trading forums suck

Discussion in 'Off-Topic Discussions' started by new digital, Jul 17, 2018.

  1. new digital

    new digital Master Trader

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  2. new digital

    new digital Master Trader

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    brokers forums are pretty bad as well , they promote brokers new products all day and there are always quack traders and charlatans stooges . promoting losing trading signals and schemes to make broker rich and trader poor.I never went to fxcm forum , I knew it would happen same as Refco.

     
  3. Enivid

    Enivid Administrator Staff Member

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    Why do you keep inserting this ITPM video everywhere?
     
  4. new digital

    new digital Master Trader

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    I will stop inserting, it could be advertising , my mistake.

    When I look at forex I see a lot of what the video says in real life in forex. I don't agree 100 % with the video , maybe 80 % .I don't agree with the psychology bit , because trading psychology is 80 % of trading success.
     
    Last edited: Jul 20, 2018
  5. new digital

    new digital Master Trader

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  6. new digital

    new digital Master Trader

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    The main reasons trading forums suck is

    Scams
    ponzi schemes
    education scam artists
    frauds
    trend following charlatans
    naive traders making useless discussions /opinions
    misinformation
    content manipulation
    fake traders on private and broker's forums

    some forums have controlled posting content and misinformation on most subjects, every thread on some forums are manipulated in favor of the forum paymasters, i.e broker money

    https://www.earnforex.com/forum/threads/first-200-pips-on-me-digital-allecoh-scheme.30031/

    https://www.earnforex.com/forum/threads/trading-books-are-written-by-failed-traders.30186/

    https://www.earnforex.com/forum/threads/forex-ponzi-schemes-forex-factory.30237/

    https://www.earnforex.com/forum/threads/forex-factory-the-free-information-on-scams.30152/

    https://www.earnforex.com/forum/threads/worst-forum-i-visited.30063/

    https://www.earnforex.com/forum/threads/95-trendfollower-traders-lose-at-trend-trading.30230/

    https://www.earnforex.com/forum/threads/forex-education-scams.30243/


    some forums have rebuttal posters to mislead traders from the truth.

    Trading misinformation:Quack views on brokers and trading

    https://community.ig.com/forums/topic/4591-trading-misinformationquack-views-on-brokers-and-trading/

    rebuttal charlatans

    https://community.ig.com/forums/topic/3874-trading-books/?do=findComment&comment=17792


    https://www.earnforex.com/forum/thr...ost-brokers-dont-want-you-to-know-this.30085/

    95 % of traders lose , most brokers don't want you to know this
     
  7. Freevestor

    Freevestor Trader

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    If you think forums are bad, try any social media outlet - Instagram may be the worst out of all of them. Forums are a part of the problem, yes. One of the biggest problems as Anton Kreil astutely points out is that traders treat the [URL deleted] trading experience like they are at a slot machine in a casino ... consider the following:

    1. How much does a typical gambler bring to a casino to play slots? Contrast that to the average retail FX depositor (notice I'm using the term 'depositor' because quite frankly they are treating their money like the way a punter would). It's not too far off.
    2. Why is the typical slot player playing at a slot machine? Hopes of winning big with one pull. (A minuscule number are actually doing what is called advantage slot play, which results in +EV.) Why is a retail Forex Trader in the market? Winning big, hence why all of the Instagram motivational quotes are Wolf of Wall Street (Jordan Belfort was not a trader) stills and pictures of sports cars, cash, and Rolex watches with quotes about taking stupid risks and "hard work".
    3. What is the method by which a slot player takes when playing at a machine? They are playing one machine at a time and taking a manual action to playing the negative EV game. What is the method that the vast majority of retail FX traders take? They use one trading strategy at a time and they do not always use their full true leverage because they think that they are "smart", but they are still trading to lose. They have to put in "screen time" and require months of trading experience to even consider making a deposit and then still lose their money because market conditions change. They use manual trading methods and fail to test out their strategies through different market environments. They are trading manually and blind, they are playing a negative EV game. They are losing time and money.
    4. When losses occur, what happens next? Brokers have to push for re-loads just like casinos. Unlike casinos, brokers ideally do not want to push for re-loads and hunt down new clientele... it's expensive. Yes, there are brokers that B-Book, but there are others that do not.
    It's 2018, with verified copy trading and Managed Forex solutions information available there are opportunities to emulate what Institutional Finance firms do to earn profits. Diversify strategies and holdings, hedge risks, automate, and make data-driven decisions.

    I'll add this, the "95% fail" figure is a myth. Those perpetuating that myth are the individuals selling the snake oil solutions and those trying to justify their losses. Of course, the myth emanates from forums.

    Brokers have already released their unprofitability figures per ESMA requirements: Pepperstone -79%, IG - 79%, Tickmill - 79.27%, Forex.com - 80%, XTB - 80%, FXCM - 79.79%, GKFX - 82%. It's high, but it's definitely not 95%. Now you have the facts.
     
    Last edited by a moderator: Aug 1, 2018
  8. new digital

    new digital Master Trader

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    These are the figures that brokers want you to believe .Here is the a more informative assumption.

    80 % lose on average according to the figures you supplied, but that is only for one year.This is only from trading with honest brokers.
    The 20 % remaining become part of the 80 % of the following years, in effect they all lose eventually. I don't need to work this one out.

    The 20 % go to other brokers and lose with other brokers , so the 80 % figure is not correct , it is losses at one brokerage , it is more likely 95 %.

    Theses figures do not include the losses to broker frauds i.e refco,fxcm,pfg,allecoh and countless others , these do not include losers as a result of scams on forums.The figure of 95 % is actually not a myth , but broker's long term leakages from broker staff, but add the above charlatan educators + broker frauds , and the figure is more likely to be 99%, after all the charlatan educational fees .You will on internet search , a broker staff claiming 95% lose.

    http://www.unum.co.za/trading-fx/3-things-your-forex-broker-doesnt-want-you-to-know/



    If 95 % lose , 1 % of winners are day traders , 1% of winners are swing traders , 1 % are fundamental traders , 1 % are grid traders , then only 1 % of trend traders are successful.

    This means there are a lot of fake trend traders , charlatan educators and fake authors singing about trend trading.This also means 99 % of traders will lose because they can only trade one method.

    Another reason why psychology is debunked with rebuttals on forums and broker's forum is also well known.The forums have a agenda ,like your self to debunk trading psychology , 99 % of traders lose due to psychology.. In fact the forum owner and his stooges are caught ,trying to tell everybody , there are no emotional feelings in trading losses.

    http://www.trade2win.com/boards/psy...-feel-no-emotion-when-you-win-lose-trade.html

    The trading forums are the blind leading the blind.Many of the forums have an agenda to sell education on their site, so they want new readers to believe psychology is non existent.There are no psychology sections on various forums for a reason to debunk trading psychology.

    http://tradingpsychology1.blogspot.com/2017/10/best-psychology-threads-youtube-videos.html

    http://tradinglosers.blogspot.com/2017/10/99-of-traders-lose-money.html

    Human brain is wired to lose in the markets

    The fake traders on forums, pretenders and others will attack the members telling the truth.

    https://www.elitetrader.com/et/threads/human-brain-is-wired-to-lose-in-the-markets.304541/
     
  9. new digital

    new digital Master Trader

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  10. new digital

    new digital Master Trader

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    All content on some forums is manipulated in favor of broker, it is all vetted before posters are allowed.

    https://www.forexfactory.com/brokers.php

    Threads are deleted , members are banned by charlatans.

    Heavily sponsored forums have content manipulation trolls.

    Forum threads which provide misinformation
    http://www.trade2win.com/boards/first-steps/224732-forum-threads-provide-misinformation.html

    https://community.ig.com/forums/top...-chart-patterns/?do=findComment&comment=18230


    content is manipulated in favor of scammers

    https://community.ig.com/forums/top...-chart-patterns/?do=findComment&comment=18235


    1. Negative discussions of any banking, brokerage and other financial institutions are not allowed.
    https://www.mql5.com/en/forum/172166

    fake education is promoted on forums



     
  11. Alex1823

    Alex1823 Trader

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    Interesting opinions :D
     
  12. new digital

    new digital Master Trader

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  13. new digital

    new digital Master Trader

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    Baby pips , was baby pips not founded by a scammer called felix? Was forex factory started by scammers like Vegas?
     
  14. new digital

    new digital Master Trader

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  15. Mauk

    Mauk Trader

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    The real problem with all this is most good forum I have found were simply something like very usefull information but only on forums which really list simple forex tables and something like shares and stocks from some certain country and that was it.
     
  16. Sarn642

    Sarn642 Trader

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    They for sure suck cause there located tons of really unrelated info to any trading process or so. And if you really want to achieve something I can recommend you to watch some videos from youtube or some financial movies which are free from ads.
     
  17. Nikolas84

    Nikolas84 Trader

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    This is an interesting topic, showing a deeper and more widespread problem with information available online.

    Now we believe we do (most of the time) informed decisions, because there is information on everything on the WWW and we believe we can cross-check this information and take the right decision, but what if all the information we find in WWW on the topic is fake??
    Than we have no choice than believing in this false information and make irrational and wrong decisions!

    This is not an issue only with most Forex Forums, it is the same with Cryptocurrency trading forums as recently SEC and CFTC warned. Take forums like cryptocurrencytalk or even the godfather of all crypto-forums BitcoinTalk. They are all full of misleading information and suspicious offers to participate in airdrops or mlm ponzi-schemes to promote cryptocurrency trading businesses, investments in proprietary systems or in mining farms and claim to deliver unobtainable profits of 20–50% with no risk or at least a negligible one. The problem is getting even worse, due to the wild west totally unregulated nature of cryptocurrencie world. Given the pseudo-anonymity provided when trading and exchanging cryptocurrencies, recovering lost funds is even more difficult than recovering regular money. Even the already mentioned here Wolf of Wallstreet told just before the big burst of 2018 that the entire field of cryptos is infiltrated with fraudsters and scammers and it turns out to be true.

    I am a big fan of finding the underlying truth by careful analysis and cross check of news and information sources, but most people don't have time, capacity or even experience to do such due diligence, so they are totally in the hands of these online fraudsters who pretend to know something or to offer a solution, when in reality they know well that they are putting people's savings and even lifes in a trap.

    I am glad that there are forums like this, who allow such kind of discussions and who doesn't moderate or ban every single person who have different opinion! Big thanks to EarnForex team! I am not saying everything is black and white, of-course you can learn a lot from other traders, meeting them in forums, chat groups, etc, but you have to be always careful what their agenda is and what their motivation is, this way you can filter the useful and helpful information from the trash out there!
     
    Last edited by a moderator: Jul 18, 2019
  18. new digital

    new digital Master Trader

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    Yes

    losers on day trading forums 95 % of day traders lose; a Google search below confirms this. Just do a search on Google with 95% of day traders lose psychology ,95 % of traders lose money.They end up on forums as teachers to new traders , 95% losers hang around trading forums, and forums are infested with losers who advise new losers on the forums.

    http://t2weducators.blogspot.com/2017/11/elitetrader-vs-trade2win-trading-forums.html
     
  19. new digital

    new digital Master Trader

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  20. new digital

    new digital Master Trader

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    If it was so easy to admit the similarity between forex and a casino.

     

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