What is the most important question for a new trader? | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Important Question for amateur and advanced traders 15 replies

Most important question to ask before trading 125 replies

What is the most important question a trader asks... 15 replies

tax question (new trader) 3 replies

A very important question 5 replies

Attachments: What is the most important question for a new trader?
Exit Attachments

What is the most important question for a new trader?

  • #41
  • Edited 2:39pm Sep 27, 2020 2:18pm | Edited 2:39pm
Quoting Varkeer
{quote} So what is your average daily profit?

It's against my better judgement to answer this honestly because I will be inundated with claims of bullshit and at the same time inundated with private messages begging for help but I will say it this way.

Last week I made $21,141.26 after commissions and fees. I don't do this every week but I am well into the upper six figures yearly and I trade very small with respect to my account size. I have had my accounts audited twice in the past ten years because I have been very close to managing money but have decided each time to stay private. I am asking for nothing here so I feel no need to go any further than this answer. I will help people with ideas but I will not be teaching trading.

Asking this question shows that you have a lot to learn about trading. Daily P&L varies wildly with market conditions. Right now moves are big and fast and if I wanted to take the risk I could literally make more than fifty thousand dollars in a day with less than fifty lots per trade. This is not a "normal" market.
  • #42
  • Sep 27, 2020 2:26pm Sep 27, 2020 2:26pm
No...I need an EA for that.

ES

Quoting Seneca pilot
I'll start: Can you sit in front of a computer screen for one to five hours watching price move and not enter a trade if you don't get a good setup?
  • #43
  • Sep 27, 2020 2:28pm Sep 27, 2020 2:28pm

Congrats on the good week. I understand and agree with the points in your post.

Quoting Seneca pilot
{quote} It's against my better judgement to answer this honestly because I will be inundated with claims of bullshit and at the same time inundated with private messages begging for help but I will say it this way. Last week I made $21,141.26 after commissions and fees. I don't do this every week but I am well into the upper six figures yearly and I trade very small with respect to my account size. I have had my accounts audited twice in the past ten years because I have been very close to managing money but have decided each time to stay private....
  • #44
  • Sep 27, 2020 2:38pm Sep 27, 2020 2:38pm
I received a question via private message that I think would be best answered here on the thread so as to help the most people.

What do I mean by counter party risk?
Do brokers trade against you?
Have you ever failed to get your money when you requested?
Have you lost money when a broker went tits up?

Counter party risk is basically, what is the financial strength of the person or entity on the other side of your trade. In spot forex that can be a very complicated question. Many "brokers" in forex are not actually brokers. They may be white labeling for another larger firm. They may be an offshore entity with little or no oversight. They may be a large bank or financial institution, and they are rarely making a majority of their profits from commissions. You are probably safe trading with CITI or Deutsche Bank or Goldman. Below this level your money is really not safe. Forex is not a regulated market, it is a private market owned by central banks and tier one banks and you are allowed to play in it. If you have a small balance don't worry too much, learn to trade and get yourself a good stake then either change to a truly regulated market with segregated funds or move to a sound bank to trade. If you love currency trading you can trade CME currency futures and your money will be safe. The charts are identical.

Most "brokers" in forex are actually bucket shop dealers. They do mostly take the other side of your trades. They also have total control over spreads and the back end of MT4 and can "massage" price to take out stops. They are not out for YOUR stop but they are out for the large collection of stops in the same area you have placed yours. If you can trade and you are profitable they will offset your trades into the real market. You will also be asked to leave if you win too much at a bucket shop because they don't want the risk of having to offset your trades. This is never a problem in futures.

I have not had a problem with being paid when I requested a withdrawal. Once my account was large enough I traded with CITI. Brokers do go bankrupt though and many people have lost their funds. Even regulated brokers are only safe if their accounts are segregated. This doesn't always happen and you must do your due diligence before trusting your money with any broker.
  • #45
  • Sep 27, 2020 2:42pm Sep 27, 2020 2:42pm
A question to ponder:

Do you love trading and the process of learning and trying to get better? Or, are you just in this for the money?
  • #46
  • Sep 27, 2020 4:32pm Sep 27, 2020 4:32pm
Quoting Seneca pilot
{quote} It's against my better judgement to answer this honestly because I will be inundated with claims of bullshit and at the same time inundated with private messages begging for help but I will say it this way. Last week I made $21,141.26 after commissions and fees. I don't do this every week but I am well into the upper six figures yearly and I trade very small with respect to my account size. I have had my accounts audited twice in the past ten years because I have been very close to managing money but have decided each time to stay private....
lol sure thing buddy. With a -80% account in another post you made. Another scammer at work.
Love to talk on Discord: DividendGamer#1324
  • #47
  • Sep 27, 2020 4:36pm Sep 27, 2020 4:36pm
Quoting Varkeer
{quote} lol sure thing buddy. With a -80% account in another post you made. Another scammer at work.
Show the post. Quote it here. I don't think you can because it has never happened. Furthermore, I have posted here since 2011. Taught freely and never asked for one penny from anyone. However you ask a stupid question which is clearly designed to trap me in some way yet offer no proof for your accusation. So show us the quoted post where I lost 80%.
  • #48
  • Sep 27, 2020 6:41pm Sep 27, 2020 6:41pm
Quoting Seneca pilot
Show the post. Quote it here. I don't think you can because it has never happened. Furthermore, I have posted here since 2011. Taught freely and never asked for one penny from anyone. However you ask a stupid question which is clearly designed to trap me in some way yet offer no proof for your accusation. So show us the quoted post where I lost 80%.
No amount of writing can validate your claim. Scammers do this always.

Either you link a TE or post live trade calls.
Know what you trade
  • #49
  • Sep 27, 2020 6:52pm Sep 27, 2020 6:52pm
Quoting BWilliam
{quote} No amount of writing can validate your claim. Scammers do this always. Either you link a TE or post live trade calls.

No bother. I have nothing to gain here.
  • #50
  • Sep 27, 2020 6:56pm Sep 27, 2020 6:56pm
Quoting Seneca pilot
{quote} No bother. I have nothing to gain here.

He has dredged up a post from five years ago when I was losing a series of trades in a test account while attempting to trade a new style. Its a lesson I learned years ago and just needed to learn again. There is only pain for trying to help others on a forum. I'll move on back to checking the calendar every day and not bother posting again.
  • #51
  • Sep 27, 2020 7:17pm Sep 27, 2020 7:17pm
Seneca pilot,

I consider this decision of yours my loss.

ES

Quoting Seneca pilot
{quote} He has dredged up a post from five years ago when I was losing a series of trades in a test account while attempting to trade a new style. Its a lesson I learned years ago and just needed to learn again. There is only pain for trying to help others on a forum. I'll move on back to checking the calendar every day and not bother posting again.
  • #52
  • Sep 27, 2020 9:08pm Sep 27, 2020 9:08pm
Quoting ElectricSavant
Seneca pilot, I consider this decision of yours my loss. ES {quote}

No loss, according to Varkeer I am scamming you. Never mind I never asked anyone here for money, or that I helped people privately through PM and on skype for free. Never mind that I posted live trade calls for nearly a year here and put up a trade explorer where I gained 30% in one month, every trade shown and posted live. You see its all a scam where I gain nothing and some of you who put in the work learn a little about trading. No, I am done.

My parting words:

Find places on a chart where traders are trapped. Take the other side against them and profit from their stops. Rinse and repeat. I gave the mechanics of this in the other thread. It still holds up today.

Good luck.
  • #53
  • Sep 27, 2020 9:53pm Sep 27, 2020 9:53pm
The incredible power of naysayers to screw good content...

Inserted Video
  • #54
  • Sep 28, 2020 12:43am Sep 28, 2020 12:43am
Quoting Seneca pilot
{quote} He has dredged up a post from five years ago when I was losing a series of trades in a test account while attempting to trade a new style. Its a lesson I learned years ago and just needed to learn again. There is only pain for trying to help others on a forum. I'll move on back to checking the calendar every day and not bother posting again.
Good on ya Seneca Pilot, I don't blame you a bit!

I have followed you for many years only because of your knowledge you have in these markets.

Thank you for all the great insight you freely have given over the last 9 years.

Continued success & may the pips be with you!

G
Find The Pain Points On Your Chart & Trade Off Those Levels
  • #55
  • Sep 28, 2020 1:17am Sep 28, 2020 1:17am
Quoting Seneca pilot
I'll start: Can you sit in front of a computer screen for one to five hours watching price move and not enter a trade if you don't get a good setup?
Certainly trying to master this.
Get the Lag out
  • #56
  • Sep 28, 2020 1:23am Sep 28, 2020 1:23am
Having control over the emotions is very important for a newbie.
  • #57
  • Sep 28, 2020 1:59am Sep 28, 2020 1:59am
Quoting alphaomega
{quote} You can't get far this way. Commercial products will fail eventually. And It's very expensive and inefficient to depend on someone else to do coding work for you. The good programmers will charge you at least 30-40$ per hour and you don't' have guarantee that their code works correctly because you can't verify it yourself. You will have to pay more and more money every time you want something modified, or when you have new better idea. When you add the fact that you will continue to lose money in the meantime from the market your trading...
I disagree with the first part of your comment.

That's why I said, it's not necessary. There are many successful traders who cannot code.

Not all trading systems require complex mathematical calculations and automation.

For manual or semi-automated systems there are tools that are available and free that work perfectly.

And I would advise that a new trader keep it simple and focus on mastering market concepts that will actually bring results.

I agree with this though as I am an IT Guy / Web Developer by profession: "coding skills will help you in other areas of life"
Give the market little, Aim to take a lot!
  • #58
  • Sep 28, 2020 2:08am Sep 28, 2020 2:08am
Quoting Seneca pilot
{quote} It's against my better judgement to answer this honestly because I will be inundated with claims of bullshit and at the same time inundated with private messages begging for help but I will say it this way. Last week I made $21,141.26 after commissions and fees. I don't do this every week but I am well into the upper six figures yearly and I trade very small with respect to my account size. I have had my accounts audited twice in the past ten years because I have been very close to managing money but have decided each time to stay private....
Kudos on your success. I aspire one day to get there...
Give the market little, Aim to take a lot!
  • #59
  • Sep 28, 2020 4:16am Sep 28, 2020 4:16am
Quoting lonetraderBR
{quote} Yep, it took me some years to be able to accept that how I frame things in my mind is the problem. About the size, I completely agree, but I also have a type of trouble... I already trade the minimum size of my asset (1 contract of the brazilian future index) and only one trade a day to avoid overreacting to losses. I have money the back my MM properly, but I find very hard to keep trading in the same way after I get into losing streaks (even small ones)
I am doing something similar. One trade a day is a difficult prospect on many levels, but I find an interesting proposition for some reason.
Get the Lag out
  • #60
  • Sep 28, 2020 4:18am Sep 28, 2020 4:18am
Quoting Seneca pilot
{quote} No loss, according to Varkeer I am scamming you. Never mind I never asked anyone here for money, or that I helped people privately through PM and on skype for free. Never mind that I posted live trade calls for nearly a year here and put up a trade explorer where I gained 30% in one month, every trade shown and posted live. You see its all a scam where I gain nothing and some of you who put in the work learn a little about trading. No, I am done. My parting words: Find places on a chart where traders are trapped. Take the other side against...

Please don't go. Haters will always be , everywhere in life, not just here ! (It's much like trading losses. They are there , can't do shit about it)

Ignore the hell out of them , laugh your ass off into their face since you ARE making money and they obviously don't, and keep helping others as you initially intended to do. PLEASE !

You are one of the best teachers here and one of the damn few who are actually honest . I am truly grateful and feel lucky to have read your posts through the years.

And yes, I am using one of the ideas you taught, it is pure gold.

Hope you have a "sleep over" it , and WILL change your mind.
Thanks for everything.
"Always be yourself " Batman
0 traders viewing now