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FX market, manipulated?


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Hey everyone,

 

I'm new to trading - a colleague of mine introduced me to FX and babypips, and that's pretty much how I started. I've been winning and losing ever since I started 6 months ago. On my losing days it feels like I don't know a single thing about the market and on my winning days it's almost like as if I know what the market is going to do. Anyway, I've met a couple of traders who shared the same sentiments - that they would much rather spend their time on options or futures as they think that the FX market is heavily manipulated. Just want to see if there's anyone out here actually making a decent living out of day-trading with the FX market? 

 

Thanks and have a good one :)

 

Sincerely looking for hope,

steamedchicken

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  • 2 weeks later...
  • 2 weeks later...
On 19/11/2020 at 09:13, steamedchicken said:

Hey everyone,

 

I'm new to trading - a colleague of mine introduced me to FX and babypips, and that's pretty much how I started. I've been winning and losing ever since I started 6 months ago. On my losing days it feels like I don't know a single thing about the market and on my winning days it's almost like as if I know what the market is going to do. Anyway, I've met a couple of traders who shared the same sentiments - that they would much rather spend their time on options or futures as they think that the FX market is heavily manipulated. Just want to see if there's anyone out here actually making a decent living out of day-trading with the FX market? 

 

Thanks and have a good one :)

 

Sincerely looking for hope,

steamedchicken

 

On 28/11/2020 at 13:40, raymondwu said:

Most of the time when I start a position, the marcket will act quickly against me a bit. Strange is it?

 

 

Hey both, 

The FX prices we use are taken from 12 currency providers. We pick the best bid and offer from both then wrap our spread around this.  

FX is very fast pace and can be extremely volatile when market news comes out. 

 

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Most markets are dominated by very very big players, I've watched the markets for over 20 years and not even governments can manipulate markets (They've openly tried to save their currencies!) 

If the very very big players in the markets wanted to shift market direction for a short time of course they could - they could join forces and form a cartel to do so, they did this with Libor I think

One good thing would be to study the Commitment of Traders reports and Indicators - It show's the commercials vs people like you and I and the positions they hold in history at the turns (the pro's get caught out too!) 

Everyone knows most people shove a stop under a recent swing low - If markets were truly manipulated then EVERY swing low and swing high would just be blitzed all the time and you'd never have trends, the fact that trends do happen tell you something else is happening

My own personal thoughts are that markets are moving to some unknown science based formula that NO-ONE has discovered - I've managed to crack the code of when the big turns will happen in date/Time format but not the all important price aspect and its this that we all make profits or losses from

When we trade we slot in to where price is on its journey and because we don't know if a pullback is definitely happening or not it becomes a gamble  

Take 5 mins to think about this as it will help you to understand why sometimes no-one is able to explain why the market stopped at a certain place, reversed and hit our stops!!

"Markets could be running on a 3 or 4 Dimensional format - We're all FORCED to look at price action on a static 2 Dimensional chart - change your perception and things look a bit different

 

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