Discussion
NMNeil said:
TurboTerrific9 said:
With respect to writing options, I would humbly suggest that this is the very last place a retail guy should trade. To be able to do it consistently it requires very different skills and complete discipline around losses.
True, but by being a contrarian and trading on probabilities, your chances of profitability are far higher.Remember, a stock price never crashes upwards.
I have some p*ss about money in a Trading212 account. I was seeing if I could make £20 a day off a £500 account just by trading within the bands on oil and gold (volatile markets so easy to trade a few points quickly). It was all going well until a couple of weeks ago when Oil shot up and broke through my stop loss. Destroyed a month's worth of profit in 10 hours.
It's taken me 2 weeks just to get back half of the loss.
I compare it to doing delivery driving - you pick up £50-100 a week on a good week but then when your car needs maintenance, it's all wiped out. I don't see anyone getting rich off it unless they've already got a big pile of money.
It's taken me 2 weeks just to get back half of the loss.
I compare it to doing delivery driving - you pick up £50-100 a week on a good week but then when your car needs maintenance, it's all wiped out. I don't see anyone getting rich off it unless they've already got a big pile of money.
Trading / speculation is a complex skill that people approach in a completely irrational manner.
The common analogy is that you wouldn't sit in an aeroplane and think you're a pilot, but for some reason you'll open a trading account and think you're a trader.
I've done some work with a trading psychologist called Steve Ward: https://performanceedgeconsulting.co.uk/about-stev...
He's been doing some more online 'retail' work due to COVID, but usually works in the intuitional domain.
A key thing that he says is it usually takes new instructional traders about 3 years to become profitable. These are people who are doing it full time in the best environment giving them the highest chance of success.
That gives a sense of perspective as to the challenge anyone faces trying to consistently succeed. The way we're hardwired through evolution means we're perfectly designed and evolved to fail at trading. The discipline and energy to do exactly the opposite of what you want to do is a constant and on-going battle.
Always easier to sell the shovels than dig yourself.
The common analogy is that you wouldn't sit in an aeroplane and think you're a pilot, but for some reason you'll open a trading account and think you're a trader.
I've done some work with a trading psychologist called Steve Ward: https://performanceedgeconsulting.co.uk/about-stev...
He's been doing some more online 'retail' work due to COVID, but usually works in the intuitional domain.
A key thing that he says is it usually takes new instructional traders about 3 years to become profitable. These are people who are doing it full time in the best environment giving them the highest chance of success.
That gives a sense of perspective as to the challenge anyone faces trying to consistently succeed. The way we're hardwired through evolution means we're perfectly designed and evolved to fail at trading. The discipline and energy to do exactly the opposite of what you want to do is a constant and on-going battle.
putonghua73 said:
I remember reading that 90% of people fail because the vast majority of people want fast money, without putting in the necessary study / work.
If you are genuinely interested, before signing up to any courses provided by people of dubious providence, check out Anton Kreil's company 'Institute of Trading and Portfolio Management' on YouTube. The ITPM provide lots of information for you to assess whether Forex trading is for you. One of the key notables is that Kreil's lifestyle YT posts get hundreds of thousands of views, yet the ones where he sets out a framework of forex i.e. financial history, market structure, currency pairs, volatility, etc, gets less than ten thousand (people want fast money).
I believe I recall that Kriel mentioned that ITPM trades are based on 80% fundamental analysis [FA], and a maximum of 20% technical analysis [TA].
Even if you decide not to choose ITPM (no recommendation from me as I do not trade forex), the ITPM put out a lot of useful information to develop a basic understanding of the common pitfalls and traps (dubious claims, training companies taking the other side of your position, conflict of interest), and information to help you decide whether forex trading is for you.
He's a turd trying to sell £15k or whatever 'mentorship' packages. If you are genuinely interested, before signing up to any courses provided by people of dubious providence, check out Anton Kreil's company 'Institute of Trading and Portfolio Management' on YouTube. The ITPM provide lots of information for you to assess whether Forex trading is for you. One of the key notables is that Kreil's lifestyle YT posts get hundreds of thousands of views, yet the ones where he sets out a framework of forex i.e. financial history, market structure, currency pairs, volatility, etc, gets less than ten thousand (people want fast money).
I believe I recall that Kriel mentioned that ITPM trades are based on 80% fundamental analysis [FA], and a maximum of 20% technical analysis [TA].
Even if you decide not to choose ITPM (no recommendation from me as I do not trade forex), the ITPM put out a lot of useful information to develop a basic understanding of the common pitfalls and traps (dubious claims, training companies taking the other side of your position, conflict of interest), and information to help you decide whether forex trading is for you.
Always easier to sell the shovels than dig yourself.
La Liga said:
Always easier to sell the shovels than dig yourself.
There is loads of that going around selling 'signal' group access, when the local landlord and bar staff are 'traders' checking the 'sigs n pips' it all feels a bit bonkers.Instagram is full of big follower count types running ads flogging courses or sig groups - loads of teens now doing it - some make a few grand and all is well, but I would imagine the wider picture is a grim one.
robuk said:
La Liga said:
Always easier to sell the shovels than dig yourself.
There is loads of that going around selling 'signal' group access, when the local landlord and bar staff are 'traders' checking the 'sigs n pips' it all feels a bit bonkers.Instagram is full of big follower count types running ads flogging courses or sig groups - loads of teens now doing it - some make a few grand and all is well, but I would imagine the wider picture is a grim one.
emicen said:
There’s been a marked uptick in the number of these being promoted on YouTube etc of late I’ve found.
Not just forex either; trading strategies, property investment with no seed money, start your own Amazon business, buying investment properties for 20% below market value etc etc
The old saying; "There's a sucker born every minute", is still true today Not just forex either; trading strategies, property investment with no seed money, start your own Amazon business, buying investment properties for 20% below market value etc etc
emicen said:
There’s been a marked uptick in the number of these being promoted on YouTube etc of late I’ve found.
Not just forex either; trading strategies, property investment with no seed money, start your own Amazon business, buying investment properties for 20% below market value etc etc
Probably due to global lockdowns / working from home. Not just forex either; trading strategies, property investment with no seed money, start your own Amazon business, buying investment properties for 20% below market value etc etc
MWM3 said:
La Liga said:
Probably due to global lockdowns / working from home.
Or Greed and stupidity. Caddyshack said:
I saw this on Fb the other day, there have been a few recently, i assume this is either a ponzi, pyramid or just unregulated scheme?
It always makes me think that if the bloke selling it is so clever why does he need small fry investors in his club?
Who knows? The picture is pretty meaningless. It always makes me think that if the bloke selling it is so clever why does he need small fry investors in his club?
That's a Bitcoin chart on the right. Not sure what relevance it has.
La Liga said:
emicen said:
There’s been a marked uptick in the number of these being promoted on YouTube etc of late I’ve found.
Not just forex either; trading strategies, property investment with no seed money, start your own Amazon business, buying investment properties for 20% below market value etc etc
Probably due to global lockdowns / working from home. Not just forex either; trading strategies, property investment with no seed money, start your own Amazon business, buying investment properties for 20% below market value etc etc
The cynic in me feels it’s more likely to be correlated with redundancy payments being issued and US stimulus “checks” landing, there certainly wasn’t the same number through proper lockdown1 or the subsequent ones later in the year.
La Liga said:
MWM3 said:
La Liga said:
Probably due to global lockdowns / working from home.
Or Greed and stupidity. Caddyshack said:
I saw this on Fb the other day, there have been a few recently, i assume this is either a ponzi, pyramid or just unregulated scheme?
It always makes me think that if the bloke selling it is so clever why does he need small fry investors in his club?
Who knows? The picture is pretty meaningless. It always makes me think that if the bloke selling it is so clever why does he need small fry investors in his club?
That's a Bitcoin chart on the right. Not sure what relevance it has.
I would say that Forex gets a bad rap due to all the Forex 'gurus' which seem to fill the space for some reason pushing the fast money and signal services. Perhaps it's the fact you can trade very small amounts and it is more accessible than some other instruments. I'm not really sure, you don't see them pushing trading commodities / bonds / stocks as much.
In my opinion you are just as likely to succeed / f
k up in Forex as you are in anything else if your strategy / rules / approach to it are crap.
Here's an interesting YouTube channel which backtests strategies. It may save a few people some money in the future by not wasting time on some of these 'setups'.
In my opinion you are just as likely to succeed / f
k up in Forex as you are in anything else if your strategy / rules / approach to it are crap. Here's an interesting YouTube channel which backtests strategies. It may save a few people some money in the future by not wasting time on some of these 'setups'.
La Liga said:
Trading / speculation is a complex skill that people approach in a completely irrational manner.
The common analogy is that you wouldn't sit in an aeroplane and think you're a pilot, but for some reason you'll open a trading account and think you're a trader.
I've done some work with a trading psychologist called Steve Ward: https://performanceedgeconsulting.co.uk/about-stev...
He's been doing some more online 'retail' work due to COVID, but usually works in the intuitional domain.
A key thing that he says is it usually takes new instructional traders about 3 years to become profitable. These are people who are doing it full time in the best environment giving them the highest chance of success.
That gives a sense of perspective as to the challenge anyone faces trying to consistently succeed. The way we're hardwired through evolution means we're perfectly designed and evolved to fail at trading. The discipline and energy to do exactly the opposite of what you want to do is a constant and on-going battle.
Always easier to sell the shovels than dig yourself.
He was part of that TV show about making amateurs into traders years ago. His outfit does look a lot more legit than the standard Forex Instagram charts by the pool & stacks of dollar bills stored in the fridge type stuff, & apparently has 'mentors' in the program that do appear to have actual experience/credibility (ex MD's at big banks etc)The common analogy is that you wouldn't sit in an aeroplane and think you're a pilot, but for some reason you'll open a trading account and think you're a trader.
I've done some work with a trading psychologist called Steve Ward: https://performanceedgeconsulting.co.uk/about-stev...
He's been doing some more online 'retail' work due to COVID, but usually works in the intuitional domain.
A key thing that he says is it usually takes new instructional traders about 3 years to become profitable. These are people who are doing it full time in the best environment giving them the highest chance of success.
That gives a sense of perspective as to the challenge anyone faces trying to consistently succeed. The way we're hardwired through evolution means we're perfectly designed and evolved to fail at trading. The discipline and energy to do exactly the opposite of what you want to do is a constant and on-going battle.
putonghua73 said:
I remember reading that 90% of people fail because the vast majority of people want fast money, without putting in the necessary study / work.
If you are genuinely interested, before signing up to any courses provided by people of dubious providence, check out Anton Kreil's company 'Institute of Trading and Portfolio Management' on YouTube. The ITPM provide lots of information for you to assess whether Forex trading is for you. One of the key notables is that Kreil's lifestyle YT posts get hundreds of thousands of views, yet the ones where he sets out a framework of forex i.e. financial history, market structure, currency pairs, volatility, etc, gets less than ten thousand (people want fast money).
I believe I recall that Kriel mentioned that ITPM trades are based on 80% fundamental analysis [FA], and a maximum of 20% technical analysis [TA].
Even if you decide not to choose ITPM (no recommendation from me as I do not trade forex), the ITPM put out a lot of useful information to develop a basic understanding of the common pitfalls and traps (dubious claims, training companies taking the other side of your position, conflict of interest), and information to help you decide whether forex trading is for you.
He's a turd trying to sell £15k or whatever 'mentorship' packages. If you are genuinely interested, before signing up to any courses provided by people of dubious providence, check out Anton Kreil's company 'Institute of Trading and Portfolio Management' on YouTube. The ITPM provide lots of information for you to assess whether Forex trading is for you. One of the key notables is that Kreil's lifestyle YT posts get hundreds of thousands of views, yet the ones where he sets out a framework of forex i.e. financial history, market structure, currency pairs, volatility, etc, gets less than ten thousand (people want fast money).
I believe I recall that Kriel mentioned that ITPM trades are based on 80% fundamental analysis [FA], and a maximum of 20% technical analysis [TA].
Even if you decide not to choose ITPM (no recommendation from me as I do not trade forex), the ITPM put out a lot of useful information to develop a basic understanding of the common pitfalls and traps (dubious claims, training companies taking the other side of your position, conflict of interest), and information to help you decide whether forex trading is for you.
Always easier to sell the shovels than dig yourself.
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