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Honest truth about forex.....

ben08in (ben08in)
Dec 12 2016 at 14:34
47 Beiträge
@snapdragon1970 So what would you like to say with your last post? That manipulations happen on all levels?

Trade fast, learn fast, never regret!
snapdragon1970 (snapdragon1970)
Dec 12 2016 at 16:29
1944 Beiträge
ben08in posted:
@snapdragon1970 So what would you like to say with your last post? That manipulations happen on all levels?

You can make your own opinion about that Ben.

"They mistook leverage with genius".
shirley_F (shirley_F)
Dec 14 2016 at 08:00
41 Beiträge
fabritzio posted:
They are definitely very good advice! I'm sure if I had read them before, I would have saved a few headaches. LOL


I read this sentence many times before, maybe because it applies to most of us in our first steps trading 😉

snapdragon1970 (snapdragon1970)
Dec 15 2016 at 10:54
1944 Beiträge
https://www.sec.gov/comments/s7-30-11/s73011-10.pdf
This is going back awhile, still makes interesting reading.

"They mistook leverage with genius".
PhilipGreek
Dec 15 2016 at 14:58
4 Beiträge
Thanks for the link to the PDF. It is indeed interesting reading

snapdragon1970 (snapdragon1970)
Dec 15 2016 at 17:09
1944 Beiträge
PhilipGreek posted:
Thanks for the link to the PDF. It is indeed interesting reading

Did you see the bit where it says FX is suppose to be a hedging tool , not an asset.

"They mistook leverage with genius".
terrate
Dec 16 2016 at 08:57
8 Beiträge
shares can be hedging also, so cant says fx is only hedging tool.
but more likely fx is the leverage tool , because we all play fx due to intrument, so not an asset, but every country must have currency, so you can says fx is the necessary things.

Enjoy your Profit and Loss
kmartyn
Jan 02 2017 at 08:36
10 Beiträge
It's been awhile since I've been on here, amazed to see so many opinions on the original post.
Thanks guys for all the kind words. Those of you that had douche comments, thanks for those too.
I don't trade forex much anymore, sticking to stocks. This doesn't mean I won't trade them again in the future.

Frank
RedRhinoFX (RedRhinoFX)
Jan 08 2017 at 09:17
395 Beiträge
kmartyn posted:
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.

1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.

2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.

3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.

I hope this helps someone, please feel free to comment.


There is also a world of hurt from slippage, illiquid markets, flash crashes and other market events that spank your butt with little means to protect yourself. Thanks for sharing your story. We all have one, or two!

janettte
Jan 20 2017 at 13:30
30 Beiträge
kmartyn posted:
It's been awhile since I've been on here, amazed to see so many opinions on the original post.
Thanks guys for all the kind words. Those of you that had douche comments, thanks for those too.
I don't trade forex much anymore, sticking to stocks. This doesn't mean I won't trade them again in the future.


Good that you initiated this discussion. I think we all shared and learned a piece of the truth about forex 😉 It is a never ending story, though.

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