Ps. the only thing worse than losing your own money is, of course, people turning a profit trying to sell you some gimmick "insight" on how to "understand" something that they have no more ability to predict than the movements of thunderstorms over the plains.
Get fucking real. You have nothing. Even if you personally have had success in Forex, you can't possibly bestow your understanding any more than a chemist could bestow his knowledge to a soccer mom. That is a fact.
You guys are so full of shit Forex is a joke. When your position gets wiped out and you lose your money and you jokers are saying "just keep at it for three more years" then the "a ha" moment is I should've invested the money in a fixed annuity or corporate bonds and actually realized a return.
@kmkfiction2 Haha you're a dummy. Look around on forums. Babypips dot com for example. There are thousands of people making great returns. It's not for everyone. Sounds like you lost money in Forex... Any evidence that Forex is a joke? As a matter of fact, it is ridiculous. There are institutional traders, private traders, banks, companies etc. making money in forex. It's a fucking fact.
A dummy? No, I'm a lawyer that has both sued and represented Fortune 500 companies. In addition, however, I have had the displeasure of trying to recoup high net worth investor clients' money from Forex crooks that promised "special computer programs" and/or "wining strategies" to "win at Forex". Lo and behold, they lost a bunch of money and the Forex experts went into hiding. So who's the dummy, dummy? Me for telling people to be careful or charlatans preying on the naive?
@kmkfiction2 Your legal title is irrelevant. I didn't say it's not a predatory business. As a fact, BECAUSE it is so profitable for some, it attracts sharks, scammers and lowlife that live off of scamming naive people. Scammers is nothing new, they exist in stock trading scene too, just not as prevalent and high in numbers. Are you suggesting stock trading is a "joke", too?
@kmkfiction2 Phaha yeah. Do you see any advertising or anything on my page? I thought lawyers were supposed to have good insight into evidence. But on the other hand, the stereotype is that you have big egos...
The senior partner that works on my floor has a $235mm verdict. Perhaps he's earned his ego.
As for humble pie me, I repeat: in my personal experience with clients and Forex, they ALL lost several hundred thousand dollars. ALL of the self-described Forex "experts" that bilked them out of money (i.e., above and beyond clients' Forex losses) were con-men. We all judge; we all see. Conformity has cast me aside; Forex and fools, I do the same to you. Good luck.
@kmkfiction2 Well, it depends on your risk tolerance, objectives, time constraints etc. For people that know it, forex do provide a higher rate of return. As a newbie of course, one would be safer to place it in municipal bonds or t-bill.
after feeling like killing yourself for about 4 5 years...then you might make it in this business...if you haven't felt like killing yourself because you lost a lot of money... you have a long way to go... you have to go to hell first in order to see heaven in this business...
@elitistjerk1 That is very well put; you learn the best from your losses. I have been trading for 4 years now and just recently started understanding what truly drives the markets. New traders try to jump in and start making money right away; but you must give yourself time to learn the business. It takes anywhere from 3-5 years to reach that "aha moment" but when that day comes all the losses will be well worth it because through your ups and downs is how you earn your education..
"Short term ppl get it right on once occasion- and then only to get wiped out the next day- and never to return. Even the big boys get their asses kicked and inside info is rampant. So it is never an even fight. No free rides, billy boy!"
Take it for what it is, one person's opinion. As for mine, I had a case where a company selling "a forex computer program" and training bilked hundreds out of A LOT of money. If you have money to invest, why forex? Just asking.
@kmkfiction2 I'm not advocating forex as I don't trade it. I'm just saying your numbers are false. And I agree, you would absolutely listen to your financial planner over me, but that isn't the point, is it? My point is that your 9 out of 10 statement is inaccurate because it only accounts for untrained traders, which you conceded I am not.
Quibbling over the weight anyone should ascribe to your untrained eye is a fool's errand.
Either 9 out of 10 people who do forex for a period of time end up with a less principal, or they do not.
I believe this to be true. As someone with absolutely ZERO connection to forex, I really never intended on commenting on it. But ask people who know. I guarantee you I am more right than wrong.
Oh hai! Have you ever tried the British Box Breakout (search on google)? Ive heard some awesome things about it and my buddy earned crazy amounts of money.
Try to check this website oil trading academy. They offer 2 days FREE trial in trading room. Anyone grab this it is 90% accuracy in trading. Search oil trading academy.
@kmkfiction2, 5% success rate in Forex? Says who? with the passage of the Dodd-Frank act, forex dealers are now required to disclose the percentage of their accounts that have been profitable each quarter. for Q4 in 2010, Oanda had 43.5% of accounts profitable, for Global Futures and Forex they had 32% profitable, for Alpari they had 30% of accounts profitable, the list goes on and on. so there is definitely money to made in the forex market. I trade for a living, both forex spot and futures
@kmkfiction2 Both stocks and FX work, and offer their own profitable setups to trade, but I have found that most of the books on trading teach non sense, and also there's too much non sense on the forex and stock sites, too much talk about reports and news, which is useless to a trader, yet it triggers emotional buy and sell decisions.
Tell me, why is that NOBODY can proffer specifics that militate in support of Forex trading? It is always generalities that may have some "truth" in the abstract, but more often it consists of impugning the merits of other, well-established and safer investment vehicles. If somebody wants to lay out how it ACTUALLY works for them, let's hear it. Wait. I get it. Their "secrets" is the pretext to bilk the unwary.
@kmkfiction2, i love how you choose to ignore my previous comment. forex dealers are required to disclose the percentage of their accounts that have been profitable each quarter. for Q4 in 2010, Oanda had 43.5% of accounts profitable, for Global Futures they had 32% profitable, for Alpari they had 30% of accounts profitable. I trade for a living, both forex spot and futures, so again where does this 99% failure bullshit come from? stop talking about things you know NOTHING about.
@Miyi25, absolutely, they see the dollar sign potential on high leverage and don't think of the downside. it's pure greed, nothing more nothing less. slow and steady wins the race. it's like that old axiom; bulls make money, bears make money, but pigs get slaughtered.
Look, kid, I do securities litigation for a living. I've been in litigation involving Fortune 500 companies. I've assisted in the representation of some of the biggest broker dealers in the US. Nothing about the statistics you've proffered changes the fact that at least 9 out of 10 Forex "traders" realize a net loss of principal. Case closed.
@kmkfiction2, case closed? what are you 10 years old? you end every comment with case closed? let me explain to the world to you, because clearly no one has. 9 out of 10 forex traders fail? doesnt surprise me buddy. thats life. the majority of people lack discipline and work ethic. just like 9 out of 10 small businesses fail. show any place where you guaranteed to make money and I can guarantee you a liar and a scam.
Riddle me this: if you concede that 9 out of 10 forex "traders" fail, why, pray tell, would any rational investor (I mean "trader") allocate limited fiscal resources to such dire odds? "That's life" is what one says after tragedy strikes. One one loses one's after-tax savings by "trading" in forex...one can ascribe that to stupidity.
Maybe you could elaborate upon why someone should "invest" a $500k severance package in forex than, say, a non-qualified annuity?
@kmkfiction2, first of all, why I even bother to play your games I have no idea. But i'll end this right here and now. let's just get one thing straight, 9 out of 10 fx traders fail? either you can cite that or plz stop spreading nonsense. the Dodd-Frank act requires Forex dealers to report the percentage of their accounts that have been profitable. MANY dealers average over 35% account profitable, that's hardly 9 of 10 forex traders failing. comment continued in 2nd post.....
@kmkfiction2, comment continued...... secondly, no private investor should trade forex, what kind of investor has the time to trade forex? most people have 9-5s. sitting in front of the screen half the day isn't an option for most people, waking up in the middle of the night when Europe awakes to trade the EUR/USD is not likely if you have a job. about that 500k severance package; if you INSIST only on the currency markets, then that could be used in a cash forward deal.
@kmkfiction2 You seem to have forgotten one crucial part of your data: that 9 out of 10 UNTRAINED forex traders fail.
I've been self-educating myself on the stock market for only about a month. However, since I am educated to some degree, I can't be categorized as untrained.
I'm sure that if you forced ten completely new people with no knowledge of the stock market, 9 out of 10 would fail. But the way you said it makes it seem like 9 out of every 10 INVESTORS fail (experienced ones included).
A month of self-education? Let's see. Do I listen to you or my financial planner friend that manages $150mm. I just texted him and asked "in a nutshell, why do so many people fail at forex?" He replied: "too much leverage. And when have currencies traded for any reason. You own paper money. Governments all over the world are manipulating currency markets. Trades about 4 trillion a day! You really think you have a chance against the real money?"
@DominatingNA I think its more than 9 out of 10. Even the best are a few days away from a major blowup ie MF Global and Corzine. 1 month is definitely not enough yeah you will know more than your average joe on the street who knows nothing but its not enough. The market is always changing and there is so much to learn. Lastly the most important things to learn about trading are self taught, no book can teach you how to cut a losing position that you "feel" is the right trade. Are you on demo
I would surmise you have some kind of financial interest in Forex trading. Great for you.
But as far as my professional experiences with Forex are concerned, ALL the people lost money (some upwards of half a million dollars) and ALL were duped into thinking they could "hitch a ride" on some "pro" Forex trader's star.
If you do well for yourself in this area, great for you.
As for everybody else, if something is too good to be true, it is probably a fraud.
@kmkfiction2 Forex is zero-sum, therefore for every unit lost, a unit somewhere is gained. So by this logic, if we take 1 very successful trader who sticks at it for years and makes loads of cash, he will take money from 1000 different fly-by-nights who lose and leave. This may explain unfavorable success ratios. From the point of view of the individual, Forex is as risky as you make it. It requires a good trading strategy with risk/reward management and lots of patience and discipline.
I agree with the zero sum analysis. There are, of course, many "successful traders" that have access to inside information on market movements and react accordingly. As I said, great for them. But for anyone to believe it is a function of "being disciplined" or "eliminating risk", well, that makes me laugh.
You guess wrong. I'm a civil litigator that has seen too many unwary "traders" lose their ass in Forex- most often after some charlatan sold them on some "secret way to beat the system". Most sophisticated investors would NEVER, EVER put money into Forex when there are much safer means to realize a fixed return. Comparing the intrinsic risks of losing ALL your money in Forex is not at all comparable to other investment vehicles. Tell me, why would anyone "invest" in Forex?
Sign up Scottrade and choose refer by a friend, if u type this code in SXLB3464, you and I both get $50(Usually $21 but I have a ScottElite account)...good luck trading.
Do not get involved in Forex. It is arguably the easiest way to lose money. Don't try to learn a "zero sum game" where other players have access to info you NEVER will
Yes, if you make money, somebody else will lose it (and vice versa). However there is nothing unique about forex. Forex is a leveraged product, but so are many many other products eg commodities eg Gold, Crude oil..+ other futures including bonds/interest rates etc
Any leveraged product is like a double edge sword in the wrong hands.
Regarding access to info. I disagree. They have exactly the same information, just they know how to interpret it better and are better at playing the game.
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First of all great video, love hearing about how others do it. For those of you who want to start up, there are other opportunities, for example. Trading Betfair. Tjek out my channel for videoes.
And feel free to contact me on Skype: BetfairTrading for any questions.
@benjiheads 95%? I've been a broker for a long time and worked with hundreds of brokers and thousands of so-called traders to know that the success rate isn't 5%. It's probably closer to 1%, if that.
@MPS72192 . it's like learning to play soccer, or to be a boxer. There's the technical aspect, there's the psychological aspect, there's the physical aspect, but even if you do everything right there's no guarantee you're gonna ever win
Too many people in this world don't give these guys enough credit for what they do... Most people just don't understand or don't want to understand how this guy has the best job ever!
i swear to god he is true. My Pc broke nad I was worried not baut my PC, i was worried of what im missing in, the opputurnities, the news, the vital information. I go for a vacation, my girlfriends scolds me for always login on thru my phone and checking the updates.
Yeap just keep watching videos on trading on youtube. Research 'technical analysis', as well as basic trading definitions. Then when you think you're ready you can open a 'paper trading' account with a web broker (which allows you to trade fake money) to test your skills before using real money. Once you keep making successful trades you're ready to move on to the real stuff.
From where you are now, id recommend doing research for at least 6 months. Goodluck!
@treysparker Thanks! BTW I attended this "seminar" about trading and it turned out to be an orientation to attend their Trading Academy for a Whooping $7000 they will teach me how to be a profitable man in 7 days..I had to walk out.
You become a day-trader for 1 thing and 1 thing only, and that's to make money. First, it's NOT a career...you're not going to leave with any skills or resume boosters that any serious bank is going to look at.
Second, you will probably suck at it, and even if you end up profitable, it's probably going to take 6-12 depressing/shitty months of being a constant loser before you even begin to make money.
That being said, I know 5 millionaire traders under 24...good luck!
What you said is 100% right. When i started i just kept losing money over, and over, and over - and over, but those growing pains are necessary because they train you what not to do. I told myself that i would leverage my account by borrowing money from the bank the moment i made 20 successful trades in a row. It took about 1.5 years but eventually I did just that and now the rest is history. I dont need to work another day in my life. Feels great.
so it is possible to get rich within 2 - 5 years and retire young? I'm not a get rich quick kinda guy, but if I can make good use of my current bank balance using the market, nothing like it. I made 6% shorting a stock on my first trade, a couple of days back.
@treysparker You must have $billions comin outah your azz you don't have to work another day in your life. Even Donald Trump works every day and Bill Gates and all the most successful business owners, because having all the money in the world doesn't mean you stop. Just because you got lucky in the stock market and made some quick loot, you keep reinvesting and making more. Of course you probably already know that. It's not how much you make, but how much you save!
Agreed. You become a Trader to make money - bottom line. However, failing to consider Trading as a "career" is one of the primary reasons why so many don't make it. There are easily 20+ year Traders out there who learned how the business works and are still going. Lastly, in most cases, it takes a lot longer than 6-12 months before you really know what you are doing in this business and they don't have to be "depressing" if you wise up and start using a Demo Account!
@BalazarsBrain If you're a constant loser, it's not a career. If you're making millions, it most definitely is a career. Why would you even need to build a resume if you're making millions?
"Why would you even need to build a resume if you're making millions"
Yes, that's actually exactly my point. I guess we're just disagreeing over the term "career" which I was thinking more in the sense that some people who go to work for day-trading firms think that it will be a resume builder, and that Goldman Sachs is going to look at their day-trading experience and hire them...I just want to make it clear that a day-trading resume doesn't get respect from I-banks.
@BalazarsBrain....wow you are really off base. trading is understanding the markets and its cycles. Markets and society will always repeat itself... its a tremendous skill to recognize this process and will always be a valuable commodity. Trading/investing is all about which layer of the cycle you decide to analyze.
I'm not saying you don't develop any valuable skills.
What I'm trying to say is that for the most part the big banks, hedge-funds/asset management firms won't take your day-trading experience/skills seriously. Yes you develop skills, no they don't look good on the resume (unless you apply for another day-trading firm).
"We trade so we don't have to work for 'the man' and could care less about resumes."
That was actually one of the points I was getting at when I was saying it's not a career, at least not in the traditional sense (working for the man, working your way up the ladder, etc.)
You understand this, but some new traders think that they can work for a couple years at a day-trading firm, and then they're going to go off and work for a big i-bank/etc...not gonna happen.
Too true It is definitely a different life style. I left it for about two years then went back then left it again for two years and now going back in. It is exciting and challenging to say the least but not for everyone. It is the only time I ever made serious money but saying that it was also the times when it put stress on friendships and family. This not for individuals who are stressfull, have little cash or uneducated with respect to the market place and tech analysis skills.
@convictPKlol if you can stay calm losing those 15k in two days and still be focused on what you did up until then, it is for you. Some people just can't handle that... and some think they can handle that and start to panik when things don't go back after weeks later... it's tough shit on your nerves. Keep the spirit and don't get crazy. Good luck!
@spanishprisoner yeah i made another 10k ontop of that 15k, and then i lost a big chunch of my account balance... fml
but ive put the rest in my bank account, and im going to start off smaller, keeping a clear head and not going nuts. maybe start off with $250, ahhaah will be a slow journey but oh well :)
95% of traders lose money, he probably makes money because he's part owner of a prop shop or something like that.
it's also impossible to make money scalping because of all the major price swings that happen in seconds...maybe this worked 10 years ago, but now anyone can buy a stock even from a phone so there are no more rules to this, it's just about who has a faster internet connection...and fyi, it's NOT YOU, it's GS!
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cuddledesireenicole 1 day ago
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cuddledesireenicole 2 days ago 3
Ps. the only thing worse than losing your own money is, of course, people turning a profit trying to sell you some gimmick "insight" on how to "understand" something that they have no more ability to predict than the movements of thunderstorms over the plains.
Get fucking real. You have nothing. Even if you personally have had success in Forex, you can't possibly bestow your understanding any more than a chemist could bestow his knowledge to a soccer mom. That is a fact.
kmkfiction2 1 week ago
You guys are so full of shit Forex is a joke. When your position gets wiped out and you lose your money and you jokers are saying "just keep at it for three more years" then the "a ha" moment is I should've invested the money in a fixed annuity or corporate bonds and actually realized a return.
kmkfiction2 1 week ago
@kmkfiction2 Haha you're a dummy. Look around on forums. Babypips dot com for example. There are thousands of people making great returns. It's not for everyone. Sounds like you lost money in Forex... Any evidence that Forex is a joke? As a matter of fact, it is ridiculous. There are institutional traders, private traders, banks, companies etc. making money in forex. It's a fucking fact.
BillHicks420 6 days ago
@BillHicks420
A dummy? No, I'm a lawyer that has both sued and represented Fortune 500 companies. In addition, however, I have had the displeasure of trying to recoup high net worth investor clients' money from Forex crooks that promised "special computer programs" and/or "wining strategies" to "win at Forex". Lo and behold, they lost a bunch of money and the Forex experts went into hiding. So who's the dummy, dummy? Me for telling people to be careful or charlatans preying on the naive?
kmkfiction2 5 days ago
@kmkfiction2 Your legal title is irrelevant. I didn't say it's not a predatory business. As a fact, BECAUSE it is so profitable for some, it attracts sharks, scammers and lowlife that live off of scamming naive people. Scammers is nothing new, they exist in stock trading scene too, just not as prevalent and high in numbers. Are you suggesting stock trading is a "joke", too?
BillHicks420 5 days ago
@BillHicks420
Ok, dollface. Keep scamming.
kmkfiction2 5 days ago
@kmkfiction2 Phaha yeah. Do you see any advertising or anything on my page? I thought lawyers were supposed to have good insight into evidence. But on the other hand, the stereotype is that you have big egos...
BillHicks420 4 days ago
@BillHicks420
The senior partner that works on my floor has a $235mm verdict. Perhaps he's earned his ego.
As for humble pie me, I repeat: in my personal experience with clients and Forex, they ALL lost several hundred thousand dollars. ALL of the self-described Forex "experts" that bilked them out of money (i.e., above and beyond clients' Forex losses) were con-men. We all judge; we all see. Conformity has cast me aside; Forex and fools, I do the same to you. Good luck.
kmkfiction2 4 days ago
@kmkfiction2 Haha okay. Good luck to you too. You do find yourself on the side of the story that suffer, though.
BillHicks420 4 days ago
@BillHicks420
Just out of curiosity, if one had $500k to invest, why would one choose Forex over investing it in an annuity or municipal bonds? Do tell
kmkfiction2 3 days ago
@kmkfiction2 Well, it depends on your risk tolerance, objectives, time constraints etc. For people that know it, forex do provide a higher rate of return. As a newbie of course, one would be safer to place it in municipal bonds or t-bill.
BillHicks420 3 days ago
this guy looks like he has insomnia.
ironmantis25 2 weeks ago
very good!
thejhay2000 2 weeks ago
@cuddledesireenicole: so you make roughly $70000 a year, incurring risks along with it? Great. That's not a very promising statistic.
scenesonn 2 weeks ago
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Is there anyone on youtube with good info on how to day trade and not just some scam to get peoples money ?
If anyone knows a good channel reply back to me, thanks!
Thumbs up and keep me at the top I'll send everyone who sends me a message a link to the channel.
goldenbuds 2 weeks ago
i would loan you 50.00, if you could earn me a return on it, just repond via email here on youtube
bhills73 2 weeks ago
lol his laugh after he says "its very addictive " :D
metalJemp 3 weeks ago
is that a prop trading house?
fouriertransformable 1 month ago
The youngest Trader / Hedge Fund Manager ---->>> /watch?v=e0HA4WDbbEQ
raducumuculucu 1 month ago
@raducumuculucu wtf!he is from my town lol
Sen1Sky 1 month ago 8
Damn Pete 400,000 views!
SolisLaPierre 1 month ago
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cuddledesireenicole 1 month ago 11
@cuddledesireenicole where can i visit your channel?
bhryudin 1 month ago
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rosalindagingras2012 2 weeks ago
How long before this guy burns out?
afnankhokhar 1 month ago
after feeling like killing yourself for about 4 5 years...then you might make it in this business...if you haven't felt like killing yourself because you lost a lot of money... you have a long way to go... you have to go to hell first in order to see heaven in this business...
elitistjerk1 1 month ago
@elitistjerk1 That is very well put; you learn the best from your losses. I have been trading for 4 years now and just recently started understanding what truly drives the markets. New traders try to jump in and start making money right away; but you must give yourself time to learn the business. It takes anywhere from 3-5 years to reach that "aha moment" but when that day comes all the losses will be well worth it because through your ups and downs is how you earn your education..
NaledgeDIESEL 1 month ago
@NaledgeDIESEL respect
S1ENBON 1 month ago
@elitistjerk1 respect
S1ENBON 1 month ago
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CataClone 1 month ago
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@elitistjerk1 Someone give this man a round of applause. 100% correct.
Congratulations...
CataClone 1 month ago
looks casual
33bigmoney 1 month ago
nice video!
scalptrading 1 month ago
do you what to be like this man you know you do y not look me up at top tip man
free tip to make you cash
paulcampbell85 1 month ago
noob
TheWoodyTiger 1 month ago
cool
eincomeproperties 1 month ago
Sometimes the stress for me is so bad my head explodes hahahah!
dddvjr 1 month ago
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how can I do some day trading with actual real time info but without real cash...?
I want to practice day trading using real life data, but I don't want to actually use any money until I get a good at it (if that ever happens)...
LimitlessEddie 1 month ago
@LimitlessEddie, download metatrader5. you can paper trade with that program.
clockworkorange1986 1 month ago
(cont.)
"Short term ppl get it right on once occasion- and then only to get wiped out the next day- and never to return. Even the big boys get their asses kicked and inside info is rampant. So it is never an even fight. No free rides, billy boy!"
Take it for what it is, one person's opinion. As for mine, I had a case where a company selling "a forex computer program" and training bilked hundreds out of A LOT of money. If you have money to invest, why forex? Just asking.
kmkfiction2 1 month ago
@kmkfiction2 I'm not advocating forex as I don't trade it. I'm just saying your numbers are false. And I agree, you would absolutely listen to your financial planner over me, but that isn't the point, is it? My point is that your 9 out of 10 statement is inaccurate because it only accounts for untrained traders, which you conceded I am not.
Am I thoroughly trained? Absolutely not.
Am I trained to some degree? Yes.
DominatingNA 1 month ago
@DominatingNA
Quibbling over the weight anyone should ascribe to your untrained eye is a fool's errand.
Either 9 out of 10 people who do forex for a period of time end up with a less principal, or they do not.
I believe this to be true. As someone with absolutely ZERO connection to forex, I really never intended on commenting on it. But ask people who know. I guarantee you I am more right than wrong.
Take care.
kmkfiction2 1 month ago
Oh hai! Have you ever tried the British Box Breakout (search on google)? Ive heard some awesome things about it and my buddy earned crazy amounts of money.
marklloydbinar 2 months ago
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ariesmars1 2 months ago
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elitistjerk1 2 months ago
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elitistjerk1 2 months ago
Typical trader, he's wired like a FPS gamer but this is money and other's life. I bet he was in the house loan business.
Tank8484 2 months ago
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arielchiu86 2 months ago
anybody know where he got his chair?
acp1778 2 months ago
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werqta 2 months ago
what happened to the mark wahlberg comment.... apparently he trades stocks too
bullmove 2 months ago
anybody know where the hell he got that cool orange chair??
acp1778 2 months ago
@acp1778 ....yeah my back is screaming for me to get one if those
bullmove 2 months ago
Restated, why would someone choose Forex given only 5% success rate? Why not invest in municpal bonds or fixed annuities?
Duh.
kmkfiction2 2 months ago
@kmkfiction2, 5% success rate in Forex? Says who? with the passage of the Dodd-Frank act, forex dealers are now required to disclose the percentage of their accounts that have been profitable each quarter. for Q4 in 2010, Oanda had 43.5% of accounts profitable, for Global Futures and Forex they had 32% profitable, for Alpari they had 30% of accounts profitable, the list goes on and on. so there is definitely money to made in the forex market. I trade for a living, both forex spot and futures
clockworkorange1986 2 months ago
@kmkfiction2 Both stocks and FX work, and offer their own profitable setups to trade, but I have found that most of the books on trading teach non sense, and also there's too much non sense on the forex and stock sites, too much talk about reports and news, which is useless to a trader, yet it triggers emotional buy and sell decisions.
VERGIS92 2 months ago
@VERGIS92
Tell me, why is that NOBODY can proffer specifics that militate in support of Forex trading? It is always generalities that may have some "truth" in the abstract, but more often it consists of impugning the merits of other, well-established and safer investment vehicles. If somebody wants to lay out how it ACTUALLY works for them, let's hear it. Wait. I get it. Their "secrets" is the pretext to bilk the unwary.
kmkfiction2 2 months ago
@kmkfiction2, what secrets can there be in forex? just trade price action. no big mystery to me. things are only complicated if you make it so.
clockworkorange1986 2 months ago
@clockworkorange1986
Agreed.
99% of the people who trade Forex lose money. That is not complicated to understand at all.
kmkfiction2 2 months ago
@kmkfiction2, i love how you choose to ignore my previous comment. forex dealers are required to disclose the percentage of their accounts that have been profitable each quarter. for Q4 in 2010, Oanda had 43.5% of accounts profitable, for Global Futures they had 32% profitable, for Alpari they had 30% of accounts profitable. I trade for a living, both forex spot and futures, so again where does this 99% failure bullshit come from? stop talking about things you know NOTHING about.
clockworkorange1986 2 months ago
@clockworkorange1986 because people get greedy, and choose a staggeringly high leverage...
Miyi25 2 months ago
@Miyi25, absolutely, they see the dollar sign potential on high leverage and don't think of the downside. it's pure greed, nothing more nothing less. slow and steady wins the race. it's like that old axiom; bulls make money, bears make money, but pigs get slaughtered.
clockworkorange1986 2 months ago
@clockworkorange1986
Look, kid, I do securities litigation for a living. I've been in litigation involving Fortune 500 companies. I've assisted in the representation of some of the biggest broker dealers in the US. Nothing about the statistics you've proffered changes the fact that at least 9 out of 10 Forex "traders" realize a net loss of principal. Case closed.
kmkfiction2 2 months ago
@kmkfiction2, case closed? what are you 10 years old? you end every comment with case closed? let me explain to the world to you, because clearly no one has. 9 out of 10 forex traders fail? doesnt surprise me buddy. thats life. the majority of people lack discipline and work ethic. just like 9 out of 10 small businesses fail. show any place where you guaranteed to make money and I can guarantee you a liar and a scam.
clockworkorange1986 2 months ago
@clockworkorange1986
Riddle me this: if you concede that 9 out of 10 forex "traders" fail, why, pray tell, would any rational investor (I mean "trader") allocate limited fiscal resources to such dire odds? "That's life" is what one says after tragedy strikes. One one loses one's after-tax savings by "trading" in forex...one can ascribe that to stupidity.
Maybe you could elaborate upon why someone should "invest" a $500k severance package in forex than, say, a non-qualified annuity?
kmkfiction2 2 months ago
@kmkfiction2, first of all, why I even bother to play your games I have no idea. But i'll end this right here and now. let's just get one thing straight, 9 out of 10 fx traders fail? either you can cite that or plz stop spreading nonsense. the Dodd-Frank act requires Forex dealers to report the percentage of their accounts that have been profitable. MANY dealers average over 35% account profitable, that's hardly 9 of 10 forex traders failing. comment continued in 2nd post.....
clockworkorange1986 2 months ago
@kmkfiction2, comment continued...... secondly, no private investor should trade forex, what kind of investor has the time to trade forex? most people have 9-5s. sitting in front of the screen half the day isn't an option for most people, waking up in the middle of the night when Europe awakes to trade the EUR/USD is not likely if you have a job. about that 500k severance package; if you INSIST only on the currency markets, then that could be used in a cash forward deal.
clockworkorange1986 2 months ago
@kmkfiction2 Ok, I'm sorry but "9 out of 10 people fail at FX"? Yeah that's just not plausible...
DominatingNA 2 months ago
@DominatingNA
Why is that not plausible?
kmkfiction2 1 month ago
@kmkfiction2 Because if that small of a number of investors failed, then the fx would basically cease to exist.
DominatingNA 1 month ago
@DominatingNA
That is non sequitur and turns the underlying premise of capitalism on its head.
kmkfiction2 1 month ago
@kmkfiction2 You seem to have forgotten one crucial part of your data: that 9 out of 10 UNTRAINED forex traders fail.
I've been self-educating myself on the stock market for only about a month. However, since I am educated to some degree, I can't be categorized as untrained.
I'm sure that if you forced ten completely new people with no knowledge of the stock market, 9 out of 10 would fail. But the way you said it makes it seem like 9 out of every 10 INVESTORS fail (experienced ones included).
DominatingNA 1 month ago
@DominatingNA
A month of self-education? Let's see. Do I listen to you or my financial planner friend that manages $150mm. I just texted him and asked "in a nutshell, why do so many people fail at forex?" He replied: "too much leverage. And when have currencies traded for any reason. You own paper money. Governments all over the world are manipulating currency markets. Trades about 4 trillion a day! You really think you have a chance against the real money?"
kmkfiction2 1 month ago
@kmkfiction2 yes
rowempire 1 month ago
@DominatingNA I think its more than 9 out of 10. Even the best are a few days away from a major blowup ie MF Global and Corzine. 1 month is definitely not enough yeah you will know more than your average joe on the street who knows nothing but its not enough. The market is always changing and there is so much to learn. Lastly the most important things to learn about trading are self taught, no book can teach you how to cut a losing position that you "feel" is the right trade. Are you on demo
SolisLaPierre 1 month ago
(cont.)
I would surmise you have some kind of financial interest in Forex trading. Great for you.
But as far as my professional experiences with Forex are concerned, ALL the people lost money (some upwards of half a million dollars) and ALL were duped into thinking they could "hitch a ride" on some "pro" Forex trader's star.
If you do well for yourself in this area, great for you.
As for everybody else, if something is too good to be true, it is probably a fraud.
kmkfiction2 2 months ago
@kmkfiction2 Forex is zero-sum, therefore for every unit lost, a unit somewhere is gained. So by this logic, if we take 1 very successful trader who sticks at it for years and makes loads of cash, he will take money from 1000 different fly-by-nights who lose and leave. This may explain unfavorable success ratios. From the point of view of the individual, Forex is as risky as you make it. It requires a good trading strategy with risk/reward management and lots of patience and discipline.
marts3211 2 months ago
@marts3211
I agree with the zero sum analysis. There are, of course, many "successful traders" that have access to inside information on market movements and react accordingly. As I said, great for them. But for anyone to believe it is a function of "being disciplined" or "eliminating risk", well, that makes me laugh.
kmkfiction2 2 months ago
Fx markets are arguably the biggest markets in the world = very hard to manipulate.
My guess is you lost money & are using 'access to info' as an excuse instead of taking responsibility for your trading losses.
It's a game. It's often quoted that on average 95% of people lose money & 5% win.
This is the same with many walks of life e.g. football players, maybe only 0.001% earn an income, are you telling me they had 'access to info'?
No, they just trained harder, smarter&developed talent!
regikeyz 2 months ago
@regikeyz
You guess wrong. I'm a civil litigator that has seen too many unwary "traders" lose their ass in Forex- most often after some charlatan sold them on some "secret way to beat the system". Most sophisticated investors would NEVER, EVER put money into Forex when there are much safer means to realize a fixed return. Comparing the intrinsic risks of losing ALL your money in Forex is not at all comparable to other investment vehicles. Tell me, why would anyone "invest" in Forex?
kmkfiction2 2 months ago
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sergiu9110 3 months ago
Do not get involved in Forex. It is arguably the easiest way to lose money. Don't try to learn a "zero sum game" where other players have access to info you NEVER will
kmkfiction2 3 months ago
Yes, if you make money, somebody else will lose it (and vice versa). However there is nothing unique about forex. Forex is a leveraged product, but so are many many other products eg commodities eg Gold, Crude oil..+ other futures including bonds/interest rates etc
Any leveraged product is like a double edge sword in the wrong hands.
Regarding access to info. I disagree. They have exactly the same information, just they know how to interpret it better and are better at playing the game.
regikeyz 3 months ago
@regikeyz
Reasonable minds can disagree. Forex trading is a scam. Period.
kmkfiction2 2 months ago
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FXCommissionRebates 3 months ago
thats cool, happy trades - Stock guys
FreeSTOCKnolossROBOT 3 months ago
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Puls4rt 3 months ago
it's true what he says, but i also have to say that he doesn't look like the healthiest guy i have ever seen...it's extremely stressful!
apeson89 3 months ago
/watch?v=WUtkw9HwKCA -- timelapse video of myself doing the necessary research for successful daytrading
TheTeenTrader 3 months ago
Hi guys.
First of all great video, love hearing about how others do it. For those of you who want to start up, there are other opportunities, for example. Trading Betfair. Tjek out my channel for videoes.
And feel free to contact me on Skype: BetfairTrading for any questions.
Itradebetfair 3 months ago
what this guy say is true
pisanghangus 3 months ago
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tersinahrrd 4 months ago
awesome!
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ioandorokhov 4 months ago
lol
benjiheads 4 months ago
95% fail fact im in the 5% fact
benjiheads 4 months ago
@benjiheads for how long?
WilliamAztech 4 months ago
@benjiheads 95%? I've been a broker for a long time and worked with hundreds of brokers and thousands of so-called traders to know that the success rate isn't 5%. It's probably closer to 1%, if that.
krnpowr 3 months ago
@krnpowr
Concur.
kmkfiction2 2 months ago
@benjiheads sad for the 99 % im still going
benjiheads 3 months ago
none of these guys can hold a relationship the market is there only girl all others will be speedily divorced
ajgolfer1 4 months ago
Does this really work, or is it just another way to lose money?
MrStrongBigBill 4 months ago
@MrStrongBigBill the latter.
WilliamAztech 4 months ago
What would anybody reccommend for a person trading for around 5 months with no luck?
MPS72192 4 months ago
@MPS72192 give up before you are a person trading for 10 months with no luck.
WilliamAztech 4 months ago
@WilliamAztech I dont want to quick, im not a quiter, I will paper trade, do what I have to but I want to learn how to trade
MPS72192 4 months ago
@MPS72192 . it's like learning to play soccer, or to be a boxer. There's the technical aspect, there's the psychological aspect, there's the physical aspect, but even if you do everything right there's no guarantee you're gonna ever win
WilliamAztech 4 months ago
@MPS72192 Keep @ it, you need to read Jesse Livermore's book How To Trade In Stocks, regardless if you trade currencies, option, commodities, etc.
branman055 3 months ago
Too many people in this world don't give these guys enough credit for what they do... Most people just don't understand or don't want to understand how this guy has the best job ever!
cml4456 4 months ago
MONEY IS A BITCH THAT NEVER SLEEPS.
eliaun 5 months ago
It's his (Peter Milman's) birthday today!!! I added him on facebook, lulz.
EarthQuakeWatch 5 months ago
im 7 and im addicted to forex lol jk
dAsterum 5 months ago
@dAsterum haha
Sithemp11 5 months ago
Im 17 and im Addicted to Forex,Its a Fucking Drug!
seyan1991 5 months ago
i swear to god he is true. My Pc broke nad I was worried not baut my PC, i was worried of what im missing in, the opputurnities, the news, the vital information. I go for a vacation, my girlfriends scolds me for always login on thru my phone and checking the updates.
I am a trader.
VirginTAKER3600 5 months ago
IN A HERBERT hOOVER ECONOMY GOLD IS KING
kn9ioutom 5 months ago
I would love to do this. I am planning on getting into Forex in a small way to make it happen.
Srd1126 6 months ago
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MrExjames 6 months ago
I trade Forex and ive gotta say its the most stressful thing ive ever done haha. but it has incredible rewards.
convictPKlol 6 months ago
Did you keep LVS @ 6.82 lol @ 1:25
eakine2 6 months ago
every time you lose a trade, don't feel bad, learn from it, it happens, accept it and trade small amounts to start. and forex ftw
cowplod 6 months ago
★★★★★ I got free stock robot if anybody looking for... thanks for the vid
FreeSTOCKnolossROBOT 6 months ago
@FreeSTOCKnolossROBOT spam
probrhalo 6 months ago
"Days like this where I could loss 1 or 2 grande.. thanks almost a win." WTF!
kevincolmergmail 6 months ago
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не по русски
sosmilka1968 6 months ago
I want to get into this but have no clue on where to start..any suggestions.
slickbanditrecords21 6 months ago
@slickbanditrecords21
Yeap just keep watching videos on trading on youtube. Research 'technical analysis', as well as basic trading definitions. Then when you think you're ready you can open a 'paper trading' account with a web broker (which allows you to trade fake money) to test your skills before using real money. Once you keep making successful trades you're ready to move on to the real stuff.
From where you are now, id recommend doing research for at least 6 months. Goodluck!
treysparker 6 months ago
@treysparker Thanks! BTW I attended this "seminar" about trading and it turned out to be an orientation to attend their Trading Academy for a Whooping $7000 they will teach me how to be a profitable man in 7 days..I had to walk out.
slickbanditrecords21 6 months ago
You become a day-trader for 1 thing and 1 thing only, and that's to make money. First, it's NOT a career...you're not going to leave with any skills or resume boosters that any serious bank is going to look at.
Second, you will probably suck at it, and even if you end up profitable, it's probably going to take 6-12 depressing/shitty months of being a constant loser before you even begin to make money.
That being said, I know 5 millionaire traders under 24...good luck!
BalazarsBrain 6 months ago 14
@BalazarsBrain
Make that 6 ;)
What you said is 100% right. When i started i just kept losing money over, and over, and over - and over, but those growing pains are necessary because they train you what not to do. I told myself that i would leverage my account by borrowing money from the bank the moment i made 20 successful trades in a row. It took about 1.5 years but eventually I did just that and now the rest is history. I dont need to work another day in my life. Feels great.
treysparker 6 months ago
@treysparker
Wow, that's amazing dude...I hope I can break the 7 figure mark someday! Keep making moneys!
BalazarsBrain 6 months ago
@treysparker Shut up internet faker. You don't even fucking trade do you.
qwertypluss 6 months ago
@treysparker wow amazing man, well done. did you even have to study commerce? or did you just start investing? I'd really appreciate an answer:)
imgonnafuckuup1 6 months ago
@treysparker :
so it is possible to get rich within 2 - 5 years and retire young? I'm not a get rich quick kinda guy, but if I can make good use of my current bank balance using the market, nothing like it. I made 6% shorting a stock on my first trade, a couple of days back.
gengarjetty 6 months ago
@gengarjetty great now do that every day for the next 5 years
probrhalo 6 months ago
@probrhalo :
lol, I can probably do it 2 days a week :P
gengarjetty 6 months ago
@treysparker You must have $billions comin outah your azz you don't have to work another day in your life. Even Donald Trump works every day and Bill Gates and all the most successful business owners, because having all the money in the world doesn't mean you stop. Just because you got lucky in the stock market and made some quick loot, you keep reinvesting and making more. Of course you probably already know that. It's not how much you make, but how much you save!
YankeeBoyNYC2 6 months ago
@treysparker so your under 24 what was your investment capital who is your broker
probrhalo 5 months ago
@BalazarsBrain:
Agreed. You become a Trader to make money - bottom line. However, failing to consider Trading as a "career" is one of the primary reasons why so many don't make it. There are easily 20+ year Traders out there who learned how the business works and are still going. Lastly, in most cases, it takes a lot longer than 6-12 months before you really know what you are doing in this business and they don't have to be "depressing" if you wise up and start using a Demo Account!
TigerGrumman 5 months ago
@BalazarsBrain If you're a constant loser, it's not a career. If you're making millions, it most definitely is a career. Why would you even need to build a resume if you're making millions?
krnpowr 3 months ago
@krnpowr
"Why would you even need to build a resume if you're making millions"
Yes, that's actually exactly my point. I guess we're just disagreeing over the term "career" which I was thinking more in the sense that some people who go to work for day-trading firms think that it will be a resume builder, and that Goldman Sachs is going to look at their day-trading experience and hire them...I just want to make it clear that a day-trading resume doesn't get respect from I-banks.
BalazarsBrain 3 months ago
@BalazarsBrain....wow you are really off base. trading is understanding the markets and its cycles. Markets and society will always repeat itself... its a tremendous skill to recognize this process and will always be a valuable commodity. Trading/investing is all about which layer of the cycle you decide to analyze.
bullmove 2 months ago
@bullmove
"its a tremendous skill"
I'm not saying you don't develop any valuable skills.
What I'm trying to say is that for the most part the big banks, hedge-funds/asset management firms won't take your day-trading experience/skills seriously. Yes you develop skills, no they don't look good on the resume (unless you apply for another day-trading firm).
BalazarsBrain 2 months ago
@BalazarsBrain ... We trade so we don't have to work for 'the man' and could care less about resumes.
bullmove 2 months ago
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@bullmove
"We trade so we don't have to work for 'the man' and could care less about resumes."
That was actually one of the points I was getting at when I was saying it's not a career, at least not in the traditional sense (working for the man, working your way up the ladder, etc.)
You understand this, but some new traders think that they can work for a couple years at a day-trading firm, and then they're going to go off and work for a big i-bank/etc...not gonna happen.
BalazarsBrain 2 months ago
cool vid
elvisuptown1 6 months ago
Too true It is definitely a different life style. I left it for about two years then went back then left it again for two years and now going back in. It is exciting and challenging to say the least but not for everyone. It is the only time I ever made serious money but saying that it was also the times when it put stress on friendships and family. This not for individuals who are stressfull, have little cash or uneducated with respect to the market place and tech analysis skills.
randallpaulcom 6 months ago
can anybody write down what he is saing becouse im not very good at english?? I will be greatful
wojtastube 6 months ago
★★★★★ happy trading everyone, i got free stock robo tool 84% wins if anyone need
FreeSTOCKnolossROBOT 6 months ago
CNBC? Who the fuck watches the news?
op684 6 months ago
nice vid but...anyways check my channel and go to my website join free and try making money free just with 4 5 clicks per day good luck and peace:)
bogdy22 7 months ago
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there isnt a better profession in the world. see peter here too..
daytraderinterview.blogspot.com
MYNEWMOKE 7 months ago
I trade forex and i am only 17 (as of 2 days)
I LOVE IT! Ive made about 15,000 in the past week or so.
Why bother going to uni, to get student loans for tuition fees just so i can get a job that only earns 21k in a year.
Forex, my lady<3
convictPKlol 7 months ago
@convictPKlol you only blew some cock , nothing else
ytertyu 7 months ago
@ytertyu that isnt even related in any possible link to anything i said in my comment.
Try reading properly, you illiterate fuck.
convictPKlol 7 months ago
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@convictPKlol you only blew some cock , nothing else ..
ytertyu 7 months ago
@convictPKlol if you can stay calm losing those 15k in two days and still be focused on what you did up until then, it is for you. Some people just can't handle that... and some think they can handle that and start to panik when things don't go back after weeks later... it's tough shit on your nerves. Keep the spirit and don't get crazy. Good luck!
spanishprisoner 7 months ago
@spanishprisoner yeah i made another 10k ontop of that 15k, and then i lost a big chunch of my account balance... fml
but ive put the rest in my bank account, and im going to start off smaller, keeping a clear head and not going nuts. maybe start off with $250, ahhaah will be a slow journey but oh well :)
convictPKlol 7 months ago
shares must always go up or fall in price?
I can not understand.
Serrokot 7 months ago
@Serrokot You can make money if teh stocks FALL in price too. Look up "shorting"
BillHicks420 7 months ago
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see more interviews with peter at daytraderinterviews.blogspot.com/
MYNEWMOKE 7 months ago
Comment removed
dancemql 7 months ago
I WANT OUT!!!!!! :(
goodcat1982 7 months ago
Stock trading is ok but Forex is the best for me, If your a good trend trader you can make huge profits i love it.
jezza1789 7 months ago
95% of traders lose money, he probably makes money because he's part owner of a prop shop or something like that.
it's also impossible to make money scalping because of all the major price swings that happen in seconds...maybe this worked 10 years ago, but now anyone can buy a stock even from a phone so there are no more rules to this, it's just about who has a faster internet connection...and fyi, it's NOT YOU, it's GS!
suprattkk 7 months ago
Once it hits your lips it feels sooooo good...!
lambda1982 7 months ago
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Shares should always go up. Because if they will ever become cheaper, then nobody will buy stocks!
Serrokot 8 months ago
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acollins0011 8 months ago
So does he work for a company, or does he just use the floor and desk to trade with his own money?
Tobasm 8 months ago
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furbaniak 8 months ago