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has anyone EVER seen a successful trader/trading system?

  • #1,061
  • Dec 29, 2019 7:41am Dec 29, 2019 7:41am
Not sure if this is directed at me or not. But what I have written is the truth - I have no reason to lie.
Your view is your view and is based on your understanding.
Mine is based on mine
  • #1,062
  • Dec 29, 2019 12:27pm Dec 29, 2019 12:27pm
Quoting Mingary
I was going to write a longer post giving all the facts and solid reasons, but I will just skip the boring stuff and go directly to the conclusion. No one, absolutely no one is making money in retail forex as a retail trader whose trading in retail forex is the only source of income. Of course there is nothing wrong in trying provided one is free of that delusion and honest about it, lying to others is bad enough, but lying to oneself is worse.
Completely false
  • #1,063
  • Dec 29, 2019 2:20pm Dec 29, 2019 2:20pm
Quoting Mingary
I was going to write a longer post giving all the facts and solid reasons, but I will just skip the boring stuff and go directly to the conclusion. No one, absolutely no one is making money in retail forex as a retail trader whose trading in retail forex is the only source of income. Of course there is nothing wrong in trying provided one is free of that delusion and honest about it, lying to others is bad enough, but lying to oneself is worse.
Very hard but nothing Is impossible.
When you see it, BET big.
  • #1,064
  • Dec 29, 2019 3:25pm Dec 29, 2019 3:25pm
Quoting Mingary
I was going to write a longer post giving all the facts and solid reasons, but I will just skip the boring stuff and go directly to the conclusion. No one, absolutely no one is making money in retail forex as a retail trader whose trading in retail forex is the only source of income. Of course there is nothing wrong in trying provided one is free of that delusion and honest about it, lying to others is bad enough, but lying to oneself is worse.
I won't do this claim about myself but I happen to know people in real life who are trading for a living. If it wasn't for that, I would most likely share your view.
  • #1,065
  • Dec 29, 2019 4:54pm Dec 29, 2019 4:54pm
Quoting Mingary
I was going to write a longer post giving all the facts and solid reasons, but I will just skip the boring stuff and go directly to the conclusion. No one, absolutely no one is making money in retail forex as a retail trader whose trading in retail forex is the only source of income. Of course there is nothing wrong in trying provided one is free of that delusion and honest about it, lying to others is bad enough, but lying to oneself is worse.
Kind of true. I like you Mingary there is no lying in you.
Currencies are dog crap.
The only retailers making money in currencies are the already rich. If you have $10 million to blow and you trade extremes and get 5-10 pips here and there and somehow end up with 100 pips for the year are you a good trader? Hell no, you suk, youve gotten lucky to be break even. BUT with such a large account trading of say 200 contracts you wouldve made $200k and look like a hero.

Id say there are a few "retailers" making good money in commodities and bonds BUT trading is hard work and many years of experience needed in the right education. AND even then you need to have the right mind for it and find YOUR strategy.

You could have all the skills and tools (values, volume, orderflow, price discounts/premiums understanding bank accumulation profess etc) but if you mix two perspectives youll lose, if you trade wrong time for your market, youll lose, if you try too hard youll lose, if you dont try enough youll lose. LOL the good news is its very possible. But first youll have to throw away lagging indicators and find someone to teach you about bank accumulation. Its not easy and hence why part time study doesnt cut it.
  • #1,066
  • Dec 30, 2019 1:35am Dec 30, 2019 1:35am
Quoting Cools81
{quote} Kind of true. I like you Mingary there is no lying in you. Currencies are dog crap. The only retailers making money in currencies are the already rich. If you have $10 million to blow and you trade extremes and get 5-10 pips here and there and somehow end up with 100 pips for the year are you a good trader? Hell no, you suk, youve gotten lucky to be break even. BUT with such a large account trading of say 200 contracts you wouldve made $200k and look like a hero. Id say there are a few "retailers" making good money in commodities and bonds...
I must say I some what agree with 80% of what you're saying. Very true. Lagging indicators are like a poison. Worst thing is anyone can make an indicator & people just start to follow them blindly.

I wouldn't agree with the fact you're saying currencies are dog crap, not at all. It's what you make of the situation which you later on discuss. Training the mind requires many years of experience.

J
J12
  • #1,067
  • Dec 30, 2019 3:51am Dec 30, 2019 3:51am
Quoting j12
{quote} I must say I some what agree with 80% of what you're saying. Very true. Lagging indicators are like a poison. Worst thing is anyone can make an indicator & people just start to follow them blindly. I wouldn't agree with the fact you're saying currencies are dog crap, not at all. It's what you make of the situation which you later on discuss. Training the mind requires many years of experience. J
Lol true. Maybe not dog crap but compared to oil/gold/bonds. I just think retailers with smaller accounts have better chance on commodities than currencies.
  • #1,068
  • Dec 30, 2019 4:42am Dec 30, 2019 4:42am
Quoting Cools81
{quote} Lol true. Maybe not dog crap but compared to oil/gold/bonds. I just think retailers with smaller accounts have better chance on commodities than currencies.
Yeah , because humans trade commodities and animals trade currencies! As far as I know humans are behind all markets. And humans move in herds.
When you see it, BET big.
  • #1,069
  • Dec 30, 2019 5:49am Dec 30, 2019 5:49am
Quoting Rennaissance
{quote} Yeah , because humans trade commodities and animals trade currencies! As far as I know humans are behind all markets. And humans move in herds.
interesting
  • #1,070
  • Jan 2, 2020 7:11am Jan 2, 2020 7:11am
Quoting BarberQc
{quote} Me and person doing that I know is on 1:100, it pretty much the major part for it in order to work. mathemathically, enter a trader with a 100k account, risking 1% which is 1000$, on a trade setup of 60pips stop loss and 300pips take profit. Example on gbpud on current price, trading in USD for a 60pips stop loss risking 1% (1000$) would need a lot size of 2.5lot which is 17$ per pips x 60 = 1020$ so very near 1%. My target is to swing it for 3-4days for 300pips —-> 17$ per pips x 300 = 5100$. Doing this with expenriences should lead to...

Is this something you can back up with real data even on demo or is just excel fantasy?
How many pairs can give you today 300 pips in 3-4 days with 60p SL?
Whether you think you can, or you think you can't,you're right. H.F.
  • #1,071
  • Jan 2, 2020 8:57am Jan 2, 2020 8:57am
There are a lot successful traders, but I thing they don't want to reveal that they are successful, as their goal is to earn money, not to boast about money they earn. Of course, I don't want to say that almost all traders earn on forex, that's not so. But there is clear explanation, people usually overestimate their own skills (or underestimate them), there is only small percentage of people that clearly understand own strong and weak sides and even smaller percentage of those who know how to apple strong sides to earn money and get rid of (or at least minimize) their weakeness. Such small percentage are those who will earn with forex in a long run. Other majority of people is going to blow up their money, as they don't see the real picture. Such people aren't act real market, they see other, imagined picture and, finally, make a lot of mistakes. That's the same thing as in every other activity. Do you know a lot of people who become popular artists? You can name 20, 30, maybe even 100, but in percents of those who tried that's negligible part. Other hand, I think that in trading every person that will pay enough efforts will become successful, so the main challenge is to be a real professional, not just wannabe.
As for such teachers, there are two points. Some of them are really success-free and want just earn money on telling cliche things. But also there is number of teachers that don't want to reveal their earnings and exlusive strategies and want to teach you the basics. In fact, successful strategies cost a lot of money and you'll never find trader that will give it to you (or you should buy enormous sum of money), so in this case that's not strange that they don't show.
  • #1,072
  • Jan 2, 2020 9:39am Jan 2, 2020 9:39am
Quoting Mingary
I was going to write a longer post giving all the facts and solid reasons, but I will just skip the boring stuff and go directly to the conclusion. No one, absolutely no one is making money in retail forex as a retail trader whose trading in retail forex is the only source of income. Of course there is nothing wrong in trying provided one is free of that delusion and honest about it, lying to others is bad enough, but lying to oneself is worse.
I could also write a longer post giving the facts why every business that survives has to diversify but won't. I know of no gas station that sells only gasoline (petrol if you prefer) and is prosperous. They sell food, lottery tickets, car wash, automobile repair, and they also provide rest rooms so after you relieve yourself you have the smell of coffee and tasty foods, flashing mega-money signs to buy lottery, and don't forget tobacco products.

Now I am guessing you will crap on the idea of owning a gas station because cars are going electric. Always with you, it cannot be done. Maybe suicide is the best route for failed retail Forex traders. https://www.forexfactory.com/showthread.php?t=729991
Ecclesiastes 1:9
  • #1,073
  • Jan 2, 2020 10:24am Jan 2, 2020 10:24am
Quoting newbegger
{quote} I could also write a longer post giving the facts why every business that survives has to diversify but won't. I know of no gas station that sells only gasoline (petrol if you prefer) and is prosperous. They sell food, lottery tickets, car wash, automobile repair, and they also provide rest rooms so after you relieve yourself you have the smell of coffee and tasty foods, flashing mega-money signs to buy lottery, and don't forget tobacco products. Now I am guessing you will crap on the idea of owning a gas station because cars are going electric....
"Every business that survives has to diversify "
Not true for all businesses
But
I agree that a trader must diversify out of retail forex or he/she will not succeed.
It's a fact that retail forex like any casino (gambling) game can be addictive and is a source of misery..
  • #1,074
  • Jan 2, 2020 11:06am Jan 2, 2020 11:06am
Quoting Mingary
{quote} "Every business that survives has to diversify " Not true for all businesses But I agree that a trader must diversify out of retail forex or he/she will not succeed. It's a fact that retail forex like any casino (gambling) game can be addictive and is a source of misery..
Quoting newbegger
{quote} I could also write a longer post giving the facts why every business that survives has to diversify but won't........
So guys tell us something about your idea of diversification in retail forex.
I really don't like idea about selling lottery tickets -)
Whether you think you can, or you think you can't,you're right. H.F.
  • #1,075
  • Jan 2, 2020 11:09am Jan 2, 2020 11:09am
Quoting Mingary
{quote} "Every business that survives has to diversify " Not true for all businesses But I agree that a trader must diversify out of retail forex or he/she will not succeed. It's a fact that retail forex like any casino (gambling) game can be addictive and is a source of misery..
"Not true for all businesses"

Ok, Name one that stayed in business selling their first and only product. Just one. And critique how they were able stay in business with their only product.

I will get you started - tell me how Microsoft could have survived selling it's first product - MS-Dos.
Ecclesiastes 1:9
  • #1,076
  • Jan 2, 2020 11:31am Jan 2, 2020 11:31am
Quoting Mingary
I was going to write a longer post giving all the facts and solid reasons, but I will just skip the boring stuff and go directly to the conclusion. No one, absolutely no one is making money in retail forex as a retail trader whose trading in retail forex is the only source of income. Of course there is nothing wrong in trying provided one is free of that delusion and honest about it, lying to others is bad enough, but lying to oneself is worse.
Not all traders can take a small amount, say $10,000 and turn it into $1,000,000 in one year. But it has been done and is documented.

A while back, you took a small amount trading in retail Forex and made quite a profit. I remember this.

I did the same thing as retail Forex provides leverage to do this, build a nice stake from humble beginnings. But now I am spread out so thin that the brokers cannot know my positions and do not know which way they need to move the market to take my money.

That is what you should be preaching as your message of no one can make money in retail is not real because you are living proof it can be done.
Ecclesiastes 1:9
  • #1,077
  • Jan 2, 2020 12:57pm Jan 2, 2020 12:57pm
Quoting Simply-Me
{quote} Is this something you can back up with real data even on demo or is just excel fantasy? How many pairs can give you today 300 pips in 3-4 days with 60p SL?
GBPAUD, GBPJPY, EURAUD, EURJPY, GOLD, search for wave continuation and you’ll find, every zone is distanced between 250-300-350pips, not hard to find, but hard to hold for beginners, thats why what I say doesnt seems real, don't look at 1h, look at monthly/weekly/daily and form the plan in 4h, you'll realise soon enough that they move within 3-4 days with always that same amount of pips, here is a little technical point of view of mine, for your personal education

https://www.tradingview.com/x/oAY1eb56/
  • #1,078
  • Jan 2, 2020 1:13pm Jan 2, 2020 1:13pm
Quoting Doomseeker
There are a lot successful traders, but I thing they don't want to reveal that they are successful, as their goal is to earn money, not to boast about money they earn. Of course, I don't want to say that almost all traders earn on forex, that's not so. But there is clear explanation, people usually overestimate their own skills (or underestimate them), there is only small percentage of people that clearly understand own strong and weak sides and even smaller percentage of those who know how to apple strong sides to earn money and get rid of (or...
  • #1,079
  • Jan 2, 2020 2:05pm Jan 2, 2020 2:05pm
Quoting Mingary
{quote} "Every business that survives has to diversify " Not true for all businesses But I agree that a trader must diversify out of retail forex or he/she will not succeed. It's a fact that retail forex like any casino (gambling) game can be addictive and is a source of misery..

Why do we have members that claim to make a living ?????????????

Like this thread

its a decade old and still going

Krotas makes an average of 30 pips daily and claims he still does like many others who use this system

How do you explain this??? You cant be lucky for 10 years

https://www.forexfactory.com/showthread.php?t=236210
  • #1,080
  • Jan 2, 2020 3:23pm Jan 2, 2020 3:23pm
Quoting goose4
Krotas makes an average of 30 pips daily and claims he still does like many others who use this system How do you explain this??? You cant be lucky for 10 years https://www.forexfactory.com/showthread.php?t=236210
Everybody can claim anything. Don't see Trade Explorer in the thread link you gave... that explains everything...
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