DislikedI never thought I'd say this man, but I must confess I just found a new buddy on FF.
Will send you a PM after the day's sessions if you don't mind.Ignored
may the pips be with you lol
Twitter: @forexpokerpro
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DislikedI never thought I'd say this man, but I must confess I just found a new buddy on FF.
Will send you a PM after the day's sessions if you don't mind.Ignored
Dislikedyou have got to be kidding me.
Note: this is my own view, and i'm sure a lot of the future millionaire traders will not agree, in which case I dare you to a debate on whatever you disagree with
1. Making goals such as 10%, 20% /month, 5%/day IS NOT GOING TO WORK IN TRADING !!!!!!!!!! Stop doing it. You cannot control the market. You depend on the market to make money. There is no such thing as : i want to make 10/20/50 pips today. It's not up to you, it's up to the market. Get that fact straight. The market moves how it wants, not how you want....Ignored
Disliked2. Everything is doable on paper. EVERYTHING. But when it comes to actually pull it off, that's another story. OP, no offense but you say you didn't commit to it and that's why you aren't a millionaire yet. ARE YOU KIDDING ME ? If you are so sure that this works, how in the world can you not commit to something like this, that will make you quit your day-job, live the life of your dreams, buy almost anything you want, don't have to worry about money, be financial independent & etc. Please tell me why you did not commit to it. I cannot think of 1...Ignored
Disliked3. 5% risk/trade is TOO MUCH. you do realise that 20 losing trades in a row will wipe you out right ? And before anyone says anything, yes, it happens. You don't think 20 trades in a row is possible/or haven't experienced it yet ? Great, go work for Goldman Sachs, and make yourself and them millions and live the baller life. IT HAPPENS. Sooner or later, but it happens. It's part of the game.
Also, if you have 10 losing trades in a row, you realise that you have lost half of your equity ?Ignored
Disliked4. 25 pips S/L. you are going to hit your S/L so often you cannot imagine. What is with this thing about very little/narrow stop-losses. Do you have any idea what 25 pips means in forex ? NOTHING !!!! it's just nosie. Random noise. This whole idea of having a very short stop-loss is doomed for failure. Nobody wants to take on risk (hence the short s/l), but everybody want to make thousands of pips. Get real, there is a reason (high risk(calculated nevertheless)-high reward)Ignored
Disliked5. Emotions. I could also write pages about this aspect of trading, because it's one of the more important. Discouragement, frustration, hate, confusion, etc, all these things will hit you at some point or another during your trading career. Most likely at the beginning. What will you do/how will you feel when you lose 10 trades in a row ? How will you feel, when you got good signals on your system, but the first 8 trades of the month hit their stop loss. How will you trade for the rest of the month ? Will you try to make it back by overtrading...Ignored
DislikedYou think it is possible ? GO AHEAD, PROVE ME WRONG ! write: i will do this and prove you wrong. Commit to this thread, and every Friday you make a post and tell us how it is going. Or open a journal and give me the link. I will follow it 100%. And when you buy your Ferrari from your trading money, I will come and wash it for you for freeIgnored
Dislikedwhy do you keep posting same rubbish,as i said if its thats easy make ten accounts of 300$ and in years time youll be half way there,but more like it seems you like speaking bullshit for others then rather making an effort yourself,o either your a bum who doesnt have 300$ to start off or looking for idiots to test your theory.I know if i knew a technique that made me rich in few years time i wouldn't be afraid to invest couple grand to get there,but you seem more like an idio$ as you share this with everyone and never bothered to try it out yourself....Ignored
DislikedI explain a bit in the post above of why I have never tried I...
As for me personally, with my current simple (pretty basic) system I am putting together, of which I plan to stick with instead of jumping from system to system like in the past, I actually feel better than ever about my chances to be successful in forex. I think these last 2 years of not trading have actually cleared my head a bit.
Anyways, pinkiaiii, thanks for your warm and fuzzy post...Ignored
DislikedHi StormsRiders, I'm sorry if I sounded too harsh. I must have misconstrued your statement. Please accept my apologies...
Hope you had a nice day? Don't know if you trade the Fiber but hope you're enjoying the complex moves today?.
Happy trading to you.Ignored
DislikedI explain a bit in the post above of why I have never tried it before myself. I also talk in a few posts throughout this thread of my lack of success as a trader. It's not a matter of whether I have tried this plan before. I put this info out there to show it can be done without making 1000 pips a month or risking a starting capital of thousands of dollars in your trading account. It is an incenctive for others (and now for me also) to work on our trading skills so we can become financially free. Even though I said in the above post that I think...Ignored
DislikedIt is highly doable.
Only way to do is by using a dynamic tading method that has a positive expectancy and use money management and stick to the rules at all times.Ignored
DislikedThe goal of the plan in the article is to get 100 pips per month (combined with the other parameters the article mentions). REMEMBER, this is per MONTH. Not "per day" or "per week". Most currencies on most days move 70 pips ... 80 pips ... 90 pips ... 100 pips ... sometimes even more ... almost every day. It of course depends on the currency. Sure, there are sometimes a few days a month some currencies only move something like 30 or 40 pips. But generally currencies will move more than that. Currencies such as gbp/jpy usually move...Ignored
QuoteDislikedYou are right. I admit I have not had success in Forex before. That is why for the past 2 years I've been away from it - except for occaisionally looking at the charts during that time. My lack of success is the reason I did not even attempt the plan in the article. It would have been a waste of time. Still, I've always had that article in my head about making big money with a small account and a small number of pips. And I always had it in my mind IF I can somehow figure how to secure at least 100 pips a month, that it would solve my money problems....
QuoteDislikedBBPI_fxtrader, you said, in regards to your doubts about the plan in the article, "If it really worked then I would lock myself in the house, and do this day in day out, wouldn't care about friends, going out, seeing the sun, etc. Screw it, i'll see the sun in 4 years from my house in the Bahamas."
Funny thing is, I am not too far away from doing just that. Lately I've been spending more time working on my trading system and getting myself together to trade, instead of hanging around my family and friends. I have been going more and more in the...
QuoteDislikedIn regards to the possibility you brought up of someone losing 20 trades in a row, coincidentally, in the trading room I mentioned in my paragraph above, the guy talked the other day about the odds of losing consecutive trades in a row. He wrote (and repeated out loud) the following on the screen of the trading room - of which I wrote down:
"Assuming the probability of a win or a loss on any one trade is 50%, if you risk 5%, you will wipeout as soon as you have 20 consecutive trades. That equals to 1 chance in 1,048,......
QuoteDislikedGo back to post #107 of this thread and you will see that I talk about a successful trader in this forum named "kostas1". He is a veteran member of FF that has made $500,000 since March of 2010. He says his stop loss "is no more than 15-19 pips". And he wrote, "My daily target is 30-40 pips. I can achieve this in 3-4 trades (each from 8-15 pips)."
QuoteDisliked[b]So my point is that a stop loss of 25 pips or less WILL WORK! And there are people that average more than 5 pips per day.
QuoteDislikedYou are exactly right. Emotions have to be dealt with. A successful trader learns how to do this. If anyone is making 100+ pips month, then that is a good sign they are on the right track. The more pips & money they make, the more it is a sign they are not only a good trader but can also control their emotions. This is a big part of why I don't expect a beginner trader to begin making big money starting his first day of trading. It is because he most likely won't have the mental & emotional aspect under control. The trading plan in the article is...
QuoteDislikedOk, BBPI_fxtrader, you are actually inspiring me to commit myself even more to forex trading. I haven't got my trading system ready for use yet (I'm in the middle of fine-tuning it), but at some point I DO plan to open a thread detailing my trades. When I get my live account going, and in 45 months I've got at least $1 mill sitting in the bank, I fully expect you to be standing in my front yard of mansion, with a wash cloth and a bucket of soap. (be sure to bring the top quality soap for Ferrari's)...
DislikedBBPI, do you think that making a living off fx, meaning withdrawing 50k-100k+ a year from the trading account is an near impossibility for anyone aspiring for it, starting from a small sub 5figure account, with patience, compounding and having a small trading edge?Ignored
QuoteDislikedAnd What % growth/number of pips do you think is reasonable for a small time trader to strive for on a monthly basis?
QuoteDislikedI'd to hear the expectations of others, because as far as I can tell, all someone needs is a small positive expectancy edge in their trading, patience and let compounding work it's way...the second two are the relatively easy peezy ones, so it all comes down to the trading system actually being positive expectancy. Do you think that trading profitably is even possible?
DislikedOf course a trader can start small, and with patience and compounding, after a couple of years be able to withdraw 100k from the trading account for living expenses and what not, and not be affected that much(this is a whole other discussion and would be glad to discuss how i am going to do it for example, if you are really interested).
Ok, now that we determined that you cannot control how the market moves, why are you thinking about how much ROI % you want to achieve in a month ? For us to be able to do such a thing, we must take our system,...Ignored
DislikedI agree with Custos when he says that the real reason he thinks most traders lose in fx, is not that they lack discipline or ability, but that they simply don't have positive expectancy systems, so they are set to fail from the start. This is a crucial point that isn't explained enough to new comers, that while all the indicators, colorful screens, cool codes, fancy price actions, SR lines all over the place may be interesting and make you look like a smart finance guy to the layperson, you've got to quantify the system day-day week-week month-month...Ignored
Dislikedi agree, and that happens because most newcomers backtest a system, when in reality backtesting should only be done when "developing" a system.Ignored
DislikedForward testing is key.
And also, my impression is that most newcomers overlevrege. Who wants to get rich slowly ?Ignored
DislikedI just noticed on FXCM that the winner of the latest monthly contest did the
following in a REAL ACCOUNT. Started month at $ 534.00 End month at
$ 6000.00. We can all check in with FXCM this coming Tuesday at 14:30 EST
to see how SHE did it. I'm in.
Tom
PS: I am not associated with FXCM in any way other than being a small time trader. Just for your info.Ignored
DislikedI already stated when i talked with Motion that ...
Of course we talk about not letting emotions getting in the way, not putting value to the $ amounts you are trading & all that. But if you never had that kind of money, you are in for a treat. And a pretty big one. You have absolutely no idea how you would feel, because well, i don't think you've lost 100k in a day before. And unless you're already a millionaire, 100k is a lot of money. It will literally crush you psychologically.
THAT'S WHY I SAID THIS WON'T WORK !!!!!!!!!!!!!...Ignored
DislikedIt seems to me that those "contests" encourage high risk taking. Making almost 12x your account is usually due to taking high leverage and lots of luck rather then having great trading skills. Also 25K$ prize that this dude is going to get, is great incentive for others to try to do the same thing. Unfortunately most likely they will blow up rather then reach first prize.
Stay away from these schemes and try to learn trading for a long run building something valuable rather then trying to make a quick buck. Also read this...Ignored