The Secret to Success and profitable trading - What is it?

Hi,

i am basically starting this thread after leaving forex factory for a few weeks to focus on my own trading.

The point of the thread is to help traders new and old understand an edge in the market.

Unfortunately too many new traders fall into a trap and lose all there savings before they actually understand. The market is manipulated and if you understand how you can use it to your advantage.

Thanks To George AUS/ Andy moodybot and Steve Bluesteele. My trading changed for the better. And since meeting these guys i myself haven’t lost a days trading in months.

What i I would like to do is go to the very basis from day one when you first decide to trade. I hope this thread helps people who want to learn and become profitable.

Over the coming months I will post trade examples and many other things while not giving away my full system but allowing people to use there own brains to create an Edge as I have. Along with George Andy as Steve who all have made there own edge.

Following someone by the letter won’t get you there.

But there are basics you can put in place to set you off on the right foot.

so.....

first point is there are no rules everyone is entitled to an opinion. Everyone to treat each other with respect and maybe we can all learn something from each other.

Here goes.


Topic
Before you start to trade.

Firstly you should ask yourself. Why am I trading.

I the the answer is to get rich quick or because you are in debt. Then trade on the side in demo before you quit a job. I’m order to be successful you must have a steady income for 6-12 months.

I personally have been full time for 1 year now. But part time for 7 years. Over that time I learnt a lot about trading and managed to pass my business management experience into trading which is key.

You must give trading the respect it deserves. Yes there is big money to be made but on the other side there is big money to be lost.

I feel the above is a goos starting point.

Next topic to come tomorrow.

Which will be. How do I begin to trade, where do I start.

Hi guys, um going to be posting some charts and other bits over the next few weeks.

I wanted to take all this back to the beginning to help traders that have no knowledge at all but interesting things will start to come once we get over that side

cheers

The problem I see is that everyone thinks that they can be a successful trader which is just not the case. And threads like this one are part of the problem as well. Everyone always says that if you put in enough time, you will eventually be profitable. Thats not the case at all. Some will be profitable but vast majority will be losers even after 10 years of trading.

Trading requires talent, just like any kind of sport. Only a small % of traders or athletes have enough talent and are disciplined enough to make it professionally. The others can do it for fun/hobby but thats it, they will never have financial gain from it.

There was a survey done in one of the threads and 50% of those who participated said they were profitable. Some voters lied, others thought they were profitable after a couple of weeks of profits, the ones not profitable did not vote etc and even with all that the result was only 50%. Its ridiculous to think that 50% has anything to do with reality, % of traders who are profitable long term is probably more like 20% and more than half of those are barely in positive. Maybe 5% can actually make profit consistently and not worry if the money for life expenses each month will come from trading or any other source.

If there is anything to say/see can we move this thing along? I don't mean to be rude.

Hello, I fully agree with your point but I’m trying to do something a little different which will become clear. I honestly think anyone with the right mindset, personal development and control of emotion can make it. As long as it’s treated like a business.

If you believe in yourself anything is possible. Sometimes it’s the impossible that drives some people to make it. I can tell you for a fact since controlling my money management thanks to George and a few others I know that have 6 figure accounts has made me profitable.

No no it’s not easy. Yes it takes failure. But the ones that give up and jump from system to system risking real money early on are the ones that fail.

And yes people do lie about being in profit I have came across that.

Thanks for your opinion

Hi yes once people start adding like they are I am going to be doing this

No disrespect Daniel but so far all you are doing is talking about talking? Do you think you will be able to hold anyone's attention if you do not actually say something.... anything? Did you not have your material ready BEFORE you opened a new thread?

So here is the next instalment.

For those of you you who are thinking of trading or where to start.

The first thing I would say from personal experience is that you must start on a demo. And that’s a fact.

I have came across many traders that trade live with no understanding of the market. Which is an algo. We will come back to that in later posts.

Demo accounts are the key to success. But you should not only trade demo until you become profitable/ break even. You should actually treat demo like it’s real money. So you have to get your mindset into a place where if you lose in demo you feel you will lose real money. Treat demo and real exactly the same.

And yes if you become profitable in demo and make the change to live, when you do make the change to live follow the same rules that apply to demo.

Many traders fail because of emotion and mindset. It is a viscous circle.

Many traders become gamblers as they start to lose money. And if you turn into this way the path wot be fun or profitable. Trading should be treated as a boring day job that you are doing in your own business. It should not be exciting or emotional.

Many you tube tube videos posting claims of millionaires from forex but when you watch them trade they get excited and emotional at a loss or a win. So this shows me that they aren’t traders.

For new traders what you also have to remember is why would someone with a winning strategy that is doing well just give away all there secrets in a public forum.

They just wouldn’t.

So step 1
figure out and ask yourself why you trade. Ask yourself this question.

Step 2
set up on demo.

Step 3
control your emotions and clear your mind of chart patterns support resistance and everything else that is posted on forums. Why? Because you all follow this and 90% of traders fail.

Step 4
understand the market is manipulated. understand this yourself and don’t be afraid to try something different no one else has.

Step 5
find an edge

step 6
dont trade any real money until you are 100% sure you are onto something in demo

step 7
dont let people tell you that you are wrong about a trade. Have confidence in yourself.


like I said. I will be posting some interesting theory's and useful information for those who want to be part of it over the coming weeks and months.

I will also also do some live trading and post trades taken.

Cheers guys feel free to comment

Ps ignore any spelling mistakes I’m at an event today so doing this from iPad and mobile

Good observation but this is a 'trading discussion' thread. At any rate, it is the duty of the OP to make his/her thread tick.

KP

OK let me start the ball rolling. The secret to success and profitability is..... drumroll.... There is NO secret to success and profitability. It is simply a process.

If you are not yet successful and profitable but want to be, then understand that you will need to prioritise your thinking, You will almost need to become obsessive. Become a hermit until you understand the way in which the market moves. Until you have done that you will have NO CHANCE.

Allocate time at the exclusion of all else. Remember, if you practice something of 10,000 hours you have a chance to become successful, but what if you are practicing the wrong stuff. You will become expert in getting things wrong like almost everyone else..... become obsessed.

My own advice is to begin with a naked chart and look for patterns. Don't trade for at least a month.... just watch. This is called screentime. Ignore the fundamentals. The market moves.... that's it. In spite of news or opinions. Use TOP DOWN analysis.... Hope this gets the juices flowing.

Hello I have much material ready but won’t be posting it all in one go. This is my first thread and the rest of the week I will be going into more details and talking about trades. And how I see the market.

No disrespect taken.

If people want to stick around it’s their choice

I agree with you KP.... Is that not what I was suggesting?

Agreed. It’s a discussion. But I want to start it from the beginning as I have and take it step by step. Until it’s at the point I am in my trading.

So so this means I will post about money management

compounding

news

manipulation

why 90% lose.

Why only 1-5% make it.

How to create a business plan

mindset

controlling emotions

and much more. Some people want to skip to the good stuff but I will post it as I see fit which will be daily.

I hope people find it of use. But as we get past the beginner section then more advanced things will come in

Thats factually incorrect. I know people who never played around with demo accounts and are now trading for living and even for others. Just because you did it, doesnt mean its a fact.

Over the coming months I will post trade examples and many other things while not giving away my full system but allowing people to use there own brains to create an Edge as I have. Along with George Andy as Steve who all have made there own edge.
Hi Daniel2775, the above two lines are from your first post, my dear if you are not giving away your full system then what is the use of your thread we are already
diving in black waters to find the pearls but not succeeded as yet. If you have any thing, please be generous or if you want cost of the system then okay.
Good wishes

well done mate , will post when i get a little better

Get well soon cobber.

How you define success is important. It does not at all times boil down to how much you make imho. You need to take into consideration the traders' level in the business. A beginner trader who is hyped by sweet-talking salesmen promising a state of the art car will have a big problem unless he/she does a rethink. Yet for a level-headed beginner who takes time to understand the Forex trading business, such a person would know that the foundation of long-term success is to minimize losses and to have enough capital to trade while learning. Surviving that period with minimal loss of capital and developing a functional trading syrategy/system is success.

Trade safe.

KP

Yes.