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Today, I lost my savings and my career
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Today, I lost my savings and my career

  #101 (permalink)
Tallinn Estonia
 
Trading Experience: Master
Platform: MT5,MT4
Broker/Data: FP markets
Favorite Futures: Forex
 
Posts: 42 since Dec 2018
Thanks: 4 given, 45 received

How many lost

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!

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  #102 (permalink)
Valencia (SPAIN)
 
Trading Experience: Intermediate
Platform: SierraChart
Broker/Data: Interactive Brokers / Infinity / Optimus
Favorite Futures: Emini, Nasdaq, DAX, Bund, IBEX
 
SamJames's Avatar
 
Posts: 26 since Feb 2018
Thanks: 4 given, 38 received

but these are CFD brokers


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?

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  #103 (permalink)
Tallinn Estonia
 
Trading Experience: Master
Platform: MT5,MT4
Broker/Data: FP markets
Favorite Futures: Forex
 
Posts: 42 since Dec 2018
Thanks: 4 given, 45 received

CFD Risk Warning


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.

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  #104 (permalink)
Stuttgart, Germany
 
Trading Experience: Beginner
Platform: NinjaTrader + TWS
Broker/Data: CapTrader (IB)
Favorite Futures: ES
 
MessageOfTheTape's Avatar
 
Posts: 10 since Mar 2019
Thanks: 17 given, 22 received


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.


Last edited by MessageOfTheTape; March 9th, 2019 at 11:51 AM.
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  #105 (permalink)
Abbotsford, BC, Canada
 
Trading Experience: Advanced
Platform: Ninja Trader 7
Favorite Futures: Futures, Oil, Silver
 
Buscador's Avatar
 
Posts: 81 since May 2011
Thanks: 25 given, 49 received


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

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  #106 (permalink)
Stuttgart, Germany
 
Trading Experience: Beginner
Platform: NinjaTrader + TWS
Broker/Data: CapTrader (IB)
Favorite Futures: ES
 
MessageOfTheTape's Avatar
 
Posts: 10 since Mar 2019
Thanks: 17 given, 22 received


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!

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