Why is forex trading a waste of time

Why is forex trading a waste of time.

20 words or less.

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Pee pee poo poo TAKE MY ENERGY TRUMP and in conclusion poo

Too many scammy brokers. Also, Futures and stocks are easier because everyone trades on the same exchange

Also, forex has too many geopolitical factors. It’s unnecessarily opaque unless you have a strong understanding of fundamentals

Because you are trading debt for debt and all debt is trash. Buy Bitcoin.

just think about it this way. in forex you are competing against bankers and governments. in crypto you are competing against neet and retards. guess which one you are more likely to beat?

forex is best if you want to become a meme day trader (high volume and volatility

trying to understand trends of a single stock or market/industry ETF is hard. trying to understand trends of a currency is impossible.

Like 84% of people lose money on Forex, the rest are banks

Turns out it's really not. I'm actually doing far better with forex than with stocks. Stocks are great for investing, but forex is king for trading.

That stat is actually the same no matter what you trade

forex is simple if you have >120 iq

In my experience, moves in forex tend to stay in trend longer and react more strongly to resistance and support levels. This is probably a consequence of the far higher liquidity, 24/7 trading, and lack of company events and sector events changing things overall (worldwide events don't really matter if you day trade, they start affecting you only if you swing).
So it's far easier for me to trade forex, but some other people find more success in stocks instead.

describe your approach

fx traders spend millions to get a 0.01 second advantage on trade execution and you are a poorfag

In stocks, I used a structured approach based around recognizable candle patterns in conjunction with area strength (for example, bullish pattern on strong support after pullback in uptrend = bounce back).
In forex, I literally just trade trend and countertrend: trend break + bounce back off most recently broken level = trade, tp at next level, or bounce at support in downtrend at resistance = buy to next level for a quick scalp, or that same bounce back hits the next level and bounces back down = sell for trend continuation to go through the downside.
This gives me a 75% winrate with an average RR of 1.6. For trend continuation, my RR is usually 2-2.5 whereas it's 1-1.5 for countertrend. All intraday.

this is true but misleading
I work at a forex broker and nearly every client we have is uninformed, retarded, gambling, or a combination of those
the vast majority of people chuck their entire account, leveraged to the teeth on a single trade
they either get liquidated in a matter of hours/days, or make massive gains, then do the same thing again until they lose it all
seeing a stop loss or take profit order is like seeing a unicorn
if you have a basic understanding of trading practices and risk management you are in a far better spot than the statistics would have it seem

do you think forex traders or crypto traders are more savvy?

It's not. Forex is easily the best market for traders, not investors.
People fail at forex because they can't stand risk and they're always looking for certainty.

Do the majority of your clients use metatrader?

certainly crypto, theres a much higher barrier to entry, the kinds of people who get filtered by words like blockchain and exchange are the kinds of people who lose everything in forex
in order to get into crypto you're basically forced to do at least a little due diligence
also despite the seemingly lower volatility/masive liquidity of forex, that doesnt mean shit when people mong in with 200x leverage
yeah

we actually provide the option to trade crypto cfds but i've never seen anyone use it, probably because the leverage is capped at 50x, whereas for forex its 200x and futures are 100x, and people like to go big or go home

Interesting. Would your brokerage ever cut off someone too successful? Does that ever happen? I cash out about 5k every month right now, but my broker is shady as fuck

not as far as im aware, we have faith that most people will eventually rek themselves, and we're also based in a very strictly regulated country, i dont think that would go down so well
very experienced traders tend not to use our brokerage however, because we have relatively high spreads
this means we have very few succesful traders, likely less than the big brokers

Cool, appreciate the info user

do you copy the successful traders' trades?

are you even allowed to trade yourself?

>Why is forex trading a waste of time.
>20 words or less.
pee pee poo poo no volatility = waste of time

mt4 is by far the most popular software. Personally I don't like it much, it works well but I think tradingview is unironically better. Sad because I hate webapps. Other people use mt5, though it's rarer and many brokers don't work with it. Otherwise, some brokers have their own programs, like oanda's fxtrader which is just a modified (older?) tradingview.

I’ve been using mt4 since 2008, it’s never gonna die

As far as I know, brokers just invert every trade (precisely because of the stats: 84%+ of all forex traders lose money consistently) and skim money off spread or commission on top of that.

Obviously. mt5 isn't a new version of mt, it's different software altogether according to more savvy users. I didn't see anything interesting in either myself but I don't have 50 years of forex experience either.

DESU mt5 is better, but only if you use bots because it allows for 100% back testing data quality. Mt4 still doesn’t offer that. It can do 99% but not without a lot of work

>we're also based in a very strictly regulated country
>very experienced traders tend not to use our brokerage however

This right here is a big secret. Good forex traders don't use heavily "regulated" brokers because those regulations actually hurt the trader, not help them. Dodd-Frank and FIFO has completely killed Forex trading in the US but useful idiots sing their praises because they actually think it's some kind of safety net. Yeah, it's a safety net preventing you from making any money.