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Traders Millions By The Minute
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Traders Millions By The Minute

  #11 (permalink)
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Itchymoku View Post
Does anyone know if BBC is planning on a third episode or to perhaps continue this series?

Seems like it was just a 2 part series :/ was a good show!

BBC Two - Traders: Millions by the Minute

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  #12 (permalink)
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Just watched part 1. Enjoyed it a lot.

The worry with these kinds of shows is that all they show is flash and glamour with no real substance. Fortunately this show constantly discussed the psychological difficulties, often talking about how hard this business is. Looking forward to watching part 2.

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  #13 (permalink)
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Itchymoku View Post
Does anyone know if BBC is planning on a third episode or to perhaps continue this series?

I have no idea as these 2 episodes where only on just a few weeks ago, last week they didn't have it on, not sure if it's going to continue either. We'll see, if it does im sure it will be found on here.

Don't let money control you, control money!
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  #14 (permalink)
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The only successful retail trader on that show was the guy with the Porsche..... wonder what he traded.


Maybe also the two brothers with the Jusco firm who got funding from the Football player.



Just shows the general public's misconception that it is easy to make money in trading.

feel sorry for the guy who is still at 0 after 7 years!

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  #15 (permalink)
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The second episode kind of started to piss me off. I don't know why they're all trading Forex, it's got to be the worse market to trade consistently as a professional trader. It whipsaws about more chaotically than any other market. The only good thing about it is you can trade and scale with a very small account at any hour of the day.

The reason the guy who traded for 7 years is still failing is because he'd trade without stops and didn't know how to cut his losers short. You can't be successful if you always have to be right. If I let every trade I put on hit my stop loss if it didn't hit my target I'd be broke. I guess they didn't want to show only successful traders because most fail, so they wanted to show the other side of the business.

What most people don't understand who don't trade is that you can't just join a trading combine, course, or read a book and then just start trading consistently live. Just like with any career that you need to go to college for there are many baby steps that need to be conditioned. A lot of times it takes years. That one guy who only made a trade a week who got cut from the firm might be a great trader but just in his infancy. He didn't even have time to develop and test a trading system before they started grading him! They make it out to be like trading is something you either have or you don't that only takes a little bit of guidance to be obtained.

A lot of the comments in the comment section were also awful. There's just so many misconceptions in this business and a lot of it is very negative because everyone can trade with a small amount of money and most people just get frustrated after trying it out and think that because they're good at other things that trading should be easy and it isn't. They just think that it's gambling and there's no way to get better and it's just random.

I've met a lot of people and many in my life don't understand trading and give it a bad rap. It's not until they're convinced that you're consistently profitable do they really come to believe it's not gambling. Most won't believe it's worth it unless you have a great deal of money made from it. I don't blame them because a lot of people lost their shirt in 2008. But, I guarantee you 90% of the people who think trading is worthless don't even understand what shorting is and don't think you can make money in a bear market. I dare you if you asked them they wouldn't know what shorting is. I bet they wouldn't even know what a stop loss is. Oh I could go on and on about this but I'd rather just cut it short.

Thank God we have each other, people who understand



Last edited by Itchymoku; October 7th, 2014 at 01:04 AM.
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  #16 (permalink)
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budfox View Post
The only successful retail trader on that show was the guy with the Porsche..... wonder what he traded.


Maybe also the two brothers with the Jusco firm who got funding from the Football player.



Just shows the general public's misconception that it is easy to make money in trading.

feel sorry for the guy who is still at 0 after 7 years!

What about the brown hair middle age girl who was making a few thousand dollars per trade or the older white haired guy with glasses? There were a lot of people in the first episode who were successful. Just because they don't drive exotic cars doesn't mean they aren't successful. They didn't want to only show profitable traders because it would misguide the public into thinking that trading isn't hard.

Don't feel sorry for the guy who is 0 and 7 because trading makes him happy. He has a hard life after getting into a car accident and if something makes him happy it doesn't matter if he's profitable or not. Anyways, it's not like he's homeless. He always has a business to fall back on with antiques if it goes wrong. He only lost 6k, so that's less than 1k a year he lost which is a lot better than most. I've known people who've spent over 40k in education and still aren't profitable, now that's sad!


Last edited by Itchymoku; October 7th, 2014 at 01:11 AM.
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  #17 (permalink)
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Itchymoku View Post
The second episode kind of started to piss me off. I don't know why they're all trading Forex, it's got to be the worse market to trade consistently as a professional trader. It whipsaws about more chaotically than any other market. The only good thing about it is you can trade and scale with a very small account at any hour of the day.



Hi Itchy could you explain in more detail why you think forex is the worst market to trade consistently?


Interesting you mention this comment, since I am seriously considering focussing on forex, as my "marriage" to the ES is too risky/expensive.

Perhaps a cheaper future maybe?

@Itchymoku

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  #18 (permalink)
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Itchymoku View Post
What about the brown hair middle age girl who was making a few thousand dollars per trade or the older white haired guy with glasses? There were a lot of people in the first episode who were successful. Just because they don't drive exotic cars doesn't mean they aren't successful. They didn't want to only show profitable traders because it would misguide the public into thinking that trading isn't hard.

Don't feel sorry for the guy who is 0 and 7 because trading makes him happy. He has a hard life after getting into a car accident and if something makes him happy it doesn't matter if he's profitable or not. Anyways, it's not like he's homeless. He always has a business to fall back on with antiques if it goes wrong. He only lost 6k, so that's less than 1k a year he lost which is a lot better than most. I've known people who've spent over 40k in education and still aren't profitable, now that's sad!

I meant part 2 with the retail traders.

Regarding the 0 and 7 guy: I would be beyond depressed if that was me in 7 years. I keep remembering how Mike said " Most traders are only profitable in 24months" and I have been at it for 1.5 years now.... just keep asking myself


'What can I do have a profitable system?" 'What can I do have a profitable system?" 'What can I do have a profitable system?" 'What can I do have a profitable system?"

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  #19 (permalink)
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budfox View Post
Hi Itchy could you explain in more detail why you think forex is the worst market to trade consistently?


Interesting you mention this comment, since I am seriously co.nsidering focussing on forex, as my "marriage" to the ES is too risky/expensive.

Perhaps a cheaper future maybe?

@Itchymoku


1. It doesn't have a pronounced rhythm like futures or equities where it opens each day, has a gap or not, and a close
2. It doesn't have volume you can compare to other days. You can't use vwap or volume profile.
3. A lot of the moves happen in a blink of an eye and go very far and then come back. It's very hard to catch the moves unless you have your target in just the right location.
4. It can react negatively to heavily positive news(nfp) or vice versa (I've seen it happen). So it's pretty much useless to even try to trade the news or the fundamentals surrounding Forex because it's very complicated.
5. It can't really be scalped because of the spread being 3+ pips. It's almost the equivalent of bid/ask on futures being 10 ticks or more. Many times I've waited over an hour just for the market to move past the spread to see a profit. This makes it very hard to get in and out.
6. It represents pairs (one currency against another) so the general shape of it's trends is very topsy-turvy because there's no inherent direction. With futures and equities going long traditionally adds value to a companies worth and pays out dividends etc. You can see that most stocks usually rise slow and fall fast because of this. With forex there is no up or down. It's very hard to trend trade because of this.

But if you want to swing trade it's a good instrument to learn considering 1, 5 can be avoided. I'd suggest to try and trade it anyways because you still can be consistently profitable trading it and you don't really have much to lose considering you can trade micro lots. I learned how to trade it. But just beware that at any given moment it can go crazy so always use a stop and beware of S/R. If you can learn to extract a profit and not get hit you're well on your way to going back to futures. It's like New York, "If you can make it in New York, You can make it anywhere."


Last edited by Itchymoku; October 7th, 2014 at 12:04 PM.
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Itchymoku View Post
What about the brown hair middle age girl who was making a few thousand dollars per trade or the older white haired guy with glasses? There were a lot of people in the first episode who were successful. Just because they don't drive exotic cars doesn't mean they aren't successful. They didn't want to only show profitable traders because it would misguide the public into thinking that trading isn't hard.

Don't feel sorry for the guy who is 0 and 7 because trading makes him happy. He has a hard life after getting into a car accident and if something makes him happy it doesn't matter if he's profitable or not. Anyways, it's not like he's homeless. He always has a business to fall back on with antiques if it goes wrong. He only lost 6k, so that's less than 1k a year he lost which is a lot better than most. I've known people who've spent over 40k in education and still aren't profitable, now that's sad!

I know fools whos spend more then $1k/yr on frivolous bullshit.

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