Just basic question on trading successes

I spoke with my partner this morning for n~ time about how upset I'm regarding people who make money without trading, just selling all kind of stuff, training courses, forums, etc. Hundred brokers, full of advert everywhere, Really piss me off. Also, they trying to teach you, and show you how to trade.

I've been through all types of tools, market, got broke few times, I give up few times, but at the end.. I'm still here trying to do what I like to do.

The problem that I found is that during this years I just found tellsellers, fakes, scams.. no one real trader.
So is it true? How can I get the strength to believe it, if I did not met anyone who really trade. It's very difficult to keep the faith.
My partner is sick about it, she can't take anymore. she doesn't want to speak, or listening about market. Too many years the same story. I'm understand her. Looks like some kind of crazy world. I'm agree.

After all this years in this "business" I'm still asking me the same question.

Are there anybody who trade for a living consistently, I mean a guy with 5 years at least successfully living,.
I'm not talking about being a rich person, I just saying a guy who just trade and pays bills and keep his family.

Thanks
David

Of course there is, but their usually well hidden. What level of commitment are we talking about here, from your side, so I don't waste any good names.

Hi,

I understand your frustration.

The reason for you not finding (m)any of the successful traders is that there are not many taking the time to post on a forum and further to that, if they do, they are not necessarily sharing their knowledge to the last detail.

Besides that, tell me one good reason why they should. Think about the following: even if you leave the myth (95% failure rate blabla) aside, this is a very serious business and from the relatively small amount of successful traders many are working for institutions (banks, funds, prop houses) and will not be looked upon very kindly spending hours on a forum telling other people how to do it. The even smaller amount of independent sucessful traders who sit in their homes have most likely become successful because they spent their time researching huge data sets and developing strategies which is in my 20 year experience is very time consuming - so there is really not much good reason for traders to spend time (on a regular basis) on any forum.

That does not mean that every now and then someone hasn't got a moment of philanthropical irrationality and reveals some real value on here......you have to look pretty hard though.

All the best.

regards
daytrading

I appreciate your comments.

"Commitment".. .
I can say 100%, specially when I'm the only person around me that believe in what I'm doing. I'm not getting a single support , even my 10 years old son is telling me that I'm wasting the time.
He is going to the point and ask me if I'm making money and I said that at this time I'm not, but I'm positive about future I'm not give up. I just need a little bit more time. He is really going to the point..
It's not easy living with this all the time.

It is true that probably I will not be here if I have a successfully trading system. Probably will be doing something else.
I'm not include in the "trader for a living" category people who trade with other people money like funds and banks, it's doesn't matter if we talking about 1000000.. it's not the same.

I'm agree with you, forum like this, especially when talking about system is a wasting time. It's more like killing time,.. I have nothing to do so I'm going to test this or that. Unfortunally I did many time.

Thanks

1. If you want to learn TA in a proper and profitable way, dedicate a few months of your time reading some of Igroks work. He have written a book on this field too and is also, quite unbelievable and lucky for us, available here on FF. Don't question yourself when reading it if this method is profitable, it simply is. Just ask yourself how you can trade it profitable too. Blunt statement but I'm just trying to help
2. Philmcgrew. Also makes some posts here at FF. I've read a lot about him and he teaches some of he's systems away. I haven't tested them myself but something tells me that this is not the average BS.

Even persons who've been so lucky to personally be trained by a pro trader have a fair chance to fail which let us with the conclusion; it comes down to you no matter who teaches you, what mental assets you carry. Be prepared for many years of practice in front of your computer. Might have a discussion with your family if this is the best option for extra cash-flow in the future.

The probability for posts like this to fall for deaf ears is always nearer 100% than 1% but you said you're a family-man so that made me post this.

Just make sure you understand what you're entering here and what dedication it takes to succeed so precious family-time don't get sacrificed for nothing.

Good luck !

One of the best trading methods IMO is described here:

http://www.forexfactory.com/showthread.php?t=80290

It is presented by professional profitable trader so it is not kind of " losers advise losers" stuff.

Hope it can help

Yeti

Admire your tenacity, David... several years of driving your wife crazy and blown accounts, and still a believer.

Might I suggest that the system you seek doesn't exist. Because this market is formless - highly fluid and changeable... systems as such are fixed (structured) entities... the two don't mix (attractive though the lure is, that there is a system out there that will save the day).

So ask yourself this... why do the merchants peddle their system/subscriber wares? If a fx trader is successful, capable, and making good money regularly, why on earth would they seek to have a regular stable of paid up subscribers?

Answer: because they also prefer a regular income over the instability of fx income/losses. You (and those like you) are their prey. Not surprised you are pissed off with them.

The solution you seek isn't "out there" somewhere... it's within you. You are the key, because only you, the trader, have the flexibility to flow in synch with the formless nature of this market.

And of course, you need about 100 different skills to be successful (all of which have been articulated at length in other "what does it take to be successful" threads.)

My keys -

1. Candles, 5M and 15M
2. Fibs.
3. Support and resistance.
4. Stoch (20, 2, 2) and MACD (2, 20, 2) - as bottom/top second opinion tools only (these become useless when market is in a strong bull/bear run, but when market is more in equilibrium they have much benefit for hitting the ceiling or floor on 15M time frames with high clarity and 80% accuracy).
5. Sentiment.
6. Money management.
7. Independent research.
8. Discipline.
9. When in profit, move your TP stops down immediately (never let this market take back gains you have made.)
10. Get in, get your bit, get out. There are no guarantees that market will continue to run in the direction you imagine (especially at present when market is so volatile).


The male of the species is very prone to wanting things neatly packaged, under their control, man is in charge etc (hence the strong lure of systems for male traders). But market is a yin creature, fluid, formless, changeable... and you the trader must have the flexbility to flow with it.

The male of the species also has another inbuilt disadvantage... too much testosterone. This causes an overload of seeing opportunity where another less testosterone loaded mind would see caution. Hormones, testorerone and cortisol do play a signficant role in all trading. Recognising this in yourself is important, developing the capacity to rigorously question your own perspective and arrive at unbiased conclusions matters. Greatly.

You David, will likely have the dedication to apply yourself and make this work for you. Many others would have given up long ago.

Best of luck.

Just my 2 cents but take a look in this direction.I have found it a GREAT deal of help.

http://www.forexfactory.com/showthread.php?t=2331

You sound like you want to quite.

I completely disagree with this post.

I am 100% mechanical, as I think "discretion" is nothing more than luck. All your chatter about "formless fluidness" is simply NOT TRUE. There have been several patterns exploitable by mechanical means.

If you don't believe me, go to my "Money Talks" journal and look at my trades this year. 330 pips in 13 trades in 2009 so far.

Yep, I have nothing to sell. I spent thousands of hours SWEATING and RESEARCHING to get where I am.

That does not mean that the patterns will continue working, nor that I will make tons of money.

What it means is that my software is "guessing" what the market will do much smarter than I could ever do.

You must remember td that, as you stated yourself, you have spent thousands of hours sweating and researching to get where you are.

Within that lies the answer to dtdoom's question.

The holy grail does lie within. And by holy grail I don't mean the elusive system that never fails.

Time, research, practice, patience and discipline.