(binned per thread starter’s request) Whats really needed to make | Forex Factory

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(binned per thread starter’s request) Whats really needed to make

  • #1
  • First Post: Edited Oct 30, 2020 5:13pm May 12, 2018 2:13pm | Edited Oct 30, 2020 5:13pm
Please delete!
  • #2
  • May 12, 2018 4:05pm May 12, 2018 4:05pm
Asking 10% monthly with low risk and doesnt want to bother with forex anymore? I think there are a lot of ppl looking for the same thing. My suggestion would be dont give up after wasting so many years. But work harder on that time you waste for forex. Otherwise there is no easy money out there for you.
  • #3
  • May 12, 2018 7:07pm May 12, 2018 7:07pm
The answer to your question:

A high probability trade available at least once a day or a few times a week. This trade setup needs have a very good positive expectancy with a R:R of like 1:3 up to 1:5 or more.

Have your money management and risk parameters well defined before you trade it. Never veer from it.

When it's time to look at taking a trade:

If it's not there, walk away.

If it is there, you enter the trade. Sit on your hands and wait until it is well into profitability. When it is at an acceptable profitability, move your stop at break even +1. Set your TP, if you know. Set an alert at a price prior to the take profit zone so you can monitor your exit. Then, Walk Away. Wait for the alert or forget the trade.

When it is time to check on your exit, exit whenever you want and take profit.

Your stop will hit the BE sometimes. You didn't lose. You will be able to take profit before or at your target price. You didn't lose.

The most important thing: At this point, after you have made your trade, you need to walk the frack away from the trading platform and not return until the next time the trade setup becomes available.

This is how you win at forex. It's not through analisys or expert fields of visions, the winners are the ones who can walk away consistently.

OR they can manage their psychology so they need not walk away.
  • #4
  • May 13, 2018 6:37am May 13, 2018 6:37am
Quoting 2dollardog
the winners are the ones who can walk away consistently.
Bro, i give you 5 bottles of what ever you drink...those words,especially that statement couldnt be said any better on consistent profitability
  • #5
  • May 13, 2018 6:58am May 13, 2018 6:58am
might i add that the major reason i believe consistently profitable forex trading is an illusion for so many of us is that, we tend to fight,doubt and question the freedom,ease and simplicity that most profitable trading strategies offer. like it being too easy to be profitable so we always add 55 indicators, take profits too soon(cause of lack of trust on the systems), fail to pull triggers on great trade opportunities and let our losses run hoping for a miracle all in a bid to justify that we expect trading to be complex which is actually the reverse. i would urge you my friend to hang on and look to make your charts simple and weightless, you'll see much better .

P.S.i personally have never believed is the 10% monthly growth ish. more of aggressive growth kinda trader myself at least for the small to medium sized equity traders.

KISSes
AmocFx
  • #6
  • May 13, 2018 7:51am May 13, 2018 7:51am
Well, thanks for your kind comments so far.

So whats a realistic return for a long-term profitable forex trading system with low/medium risk? And where to find something like this?

I am not saying i want to completely forget about trading manually and stop learning but right now just trying to get some alternatives i could simply try out
without risking to much. Don´t get me wrong. Risk is fine with me but i don´t want to blow up my account in 2 days by blindly following some strategy or system
can´t be trusted (not showing constant performance for at least a couple of time).

What about all these "Most popular" trading systems on MyFxbook for e.g this one
https://www.myfxbook.com/members/autotrade/lucky-pound/1045415

Its not 2 figure percentage gain monthly but 7% on average and exists since 2014 (4 years) is not so bad or? Can something like this beeing trusted?

MyFxBook provides something like called AutoTrade where you can simply copy other traders strategies to your own account. I have no experience with such services but if this is something not faked or what ever it looks at least interesting to me worth trying out.

I mean 5-10% on a 100k account each month is $5.000-10.000. So something i would consider as needed for a living where i am located.
  • #7
  • May 13, 2018 8:22am May 13, 2018 8:22am
Quoting lddd
Well, thanks for your kind comments so far. So whats a realistic return for a long-term profitable forex trading system with low/medium risk? And where to find something like this? I am not saying i want to completely forget about trading manually and stop learning but right now just trying to get some alternatives i could simply try out without risking to much. Don´t get me wrong. Risk is fine with me but i don´t want to blow up my account in 2 days by blindly following some strategy or system can´t be trusted (not showing constant performance...
Why dont you try out what ever fits to your mind first and srart up with little capital and try it for few months. And if you are convinced you can increase your capital gradually over time. You can also check commercial section on ff there are really good opportunities for you. If you still cannot do then send me a pm.
  • #8
  • May 13, 2018 9:41am May 13, 2018 9:41am
To be truly stress free, one needs another source of income that will cover your bills. Stress comes from inside you and only you can eliminate that stress by figuring out whats causing the stress then formulate and put into action a plan to eliminate it. Be honest with yourself, ask yourself the hard questions that you might not like the answers to such as "Am I undercapitalized?" Because honestly, if someones trading with a $10,000 account ( or equivalent in their home currency) and trying to make a real living they're going to have a problem.

Understand that indicators have NO PREDICTIVE ABILITY. There are people that use indicators properly and those that don't. For example the price doesn't go up/down because the moving averages crossed- the moving averages crossed because the price went up/down. Not understanding this will waste much time in looking for the holy grail indicator.

Don't rely on anyones signals, if you choose to then at least understand how they generate those signals. Really all you need is at least 1:2 risk/reward, wins around 1/2 the time give or take a few and gives you a descent number of trades a month. Most importantly the consistency to stick with it.

One last thing, look into currency futures. Transparent market, none of the Bull$#!t some of these FX brokers pull, such as spreads widening mysteriously when there was no news or anything at the time.

just my 2 cents, best of luck in your endeavors.
  • #9
  • May 15, 2018 10:53am May 15, 2018 10:53am
Your FF account is 9 years old. It means from the last 9 years you are in touch with forex market. After such long time you are asking for or thinking about an automated trading system that will give you 5% to 10% consistent return per month. What you are asking is- doesn't exist. If trading were such easy, everyone like you would make money by sitting at home.
  • #10
  • May 15, 2018 2:29pm May 15, 2018 2:29pm
Quoting 2dollardog
The answer to your question: A high probability trade available at least once a day or a few times a week. This trade setup needs have a very good positive expectancy with a R:R of like 1:3 up to 1:5 or more. .

this is false and VERY wrong.. the recipe for a never growing account, constant small losses and failure


Trying to hit a homerun = noob scared trader who doesnt understand the point of taking a trade in the first place !!
  • #11
  • May 15, 2018 2:59pm May 15, 2018 2:59pm
1. win the lotto

2.just trade for fun like its a video game.

3. have a super hot wife so if you lose you don't care, because you still have the super hot wife.

4. don't trade forex at all.

5. forget stress-free living out of Forex, whatever you do to make money there will be stress.

6. STOP reading threads on forex factory, study the forex market.

7. sorry was trying to get to ten ran out of things to say.
  • #12
  • May 15, 2018 3:17pm May 15, 2018 3:17pm
good example of an oxymoron.. lol
  • #13
  • May 15, 2018 3:19pm May 15, 2018 3:19pm
Quoting Wachturm
good example of an oxymoron.. lol
gee thanks roflmao .
  • #14
  • May 15, 2018 3:23pm May 15, 2018 3:23pm
Your trading only have chance to improve, if you think and work very hard on your own trading, instead of looking for holy grails and easy solutions.
'For the market to work, it needs people who think that they can beat it.'
  • #15
  • May 15, 2018 3:27pm May 15, 2018 3:27pm
Quoting AlastorFate
Your trading only have chance to improve, if you think and work very hard on your own trading, instead of looking for holy grails and easy solutions.
indeed, well said!
  • #16
  • May 15, 2018 3:42pm May 15, 2018 3:42pm
At some point you will start to realize that the best way to trade is to not give a F**K. You will get that way when you have defined your trading style and method in such detail that every time you open a trade or close a trade you know exactly why you chose to do so. When you become consistent in following that trading method then win lose or draw really doesn't matter because you will always have the next trade.

When you are trading with money that you are afraid to lose or cannot afford to lose, stress will be your constant companion. It will lead to bad trading decisions and staying in trades because "it has to turn and go my way". What would you do if your trading account went to zero today?

There is nothing wrong with starting with a small account. Until you can manage the small money, the big money will never come and if it does you will end up blowing it anyway.
  • #17
  • Edited 4:12pm May 15, 2018 3:59pm | Edited 4:12pm
Quoting magnumfreak
At some point you will start to realize that the best way to trade is to not give a F**K. You will get that way when you have defined your trading style and method in such detail that every time you open a trade or close a trade you know exactly why you chose to do so. When you become consistent in following that trading method then win lose or draw really doesn't matter because you will always have the next trade. When you are trading with money that you are afraid to lose or cannot afford to lose, stress will be your constant companion. It will...
I have taken to drinking to get stress free, my trading is not any better. but I am too drunk to care.did i say that out loud ho shit
  • #18
  • May 15, 2018 6:40pm May 15, 2018 6:40pm
I have been trading for a few years AND what I have learned is to stick with a system that works. You have probably tried 9000 different strategies to no avail? How much time have you spent with each?

If you ask me, pick a system you thing you would like and consistently try that at system for AT LEAST, VERY MINIMUM - 100 trades. Follow the strategy rules to the T!

If that doesn't work, THEN try another.

There are so many pure price action strategies that work but you have to consistently trade the same system..

There is NO NO NO NO perfect system that I know of. Losses are part of the game, winners are right around the corner.
  • #19
  • May 15, 2018 7:09pm May 15, 2018 7:09pm
Quoting havo
{quote} this is false and VERY wrong.. the recipe for a never growing account, constant small losses and failure Trying to hit a homerun = noob scared trader who doesnt understand the point of taking a trade in the first place !!


Tell that to Recep Tayyip Erdogan and all of us who short the Lira, plausibly, easily and safely. If you think high probability trades with good risk to reward are only "home runs" and nothing but risk, go speak with swing traders and convince them their trading methods aren't legit.

If you're looking to make yourself feel better upon the back of someone else on the Internet, I'm not your target. And have zero patience for it.

No trade is worth a hoot unless one knows how to actually trade, but insisting that other trading methods besides your own are worthless or careless or fruitless, only shows your naivety and fearfulness of trading.

I traded eur/jpy yesterday entering at 131.328 10am EST. Go look. It's at the top of the bar. Stop loss was 15 pips and wide for the setup. I cut the trade short at about 70 pips with two legs. That's almost 1:5 risk:reward.

You don't know how to trade, son. Even I'm not that good of a trader, yet.

Go blow your hot air somehwere else. There are those of us who are serious about learning how to trade.
  • #20
  • May 15, 2018 8:36pm May 15, 2018 8:36pm
Quoting 2dollardog
{quote} Tell that to Recep Tayyip Erdogan and all of us who short the Lira, plausibly, easily and safely. If you think high probability trades with good risk to reward are only "home runs" and nothing but risk, go speak with swing traders and convince them their trading methods aren't legit. If you're looking to make yourself feel better upon the back of someone else on the Internet, I'm not your target. And have zero patience for it. No trade is worth a hoot unless one knows how to actually trade, but insisting that other trading methods besides...
You have no idea who a im and yet you came to conclusions.. Good one "son" AT least you are funny i give you that; lets talk when you are aproaching 1000 trades taken and THEN we can talk =)
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