how many times you failed in fx or binary trading?

8 years ago

I have only got as far as using a demo account.

I did O.K. for a while, but the real problem is that there are just too many variables to try and predict where a currency will go within a specific time.

What put me off was that if my trade was performing badly then I would have a margin call (where your account goes in the red and you have to deposit funds to keep your account active).

If this happened when I was trading for real I could easily lose a lot of money in a short amount of time.

So it seems a bit like trying to guess which way the wind will blow in five minutes time!

I also read an article yesterday that said 87% of novice traders lose money.

I think there must be a better way of making money - Forex looks attractive - but you can lose a lot of money learning how to be successful.

Just my 2c!

Ged

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Randall Magwood

8 years ago

I bought one of those forex trading robots, and in the demo mode that results were supreme.

Then i upgraded my account for the real thing, and the robot trading software only made me $1, from the $100 i had deposited in my account. Then i quit, cause i figured i'd have more control with selling ebooks when trading forex.

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visimedia

8 years ago

interesting answerS!

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ryanbiddulph

8 years ago

So tough to answer Visi; failure is different for all humans and traders

RB

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socialentry 7 years ago

Originally Posted by ryanbiddulph

So tough to answer Visi; failure is different for all humans and traders

RB

You should listen to Ryan OP:

Just like beauty is in the eye of the beholder, loss in a financial context is subjective. There are people out there who wake up and laugh in the mirror telling themselves this without a hint of irony:

"Hahahah! I've just lost a billion dollar because I had a leveraged position on the Zimbabwean dollar! "

Long live postmodernism!
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rhealy29

8 years ago

There are scores of professional traders and fund managers with expensive educations who've dedicated their entire lives to mastering all there is to know about trading that can barely (or can't) beat the market in the long-term.

Why anyone thinks that the system they learned online or some trading bot is going to somehow beat the odds is beyond my comprehension.

Day trading is gambling. You might make money in the short term. You'll almost certainly lose money the longer you do it.

The anecdotal evidence you hear of people making big money with these ridiculous systems completely ignores the luck factor.

I could sit you down at a poker table with the top pro of your choice, and if you only played a single hand, the odds of you beating them would actually be fairly good. But with every additional hand luck becomes less of a factor, and the longer you play, the more and more assured it is that you're going to lose.

That's day trading.

Just buy scratch tickets instead.

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DIABL0

8 years ago

Binary options are hands down the worst thing I have ever seen.

They have a fixed upside potential. Real options don't have a limit.

You have to be right about 60% of the time to make any money long term. Good luck with that.

At least the FX market is legit. But I would read rhealy29 post, as a non-professional is eventually going to get slaughtered.

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wentzco

8 years ago

I run a Facebook group (Affiliate/MLM/Home Biz advertising) and am sick of all the people (with bogus Facebook accounts) promoting binary trading/forex or their recommendations for a "legit and reliable account manager" (bogus account again) who alledgely made them money. It's all the same pitch with different sham accounts they set up "constantly". One of my rules is "The group is not for promoting investments such as stocks, binary, forex or cryptocurrency trading. Break Rules = BAN". In the last 28 days I've blocked 406 accounts from my group and the majority are blocked for breaking this rule.

Anyway I realize there are trading robots as mentioned above that "may" be legit and work. However it's not in my comfort zone. I do invest in stocks though which is in my comfort zone. I don't day trade but know many people do it. Yep - it's a gamble but those that use technical analysis are the most successful.

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visimedia

8 years ago

quite funny n interesting fact! lol

Originally Posted by wentzco

I run a Facebook group (Affiliate/MLM/Home Biz advertising) and am sick of all the people (with bogus Facebook accounts) promoting binary trading/forex or their recommendations for a "legit and reliable account manager" (bogus account again) who alledgely made them money. It's all the same pitch with different sham accounts they set up "constantly". One of my rules is "The group is not for promoting investments such as stocks, binary, forex or cryptocurrency trading. Break Rules = BAN". In the last 28 days I've blocked 406 accounts from my group and the majority are blocked for breaking this rule.

Anyway I realize there are trading robots as mentioned above that "may" be legit and work. However it's not in my comfort zone. I do invest in stocks though which is in my comfort zone. I don't day trade but know many people do it. Yep - it's a gamble but those that use technical analysis are the most successful.

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JohnVianny

8 years ago

Binary Options are SCAM

they're like gambling.

They are mathematically losing: when you "win", you gain the 70%. When you fail you loose 100%. Do the math.

Trading is not for medium average people. Is for people who are millionaires already.

WHY?

Think of it: making 20% of your account steady every month is almost impossible. WHY? Cause if you can do it, all the money of the world will flow in your hedge fund, cause you can turn anyone rich.

Do you really think you can do better than Soros or Goldman Sachs?

Secondly you have to take in account of drowdown.

So if you can do 1-2% steady, how much money you need in your account to make a living? 100k?

BUT if you have 100K to invest....wouldn't it better to put in in something more stable, more reliable, and which gives you more profit like email marketing, house to rent, etc?

Something that when you have earned money you have not to give it back to the market, like with trading when you will loose?

Take also in account that scientific studies, in Harvard, has proven 2 things:

figures in the market like "head and shoulders" etc, have the same liability of the figure seen in the clouds by a child.+

if you put an expert trader and a child to buy and sell they end up with the same probability to win and aproximately the same results.

every fund in 5+ 10+ years tend to loose money.

So why rich people invest? Not to "make money online with trading" but to diversify the risk and to mantain the money liquid. more safe than in the banks only.

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Daniel Evans 7 years ago

Originally Posted by JohnVianny

Binary Options are SCAM

they're like gambling.

They are mathematically losing: when you "win", you gain the 70%. When you fail you loose 100%. Do the math.

Gambling, by it's definition, isn't a scam.

It's merely a circumstance in which the chance exists to 'lose' money.

'Gain' (in this context) is increase in wealth, therefore 70% is not gain, but loss - nor is that even an approximation which occurs.
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- pcalvert 7 years ago
  
  There's some good information and discussion about "binary options" here:
  
  What's the catch with Binary Options?
  
  Phil
  
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EvanRice

8 years ago

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whateverpedia

7 years ago

Originally Posted by EvanRice

Now I am focusing on cryptocurrencies cause I know a lot bout em and look at the charts https://topbrokers.com/cryptocurrency-charts I really can see all the moneymaking opportunities there.

Best laugh I've had all day.

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redone111

8 years ago

To succes in forex trading n binary trading should think like casino not the player and thats so hard to happen

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3936296

8 years ago

I tried binary options few years ago and failed many times.

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offmarketinvestor

8 years ago

Originally Posted by visimedia

looks like a lot of internet marketers out here also got involved in trading

#1 how many times have you tried n failed about forex trading n binary trading?

#2 what's the point where you finally decide from demo account to fund your live account?

#3 what's the point that makes you inject more fund to your failed trading account?

None...never been stupid enough to try them...

May as well play black jack or play the horses IF i was a gambler.

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Michael Harrington

8 years ago

It is a tough market that's for sure.
Personally I think Binary Trading is just a massive gamble.
Forex is great if you know what you are doing.

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Obermair

8 years ago

If you are doing option trading then the platform has to be pretty sophisticated. Through the purchase of call and put straddles, you can reduce risk and play upsides (although capped) but limited downsides. Open ended options that you purchase will kill you most of the time. It is actually better to sell the option and take the cash flow than be a buyer.

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superowid

8 years ago

Forex is a game. The winner is always the platform owner. Only few traders let to win to attract more new traders (aka:victims) coming to the platform. even if you do the forex manually via real banks, it's just their game.

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newbietofx

7 years ago

I started trading in 2006. After 12 years, I'm back to square one but I'm making $300 to $500 a month with just $6k (trading capital). I now have the blueprint to make money trading forex.

But because I invested and lost over $50k in education and trading. I learn to appreciate humility and time.

Then my butt got itchy and do the same with Internet marketing. But because of Google and torrent I manage to salvage many expenses offers and yet I'm back to square one with Internet marketing. I've made zero dollars.

I'm 40 this year.

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directverror775

7 years ago

Paired alternatives are pass on the most exceedingly bad thing I have ever observed.

They have a settled upside potential. Genuine choices don't have a limit.

You must be appropriate about 60% of an opportunity to make any cash long haul. Good fortunes with that.

In any event the FX showcase is genuine. Be that as it may, I would peruse rhealy29 post, as a non-proficient is in the long run going to get butchered.

Thanks

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tagiscom

7 years ago

Originally Posted by visimedia

looks like a lot of internet marketers out here also got involved in trading

#1 how many times have you tried n failed about forex trading n binary trading?

#2 what's the point where you finally decide from demo account to fund your live account?

#3 what's the point that makes you inject more fund to your failed trading account?

I know old post.

1# Tried forex once, and its costs and potential losses are fricken scary, so don't trade those.

And not crazy about binary's, l may as well go to a Roulette table and bet on red,.......or black.

2# I tried demo briefly, and realized that l would learn little wading in a kiddy pool, so ditched it. Blew a few hundred on a margin account over 9 months, trying to make a profit from it, but all of the stupid tricks they use make it near impossible to achieve that.

So it was more for educational purposes than anything else.

3# Arrrm, stupid.

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OptedIn

7 years ago

I have never failed at FX or binary trading. Yes - I'm that good.

For the record, nor have I failed at Grad Prix auto racing or brain surgery.

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visimedia

7 years ago

crypto plummeting these days, hope you guys stay safe

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Forexnwm

7 years ago

It depends what type of person you are in terms of forex you can earn a sufficient amount of money without loses

For example if you are doing day trading you don't always have to wait the whole day to see your money going up and down you can use the harmonic scanner first to see how the currency exchanges are doing once you have found one that's doing well just simply check in and out of a trade

Even if the pips within the trade is 4 and you have put in $100 you will get $400 right

Why be greedy when you can play safe

Greed is the reason some people have loses

Reading through some of these comments the people who say forex didn't work for them failed to mention they had the power to check out at any point of the trade

So my advice would be to play smart you don't have to do a Wall Street with your own money there's another alternative and even if you do , do it on the harmonic scanner before you place any trades

Following on from your first profit put in %10 per currency trade, remember to check in and out then you can withdraw and enjoy your profits

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tagiscom

7 years ago

Yeah, tried Forex and immediately was $100 in dept due to the scammy margin company l was with, l almost made it back then lost a good part before bailing, so wouldn't touch them again. They may be almost 24/7 but too expensive.

Day trading is not gambling, if you analyses charts and get out at the first signs of a drop, then it can be profitable, unfortunately not very, but it is consistent).

Some do actually make good money with trading, but they tend to specialize than analyze.

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Forexnwm 7 years ago

Yh your right consistency is the key and great for the people that do find success with 'specialising' I mean these things are unpredictable right .
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- tagiscom 7 years ago
  
  Originally Posted by Forexnwm
  
  Yh your right consistency is the key and great for the people that do find success with 'specialising' I mean these things are unpredictable right .
  
  Ummm, hype and upcoming events, (movie launch, etc) can also raise of lower stock options.
  
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seorob

7 years ago

Trading is not gambling. If you know how to use technical analysis you can make money and big money.

You guys obviously do not take trading serious and or fulltime which is why you are saying it is gambling. Or you dabbled in trading and failed badly.

Learning to trade takes 2-3 years.

All indicators and bots are complete garbage. Unless you have a software that the banks use.

Forex is a legitimate way to make substantial money if you are able to have the right minset, strategy, and risk management.

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whateverpedia 7 years ago

Originally Posted by seorob

Forex is a legitimate way to make substantial money if you are able to have the right minset, strategy, and risk management.

And yet, that is not what it was intended for. Forex trading was meant to be a form of hedging, ie insurance against adverse currency movements. It was never intended to be a profit generator, but a way of eliminating, or at least reducing any losses that may be incurred because of currency fluctuations.

As with every other form of insurance, it is not a profit generator, but a cost incurred in order to prevent potentially catastrophic loss(es).

As for so-called "technical analysis", that is the financial equivalent of astrology. Seeing patterns on charts only ever works if enough people believe in it. These strategies work extremely well right up to the point where they don't work anymore.

Do some reading up on a hedge fund known as Long Term Capital Management, whose principals actually won a Nobel Prize for their formula for pricing exchange traded options. A year after being awarded the Nobel, they had not only lost all their own money, but that of its investors as well and had to be bailed out by the US taxpayers. Another case to study is Barings Bank, bankers to the Queen Of England who were completely wiped out by a single trader in their Singapore office.

Then compare their performance with that of Warren Buffet's Berkshire Hathaway. Buffet eschews all the astrology/alchemy peddled by Wall St Wizards and invests his company's money on a fundamental (or "value" basis). Buffet has been a "player" for over 50 years and has seen a lot of financial alchemists rise and fall while he's gone from strength to strength.

So yeah mate. Anyone who claims that over the long term they can continue to generate profits from assets that were only ever meant to mitigate potential losses is a gambler. Nothing more, nothing less.
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Art0fTrading

7 years ago

Yeah, the transition from internet marketing to e-trading happened sooner than I thought.

1. I spent a lot of time trading binary options with a demo account to learn and practice the basics of trading. When I transitioned to real trading, my demo trading skills seemed to carry over and I didn't lose that many trades compared to the average joe.

2. Probably about 9 months after practicing on the demo account, I funded my live account.

3. It's the thrill of trading and making money from it I guess. But I wouldn't compare trading to gambling in any way. Trading involves a lot of fundamental and technical analysis whereas gambling is luck-based.

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Huenelde

7 years ago

I wanted to try Forex trading, but I will not. Thanks for the interesting and informative answers.

Thanks

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Dororall Banned 7 years ago

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- tagiscom 7 years ago
  
  Originally Posted by Dororall
  
  Why not? I'd like to try.
  
  Probably because cashed up newbies, should considering starting off with company stocks first.
  
  Forex is the deep end of the pool.
  
  Here is something l read this week, concearning stocks plummeting to next to nothing.
  
  This also includes the BC, unicorn idea, (it will never baseline).
  
  Ever heard someone say a stock can't go to zero....? How about Lehman Bros drop from $237 per share to the scrap heap...
  
  Or it went from $237 to 0.01, in not sure about the time frame, but to go from 10k to a couple of bucks, yeah, don't get all emotionally involved of kid yourself, or you may get slaughtered....
  
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Medon

7 years ago

I tried Fx once and burnt my fingers. Even though, I will make a comeback. You jump into a live account when your demo account hits the $ 5001 assuming that you started at $5000, made losses for some time but started building it up again.

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how many times you failed in fx or binary trading?

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