I had readers ask about wanting to trade FX and how to start and thus I am writing this for everyone like them out there, wanting to play on the great big FX poker table to the ends of untold riches (as advertised), fame and glamour.
I cannot find any too many former bank traders standing out there advertising to help you make a million dollars out of $10k in 6 months because the probability of disappointment is a lot higher than success.
Methods are closely guarded secrets and my opinion is that it is because FX is a zero sum game in a 4.3 trillion US dollar a day market (2013 BIS statistics) of which half comes from spot FX trading i.e. T+2 settlement, out of which 99% are pure speculative trades. If one makes, another must lose.
Bonds, commodities and equities are different because they are …