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The struggles of a Forex trader

  • #21
  • Mar 4, 2018 12:29pm Mar 4, 2018 12:29pm
Quoting fxtrader29ca
There are a few things that can cause a trader to fail right at the outset: 1. Choosing an unprofitable method 2. Poor execution 3. The emotional connection to money. So the question remains: Are there profitable trading methods out there that we can execute and have the confidence to trade? Thanks again for all your thoughts and ideas.

Go for long-term trend-following. Avoid day-trading. If you can't make money consistently long-term trend-following then day-trading is not for you. Have a look at dailyforex.com: they certainly reckon its one of the easiest strategies to learn and from which to make money. Whether you make money or not, it will teach you what sort of strategy you can live with and allow you to learn so much about how you will handle the tricky questions the market throws up - how to plan, how to deal with winners, losers and a string of losers etc.
  • #22
  • Mar 4, 2018 1:56pm Mar 4, 2018 1:56pm
Here we go again.
  • #23
  • Mar 4, 2018 2:22pm Mar 4, 2018 2:22pm
(citation needed)

Quoting tomorton
{quote} Go for long-term trend-following. Avoid day-trading. If you can't make money consistently long-term trend-following then day-trading is not for you. Have a look at dailyforex.com: they certainly reckon its one of the easiest strategies to learn and from which to make money. Whether you make money or not, it will teach you what sort of strategy you can live with and allow you to learn so much about how you will handle the tricky questions the market throws up - how to plan, how to deal with winners, losers and a string of losers...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #24
  • Mar 4, 2018 3:40pm Mar 4, 2018 3:40pm
Quoting tomorton
{quote} Have a look at dailyforex.com: they certainly reckon its one of the easiest strategies to learn and from which to make money.
Man, how you can be so naive...

Since when a market maker will teach you how to take money from him, supposedly he has any clue about trading
Don't give up on your dreams. Keep sleeping.
  • #25
  • Mar 4, 2018 3:53pm Mar 4, 2018 3:53pm
Quoting Artcool
{quote} Man, how you can be so naive... Since when a market maker will teach you how to take money from him, supposedly he has any clue about trading
Oink oink.
"The fun is in the hunt. Not the kill."
  • #26
  • Mar 4, 2018 4:13pm Mar 4, 2018 4:13pm
Forex market is open. I wish everyone the best of luck this week. Please feel free to share your successes, struggles and failures here on the thread this week. Lets try to post things of interest.
Know your edge and trade within it
  • #27
  • Mar 4, 2018 4:21pm Mar 4, 2018 4:21pm
Quoting Artcool
{quote} Man, how you can be so naive... Since when a market maker will teach you how to take money from him, supposedly he has any clue about trading

You could be right, they might have their own motives. I don't know what their business is, haven't looked into it.

Nevertheless, I am running long-term trend-following trades and its all I've done for quite a time now, and making money out of it. I'd never heard of dailyforex until today (name came out of a Google search or a Youtube search, I forget). Its good to treat what they say with scepticism, I do too.
  • #28
  • Mar 4, 2018 4:25pm Mar 4, 2018 4:25pm
Quoting tomorton
{quote} You could be right, they might have their own motives. I don't know what their business is, haven't looked into it. Nevertheless, I am running long-term trend-following trades and its all I've done for quite a time now, and making money out of it. I'd never heard of dailyforex until today (name came out of a Google search or a Youtube search, I forget). Its good to treat what they say with scepticism, I do too.
Dailyfx belongs to IG Markets, one of the biggest market makers. That means if you win they lose. If you lose, they win. It's as simple as that.
Don't give up on your dreams. Keep sleeping.
  • #29
  • Mar 4, 2018 5:17pm Mar 4, 2018 5:17pm
Quoting HeyYou
{quote} cutting the losses short and letting profit run is a must if you're half serious.
If you were to just open your mind for a minute here.

Who says it was a must to cut your losses short and let your winners run?
It all depends on the context of the trade.

Say for example you are in a drawdown. But you have full confidence in your analysis and the fair value of a certain currency. Assuming no cognitive bias.
It wont be rational in such cases to "cut your losers".
The reverse can hold true as well. For example event driven volatility strategies. It would be wiser in such cases to take quick profits as volatility can work for or against you.

Of course the "cut your losers, ride your winners" phrase is not bad advice in general. I view it as useful to help traders overcome the tendency for traders to hold onto losing trades with hope or to take quick profits out of fear of a reversal. But do understand that such phrases are context specific and not blanket statement which applies to every single scenario.
I look for value wherever it can be found
  • #30
  • Mar 4, 2018 5:40pm Mar 4, 2018 5:40pm
Quoting synicz
{quote} If you were to just open your mind for a minute here. Who says it was a must to cut your losses short and let your winners run? It all depends on the context of the trade. Say for example you are in a drawdown. But you have full confidence in your analysis and the fair value of a certain currency. Assuming no cognitive bias. It wont be rational in such cases to "cut your losers". The reverse can hold true as well. For example event driven volatility strategies. It would be wiser in such cases to take quick profits as volatility can work...
absolutely no problem , I used to trade with no sl on a $200 acc

the "cut your losers, ride your winners" is if you want to preserve your capital.
  • #31
  • Mar 4, 2018 6:08pm Mar 4, 2018 6:08pm
You're neglecting to inform Tom that it used to belong to FXCM, who despite their continued protestations that they were an execution only/stp/ecn broker and not a market maker, got crushed when the SNB removed its loose peg of Swissie to the euro, at a stroke demolishing the lies they'd peddled for years. In the subsequent fire sale, after losing circa $200 million because they were effectively betting against clients and taking positions as market makers, they eventually flogged Dailyfx.

Quoting Artcool
{quote} Dailyfx belongs to IG Markets, one of the biggest market makers. That means if you win they lose. If you lose, they win. It's as simple as that.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #32
  • Mar 4, 2018 6:16pm Mar 4, 2018 6:16pm
Quoting fxtrader29ca
There are a few things that can cause a trader to fail right at the outset: 1. Choosing an unprofitable method 2. Poor execution 3. The emotional connection to money. So the question remains: Are there profitable trading methods out there that we can execute and have the confidence to trade? Thanks again for all your thoughts and ideas.
Very pertinent and pointed question. If that's for me to answer then of course there is cos I am a living example. But who is telling? Do I need to prove it? Depends on to whom I need to prove to. Unless if he is my future business associates then ofc due diligence and independence verification is a absolute must.
On the other point of RRR or cut the losses and let the winners run is not based on the context of the trade but on how much the market is willing to yield which bring us back to exactly why it's imperative to be a robust system to trade all the various market PA conditions. Based on my own experience day trading market RR is more tenable and achievable with 2-6x rewards than longer term trade which require a greater risk tolerance to achieve the prescribed rewards and happen less frequently. But in any case you will first need to know the intraday market price structures before you know how to trade on longer time frame. Not and never the other way round unless you are investing on a multi year basis as part of a diversification portfolio.
Incidentally I personally don't need to ask for proof of profitability of a trading methodology I will only need a couple of live trade calls with a equitable RRR will suffice. I welcome anyone to put to test this simple vetting process TOGETHER with me if they so willing. This will be my last post in this thread unless there is a need for me to clarify any further points.

Cheers
GS
  • #33
  • Mar 4, 2018 9:01pm Mar 4, 2018 9:01pm
Quoting Redeflect
{quote} Oink oink.
Nice to meet you too.
By the way, you keep going long with your martingale on GBPJPY? Did you see the chart?

Your buddy Jmn5611 will not be proud of you: Martingale, not cutting your losses short, not following the trend, overleveraging...You never read his posts?
Don't give up on your dreams. Keep sleeping.
  • #34
  • Edited 10:05pm Mar 4, 2018 9:33pm | Edited 10:05pm
Quoting Artcool
{quote} Nice to meet you too. By the way, you keep going long with your martingale on GBPJPY? Did you see the chart? Your buddy Jmn5611 will not be proud of you: Martingale, not cutting your losses short, not following the trend, overleveraging...You never read his posts?
My recent 'martingale' trade with GBP/JPY is in profit and has been since nearly the moment I placed it. I'm well aware of the chart(s). Thanks for your concern.
"The fun is in the hunt. Not the kill."
  • #35
  • Mar 4, 2018 10:12pm Mar 4, 2018 10:12pm
Quoting fxtrader29ca
Hello everyone, I would like to start a thread talking about the struggles of a forex trader. I would like to know how everyone is honestly doing out there . I would like to know what trading methods are making money and trading methods that are frustrating to trade at the moment. Everyone has a different experience while trading the forex market and I would like to hear yours. Have you had a good experience so far in 2018 or are you finding it hard to find a winning trade? As we start sharing our experiences we can start working on how we can improve...
Well, my "trading career" while I hold down a job, has been very much up and down.
Before I continue, I am currently home after being told to collect my daughter from kindy because she has nits, fukcin' NITS. I need to attack the bastards while daughter watching "My Little Pony". Should be a thread titled "Struggles of a dad while wife earns the big bucks"

Anyway, I doubt you will hear much about trading methods, what works and what doesn't because it's just too complex. How many trading methods are out there and more importantly, who actually follows them?

Having a trading "method", at first glance, indicates that it could be coded into automation. If so, how many robots out there make money? How many "profitable" fair dinkum retirement robots would be advertised for the masses to purchase at the bargain price of $199?

Who the frig would talk about them instead of just making consistent cash from them??

Just gave my daughter a nectarine.

It's fukcing lame to hear about systems, methods, people using to be "consistently profitable", but don't need to post verification because they have nothing to prove. Please, If you're posting here about your profitable system, then you have plenty "to prove", but the bullshit prevents you from "proving it".

Prove me wrong...

On the internet, it becomes the acceptable norm to adopt the approach of "I'll live with your bullshit if you live with mine".
While everyday there is a new participant born for whom this bullshit is all new and exciting, it's still very tired and lame.
Sorry...

I've been fart arsing around with forex for 10 years or so.
I got started during the GFC where shorting the Pound vs $ produced consistent profit everyday.
I thought "this shit is easy".

Then it started its' about turn in 2009, and I turned to robots, "systems",and lost focus.

then I stumbled into this place and got caught up with chit chat and information porn. Fcuk, what a waste of time.

Anyway, now focussing on what is happening on the charts, avoiding over trading, revenge trading and no longer trying to retire on the very next trade.

Small accounts' a bitch eh....

Come with me if you want to live....
  • #36
  • Mar 5, 2018 1:28am Mar 5, 2018 1:28am
Quoting fxtrader29ca
Forex market is open. I wish everyone the best of luck this week. Please feel free to share your successes, struggles and failures here on the thread this week. Lets try to post things of interest.
Hi, t 07-25 Uk..

i will be trading off the 08-00 15 minute bar break, for my gf..blah blah

It has been done a million times by others but not by my way.

If the break fails i will counter off the other end plus look for a separate 5% and then wait for my next fix trigger,

100s of hours and stats study helped..........

Trade well all...
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #37
  • Mar 5, 2018 1:31am Mar 5, 2018 1:31am
[quote=Ill-b-back;10838615]{quote} Well, my "trading career" while I hold down a job, has been very much up and down. Before I continue, I am currently home after being told to collect my daughter from kindy because she has nits, fukcin' NITS. I need to attack the bastards while daughter watching "My Little Pony". Should be a thread titled "Struggles of a dad while wife earns the big bucks" Anyway, I doubt you will hear much about trading met

i hope your day gets better bud,

trade well, and get tea tree oil on girl
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #38
  • Mar 5, 2018 1:38am Mar 5, 2018 1:38am
Good morning all!
One struggle of a forex trader: Missing good trades while sleeping.
Know your edge and trade within it
  • #39
  • Mar 5, 2018 2:00am Mar 5, 2018 2:00am
Quoting Spreadbetter
You're neglecting to inform Tom that it used to belong to FXCM, who despite their continued protestations that they were an execution only/stp/ecn broker and not a market maker, got crushed when the SNB removed its loose peg of Swissie to the euro, at a stroke demolishing the lies they'd peddled for years. In the subsequent fire sale, after losing circa $200 million because they were effectively betting against clients and taking positions as market makers, they eventually flogged Dailyfx. {quote}

This is all good. I know dailyfx.com is tied in with IG, I had to get an IG demo account through dailyfx.com when I wanted some market sentiment info from them

But I was suggesting dailyforex.com.
  • #40
  • Mar 5, 2018 3:25am Mar 5, 2018 3:25am
Can be a little repetitive at times, even boarderline boaring
As a private trader, trading can also lack the social interaction of most other jobs.
Still love it though
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