DislikedJust put a buy-sell stop pair some pips out from the current position (ATR can help with that, look at non news ATR swings and compare).Ignored
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DislikedJust put a buy-sell stop pair some pips out from the current position (ATR can help with that, look at non news ATR swings and compare).Ignored
DislikedWarren, I've no doubt that you're successful, and I congratulate you.
However, there are those who claim to be consistently profitable, using purely technical methods.
Once a trader has found his own winning method, I guess it stands to reason that he no longer continues to research other approaches, and hence runs the risk if developing a kind of "tunnel vision". I believe it's not necessarily correct to assume that, just because somebody else's method isn't similar to one's own winning way, that it's doomed to fail. As Jack Schwager says in The New Market Wizards (assuming it's applicable to forex also) "there are a million ways to make money in the markets; the irony is that they're all very difficult to find".
As to why so many traders fail, there's a lot of randomness in price movement, and my experience is that it can take several months of testing to find a pattern that delivers an edge. I'm not there yet myself, but there are some that have claimed to achieved it, hence I believe that it's possible. Many newcomers have been seduced into believing that forex trading is easy money, and aren't prepared to put in the hard yards when they discover that it's not the case. The dedication required can place tremendous strain on one's career, marriage and family priorities. It takes some resilience to continue persevering, following several frustrating months (or possibly even years) of poor, umpromising or inconclusive results. I expect that all of these factors help contribute to the high dropout rate.
I also believe that aspiring intraday traders underestimate the effect of costs across a large number of transactions (spread may be < 5% of a move, but casinos make billions from a 1% edge), and there is also the possibility of stop hunting and broker cheating.
I think that the MM and psychology aspects definitely take their toll, but are overrated. Of course if a newcomer sizes positions recklessly and/or makes entries or exits based on emotion or hunches, he will ultimately fail. But the same is true if he doesn't have a method that's capable of overcoming the odds.
In similar vein, I don't believe that maintaining a positive attitude by itself is enough. Just because I "generate" as much positive energy as I can when I buy a lottery ticket, it doesn't change the odds, and I don't see why trading should be any different. But of course a negative attitude is self-defeating.
Last year I traded a live account for almost 4 months and I lost around 9%. I can honestly say that I sized all positions at 1% risk, maintained a positive enough attitude, and kept to my entry/exit plan with 100% discipline. But my plan didn't time the entries and exits accurately enough, and consequently didn't deliver an edge. As a result, I lost money, and closed the account.
DavidIgnored
Disliked... How about if I email you a actual client's file that shows I made 693 FX trades in a row without a loss ?...Ignored
QuoteDisliked... not about bragging but just to establish my incredible credentials...
QuoteDislikedI have the EDGE.
QuoteDislikedI average over 20% increase in Cash Asset Value per month. I have the EDGE.
DislikedOver how long a period of time?
You ever read Snellgrove's book?
With very selective entries and exits, this is quite achievable by many.
Kinda sounds like the same thing to me. No offense.
No. You have an edge. Not the edge
I like the moxy, don't get me wrong. But why do you feel you have to continuously, in every post, reaffirm it to yourself and us?
Just trying to understand the underlying motive and mentality is all, as the last person with such personality traits that I worked with, was in fact the most insecure out of all of the members of our group. It is a common mental defense mechanism.
Kind of a "...the empty can rattles the most.." cliche.
And to me personally, the more times I read statements like this from people, the less I believe them.
I'm just saying it may start having the adverse effect on your audience that you are hoping it will.
Ignored
DislikedBecause of my open honest style there have been, not particularily at this place but for sure at Oanda FX forum, parties that constantly insult, defame me among many other issues that relates to my personality and nature.
That being said perhaps I am a bit defensive when my record is challenged.
I accept your positive comments 100% and I enjoyed reading your post.Ignored
DislikedI wasn't asking you to explain your methodology. I've read enough of it thanks. And wasn't trying to insult or defame you.
I was more challenging your very bold statements, especially having THE EDGE. When in reality a single, one-and-only edge doesn't exist.
And all you are doing is trading s/r with a bit of fundie in the mix.
I was trying to understand the intent behind it all. Which you always seem to dodge nicely by posting a position update, or a recent trade.
I suppose I just have issues with people such as yourself, that at first glance seem to think they are the be all and end all to trading forex.
I always ask direct questions as to why they think they are, and what their agenda is for having to tell everyone.
I'm yet to get a direct answer in return...
I'd suggest writing and publishing a book as so many other "guru's" have done. Stick it on a shelf somewhere and you won't have to constantly avoid dealing with direct questions from healthily skeptical folks like me in a public forumIgnored
DislikedWhat else can I say. I now am working with larger investors to put together One Million US dollars in FX trading funds.Ignored
DislikedOne Million? Isn't that peanuts?
I have about 12 Million alone. 1 Mio is nothing.
You can have proof if you want.Ignored
DislikedI hope to be able to directly answer your question here and now.Ignored
QuoteDislikedDon't you think that I asked myself at least one thousand times why ?
Why can I go 693 FX trades in a row without a loss ? Why do I average plus 20% a month constantly ?
I can only come up with one answer.
I have the EDGE and I am just that darn good.
QuoteDislikedWhat else can I say.
QuoteDislikedThen maybe you might accept that I have the EDGE.
QuoteDislikedWould you like me to send you the documented PDF file of those 1804 FX trades ?
QuoteDislikedPerhaps that might confirm my EDGE...
DislikedAn answer to the Thread title can be found in this post.
http://www.forexfactory.com/showpost...24&postcount=6Ignored
Disliked
I used to know a guy who had a favorite saying, which was:
"He'd have to be able piss a bucket full of foam before he f*#ks with me"Ignored
DislikedYour post is thoughtful and very intelligent.
The KEY is the EDGE.
Here is your EDGE if you really want it.
It takes time and hard work.
How about if I email you a actual client's file that shows I made 693 FX trades in a row without a loss ?
The above comment is not about bragging but just to establish my incredible credentials.
All other factors and points are needed and valid. However you need an edge. I average over 20% increase in Cash Asset Value per month. I have the EDGE.
Good FX trading to you and have a great day.
BruceIgnored
DislikedI do not need my EGO stroked. I only started this FX thread in order to teach people how to trade properly in order to make money.Ignored
QuoteDislikedMy only reward is the satisfaction of helping just one person.
QuoteDislikedGood Trading and leave the EGO at home.
QuoteDislikedYou are free to post but if you do then it is your EGO that posts.
QuoteDislikedI do not need anyone's approval.
QuoteDislikedYou asked me a question and I tried to answer it honestly.
QuoteDislikedI surely will.