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The struggles of a Forex trader

  • #41
  • Mar 5, 2018 7:48am Mar 5, 2018 7:48am
Happy Monday everyone.
I hope you guys are all enjoying the London trading session. I had one trade on the USDCAD that turned out to be a nice winner. Starting out the week with some positive results. I followed my rules and stayed with the plan.

I think consistency is achieved by doing the same thing over and over again. But if your trade plan or method is not profitable you will be consistently losing.

What are your experiences today?
Know your edge and trade within it
  • #42
  • Mar 5, 2018 8:33am Mar 5, 2018 8:33am
Quoting fxtrader29ca
Happy Monday everyone. I hope you guys are all enjoying the London trading session. I had one trade on the USDCAD that turned out to be a nice winner. Starting out the week with some positive results. I followed my rules and stayed with the plan. I think consistency is achieved by doing the same thing over and over again. But if your trade plan or method is not profitable you will be consistently losing.
What are your experiences today?


Same old thing, UK open the volatility breaks a range and i close for +5 which is 5%..

It does fail but i then go for next trigger. it may take another day or even two.....
But it is a working method and i am not greedy
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #43
  • Mar 5, 2018 8:57am Mar 5, 2018 8:57am
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?
Redeflect was one of those who watched "Trillion Dollar Bet" well enough to discuss the documentary in detail. This means he clearly understands the risks. That is all anyone can ask of a trader.
If you are good at something, never do it for free--Joker
  • #44
  • Edited 12:17pm Mar 5, 2018 11:54am | Edited 12:17pm
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?
I just wanted to update you. While it was cute that you tried to shake me out of my GBP/JPY trades, every single one of them was just closed in profit. Except for what I'm leaving on the table. You should've criticized the USD/JPY trades as those were (obviously) the ones I was less sure about.

Happy hunting.
"The fun is in the hunt. Not the kill."
  • #45
  • Mar 5, 2018 12:33pm Mar 5, 2018 12:33pm
Quoting Redeflect
{quote} I just wanted to update you. While it was cute that you tried to shake me out of my GBP/JPY trades, every single one of them was just closed in profit. Except for what I'm leaving on the table. You should've criticized the USD/JPY trades as those were (obviously) the ones I was less sure about. Happy hunting.
Good for you. However, you need to understand that with your kind of reckless gambling, sooner or later, you will blow your account because as soon as you martingale, the statistics will leave you no chance at all especially if you do it against the trend. If you deliberately want to gamble, there are much smarter ways to do it including with Forex.
Don't give up on your dreams. Keep sleeping.
  • #46
  • Mar 5, 2018 12:44pm Mar 5, 2018 12:44pm
Quoting Artcool
{quote} Good for you. However, you need to understand that with your kind of reckless gambling, sooner or later, you will blow your account because as soon as you martingale, the statistics will leave you no chance at all especially if you do it against the trend. If you deliberately want to gamble, there are much smarter ways to do it including with Forex.
Except I was 'gambling' no more than any trade is a gamble. I specifically closed my EUR/GBP shorts at a loss and rolled the capital into a GBP/JPY long and not a USD/JPY long for a reason.

You, like Spreadbetter, seem to make the mistake of believing that opening more trades in positions that you want to take but purposefully enter into with a smaller size initially is 'martingale gambling'. How is it martingaling if every single position was closed in the green? That's not martingaling. That's taking more trades in positions you want. You have no clue whether or not I'll be blowing an account because you have no clue how I handle drawdowns. You just assume that 'reckless martingaling' is my solution.
"The fun is in the hunt. Not the kill."
  • #47
  • Mar 6, 2018 8:06am Mar 6, 2018 8:06am
Good morning everyone.
Followed all of my rules today so far during the london session and came away with a winning trade in the EURUSD long.

How is everyone doing out there today?
Know your edge and trade within it
  • #48
  • Mar 6, 2018 8:17am Mar 6, 2018 8:17am
Quoting fxtrader29ca
Good morning everyone. Followed all of my rules today so far during the london session and came away with a winning trade in the EURUSD long. How is everyone doing out there today?
You have 3 choices, buy more, hold, or sell. What would you do?
If you are good at something, never do it for free--Joker
  • #49
  • Mar 6, 2018 9:48am Mar 6, 2018 9:48am
He's clueless, just a gambler who occasionally gets lucky, playing around with a few hundred dollar acount, it’s both pathetic and sad, in equal measures. Leave him to it. Probably disappears for a few days when the depression of losing kicks in, then the mania starts and he becomes active on this forum again, giving it large, when he’s had a few wins. I’ve seen the pattern many, many times, they never learn.

Quoting Artcool
{quote} Good for you. However, you need to understand that with your kind of reckless gambling, sooner or later, you will blow your account because as soon as you martingale, the statistics will leave you no chance at all especially if you do it against the trend. If you deliberately want to gamble, there are much smarter ways to do it including with Forex.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #50
  • Mar 6, 2018 10:42am Mar 6, 2018 10:42am
this is the only open deal that i'm in at the moment USD/JPY short entry (105.966) S/L (107.240) T/P (104.755)

now i wait like a fool to lose some money/time

Spreadbetter will you now pleases call me a degenerate gambler so that the cycle of a FF trader day is complete

i also need a clearly mentally unbalanced individual to tell me how the deal will be profitable as long as i correctly used a martingale strategy
  • #51
  • Mar 6, 2018 10:47am Mar 6, 2018 10:47am
Well if you you’d like to explain what exotic currency that hindsight JRY trade you’ve taken is, in the empty space between your ears, perhaps someone could help. Not me pal, I cba with trolls, who are also lost causes.

Quoting Ross88
this is the only open deal that i'm in at the moment USD/JRY short entry (105.966) S/L (107.240) T/P (104.755) now i wait like a fool to lose some money/time Spreadbetter will you now pleases call me a degenerate gambler so that the cycle of a FF trader day is complete i also need a clearly mentally unbalanced individual to tell me how the deal will be profitable as long as i correctly used a martingale strategy
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #52
  • Mar 6, 2018 10:59am Mar 6, 2018 10:59am
Quoting Spreadbetter
Well if you you’d like to explain what exotic currency that hindsight JRY trade you’ve taken is, in the empty space between your ears, perhaps someone could help. Not me pal, I cba with trolls, who are also lost causes. {quote}
i was not trolling was just joking about with you and the other people posting here. sorry it is a JPY traded so do you think it's going to be a winning trade??

and who is here to give me helpful advice when the trade go's bad about how to never lose a trade with the power of a martingale strategy
  • #53
  • Mar 6, 2018 1:49pm Mar 6, 2018 1:49pm
Quoting jmn5611
{quote} You have 3 choices, buy more, hold, or sell. What would you do?
I’m out man , 40 pips . I was done early this morning . 1 trade a day .
Know your edge and trade within it
  • #54
  • Mar 6, 2018 8:26pm Mar 6, 2018 8:26pm
quote=cat;10837495... As far as I am concerned, there is only one way to improve one's trading results, and that is to determine what you are doing wrong, and then take concerted measures to fix it. The number one reason why traders lose is not having enough knowledge and experience of the markets - not enough mileage as it were. Unless a trader knows exactly what he or she is doing, with knowledge obtained over time through much trial and error, then consistent losses will inevitably occur.

...The other reason lies with the traders themselves and are psychological. Unless one can learn to think like a trader, which is to only ever think about the next 20 trades or more as opposed to the next trade, and completely disassociate the last trade from the next, then one is also likely to lose....

Yes.
Yes.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #55
  • Mar 6, 2018 11:10pm Mar 6, 2018 11:10pm
Find your style. Be comfortable.

I trade the 4hr and daily charts. I find I can make money this way. I can sleep soundly with trades on.

This has not always been the case. I started trading on the 30 mins TF, combining it with the 1hr. I'll say it just wasn't for me.

Find the right TF. This might take some time.

Leverage will kill you(even if you have a 100% win rate). Don't over leverage.

Focus on just a few pairs. Be specialized, not a General Practitioner.
I'm high on trading, cant you tell?
  • #56
  • Mar 6, 2018 11:23pm Mar 6, 2018 11:23pm
absolutely true, stay on one pair and master the pair until you understand how the pair connect to you..
  • #57
  • Mar 6, 2018 11:29pm Mar 6, 2018 11:29pm
Quoting Sammih
Find your style. Be comfortable. I trade the 4hr and daily charts. I find I can make money this way. I can sleep soundly with trades on. This has not always been the case. I started trading on the 30 mins TF, combining it with the 1hr. I'll say it just wasn't for me. Find the right TF. This might take some time. Leverage will kill you(even if you have a 100% win rate). Don't over leverage. Focus on just a few pairs. Be specialized, not a General Practitioner.
Agreed...you can make money with higher TF. But if you are totally honest with your own self you know very well you are not a complete trader as yet. And that's the reason you are still hanging out on this forum to find ways to improve. You will only stop once you found a way to also succeed to make money on the smallest of the TF. Then only you have finally arrived.
The way to improve begins first with being totally honest about oneself.

Cheers
  • #58
  • Mar 6, 2018 11:38pm Mar 6, 2018 11:38pm
Quoting genghistar
{quote} Agreed...you can make money with higher TF. But if you are totally honest with your own self you know very well you are not a complete trader as yet. And that's the reason you are still hanging out on this forum to find ways to improve. You will only stop once you found a way to also succeed to make money on the smallest of the TF. Then only you have finally arrived. The way to improve begins first with being totally honest about oneself. Cheers
Of course I'm not the perfect trader, but I earn a living solely from trading.

I suppose you're the perfect trader, trading the 12 seconds chart. I'm sure your advice will greatly help the rest of us.
I'm high on trading, cant you tell?
  • #59
  • Mar 6, 2018 11:42pm Mar 6, 2018 11:42pm
Quoting Sammih
{quote} Of course I'm not the perfect trader, but I earn a living solely from trading. I suppose you're the perfect trader, trading the 12 seconds chart. I'm sure your advice will greatly help the rest of us.
Complete trader is not perfect trader. But that's another matter.
Good luck and keep on making those money and don't forget not to spend it all.

Cheers
  • #60
  • Edited 1:05am Mar 7, 2018 12:36am | Edited 1:05am
Quoting Sammih
{quote} Of course I'm not the perfect trader, but I earn a living solely from trading. I suppose you're the perfect trader, trading the 12 seconds chart. I'm sure your advice will greatly help the rest of us.
With a big enough account anyone can "Earn a living solely from trading"... They'd realize long before they lost the account what their limitations are. A man trading a '12 second chart' profitably has skill that's head and shoulders above what you just displayed with that blanket statement of ignorance and I'd like to believe that you know better. Unless, of course, you are trading a tick chart. In which case the arbitrary reference would've come along exponentially smoother with a '13 second chart' and been wholely unnecessary because you'd have already understood what genghistar meant.
"The fun is in the hunt. Not the kill."
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