Is Trading a mugs game for noobs

[jsc]

OP - Is being a professional gambler a profession?

 

[darktone]

but when does anyone pay attention to the blinding obvious ?

Youd think so eh.

But no

----------------------------------------

Fun to watch though.

So hows it going today?

Oook, I leave you to it.

 

[tar]

rofl

 

[itspossible]

It's nearer 2% that make consistent money. And that 2% don't make anything like what the 98% lose.

There will likely be a flurry of uninformed posts arguing those numbers, but it's largely irrelevant to the outcome of the enterprise. You've got it about right I'd say.

A flurry of posts arguing the numbers all backed up with statements

 

[tar]

A flurry of posts arguing the numbers all backed up with statements

I did post a phd study which shows that only 1 from 360 made it day trading stocks consistently :whistling .

99.72%

 

[itspossible]

I did post a phd study which shows that only 1 from 360 made it day trading stocks consistently :whistling .

99.72%

Was that just stock related?
I day traded english stocks for 1yr(very dangerous).

 

[tar]

Was that just stock related?
I day traded english stocks for 1yr(very dangerous).

Yes . But i bet forex and futures numbers are as bad .

 

[Pat Riley]

all semantics...............if you include the many that set up a demo and fart about for a few month before giving up we are in very very small % of people that truly make it

N

Semantics? What on earth are you talking about man?

I hardly think an empirical research paper into retail trader profitability and longevity would include demo accounts for the 'blindingly obvious' reason ya can't make (or lose) money trading a demo account.

However, I'm sure most of us understand why these types of accounts may loom large in your own personal sphere of operations and why you probably consider them as though they were real.

 

[Forexmospherian]

It's nearer 2% that make consistent money. And that 2% don't make anything like what the 98% lose.

There will likely be a flurry of uninformed posts arguing those numbers, but it's largely irrelevant to the outcome of the enterprise. You've got it about right I'd say.

Hi Pat

I left you this reply in my thread with regards to the misinformation you spread

Hi Pat

I hope you have sobered up from last night and you are not facing "cold turkey" this week off your drugs

You are a laugh

First of all - we are taking about the FX markets - "bankster filth" and no proper regulations

From what I have read and understand from various sources - both in the industry and outside independent sources - the FX markets are as footed up as you are.

With it not being properly regulated along with so much money laundering going on - they have not got a clue on accurate stats

For example and this is what I was on about - some say there over 2 + million plus traders around the world - others say it less than a million who are so called retail traders - using their own monies etc

Well 1% of 1 million is 10k traders - 1 % of 2.5 million traders is 25k

So thats were you get the vast difference - not my figures - all from your side of the business - ie the many devious clever bar stewards who play in your world.

Its no thin air stuff - its the facts I and you can support.

So do you now understand if there are only 1% of all traders consistently profitable - it could still be between 10 and 25k traders.

That's an awful lot to me - small in comparison to the consistent losers - but still more than you could pack in a mini car or phone booth - ie the type of numbers you believe

With regards to game I play with newbies - how utterly wrong - I turn down newbie traders on the thread and tell them to try other threads

Traders need 12 -18 months of general FX knowledge and understanding before they should even attempt looking at what i do on thread

Remember I am older and wiser than you Pat - show some respect to your olders - so dont try it on with me son - just throwing dirt my way hoping it will stick will be smelt a mile away.

Looking forward to more waffle off you tonight - but as I say - I like you because you are entertaining

Regards

F

Now I have not stopped you commenting in my thread - as I enjoy your comments even though must are a pile of sh7te.

This 2% profitable consistent trader level still means there could be between 10k and 25k winners out there who maintain it week in week out etc etc - and of course they are not all banksters.

Its obvious you really don't what you are talking about in connection to retail FX trading. ;-)



Going back to the main point of the thread -

Ideally you do need a first in maths or any science subject - also be a member of Mensa and then have the correct mindset to be really successful - and then loads of time to study etc

I didn't have a first - only a second class honours from over 35 yrs ago) - I am not a member of Mensa ( my 1Q is under 135 - but not by much ) and I had all the necessary other qualifications with regards to mindset etc to make me very successful at FX intraday trading

Its possible if you have the time and commitment ( I was semi retired when I started after 25 + years in the business world) - I was extremely streetwise - and of course pretty much know most of the tricks played in the business world - I was maybe even behind some of them - so I am use to "bankster sharks" and deception.

The key is solving the puzzle - a bit like doing a "rubik cube"

I am totally 100% honest when I say it took a me a few years along with initially over 5k hrs to match it all up and work out the best way to play the game without a super computer on my side.

Then you keep practicing it day in day out and after you get over 3-5k live trades and 10k screen hrs you should be there. I will hit 20K live money trades in next year and even now I will never be 100% accurate - anything from 62% to 87% on batches of 100 trades is enough for consistency with clever money management.

Going back to solving the "rubic cube" - I passed my info on to Major Magnum - if you knew his professional background you would know he is also a very clever guy and he picked it up in 6 to 8 months and so joins the 1 or 2% club .

Now can it be passed on to more normal mortals ??

Personally I reckon out of every 10 who are given all the info required maybe still only another 2 or 3 will make it - simply because its not easy and so certainly not for everyone.

Please dont believe 80% of the information out there - especially from so called traders who have worked in the trade

Regards


F

 

[CityTrader]

"the brokers screw you" right.. another conspiracy theorist!. Trust me, if you understand what a broker is, you would know they can NOT screw you.

The probable reason you make money on a demo account and lose it in real life is the physiological stresses of losing money- on line i'd probably make a great surgeon

Hi,

After reading at length numerous useful articles on this forum is my conclusion correct.....

Spend months/years on demo platforms perfecting a technique where your wins exceed your losses to provide a net gain.

Enter the different world of real money trades where even if you can gain an edge on the markets the brokers screw you.

Result a lose lose situation

 

[trade2windows]

Hi Pat

I left you this reply in my thread with regards to the misinformation you spread



Now I have not stopped you commenting in my thread - as I enjoy your comments even though must are a pile of sh7te.

This 2% profitable consistent trader level still means there could be between 10k and 25k winners out there who maintain it week in week out etc etc - and of course they are not all banksters.

Its obvious you really don't what you are talking about in connection to retail FX trading. ;-)



Going back to the main point of the thread -

Ideally you do need a first in maths or any science subject - also be a member of Mensa and then have the correct mindset to be really successful - and then loads of time to study etc

I didn't have a first - only a second class honours from over 35 yrs ago) - I am not a member of Mensa ( my 1Q is under 135 - but not by much ) and I had all the necessary other qualifications with regards to mindset etc to make me very successful at FX intraday trading

Its possible if you have the time and commitment ( I was semi retired when I started after 25 + years in the business world) - I was extremely streetwise - and of course pretty much know most of the tricks played in the business world - I was maybe even behind some of them - so I am use to "bankster sharks" and deception.

The key is solving the puzzle - a bit like doing a "rubik cube"

I am totally 100% honest when I say it took a me a few years along with initially over 5k hrs to match it all up and work out the best way to play the game without a super computer on my side.

Then you keep practicing it day in day out and after you get over 3-5k live trades and 10k screen hrs you should be there. I will hit 20K live money trades in next year and even now I will never be 100% accurate - anything from 62% to 87% on batches of 100 trades is enough for consistency with clever money management.

Going back to solving the "rubic cube" - I passed my info on to Major Magnum - if you knew his professional background you would know he is also a very clever guy and he picked it up in 6 to 8 months and so joins the 1 or 2% club .

Now can it be passed on to more normal mortals ??

Personally I reckon out of every 10 who are given all the info required maybe still only another 2 or 3 will make it - simply because its not easy and so certainly not for everyone.

[especially from so called traders who have worked in the trade

Regards


F

Ye 80% is crap ...so I have edited your post for the quality 20% in blue

 

[tar]

Ye 80% is crap ...so I have edited your post for the quality 20% in blue

In his non "market levels" posts he mentions MM nearly 80% of the time . :|

 

[Pat Riley]

Anyone heard from Mr. F recently? He's gone really quiet.

 

[Pat Riley]

This 2% profitable consistent trader level still means there could be between 10k and 25k winners out there who maintain it week in week out etc etc - and of course they are not all banksters.

Where do you get these numbers from? Thin air?

2% of what? 10-25K? An incredible margin of error. And based upon what? Nothing!!!

You are a silly old chap.

Show us your evidence to support your numbers.

My guess is, when someone quotes a spread this wide, they have not a clue.

QED.

 

[timsk]

. . .Show us your evidence to support your numbers.

C'mon Pat, play fair. We all have our strengths and weaknesses and the fact that FoMo doesn't 'do' evidence shouldn't be used against him. In fact, to demonstrate that I'm completely impartial, I'll be devil's advocate and ask what's your evidence that suggests FoMo's numbers are wrong?


(Apologies to anyone offended by emojis - but I want to show that I'm just engaging in some harmless leg pulling and not intending to cause offense. Oh the irony!)
Tim.

 

[Fugazsy]

Hi,

After reading at length numerous useful articles on this forum is my conclusion correct.....

Spend months/years on demo platforms perfecting a technique where your wins exceed your losses to provide a net gain.

Enter the different world of real money trades where even if you can gain an edge on the markets the brokers screw you.

Result a lose lose situation

Retail trading is one of the sought after job profession and one of the most difficult one to grasp, you do not have only to deal with the market but you need to deal with yourself.

A retail trader in most cases has little chances due to the wrong information available that is easily marketed and by the presence of numerous scams/traders giving nonsense informations, many scams are financials but many others are driven by psychological factors. Is someone is telling market can be mastered by HIS way, beware.

Said that I can guarantee you that is doable, but great tenacity is required to break all the above before the light is visible, the time can be shorted if you find someone that his willing to teach you and I doubt you will find them on forums, on forums decent traders leave only clues (rightly)....

Yes, you need to keep your eyes on the brokers, many will make money when you lose, but some good one are around there.

 

[Forexmospherian]

Where do you get these numbers from? Thin air?

2% of what? 10-25K? An incredible margin of error. And based upon what? Nothing!!!

You are a silly old chap.

Show us your evidence to support your numbers.

My guess is, when someone quotes a spread this wide, they have not a clue.

QED.

Morning Pat

You did manage to get just one word correct in your last comment

That word was "old" -

Other than that this just proves you have not a clue about the Forex Industry

If you cannot even find out the figures from the internet - supplied by reputable independent sources - then you need to go back to school

The trouble is the figures differ widely - from over 1 million financial traders to 2 and half million taking into consideration illegal brokers in countries were gambling is banned

You have a lot to learn mate ;-)


Regards


F

 

[Pat Riley]

what's your evidence that suggests FoMo's numbers are wrong?

1. He's never got any of his numbers right before.

2. He always gives ranges for everything rather than a specific value - telltale sign of a guesser (and I'm bein kind using that term).

3. He suggests using Google as his empirical data source (LOL)

4. It is simply not possible to obtain data on the total (i.e. global) numbers of retail traders.

5. He doesn't have access to the churn rates from any retail brokerages let alone more than one.

6. Finally, I had access to client performance rates from four of the larger retail brokerages and they are remarkably consistent.

Why do I know this when I'm not in the retail space? Because I needed to know if I should be in the retail space.

 

[tar]

Again total rubbish

I also have the churn rates on over 300 brokers from info I paid for





F

Well if you really did then you would have known that less than 0.5% are consistently profitable every Q in retail FX .

http://www.trade2win.com/boards/forex/164594-forex-trader-success-rates-some-real-data.html

 

[tar]

"Remember brokers normally say 20 to 35 % of their clients are winners every month etc etc - which by using stats in a certain way they can prove"

This data is quarterly not monthly and it only shows how many accounts ended in black in a single Q , this has nothing to do with being consistently profitable . Many traders will end a Q in black but so what ...