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Can YOU make money as a professional trader - Redux

  • #81
  • May 25, 2018 3:33am May 25, 2018 3:33am
Quoting Chake
{quote} Hi tincoq, It could well be.. it certainly is better regulated. But all i said was that the FTI was a relative small market, there are lot's of bigger futures markets out there (Dax, Dow etc.) Don't give up, invest small till you have something that is working. And don't take my word for it, in fact don't take anyone's word, investigate all opinions and make up your own mind.
Thanks Chake. Yes, will do the homework prudently. Really hope I can make it in fx markets.
A new journey in life ...
  • #82
  • Jun 1, 2018 6:26am Jun 1, 2018 6:26am
I have read all the posts of this thread and going to make an insane announcement..please forgive me, if you find it offensive (I am not here to disrespect anyone)

"A trader can make consistent profits for long time despite ignoring all rules mentioned in this thread"

Full Stop
.................
  • #83
  • Jun 2, 2018 10:06am Jun 2, 2018 10:06am
Quoting KashifNawaz
I have read all the posts of this thread and going to make an insane announcement..please forgive me, if you find it offensive (I am not here to disrespect anyone) "A trader can make consistent profits for long time despite ignoring all rules mentioned in this thread" Full Stop
These are MY rules, not yours. Feel free to post your trading rules as others may benefit from them.

But "No solicitations." If you are looking to sell your Martingale/Grid/Hedge trading system, please open your own thread as I do not allow selling here. Everything is free in this thread
Ecclesiastes 1:9
  • #84
  • Jun 4, 2018 12:02am Jun 4, 2018 12:02am
Rule # 9 Always wait for price to close.

I have violated this rule so many times. And most times I have regretted it.

After years of trading, I may think I know the signal is guaranteed. it's a sure thing, go on and put the trade on. And then, Bam. At the end of the timeframe I am trading in ---- Disaster.

Never, ever ever, try to anticipate what will happen next. Wait for your set up. This is big time holy grail stuff. Wait for the signal.
Ecclesiastes 1:9
  • #85
  • Jun 10, 2018 5:34am Jun 10, 2018 5:34am
Quoting newbegger
Rule # 2 Try to avoid risk. I say "try to avoid risk" because there is no getting around this completely as a trader. Once you put a trade on, you are at risk of losing more money than you invested. Black swan events occur and there is no way to know when the next one will occur. However, you can do several things to minimize risk like scaling into trades (I will explain later) and scaling out or closing trades completely when you have no control like weekends and holidays. My holiday adventure from last thread over New Years break in 2005. I was...
I still remember my bad day. Same goes with me . I feel uncomfortable when losing money and start to revenge by trading with big lots and hoping thing would be recover and the result are catastrophic . Time flies . i stat to learn and put my ego down . I tell to myself shit do happen and then thing are getting stable not perfect but it ok
  • #86
  • Jun 10, 2018 8:35am Jun 10, 2018 8:35am
In the previous thread you mentioned a system with Bollinger, ADX and ATR. I've played around with it some but sometimes it seems that ADX seems to really lag sometimes even though I am really liking ADX. Any advice about the lag and what I see on the Bollinger?
  • #87
  • Jun 10, 2018 11:11am Jun 10, 2018 11:11am
Quoting newbegger
Rule # 4 Run your own race at your own pace. Already there has been some discussion in here about different trading ideas. Trading sessions that work, adding to losing positions, trading for a target vs keep trading while you are hot. In this rule, you need to take a look at your life and make an honest appraisal of HOW you think. Your life - Do you have a full or part time job that restrict your trading time? If so, you need to use a swing or long term strategy. You will not be able to scalp the markets unless you have plenty of free to watch and...
+1 took me years to appreciate this. Nice thread
  • #88
  • Jun 10, 2018 6:10pm Jun 10, 2018 6:10pm
The truth as I have discovered it is that making money in the market is easy. The problem is that people want to be right more than they want to make money. Find the wisdom in this and prosper.cheers
When you see it, BET big.
  • #89
  • Jun 11, 2018 7:31am Jun 11, 2018 7:31am
Quoting Rennaissance
The truth as I have discovered it is that making money in the market is easy. The problem is that people want to be right more than they want to make money. Find the wisdom in this and prosper.cheers
Very wise comment.
  • #90
  • Jun 11, 2018 9:28am Jun 11, 2018 9:28am
Quoting fxokieusa
In the previous thread you mentioned a system with Bollinger, ADX and ATR. I've played around with it some but sometimes it seems that ADX seems to really lag sometimes even though I am really liking ADX. Any advice about the lag and what I see on the Bollinger?
ADX is a lagging indicator and it also repaints. That being said, it does have some value for mechanical trading. I find it works best for my trading style on the 4 hour or greater charts.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 85 KB


In the picture, you see the +dmi (green) jumped over the ADX (white) and the ATR is rising. You see the big green candle, this is my favored way to use the ADX to determine a trend.
Ecclesiastes 1:9
  • #91
  • Edited 10:04am Jun 11, 2018 9:50am | Edited 10:04am
Quoting fxokieusa
In the previous thread you mentioned a system with Bollinger, ADX and ATR. I've played around with it some but sometimes it seems that ADX seems to really lag sometimes even though I am really liking ADX. Any advice about the lag and what I see on the Bollinger?
Here is example of a short trade

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDH4.png Size: 78 KB


The -dmi (red) has jumped the ADX, ATR is rising, and big red candle. It's going down.

Study the ADX/ATR relationship using strategy tester and you will find when it's good to be trend trading and when it's good to be range trading.

Back when I was trying to build my account I was trading full time using 3 screens 5 min, 15 min, and 1 hour with success using just these 4 indicators, Bollinger Bands, ADX, ATR, and candlesticks. Now I have nice size account and not as passionate about trading. Trading is boring. So I use the 15 min, 1 hour, and 4 hour charts with this system.

I also use the Scooby Do system for long term trades based on the Daily chart

Fibonacci's are also for good entry/exit points - watch then on all time frames starting larger (more important) and moving to smaller (less important and often fail)

The M and W patterns are my bread and butter trades, you really get a feeling for what the movers are trying to do next in the market
Ecclesiastes 1:9
  • #92
  • Jun 15, 2018 7:15am Jun 15, 2018 7:15am
Quoting Chake
{quote} No, it was not. My best guess is the system i traded was too systematic, too easy to spot if you know what i mean. But guys, i think here's where this speculation must end, it's a bit to many guesses and "i think" 's to be constructive. Don't waste more time then you should on chit chat, get out there and test ideas untill everybody near you looses interest (i know i did LOL) Then test some years more... When i started trading everybody in my surrounding was very interested, and a lot of them wanted to know how much money i made (same can...
ditto here
  • #93
  • Jun 15, 2018 9:09am Jun 15, 2018 9:09am
Quoting Chake
{quote} Hi Alphadude, Thanks, that could surely be the reason when you're talking Forex trading. So you just continued trading with the same broker? Wouldn't switching to another broker temporarely fix the problem? Maybe best practice to switch every couple months?
i use more than one broker.
  • #94
  • Jun 15, 2018 1:32pm Jun 15, 2018 1:32pm
Quoting fxproUSA
When I see someone post “I made 637 pips today” or “I haven't had a losing trade all month” I can tell they are in the 90% club. The only “traders” who can ignore this rule are the prop traders and/or systems sellers. This group are not relying on income from trading, just collecting commissions on sales. They have to project the “I am the greatest” image to keep clients coming in i assume your making these confirmed " in your own mind " statements based on something silly like ummmmmmmmmmm facts LOL ... you amateurs continue to amuse me...
Lol... this idiot is trying to sell his indicators desperately. He has opened all his channels open to funnel in the nubes...! Come on' man... stop trying to sell shit to the nubes...!
  • #95
  • Jun 15, 2018 2:18pm Jun 15, 2018 2:18pm
Quoting newbegger
{quote} Here is example of a short trade {image} The -dmi (red) has jumped the ADX, ATR is rising, and big red candle. It's going down. Study the ADX/ATR relationship using strategy tester and you will find when it's good to be trend trading and when it's good to be range trading. Back when I was trying to build my account I was trading full time using 3 screens 5 min, 15 min, and 1 hour with success using just these 4 indicators, Bollinger Bands, ADX, ATR, and candlesticks. Now I have nice size account and not as passionate about trading. Trading...
How many days do you hold a typical trade like this... H4 ? And the exit is an opposite signal? And you probably use other discretions also? curious...!
  • #96
  • Jun 16, 2018 3:19am Jun 16, 2018 3:19am
Thanks newbegger for sharing your experiences, you have a great rules, and most of all i agree about that “holygrail” that every trader searching, is lie in yourself...Every traders must have their own system and enjoy with it. If your system makes your life hard and difficult then don’t trade forex. Many other things we can do to make money. I have many difficult times through my trade, until i find the better way to enjoy trading and winning from the market. Keep focus and consistent.
  • #97
  • Jun 16, 2018 7:05am Jun 16, 2018 7:05am
Quoting Halimsug
Thanks newbegger for sharing your experiences, you have a great rules, and most of all i agree about that “holygrail” that every trader searching, is lie in yourself...Every traders must have their own system and enjoy with it. If your system makes your life hard and difficult then don’t trade forex. Many other things we can do to make money. I have many difficult times through my trade, until i find the better way to enjoy trading and winning from the market. Keep focus and consistent.
Nice to know your current trading performances. By the way, there is nothing like HolyGrail in Forex.
  • #98
  • Jun 18, 2018 10:13am Jun 18, 2018 10:13am
Quoting vinforex7
{quote} How many days do you hold a typical trade like this... H4 ? And the exit is an opposite signal? And you probably use other discretions also? curious...!
I normally trade the 4hr on swing trades but like most of my trades, I use discretion. News events can change my mind quickly. Also If it runs hard for me or against me, I will cash out.

Typical time frame when it goes slow will be to cash out before the weekend and then re-enter next week if the trade is still in my direction
Ecclesiastes 1:9
  • #99
  • Jun 19, 2018 7:57pm Jun 19, 2018 7:57pm
Quoting newbegger
Rule # 9 Always wait for price to close. I have violated this rule so many times. And most times I have regretted it. After years of trading, I may think I know the signal is guaranteed. it's a sure thing, go on and put the trade on. And then, Bam. At the end of the timeframe I am trading in ---- Disaster. Never, ever ever, try to anticipate what will happen next. Wait for your set up. This is big time holy grail stuff. Wait for the signal.
You are absolutely right. Many times it also happened with me. I also have opened trade before the candle closes. I think it's a common newbie phenomenon. And it comea from fear of losing opportunity and impatience. All the newbie should give importance on this matter.
  • #100
  • Jun 19, 2018 8:49pm Jun 19, 2018 8:49pm
Rule #9 is so on point i have violated this rule on several occasion and regret doing so, while back-testing my strategy i noticed fewer opportunities are missed.
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