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Even before the Swiss National Bank reminded everyone how harsh the forex market can be, traders had a pretty unrealistic view of their chances in what is essentially a zero-sum game: 86% of retail forex traders expect to make a profit even though only 30% actually do so, and it’s mostly the smaller traders who lose out.
A presentation from CitiFX managing director Bapi Maitra on the retail foreign exchange market found that volumes have been steadily growing.
Brokerage accounts over $10,000 have more than twice the profitability rate of smaller accounts, partially because profitable accounts are more likely to cross the $10,000 mark in the first place, but also because traders with more capital can withstand larger short-term losses. As Josh Brown, Jason Zweig and other smart observers point out – maybe detail investors should just say no to FX trading.

US retail forex brokers have issued their figures of client profitability and active account numbers for Q1 2014.
After the recent drop in the Yuan exchange rate, the Financial Supervisory Commission of the Republic of China announced it will penalise four banks including SinoPac Financial for not warning of FX risks.
These micro accounts, which can be opened for as little as $50, are less profitable than averaged-sized accounts because the traders take their accounts less seriously and tend to ‘go for the moon’,” said Drew Niv, CEO of not-currently-trading FXCM back in 2011, CitiFX reports.
Its figures were a little better than the CitiFX estimates, but either way it’s clear that most retail forex traders would be better off doing something else, even when there aren’t major shocks wiping people out.

Retail forex traders, typically men in their mid-30s, mostly say that they are in forex because it has the chance to outperform other asset classes regardless of which way the market is headed and because it’s ‘intellectually stimulating,’ but the high leverage and low initial capital requirements are clearly also big factors.

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07.12.2013 | Author: admin

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