Anyone trading FOREX?

[carphotographer]

As the title says .

[eyebeebe]

You can find the piss-taking of FX scammers thread in the lounge.

[Armitage.Shanks]

Word on the street is you can sign up to one of these AI user platforms and it does all the trades for you. You just sit back and watch the money roll in

[anonymous-user]

If everyone is making money, where does it all come from?

I love the Plus 500 trading adverts where in the small print it states :

"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."

But obviously just buying random stocks with no idea of what I am doing I won't possibly be in the 84%?

Ah now I see where all the easy money comes from, the 84% who have no idea what they are getting into.

[dudleybloke]

First you need fake teeth and empty designer shopping bags.

[dingg]

Joey Deacon said:

If everyone is making money, where does it all come from?

I love the Plus 500 trading adverts where in the small print it states :

"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."

But obviously just buying random stocks with no idea of what I am doing I won't possibly be in the 84%?

Ah now I see where all the easy money comes from, the 84% who have no idea what they are getting into.

Iirc the 84% is only measured over the first 3 months, true amount of losers is most likely 99.9%

Donkey apple will know, I think he's in the business

[Whistle]

dudleybloke said:

First you need fake teeth and empty designer shopping bags.

And a hair transplant that used pubes on the back of your head.

[eyebeebe]

dingg said:

Joey Deacon said:

If everyone is making money, where does it all come from?

I love the Plus 500 trading adverts where in the small print it states :

"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."

But obviously just buying random stocks with no idea of what I am doing I won't possibly be in the 84%?

Ah now I see where all the easy money comes from, the 84% who have no idea what they are getting into.

Iirc the 84% is only measured over the first 3 months, true amount of losers is most likely 99.9%

Donkey apple will know, I think he's in the business

Literally better odds at the casino or the fruit machines. Tbf CFDs do have their uses, but it isn't to make gamblers rich.

[Ari]

Joey Deacon said:

If everyone is making money, where does it all come from?

Funnily enough, that's the fundamental question that never gets answered in the Crypto thread. I got drummed out in the end for asking awkward questions by the believers convinced that next year they are going to make a fortune (same as the were going to in a years time last year and the year before that). Bit sad really, but offer a way to get rich quick with no effort and some people just want to believe it.

Currently there is someone in that thread arguing that Bitcoin is a better investment than gold because it doesn't exist! Makes it easier to transport than something real, apparently. (Genuinely!)

So I expect the answer is the same, 'it's the utility, innit'.

[Armitage.Shanks]

Ari said:

Currently there is someone in that thread arguing that Bitcoin is a better investment than gold because it doesn't exist! Makes it easier to transport than something real, apparently. (Genuinely!)

It didn't work out too well for the chap whose laptop ended up in landfill with all those Bitcoins on it. That existed, and then it didn't.

[WY86]

Ari said:

Funnily enough, that's the fundamental question that never gets answered in the Crypto thread. I got drummed out in the end for asking awkward questions by the believers convinced that next year they are going to make a fortune (same as the were going to in a years time last year and the year before that). Bit sad really, but offer a way to get rich quick with no effort and some people just want to believe it.

Currently there is someone in that thread arguing that Bitcoin is a better investment than gold because it doesn't exist! Makes it easier to transport than something real, apparently. (Genuinely!)

So I expect the answer is the same, 'it's the utility, innit'.

Not quite true pretty sure no one in the Crypto thread even mentions the predicted price projections or claims they are going to be millionaires from it but hey lets not let that get in the way of your story.

[Hoofy]

dingg said:

Joey Deacon said:

If everyone is making money, where does it all come from?

I love the Plus 500 trading adverts where in the small print it states :

"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."

But obviously just buying random stocks with no idea of what I am doing I won't possibly be in the 84%?

Ah now I see where all the easy money comes from, the 84% who have no idea what they are getting into.

Iirc the 84% is only measured over the first 3 months, true amount of losers is most likely 99.9%

Donkey apple will know, I think he's in the business

Wait. So if they haven't mentioned the time it takes, they should wind back to stats after the first 24 hours. "95% of retail investor accounts win money when trading CFDs..." I'll see if they're recruiting a new marketing manager.

[blingybongy]

dudleybloke said:

First you need fake teeth and empty designer shopping bags.

And a fridge for your fahsands.

[layercake]

Jokes aside, .. forex space is full of scammers and folk trying to sell you courses / signals, there are some real traders out there if you look, took me a few years and many lost accounts, stay away from anyone promising you 7+ % a month gains, even institutions are around the 2/3% ,mark which when compounded is plently

[Ari]

WY86 said:

Not quite true pretty sure no one in the Crypto thread even mentions the predicted price projections or claims they are going to be millionaires from it but hey lets not let that get in the way of your story.

Ah yes of course, you're all in it for 'the utility'.

[g4ry13]

carphotographer said:

As the title says .

Was there a follow-up question or just this?

[droopsnoot]

I have a (relatively) small amount that is being traded by someone else on my behalf as I know nothing about it. Averaging just under 1.5% per month over the six months it's been happening. Can't give you any wonderful insights, as I said someone else is doing the actual work.

[g4ry13]

droopsnoot said:

I have a (relatively) small amount that is being traded by someone else on my behalf as I know nothing about it. Averaging just under 1.5% per month over the six months it's been happening. Can't give you any wonderful insights, as I said someone else is doing the actual work.

Are you using eToro?

[limpsfield]

I thought I would chip in with my opinion.

I've worked in the industry for about 20 years, and always traded for myself along the way.

In the beginning the attraction with forex was the large leverage. I can't remember what they were but let's say you were getting north of 100x initial deposit, then a £10,000 deposit meant you were controlling £1m exposure. So the thing, whatever that thing is, (pound against the dollar, dollar against the yen, whatever) if it moves 1% then you make in this example £10,000.

Double your money - but of course that cuts both ways - in the above example if the thing goes 1% against you then it wipes out your account.

It doesn't matter what the market is. Crypto has definitely been the new forex in recent years, although traders here are even more naive than fx traders 10 years ago. This asset is not that important - just something that sucks in a bunch of people who really should not be going anywhere near this sort of thing, and then it ends up with >75% losing.

You only have to read threads on PH to see how unsuitable most people are to speculation - e.g. buying bombed out penny stocks in the hope they double. It is possible to be profitable but it is not easy. This was a great study into why most people lose - and it is the classic inverse pscyhology approach that most have to trading. Snatch at profits, rack up the losers.

https://www.dailyfx.com/forex/fundamental/article/...

People are poor managers of risk.

[limpsfield]

Just a footnote to the above.

Leverage per se is not a bad thing. Nearly everything I do is with leverage. But leverage in the hands of those who think that trading is some sort of get rich quick scheme is the killer.