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Traders Millions By The Minute
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Traders Millions By The Minute

  #21 (permalink)
Elite Member
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Fritzk's Avatar
 
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tturner86 View Post
I know fools whos spend more then $1k/yr on frivolous bullshit.

You mean like smoking?

Head up and keep your stick on the ice!
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  #22 (permalink)
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Fritzk View Post
You mean like smoking?

Yes, exactly.

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  #23 (permalink)
Trading for Fun
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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 believe you missed the word "RETAIL" in his post! Otherwise, yes, the first episode showed many profitable traders.

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  #24 (permalink)
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The guy with the porsche make all of his money from selling 'educational material'/courses/chatrooms (rubbish) etc.
Just another rich vendor selling people dreams.
I thought it was too good to be true! (a genuinely consistently profitable successfull retail trader)

He owns Eezeetrader (program neglected to mention that! )

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  #25 (permalink)
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subterfuge View Post
The guy with the porsche make all of his money from selling 'educational material'/courses/chatrooms (rubbish) etc.
Just another rich vendor selling people dreams.
I thought it was too good to be true! (a genuinely consistently profitable successfull retail trader)

He owns Eezeetrader (program neglected to mention that! )

If he was genuinely recruited to work at a fund, I'm sure he some talent. What is stopping someone from making money with a side business while being a profitable trader?

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  #26 (permalink)
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Limitless100 View Post
If he was genuinely recruited to work at a fund, I'm sure he some talent. What is stopping someone from making money with a side business while being a profitable trader?

And actually the goal should be to create multiple revenue streams that generate you cash monthly. Whether that be trading, real estate, or business.

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  #27 (permalink)
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tturner86 View Post
And actually the goal should be to create multiple revenue streams that generate you cash monthly. Whether that be trading, real estate, or business.

preach it brother .....

Head up and keep your stick on the ice!
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  #28 (permalink)
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why forex may not be that bad


Itchymoku View Post
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."

@budfox

I kind of felt bad ripping apart the forex market because I do have a sentimental appreciation for it since it's what I started with and I believe everyone should pursue their dreams even if it has to do with forex. So I'll add a little bit of wisdom that may not be entirely obvious that may help a newcomer.

The main advantage you get with forex is that you can add heavily onto winning positions and roll into massive profits even with a small account but you really have to manage your risk if the trade starts coming against you. My technique is to wait till I have enough profit in the trade so if I add on I can move my stop to break even and still have room for the trade to keep trending without coming back to my break-even stoploss. If you get stopped out on the initial entry without adding on the impact is so small that it isn't very stressful getting into trades. You can probe the market without always having to have the exact location because you can trade smaller and have a wider stop initially with micro-lots.

The forex market does have a lot of directional volatility to help with this technique but the only problem is that it may take a long time for the trades to come to fruition. A lot of times, since moves can happen pretty quickly, you'll need to monitor the trade during that duration. The trades may take a few hours or more since a lot of times the market moves slow before bursting.

I would suggest to anyone who is interested in forex to definitely practice taking advantage of averaging up. When I first started trading forex I practiced scaling out and was very concerned with indicators and always having to be right with my entry. I did hear about averaging up but I thought it was just a stupid idea and never really tried it out because I thought scaling out was better. I didn't know until I tried it out of desperation years later that it really makes a difference.


Last edited by Itchymoku; October 8th, 2014 at 04:42 AM.
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  #29 (permalink)
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An older BBC series which I thought was equally good:

Million Dollar Traders (2012) -> 3 episodes.


Whilst on the topic of trading documentaries, my favourite which is available on Youtube is:

Billion Dollar Day (1986)

[I'm a new member and cannot post links yet, so you'll have to search on YT yourselves ]

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  #30 (permalink)
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subterfuge View Post
The guy with the porsche make all of his money from selling 'educational material'/courses/chatrooms (rubbish) etc.
Just another rich vendor selling people dreams.
I thought it was too good to be true! (a genuinely consistently profitable successfull retail trader)

He owns Eezeetrader (program neglected to mention that! )

Did he pay for that porsche from the money he made in trading forex or selling rubbish?


I hope it was the former not the latter.

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