Oh, I am smart, I can trade Forex!

If you listen to yourself for a moment, what do you hear? Is it: “I know, I know there are 90% losers in Forex and 10% happy winners, I’ve heard that many times, but I AM DIFFERENT, I can pull this out and be among those winners…”

Sure! Huh? Oh yes, we are so self-confident and smart and vainglorious that we see ourselves among 10% of winners right away!

Hello-o-o… You don’t even have to be a statistician to count the proportion and chances for you to become a member of that minority of successors.

Do you think you are naturally smarter than others? Oh, really..? :) Hm….
Do yourself a favor, don’t pretend to be ignorant. There are bright minds out there, and when standing next to them you’ll be a dark spot. And while those people lose in Forex, why do you think you can win? Of course, you’ll win because you are smarter than they are. Okay, think that way as long as you wish.
…Sorry for hurting your feelings if you’re not one of those traders, but it is necessary for someone to tell it the way it is. Thousands of apologies, aaand let’s continue!

Forex trading is not for everyone. It is an occupation, if you wish. Can you jump off your seat and become a chief construction engineer or a junior laboratory assistant, or, well, simply win a gold medal in 100m sprint? No, you can’t, I can’t, and nobody can, although we all know how to run and mix liquids :), but we can’t be professionals without prior studying. Awesome! At least here we all think the same way… ;)

Same with Forex, it cannot be traded by just anyone, it is a science, an investment science, a special logic of money flow and economic rules, it does not exist by default in everyone’s head. So, lazy people get off board now, abandon the idea of beating Forex.

But if you have chosen and are determined to learn it, then, my junior master, I will see you graduating in 2 or, may be, 5 years from now. Oh, yes, it is like an university degree, like getting a profession you wanted. You should work and work hard, to be successful in anything.

I know, my topic today is a bit aggressive, sorry. But sometimes such “therapy” is the only way to wake up the cautiousness and the rational thinking of new and not so new Forex traders in search for lucrative Forex success.

** Forex Dark Lord **

28 Comments to this post

  1. Oh I’m smart SURE I can trade Forex :)))
    LoL, thanks a lot for this post. It is great!

  2. if it takes 2 to 5 years whats the point in offering a 5 day course

  3. daz488 … because they’re not there yet — they’(course provider) are still on their journey as students, still learning the trade and lecturing a 5-day course is their day job. :)

  4. ha ha, this is sooo funny! Forex is a gamble if you’re anyone but banks and financial institutions. Believe me THEY KNOW where the market is going, I work for a bank. For anyone else, the ONLY thing you can do is to have a system that will consistently give you better chances of winning than losing in the long run. If you stick to it, THEN IT BECOMES A LICENSE TO PRINT MONEY! DO NOT try to predict where the market is going etc. As an individual, you cannot - believe me.

  5. Great Post .

  6. I was smart investing in shares which are currently 35% in the red.
    I was equally smart moving into derivatives trading margin-lent short sells…another 20K down the gurgler.
    As a newfound smart forex trader, I wonder how much I’ll be donating to financial institutions this time around.

  7. I admit i was just about to jump into a live account after
    4 days in demo. turning 30 and being a bit wiser chose to research. thank you lord of darkness for being real i shell do as you say. cheers

  8. Professional fighter system.
    keep the gloves up and Use tight stops, learn how to loose money like a champ first.
    Then you can learn and make consistency , knock outs to confidence and the the bank balance need good defence….

  9. Unfortunately this is quite true. I take a 4 week course on forex and I can tell that out of 8 people just 2 of us are really getting around. And our trainer told us that even with a one-year experience, you can get only 80% of transactions right. And don’t take it with ease. It requirest A LOT of work to “get it right”. As a general idea, you need to integrate maths, psychology, geometry, philosophy, a lot of pacience and cold blood. Good luck!

  10. so guys , yes i agree with the dark lord , forex takes from 2 to 5 years to be a trader , you have to work hard , you have to find some one guide you , you can leave your self for every thing on the internet , you have to practice , you have to learn what does it mean Rules , System, NO ONE CAN KNOW WHERE IS THE PRICE IS GOING EVEN THE BANKS , some time Bernanake says I DONT KNOW WHAT WILL HAPPEN ; so be disciplined , and dont worry :)

  11. I’ve bought my share of systems. I would suggest not doing that, but learning just the basics (chart analysis, trendlines, japanese candles sticks, support and reisistance) Evening Star Candles and Bearish Harami’s at the top have been very effective for me. Learn what they are and check them out for yourself. KEEP IT SIMPLE! Demo trade for 2 months. You will get a good taste of it. Are you ready to go live… I DON’T THINK SO!

    I’ve been demo trading just using the basics and the Dark Lord makes a vailid point about it taking 2 years or more. Learning good money management and where to put your stops is a must! This comes from demo trading a long time before you start to see some good results. I like the 4hr charts and up. 1hr and below to me is gambling! Not to mention, I’ve found the candle stick signals to be stronger on the longer time frames (4hr).

    The simple approach I use takes a lot of patience, it is less risky then the 1hr charts, 15 min, and 5 min charts.

    I say keep reading this blog your on and research your butt off! Play smart and you might WIN BIG!

  12. “ha ha, this is sooo funny! Forex is a gamble if you’re anyone but banks and financial institutions. Believe me THEY KNOW where the market is going, I work for a bank. For anyone else, the ONLY thing you can do is to have a system that will consistently give you better chances of winning than losing in the long run. If you stick to it, THEN IT BECOMES A LICENSE TO PRINT MONEY! DO NOT try to predict where the market is going etc. As an individual, you cannot - believe me.”

    U called forex is a gambling and able to fix by banker and financial institution, please guide me which game is fix by those Casino ?

    I try the demo trading for few day and i give up on it. the reason i give up on Demo cause i need to learn and understand what is FOREX.

    BTW my daily job is some how related to Math and believe the term of LAW of “************”.

    It is a simple Gambling game which is very difficult to predict what the out come but the extra knowledge + tool might make slight different …..

    Forex : 1+1=2 (a simple math everyone understand)
    But how many understand Why 1 + 1 = 2 ?

  13. I attended a webinar awhile ago and in the webinar they had a test done on some folks with PhD’s. They simply showed them a trading method that was 60% accurate. Out of those smart folks only one managed to make money. PhD’s could not figure out how to bet the same percent or amount each time. Most folks don’t understand that the market is about odds just like poker(some of the smae poker people keep winning each year). You play the odds thats why you need to know both yourself and the odds of your trading system. The lowest odds I play are 60% and my favorites are 75% and higher. Each method uses custom indicator settings and is backtested. Trading is better than gambling cause people keep doing the same thing again and again. The indicators prove this time and time again. Just remember all the news about the DJIA going to 3600 or 6000. Everyone is still scared to get in meantime the DJIA is slowly approaching my first target. Here is a link to one of my favorite movies about trading.

    And here is another which can be applied to trading:

  14. Thank you, enjoyed it :)

  15. hey everyone, I began like you all did, and now I am here making the big bucks with more than 90% of posetive trades. forex is my love. forex made me someone. I was a slumdog for sure. follow my advice please. it makes you nothing but money. 1) you need a strategy for sure and sure, or you will blow your account. 2) never buy on down trends and never sell on up trends. 3) be opposit of the human nature to make money. that is a key key hint. please listen to me? know your nature of fear and greed, which is the same for all of us.lots of treaders noted that but didnt know how. trust me forex is a lovely.

  16. continued …
    many didnt know how to oppose their nature. and they keep loosing. your treading style determines how fast you grow, of course the fact that you let your money multiply or not matters too. I would like to witness the facts below.
    is forex gambling? no no, but some people gamble with it instead of treading it. I mean, just like they gamble with anyother things. this is not a chance money!!!!! this is knowledge!!!!!!!!!!!!!
    is forex a scam or are there scaming brokers? few, yes but it all depends on your treading system!! my system is not affected by those so I dont worry.
    are there people who make big big money with it? yes for sure!!! it took me a one day treading to make enough to buy three houses at the same time in cash.
    how long have I been trading for? two years, I have been loosing before I discover my strategy though.
    is forex complex? no please go simple? be simple? since forex is simple creature following its own simple rules. nothing complex in it. newbees, makesure you know what to do, before you go to the real account. don,t repeat my mistakes?
    when do I know that i am ready to tread on the real account? as soon as you tested your system and made somuch money.

  17. Hi, id been trading demo accounts for two years. My last 23 demo accounts have been succesful, does that means im ready?
    Someone please answer me.

  18. Yes, you’re ready for live trading with a small account. After 1-2 months of successful live trading, you can add more funds and be a happy trader.

  19. I disagree with the 2-5 year assessment. I found forex one day, metatrader the next (being a programmer by nature), and after a few more days had a refined but fairly simple EA written that backtested positively on every pair. I opened a real account the next day, and now, a month later, I’m comfortably ahead.

    Maybe its a fluke month and I’m in for a lot of pain, could be. In fact, given everything I read (here and elsewhere) I’m actually expecting a sudden failure of this EA with real losses despite everything looking good so far. It still feels like a scam somehow and I can’t shake the “if it is really this easy, why isn’t everyone doing this” feeling. So yes, I’m expecting some losses coming up any minute now. But there is no way I’m ever going to “lose an account.”

    Having made a living playing poker, the only two obvious parts of a forex strategy were to play a style opposite the rest of the table (assuming they’re by and large losing, which is a given in poker and everyone claims to be the case in FX as well), and bankroll management. There is no reason anyone should ever “go broke” with forex and lose an account if they have even the slightest clue about bankroll management.

    If you only have some small portion of your roll at risk in a given session(/trade/day/whatever your strategy dictates to reduce your risk of ruin to an acceptably tiny amount), then unless you have a really horrific strategy - which should have been obvious with your backtesting - you’re not going to take a big hit without a long run of bad luck, with ample time to reconsider your strategy and correct mistakes. Like poker, if you are losing buyin after buyin after buyin (each successively smaller as the fixed percentage trade size means a decline in real dollar amounts) you need to stop and re-evaluate your game, identify your leaks, move down in stakes, and come back when you feel like you’re a better player than you were before. And of course, the obvious, never put a cent on the line if you can’t explain why you have a winning advantage (again, this is your backtested, debugged program that is ready to handle all sorts of record swings, trends, gaps, and any other surprises that might work against it).

    If your program is simple enough (the fewer exceptions coded in the better) and the backtests long enough, the maximum swings clearly defined and understood and you’ve ensured it can handle the worst cases of the past 20 years or so without unduly ill effect, you are ready. If its a clear winner on every currency pair, then open up a real account with whatever buyin you feel like risking and start trading live from day one.

    Like poker, I doubt anyone ever got rich at forex without being willing to take some shots if they felt they’d found an exploitable angle. If something works today, use it today.

  20. Thanks for the brilliant comment, Possum!

    If you are a programmer, then the sun will shine brighter for you in Forex. In fact, altogether with successful poker playing career the 2-5 years assessment doesn’t apply to you, not even close.

    You’ve got all the essential tools: programming skills and bankroll management to start trading live as soon as you learn the rules of buying and selling foreign currencies.

    Losses in Forex cannot be avoided, but it is a field where once you find an edge, it’ll be easy to earn profits day after day. I wish you all the best in your new Forex trading career.
    As you said: “If something works today, use it today.” Today Forex is a great opportunity for smart people.

    Some final thoughts:
    …Although we all consider ourselves smart enough, Forex proves many of us wrong… Those who fail in Forex need to work harder… but who wants to work harder..? Aren’t we smart enough..? The circle closes…

  21. Forex proves everyone wrong. all beginners lose money and if you havn’t lost money yet you will. The difference between a successfull trader and the 95% of sad stories is not giving up. Keep your fear and greed in check and stick to small position sizes. An education costs money and if your not willing to put money down your never going to be successfull.

    Gamblers on the other hand have a much higher rate of success. this is because they are already aware of all of the tools that take the gamble out of trading. They’ve got a head start. But i’d bet they’ve lost an equally large amount of money learning those tools aswell.

  22. I have been a Forex trader since 2006. I lost heavily. All my hard earned money went out of my hands. I can say that i have made huge profits in that time… but the final result is a fat loss :(. Even after so many years of bad time, i haven`t learnt to control my greed… I`ve tried meditation and all. But, it`s more like as if the big people don`t want you in the game, kinda feeling… 100s of $s during the start and about $4000 - $5000 a year ago. Now, i`m like a clean pauper surviving on loans :(.

    With the patience i have, i knew i could have made a real good amount of money. But i don`t know how i lose my mind and become a gambler. I was so good so many times, that i used to deposit $25 and make it $500 over a week and some greed the next day will rub my balance out. My best was making $1500+ out of a $25 investment in just a week… But, see how fate can turn at the end…

    I only pray to god that i will succeed in my career so that i can cover up my losses and get into real business dealing with real assets.

  23. Muahahaha Dark Lord! Admirations of this style of writting man! I simply love it :D :D :D
    U should give a try as novelist or something brother!
    Keep the fresh posts!

  24. By the way, strong post Junior!

  25. Well, if the Master’s comment on bright future for the programmer guy is meant seriously, then I finally knocked my suspicion clear.
    Oh, yeah, this IS a complete crap, no doubt.

    So, if you can code software, you can win at Forex? Sure… Do you really think it’s about being algorthmically smart? (in my experience, programmers are quite dumb in many things other than coding; and some are even very dumb at the coding…like many other in many other professions)
    This whole thinking is very similar to a lie detector - simple exact measurements and lots of psychological smokescreen to pretend to be a truthteller.
    As for myself, I will keep playing only demo of this game. Btw, isn’t this programmer guru the same guy who is in reality making making money by selling forex software? That would make much more sense and I would believe.
    It’s like Amway and everything else: the real fortune make those who want to teach you how to make money. The training money is a much better bet than Forex or Amway or gambling.
    My thinking goes like this: if I really knew how to make money in e.g. Forex, why on Earth would I want to share that with you? So that you can steal some of the same money for yourself?
    Am I idiot?
    Of course, another reason to post boastful anecdotes in web pages is that either I make my living from the constant greed of amateurs (somehow I’m involved in the game, like coding software that can predict lottery numbers) or I have lost so much myself that I wouldn’t mind if others fail in the same way. Call me skeptic, but basically, I’m a cockeyed optimist ;-)

  26. Greetinds, Forex It’s soo simple to pick high probability trades and so hard to patiently wait for them and take them. If and when I realize this I will do fine. I took 9,000 account gambled it down to 2500 then back up to over 20000 and then back down to bust! And when I had 20000 I knew I’d never go bust…….Just for the record I’m sure I’ll end up in the 5% soon I just need discipline and the patience to wait on the opportunities It’s just this simple! Don’t kid yourself, no system will tell the future. Nothing can replace candle watching. If you want to get in the fast lane a mentor or coach with proven results can help out, but I do not see any replacement for just plain expierience and study!! And you will LOSE MONEY initially COUNT ON THIS!! Do not risk anything you can’t afford to lose….even after demo trading, real money will change the game for you trust me. psychologically you will react differently so even after demo is proven and you are confident be overly cautious with the real money- start small…Baby steps is good Idea!

    Great Site BTW - Also note…Demo accts can react differently to entering and exiting trades…you can get slippage in real acct where demo may execute immediatly getting into and out of trades -another reason to wade into the real money acct cautiously!

  27. hi there, just recovering from blown account!!.. yeah I want to share a gist of one of our great epics mahabharata! .. the honest king gambles with evil king, in the game that follows ,good king loses his every thing and finally evil king reminds the only asset remained!! its his devout wife.. and good king gambles and losses her… good king abandons everything and everyone and losses himself into himalayas… moral of the story is ” each defeat pushes one into nonentity and nonentity is bliss’!!!!!!!

  28. I loved the way you speak… Great!! Influencing

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