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

  • #81
  • Aug 22, 2019 2:31am Aug 22, 2019 2:31am
Quoting reteid2222
I m just interested...this is hedging with a variant of georges strategy?
Yes I’ve taken knowledge from George and other successful traders to make my own system and rules
  • #82
  • Aug 22, 2019 2:32am Aug 22, 2019 2:32am
Quoting Aussi
{quote} there is a holy grail mate its called learning and understanding how the market works , there is a lot to learn so it does take a while
Yep that’s true
  • #83
  • Aug 22, 2019 2:33am Aug 22, 2019 2:33am
Quoting robots4me
Hi Daniel -- I'm interested in following your thread. In your opening post you give thanks to Steve Bluesteele -- but @bluesteele's first name is Kevin. I'm Steve, and I'm guessing you probably don't want to give me too much credit. I'm here to learn about your perspective on trading. I might ask a question or two, but mostly I'll remain in the background taking notes.
Hi this thread is for all. There a no right or wrong here and thts absolutely fine. Yeah sorry should have said Kevin
  • #84
  • Aug 22, 2019 2:35am Aug 22, 2019 2:35am
Few of my trades on my fun account
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  • #85
  • Aug 22, 2019 2:36am Aug 22, 2019 2:36am
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  • #86
  • Aug 22, 2019 3:39am Aug 22, 2019 3:39am
Quoting Daniel2775
{quote} Hedging done right can protect you and not take you out of a trade then releasing one side of the hedge at your next entry will make profit one side and bring the other to profit or break even. When you have a 80% entry it works best
Daniel,

Thanks for reply. I have no intention to strongly argue, not experienced as many other here and actually don't know how to succesfully trade ....

Still don't understand the benefit of hedging apart of what I mentioned earlier - from what you explained it's just to try making statistics of closed trades better = no or minimum loosing trades but potentially keeping bigger floating losses.

Or maybe for some people it's better psychologically to have no/min loosing trades, could be a valid reason for hedging.

Appreciate if you give an example about hedging, this might be usefull not only for me.
  • #87
  • Aug 22, 2019 5:13am Aug 22, 2019 5:13am
I want to share the below video by Linda Raschke, a Forex trading legend, as it seems to provide an insight on some keys to her success. This is not an ordinary run in the mill video; it is rather ponderous. My intention in sharing this video here is for members to view it and identify what they think they can learn for successful Forex trading. They may post whatever they learn here. After a few hours, I will post what I believe are some keys to her success.

Trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #88
  • Aug 22, 2019 5:24am Aug 22, 2019 5:24am
One thing I can't understand is why people scalp? Who can be bothered to sit there all day staring at charts? Surely most people come to Forex in search of an easier life? Scalping would be just way too time consuming for me.

I prefer weekly charts. I only place a few orders per month.
  • #89
  • Aug 22, 2019 6:52am Aug 22, 2019 6:52am
Quoting plymgary
One thing I can't understand is why people scalp? Who can be bothered to sit there all day staring at charts? Surely most people come to Forex in search of an easier life? Scalping would be just way too time consuming for me. I prefer weekly charts. I only place a few orders per month.
Hello, everyone has there own preference. But personally due to market conditions and how I’m predictable things are scalping is actually much better and safety.

I by by no means sit at my charts all day on the same thing to scalp.

You are thinking of a different method. The main part of my trading is now from an EA that trades for me exactly how I would manually.

But my manual trading is foe fun. And it’s a matter of monitoring just 1 pair. Settings alerts for levels and that’s it.

Its all looking for targets and herd mentality as per mentions in George’s posts.

So scalping can be very fun when done right. Sometimes it’s locking in tight and getting 2-10 pips.

Other times it can be 60-100 pips.

But either way the risk risk and rewards are much better when done correctly.

If you are a long term trader then there is nothing wrong with that. But not spending time in the charts will not make you successful.

I spend 16 hours per day watching charts learning and I find it exciting to learn and watch how it all moves and breaths.

I think you need to have a lot of love for trading to make it
  • #90
  • Aug 22, 2019 6:54am Aug 22, 2019 6:54am
Quoting alexgvr
{quote} Daniel, Thanks for reply. I have no intention to strongly argue, not experienced as many other here and actually don't know how to succesfully trade .... Still don't understand the benefit of hedging apart of what I mentioned earlier - from what you explained it's just to try making statistics of closed trades better = no or minimum loosing trades but potentially keeping bigger floating losses. Or maybe for some people it's better psychologically to have no/min loosing trades, could be a valid reason for hedging. Appreciate if you give an...
Hi no problem. Don’t worry all will become clear. I won’t be sharing my exact hedging plan because it’s part of my money management but I will be helping others develop their own ways of hedging.
  • #91
  • Aug 22, 2019 6:56am Aug 22, 2019 6:56am
Quoting plymgary
One thing I can't understand is why people scalp? Who can be bothered to sit there all day staring at charts? Surely most people come to Forex in search of an easier life? Scalping would be just way too time consuming for me. I prefer weekly charts. I only place a few orders per month.
Ps if you are looking for an easier life even in weekly charts that’s never going to happen in forex. This isn’t an easy life and I’m sure most serious traders don’t take it easy.

The market never stops why should we? Also it’s a business and a business requires full dedication and attention.
  • #92
  • Aug 22, 2019 7:00am Aug 22, 2019 7:00am
Quoting Daniel2775
{quote} Ps if you are looking for an easier life even in weekly charts that’s never going to happen in forex. This isn’t an easy life and I’m sure most serious traders don’t take it easy. The market never stops why should we? Also it’s a business and a business requires full dedication and attention.
Please stop patronising me. You did it in your first reply, and you continue to do so here.

Do not assume I do not spend time looking at charts.

Do not assume I also do not love Forex trading.

And, I said easier. Not easy.
  • #93
  • Aug 22, 2019 7:08am Aug 22, 2019 7:08am
Hi all,

so the next daily part of my topics is going to be.....

The business plan, and how to choose the right strategy.

What many people new and old traders fail to do is set up a proper business plan.

Why is a business plan important in trading? Well it’s because trading is a business.

Would you set up a plumbing and heating business or go self employed in any profession or business without a business plan. If the answer is yes for you. Then go back no matter how long you have been trading and make one.

It can start off very simple and grow as you build. But some key factors in your business plan will be.

1- how will I review my trades. How will I improve my trades. The best way to do this is to record a trade log and detail every trade taken. Many people fail to do this but the importance is huge. Not only for losing but also winning. Maybe you have been cutting trades too early. Which is a common theme. Most new traders cut profits too early and let trades that lose run too long.

2- what will my money management plan be. So this needs a fair bit of detail. What will you do when a trade doesn’t go your way. Will you hedge or use a stop loss? What are the Benefits of both.

3- account compounding- again this is key to growth. Compounding is very powerful and I will give some examples of this later in future posts.

4- which strategy will I use- again this is key. It all depends on for personality but wen starting out it’s best to use higher times and drop down as you become more experienced. Once you pick one stick to it.

5- what are my goals. Where do I want to be in 1 year, 2 years 5 years. Write this down because it gives you something to work too.

6- What back testing results has the strategy performed. Log this and keep records because it is important. MetaTrader only gives 90% accuracy which isn’t the best. There is a way to wt 99% with different data feeds. This is best because you could run back tests at 90% and it performs amazing. But run the same at 99% and it could fail.

7- how will you live for the next 12-24 months. Don’t expect to be able to earn a wage from forex instantly because you have to be very lucky To fall Into it this way. Make sure you can survive. Having the pressure of needing to earn money will easily turn trading to gambling.

There are many other factors to add into a business plan that I will list and show examples in the future but for now that is a few things to work on.
  • #94
  • Aug 22, 2019 7:11am Aug 22, 2019 7:11am
Quoting plymgary
{quote} Please stop patronising me. You did it in your first reply, and you continue to do so here. Do not assume I do not spend time looking at charts. Do not assume I also do not love Forex trading. And, I said easier. Not easy.
I’m not interested in getting into an argument. Anyone reading what you put would see you as wanting a life of trading a few hours per month and earning a few million. So maybe word it better.

If you don’t like it then you really don’t need to be here.

Many people have started to add some value to the thread. So that’s all I ask
  • #95
  • Aug 22, 2019 7:12am Aug 22, 2019 7:12am
Quoting plymgary
{quote} Please stop patronising me. You did it in your first reply, and you continue to do so here. Do not assume I do not spend time looking at charts. Do not assume I also do not love Forex trading. And, I said easier. Not easy.
If you don’t understand why people scalp then some people won’t understand why you only take trades on weekly charts a few times a month. There are two sides to every coin
  • #96
  • Aug 22, 2019 7:15am Aug 22, 2019 7:15am
Quoting Daniel2775
{quote} I’m not interested in getting into an argument. Anyone reading what you put would see you as wanting a life of trading a few hours per month and earning a few million. So maybe word it better. If you don’t like it then you really don’t need to be here. Many people have started to add some value to the thread. So that’s all I ask
I said nothing about making millions from trading a few hours a month. No idea where you got that from? So, rather than me wording things better perhaps you instead should work on your comprehension of the English language?

Your patronising, arrogant tone will keep me away from this thread for now. If you think advising people to consider longer term trading is of little value then good luck in your own Forex endeavour...you're going to need it.

I'm out.
  • #97
  • Aug 22, 2019 7:22am Aug 22, 2019 7:22am
Great thread Daniel :-)

I'm all for chilled trading and looking at all the stuff outside of the actual clicking of buttons to get an extra edge. The things most traders seem to dismiss, like mindset, diet, exercise etc.

I came across an interesting blog that touches on some of what I'm working on...

https://www.thistradinglife.com/blog

It's also pretty refreshing to read a trading blog with no charts haha!
  • #98
  • Aug 22, 2019 7:42am Aug 22, 2019 7:42am
Quoting plymgary
{quote} I said nothing about making millions from trading a few hours a month. No idea where you got that from? So, rather than me wording things better perhaps you instead should work on your comprehension of the English language? Your patronising, arrogant tone will keep me away from this thread for now. If you think advising people to consider longer term trading is of little value then good luck in your own Forex endeavour...you're going to need it. I'm out.
No problem . Long term trading is fine when you have enough to do it and wait.

Scalping and short term intraday trading is how you are going to build up quickly.

No worries.

Cheers
  • #99
  • Aug 22, 2019 7:44am Aug 22, 2019 7:44am
Quoting HairyHarley
Great thread Daniel :-) I'm all for chilled trading and looking at all the stuff outside of the actual clicking of buttons to get an extra edge. The things most traders seem to dismiss, like mindset, diet, exercise etc. I came across an interesting blog that touches on some of what I'm working on... https://www.thistradinglife.com/blog It's also pretty refreshing to read a trading blog with no charts haha!

Hahaha nice to have you. That is what my trading is about and so far been very successful. The key is to avoid all the noise. Leave all the other traders to it and focus on you. Trading is selfish and you need to had your health in good shape.

George my good friend taught me this as was there for me when I needed a push. So this is me giving back.

Without certain guidance I wouldn’t be where I am now
  • #100
  • Aug 22, 2019 7:47am Aug 22, 2019 7:47am
Hope I can provide people with some positivity and if everyone can take one thing from the thread and improve there trading then this is why I am doing this.
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