Misplaced Pages

Revision as of 00:17, 5 November 2006

Numismatics Unassessed

This article is within the scope of WikiProject Numismatics, a collaborative effort to improve the coverage of numismatics and currencies on Misplaced Pages. If you would like to participate, please visit the project page, where you can join the discussion and see a list of open tasks.NumismaticsWikipedia:WikiProject NumismaticsTemplate:WikiProject Numismaticsnumismatic ??? This article has not yet received a rating on Misplaced Pages's content assessment scale. ??? This article has not yet received a rating on the project's importance scale.

I am a complete newcomer to all of this, am currently reading Forex Made Easy by James Dicks and am doing internet research in order to be as informed as possible. I would very much like to give this a shot as another source of investment income. HOWEVER, this is all so confusing! I read the article and felt so disappointed to hear such negatives reports about something I was becoming so interested in, and then read all the rebuttles regarding the article, and now just feel massively confused! Is anyone out there an actual retail forex trader, successful or otherwise??? Any experienced input would be most appreciated. It can't be all bad, can it??? Thank You! LC Learning

Article quality

This article should be deleted or rewote almost entirely, it seems to be written from the perspective of a bitter trader grasping for reasons why he/she lost money in an attempt to deny how bad their trading was. - Koheleth

The orginal writer of this article has next to no understanding of the FX market or how a market maker makes money. Its so laughably silly its almost not worth correcting since the entire thing borders on satire. —the preceding unsigned comment is by TraderGod (talk • contribs) 17:19, 26 January 2006 (UTC)

Feel free to improve it! However, you should read the links I put on your talk page; your edits were not in an encyclopedic style, and I have reverted them. For example, you shouldn't address the author of the article: there is no one author on Misplaced Pages. If you want to find out who wrote what you disagree with, you can go to the history page and see who wrote what. Rather than saying that something is "wrong", you should correct it.

Please keep in mind that I'm trying to help; I wrote no part of this article, nor do I particularly understand/care about the foreign exchange market. I once edited the article for grammar and kept it on my watchlist. --Mgreenbe 16:24, 26 January 2006 (UTC)

Agree with Trader God. This is actually one of the worst articals I've ever seen on Wiki.

It's a wiki; be bold! --Mgreenbe 11:39, 3 February 2006 (UTC)

I hope that anyone that reads these pages will have the sense to view the real situation from a better source. It not only satires the forex market, but retail traders also

Worst Misplaced Pages Article Ever!

Controversial article

Some of the last few edits seem to just be vandalism, for example changing headings to nonsense. This is obviously a controversial article, but one that was threatening to take over the Foreign Exchange Market page, where I don't think it belongs. I expect that everybody recognizes that there are such things as forex scams, so editors ought to spend their efforts properly explaining what they are. If you think the description is too broad, I suggest that you start a new heading on how to distinguish between non-scamming retail forex brokers and forex scams. Smallbones 12:37, 6 March 2006 (UTC)

Inflamatory Language

I made a couple of changes to the text in hopes that they might be a start in eliminating what appears to be a direct correlation being drawn between retail forex brokers and fraud. The use of the terms "con" and "mark" really don't contribute to the discussion. Too, if one reviews the CFTC's concerns about "forex fraud", the agency's cautions and concerns are pretty much directed to unregulated brokers, not registered ones.

There are an abundance of specific cases where the CFTC has found wrong doing. I suggest that references to those cases would be far more useful than undocumented claims suggesting that every retail forex broker is a scoundrel or that anyone outside the inner circle can't possibly succeed trading the forex. If retail brokers were all crooks, I'm guessing the CFTC would be issuing something more than advisories saying that speculators should stay away from "brokers" hyping the investment opportunity.

Mcduffodonnell01 21:54, 8 April 2006 (UTC)

Contradictory and NPOV

This article contradicts the Forex article. In that article, it says that dealers' prices remain similar, otherwise they would be arbitraged (which is true). This article says that dealers manipulate their prices. If this were true, dealers would lose out to the arbitrageurs. This article also seems to be a non-neutral POV. It portrays retail forex as though it is impossible to profit from it. This is not true whatsoever.

I would have a tendency to agree with this comment. A good share of the article beneath the fold is really nothing more than unsubstantiated conjecture that would lead those unfamiliar with Forex trading to think that every retail broker is a crook and that the private speculator can't trade profitably. Neither is, of course, the case.

The subheads "Why retail speculators shouldn't be able to beat the market", "Why retail speculators can't beat the market", "Why brokers offer high leverage", and "Why brokers guarantee the execution of stop loss orders" are clearly pejorative. If I had the time I'd make some further modifications to this page but my schedule doesn't allow me the luxury of doing that any time soon. For now, I'd suggest these sections be deleted until such time the charges can be authoritatively sourced.

As far as the arbitrage issue is concerned, the biggest difference I've seen is not to be found in the displays of dealing desk broker rates, but the reorders that all too frequently are generated when a market order has been placed. In a volatile market one doesn't have the time to do such things and even if you did, you'd be wasting your time because the actions of one broker are certainly not going to generate a consistent and predictable impact on the actions of an other. Mcduffodonnell01 21:44, 25 April 2006 (UTC)

The introduction is fine. The other sections describe things that are not "scams" but elements present in any market maker, even those that make markets for equities (stocks). Gambler's Ruin? How is this a scam!?!? That would be like saying every Casino, and stock market is a scam as well. Those risks are not hidden from the user, but posted up front. It's true that there are actual "scams" but the techniques that they employ are barely mentioned here (only price spiking and order requoting). I think that almost all of this content should be deleted. It should be replaced with descriptions of price spiking and order requoting. Also worth mentioning is the performance of managed accounts. Managers can lie with numbers about the performance of their fund. They also tend to understate the risks involved in trading on margin.

revert blanking

It looks pretty bad just cutting off half the article, including a quote from the WSJ of a Forex broker saying that he'd be surprised if 15% of retail traders make a profit. Can you really justify removing that from the article? As far as the NPOV and contradictory tags, I'll suggest that you identify exactly which statements are not NPOV. The explanation of the "contradiction" cited seems to assume that forex scammers are honest - that is the only contradiction that I see. Smallbones 08:57, 25 April 2006 (UTC)

I'm sorry, I am a new editor. I must have accidently only posted a section. But the fact that this article contradicts Forex and is written in an NPOV, still stands. We must add the templates until it can be properly discussed.

As for the contradictory, maybe you didn't understand my reason above. Forex says that prices between dealers must be somewhat similar, otherwise they would be arbitraged. This article incorrectly states that dealers manipulate prices. But if this were true, they'd be arbitraged and lose out in the end. Exactly the opposite of what this article argues.

As for the NPOV, I'm not the only one who has suggested that this article was probably written by an unsuccessful speculator in the Forex market. Please read the comments above, They call for deletion. It is true that there are Forex scams, and also true that most revolve around managed accounts, but this article gives a very distorted picture of the Retail Forex market. There is a bias that all Retail opportunities are fraudulent and/or impossible to be profitable. I can't believe I'm the first person to see this. It should be obvious: "Why retail speculators can't beat the market". Come ON!

Conflict Resolved

I think the conflict between the forex page and this one has been fairly resolved. As I mentioned in a previous post to this discussion, arbitrage between two dealers is an impracticality largely because the actions of one seldom reflect the actions of others, at least on a predictable and timely basis. Manipulation might be too strong a word to use in this discussion, but the mere existence of "reorders" should tell even the novice trader that there are a lot of dealing desk brokers who reject market orders, offering alternative pricing when it suits their purposes. If anyone can come up with another justification for reorders, I'd love to hear it.

Been there......

I've worked for a forex company who totally screwed clients over!

Massive spreads, huge leverage. Encouraged people with no trading experience to bring business and trade. When money was lost, we were told: don't worry, bring more business!

If you wanted to enter the market, the company gave ridiculous prices along with the excuse 'the market's moving and you won't be able to grab a good price - take it anyway!'

The company have since left Tokyo, where they were set up, after withdrawing their application for a trading license.

The Financial Services Authority of Japan have clamped down on many foreign companies who came into the country before regulations were instigated.

I think that you might be able to contribute to this article, but there are limits, i.e. please don't get emotional, personally involved in the arguments, etc. Where you could contribute is to refer to facts, and reputable publications (perhaps especially in Japan) that explain these scams to the layman in clear language.

I've been accused here (more or less) at times of saying that all retail FX traders are crooks. I don't think that we want to say this, but there obviously are some crooks, and it would be nice to detail how they work, and how to tell them apart from honest businesspeople.Smallbones 14:57, 3 May 2006 (UTC)

The Forex Market is full of misleading advertising

Why complain when someone tries to bring a little balance, or reality into public view.

I have read several times that 80 to 85% of all new fx trading accounts lose money overall. Why is this when a trader's odds should be just under 50% using blind random trade selection.

The reason is simple. The real cost of trading forex is not 2 to 5 pips as advertised everywhere (irresponsibly). It is on average closer to 65 pips as stated at forexfacts.atspace.com Wake up people, you either have a realistic understanding of your odds, or you lose. I win consistently through hard work and knowledge, logic, understanding trader sentiment, sound risk management etc... I NEVER set stop losses! I repeat I NEVER set stop losses.

If you want to win, there are no shortcuts. Well that is my understanding and I hope it helps.

Good luck and stop picking on people who try to break your false illusions.

Objectivity

Considering the latest revisions to this page, I removed the NPOV notice. While the page may still need work, I personally think we're getting much closer to the truth. Instead of posting such a notice again, I suggest the page's detractors edit the page, making corrections where they think they are needed. In the words of George Orwell (I think he's responsible for saying this), "Facts don't cease to exist because we choose to ignore them." Mcduffodonnell01 20:14, 7 May 2006 (UTC)

Errors?

There are gramatical errors in the "The use of stop loss orders" section. Could someone please correct them.

Thank you for your suggestion! When you feel an article needs improvement, please feel free to make whatever changes you feel are needed. Misplaced Pages is a wiki, so anyone can edit almost any article by simply following the Edit this page link at the top. You don't even need to log in! (Although there are some reasons why you might like to…) The Misplaced Pages community encourages you to be bold. Don't worry too much about making honest mistakes—they're likely to be found and corrected quickly. If you're not sure how editing works, check out how to edit a page, or use the sandbox to try out your editing skills. New contributors are always welcome. --P3d0 12:59, 20 June 2006 (UTC)

• Unassessed numismatic articles
• Unknown-importance numismatic articles
• WikiProject Numismatics articles