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What actually works.

  • #21
  • Oct 13, 2006 7:44am Oct 13, 2006 7:44am
I know you said not to say this, but I'm doing it anyway. The system you trade with doesn't matter as much as having a good money management plan. I'm willing to wager that if you had something simple as buying / selling at ma crosses, and have a good money management plan, you'd be profitable.

All you need to do is find a system that 'fits' with your lifestyle. I've been looking at both Fozzy's method, and Mouteki's, and they both seem to be doing very well. I like Fozzy's because it fits with my lifestyle, I check the charts once in the evening, and determine which positions to take. Then, if I want, (which i usually do) I check them in the morning and during my day at work. Trading on a daily chart works well for me because I don't have to sit at a terminal all day watching ticks fly by. Mouteki's method I find very interesting, because it uses no indicators aside from price action. I traded stock using breakout chart patterns, etc, and so far Mouteki on a 4 hour chart seems to be great. However, it doesn't fit with my lifestyle, as I have a day job and can't always be at my terminal when the new bar forms.

Anyway, I've been trying to record information about my Fozzy trading on my blog (see my profile for link. no ads) and also check out the thread on here by Fozzy.
So far so good.
  • #22
  • Oct 13, 2006 8:24am Oct 13, 2006 8:24am
i thought mouteki data feed using GMT+0....interbankfx is GMT
{Link Removed}]
  • #23
  • Oct 13, 2006 8:28am Oct 13, 2006 8:28am
Hi,

Look here:

www.tunneltrading.com

Vegas's website.

regards,
HK
Quoting cdysthe
Sorry for these newbie questions: What's VWB/Currency Daily? Also, I have downoaded and installed the Vegas 1hr stuff in MT4, but I can not fiind an understandable description on how to trade with it. Can someone point me in the right direction please. Where do I find the "Vegas files"?
  • #24
  • Oct 13, 2006 8:46am Oct 13, 2006 8:46am
Shoe -


I have been trading live for 3 years. I've bought a few systems and gotten lots of free ones from this site and others. I even spent several thousand dollars for a 1-year mentorship. After all this time, here is what I have learned: I have never, and I mean NEVER found a guru/mentor/teacher that could prove that he/she made consistent income from trading, let alone supported themselves by trading (including that expensive mentor). Other than that mentor, I contacted each system seller/mentor prior to getting their system/joining to request a live account statement. Not one ever provided one. The obvious conclusion is that they are not profitable. After my 1-year mentorship, I discovered that my mentor actually consistently lost money in live trading. If you want to make the fantastic profits that so many advertise as being available, the fastest way to do it is to sell a method. Go to eBay, you will see plenty there. Their sellers are making money only by selling systems backtested for short periods of time, if at all. None are consistently profitable. What can you conclude from this? First, you quest for the system that meets your requirements is fruitless. There is no non-discretionary system that is consistently profitable. Anyone who says otherswise is a fool or a system vendor wanting your money. The fact is, fundamentals like economic reports do affect the market, and no system based on technicals alone can account for them. Second, and most important, is that NO ONE CAN TEACH YOU TO TRADE. Those that fail to realize this are doomed to spend their lives searching for the "ultimate" indicator or system. This does not mean that you can't learn to trade, just that you will have to learn on your own from the resources available to you. This will take lots of time and discretion on your part as to what does and does not work. There are no shortcuts.

The Vegas material is as good as anything out there, and you could contact him to demonstrate how profitable he is. I have, so I already know the answer (see above paragraph).

You have figured out something that should give you a major clue about systems and their vendors. None of them provide live account statements demontrating profitability. And I've heard every excuse possible as to why they won't. If you find a trader that will prove profitability by live account statements, lives soley on income from trading, and who is willing to help you, you will have indeed found the holy grail.
Chance favors the prepared
  • #25
  • Oct 13, 2006 9:11am Oct 13, 2006 9:11am
Quoting JohnW
If you want to make the fantastic profits that so many advertise as being available, the fastest way to do it is to sell a method.
There is, of course, another way to make a great deal of money in forex. Become a broker.


Neil.
  • #26
  • Oct 13, 2006 9:19am Oct 13, 2006 9:19am
Quoting cdysthe
Sorry for these newbie questions: What's VWB/Currency Daily? Also, I have downoaded and installed the Vegas 1hr stuff in MT4, but I can not fiind an understandable description on how to trade with it. Can someone point me in the right direction please. Where do I find the "Vegas files"?
No need to go external, it's all in what I posted. I had already linked to one of the stickies with the files zipped and posted. Just click on that link in my last post or:
Peruse this forum section, first the sticky posts obviously and get the corresponding documents. I recommend the 4h tunnel method, the 1h tunnel was superceded by it. Read the original 4h tunnel Vegas document and the discussion "Lost in the tunnel" for a good discussion on it.
Trust price. Know yourself.
  • #27
  • Oct 13, 2006 9:20am Oct 13, 2006 9:20am
Quoting Neilg36
There is, of course, another way to make a great deal of money in forex. Become a broker.


Neil.
....or put some money in a money market bank acount and make %5+ interest..
//C
  • #28
  • Oct 13, 2006 9:43am Oct 13, 2006 9:43am
Quoting cdysthe
....or put some money in a money market bank acount and make %5+ interest..
5% aren't bad. I'm earning enough for "free" gas every month.
  • #29
  • Oct 13, 2006 10:01am Oct 13, 2006 10:01am
Thanks for speaking the truth. I have been through a similar journey and am still looking for my Holy Grail, its rubbish when people say most systems work, because nearly all of them don't. Most people don't realise how tough it is to find something that is consistent without massive drawdown.

I read a quote from an ex employee of FXCM who said that while he worked for the company he never saw ONE account that made money overall.


QUOTE=JohnW]Shoe -


I have been trading live for 3 years. I've bought a few systems and gotten lots of free ones from this site and others. I even spent several thousand dollars for a 1-year mentorship. After all this time, here is what I have learned: I have never, and I mean NEVER found a guru/mentor/teacher that could prove that he/she made consistent income from trading, let alone supported themselves by trading (including that expensive mentor). Other than that mentor, I contacted each system seller/mentor prior to getting their system/joining to request a live account statement. Not one ever provided one. The obvious conclusion is that they are not profitable. After my 1-year mentorship, I discovered that my mentor actually consistently lost money in live trading. If you want to make the fantastic profits that so many advertise as being available, the fastest way to do it is to sell a method. Go to eBay, you will see plenty there. Their sellers are making money only by selling systems backtested for short periods of time, if at all. None are consistently profitable. What can you conclude from this? First, you quest for the system that meets your requirements is fruitless. There is no non-discretionary system that is consistently profitable. Anyone who says otherswise is a fool or a system vendor wanting your money. The fact is, fundamentals like economic reports do affect the market, and no system based on technicals alone can account for them. Second, and most important, is that NO ONE CAN TEACH YOU TO TRADE. Those that fail to realize this are doomed to spend their lives searching for the "ultimate" indicator or system. This does not mean that you can't learn to trade, just that you will have to learn on your own from the resources available to you. This will take lots of time and discretion on your part as to what does and does not work. There are no shortcuts.

The Vegas material is as good as anything out there, and you could contact him to demonstrate how profitable he is. I have, so I already know the answer (see above paragraph).

You have figured out something that should give you a major clue about systems and their vendors. None of them provide live account statements demontrating profitability. And I've heard every excuse possible as to why they won't. If you find a trader that will prove profitability by live account statements, lives soley on income from trading, and who is willing to help you, you will have indeed found the holy grail.[/quote]
  • #30
  • Oct 13, 2006 10:15am Oct 13, 2006 10:15am
Quoting schoe
Thanks for speaking the truth. I have been through a similar journey and am still looking for my Holy Grail, its rubbish when people say most systems work, because nearly all of them don't. Most people don't realise how tough it is to find something that is consistent without massive drawdown.

I read a quote from an ex employee of FXCM who said that while he worked for the company he never saw ONE account that made money overall.
Ultimately, all a bit depressing for a Friday afternoon.

Neil.
  • #31
  • Oct 13, 2006 10:19am Oct 13, 2006 10:19am
I spent several months at their headquarters in Ny and I never got access to the locked room where it was understood they trade against their customers. Our company was solicited to offer our Banking clients access to the proprietary software that allowed them to do the same. It's a very Evil enviornment in there.


Quoting Neilg36
Ultimately, all a bit depressing for a Friday afternoon.

Neil.
Trade what you see - Not what you think
  • #32
  • Oct 13, 2006 10:29am Oct 13, 2006 10:29am
Quoting schoe
I read a quote from an ex employee of FXCM who said that while he worked for the company he never saw ONE account that made money overall.


I call shennanigans.
So far so good.
  • #33
  • Oct 13, 2006 10:35am Oct 13, 2006 10:35am
I think Mr Shennigans is the CEO
Trade what you see - Not what you think
  • #34
  • Oct 13, 2006 10:39am Oct 13, 2006 10:39am
[quote=schoe]Thanks for speaking the truth. I have been through a similar journey and am still looking for my Holy Grail, its rubbish when people say most systems work, because nearly all of them don't. Most people don't realise how tough it is to find something that is consistent without massive drawdown.

I read a quote from an ex employee of FXCM who said that while he worked for the company he never saw ONE account that made money overall.

Shoe -

System vendors & brokers really sell only one thing - hope.

I don't find it (the info you found about FXCM) depressing. It's just the reality of the situation. Brokers are in the business of taking our money. They have deeper pockets and more resources than us. That's why this is such a tough business, and it can take a huge toll on our confidence, spirit, and emotional state. Now you know why so many brokers offer free demo accounts and free (fake) data feeds. The best analogy I can think of is that trading is like walking through a mine field. One false step and you blow up. It's nerve-wracking. It takes focus and concentration. But it can be done - I am betting on it, and that is why I still trade.

JohnW
Chance favors the prepared
  • #35
  • Oct 13, 2006 10:43am Oct 13, 2006 10:43am
It's as simple as going long when the currency is rising and going short when the currency is falling. Any system or indicator you use will only be profitable if you use it coreectly. Ever notice how all of the indicators rise and fall with price!This is my contribution~hope it helps!
Trade what you see - Not what you think
  • #36
  • Oct 13, 2006 10:54am Oct 13, 2006 10:54am
Quoting summitfx
It's as simple as going long when the currency is rising and going short when the currency is falling. Any system or indicator you use will only be profitable if you use it coreectly. Ever notice how all of the indicators rise and fall with price!This is my contribution~hope it helps!
I couldn't agree more mate.

Neil.
  • #37
  • Oct 13, 2006 10:56am Oct 13, 2006 10:56am
Quoting schoe
Thankyou, Well I work shifts so normally have some of the day free but my job is full time and can involve long hours .

So I guess I need something that is low maintenence to start with more of a swing trading strategy.I have tried auto trading and various signal providers but don't like their lack of consistency and they all have big drawdowns.

The ultimate system for me would be one I could make money with while working which would then give me enough confidence to be able to take time off work to trade it full time. But to do this I would have to make enough money while still working to give me the courage to take that plunge into full time trading so its a vicious circle i'm sure a lot of potential full time traders are caught in.

So I guess I am looking to find a method that requires not a lot of screen time and also to trade another one when I am off work with a view to trading full time.
Based on what you have said. You are a prime candidate for swing trading. This will fit you schedule, has great potential and is one of the more fascinating ways to trade.

While I appreciate your desire to get trading profitable in a hurry, I will suggests that may not be possible for the long run. I offer to you that your initial education will determing your ability to succeed with any strategy good or not. To be specific, I tender that you will need to become totally familiar with Technical and Fundemental analysis to cash in consistently and avoid the surprise smack downs that come with being ignorant of the rules.

I highly recommend that you read and apply repeatedly. Don't just read and don't just try to trade. Read and apply. Then when you have done that for months on end, read and apply more. Use a demo and make it your hobby. If you do this, you will learn. You will gain a frame of reference and with that most always come strong opinions of your own.

You will read a technical analysis book and implement the ideas. You will then say, "that works!" or "that is crap!" Read another guys book and do the same thing. read some Fundemenatal analysis books and article and see how the authors opinions play out in current markets. Again you will say,"he this guy' theories are dead on". Or, "this guy could not find his ass with both hands!" Again, read and apply.

As you can see I prefer the classics. Old school Technical analysis and understanding of fundemental impact. In my opinion you cannot evaluate any advanced systems until you understand the classics. Kind of how your english teachers fed you literature before composition.

One more thing I will offer you that is more advanced and more specific than the above is this. While you are observing the markets. Pay close attention to things like daily range of currency pairs, Measured price reactions to fundemental data, Times of day, week, and month behavioral patterns in price. These nuances can be huge. Using confluence of these bahvioral pattern when choose a time to enter your technical swing trades can greatly improve your win percentage.

While I did not offer you a specific strategy as you asked for, my opinion based on your post is that the above information may be more suitable to your current level. I also believe that if you follow the above you will generate your own frame of refernce and subsequent opinions upon evaluating any system or trading style.

I truly hope this post is a contribution to your success.

FXO
Profit is where readiness meets Opportunity
  • #38
  • Oct 13, 2006 11:12am Oct 13, 2006 11:12am
It's important that when you pick up a system you need to go back and manual backtest it over a few months or years. If you don't trust the system enough to continue trading it after a period of drawdown, it will never work. It's all about convincing yourself about the profitability of the system so that after several consecutive losing trades you still have the "courage" to put on another trade according to your system's rules. That trade might be the "home run" that compensates for all those previous losses.

By the way, I disagree on the view that all system sellers are losers in their trading. Selling systems is a legitimate way to generate another stream of income. I trade for a living and also sell my systems and mentor a few people. What I found out is that even I give my students the same systems that I have been trading profitably over the years, some of them still never make it. It's the human mind that messes up with the system. They either try to bend the rules or refuse to take losses when they need to or refuse to let their profits run. After all, it boils down to the human mind and psyche.
  • #39
  • Edited 2:38pm Oct 13, 2006 12:10pm | Edited 2:38pm
Quoting summitfx
It's as simple as going long when the currency is rising and going short when the currency is falling. Any system or indicator you use will only be profitable if you use it coreectly. Ever notice how all of the indicators rise and fall with price!This is my contribution~hope it helps!
Thanks for your contribution but its not that simple.

Where do you take profit when it is rising.

Where do you cut your losses.

Where do you gain the edge to overcome the spread.

How do you know when it is best to stand aside because of whipsaws?

Nobody has said on this thread yet. I am making a ton of money,i've just give up my day job, use this method,stick to the rules and you will as well.

Why is that? ........
  • #40
  • Oct 13, 2006 12:22pm Oct 13, 2006 12:22pm
Quoting schoe
Thanks for your contribution but its not that simple.

Where do you take profit when it is rising.

Where do you cut your losses.

Where do you gain the edge to overcome the spread.

How do you know when it is best to stand aside because of whipsaws?

Nobody has said on this thread yet. I am making a ton of money,i've just give up my day job, use this method and I guarantee you will as well.

Why is that? ........
Why would anybody just give it away if they had the answer to all your questions?
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