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-   -   Successful traders are very, very rare to find (https://www.forexfactory.com/showthread.php?t=718444)

Rennaissance Nov 27, 2017 4:59pm | Post# 1

Successful traders are very, very rare to find
 
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?

Piquant Nov 27, 2017 7:04pm | Post# 2

When it crosses the midline, you buy or sell. When it peaks, you exit
I have to agree with your point that trading is dynamic but I'm wondering what do you mean by midline ? and how do you properly draw one ?

Rennaissance Nov 27, 2017 7:57pm | Post# 3

I have quite looking for them, the outliers are so rare they seem non-existent.

AntiVi Nov 27, 2017 8:04pm | Post# 4

What incentive do successful traders have to put themselves out there?
Think about it...

profitfarmer Nov 27, 2017 8:13pm | Post# 5

I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
i was hoping you will define "successful"
without that, it is hard to categorize.
and as it is, "successful" has a different meaning to everyone.

for example, in my own little world i am successful. i trade full time, make about 2x as much as my last salaried job, with less than half of the 'work' hours.
instead of being away from my family weeks ( like last job), i am at home, trading from home.
am i a millionaire? not.
am i making 100%+ a month? not.
am i feeling content with what i make, for the effort i put in? yes.
in my own little world, i consider this "success"

OHLC Nov 27, 2017 8:23pm | Post# 6

What incentive do successful traders have to put themselves out there? Think about it...
That's an easy one that doesn't take any thinking. It makes some traders feel good to share a little bit and help out a little bit. There are some traders that share much, much more than a little bit, freely and without any incentive. Not everybody is a leech haha

4for4 Nov 27, 2017 8:51pm | Post# 7

If you use business analytical methods, then you can measure movement as it goes up and down. When it crosses the midline, you buy or sell. When it peaks, you exit. Not sure that is negatively skewed or doomed to fail in the long run. Understand though, the vast majority of traders connect highs/lows from trades that have already occurred and then call those lines "probability" using such terms as support/resistance ... Business analytics are used all over the world so a business can track its expenses against its profits. As those tallies go up...
Knowing the long-term statistics of the strategies/methodologies used in our trades is of prime importance ...

AntiVi Nov 27, 2017 8:59pm | Post# 8

{quote} i was hoping you will define "successful" without that, it is hard to categorize. and as it is, "successful" has a different meaning to everyone. for example, in my own little world i am successful. i trade full time, make about 2x as much as my last salaried job, with less than half of the 'work' hours. instead of being away from my family weeks ( like last job), i am at home, trading from home. am i a millionaire? not. am i making 100%+ a month? not. am i feeling content with what i make, for the effort i put in? yes. in my own little...
A lot of people that don't know what they're talking about would say that you're not successful and that you should be making 10% a month but in reality you're doing really good.

I am personally going towards success but I don't consider myself successful yet.
I'll consider myself successful when I can live off of my trading plus still grow my trading account considerably.
If people could do this their profits will grow over time if you manage everything right and you'll be making more and more over time.

What you're describing sounds amazing to me!

OHLC Nov 27, 2017 9:10pm | Post# 9

IMO, in terms of a statistic, I would say that one hasn't achieved trading maturity until 20% per month (without compounding) with a less than 5% DD is considered easily achievable. A lot of traders on FF will find this "insane" but I am almost certain that there are many traders out there that are doing much higher. They're just not here on FF to tell us about it

emadpsych Nov 27, 2017 9:11pm | Post# 10

I trading in this market for a long time ( from 2006 ) and after all these years, I still lose, a lot, and never call myself a trader, gambler maybe. It's all about emotions, it's all about greed you know. You want be rich fast, you want make thousands of dollar profit in a week with your tiny low capital. you open big lots, and not set any SL and open more position in same direction even more ............................................................................ Long story short, until you not manage your emotions, no matter how long you trade, no matter what strategies do you u use, you will be ME! a looser who lost a lot and still do the same and same.

I was at a seminar the other day, the guy said something that really make me think, he said "I think we should look at each dollar of our account as a employee" I think he is right, I know he is right, I KNOW but yet I open 0.3lot position with my $200 account.

ReverseFlash Nov 27, 2017 9:29pm | Post# 11

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Erebus Nov 28, 2017 4:03am | Post# 12

I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
where are you looking?

Inserted Video

DavidRP Nov 28, 2017 4:38am | Post# 13

{quote} i was hoping you will define "successful" without that, it is hard to categorize. and as it is, "successful" has a different meaning to everyone. for example, in my own little world i am successful. i trade full time, make about 2x as much as my last salaried job, with less than half of the 'work' hours. instead of being away from my family weeks ( like last job), i am at home, trading from home. am i a millionaire? not. am i making 100%+ a month? not. am i feeling content with what i make, for the effort i put in? yes. in my own little...
your psy account is very good

profitfarmer Nov 28, 2017 4:40am | Post# 14

{quote} your psy account is very good
it is exactly the same as in the TE, only that is time based calculation, and not a simple on total deposits made.

Kxeroo Nov 28, 2017 5:30am | Post# 15

I really don't get why people are so monetary driven in life. We are talking about success and it is mostly seen as where you live how you live, what you drive. Although most people don't admit or deny that they are all too material. We are all greedy when we are not satisfied with what we have just by comparing ourselves with extreme examples but the reality is just having a 3 meals a day having a shelter and a happy family is the real richness no matter where you stand financially. Yes we all want best for our loved ones but there are a lot of people out there who are happy with what they have or don't think as much as those who compare themselves with rich and wealthy (which they have their own problems in a different level). I have been around reading in FF for a very long time, met a lot of traders who are chasing that dream, trying to find shortcuts in life. But if they just concentrate on challenging themselves without looking what others do they will be successful in shorter time.

People take their basic educations, go college / university. They graduate. Look for a job in whatever the field they are interested or graduated from. At this very moment and onward they don't expect to get rich for what they would do for living. People don't study law and thinking they will be so damn rich at some point. But they know it will pay off someday. So at what point of time people really think they will be so damn rich doing forex. Even those who studied banking and finance at university doesnt take a career path in trading. It is not for everyone. It is for those who want it so bad . So bad to be successful in trading. So my suggestion to those newbies or those who think they are not successful not to focus on becoming rich. Just trade to be successful 5% every month or even every year, for multiple times. Challenge yourself not anyone else.

As you improve yourselves, understand yourselves you will evolve; to a better person, to a better trader. That alone is good enough. To be the top rated trader is a god gift. But being a successfull trader is we all can achieve. Just how much do you want?

KeenPips Nov 28, 2017 5:45am | Post# 16

Very good observation on the dangerous obsession with equating success with money and what money can buy. However, money is a key part of how business success is couched.

Trade safe and prosper.

KP

I really don't get why people are so monetary driven in life. We are talking about success and it is mostly seen as where you live how you live, what you drive. Although most people don't admit or deny that they are all too material. We are all greedy when we are not satisfied with what we have just by comparing ourselves with extreme examples but the reality is just having a 3 meals a day having a shelter and a happy family is the real richness no matter where you stand financially. Yes we all want best for our loved ones but there are a lot of...

fxprimate Nov 28, 2017 6:14am | Post# 17

I trading in this market for a long time ( from 2006 ) and after all these years, I still lose, a lot, and never call myself a trader, gambler maybe. It's all about emotions, it's all about greed you know. You want be rich fast, you want make thousands of dollar profit in a week with your tiny low capital. you open big lots, and not set any SL and open more position in same direction even more ............................................................................ Long story short, until you not manage your emotions, no matter how long you...
Itīs the f****** discipline/emotions/greed.
That's why the same "system/strategy" dont work for all.

Sometimes I follow price for hours until I have my setup (or what I think is the best setup for me to place a trade) but in the meantime the temptation is enormous.
Sometimes after I have made a trade (or my day) in profit, I think why not another trade.

I wish you could control these demons, your trade will improve
But I also know that you already know that.

Green pips.

OHLC Nov 28, 2017 7:17am | Post# 18

{quote} Itīs the f****** discipline/emotions/greed. That's why the same "system/strategy" dont work for all. Sometimes I follow price for hours until I have my setup (or what I think is the best setup for me to place a trade) but in the meantime the temptation is enormous. Sometimes after I have made a trade (or my day) in profit, I think why not another trade. I wish you could control these demons, your trade will improve But I also know that you already know that. Green pips.
Must have patience and discipline in spades. It is fundamental.

AntiVi Nov 28, 2017 7:43am | Post# 19

IMO, in terms of a statistic, I would say that one hasn't achieved trading maturity until 20% per month (without compounding) with a less than 5% DD is considered easily achievable. A lot of traders on FF will find this "insane" but I am almost certain that there are many traders out there that are doing much higher. They're just not here on FF to tell us about it
Buddy, if you can get 20% a month consistently with a maximum drawdown of 5% literally everybody will be lining up to invest with you.
20% is a lot and I don't think it's a good thing to spread that number as "trading maturity".
If people get 3-5% on average a month they are doing very well and from my experience and the successful traders I have talked to would agree with that.

I'm not saying there aren't any people out there that can do that but they're certainly not the standard for success.



I really don't get why people are so monetary driven in life. We are talking about success and it is mostly seen as where you live how you live, what you drive. Although most people don't admit or deny that they are all too material. We are all greedy when we are not satisfied with what we have just by comparing ourselves with extreme examples but the reality is just having a 3 meals a day having a shelter and a happy family is the real richness no matter where you stand financially. Yes we all want best for our loved ones but there are a lot of...
You see a lot of people struggle when it comes to money, where I live rent costs 1000eur for a shitty apartment and considering the fact that a lot of people only make 1200-1600eur a month it's rough and you simply can't afford to even rent something without moving away to a more rural area.
Even if you move away to a rural area they still struggle a lot.

Let me be the first to tell you that people aren't happy when they have to struggle to survive in today's economy.
It is true that money alone doesn't make people happy but it sure isn't going to make it any worse and most people are happy as long as they can live comfortably and don't have to struggle trough life.

Just imagine having to have 2 jobs that you hate doing and working every single day just to survive... I don't think that makes anybody happy.

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Superflex Nov 28, 2017 7:58am | Post# 20

I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?

Alot of successful one's dont reveal their success. They keep it low key as to not want any publicity. I know if and when I get successful I wont reveal any.


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