Unathi Kwaza RT from Marco: @Unathi_Kwaza Same banks have done it 20 times over again but more sophisticated. It’s banking and called making a profit on forex conversion. Just because the ANC lost money does not mean the system is corrupt. It means it costs money to convert ZAR into US dollars!
If the LUXOR trading system (slow/fast MA crossing rule) is so profitable on FOREX (in a very general sense), why isn't everyone adopting it?
The LUXOR trading system, as presented in Trading Systems by Tomasini and Jaekle, is a very simple MA crossover trading rule optimized under a trading time frame and SL rule that produced extravagant trading statistics (Sharpe,Max DD, Ulcer, Kelly) over 6 years 2002-2008 on GBPUSD, seemed to be quite robust (invariant to time scaling and translation, with very few degrees of freedom), and very general (could work on any FOREX pair, even in bond and futures markets). So then why doesn't everyone adopt this simple MA crossover rule? Granted, I have not tested or implemented this trading rule myself, but perhaps the same results do not hold during 2008-2014 period? Has anyone tested it in any framework on the latter 6 years for any currency pair? If the same robust and profitable trading performance was achieved during the last 6 years as in 2002-2008, it seems it would be a no-brainer to adopt. The equity curves were basically monotonically increasing. Am I missing something?
And more importantly how much of a profit? I think the question above is the most important. It would basically show if you could make a living out of day trading or do it as a side job/money making hobby or stop since the time spent isn't worth the profits. A few questions from me, someone who spent a while doing several courses and learnt a few things about trading through forex. I make a profit on Forex and have a relatively green account history with a diversified portfolio, but since I am dealing with tiny lots the profit is negligible. The market is mostly driven my emotion not by math or science. Past prices, trend, support and resistant lines do matter for sure and I say this from experience. But is the probability of them failing low enough for me to go in with bigger lots? Nope. Throw in a few indicators and some fundamental analysis which makes things very confusing but doable after some practise and you only push that probability slightly lower. Probability and statistics wins this game and no one can deny it. You may argue a 60/40 win rate is you essentially making money at the end of the day but those odds mean small lots and a hobby more than a job to me. Charts look cool, the indicators cool, trading on a world stage very cool. But will my daily profits get me more than a cup of coffee at Starbucks. Nah. Thoughts from a newbie so hope you can prove me wrong.
Opinion on which is easier to understand: Stocks or Forex?
I started trading stocks but quickly moved on to forex because most of the tutorials on youtube were using forex so I did it as well as a beginner. I am now dipping my toes again on stocks and found out that the charts just makes sense in a way I can't really explain. Maybe it's the way that forex has many (mini) support/resistances where it's possible to suddenly stop while stocks has much more predictable areas? I don't really know. This is for swing trading btw. Asking this because I might just go and fully focus on stocks if this is the case. I've been on breakeven/small profit on forex for a while but looking at a currency chart stresses me out so much. Obviously there would be big clean moves in forex such as the one we have currently but it isn't always the case. Been trading for around a year already. Honestly don't have a problem with both of them being hard when it comes to day trading or scalping but I'm having trouble when it comes to swing trading.
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If I'm unemployed and I profit more than £12,500 a year (tax-free allowance) trading Forex, will I have to pay income tax on all profits above £12,500?
Also, when do I declare it as income? Does it count as income when my Forex account balance increases, or when I actually withdraw the funds into my bank account? So lets say that I gain £20,000 this year trading Forex, but this stays in my Forex account (I don't withdraw any money into my bank account). Will I have to declare it as income and pay taxes on it? Or is that only if I withdraw the profits into my bank account? (by the way, I am spread betting, therefore there is no stamp duty or capital gains tax).
Not a question about charts but I’ve made consistent profits on forex. I feel like I can’t talk to anyone except other traders about it though because I always get the “that’s just gambling”. Or “it’s a scam”. Despite the fact that my trade history shows that if I’m indeed gambling I must be very lucky. How do you all deal with this? Do you just not even talk about it with other people?
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