NexusFi: Find Your Edge


Home Menu

 





Today, I lost my savings and my career


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one MiniP with 10 posts (33 thanks)
    2. looks_two Anagami with 10 posts (53 thanks)
    3. looks_3 Grantx with 7 posts (36 thanks)
    4. looks_4 Onisowo with 5 posts (0 thanks)
      Best Posters
    1. looks_one captainquenta with 14 thanks per post
    2. looks_two Anagami with 5.3 thanks per post
    3. looks_3 Grantx with 5.1 thanks per post
    4. looks_4 MiniP with 3.3 thanks per post
    1. trending_up 29,794 views
    2. thumb_up 233 thanks given
    3. group 53 followers
    1. forum 110 posts
    2. attach_file 4 attachments




 
Search this Thread

Today, I lost my savings and my career

  #101 (permalink)
 carofa 
Tallinn Estonia
 
Experience: Master
Platform: MT5,MT4
Broker: FP markets
Trading: Forex
Posts: 42 since Dec 2018
Thanks Given: 4
Thanks Received: 50

just go to those pages such as https://gbebrokers.com/
and you will see down below the following :
"70.22% of retail investor accounts lose money when trading CFDs with this provider"
or FXCM :" 76.88% of retail investor accounts lose money when trading CFDs with this provider"


as more professional the broker is as more the traders are loosing money;-)


and I compared the list I made up before the leverage cut and compared it with the situation after the cut and
now the traders are even loosing more money!

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Exit Strategy
NinjaTrader
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
ZombieSqueeze
Platforms and Indicators
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
Better Renko Gaps
The Elite Circle
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
60 thanks
Funded Trader platforms
43 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #102 (permalink)
 
SBtrader82's Avatar
 SBtrader82   is a Vendor
 
Posts: 587 since Feb 2018
Thanks Given: 222
Thanks Received: 1,333


phantomtrader View Post
That's really interesting - never knew that. Do you have a link to where that information is published? We should do the same thing in the U.S. - including the prop firms who solicit traders to become prop traders.

Thanks for posting this information.

The statistics are interesting but these are CFD brokers, and some of them look quite shady to me.
To me it's quite surprising that these percentages are far better than the statistics that everyone mention, according to which only 5% of trader make money.

Apparenly 20 to 30% are making some money then.
I think that they are probably better than the reality because it really depends on how they compute people that close the accounts during the year or people that increase their traing capital by adding money to the account.
For me these numbers are quite optimistic.

What do you guys think?

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #103 (permalink)
 carofa 
Tallinn Estonia
 
Experience: Master
Platform: MT5,MT4
Broker: FP markets
Trading: Forex
Posts: 42 since Dec 2018
Thanks Given: 4
Thanks Received: 50


I quote the ESMA Rule :

Further detail - risk warnings
The risk warnings are intended to address ESMA's suggestion that CFD providers tend to highlight profit over losses. Under the measures, the CFD provider would be expected to confirm the percentage of CFD trading accounts of retail investors that lost money over the preceding 12 month period. The calculation will need to be made on a quarterly basis. The figure would include both realised and unrealised profits and losses. Realised profits and losses relate to the CFD positions that were closed during the calculation period. Unrealised profits and losses relate to the value of open positions at the end of the calculation period. All costs in relation to the trading of CFDs would need to be taken into account in the calculation. ESMA confirms that newly established CFD providers and CFD providers that have not had any open CFD positions in the past 12 months would use a standardised risk warning in which reference is made to the percentages found by national competent authorities in their existing studies.

Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
  #104 (permalink)
MessageOfTheTape
Stuttgart, Germany
 
Posts: 10 since Mar 2019
Thanks Given: 17
Thanks Received: 22


Buscador View Post
Each one of us has to make a decision as to what type of life wants to live and then plan a strategy to achieve that lifestyle and, to stick to it regardless of temptations and new desires.
Maybe the following share will be helpful to someone (that's my ego seeking gratification through hero status, I am aware), since my method works for me.

I decided to have peace of mind.

I realized that peace of mind was achieved instantly when I was out of the market and not in a trade. I realized, too, I love trading but, being in a trade even when it decisively went in my favor did not bring peace of mind. Only excitement, greed for more and nervousness about loosing what the market had already given me filled my mind giving me unrest.

So I decided to be a day trader and to watch and trade only one instrument at the time. No more long term positions or even swing trading for the day. I studied hard what my chosen indicators told me and I became good at reading them and anticipating what the market would do next and go into a quick position and out. I said good, not perfect. Some days I have to struggle more than others.

Secondly, or I should say Firstly, I stick to two principles.

1) The principle that a small bird in hand is worth a flock in the air and, more importantly,

2) BIHAW....”BIRD IN HAND ALWAYS WINS”.

Please note the underscored ALWAYS.

I take small winnings at the time, based on the market's behavior at the moment and I get out. Then wait for the next opportunity or simply close the platform.

I trade one to three hours a day, everyday, from 5am to around 8am, Pacific time and perhaps another hour later in the day and then I am free the rest of the time.

I also seek consistency in the color of my day and not how much money I made. Green means I made money, red... don't even think of it.
If I am green I don't care about how much I made, just that it is another green day to add to my records of consistent green days.

As I said, this works for me.

Good trading to all.

Thank you, Buscador. I can really relate to what you said. In fact, the two principles you mention, they were almost enlightening to me. I know this sounds exaggerated, but I am dead serious. I am going through the same struggles psychologically.

BIHAW, i kid you not, i screenshotted and printed your words the moment i read through your comment. I tried to adopt those very principles right away (Friday 8th of March). It worked wonders, seriously. I made 4 trades in the ES, 3 of which were successful, 1 was a loss but that was just a bad trade.
Now, I would've made these 3 (4) trades regardless of your words, but as soon as I was profitable, this time I moved my Stop from what would return me a loss to what did return a profit. As soon as my Stop was set on the green instead of the red side, I was stress free. EDIT: that is in SIM, not Live

I do have some questions regarding your rules, though. Do you move your Stop as soon as you are green, to lets say 1 Tick profit? Or a 1 Point? etc.
I really struggled with myself because I did not want to set it to less than 1 Point. I know it is stupid but that is probably just my inexperience. At the very same time I thought "what if price reverses and I get stopped out for a loss?".

Also I feel like I would turn into sort of a scalper, setting my Stop to lets say half a Point profit as soon as I'm in the green and price reverts to 1 Tick below my Position, I get stopped out and Price keeps on going the direction I originally thought and thus initiated my Position.

Im probably just lacking experience to "read" market behaviour correctly, but still I would appreciate any advice.

Greetings.

Reply With Quote
  #105 (permalink)
 
Buscador's Avatar
 Buscador 
Abbotsford, BC, Canada
 
Experience: Advanced
Platform: Ninja Trader 8
Trading: Futures, Silver
Posts: 96 since May 2011
Thanks Given: 31
Thanks Received: 63


MessageOfTheTape View Post
Thank you, Buscador. I can really relate to what you said. In fact, the two principles you mention, they were almost enlightening to me. I know this sounds exaggerated, but I am dead serious. I am going through the same struggles psychologically.

BIHAW, i kid you not, i screenshotted and printed your words the moment i read through your comment. I tried to adopt those very principles right away (Friday 8th of March). It worked wonders, seriously. I made 4 trades in the ES, 3 of which were successful, 1 was a loss but that was just a bad trade.
Now, I would've made these 3 (4) trades regardless of your words, but as soon as I was profitable, this time I moved my Stop from what would return me a loss to what did return a profit. As soon as my Stop was set on the green instead of the red side, I was stress free. EDIT: that is in SIM, not Live

I do have some questions regarding your rules, though. Do you move your Stop as soon as you are green, to lets say 1 Tick profit? Or a 1 Point? etc.
I really struggled with myself because I did not want to set it to less than 1 Point. I know it is stupid but that is probably just my inexperience. At the very same time I thought "what if price reverses and I get stopped out for a loss?".

Also I feel like I would turn into sort of a scalper, setting my Stop to lets say half a Point profit as soon as I'm in the green and price reverts to 1 Tick below my Position, I get stopped out and Price keeps on going the direction I originally thought and thus initiated my Position.

Im probably just lacking experience to "read" market behaviour correctly, but still I would appreciate any advice.

Greetings.

Thank you, MessageOfTheTape, for your reply.
I am glad you got some positive results.
My advice, if you really seek it, is to study the instrument you trade in the time chart you trade, as you know I trade only one at the time, and learned it by studying how your indicators respond under different conditions of market and your instrument. Focus on one. Don't be tempted to go all over the place. Know that you will NEVER be right 100% because the market movers function to their advantage by keeping traders out of balance. And they are good at it. My advice: Accept that fact and welcome it. Once the superstition of market mystique is dismissed all that's left is reason. Use it.
I won't give you any of my ways of trading simply because won't do any service to you. If you trust my suggestion it will fail you and you'll be disappointed.
Only by determining one strategy on your own, when it fails you, you'll learn something and will be able to improve it, little by little. Crystal balls don't exist. Hocus-Pocus dosn't work. Only reason should be king for a trader.
All the hundreds of systems being sold are followers of the markets. Not a single one can anticipate what it will do, at best, guessing fairly decently some of the time. And then the market does what it wants. You and I can do the same by becoming experts at OUR own method of trading.
You don't need to be a genius to trade BIHAW. Just be sharp, focus and consistent. IT TAKES TIME TO GAIN THE EXPERIENCE YOU CLAIM TO LACK. Be patient.
The Marine Corp teaches its seals one thing above all. To fail with every try time and time again...and to keep on target.
We should all learn from it.
Best of consistence to you.
Buscador

Reply With Quote
Thanked by:
  #106 (permalink)
MessageOfTheTape
Stuttgart, Germany
 
Posts: 10 since Mar 2019
Thanks Given: 17
Thanks Received: 22


Buscador View Post
Thank you, MessageOfTheTape, for your reply.
I am glad you got some positive results.
My advice, if you really seek it, is to study the instrument you trade in the time chart you trade, as you know I trade only one at the time, and learned it by studying how your indicators respond under different conditions of market and your instrument. Focus on one. Don't be tempted to go all over the place. Know that you will NEVER be right 100% because the market movers function to their advantage by keeping traders out of balance. And they are good at it. My advice: Accept that fact and welcome it. Once the superstition of market mystique is dismissed all that's left is reason. Use it.
I won't give you any of my ways of trading simply because won't do any service to you. If you trust my suggestion it will fail you and you'll be disappointed.
Only by determining one strategy on your own, when it fails you, you'll learn something and will be able to improve it, little by little. Crystal balls don't exist. Hocus-Pocus dosn't work. Only reason should be king for a trader.
All the hundreds of systems being sold are followers of the markets. Not a single one can anticipate what it will do, at best, guessing fairly decently some of the time. And then the market does what it wants. You and I can do the same by becoming experts at OUR own method of trading.
You don't need to be a genius to trade BIHAW. Just be sharp, focus and consistent. IT TAKES TIME TO GAIN THE EXPERIENCE YOU CLAIM TO LACK. Be patient.
The Marine Corp teaches its seals one thing above all. To fail with every try time and time again...and to keep on target.
We should all learn from it.
Best of consistence to you.
Buscador

That is what I am doing since more or less 9 months now, ever since I migrated to trying to learn futures trading I (after comparing NQ and ES for a few days) am exclusively studying the behaviour of ES, only using a single approach. I felt that I was on the "right track" (for me personally of course) almost instantly since looking through and filtering hundreds of stocks every day, without even knowing what I was looking for was just too much for me, I wouldn't make any progress - at all.
So the simpler - the better I thought to myself. That's what I loved about your BIHAW approach, it was so simple yet I had never thought about it.
I will keep working on myself and keep applying what I am learning. After all, this is not a sprint.

Thank you again!

Reply With Quote
  #107 (permalink)
blockwar38
Fremont, CA 84587 USA
 
Posts: 1 since Sep 2020
Thanks Given: 0
Thanks Received: 0


Grantx View Post
This is exactly why I think that futures trading is the problem for new traders and not forex. Certain brokers yes but not the forex market itself. This little rant applies to the small retail trader and not institutions.

Forex leverage is now 30:1 for majors. The massive advantage is the size of each trade can be adjusted to minimum levels for traders wanting to trade live but also needing to reduce exposure. This needs to be emphasised because everyone just bleats on about centralised exchanges but if you think about it, these exchanges exist primarily to make money. Facilitating trade is a secondary concern to them. Exchanges SELL data. They have pulled a Tyler Durden and sell the market its own fat.

You want to trade oil? $10 a tick. Scale your trades and you're in deep trouble with a small account. The only way to reduce exposure is to get onto the mini but then liquidity issues and slippage so whats the point? There is none of this in forex. I'm with Lmax and liquidity is never a problem. Withdrawing funds is never a problem. I never have to roll an instrument over, or worry about expiration and volume levels, or close positions at EOD, or pay for data.

There are advantages with futures but those do not apply to up and coming traders until they have achieved certain personal milestones first.

Im very sorry to here that you lost your life savings, But Tradovate is a SCAM I dont how they get so many good reviews.

Reply With Quote
  #108 (permalink)
 
speck's Avatar
 speck 
Kharkiv, Ukraine
 
Experience: Intermediate
Platform: Sierra Chart
Broker: NinjaTrader/Dorman
Trading: ES
Posts: 28 since Dec 2012
Thanks Given: 376
Thanks Received: 36


carofa View Post
just go to those pages such as https://gbebrokers.com/
and you will see down below the following :
"70.22% of retail investor accounts lose money when trading CFDs with this provider"
or FXCM :" 76.88% of retail investor accounts lose money when trading CFDs with this provider"


as more professional the broker is as more the traders are loosing money;-)


and I compared the list I made up before the leverage cut and compared it with the situation after the cut and
now the traders are even loosing more money!

Attention the the details here. They state not the percentage of traders, but accounts. Profitable traders would likely have multiple accounts on their names thus making the picture less pessimistic (this practice is likely encouraged by brokers themselves)

Reply With Quote
Thanked by:
  #109 (permalink)
 bipi 
Milain Italia
 
Posts: 9 since Oct 2020

Edit: wrong thread

Reply With Quote
  #110 (permalink)
thailerdurden
san antonio, tex
 
Posts: 79 since Nov 2014
Thanks Given: 17
Thanks Received: 33


"most these speculators don't know if they are long or short, and don't have any idea what they are holding or why, they put on trades just for the thrill of it. and that's why the markets are so chaotic and random , and defy any logic , any technical strategy, or any fundamental strategy. And the Coffee Sugar Cocoa Cotton and Orarge Juice Floor Traders are the worse, they are all crooks over there. They purposely run stops. And those Jap Yen traders are a bunch of thugs, they have fist fights."

said my Jack-Carl broker of 5 years in 1992.

Reply With Quote




Last Updated on December 9, 2020


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts