****note that I have rebranded myself as Tigris Equity, my new myfxbook is www.myfxbook.com/members/tigrisequity where there is a link to my website www.bestpammaccounts.com and other details*****
In summary
*I now offer managed accounts
*I also offer teaching per hour
*I am totally commercial!
*If you want to contact me, it will have to through my website or myfxbook as I will not be able to send PMs
This thread has essentially been moved from the trade journal area as I did get some interest in coaching, and intend to open a PAMM in the near future. The posts below will be lifted from my old thread so I will be repeating much of the same content.
****note that for those interested I am now in the managed accounts sector - details are on myfxbook or you can contact me*****
I have posted on numerous forums (babypips, trade2win, forexfactory, donnaforex) very much the same thing mainly because I want to emphasis how I had the wool pulled over my eyes on how to trade for so long in forex. I will be copy and pasting my previous posts to save myself time.
If you don't like what I have to write, please be civil. If you hate the fact I am copy and pasting, I apologise but I don't really want to spend a lifetime rewriting forum posts. All that I write is my own opinion, and is not the only gospel truth/holy grail/black box, so if it goes against your beliefs, I am not personally attacking you but just providing my viewpoint from my experience.
My main motivation for writing is that I have wasted a lot of time and a lot of stress (I emphasis the stress and worry part) trading the methods that I have found promoted online. Not only promoted by gurus but promoted by people who claim they were successful. Fortunately I had a sizable enough account to absorb my errors instead of blowing up, but I am pretty certain that if I did not learn and continued to follow the teaching found online I would have blown up by now. In a way I want to show others what I learned from my experience, and talk about the right way to trade. The bottom line is that the teaching found online is a marketing tool that will lose you money, but I will elaborate later.
Learning to trade not a easy task. You can't compress it into an hours seminar. You need to develop critical thinking and a swift mind to trade. But mainly I would implore you avoid the massive pitfall that is the retail forex industry if you don't want your money swallowed up by what is essentially a massive PR/marketing machine that thrived on the freedom of information and the lack of any regulation or authority to provide that information.
Enough with the originality already! Onto the cut and pasting which I will do as time allows (there are about 70 posts or so to transplant over, and I hope to add to it from time to time). There is a lot of talking to get through. But there is a lot to talk about, so if you have the time to spare, its worth the read.
I have been trading forex since 2011, after a couple of years of stocks and shares trading. This is my trade journal - my trade record is here:
http://www.myfxbook.com/members/goldenmember
I have written a whole thread pretty much dedicated to this on other forums, but it is quite an unpopular line of thought because system vendors, teaching gurus and brokers gain their customer base from convincing people that trading is simple and predictable (and what trader would like to hear that they have spent years wasting their time?).
Their greatest achievement has been to convince the retail crowd that behavior of millions of market participants can be predicted by joining up two lines (support and resistance, fibonacchi, trendlines etc etc). If you think about it, its kind of ludicrous to think that the net demand for Brazilian coffee, Indian sugar, Apple products, Toyota cars, Playstation 4s, Greek holidays, and Chinese electronic products can be summed by joining up two lines. However, between them, the forex industry, forums and teachers managed to convince people that a line that any four year old who could draw can predict the future behaviour of an incredibly complicated interaction.
If the truth was known and the retail crowd believed you needed to study macroeconomics, read up financial issues and understand them, understand technical analysis, model statistical probabilities and have a large equity base (all of which I believe you need to be successful), very few people would attempt trading forex, and brokers would not get customers so it is in their best interest to promote "trading is simple - here is our 1 hour training seminar to make you rich."
Its a brilliant marketing strategy because 95+% of adults have the intellectual capacity of joining two lines together. However a very small percentage of people have the intellectual capacity to statistically model and are able to educate themselves and understand macroeconomics (and the majority of those are in full employment and do not have the time or inclination to do so because they are usually well paid in their job). If brokers marketed responsibly towards people who had the understanding and capacity to trade their customer base would be many times smaller than they have at present (in fact most would not be in business). If you have any experience dealing with financial professionals, a lot of their job revolves around trying to part fools from their money.
It all comes down to what you want to believe - do you want to believe that you will get mega rich by joining up a line when the vast majority of others do the same and cannot? Or do you think that maybe there is more to trading than that? I believe you can make money trading if you spend time learning the right thing and having a realistic outlook.
In summary
*I now offer managed accounts
*I also offer teaching per hour
*I am totally commercial!
*If you want to contact me, it will have to through my website or myfxbook as I will not be able to send PMs
This thread has essentially been moved from the trade journal area as I did get some interest in coaching, and intend to open a PAMM in the near future. The posts below will be lifted from my old thread so I will be repeating much of the same content.
****note that for those interested I am now in the managed accounts sector - details are on myfxbook or you can contact me*****
I have posted on numerous forums (babypips, trade2win, forexfactory, donnaforex) very much the same thing mainly because I want to emphasis how I had the wool pulled over my eyes on how to trade for so long in forex. I will be copy and pasting my previous posts to save myself time.
If you don't like what I have to write, please be civil. If you hate the fact I am copy and pasting, I apologise but I don't really want to spend a lifetime rewriting forum posts. All that I write is my own opinion, and is not the only gospel truth/holy grail/black box, so if it goes against your beliefs, I am not personally attacking you but just providing my viewpoint from my experience.
My main motivation for writing is that I have wasted a lot of time and a lot of stress (I emphasis the stress and worry part) trading the methods that I have found promoted online. Not only promoted by gurus but promoted by people who claim they were successful. Fortunately I had a sizable enough account to absorb my errors instead of blowing up, but I am pretty certain that if I did not learn and continued to follow the teaching found online I would have blown up by now. In a way I want to show others what I learned from my experience, and talk about the right way to trade. The bottom line is that the teaching found online is a marketing tool that will lose you money, but I will elaborate later.
Learning to trade not a easy task. You can't compress it into an hours seminar. You need to develop critical thinking and a swift mind to trade. But mainly I would implore you avoid the massive pitfall that is the retail forex industry if you don't want your money swallowed up by what is essentially a massive PR/marketing machine that thrived on the freedom of information and the lack of any regulation or authority to provide that information.
Enough with the originality already! Onto the cut and pasting which I will do as time allows (there are about 70 posts or so to transplant over, and I hope to add to it from time to time). There is a lot of talking to get through. But there is a lot to talk about, so if you have the time to spare, its worth the read.
I have been trading forex since 2011, after a couple of years of stocks and shares trading. This is my trade journal - my trade record is here:
http://www.myfxbook.com/members/goldenmember
I have written a whole thread pretty much dedicated to this on other forums, but it is quite an unpopular line of thought because system vendors, teaching gurus and brokers gain their customer base from convincing people that trading is simple and predictable (and what trader would like to hear that they have spent years wasting their time?).
Their greatest achievement has been to convince the retail crowd that behavior of millions of market participants can be predicted by joining up two lines (support and resistance, fibonacchi, trendlines etc etc). If you think about it, its kind of ludicrous to think that the net demand for Brazilian coffee, Indian sugar, Apple products, Toyota cars, Playstation 4s, Greek holidays, and Chinese electronic products can be summed by joining up two lines. However, between them, the forex industry, forums and teachers managed to convince people that a line that any four year old who could draw can predict the future behaviour of an incredibly complicated interaction.
If the truth was known and the retail crowd believed you needed to study macroeconomics, read up financial issues and understand them, understand technical analysis, model statistical probabilities and have a large equity base (all of which I believe you need to be successful), very few people would attempt trading forex, and brokers would not get customers so it is in their best interest to promote "trading is simple - here is our 1 hour training seminar to make you rich."
Its a brilliant marketing strategy because 95+% of adults have the intellectual capacity of joining two lines together. However a very small percentage of people have the intellectual capacity to statistically model and are able to educate themselves and understand macroeconomics (and the majority of those are in full employment and do not have the time or inclination to do so because they are usually well paid in their job). If brokers marketed responsibly towards people who had the understanding and capacity to trade their customer base would be many times smaller than they have at present (in fact most would not be in business). If you have any experience dealing with financial professionals, a lot of their job revolves around trying to part fools from their money.
It all comes down to what you want to believe - do you want to believe that you will get mega rich by joining up a line when the vast majority of others do the same and cannot? Or do you think that maybe there is more to trading than that? I believe you can make money trading if you spend time learning the right thing and having a realistic outlook.