Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
- | Membership Revoked | Joined Aug 2006 | 11,977 Posts
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
How to be consistently profitable... but I bet you won't do it 65 replies
Anyone consistently profitable using Expert Advisors? 38 replies
How long did it take to become consistently profitable? 117 replies
Your consistently profitable trading style 37 replies
Consistently Profitable Signal Journal: Simple, Low Maintenance Gains 0 replies
Dislikedwhat are talking about?? my PSAR macd system is TOTALLY based in trading logic!Ignored
DislikedYou see logic in that LOL that is why people fail, they see logic where there simply isn't.Ignored
QuoteDislikedIf you would like to post reasons why you think traders are or aren't consistently profitable that would be great .
General comments on what you think would help traders become consistently profitable would also be a plus.
Hopefully we'll get some honest feedback.
Thanks in advance,
FX4...
DislikedThe reason traders aren't profitable is simply, they are taught all sorts of none fact based trading logic which has no real relevance in real trading.Ignored
DislikedOnly time makes you a more consistent and profitable trader, I believe we all must go through an apprenticeship stage of finding our way around the market, much of this is a personal mindset more than anything.
As for what makes for being an ultimately a profitable trader. Personally I'd say.
1. Discipline.
2. Patience.
3. Sound knowledge of the markets both technical and fundamental.
4. Sticking to one methodology - and not bouncing around trying to find a magic holy grail to trading.
5. Understanding that nothing works 100% of the time.
6....Ignored
Disliked1) Discipline.
2) Patience (aka don't overtrade).
3) Motivation (yes, staring at charts is boring, but it's the BEST way to learn).
Last time I posted I only had 2 months on a real account...it's now been 4 months of profitable trading using the pipware suite (modified to my liking). In my experience, staring at charts for hours, trying to recognize patterns is the most important thing.
People who are bad at trading generally:
- ...believe robots and "systems" will work and they won't have to do any real thinking.
- ...have the impression...Ignored
DislikedA "baptism of fire"...and that is no joke. Glad you have kept a positive outlook...so important. May I ask, how long have you been trading FX?Ignored
DislikedFX4 thanks for the feedback, Around 3 1/2 years all together, initially lost 1.5K in the first 12 months, even my present account is below initial balance however I now have the brakes on further draw downs and am seeing a steady progressive upward movement in the balance.
I usually only trade 2 - 3 times a week max, and my present EURUSD short has been on since last Friday, trades are mainly on the H4 with S/R level analysed also on the D1, W1 and M1.
Being self taught as most of us are in forex in the beginning I just read as many pdf ebooks...Ignored
DislikedBabypips.com is supposed to be very helpful. Have only visited once or twice, but people seem to like what they have so that's great.Ignored
DislikedHi FX4, One other site which you know doubt are aware of is forex4noobs.com run by Nick Bencino. Again he promotes the idea of the higher time frames along with candlestick formations and S/R levels. He does have a very `clean' methodology whereby one trades via `indecision candles which mark the end to a bull or bear trend when it hits strong levels of S/R. I reckon anyone who is a newbie take his style on board. His credentials are that he is a full time trader. If there is any `holy grail'...Ignored
DislikedHi all,
I'll get to the point right away. I don't use any indicator at all, all what I use is a 4H EUR/USD chart.
The way I make my 20 Pips a day is I start with the 5pm(EST) candle stick and let it close. The next candle after the close of the 4hour 5pm(EST) candle stick which starts at 9pm(EST) will be my entry candle.
The way I enter long or short. If the 9pm(EST) candle breaks the previous High 4H candle I go long for 20 pips. If the candle breaks the previous Low 4H candle I go short for 20 pips.
STOP LOSS IS VICE VERSA:
Long:...Ignored
DislikedHi Xen,
The basics of Nick's system that you describe here sound like a winner to me. The key point you mentioned: "strong S/R levels". "Strong" is a subjective term, so some of the understanding needs to come from much observation of price action. It also takes different emotional trading guts to hold trades on the longer time-frames. Training the heart-mind is a journey by itself regardless of the method chosen. Each person still has to find what works for them, but if they can make use of those longer time-frames things might be better.
Thanks...Ignored
DislikedThe results show that of the FF members who could vote (as each member can only vote once per poll), and of those who could vote and did vote, 22 more were consistently profitable (according to the definition given): an increase of 2.62%. Of course we don't know of the ones who were profitable last month, what percentage were still profitable in June...that would take an intense poll every month, but we are seeing a consistent increase in profitable traders since April. Has the market changed? Are traders just getting better?Ignored
DislikedFirstly in respect to `strong s/r levels' is naturally enough where evidence has shown that PA in the past has had difficultly overcoming in breaking through on more than 2 - 3 occasions, more would be even better. This seems to be the point where large institutional players have set camp with large pending buy/sell trades. Secondly I find also that losses are much less (for me anyhow) on larger TF's. Such levels have much more credence on the H1 and above. Personally I prefer to bleed as many pips out of a trade as is possible rather than just...Ignored