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Successful traders are very, very rare to find

  • #121
  • Mar 24, 2018 3:26pm Mar 24, 2018 3:26pm
The thing is very successful traders rarely post on FF.
This is because the way they trade is so far removed from most retail traders- there is no point.
Notwithstanding. any NDAs
  • #122
  • Mar 24, 2018 4:56pm Mar 24, 2018 4:56pm
i have seen a lot of very good traders on FF a successfull just go and look , some do keep a low profile others like to have a chat , after watching the charts a bit of relief is called for chatting works for me even though negitive chat and name calling is here which is unhelpfull and agree with fader123 some times we can be removed in trading
people leave, but this thread will go on for ever
  • #123
  • Edited 6:26pm Mar 24, 2018 6:07pm | Edited 6:26pm
Davit of Pivot Trading, using fundamental analysis as the core backdrop for his trading decisions, is the only trader on FF I currently have reason to believe is successful.
Come with me if you want to live....
  • #124
  • Mar 24, 2018 6:51pm Mar 24, 2018 6:51pm
He’s on the right track, as you know “pivot point trading” is the only method I’ve found that works consistently over many years, now if a light bulb could go on and he could figure out how to automate his strat, then he might be onto something. However, having said that, he may know he can automate, but doesn’t want to, as it might lose him his audience...

Imho you can’t possibly carry on manual trading and remain successful long term and you don’t have to, given the opportunities for A.I. now and the mind blowing changes that’ll happen soon, in terms of machine learning.

But wtf, he appears to be straight, his group are having fun and he’s light years ahead of some of the whoppers and charlatans that have disgraced this parish down the years.

Quoting Ill-b-back
Davit of Pivot Trading, using fundamental analysis as the core backdrop for his trading decisions, is the only trader on FF I currently have reason to believe is successful.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #125
  • Mar 24, 2018 7:32pm Mar 24, 2018 7:32pm
Quoting Spreadbetter
He’s on the right track, as you know “pivot point trading” is the only method I’ve found that works consistently over many years, now if a light bulb could go on and he could figure out how to automate his strat, then he might be onto something. However, having said that, he may know he can automate, but doesn’t want to, as it might lose him his audience... Imho you can’t possibly carry on manual trading and remain successful long term and you don’t have to, given the opportunities for A.I. now and the mind blowing changes that’ll happen soon, in...
How do you automate fundamental analysis?
Looking at how he trades, manages risk, considers upcoming events and studies various economies and their influences, he could automate his entries to a degree, but only on a week by week basis with a buy/sell only selection. But, he also manages trades and their targets on a case by case basis.
Putting all these factors together, how would you automate?
Come with me if you want to live....
  • #126
  • Mar 25, 2018 6:19am Mar 25, 2018 6:19am
How he figures out automation is his problem, what I will state (broken record time) is that until your strategy can be automated and prove to work over a period of perhaps three years, then you don’t have a workable strategy, you’re still guessing, and relying on luck. However, a manual strat based on “hey, look Ma; I buy when the daily trend is bullish, sell when the daily trend is bearish” can work, but to me it’s grief, requires too much screen time and is not investable.

Quoting Ill-b-back
{quote} How do you automate fundamental analysis? Looking at how he trades, manages risk, considers upcoming events and studies various economies and their influences, he could automate his entries to a degree, but only on a week by week basis with a buy/sell only selection. But, he also manages trades and their targets on a case by case basis. Putting all these factors together, how would you automate?
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #127
  • Mar 25, 2018 4:23pm Mar 25, 2018 4:23pm
Quoting Ill-b-back
Davit of Pivot Trading, using fundamental analysis as the core backdrop for his trading decisions, is the only trader on FF I currently have reason to believe is successful.
2nd that.
I think FX trading is also exceptionally harder than stocks etc. at least my experience and what i notice industry wide. FX seems to be successful traders do as minor aspect of portfolio.
  • #128
  • Mar 27, 2018 12:32am Mar 27, 2018 12:32am
Yes it is the fact the success rate on the Forex market is very low but it is not only in this market. According to a report 90% of the whole businesses of the world end after 3 years of their start. You can earn profits here if you are well dedicated and organized for the upcoming challenges. Are you ready?
  • #129
  • Apr 15, 2018 11:52pm Apr 15, 2018 11:52pm
Yep, I agree with the topics thread but it depends of strategy you use and exeprience you have. Oh and don't forget about broker which can provide good conditions and CS if necessary. I heard Amarkets good adaptated for newbies.
  • #130
  • Apr 16, 2018 8:13am Apr 16, 2018 8:13am
Quoting Rennaissance
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
Well yes its because in order to be successful in forex,People must invest their time and energy in studying the price charts and understand how the markets works and should never rely on trading systems or any specific indicators to give them buy or sell signals and most of the people do not do that and thats why they are unsuccessful.

You need a statistical edge to beat this market on a consistent basis which takes much time,effort and wisdom.most people do not want to pay the price.So they lose.

So its obvious that the percentage of successful traders in this industry would be very less.
No one ever Discovered anything new by colouring inside the lines.
  • #131
  • Jul 9, 2018 5:33am Jul 9, 2018 5:33am
Quoting Ill-b-back
{quote} How do you automate fundamental analysis? Looking at how he trades, manages risk, considers upcoming events and studies various economies and their influences, he could automate his entries to a degree, but only on a week by week basis with a buy/sell only selection. But, he also manages trades and their targets on a case by case basis. Putting all these factors together, how would you automate?
Bit late but this guy had some interesting concepts on automation.
He somehow put it all together and states his company will only make a trade if approved by the companies algorithms.
Interesting stuff.

Jim Simons
Inserted Video
  • #132
  • Jul 10, 2018 3:18am Jul 10, 2018 3:18am
Are there any successful trader on Forex Factory?
'For the market to work, it needs people who think that they can beat it.'
  • #133
  • Jul 10, 2018 3:27am Jul 10, 2018 3:27am
Quoting Rennaissance
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
Totally correct the market taught me however to change my style and lower expectations, so these days i go for the 50 pips each day and am done
its not unrealistic as a target totally achieveable even on two pairs and the feel good factor is just as cool and u make money too thats what the market has taught me, before carrying over trades and overnight stuff i got used to but these days i can finish in the day time and return tomorrow with moneys banked.

25 pips pound dollar
25 pips euro usd

daily target sometimes u get some added change too
  • #134
  • Jul 10, 2018 3:45am Jul 10, 2018 3:45am
It depends on your definition of 'successful traders '

KP
Do your homework, follow the footprints of smart money
  • #135
  • Jul 10, 2018 3:52am Jul 10, 2018 3:52am
Quoting Fader123
The thing is very successful traders rarely post on FF. This is because the way they trade is so far removed from most retail traders- there is no point. Notwithstanding. any NDAs


most of them do not actively participate (at least those I know of) if they do reach consistency in the forums but they do come around from time to time for entertainment and some do help the struggling traders if you've been lucky enough to come across them if you haven't you just have to look harder but not in the system section you'll come across their journal/thread as most have shared what they have gathered over many years.

just because you don't see them flashing their $ on your face like gurus, and system sellers doesn't mean they do not exist or they are rare, its just that mostly losers hang around the forums but the ones who knows their craft if they do remain active on ff still are the ones who keep a low profile.
...
  • #136
  • Jul 10, 2018 7:40pm Jul 10, 2018 7:40pm
The success rate of traders who work for professional firms (from what I've observed) is around 5-10%. Mind you this is people who trade professionally and full-time. Most people are fired or leave within the year. This rate would be considerably less for traders who don't do this full-time.

It's hard to define a successful trader based on money earned as they are always growing, but for me it would be someone who is consistently profitable over the course of a typical year, and has earned income comparable to a full-time salary. That way they can trade full-time whilst supporting themselves/their families.
  • #137
  • Edited 11:31pm Jul 10, 2018 11:19pm | Edited 11:31pm
I feel that traders who have years of experience trading (be it profitable or losing) should have a general idea of how good they are and how much realistic chance they have in this field.

I have been trading on and off for close to 10 years. I can say with fair certainty I will not be able to do this successfully full time or expect long term consistency, at least at the moment and the near future.

Trading Forex or stocks is only slightly easier than running a real business, with regard to the time and effort put in. Failure rate might be about just as high.
'For the market to work, it needs people who think that they can beat it.'
  • #138
  • Jul 11, 2018 3:12am Jul 11, 2018 3:12am
Just remembered one thing, the most important trait, in my opinion and based on witnessing probably 50-100 traders come and go over last 5 years, is having the mentality that this is the only thing they're going to do. The top 5-6 traders in my current firm all share that trait. Now I don't mean to encourage anyone to just throw everything away, obviously life circumstances and all is important.

But very few people who come through with 'let me try this and see how I go' make it. It has probably to do with lack of motivation, discipline and the ability to go to something 'less painful' when the inevitable loss hits. That mentality also breeds unrealistic expectations and a focus on PnL rather than growth in skill.

This has been my own case - I traded professional at an institution for a few years but hit a plateau and just couldn't grow anymore and I wasn't happy with my income. I ended up leaving for a corporate job but hated it and realised how much I miss trading. When I quit that corporate job I came back to my original firm with a different mentality, that my best skillset is probably trading and I really don't want to be working another corporate job, thus this 'had to work'. That changed my trading results dramatically and I have broken through my previous plateau quite easily.
  • #139
  • Jul 11, 2018 12:41pm Jul 11, 2018 12:41pm
Quoting AlastorFate
I feel that traders who have years of experience trading (be it profitable or losing) should have a general idea of how good they are and how much realistic chance they have in this field. I have been trading on and off for close to 10 years. I can say with fair certainty I will not be able to do this successfully full time or expect long term consistency, at least at the moment and the near future. Trading Forex or stocks is only slightly easier than running a real business, with regard to the time and effort put in. Failure rate might be about...
Most people think this thing is easy to do. They think trading is an enjoyable process. Well trading is work and work is hard and painful. Those looking for the easy money, sorry. The emotional demands of trading are enormous, even if taught what to do most will still fail. They are looking for fun where there is pain.
When you see it, BET big.
  • #140
  • Jul 12, 2018 6:29pm Jul 12, 2018 6:29pm
Quoting Rennaissance
{quote} Most people think this thing is easy to do. They think trading is an enjoyable process. Well trading is work and work is hard and painful. Those looking for the easy money, sorry. The emotional demands of trading are enormous, even if taught what to do most will still fail. They are looking for fun where there is pain.
I agree with everything else you are saying except for one thing, trading is hard work but it doesn't have to be painful and should be enjoyable to a certain extent. I'm not saying it's easy and I definitely agree that anyone looking for easy money is going to have another thing coming. One need to almost have a zen-like mindset when dealing with temporary losses in trading.

However, if a trader finds trading 'painful' and 'not enjoyable at all', I would suggest that person should probably top immediately. Why would you want to do something that's painful and not enjoyable whilst not getting paid (potentially)? Don't get me wrong, there will be painful periods, when you're on a bad run etc. but overall, you should really enjoy this, the challenge, the fact that no two days are the same, the control of your own financial future in your hands not some arbitrary decision made by some senior manager.

Personally I enjoy trading, I treat it like a computer game. I try to gain ticks every day (ticks is like pips except that's what we use for bond futures) and if I'm unsuccessful, I spend time working out what went wrong and try to beat it again the next day. I often find myself bored on a Sunday waiting for the Monday so I could be trading again.
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