I was talking to a friend who is learning how to trade forex,

>>1108913
they decide to trade larger amounts after attributing some positive variance in their pnl to skill

>>1108921
So you can make a decent income if you just don't get over confident?

>>1108913
OP why don't people make money gambling by just playing the same color on roulette?

They get greedy and/or overconfident

By becoming greedy
I made 10k from 1k by trading options from with scalping strategy, then got sick of it being so slow and risked more monies, lost 8k, then chased out 2k and never looked back again.
So basically, it's all about psychology

>>1108913
>How do people go broke with this shit if you can practice risking literally pennies? Seriously.

By risking pennies you earn pennies.

What is the point?

>>1109530
This.

My dad became a millionaire this way. He just bet on black each time and doubled if it was red. This way he always had a sureway of winning. His brother got greedy and bet on red, then he lost his house and his life.

I'm inheriting daddy's roulette millions and will pass this knowledge onto my children.

>>1109554
Sounds too easy to be true.

>>1109560
no way, this is how Trump made his millions back in the day. Didn't you know about Occam's razor? Easiest solution is the best one!

>>1109554
Bullshit, the chance of winning by betting on a color is 1,05:1 so you will always lose on the long term. Sure you can double your bets but eventually you will hit a losing streak.

>>1109525
nope, most people will lose money regardless of their confidence or lack of it

confidence, psychology, money management doesn't change the fact that without an edge each FX trade has a negative expectation (due to either crossing the spread or paying a commission)

you make money by finding an edge that gives you an advantage above the majority of other market participants and is sufficient to beat your costs... by default only a few people can have an edge against the rest

>>1109576
think of it this way it doesn't matter how confident you are playing roulette you've got a negative expectation and no way of finding an edge to beat that

psychology doesn't help, money management won't help (it will only change how quickly or slowly you lose)... to win you need an actual edge - in roulette that would be either finding a faulty wheel or cheating by using a timing device