Losing money due to FOSKID

Tripacer

Junior member
14 5
Introduction to CFDs:

1. A nice man phones you because you filled in the form online promising you can make money.
2. You tentatively accept his kind offer to include you in his scheme and deposit money with his organisation (after some cursory google style due diligence and a call to the FCA)
3. The first month you double your money (the FTSE approaches the magical 7000 - but not quite)
4. Encouraged and bolder, you up your position exposure in terms of trades and leveraged margin)
5. Something called a market gap occurs - the FTSE opens below your stops
6. Grrr - you grit your teeth and climb back on the horse and wobble your way back up somewhere near a marginal profit.
7. An American man from the Fed makes inconvenient inconsiderate remarks about tapering (after the UK stock market is closed)
8. Somebody knows before you that all is not well and a panic sell off occurs (usually decided before the stock exchange opens at 8 am).
9. Depleted but not defeated you press on and score a few points (but never enough to catch up)
10. New phenomena appear: Advice from a broker to go short is an instant signal for the stock to go into orbit; likewise exhortations to go long plummet. The FTSE behaviour only reflects this when it is going down - indeed the short positions thrive in total contradiction of the trend.
11. A stupid Labour politician, an evil dictator with a penchant for Sarin deployment and the man with two Bs in his name (apparently told to wind his neck in) has an affiliate in the deep south who blurts out non market friendly statements... you know the rest
12. The no doubt educated young man at your brokers bullishly declares joy in his dojis, candlesticks, Fibonaccis and Elliott waves and assures you that a cruise ship company is the way forward due to the 6 month candlestick trend pointing thus.
13. When I was a young man in the RAF we had sayings - FOSKID and....********!
 

pboyles

Legendary member
8,072 1,303
It's not like they care, they got their commission off you win or lose. These companies are all out to fleece you, the sooner you realise that the better. If you want to make money then work for it.
 

spinola

Established member
614 138
How long does it take an RAF pilot to be capable of flying a fighter jet consistently whilst receiving knowledgeable training ?



Why do you think trading will be any less difficult for civvies ?


Welcome to the madness Iceman ! :)

Every trades a dogfight ! (To the inexperienced)
 

Purple Brain

Experienced member
1,613 179
Tripacer - you'll also then probably be only too aware of FUBAR when looking at your capital curve and SNAFU when reviewing your open trade positions.
 

pboyles

Legendary member
8,072 1,303
Too many Ali Baba's in this industry.
 

Tripacer

Junior member
14 5
Interesting remarks if, in some cases, as contradictory as I already said in the opening thread.

1. FUBAR SNAFU no problemo Purple Brain
2. PBoyles. I've retired from the dignity of labour so I don't plan on working for 'the man' anytime soon. I agree re commission win or lose but why are you in the game if you don't expect to win anything?
3. Spinola - I've been a civvy for 20 years so seen both sides but a la fastjet training, the instruments don't all go SNAFU at the same time - (if the analogy is being lost in dense cloud) and - AND - yes but no but 3 years training doesn't leave a litter of written off airframes across the countryside.Thanks for the welcome anyway
 

pboyles

Legendary member
8,072 1,303
Interesting remarks if, in some cases, as contradictory as I already said in the opening thread.

1. FUBAR SNAFU no problemo Purple Brain
2. PBoyles. I've retired from the dignity of labour so I don't plan on working for 'the man' anytime soon. I agree re commission win or lose but why are you in the game if you don't expect to win anything?
3. Spinola - I've been a civvy for 20 years so seen both sides but a la fastjet training, the instruments don't all go SNAFU at the same time - (if the analogy is being lost in dense cloud) and - AND - yes but no but 3 years training doesn't leave a litter of written off airframes across the countryside.Thanks for the welcome anyway


Re 2 I have long since decided to have nothing to with assorted criminals and chavs that make up this industry.

Re 3 your analogy is correct except that in this case you didn't check to see if the instructor could fly.
 

timsk

Legendary member
7,598 2,374
Re 2 I have long since decided to have nothing to with assorted criminals and chavs that make up this industry.
PB,
The implication here is that you think everyone involved in the retail trading industry is a criminal or chav! If this isn't the case, perhaps you'd be good enough to clarify your view for Tripacer's benefit.
Tim.
 

Tripacer

Junior member
14 5
T2W write to me now and again. 'We haven't seen you for a while why not post something...?'

So whoah! PBoyles has got the hell out but mysteriously watches trading forums.

So no answer really yet apart from his which is 'DON'T!'

I want to know who knows how to get at least 6 out of 10 right and how. Starting to believe it's just luck because all this support and resistance guff surely can't be true of such an amorphous entity as the 'market' Where are the eyes in the sky? The ones who pull out in good time or know to go short and when to get out. I think we, or at least I, should be told. An end to mystery I say
 

Tripacer

Junior member
14 5
Apologies. 'An end to mystery I say' -- please
 

timsk

Legendary member
7,598 2,374
T2W write to me now and again. 'We haven't seen you for a while why not post something...?'
So whoah! PBoyles has got the hell out but mysteriously watches trading forums.
So no answer really yet apart from his which is 'DON'T!'
I want to know who knows how to get at least 6 out of 10 right and how.
Hi Tripacer,
I hadn't picked up from your earlier posts that your were wanting any kind of information or assistance, sorry! PB is our resident cynic who takes a dim view of the industry as a whole. He has a point. The failure rate is high, assuming you define failure as losing money over time as opposed to making it which defines success. And then one has to navigate questionable CFD advisory services and the like - as you know only too well. That said, there are those who do okay and a few who do very well. After all, someone has to, all the money floating around in the system ends up in somebody's pocket!

As to your comment about being right 6/10. Two things to say really: the first is that that's not necessary to make a profit and, secondly, if you're looking for some holy grail cookie cutter solution - then I'm afraid you won't find it on T2W. We're all about empowering our members to equip themselves with the necessary tools and know how to enable them to go down the d-i-y route. If this is of interest, I recommend you start at the beginning which is with the first two links in my signature.
Enjoy!
Tim.
 
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pboyles

Legendary member
8,072 1,303
T2W write to me now and again. 'We haven't seen you for a while why not post something...?'

So whoah! PBoyles has got the hell out but mysteriously watches trading forums.

So no answer really yet apart from his which is 'DON'T!'

I want to know who knows how to get at least 6 out of 10 right and how. Starting to believe it's just luck because all this support and resistance guff surely can't be true of such an amorphous entity as the 'market' Where are the eyes in the sky? The ones who pull out in good time or know to go short and when to get out. I think we, or at least I, should be told. An end to mystery I say

Believe me 'don't' is the best answer you'll get. Giving your money to a bunch of chavs off the Internet isn't the answer, but you found that out for yourself unfortunately.

What was the firm called by the way? Normally the people involved in these things have been involved in previous dodgy dealings.

Googled 'montague pitman scam' and you'll see how these things work.
 

Tripacer

Junior member
14 5
Thanks

Not to sound ungrateful but I have read those at the start and read all the learned articles. I haven't bet the farm - I've, most of the the time, not lowered my stops, kept my stops at 3% and moved them up in happier trades. I've read about the good stuff, Elliott, Fibonacci retracements etc. I don't expect the CFD advisors to have crystal balls but I do expect them to be better than I am. I was execution only at first and did reasonably OK for a beginner and then went advisory in the hope of moving up a gear. 8 out of 11 positions stopped out in 10 days! WTF! if I can be forgiven. I don't expect these guys to predict Milliband's stand up comedy when I have luckily got out of SSE because it seemed rangebound. Having kept a spare exec only account and made a profit on my own since on SSE and others. There seems an uncanny tendency for the charts to start to fire up into action the minute I go the loo, wash the car, saw a piece of wood in half - sometimes happily sometimes not. I look at he Hargreaves site and just lately the Risers and Fallers change places almost daily. I do take issue that the CFD boys seem to miss the bumper risers preferring to refer to 6 month candles.
My point was, before I become a PB, and nobody seems to have an answer, is that the market starts its jerky movements with no apparent stimulus other than hindsight - of which I do not possess enough. I think it must be luck and that other piece of advice - Sell in May and go away. I was starting to despair at the stream of endless bad news - non farm payrolls, debt ceilings QE tapering, forward something ?? Syria, Milliband, Italy - always some excuse. Thanks for your note - really must pay more attention...:)
 
 
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