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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.
Agreed, but I think you might be missing my point about the beauty of CFDs.
I can trade Oil and NQ at ten CENTS a point. For NQ, that's 2.5 cents per tick. And I'm doing it on Ninja.
Now granted there is a wider spread, (real wide in the case of oil) and they can play "last look" games in fast markets, but for reasonable day trades that last on the order of 10 to 30 minutes or more, it is not really an issue.
Also, I now have my eye on copper. I has some lively moves but you need a Brinks truck to trade it on CME. Currently it is rangebound, but if that sucker starts trending...
One of the most interesting things about the Market Wizards to me in 2019 is 25% of AUM for Tudor Investments is in early and late stage venture capital now.
That is a wonderful lesson in how to roll with the punches, not get stuck in old ways and look out for new hunting grounds.
Gee, thanks for the constructive criticism! If you are serious, please at least say why.
Or, is it just a gut feeling?
Or, is it that you can see that he is giving away info that might help the average trader go from shark bait to eventually shark, and that is a no-no in this business?
I agree with this.Most aspiring traders never even have a chance to understand s/r ,order flow,etc.I switched to forex for the reasons you stated.One "tilt" day on cl could bankrupt some.Not to mention the mechanics of trading.How many times have we pressed buy/sell incorrectly,adding to a bad trade.
I think the best thing about forex, is you can dial down the risk to your comfort level,and just focus on what the chart is trying to tell you,without worrying so much about the $
Once you start to get consistent, just slowly increase the size
I blew up my account in mid to late 2007, can't remember exact date. I was devastated and as captainquenta said, ya gotta tell your wife what you've done. YIKES!! Then go get a real job. I didn't look at a chart for 2 1/2 yrs. Told myself I wasn't ever gonna trade again. Sometime after 2009 I came back, started demo trading. Worked on improving my strategy. Here's the truth... even in demo, my fear was uncontrollable and it was just play money!! It took time for me to work through this process but I'm glad I did. This time spent in sim trading I became consistent profitable, then went live. So when friends and family say " Oh, so your basically gambling" they have no idea what it takes to become profitable. What ya have to go through.
That quote "Oh, so your... gambling" drives me nuts! It makes it sound that we are either just 'lucky' and consequentially our luck is gonna run out, or that we are playing the odds. I and other successful traders have spent a considerable period of time honing our edge, that edge is different from one trader to another, but it is what gives us our success. The market is its own greatest teacher out there and it slaps me across the face and rides out the door with a small chunk of my account when I don't follow my system to the letter. Trading is more than gambling, fluttering your cash away on a hunch, a stable-hands tip of a sure-fire 'winner' - it comes from learning the market and most importantly knowing yourself better and better. As a consequence of trading, I've improved in other areas of my life - knowing when to admit I was wrong, holding myself accountable, knowing my weaknesses and doing everything in my power to flee from them or when I feel strong enough to stand firm against them and tell them to shove it.
