Tuesday, June 26, 2012

That WTF Moment

Every now and then, I come across a traders forum (where fellow traders discuss trades and strategy) and find a post that has me doing a double-take and going WHOA!!
Sometimes it's because some trader has pulled off a brilliant trade and cleaned the market up, and sometimes it's because a trader let his ego get in the way of making money and he saw his backside in technicolor.

It's not often that I go WHOA! because a trader posted his account balance, strategy and advice and ALL THREE WERE RIDICULOUSLY LAUGHABLE!

Now I know many of you don't speak Forex, so I'll try and keep this simple.
This 'trader', and I use that term very very loosely here, had a trading account of $300.
In Forex, that's like taking your kindergarten piggy-bank, dressed in your Ben10 pyjamas, and walking into a Ferrari showroom hoping to be taken seriously.
Forex ain't for sissies, and it requires deep pockets and an even deeper understanding of risk!
He then proceeds to start trading with a strategy reserved for traders with at least $500 000 in their accounts. Just to be clear, that's HALF A MILLION DOLLARS.
He blows his account in under 2 minutes.
And then proceeds to give advice to new traders!!!

(This is a true story just so you know!)

Above is what a professional traders chart looks like.
You really have to know what you're doing in order to regard this as a profession.
If you last less than 2 minutes, clearly trading is not for you. Maybe you should donate your body to the manure industry. Even a circus clown may be aiming too high. I don't know.

I don't even know how to end this blog post.
I'm so shocked that there are idiots out there so stupid, the SPCA hasn't put them down yet and the Zoo allows them to roam free amongst us.
I think I'll just sit here and shake my head. It's starting to feel really good.