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What I learned after losing $300,000 trading forex

  • #781
  • Edited 2:55pm Aug 25, 2020 2:40pm | Edited 2:55pm
Quoting here2there
{quote} Can you at least give us the name of your mentor?
You have to just do the work. Watch the levels for 60 days and design your own strategies. This thread is not about teaching you how to trade.

This thread is about how I stopped the insanity of doing all the stupid things that are taught in the retail world and I changed my perspective to a statistical approach.

In 5 months from now, I would be willing to bet that there are going to be several traders that have read carefully through all my posts and asked me the right questions and change their trading results completely, and then there will be another 1000 traders that just will not care about any of this.

Believe me, there is gold here in what I have shared, some will see it and others won't care. I make no judgment on anyone.

The things I am sharing here are just what have worked (and made all the difference in the world to my results) for me personally.
  • #782
  • Aug 25, 2020 2:48pm Aug 25, 2020 2:48pm
Quoting CeeSo
{quote} You have to just do the work...
I have done the work and am doing the work. I am probably one of the most studious people in this forum when it comes to learning Forex. I've spent thousands of dollars on courses and hundreds of hours learning.

I am not asking you to teach me. I am asking you who your mentor is so I can continue my research. I don't see why you would keep this a secret, unless he or she prefers not to be known.
Learn from your mistakes and march on.
  • #783
  • Edited 3:22pm Aug 25, 2020 3:04pm | Edited 3:22pm
Quoting here2there
{quote} I have done the work and am doing the work. I am probably one of the most studious people in this forum when it comes to learning Forex. I've spent thousands of dollars on courses and hundreds of hours learning. I am not asking you to teach me. I am asking you who your mentor is so I can continue my research. I don't see why you would keep this a secret, unless he or she prefers not to be known.
Yes, my mentor does not wish to be known.

And I am very sorry to hear of your struggles I was where you are and it is a horrible place to be.

That is why I started this thread to try and help traders focus on what matters the most.

Every fake guru/educator in the world are all teaching retail trader how and why the should get into trades!

This is very flawed!

Trading education should start with understanding your market intimately (I do this with statistics and math), then risk management, then brain chemistry, and then finally where to get into trades.

That is what this thread is about. Priorities !!!

If I can just stop a few people from believing in the bull crap rainbows and lollipops style of trading that all these fake gurus are preaching I will be very happy,

Here is one little thing to think about.

IF someone is spending money on advertising and time away from trading trying to sell you a trading education RUN.

Before FTMO I had to build my account slowly back but now with FTMO, I expect to make massive profits in the next year. Why on God's green earth would I want to waste time and money trying to sell you a course?

This silly thread has already been way to exhausting and tiring
  • #784
  • Aug 25, 2020 3:16pm Aug 25, 2020 3:16pm
Quoting CeeSo
{quote} Yes, my mentor does not wish to be known....
I respect that.
Quoting CeeSo
{quote}And I am very sorry to hear of your struggles I was where you are and it is a horrible place to be.
Well, it hasn't been too bad. I am a very conservative trader. So no big losses or blown accounts in Forex on my part. When it comes to Bitcoin and the crypto market in general, well, that's another story. I've been burned very badly! And that is what motivated me to become so studious as a trader.
Quoting CeeSo
{quote}Every fake guru/educator in the world are all teaching retail trader how and why the should get into trades! This is very flawed!
Much of what they teach doesn't work. I think they make more money selling courses and memberships than they do from trading.
Learn from your mistakes and march on.
  • #785
  • Aug 25, 2020 3:24pm Aug 25, 2020 3:24pm
Quoting CeeSo
{quote} That is why I started this thread to try and help traders focus on what matters the most. Every fake guru/educator in the world are all teaching retail trader how and why the should get into trades! This is very flawed! Trading education should start with understanding your market intimately (I do this with statistics and math), then risk management, then brain chemistry, and then finally where to get into trades. That is what this thread is about. Priorities !!! If I can just stop a few people from believing in the bull crap rainbows and...
Very well said.

Quoting CeeSo
{quote} That is why I started this thread to try and help traders focus on what matters the most
Massive thank you.
  • #786
  • Aug 25, 2020 3:30pm Aug 25, 2020 3:30pm
I agree with everything you said in your first post, especially about money management. I’m BIG on money management. I’m curious as to why you’re trading Forex and not currency futures. Obviously you’re trading with some decent capital, why use an FX broker? Futures markets are more transparent, leave the forex for the people with $500 or $1000 accounts.
  • #787
  • Aug 25, 2020 3:34pm Aug 25, 2020 3:34pm
Quoting here2there
{quote} Much of what they teach doesn't work. I think they make more money selling courses and memberships than they do from trading.
I was quite lucky my father taught me how to trade stocks when I was around 20 years old. One of my friend had a good mentor and he taught both of us on how to trade forex. On the other hand you are right saying that many people selling courses make more money with their courses than trading. I tried a few free trading rooms and many times the teacher was trading using a micro account; this doesn't inspire confidence.
  • #788
  • Aug 25, 2020 3:46pm Aug 25, 2020 3:46pm
Quoting CeeSo
{quote} Yes, my mentor does not wish to be known. And I am very sorry to hear of your struggles I was where you are and it is a horrible place to be. That is why I started this thread to try and help traders focus on what matters the most. Every fake guru/educator in the world are all teaching retail trader how and why the should get into trades! This is very flawed! Trading education should start with understanding your market intimately (I do this with statistics and math), then risk management, then brain chemistry, and then finally where to...
CeeSo, I am grateful to you for this thread. As you suggested, I started watching and making note of those levels.

By the way, couple of days ago, I was looking into prop firms, there is a scope for trading around $2.2 million. (300K+ in FTMO, 700K in Enfoid, 1.2M in 5ers). 50% profit share in latter two, of course, MM parameters will have to be tweaked a bit. Seemed a fair game.
  • #789
  • Aug 25, 2020 4:03pm Aug 25, 2020 4:03pm
Quoting Penguinvestr
Futures markets are more transparent, leave the forex for the people with $500 or $1000 accounts.
Last year, I traded currency futures and still got a CME futures data feed. I moved to FX/CFD for couple of reasons.

1. As a UK Citizen, can make use of Spread Betting account type in FX/CFD, which is tax free.
2. Spreads in currency futures are 2 to 3 times higher than Spot FX.
3. Higher margin for overnight CF positions. (Of course, there is an advantage of no swap in CFs)

By the way, for your info, even traders with $500 or $1000 accounts can trade currency futures these days, if they want to... CME introduced mini CFs recently.
  • #790
  • Aug 25, 2020 4:31pm Aug 25, 2020 4:31pm
Quoting srby
{quote} CeeSo, I am grateful to you for this thread. As you suggested, I started watching and making note of those levels. By the way, couple of days ago, I was looking into prop firms, there is a scope for trading around $2.2 million. (300K+ in FTMO, 700K in Enfoid, 1.2M in 5ers). 50% profit share in latter two, of course, MM parameters will have to be tweaked a bit. Seemed a fair game.

Thanks, I just found about FTMO a few weeks ago and was very surprised these even existed. I had a few problems with them so far but from all the research they "seem" to be legit.

Time will tell.

I will check into those other two but if they are good I will join them for sure. It has been a very slow grind back but now that I am very confident in my process I will be wanting to maximize my returns.
  • #791
  • Aug 25, 2020 4:37pm Aug 25, 2020 4:37pm
Quoting Penguinvestr
I agree with everything you said in your first post, especially about money management. I’m BIG on money management. I’m curious as to why you’re trading Forex and not currency futures. Obviously you’re trading with some decent capital, why use an FX broker? Futures markets are more transparent, leave the forex for the people with $500 or $1000 accounts.
You are right I really should trade futs. I traded them for a long time back when I was losing but when my funds ran low I had no choice but to switch to forex. I also have a bunch of customized tools that I am using with MT4 (that I paid a bunch of money to have made) so I guess it is just a matter of platform familiarity at this point. Plus many forex brokers are pretty competitive spreads these days so I am just comfortable with what I am doing on MT4 right now.
  • #792
  • Edited 5:06pm Aug 25, 2020 4:44pm | Edited 5:06pm
Just another ruined good thread with a "I have another best indicator" guy. CeeSo, do you have an ability to delete all that shit?
Neogenesis, could you please create your own thread and share your great results there? I want to focus on CeeSo approach.

p.s. Always love that "I'll now leaving for making money, then 10x more pages of useless information, Neogenesis".

Now let's return to the strategy.

I have tested it these days and it is good. Have tested it on EU, GU, UC and UJ pairs.

1. This is 0.25, 0.5, 0.75, 1, 1.25
2. Trade only 0.25 - 0.5 and 0.5 - 0.75
2.1. Below Zone/level is only shorts, above - longs.
3. Use fibo levels (that's strange for me, but yes). First take is 23.6 it must be 50% of your lot and... let's say you trade 1 lot, then first TP on 23.6 must be 0.5 and at least at 14p (if you use 7$ per lot commission like icmarkets do). Then next one will be at 38.2, 50, 61.8 and all you wish.
Fibo calculated from nearest level to entry point.
4. SL placed at entry level once first TP filled.
5. Zone "activated" if 50 MA in the zone (not the price), and let's say 10-25p in.

In most cases it will fill first TP with profit then come back to your SL. But sometimes it can hit all your higher TPs.
TP on next level/zone... not working. If using it RR is negative.

Check the screenshot, red is +0.25, yellow is +0.5 and orange is +0.75%

First entry from 50Ma crossign the Zone = Entry.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 99 KB
Observer effect
  • #793
  • Aug 25, 2020 5:03pm Aug 25, 2020 5:03pm
Hi Ceeso,

Its impressive that you have managed to handle your emotions with such a large draw down. I found Chris Lori to be very helpful for me. - free website.
He explains price delivery in the spot forex market and also about building the mental strength which is needed. I would only look at his free stuff on you tube.
I looked at it a year ago and have come back to it - its the only thing which I find consistent and should work with your statistical approach. only a suggestion..
  • #794
  • Aug 25, 2020 6:41pm Aug 25, 2020 6:41pm
Quoting ryuryu
Just another ruined good thread with a "I have another best indicator" guy. CeeSo, do you have an ability to delete all that shit? Neogenesis, could you please create your own thread and share your great results there? I want to focus on CeeSo approach. p.s. Always love that "I'll now leaving for making money, then 10x more pages of useless information, Neogenesis"....
Very nice I like what you are doing. Keep going you are on to something
  • #795
  • Aug 25, 2020 7:05pm Aug 25, 2020 7:05pm
Quoting CeeSo
{quote} I love this quote please give me permission to use it for the rest of my life LOL btw is your username a short form for Ayn Rand? Fountainhead and Atlas Shrugged were both amazing books and helped me with my mindset for trading.
Haha, it's all yours til the end of your days

And no, it's not after Ayn Rand, but now that I looked up those two books they do look like great reads. Already ordered them on Amazon.
The best strategy is a profitable one.
  • #796
  • Aug 25, 2020 7:24pm Aug 25, 2020 7:24pm
Quoting neosqualls
{quote} I am a little bit lost here, don't all the trading system here are context based? Without this "context" to decide to buy or sell how can we achieve, even with a lot of work, to find the "buried gold" ? ....
you cannot trade purely with those statistic

you need also look at the overall percentage of change to determine the currency you are trading

Attached Image

Looking at the overall percentage change above, do you want to sell or buy GBPUSD this morning
  • #797
  • Aug 25, 2020 7:58pm Aug 25, 2020 7:58pm
Quoting failinforex
{quote} you cannot trade purely with those statistic you need also look at the overall percentage of change to determine the currency you are trading {image} Looking at the overall percentage change above, do you want to sell or buy GBPUSD this morning
Excellent point! Measuring currency strength is very important.

By the way, how did you get the rate of change to appear altogether like that? Are you using an indicator?
Learn from your mistakes and march on.
  • #798
  • Aug 25, 2020 9:56pm Aug 25, 2020 9:56pm
Quoting BWilliam
{quote} Buy
No action till we see -

Attached Image (click to enlarge)
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  • #799
  • Aug 25, 2020 9:59pm Aug 25, 2020 9:59pm
Quoting failinforex
{quote} No action till we see - {image}
Everyone has their own way of trading but I'm just curious. You are using a strength meter, that is showing the % of daily change, to trade the 1 minute chart???

Are you actually profitable doing this, long term? Like 6 to 18 months?
The best strategy is a profitable one.
  • #800
  • Aug 25, 2020 10:07pm Aug 25, 2020 10:07pm
Quoting failinforex
{quote} No action till we see - {image}
The numbers indicate GBP is weaker than USD. Therefore, we should be looking to sell GBPUSD. However, if the main trend for the pair is bullish on the Daily, then we should avoid selling the pair until currency strength is in line with the main trend. Trading against the trend is usually a bad idea.
Learn from your mistakes and march on.
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