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  • #6,601
  • Jan 24, 2015 11:54pm Jan 24, 2015 11:54pm
Quoting cogs
Funny, haven't seen 'Jason Rogers' around here for a while
Probably because he's not authorized to speak about most of the things the topic has been on the last 3 pages.
  • #6,602
  • Jan 25, 2015 12:55am Jan 25, 2015 12:55am
Quoting Profit Daily
{quote} Ok, so let's say we both have $10K forex account for simplicity sake. I only need to put $1K with offshore broker to execute the same size trades as you, the other $9K stays in my bank until if/when needed. Who has more operational risk?
Ok, 1K in FX account to cover currency exposure of portfolio. Got it. Sending it right to Tatarstan leveraging mega to zero.
"I know one thing, that I know nothing." Sokrates
  • #6,603
  • Jan 25, 2015 1:11am Jan 25, 2015 1:11am
Quoting Magix
{quote} I don't want to seem like I'm bragging here, Kanz...but I am in regular contact with several members of the Royal family in Nigeria. We email all the time and I think we're all pretty tight right now... As they are holding several millions of dollars for me, I can see if I can pull a few strings and get something going by way of a reputable offshore for ya.
Only several mill brother? Good to see you've finally diversified the rest .... lol
Hoping things are going well with you and yours my friend. I must find time to stop by the house and say hello.
Quoting Kanzler
{quote} Oh man I'm so grateful how can I ever repay you?
Kanz! Long time man. Hope all is well on your end.

Damn good to see you both again.
Ghost Rider - WWTBMD?
  • #6,604
  • Jan 25, 2015 1:16am Jan 25, 2015 1:16am
Quoting albchr
{quote} Only several mill brother? Good to see you've finally diversified the rest .... lol Hoping things are going well with you and yours my friend. I must find time to stop by the house and say hello. {quote} Kanz! Long time man. Hope all is well on your end. Damn good to see you both again.
Hey albchr, it's been a challenging year but I'm holding on. Good to see a lot of old faces around still after being gone for a while.
  • #6,605
  • Jan 25, 2015 1:22am Jan 25, 2015 1:22am
Quoting Magix
{quote} Pitfalls of the average trader...fear of loss. If I hold it long enough, it should come back to my price. Though it paints the supporters of FXCM with a pretty wide brush, logically it seemingly rings out the same. Consumer psychology dictates that previous purchase decisions are defended passionately where change is never welcomed with open arms. Much the reason that, we as men, can keep our underwear, long past any reasonable date of expiration. Yup.
BAM!(Emeril)

Or

Booyah!(Stew Scott)

The trader nemesis is fear of loss. I have been preaching lately that to mitigate fear of loss start with something stupidly small, and gear that up. Now when it gets decent, that's when it becomes Man vs. Market. If you took a 10 buck stake to 1k, do you have the balls keep betting going forward the way you bet before? Do you know your system works, or did you get lucky? Or both?

Some of these 1k to one million threads do have some merit. The real question is, when the money gets real. When your next bet can buy a car, or a house, can you take the risk? This is why most traders lose. Fear Of Loss.
If you are good at something, never do it for free--Joker
  • #6,606
  • Jan 25, 2015 1:29am Jan 25, 2015 1:29am
Quoting Kanzler
{quote} Hey albchr, it's been a challenging year but I'm holding on. Good to see a lot of old faces around still after being gone for a while.
Seems we're singing in harmony on that tune. Yeah, we're keeping the bench warm until you folks come back around so we can take a break and bolt for a while.
Ghost Rider - WWTBMD?
  • #6,607
  • Jan 25, 2015 1:47am Jan 25, 2015 1:47am
Quoting jmn5611
{quote} BAM!(Emeril) Or Booyah!(Stew Scott) The trader nemesis is fear of loss. I have been preaching lately that to mitigate fear of loss start with something stupidly small, and gear that up. Now when it gets decent, that's when it becomes Man vs. Market. If you took a 10 buck stake to 1k, do you have the balls keep betting going forward the way you bet before? Do you know your system works, or did you get lucky? Or both? Some of these 1k to one million threads do have some merit. The real question is, when the money gets real. When your next...
FOL
FOMO

Two of the biggest steps to overcome imho. But I'll honestly never understand this concept of when the money get's "real". It's all real ..... all the time. I know I'm rather simple but, why be afraid of zeros? I've always thought in % only. Both in my business and now in trading. Risking 10 of a 100 is no different than 10k of 100k. It's still just 10%.

Trust me, I can understand why one would feel they should be but, are folks really that attached to money? Where larger numbers of zeros really introduce a fear factor in how you approach the day?
Ghost Rider - WWTBMD?
  • #6,608
  • Jan 25, 2015 1:57am Jan 25, 2015 1:57am
Quoting albchr
Risking 10 of a 100 is no different than 10k of 100k. It's still just 10%. Trust me, I can understand why one would feel they maybe should be but, are folks really that attached to money? Where larger numbers of zeros really introduce a fear factor in how you approach the day?
....and this the real advantage that I love. The percentages don't change, but real world value makes a massive difference. You can make a steady 10% a month say, but soon that 10% is a lot, and you only need 5%, then 3%, then 0.5% to live off and you're still making 10%. Essentially you're constantly reducing the price of everything in the world, the world becomes cheaper to live in vs. your effort. Those rich guys, they're cheap bastards! 😄
"Risk comes from not knowing what you're doing." - Warren Buffett
  • #6,609
  • Jan 25, 2015 2:09am Jan 25, 2015 2:09am
Quoting albchr
{quote} FOL FOMO Two of the biggest steps to overcome imho. But I'll honestly never understand this concept of when the money get's "real". It's all real ..... all the time. I know I'm rather simple but, why be afraid of zeros? I've always thought in % only. Both in my business and now in trading. Risking 10 of a 100 is no different than 10k of 100k. It's still just 10%. Trust me, I can understand why one would feel they should be but, are folks really that attached to money? Where larger numbers of zeros really introduce a fear factor in how you...
When I say "real", this of course a matter of perception. For example, I was right on the CHF trade that every one is talking about. It was nice, but it was a 10 dollar bet. I made 760% on that trade. So I made 760. Most traders will go all in on 10 bucks.

Will they go all in on 10K? Those that did, make 760K. That is a life changing sum for many.

That's what I mean by when the money gets "real". 10 bucks? That two number 5 meals from Mickey D's. So what?

10k? Well now, that another kettle of fish. Would you agree?
If you are good at something, never do it for free--Joker
  • #6,610
  • Jan 25, 2015 2:19am Jan 25, 2015 2:19am
Quoting Spili
{quote} ....and this the real advantage that I love. The percentages don't change, but real world value makes a massive difference. You can make a steady 10% a month say, but soon that 10% is a lot, and you only need 5%, then 3%, then 0.5% to live off and you're still making 10%. Essentially you're constantly reducing the price of everything in the world, the world becomes cheaper to live in vs. your effort. Those rich guys, they're cheap bastards! 😄
LOL ... ... My grandfather used to say all the time. You know why rich folks are rich? Because they hate spending money. lol

35 years in construction. I'd build say ... a deck. One for an average Joe just scraping by and the same for a rich dude. Guess which one I'd more likely have to chase for my money?
Ghost Rider - WWTBMD?
  • #6,611
  • Jan 25, 2015 2:27am Jan 25, 2015 2:27am
Quoting jmn5611
{quote} When I say "real", this of course a matter of perception. For example, I was right on the CHF trade that every one is talking about. It was nice, but it was a 10 dollar bet. I made 760% on that trade. So I made 760. Most traders will go all in on 10 bucks. Will they go all in on 10K? Those that did, make 760K. That is a life changing sum for many. That's what I mean by when the money gets "real". 10 bucks? That two number 5 meals from Mickey D's. So what? 10k? Well now, that another kettle of fish. Would you agree?
You've said more than you know here (or more than I do ). This is why most trader fail. "All in" is not trading but gambling. Anyone going all in on 10 bucks would likely do the same on 100k. The "fear" everyone refers to is then, imho, self created & administered.

If 10k represented the proper % of my account? You betcha I'd be "all in" on it.

Anyway, we should probably take this conversation elsewhere.
Ghost Rider - WWTBMD?
  • #6,612
  • Jan 25, 2015 5:35am Jan 25, 2015 5:35am
Hello FXCM users!

Fxcm was one of my first brokers of selection, and I used them for the charts for a very long time. I left because the spread only not because I was unsatisfied for other things, and I knew they were not very transparent on some issues.

Its a total joke how this brokers want to avoid all responsability. Fortunatly I moved long ago to Dukascopy and Im completly happy with everything, apart of course the spreads of 0.2pips of EURUSD that we have as average a lot of 2014!

Here was Dukascopy attitude refering the EURCHF:

The scenario of such shock had been anticipated four months in advance as shown in Dukascopy news published on 3rd of October 2014: "Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Bank is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014".

This is how a proffesional company works, preventing and securing the continuation of bussines.

If you want to check them here:

http://www.dukascopy.com/ibentry.php?ibref=7482

And yes Im an Introducing Agent for them, so if you are interested contact me I have good offers.

Anyway check out this broker they are awesome! They deserve new clients because the good job have been doing.

Greetings
Greetings, BeLikewater
  • #6,613
  • Jan 25, 2015 10:20am Jan 25, 2015 10:20am
Quoting jmn5611
The trader nemesis is fear of loss. I have been preaching lately that to mitigate fear of loss start with something stupidly small, and gear that up. Now when it gets decent, that's when it becomes Man vs. Market. If you took a 10 buck stake to 1k, do you have the balls keep betting going forward the way you bet before? Do you know your system works, or did you get lucky? Or both? Some of these 1k to one million threads do have some merit. The real question is, when the money gets real. When your next bet can buy a car, or a house, can you take...
My reference to the fear of loss is that it has been translated to consumers defending their decisions by brand as well as product.

The comfort zone.

Some will stay married to their broker by way of convenience, and it would appear so, even in the face of recent events.

How could FXCM honor prices that weren't available?
Simple answer, they can't. Nobody could...and as such, I don't believe that the unpegging of the swissy nor traders who lost funds due to this is the fault of any single broker.

BUT!!

Where has clearly been stated, they will not come after funds, they have.

Be it taking these from other accounts attached to a primary that is underwater, or with their Forced Majeure statement and request for money.

For this, I have no appreciation for this nor any broker that would go back on their word.

If I decided to open a restaurant and for a day give away cheeseburgers and at the end of the day realized that I have given away more food than I could actually pay for, would it be alright if I sent a letter to each recipient asking them to now pay for their dinning?

I could, but who'd be stupid enough to pay???

It's bullshit, no matter how it gets sliced.

It does put FXCM into a serious financial situation, but, so what? That was their decision, not the decision of folk that opened accounts with them under the guise of protection from negative balances.

They've shit the proverbial sheets.

Enforcing the negative balance payback and even them simply "Requesting" funds back should leave ALL of their customers questioning their ethics.

After combing through their balance sheets, I still am unable to ascertain enough information if day to day business would show a light at the end of this financial tunnel, as in, can they make enough to repay the loan and still have enough left in the bank to continue day to day operations...but I would suspect that they cannot even be 100% sure of this.

By trying to cool the masses, they know that with the losses that they most likely will never be able to collect, with others wanting to flee from their services, the stigma of being thieves possibly impacting new business, several investigations that could lead to class action suits, a stock price that is 90% lower than a couple weeks prior, legal fees and possibly fines, that the deck is definitely starting to stack against them.

Through regulation, brokers in the US are basically a Monopoly. Your decision on picking a broker has been limited to a fist full. If a company cannot survive by the policies that they've set out, where customers are basically handed to them on a silver platter, they shouldn't be in business.

Only when you can actually find market representation which doesn't further tie your hands, can the idea of possibilities and probabilities of profitability even be conceptualized. ie, without a broker everything else is just an illusion.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,614
  • Jan 25, 2015 10:47am Jan 25, 2015 10:47am
Quoting Kanzler
{quote} As someone else pointed out, FXCM didn't have enough to cover the losses while other big brokers did. Why? Because they weren't profiting from trader losses like some of the others were apparently. If they had been, they would have seen a huge windfall as all their clients went bust. Sure they make money on fees and commissions but let's get real, it's a company and it's out to make money. That's how the world works. For a broker, they really weren't making the killing you would expect if they were doing unethical things. The real question...
Not true, Of course FXCM profit from traders' loss. Do not be idiot. The problem is caused by fxcm itself because they are more aggressive in making profit. lol Before the event, their lousy analyst are promoting the idea of long usdchf/eurchf. I am sure that there are Naive traders follows their recommendation and get burned this time. FXCM lost more than others simply because they have more traders Bet on the 1.2 floor with high leverage. It is a very sad story. FXCM can not profit from negative balance but they can profit from traders' loss as long as the balance is above 0. If they are passing on orders to big banks, at least they share the profit with the big banks. It is impossible that big banks take 100% retail traders' loss and left fxcm none. That is like working for free and I do not believe it. Negative balance is something unheard of and unexpected. LOL there is no way FXCM can get profit from negative balance and that is problem. I am worried about trading forex after this event. For investment, stocks and other tools are much better. Forex is not investment. It is simply a number game with high risk. And now, brokers can go under and not be able to give your money back.
  • #6,615
  • Edited 11:14am Jan 25, 2015 11:04am | Edited 11:14am
Quoting mry2001
{quote} Not true, Of course FXCM profit from traders' loss. Do not be idiot. The problem is caused by fxcm itself because they are more aggressive in making profit. lol Before the event, their lousy analyst are promoting the idea of long usdchf/eurchf. I am sure that there are Naive traders follows their recommendation and get burned this time. FXCM lost more than others simply because they have more traders Bet on the 1.2 floor with high leverage. It is a very sad story. FXCM can not profit from negative balance but they can profit from traders' loss as long as the balance is above 0. If they are passing on orders to big banks, at least they share the profit with the big banks. It is impossible that big banks take 100% retail traders' loss and left fxcm none. That is like working for free and I do not believe it. Negative balance is something unheard of and unexpected. LOL there is no way FXCM can get profit from negative balance and that is problem. I am worried about trading forex after this event. For investment, stocks and other tools are much better. Forex is not investment. It is simply a number game with high risk. And now, brokers can go under and not be able to give your money back.

Want to Jump From the Frying Pan into the Fire?

Not true! The stock market is not a better place to be! To have an account with margin you have to have $50,000 or more. Then, there are the considerations of the "Free Ride Rule", and that the "Big Boys" can Naked Short to depress prices and you cannot! In fact, you cannot even short unless your broker can "find" real shares of others to loan to you to do so. And that is hardly ever the case when it really is a good time to short! The stock market is a den of inequity ruled by the "Thieves of Wall Street", who have both the SEC and the NFA in their pockets.

Why do you think the NFA has been putting the screws to spot forex retail traders? It is because their bosses, the "Thieves of Wall Street", ordered them to do so, with the intent of making trading conditions so unfavorable to retail spot forex traders that they will quit and come back to the stock market and trade all the things that market has to offer - including currency futures - which are offered simply as more ways for them to steal your money, under disadvantages to the retail trader that are cloaked and even more vile!

The solution is not the stock market. That is like jumping from the frying pan into the fire! The solution is to go to an offshore spot forex broker. This FF thread has been established to help USA retail spot forex traders find one:
http://www.forexfactory.com/showthre...69#post8021869


-tah
  • #6,616
  • Edited 11:51am Jan 25, 2015 11:39am | Edited 11:51am
Quoting Magix
There must be some confusion here if you believe that was a lecture... Me lecturing is assuming that I have either a stake in your claim or believe that I have the ability to impact your decisions. Neither of which are true.
Liar.
a) You were lecturing me - and I hate that. I saw that capslock and exclamation marks when you were explaining meaning for average. So now let me explain. That is a faking huge portfolio of clients and they would need to be total idiots to let it go. I dont care about your mumbo jumbo explanations how average trading volume changes - look at that vast portfolio for christ sake! It is still the same stuff with forest and trees.
b) You almost always have a stake and believe you have impact on peoples decisions. And I am still subscribed to you no matter how much rubbish you write. Just sometimes you could stfu and dont push your idea so hard, who the feck is supposed to be reading all that stuff?
Edit: I need to add here if you wont stop it am flying to Mexico or Canada or wtf you are from to kick your butt!
T
"I know one thing, that I know nothing." Sokrates
  • #6,617
  • Jan 25, 2015 11:52am Jan 25, 2015 11:52am
Quoting Tom_D_Trader
Edit: I need to add here if you wont stop it am flying to Mexico to kick your butt! T
I'd make a pretty weak physical opponent...however, if we enter the arena of tequila and cervesa....well, my friend, this is a whole new ball game.

My residence is a lot north of Mexico...but flights are cheap and I could always use a healthy dose of sun and street tacos!

Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6,618
  • Jan 25, 2015 12:04pm Jan 25, 2015 12:04pm
Quoting Magix
My residence is a lot north of Mexico...but flights are cheap
Ok, its a deal then on summer - I mean with that tequilla - I actually cant hit people - am nice guy . Was a long time since I were in US, already wanted to have another look. We have this little theory with one of my mates: "US is great, but you gotta have a look before those rednecks wreck it."
"I know one thing, that I know nothing." Sokrates
  • #6,619
  • Jan 25, 2015 12:24pm Jan 25, 2015 12:24pm
Quoting Magix
{quote} My reference to the fear of loss is that it has been translated to consumers defending their decisions by brand as well as product. The comfort zone. Some will stay married to their broker by way of convenience, and it would appear so, even in the face of recent events. How could FXCM honor prices that weren't available? Simple answer, they can't. Nobody could...and as such, I don't believe that the unpegging of the swissy nor traders who lost funds due to this is the fault of any single broker. BUT!! Where has clearly been stated, they...
I don't understand how FXCM would do this either. It seems to me that their contract was clear. Now they seem to be going back on it. I think this is the beginning of the end for FXCM. They might come out as another company but the present name is going to die a slow death. Glad I went in another direction.
If you are good at something, never do it for free--Joker
  • #6,620
  • Jan 25, 2015 12:59pm Jan 25, 2015 12:59pm
Quoting traderathome
{quote} Want to Jump From the Frying Pan into the Fire? Not true! The stock market is not a better place to be! To have an account with margin you have to have $50,000 or more. Then, there are the considerations of the "Free Ride Rule", and that the "Big Boys" can Naked Short to depress prices and you cannot! In fact, you cannot even short unless your broker can "find" real shares of others to loan to you to do so. And that is hardly ever the case when it really is a good time to short! The stock market is a den of inequity ruled by the "Thieves...
The solution is to go to an offshore spot forex broker.


Exactly, the trading conditions are much better anyway. You only have to put up 10% (now 5%) of what is required in US to trade same size position. The big misconception when I say that is my risk is too high. I may use 1:100 or 1:200 or even more of what I have on deposit at broker. However, I still only risk 3% of my forex account on a trade. The difference is, the rest of my funds are in my own bank account, not sitting at the broker. Just that fact alone, if the NFA were truly protecting us as they claim, should cause them to raise leverage here, not lower it. They take us for a bunch of idiots, and the fact is, those that buy into their bullshit, really are idiots.
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