[Infographic] Where Forex Traders Live And What Currencies They Trade
Hundreds of newbie traders enter the Forex market daily with hopes of gaining fast money after seeing brokers' Ads. Find out today from what countries the majority of traders come, what currencies they trade, what brokerages they use and what main mistakes commit. Infographic link: http://pipburner.com/how-many-traders-in-the-world/
[META] Recent scam/spam trends.. Or, a peak inside what it's like to moderate /r/forex
After a few...especially trying...interactions with unhappy ban recipients today, I thought it would be fun to share a little info on what moderators do to keep this place clean. :) The forex industry is full of shady characters. Any industry sitting on the intersection of financial independence, work, and money, is bound to attract them. There are many reasons for this; the lower barrier to entry compared to other markets, the lack of public knowledge on the subject, and greedy human nature to name a few. Moderating a subreddit dedicated to forex (or anything trading realted for that matter,) presents extra challenges beyond your regular sub. Marketers and scammers are super motivated, and MLM / referral marketing is extremely popular right now, which can turn everyday regular users into sources of spam. How we currently tackle this problem involves technology (scripts, bots, and automod,) a mod review workflow, and some smart sleuthing when needed. The mod team and our scripts aren't perfect though... but the few false positives we get are a very, very small fraction of all mod actions taken (~1%.) Unfortunately, that means some otherwise sincere members get handled roughly, and that can really suck.. I wish there was a better way, but the alternative is this place becomes a wild west and starts looking like your gmail spam folder. That said, here's my personal stats for JUST the last 24 hours:
Bans: 14[edit:16 nowbefore day's end, two more responding to a 'where can I learn how to trade' post.]
All mod actions (including bans, post and comment removal, etc..): 63
Ban appeals: 2
And I'm just one of the mods. . . So what scammer and marketing trends are we seeing lately?
Content marketing - Infographics with instagram handles watermarked in them, or a blog-like post with a embedded links to their own site.
Personal/direct selling - trying to move the conversation out of public view, usually by taking things to DM, or promoting a 3rd party chatroom where the rules here no longer apply.
Shills - Fake accounts used to boost the credit of another user, or service. It's no coincidence that a user asking about 'ULRA PRO SIGNALZ' will quickly have 5+ replies by low karma, new users, saying how great the service is. [edit:here's an example I just caught..]
Fake P/L Porn - We see this quite often. It's easy to fake MT4 account statements and MT4 Mobile screenshots, and new users can't tell the difference so these posts will get a lot of undeserved attention. When people ask how OP made such mad cash, a sales pitch is usually coming right up.
Honestly, it can be really frustrating at times.. luckily the scripts we have in place make weeding out ~80% of these jokers quite easy and quick. Heck, we had one scammer who blew through 12+ accounts over the last few days trying to scam people but none of their posts ever saw the light of day thanks to the spam triggers I've written. What motivates the mod team to keep this place clean? That's an easy answer: The majority of users here are new to trading. Making sure they aren't food for the wolves is important. But even with all the measures we take, some bad actors still get through. So here's where you can help: Use the report button! Anytime you see something that you think fits the descriptions listed above, or violates our sidebar rules, just report it. Even if you're not 100% sure, don't be afraid to use the report tool.. The worst thing that can happen is the mod team reviews and approves it, but the best outcome is you directly help keep this place clean and humming! :) And the mod team is always looking to improve where it can: I've already talked about what we do to scrub away bad actors, but one place we could do better is education. The plan is to rewrite a good portion of the wiki to include the following sections:
Spotting scams and scammers
How to properly compare brokers and regulatory bodies
The real reason why your old high school friend wants you to sign up to IML, and 10 ways to politely tell him to pound sand
No, that hot instagram model won't sleep with you if you buy her online course
Why all signal services are trash and can die in a fire
(Titles above are a work in progress ;P) Are you a good writer and want to help out with this? Think you can write up a killer wiki article on spotting scam artists? Message the mods and let us know! Finally, a reminder, we are still interested in taking on more moderators and will be revisiting that very shortly. If you'd be interested, read through this post and reply accordingly: https://www.reddit.com/Forex/comments/h7ok6k/seeking_more_mods_recruitment_thread/
Personally, i think this is pure genius! I love it, it's an amazing way to brush up on your chart skills and it's actually pretty cool to see how things went. It throws a random chart at you and you have to day trade it, it'll tell you how you did versus a buy & hold strategy and... well it's just really really good!
Technical & fundamental news on currencies.I would advise newer traders not to trade solely on external opinions because that won't cement your own methodology or reasons for trading.Excellent website for if you want an overview of the markets and daily reports. Also includes a trading journal and a lot of media attention.
This is absolutely amazing! I can't put a value on this! It's one of the best gems of the internet. Podcasts interviewing successful traders, some are notable such as 50pips, Walter Peters & Chris Kapre.
One of the best free online schools which tracks your progress and teaches you heaps on information. The forum is the gem, where many people keep trade journals and put up their strategies. Don't copy them but borrowing concepts and ideas is good.
There's a lot of information out there, it's overwhelming. You might think "Where the hell do I start?!" well here's your answer! The books you have to read... and in what order! Super important for beginners.
SUPER IMPORTANT This website is paramount to your success, still in development but will provide users with an easy way to document trades. Success is determined by your willingness to follow through with the boring bits so keep this one in your bookmarks.
"The native Huobi integration is in the final testing stages."
I have just received good news from the telegram channel regarding the long awaited huobi native interface integration. It has been in the works for several months and some individuals including myself have expressed concern, as the recent update only mentioned about MetaTrader5 improvements and new trading pairs. But as the title says, the long wait is coming to an end! Why huobi native interface integration is important? Because that's going to be the biggest thing ever for the GV platform so far. It will solve many issues, like in the current state there is no possibility to short alts vs btc, and no way of longing BTC without creating a USDT base currency program, neither is there any leverage. This has also been one of the big reasons why even experienced crypto managers were unable to convert the market movements in their favor at certain times. When some BTC programs showed profit, most other BTC programs also showed profits, and vice-versa, which is an unacceptable outcome when diversifying in managers. Then of course, the MetaTrader5 has been traditionally a forex platform, so not every crypto trader is familiar with it. I personally encountered traders who wouldn't touch MT5 but were willing to manage investments via Huobi website if such possibility arises. Huobi exchange is of course huge, recently they have established in the US (so the US investors may have something to speculate about as well), and the influx of new crypto managers with advanced trading tools such as shorting an leveraging is going to be god-sent at the current market conditions. If you thought GV was dying, perhaps it's time to reconsider, I am personally excited once again. If you have more things to add regarding the impact of this integration finally coming live aside from the ones I mentioned please do so. It wouldn't hurt if someone posts related infographics as well, so those in a hurry could grasp and process this information more quickly.
New stars: looking at possible OMG staking revenues with regards to # of transactions instead of volume.
We have an expression in Sweden which translated directly to English becomes “Aim for the stars and you might end up in the tree tops.”. This is my attempt at giving us some new stars to take aim for.
I will start by saying that I’m 100 % in OMG and that this is not a technical analysis of the future price movement, nor is it an analysis of OmiseGO’s potential of delivering what they have promised. This is simply a new way of looking at the future rewards to the stakers of OMG.
Secondly, this is not a finished product and the approximations that I’ve done can surely be improved by people with more knowledge than me about the subjects. I welcome everyone to correct my mistakes and/or add their knowledge.
The reason that I’ve spent the time to research this subject is that I believe that most speculators in this forum are looking at the wrong parameters when trying to calculate future staking returns. They are looking at volume and speculating on which percentage that OMG will take of that volume; I think that we instead should be looking at the number of transactions. The cost of a simple transaction of value from one part to another on a blockchain (Ethereum or OMG) is, as far as I know, not dependent on the size of the value. I believe that the OMG blockchain will have a dynamic fee structure where buying an apple or buying a car will cost the same amount in transaction fees (although payment companies on top of the OMG blockchain might take a fixed percentage for their services, but that won’t affect us OMG stakers).
If my assumption above is correct, then we need to figure out how many transactions that OMG might process. So, how many transactions are we talking here? Well, I’ve started now by looking at four different areas of value transactions:
Every day purchases
Every day purchases
These are transactions where people use cash or card to purchase some item (buying fruit or a computer). Now, the exact number is impossible to find but we can get some good approximations. According to the 2016 Nilson report there was 227 billion card transactions during 2015 worldwide.  But, as we all know, OmiseGO’s plan stretches also to the unbanked and the cash payments. According to Raconteur 85 % of the worlds transactions are still done in cash.  Simple math tells us then that
A*0.15 = 227 billion -> A = (227 billion)/0.15 = 1.51 trillion payment transactions every year.
[This is of course not 100 % accurate since in the parts of the world where there is the least amount of card transactions there is also probably a lot fewer transactions overall. However, I think that we at least are at the right order of magnitude.]
All the world’s stock exchanges could be rebuilt on top of the OMG blockchain in a more efficient way than before. So, how many transactions is that? This is a hard number to get ahold of and my estimate will probably end up being too low since many transactions never get registered outside of the trading houses. For example: a trading house can make 1 trade on the exchange where it buys 10,000.00 off Stock A, but then it sells it too 100 of their own customers. This last data is the hardest to get ahold of even if the trade data from the exchanges are almost impossible to find as well. According to Nasdaq there is an average of 10.5 million transactions per day on their exchange.  Now, The Money Project has published an infographic showing the worlds largest stock exchanges in relative volume to each other and the whole world market; it says that Nasdaq has a 10.79 % share of a global market of $69 trillion.  If we assume that there is a linear correlation between volume and number transactions for all the worlds stock exchanges, then we can assume that Nasdaq’s volume percentage of 10.78 is also it’s transactions percentage in relation to the worlds stock markets. This means that the global number of stock transactions is annually
B = (252*10.5 million)/0.1078 = $24.5 billion. [The number 252 in the equation is the average number of trading days per year.]
Pure money transfer transactions. One of the leading actors on that market is Western Union which, according to Forbes holds a 15 % market share with 231 million transactions per year.  This leads us to the approximation that the total market sees
C = (231*10 million)/0.15 = 1.54 billion transactions every year.
Now, the forex market is definitely the hardest one to find information about. I posted in /Forex and they were helpful but told me that exact figures would be impossible to find.  However, much in the same manner as with the stock markets I was able to reach an approximation which others will have to judge if it’s fair or not. According to the CEO of LMAX exchange they print 1.5 million trades per day  which I will use as 1 trade = 1 transaction (same with the stock market) which gives them
252*1.5 million = 378 million transactions per year.
The website Leaprate.com has reported that LMAX has an average monthly volume of $175 billion  which ends up being $2.1 trillion per year. Let’s say that a linear correlation between number of trades and volume exists over all exchanges on the global forex market, again as we did with the stock market. This means that
378 million / ”Number of forex transactions globally” = $2.1 trillion/”$Global forex annual volume”.
The number of transactions globally is therefore
D = 378 million/($2.1 trillion/”$Global forex annual volume”)
with the variable being the annual total volume on the global forex market. According to Businessinsider.com the daily global volume is on average $5.1 trillion  which means that the annual volume is 252*$5.1 trillion = $1290 trillion which gives us the number of transactions annually on the global Forex market to be
D = 231 billion.
Total number of transactions and what that means in regard to staking
The total number of transactions E = A + B + C + D = 1.51 trillion + 24.5 billion + 1.54 billion + 231 billion = 1.77 trillion transactions every year.
If anyone wants to do their own calculations and only include certain percentages of the different markets then of course it is easy to add these percentages before their respected market in the equation above. I however, will calculate staking returns based on the premise that 100 % of these markets will be built and thrive on top of the OMG blockchain.
The equation for the returns of every OMG staked is pretty easy:
$/omg/year = Number of transaction per year*transaction fee / Number of coins staked .
The question is of course: what will the transaction fee be? No one can say, but I will use the transaction fee for the Ethereum network as a benchmark. The transaction fees on the Ethereum network varies but a recent low average has been around $0.2 per transaction.  Number of staked coins has also been up for debate at various times; 60 % has been thrown around and I’ll use that.
Case 1: OMG blockchain charge as much as the Ethereum blockchain does right now
$/omg/year = 1.77 trillion*0.2 / 0.6*140 million = $4,214.29
Case 2: OMG blockchain charge 10 % of what Ethereum blockchain does right now
$/omg/year = 1.77 trillion*0.1*0.2 / 0.6*140 million = $421.43
Case 3: OMG blockchain charge 1 % of what Ethereum blockchain does right now
$/omg/year = 1.77 trillion*0.01*0.2 / 0.6*140 million = $42.14
Again, I would like to invite anyone here to help me and point out any faults in my calculations, approximations and/or assumptions. However, could you also do the new calculations and add your proposed staking returns? I am a full-time student so hopefully the edits can happen in the comments instead of by me. Thanks!
Can a crypto instrument be made as a Futures alternative that tracks ES, or any other Futures?
Futures are open from Sunday at 5pm central time to Friday at 4pm central time. One thing I love about crypto is it is open 24/7 without halts ect. Weekend gap risk sucks for futures and FX. Is there a way to create a crypto instrument that could track the ES futures or any other for that matter, and then on the weekend it could actually be used by participants to keep the transfer of risk and trading going. Then when futes open back up it will basically track them and be an arb op for other participants to keep it in line with those futures?
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