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Forex Predictions by professional traders 32 replies

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Professional forex traders

Quoting ab1
Hi everyone

I just needed to ask the following questions........

1) Are you a professional Forex Trader (i.e. working for someone you have to attain results for to keep your job)
2) What systems, strategies, methods do you use
3) How does your average Forex trader become successful
4) What have you been taught, that enables you to succeed.

Ok I've been trading for about 2 years full time, I have traded literally hundreds of systems from all over the place. Forex Factory, TSD, Baby Pips, etc etc, to name but a few. I have used...
I'm sure What the so called pros would say have been widely spread in the forum, what you really need is not advices nor stories from them, you gotta think for yourself, because hearing about something partly from forum wouldn't take you any far from where you are. And this effort will just give you another clue to solve, which means will longer your learning curve, and I believe there are enough clues to solve in this forum.

When you start thinking for yourself and ignore the "noises" you heard which created your limiting beliefs, you will start seeing everything from different angle, when that happened, you will get your answers naturally
Quoting PaulGarcia
As a professional Forex Trader i must say that if you want to succeed you just need discipline,good money management and a good probability system. Why do you think 95% of people lose money as a Trader? It's because most part of people cannot be disciplined. That's why they don't succeed in other matters too. A system that works well today maybe tomorrow won't work so good. Just work hard being disciplined and you will do it. And of course, you need money.With a 1k account will be difficult to be millionaire.

Simply and to the point PaulGarcia. I would add it is the emotional discipline that so very often takes a trader down. ( It did me for sure !! ) Second, not understanding what price is actually doing. Example: If price is trending, I trade trend.. if price is ranging I trade range...If I cannot determine either, I do not trade. Discipline

I cannot predict the future but I can look back ...which can give one glues to were we may be going, looking left helps with what may be in front of you.

Supply/Resistance.. Demand/Support ...are always in play in any market or time frame. This is the only type of trading that has actually worked for me. I am profitable now... finally !!

Trading for me has been a journey. ( 10 yrs and $1000.00 of dollars lost )

I think most want it to be a sprint. Maybe not such a good idea ?

TSD
Granted I haven’t read all 15 pages, but i thought I would add a few of my own words on here. Firstly to answer the questions from the front page:
1. I have been a full time trader for 10 years, I work off and on for different firms – I have given speeches ran education seminars written EAs, done a bunch of stuff over the years, mostly because trading for me is 100% automated and you need something to keep your mind going and to keep you learning.
2. I use short term EAs I’m in and out with the same day
3. I’m coming to that
4. Relying on someone elses EA and someone elses tipping service wont work – even if works this year or next year, eventually that person will stop and your stuck. You have to know everything about your system for it to work for you.
So to answer #3 on the front page my tips to success are:
1. Make serious goals. Not lame stupid goals like I want to make 100% every month. You need to make goals that are achievable, are measurable and have a defined date as to when you want that goal completed by.
2. Decide on exactly what sort of trader you want to be and stick to it. Take the time, really think about it. Do you really want to be a 1m scalper that sits in front of the computer for hours on end? OR do you want to be a long term trader that looks once a day but might not have a trade for a whole month?
3. Develop a mechanical system with rules that define everything that you do.
So a system covers things like:
Goals and objectives
Time frame
Entry Rules
Risk Management Rules
Exit Rules
Recording and evaluation

The 2 biggest mistakes I see new traders making is 1- not recording anything. You MUST record all your trades info. Every single little tiny bit of detail should be recorded – The time you entered, the timeframe, why you entered, why you sold, P/L your emotions, what could you have done to make this trade a winning trade, take a screen shot of the trade. The more you record about a trade the more you will learn and the more patterns you will see. Trust me on this – record your trade info. Yes its hard work, annoying and painful but thats part of the process.
The second mistake is chopping and changing – oh I like 5M now, oh I like 1M now, oh if my stop loss was 10 pips it would have been a winner so now all my stops are 10pips oh now they are 3 pips now I use MACD.

Man I can blah blah on for ages on how to be a real successful trader.... so instead of me blah blahing feel free to ask me some questions and I’ll answer them as best as you can.
Quoting praky
Granted I haven’t read all 15 pages, but i thought I would add a few of my own words on here. Firstly to answer the questions from the front page:
1. [font=Calibri][size=3]I have been a full time trader for 10 years, I work off and on for different firms – I have given speeches ran education seminars written EAs, done a bunch of stuff over the years, mostly because trading for me is 100% automated and you need something to keep your mind going and to keep...
This single statement “1- not recording anything. You MUST record all your trades info. Every single little tiny bit of detail should be recorded – The time you entered, the timeframe, why you entered, why you sold, P/L your emotions, what could you have done to make this trade a winning trade, take a screen shot of the trade. “I believe this is the single biggest mistake any trader (Including myself) can make. The day I started doing this I started to see positive changes in my trading. It is amazing what you will discover. It helped me discover how I trade today. That search for the "edge" can be found by doing this. Unfortunately there are those who simply will not put in the time to discover. " Its a journey not a sprint " IMHO
Secondly: My trading equation ... Preservation of Capital + Trade Management = Profitability (in that order.)

Just my added 3 cents

TSD
I read somewhere that forex is the market in which you may find the better trends, so I do trend following... I enter trades on breakouts according to Bill William's fractals and I close them when trend is over.

So far, I'm doing quite well...
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