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Forex Profit... Im sorry but... (10% per month?) 114 replies

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  • #181
  • Jan 23, 2019 3:02pm Jan 23, 2019 3:02pm
Quoting havo
{quote} My post its gone.. interesting; i guess you dont like to hear things that hurt your fragile ego
Woah there havo, time out there cowboy!

1. Thank you for thinking that I have the power to remove posts, but the mighty wizard of Jim cannot be bothered with such trivial matters.
2. My ego is not tied to any post that an unknown and faceless handle in a country far far away would make.

Perhaps you should take that up with the moderators. As it would seem that it is you with hurt feelings. I had forgotten you were there.

What, pray tell, would you have said that might get my attention in such a way? You vanished the last time, and considering the nation that call home here at the factory I thought that maybe you had infrastructure issues.
If you are good at something, never do it for free--Joker
  • #182
  • Jan 25, 2019 11:58pm Jan 25, 2019 11:58pm
Quoting 6ix9ine
{quote} If Forex isn't profittable, then why are so many people actively trading it?
Because everyone is sucked in by the dream of big money and think they are smarter than the rest of the herd - yet 80%+ are not and will lose money. It´s the same like with slot machines - everyone knows they have an edge over YOU, yet many people are addicted to them and think they can beat the system. They keep on playing until they´ve lost everything. It´s the exact same with Forex. Also, just look at the EU brokers which all need to openly show how many % of their traders are losing money thanks to the new ESMA regulations from last year. For example:

https://www.activtrades.com/en/
"CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money."
That´s directly from their mainpage.

https://www.darwinex.com/ = 77% of trader lose.
https://www.gkfx.co.uk/ = 82% lose money
etc. etc.

Show me just ONE broker in the EU that has to publish these stats that has a POSITIVE number of their clients winning. And remember that it does NOT mean that the other 20% to 30% are making profits. Even if they have just made +-$0 or just $1 profit they are counted towards the non-losing-crowd, still does not mean they´ve made profits as you see.
  • #183
  • Jan 26, 2019 12:58am Jan 26, 2019 12:58am
Quoting geektrader
{quote} Because everyone is sucked in by the dream of big money and think they are smarter than the rest of the herd - yet 80%+ are not and will lose money. It´s the same like with slot machines - everyone knows they have an edge over YOU, yet many people are addicted to them and think they can beat the system. They keep on playing until they´ve lost everything. It´s the exact same with Forex. Also, just look at the EU brokers which all need to openly show how many % of their traders are losing money thanks to the new ESMA regulations from last...
This is a great post because you just exploded the myth that 99% of FX traders lose. It is not even 90%.

That said, the losers in the group may have different levels of experience. This matters a lot because every trader without a coach goes through the same method of learning if they survive long enough. This tells me that most losers are losers because they do not have the skill set to win, not yet.
If you are good at something, never do it for free--Joker
  • #184
  • Jan 26, 2019 3:26am Jan 26, 2019 3:26am
Quoting jmn5611
{quote} This is a great post because you just exploded the myth that 99% of FX traders lose. It is not even 90%. That said, the losers in the group may have different levels of experience. This matters a lot because every trader without a coach goes through the same method of learning if they survive long enough. This tells me that most losers are losers because they do not have the skill set to win, not yet.
what i dont read in this "losers" data is:
- the time period they based on these %age results ( last month, last quarter, last year, since account is opened?)
- it conveniently put all account into one box...no data regarding high leverage vs lower leverage, or 2-3 digit accounts vs 5-6 digits, etc. ( a whole different discussion why someone isnt really a trader just by any definition just by having opened a brand new 50$ forex account with a bucketshop)

what % of the lottery players come out ahead on the long run?
what % of the casino players can boost an overall profit for their lifetime? even in poker, where skills involved, is the % much different to forex?

anyway,
to contrast, where are the "professionals"?
https://www.cnbc.com/2017/02/27/active-fund-managers-rarely-beat-their-benchmarks-year-after-year.html

expectations are usually sky high, that lead to plain old gambling, that in turn result the same casualty rate as gambling.
for benchmark, take S&P, what is the yearly return on average that those (on average 70%) of fund managers fail to beat?
really, arent that high. the past 10 or 20 years period approx 6.7%.
https://dqydj.com/sp-500-historical-return-calculator/
targets and expectations, a good start to think why many fail, or where to possible avoid setting up to failure.
there is always, always another trade!!
  • #185
  • Jan 26, 2019 8:24am Jan 26, 2019 8:24am
Quoting geektrader
{quote} Because everyone is sucked in by the dream of big money and think they are smarter than the rest of the herd - yet 80%+ are not and will lose money. It´s the same like with slot machines - everyone knows they have an edge over YOU, yet many people are addicted to them and think they can beat the system. They keep on playing until they´ve lost everything. It´s the exact same with Forex. Also, just look at the EU brokers which all need to openly show how many % of their traders are losing money thanks to the new ESMA regulations from last...
That is understandable, so do you fall into the losers %?

I saw an interesting documentary about Madoff and all he promised his clients were 1% gain per month! That alone had people selling everything to invest with him. Do you think if one of us were able to gain simply 1% profit no matter the drawdown, as long as you don´t margin call the account, everyday for the next 6 months, that would make that person worth investing in? 1% would seem easy considering the fact of how we chase price action around, not knowing when the traps are in place. If on one trade you make 30% then you take the rest of the month off! Now in days, brokers should be giving their clients links to their accounts so they can see in real time what is going on. Heck, if us poor traders have that ability why not give it to the rich.
6ix9ine - Bebe
  • #186
  • Jan 26, 2019 12:42pm Jan 26, 2019 12:42pm
Quoting profitfarmer
{quote} what i dont read in this "losers" data is: - the time period they based on these %age results ( last month, last quarter, last year, since account is opened?) - it conveniently put all account into one box...no data regarding high leverage vs lower leverage, or 2-3 digit accounts vs 5-6 digits, etc. ( a whole different discussion why someone isnt really a trader just by any definition just by having opened a brand new 50$ forex account with a bucketshop) what % of the lottery players come out ahead on the long run? what % of the casino players...
I think it is a mistake to take principles of stock investing and carry it over to fx. The reason is that fx is spread trading by definition. That is why I stopped listening to cnbc and buffet and all the rest because we are not in the same market, so the same rules do not apply. This is just my view on things.

Also, has anyone looked into becoming a professional? I did. After I came away, it was thanks but no thanks. Professionals, in the attempt to beat the index, take marginal small and mid cap stocks hoping to find the next NFLX, and they create options strategies trying to do the same. After fees, they fall short.

This could be because of my broker, but account size is not relevant to profitability if you know what you are doing, because it takes the same techniques to turn 10 dollars into 20 as it does to turn 10k into 20k. Putting it all on black, and/or going all in will get any amount of money taken away from you eventually regardless of the size.

As far as gambling, we are all gamblers, all of the time. When you take a job, you are taking a calculated risk that your company will not go under and that you can get along with your bosses. When you trade forex, you are taking a calculated risk that the trend or reversal will get to your profit target before it hits your stop loss.
This same logic also applies to driving, eating, and even drinking is some parts of the world. Gambling is a fact of life, and the is nothing wrong with it as long as you can calculate risk.
If you are good at something, never do it for free--Joker
  • #187
  • Jan 26, 2019 12:46pm Jan 26, 2019 12:46pm
Quoting josephcom
{quote} That's what I'm talking about. People, please don't fall for false success stories. There's no way you can profit from Forex. Believe me, I may not be a so called good trader, but I am better than you think in computer programming. I have tested litterall anything you might find in the internet. All of them are nothing but a way of selling books and attracting visitors to their website. For God's sake, show me (and other members) ONE SINGLE REAL ACCOUNT which has been profitable in the long run (at least the past 3 years).

I would agree with you that people should not fall for false success stories. I will on the other hand fully disagree with you saying you can not profit off of Forex. My Forex account was closed a little over 5 years ago when I unfortunately went to prison. Regardless where I was at, as a dedicated trader, do you think for one moment that I stopped educating myself and trading for that matter.

When I was down, I had nothing but 20 years of data of Open, High, Low and Close numbers to go off of from multiple markets, including Forex, no computer, no programming. All I had was paper, pencil and eraser. I sat and crunched numbers all day, creating formulas and back testing all by hand. It is amazing on what you can learn when you do thing the hard way, because now I am armed with my own systems, formulas and insight for the Forex market. Here shortly, I will be putting all my work to the test and I will succeed. I can honestly say that I was able to profit even from being in prison, thanks for some friend that would put in my trades that I had asked.

I would recommend you stop trying to take the easy way out with computer programming(no offense to anyone, just being blunt), and get you a piece of paper, pencil and a eraser.

Good Luck
  • #188
  • Jan 26, 2019 2:13pm Jan 26, 2019 2:13pm
Quoting profitfarmer
{quote} what i dont read in this "losers" data is: - the time period they based on these %age results ( last month, last quarter, last year, since account is opened?)
You´d just need to read the ESMA site. It says that the stats have to be based on a rolling 12 months period, updated each quarter of a year.
  • #189
  • Jan 26, 2019 2:47pm Jan 26, 2019 2:47pm
Quoting wesleyaford8
{quote} I would agree with you that people should not fall for false success stories. I will on the other hand fully disagree with you saying you can not profit off of Forex. My Forex account was closed a little over 5 years ago when I unfortunately went to prison. Regardless where I was at, as a dedicated trader, do you think for one moment that I stopped educating myself and trading for that matter. When I was down, I had nothing but 20 years of data of Open, High, Low and Close numbers to go off of from multiple markets, including Forex, no computer,...
Nice movie you´ve created there, so whats the REAL reality? LOL
  • #190
  • Jan 26, 2019 3:25pm Jan 26, 2019 3:25pm
Quoting geektrader
{quote} Nice movie you´ve created there, so whats the REAL reality? LOL
Federal Bureaus of Prison, I was detained on October 27, 2013. Was sentenced to 81 months but with good conduct and programming(Residential Drug Abuse Program), I was release September 10, 2018. I was imprisoned at FCI Forrest City, Arkansas. There, they had a Camp, Low and Medium security, I was in the Low.

You can believe what ever it is that you wish, I am without concern of it.

But, like I said, I did things the hard way and now I put my formulas and systems into Excel spreadsheet. So much easier!!!
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  • #191
  • Edited 5:01pm Jan 26, 2019 4:47pm | Edited 5:01pm
WTF are you looking at? I'm just doing some paper back testing for FX trading. DO YOU HAVE A PROBLEM WITH THAT?
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  • #192
  • Jan 26, 2019 4:52pm Jan 26, 2019 4:52pm
Quoting OutThere
WTF are you looking at? I'm just doing some paper back testing for FX trading. {image}
I don't recognize anyone but I can say they have the same clear plastic 22oz cup we had.
  • #193
  • Jan 27, 2019 11:29am Jan 27, 2019 11:29am
Quoting OutThere
{quote} lol. My ex boss looked like the guy in the back middle with the handlebar mustache. Now I know why he is such an a-hole even though this guy in the picture is probably nice along with all others and they are all in there because of jay walking tickets. Yah I am sure the cups keep toilet moonshine really well. I know, that's a myth about moonshine in jails. They get real whisky or whatever they want imported in. (no, all a myth).


Gods, I wish I could say it was a myth, Ohh wait

As for the Importation of all thing considered great, FACT! Whisky, Drugs, Cell Phones, you name it, it was there.
  • #194
  • Edited Jan 29, 2019 7:11pm Jan 28, 2019 8:48pm | Edited Jan 29, 2019 7:11pm
Quoting hilmy83
{quote} vee, since you can have a reasonable argument what do you think of these? https://www.forexfactory.com/showthread.php?p=11863935#post11863935 or are you also looking for a TE and think that's the only proof that matters here?
Sorry man, I was just searching for something and ran into this post. I did not look at the link but want to comment on TE. I don't look at anybody's TE anymore nor do I advice anyone to put their own live account on such forums funded by brokers. It's the worst thing for your account .there is no such thing as free service when it comes to your private and confidential information. There is ALWAYS a price everyone pays....and this is supported by facts. Look around what Facebook and Google are doing. They are making billions from our search history and social activity. Same logic applies to myfxbook and TEs. Retail sentiment is huge and going against is a very lucrative business model. Zulu and shitty sites all thrive on making you at one way or another. I have written many posts about his and why I have urged folks to remove their live accounts. There is a reason why I say, I will be a demo trader for life!

Regarding, what would satisfy me in evaluating anyone's performance? A formal written affidavit from an independent third party auditor like KPMG/Deloitte/E&Y stating annual account performance metrics for a minimum of 3 yrs and only from ONE trading account and ONE from one brokerage firm. Brokerage statements are not acceptable to me for obvious reasons. The alternative (as hiring a big% auditing firm is expensive for most retail traders with cent accounts lol) is to do what you are doing via livestream but EVERYDAY and Every Session for a period of at least one year with clear indication of live account in platform (like Sierra). Any gaps in trade duration or screenshots are not enough (for me).

Please keep in mind, I have nothing against anyone here. Many are no even trying to sell something or tout their performance. This is just a high bar I have set for myself in order for me to trust and believe what I see. And for those who know me, I can pick out rotten eggs from a mile away as I have practiced and researched and scientifically implemented techniques to pick our flaws and inconsistencies in anything around me...including the most complex form i.e. HUMAN Behavior without even meeting anyone in person. This skill alone has fetched me a fortune at my primary job and kept me away from trouble.
Staying in my lane...
  • #195
  • Jan 29, 2019 7:31am Jan 29, 2019 7:31am
Quoting kenshin
{quote} No problem. Yes, I am trading micro lots on all accounts I have. I currently have 5 live accounts at the moment. Four of those accounts have 5 digit balance/equity or more, i.e. greater than $10,000 in each live. The remaining live account has a 4 digit balance/equity. I am still in testing phase with this 4 digit account, so am not committing as much funds to it yet.
Hello; if you don’t mind; may I know the reason behind multiple live trading accounts?
  • #196
  • Jan 29, 2019 8:40am Jan 29, 2019 8:40am
Quoting GeorgeBaile
{quote} Hello; if you don’t mind; may I know the reason behind multiple live trading accounts?
Just in case one broker screws me around. So, with 5 brokers I can keep 20% of my trading capital in each broker. If any one of them successfully scams me then I only lose 20%.

I've not been affected by any broker bullshit, as I'm real picky about which ones I use, so using multiple brokers is a preventative measure for me, but there's plenty of examples of others getting screwed over by their broker.

The old adage : Don't put all your eggs in one basket.
  • #197
  • Jan 29, 2019 1:32pm Jan 29, 2019 1:32pm
Quoting josephcom
Before you bombard me with criticism, I'm gonna ask you show me ONE SINGLE REAL ACCOUNT which has been profitable IN THE PAST THREE YEARS.
Please don't make a mess saying stories/jokes/... You either show us a proof or don't say anything at all.
Hi

Interesting thread

But the request for proof is hard to comply with.

I've had few margin calls, and 1 busted account and 1 struggling (as always low discipline ).

But simply said YES. I've couple accounts very profitable in the period 2014-2018. Thousands in green still. Big moves is what i apparently need.
Now i suck again.

No I won't SHOW proof.
And many other successful people would refuse too.
Because the dangers of breaking anonymity are big, compared with few thumbs up.
Right?

I don't show even my WIFE my profits, let alone strange people. ...and of course my brokers which immediately will trace me down to here, all stuff, etc.

So take my word or not


I read above your other plea...

EA trading and systems are not foolproof. Sorry but true.
Only thing that may help is TO TURN OFF AUTO TRADING when bad conditions ....which is 50% or more.

So it's hard each way.

And the % of successful is 5-15%, hardly more. And some stop posting....

More attention, patience, less trade is the success formula.
Beware of robber banks (RB), bad advisors.
  • #198
  • Jan 29, 2019 5:56pm Jan 29, 2019 5:56pm
Quoting VEEFX
I don't look at TE anymore nor do I advice anyone to put their live account on forums funded by brokers. It's the worst thing for your account .
//-----

hey vee..... tend to look at them myself...... and look hard..... appreciate those that post'em...... feel it helps makes me a better trader whether their accounts win , lose or draw.....

you might be right about the advice though..... my reason would be different..... google can't harm them near as much as their ego does..... ego's and trade explorers seldom mix......

and that you don't need any scientifically implemented techniques to see......h
to trade and code, keep both simple... no call to impress....h
  • #199
  • Jan 30, 2019 3:53am Jan 30, 2019 3:53am
Quoting kenshin
{quote} Just in case one broker screws me around. So, with 5 brokers I can keep 20% of my trading capital in each broker. If any one of them successfully scams me then I only lose 20%. I've not been affected by any broker bullshit, as I'm real picky about which ones I use, so using multiple brokers is a preventative measure for me, but there's plenty of examples of others getting screwed over by their broker. The old adage : Don't put all your eggs in one basket.
Got it mate; very smart thinking. Thanks for your long detail answer!
  • #200
  • Feb 1, 2019 10:10am Feb 1, 2019 10:10am
Quoting wesleyaford8
{quote} Federal Bureaus of Prison, I was detained on October 27, 2013. Was sentenced to 81 months but with good conduct and programming(Residential Drug Abuse Program), I was release September 10, 2018. I was imprisoned at FCI Forrest City, Arkansas. There, they had a Camp, Low and Medium security, I was in the Low. You can believe what ever it is that you wish, I am without concern of it. But, like I said, I did things the hard way and now I put my formulas and systems into Excel spreadsheet. So much easier!!! {image}
Just an update to my post above. This week I decided to start testing my system after joining this thread, no robots or programming involved, just my formulas and excel and applying it to MT4 platform. I am currently 8 for 8 trades for this week which I started on the Tuesday instead of Monday, oh well. Sorry for the blocked out areas on excel, I can't just hand out my signals until I have more testing done with live trading.

I really like the use of a spreadsheet, not only for my formulas, but also for record keeping where I can keep track of my trades and any other need information about the trade for future reference. Just a thought.

And another thing, your trades will always depend on your style of trading. Ask yourselves, am I a Scalper, Intraday Trader, Long Term Trader, etc. I know that my signals depends on the style of Intraday Trading. As you can see in excel that for the most part I trade pairs in there corresponding sessions. So if my signals suggest a trade in the JPY pairs, im not going to trade USDCAD pair as it doesn't correlate with the proper session. This is a rule that can help reduce losses.
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