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Beginners have faith! fast progress is possible

  • #41
  • Sep 20, 2006 12:23pm Sep 20, 2006 12:23pm
Successful traders are born, not made. I find the Turtle's story fascinating. Even clever old Eckhardt believed that the experiment showed trading can be taught to anybody. What that experiment and all the available evidence suggests is that trading requires a natural talent. Consider the amazing fact that the Turtles were taught how to trade breakouts and some very simple MM algorithms. You can teach a monkey to understand those things, but you can hardly produce successful traders based on that.

All this discussion about indicators and stuff is not going to make any body successful. Of course you can get by if you spend years and years doing it. But being successful enough to do it full time and earn a living and more from it in the short term requires special talent. It is rather like the difference between a concert pianist and the guy who entertains drinkers down the pub. It seems obvious to me.
  • #42
  • Sep 24, 2006 4:55am Sep 24, 2006 4:55am
Hi all

I've been mucking around with Forex for just over a year. Trying all sorts of techniques. I even bought some systems that claimed to be the real "holy grail" of trading, only to find out most of them don't work at all and others might really work only for those who created them. Is there really such a thing as a fully mechanical system that performs consistently? In the end, I find that it doesn't really matter all that much what method you use for your entry/exit...there are thousands of good methods. The winning edge is how you are able to adapt your risk/reward strategy to whatever method it is you use. There's a very profitable pro trader in Australia who simply buys signals from a third party. Those signals are correct 20% of the time. He only takes the trades that fit within his risk strategy (curiously, he keeps THAT part of his trading secret) and makes big bucks that way.

As for Trend Manager and Heiken Ashi.... I've been looking at those indicators for a number of days now. They do seem to be very good indicators and probably as close to a "holy gorilla" as one can get! Haiken isn't really MA-based, as soomeone has suggested. I've looked at the script in metatrader. It seems to also involve some sort of pivot calculations. What's important though is that I think with proper money management these indicators could be very successful, particularly to new traders.
"The market will rally from this or lower levels"
  • #43
  • Sep 24, 2006 7:02am Sep 24, 2006 7:02am
Trading with no SL and manually closing a trade. Sounds familiar to what I was doing as a newbie and I was doing great with beginner's luck. Perhaps I should look back to what I was doing before because it was so easy to make small pips consistently. Don't be jealous people ... fast progress is possible and it's up to you when this happens.
  • #44
  • Sep 24, 2006 8:49pm Sep 24, 2006 8:49pm
Quoting mwfromva
You know, I often wonder if trading and forex just comes more natural to some than it does others.

Yes it takes discipline and sticking to a plan without deviation. But some people are already disciplined. Some people are "naturals." For example, a local guy here near Richmond, VA. The story I've heard about him was that he went to some seminar and it just clicked with him. He was so good that the folks running the seminar tried to recruit him. He refused. He is now 22-23 years old and has over $50 million in the bank.

How about this - take someone SO new that they really do not have an idea of what they are doing. Teach them the basics. Give them a trading plan, i.e. enter the market when this and this = this and exit the market with this and this = this. Simply put, as long as this person can follow directions, they will make money as long as the trading plan is a good one. Am I not right?

Problems arise from improper money management and greed. Those are the two biggest problems I see for new traders. Developing a trading plan is perhaps a difficult part, but that can be fine tuned as you go.

As long as one has a solid trading plan, then it doesn't seem like rocket science - at least not to me.
You know, I have to eat a little crow here...but before I tell you all the rest of the story, I want to reinforce that I still DO believe a successful trader can just "happen" and that some people can be "naturals."

Now the rest of the story. The 23 yr old above that was rumored to have over 50 million in the bank. Well, turns out he was a con man. Promised 100% returns in 6 months in the FOREX market. He built a pyramid scheme, taking $1000 from one guy, giving him $2000 back 6 months later, paying him with the $2000 he took from another guy. He eventually had taken over $8 million dollars (some Phillip Morris employees emptied their 401k and gave it to this guy!). He was recently busted by the FBI and has been all over the news here locally.

Lesson here? The percentage of "naturals" is VERY, VERY small in comparison to those who have to work their butts off to make it in FOREX or any trading for that matter. Oh, and a "natural" probably isn't a 23 yr old punk with prior felony convictions for check forgery.
  • #45
  • Nov 4, 2024 1:00am Nov 4, 2024 1:00am
Quoting Geldmeister
Hi everyone I still quite new to FX and this is my first post. I stumbled into FX just over 2 months ago through a biz opp website and currently it looks like I have found the holy grail (at least for me). I demo traded for about 6 weeks during the first 2-3 I largely messed about and blew my initial $5000 account, but then armed with a 'refill' I started to try and 'trade properly' including a detailed log and rigorous post trade analysis. In those 4 weeks of mostly disciplined demo trading I won about 2/3 of my trades and doubled my 2nd account....
Hello!
Thank you for joining FX Trading. I must say you’re off to a very good start yourself – doubling a demo account is not an easy accomplishment! Your technique of using Bollinger breakouts and MA crosses sounds good, especially when it comes to snatching those pips.
I am glad that you have an indicator for the trend that suits you. Just remember that as you advance, it is important to be cautious on risk management – full lots trading can be quite dangerous for a newbie trader. But if you are reaching objectives and are self-controlled, that is great!
There is no need to boast however it is nice that you want to inspire others by showing them your challenges. Your experience is a testament that with a solid scheme and some heart, one should definitely be able to dream a bit larger than life! Keep doing the amazing things that you’re doing, and I wish you all the best in your trades!
  • #46
  • Dec 3, 2024 1:11am Dec 3, 2024 1:11am
Trading is not easy at first, you need to have lots of determination and consistency effort to pull it off. I remember feeling lost completely when I first started trading, so it took me months of efforts to get where I am now. I started noticing patterns, and understanding the flow of the market, so all I can say is that it is all about sticking to the process and not giving up too soon. Progress happens faster than you think. Trust me.
  • #47
  • Dec 3, 2024 6:14am Dec 3, 2024 6:14am
Quoting cyborgfx
Trading is not easy at first, you need to have lots of determination and consistency effort to pull it off. I remember feeling lost completely when I first started trading, so it took me months of efforts to get where I am now. I started noticing patterns, and understanding the flow of the market, so all I can say is that it is all about sticking to the process and not giving up too soon. Progress happens faster than you think. Trust me.
I completely agree with this. Staying patient and consistent is definitely the key. When at every little step, you start understanding the patterns and improve risk management, it feels like a progress. Thanks for the reminder to trust the process.
  • #48
  • Dec 4, 2024 1:57am Dec 4, 2024 1:57am
Quoting ChelseaR
{quote} I completely agree with this. Staying patient and consistent is definitely the key. When at every little step, you start understanding the patterns and improve risk management, it feels like a progress. Thanks for the reminder to trust the process.
Absolutely. It is those smalls wins and gradual improvement that always add up over the time. So we gotta keep pushing forwards and the result will follow.
  • #49
  • Last Post: Dec 8, 2024 11:57pm Dec 8, 2024 11:57pm
Quoting Geldmeister
Hi everyone I still quite new to FX and this is my first post. I stumbled into FX just over 2 months ago through a biz opp website and currently it looks like I have found the holy grail (at least for me). I demo traded for about 6 weeks during the first 2-3 I largely messed about and blew my initial $5000 account, but then armed with a 'refill' I started to try and 'trade properly' including a detailed log and rigorous post trade analysis. In those 4 weeks of mostly disciplined demo trading I won about 2/3 of my trades and doubled my 2nd account....
Great job on your progress! Your discipline and results are impressive, but trading full lots is risky. Focus on consistency, refine risk management, and stay humble, trading is a marathon, not a sprint. Keep learning and adapting!
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