MONEY MANAGEMENT IS NOT AN EDGE
In fact, inapropriate MM is more likely to lead to failue. You couldnt have made a worse start ! MM is the LAST step of the process.
any professional forex news traders? 6 replies
Forex Predictions by professional traders 32 replies
What do you think Professional Forex traders Make? 33 replies
DislikedHi Czech
Interesting points but this is a 4 Trillion a day + industry. Even if I found the Grail and was making $1M a day trading, my trades would have no effect on the market what so ever, the rest of the world wouldn't even no I existed.
So I have to respectfully disagree that I could affect anyones liquidity. There is definitely a suspicion by many that there is some hidden force scheming behind there backs, when I think its more a case that they simply don't know how to trade and therefore lose. Its much easier to blame others for ones failure...Ignored
Quoting macdonDislikedIf I reveal my magical system to hundreds or thousands of people, won’t their following my signal push price the way I, ultimately we, want it to go? 10,000 people each buying 1 contract of the EURUSD at the same time will cause price to go up, will it not?Ignored
DislikedHi 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 another 50...Ignored
DislikedHOW MANY TIMES DO PEOPLE NEED TO BE TOLD
MONEY MANAGEMENT IS NOT AN EDGE
In fact, inapropriate MM is more likely to lead to failue. You couldnt have made a worse start ! MM is the LAST step of the process.Ignored
DislikedTraders who rely on a true edge are the ones pulling consistent profits from the market. An edge is exploiting an inefficiency in the market. The more people buying into the inefficiency, the quicker price becomes efficient again....Ignored
DislikedGood answers, but I have to disagree about jumping from one system to another, I think an open mind initially is required and the willingness to learn all aspects of an industry/ profession. Otherwise its impossible to make judgements in the future, you have nothing to compare anything too or experience to draw on.
But if you would be kind enough to give an example of how you would use what your saying above on a day to day basis when trading, then Id be more than happy to listen.Ignored
DislikedIts all really interesting analysis to be honest, but totally negative and over complex. You sound like you don't want to be doing it and so far have come up with all the reasons why we will fail trading. Sounds like you don't think no matter what you do you will win.Ignored
DislikedHi Razzle
1st do you make a full time living trading Forex ? are you a professional ?
What are you talking about, MM is extremely important. Its the main reason why so many fail. Trust me Ive blown several accounts by not using it correctly. I do trade as a full time professional.
You can have a rubbish strategy that has less than a 50% win rate and still come out on top if your Risk Reward Ratio and Money Management is sound.
So what do you consider to be the priority then ?
many thanks
ab1Ignored
DislikedAlright ab1.
Now what is the most simple system. Okay place a 10/21/50 ema on the daily chart on usd pairs eurusd/gbpusd/usdchf and audusd. Tell me what you observe.
Alright what do you observe when price pull back between the 10 and 21ema.
Watch what happens when price clearly breaks the 21ema.
Alright another experiment place a gann 7 with sma 7 on a daily chart(if you do not have the gann, get it from my thread GU Intraday system) on the same usd pairs buy when you have a daily close above gann and do the same if vice versa.
That...Ignored
DislikedI'm a little confused because i just went over my opinions on what you need to win, why it isn't apparent on the forums, and why most people are losers. For your information I'm also pretty confident i will be consistently profitable.
You mentioned you've only had moderate success to date yet you cite YOURSELF as a credible source regarding MM. If you're not going to have an open mind to where your problems are then I'm not sure what you expect to gain here.
"i only had moderate success till i started using the 134ema, then my career turned...Ignored
DislikedYes I make my living from trading foreign exchange, and have done since
2004.
My experience isnt transferrable, so what I think is completely irrelevant. Not surprisingly, there's a great deal of bad advice posted on this forum, all I can do is occassionally point out information that is incorrect.
MM will modify returns (for better or worse) but it cannot provide an edge. If your a full time profitble trader you'll know that to be the case. And for the record, I've never suffered a drawdown greater than 20% let alone blown an account.
As...Ignored
Dislikedstart buying when the price stops declining - start selling when the price stops rising.
(please don't ask 'when' the above happens - anyone can see higher lows and lower highs)
use your ammunition carefully
don't hit everything that moves (be patient)
choose a pair and observe, observe, observe........roasted chickens do not have the habit of flying directly in your mouth.
good luck
regards
daytradingIgnored
DislikedYes I do trade full time, I didn't say I was the greatest trader, but Im not the worst and make profits. Its only been two years since I started forex trading so I dont profess to be an expert, but do know what Im generally talking about, its just I think it could be better.Ignored
Dislikedstart buying when the price stops declining - start selling when the price stops rising.
(please don't ask 'when' the above happens - anyone can see higher lows and lower highs)
use your ammunition carefully
don't hit everything that moves (be patient)
choose a pair and observe, observe, observe........roasted chickens do not have the habit of flying directly in your mouth.
good luck
regards
daytradingIgnored