1 year left. After that I might show you my results. Nothing spectacular, average 10% per month. Not like those mighty EA you're trusting. :)
I'm very open to the fact that I don't know everything. Are you?
You seem opposed to charts... what do you do to be so successful? Or you trust the EAs?
Human reactions however, can be somewhat predicted. (Yes, that is price action.)
Who said I haven't learned? I just haven't spent decades on it yet.
To fulfill your first demand on 2 years of successful trading, I have 1 year left. After that I might show you my results. Nothing spectacular, average 10% per month. Not like those mighty EA you're trusting. :)
I'm very open to the fact that I don't know everything. Are you?
You seem opposed to charts... what do you do to be so successful? Or you trust the EAs?
Member Since Aug 30, 2013
325 posts
Feb 09, 2014 at 06:00
You said you can predict human action through candlesticks...that's not a bad thing if that works for you I reckon you cant predict price with candlestick any better then any other method.
It seems you have learned so much yet have made very little according to you who claimed you haven't got at least 2 years worth and most likely wont since you have had enough time to achieve this feat. Who knows you might one day!
If you claim you have 1 year left on what the expectation is then your just like the 98%, either you have or your predicting your future probably using candlesticks if so then you have 10% chance of success there after lol
If you can achieve 10% per month you can become a millionaire in no time and since you aren't implies you have a system as good as those 98% which is precisely like me except I don't boast I can read candlesticks nor do I have any good EA nor am I making 10% per month.
As far as knowing many here and everywhere are scammers (anyone selling a system or signals is a scammer because if it can make so much they don't need to change anyone nor let anyone use it) and I have proven that with there results over a period of time.
So the reason I'm here is not for you or anyone to question and I don't answer to anyone especially one that thinks he will make it all just like the rest. I appreciate any profits I make at anytime and have learnt from my mistakes to respect my earnings.
It seems you have learned so much yet have made very little according to you who claimed you haven't got at least 2 years worth and most likely wont since you have had enough time to achieve this feat. Who knows you might one day!
If you claim you have 1 year left on what the expectation is then your just like the 98%, either you have or your predicting your future probably using candlesticks if so then you have 10% chance of success there after lol
If you can achieve 10% per month you can become a millionaire in no time and since you aren't implies you have a system as good as those 98% which is precisely like me except I don't boast I can read candlesticks nor do I have any good EA nor am I making 10% per month.
As far as knowing many here and everywhere are scammers (anyone selling a system or signals is a scammer because if it can make so much they don't need to change anyone nor let anyone use it) and I have proven that with there results over a period of time.
So the reason I'm here is not for you or anyone to question and I don't answer to anyone especially one that thinks he will make it all just like the rest. I appreciate any profits I make at anytime and have learnt from my mistakes to respect my earnings.
Member Since Aug 24, 2011
13 posts
Feb 09, 2014 at 09:56
Peace and make green pips for all of you..........
https://www.myfxbook.com/members/nextcandle/jcfx-aggressive/831324
https://www.myfxbook.com/members/nextcandle/jcfx-aggressive/831324
