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  • #161
  • Jan 8, 2021 5:13am Jan 8, 2021 5:13am
In my first years as a trader I would make money on every good idea, system that I didn't trade only to test and make it "better" For me it is the experience of the trader to find fast an opportunity set a profit and loss and then just sit and wait.

Every time I wanted to start a system after months of testing it always failed, because the market is always changing and the systems can't adapt by theIr own they need human intervention.

Now I trade my "strategy" how I like without having rules that I can't break, just by changing them by following my guts and what is moving along well.

Have a great day!
Looking for profitable short term trades ...|
  • #162
  • Jan 8, 2021 5:19am Jan 8, 2021 5:19am
Quoting unknown7
Hello, Just for inspiration, can I ask you how you got into trading and how long it took for you to realize "Oh wait, I'm making money with this!". Cheers!
hmmm, longish story - here's the shortcut.

was selling on ebay for a living. guy bought a product off me that was a trader. "what's that all about then" i asked - he had written a book. i said i can help you sell that so we made a deal. i read the book - easier to sell something if you believe in it so opened an account at finspreads. rest is history

took me three years to get to break even, during that time i was trading 1 penny a pip and lost £10,000

finally worked a good system, invested some money, 2k i think it was - built it up. then came grail. That was the awakening as to how much you could make. Have to say though there is more money with less risk in selling shit online. just that you have to work very hard at it. forex isn't hard work at all but can be heartbreaking.

One thing i can say is that messing around with small trades is a waste of time. it has to matter to you. if you are trading like 50p a pip and are sat there waiting for long runs then you will slowly die. much better is to trade a full lot and go for 10 pips or better and get used to that then increase. some people say trade so small that you don't care - i used to do that - trade with peanuts and you get peanuts back or lose peanuts - who cares?

trade big enough so it's uncomfortable. take the trades, take the money and releax till the next one. The first time you make a 3 figure trade it feels good - then comes the 4 figure trade where you make over a grand in one trade - then 5 figures, 10k+ in a single trade. ultimate for me was a 6 figure trade - and not my own money - my biggest day on my own money and one trade was £17,568 and it still stands. the bigest on client money was $317k in one trade.

Is there money to be had? hell yes. but you need money to make money. you'll never make decent return if you dont have a good starting point.
https://linktr.ee/Soultrader
  • #163
  • Jan 8, 2021 5:25am Jan 8, 2021 5:25am
Quoting Js3mwtRc
In my first years as a trader I would make money on every good idea, system that I didn't trade only to test and make it "better" For me it is the experience of the trader to find fast an opportunity set a profit and loss and then just sit and wait. Every time I wanted to start a system after months of testing it always failed, because the market is always changing and the systems can't adapt by theIr own they need human intervention. Now I trade my "strategy" how I like without having rules that I can't break, just by changing them by following...

That is good advice. all those unprofitable think it's down to a system - 1,2,3,4 do those steps and over 100 trades you make money. This is probably accurate if you have forever to make your fortune. me? I want it before i'm 80 years old.

I think that traders imagine warren buffet sat there saying "quick! the coffee chart has a moving average crossover and the wibble bollock indicator says buy!" - no pofessional trader has a 'system' in that way.

I like your word 'strategy'as oppose to system - I call it my core trading beliefs but it's the same approach as you so well done.

Magic question is "how can i make money from what is before me today"
https://linktr.ee/Soultrader
  • #164
  • Jan 8, 2021 5:40am Jan 8, 2021 5:40am
Quoting soultrader
{quote} hmmm, longish story - here's the shortcut. was selling on ebay for a living. guy bought a product off me that was a trader. "what's that all about then" i asked - he had written a book. i said i can help you sell that so we made a deal. i read the book - easier to sell something if you believe in it so opened an account at finspreads. rest is history took me three years to get to break even, during that time i was trading 1 penny a pip and lost £10,000 finally worked a good system, invested some money, 2k i think it was - built it up. then...
I understand the point of trading big to make big bucks but let's flip the coin.
What about if you lost - 317K for your client or - 17568 of your money?
To stay still with such losses your account needs to be over several 100K.
Isn't it?
The majority of retail traders have accounts less than 3k maybe 10k and the light at the end of the tunnel is still far away I suppose
  • #165
  • Jan 8, 2021 6:49am Jan 8, 2021 6:49am
Quoting soultrader
{quote} hmmm, longish story - here's the shortcut. was selling on ebay for a living. guy bought a product off me that was a trader. "what's that all about then" i asked - he had written a book. i said i can help you sell that so we made a deal. i read the book - easier to sell something if you believe in it so opened an account at finspreads. rest is history took me three years to get to break even, during that time i was trading 1 penny a pip and lost £10,000 finally worked a good system, invested some money, 2k i think it was - built it up. then...

Thanks for sharing. I agree with you when you say that selling online has much less risk in comparison to forex.
I tried a few affiliates sites and never had sales, so I always come back to Forex

I feel like with forex it only depends on your self hard work, with online selling, there are external variables (SEO, marketing, etc) and you have to deal with customers I think?
I
  • #166
  • Jan 8, 2021 10:53am Jan 8, 2021 10:53am
A question for a veteran :

If you would have to start again with a live account (after proving yourself you are consistent) , how much would you start with?

Thanks! Have a great day!!
“Stops don’t limit profits — they prevent disasters.”
  • #167
  • Jan 8, 2021 12:42pm Jan 8, 2021 12:42pm
Quoting Dagaco
A question for a veteran : If you would have to start again with a live account (after proving yourself you are consistent) , how much would you start with? Thanks! Have a great day!!
Good question! with several possible answers.

All really depends on what you are trading for. are youtrading for income every month? are you trading to build your fortune? are you trading to learn a new skill or maybe to start a career in financial services?

all of those are legitimate reasons for trading an account.

If trading for a monthly income then i'd suggest 5-10 times the amount you wish to earn per month. so if you want 2k a month income then 10 - 20k base investment is reasonably likely to make the return you want.

If you are looking to just learn it then you can do it with a few hundred.

If you are looking to make a million then start wiith something like 5k. it has to be enough that it matters when you do trade but big enough that you can make headway. With 5k and 20% a month you can soon be on track as long as you forget the 'rules' of only risking 1-2% per trade. which knob ever invented that knew the kind of mindset he was teaching and wanted them on the books forever.

Never forget to pay yourself though. so many just think they will compound and compound and then find themselves with accounts thery dare not touch. every month take out the entire profit over base if doing it for income OR half the profit and let the rest run for growth. this way you do get to grow but you get rewarded for good trading too.
https://linktr.ee/Soultrader
  • #168
  • Jan 8, 2021 1:08pm Jan 8, 2021 1:08pm
Quoting soultrader
{quote} Good question! with several possible answers. All really depends on what you are trading for. are youtrading for income every month? are you trading to build your fortune? are you trading to learn a new skill or maybe to start a career in financial services? all of those are legitimate reasons for trading an account. If trading for a monthly income then i'd suggest 5-10 times the amount you wish to earn per month. so if you want 2k a month income then 10 - 20k base investment is reasonably likely to make the return you want. If you are looking...
Thanks mate!! Perfect !
“Stops don’t limit profits — they prevent disasters.”
  • #169
  • Jan 9, 2021 9:19am Jan 9, 2021 9:19am
Forex trading has become a very popular venture for most of the people in the online world and especially after the introduction of online brokers that simply everything for the traders and all they have to do is invest and then buy or sell. With all that in mind they come up with some ever targeted ads that haev been made in such a way that they make forex trading see, like a evry gdoo business where people can join and in a few weeks they will have made a lot fo meoy without actually explaining the whole process. That leads to the question, what made you want to join forex? Did you hear it form soemen or you saw an ad just like everybody else and decided to give it a try because it looks promising?
  • #170
  • Jan 9, 2021 9:55am Jan 9, 2021 9:55am
What do you like about forex is the first one. We all know how forex trading can be very frustrating at first and just how much it takes to be a good trader. Most of the people give up when things get tough but there are still those who chose to go on no matter what happens and even though they may not seem promising from the start they eventually manage to become he good traders that they alway wanted to become. That makes most people wonder just how they are able to go through it all and then it he say that he like forex trading very much. You can be the one to tell us just what part of forex do you like.
  • #171
  • Jan 9, 2021 4:28pm Jan 9, 2021 4:28pm
Quoting Eredribaen
Forex trading has become a very popular venture for most of the people in the online world and especially after the introduction of online brokers that simply everything for the traders and all they have to do is invest and then buy or sell. With all that in mind they come up with some ever targeted ads that haev been made in such a way that they make forex trading see, like a evry gdoo business where people can join and in a few weeks they will have made a lot fo meoy without actually explaining the whole process. That leads to the question, what...
look back in the posts, i explained that earlier
https://linktr.ee/Soultrader
  • #172
  • Jan 9, 2021 4:40pm Jan 9, 2021 4:40pm
Quoting soultrader
let's get you thinking.... answer me this. What would you do if every single trade you took went against you? Before you say "i'd go the other way" - think again because those trades go against you too. This is how to learn to trade. instead of spending your time finding the perfect entry, the perfect stop loss, the perfect take profit. Forget all that because it's pure bolocks and it's what you have been led to believe is the way to learn trading. "What will I do if every single trade goes against me?" If you...
@soultrader
Nobody else tried to answer this question of yours.
My reply is few posts back.
Is it close or far apart from being right?
  • #173
  • Jan 9, 2021 4:49pm Jan 9, 2021 4:49pm
Quoting Zazel
What do you like about forex is the first one. We all know how forex trading can be very frustrating at first and just how much it takes to be a good trader. Most of the people give up when things get tough but there are still those who chose to go on no matter what happens and even though they may not seem promising from the start they eventually manage to become he good traders that they alway wanted to become. That makes most people wonder just how they are able to go through it all and then it he say that he like forex trading very much. You...
I don't 'like' forex - in fact if anyone asked me "should i try tradng" i tell them to shut up and go do something else.

The reason I stay in it is because it is scaleable - the number one thing for me in any business venture is can i scale it - the answer with forex is yes, i kow it can be scaled because i've done it and continue to do it. I'm now good enough to know i can make money and lots of it.

Thing is though fx is probably the riskiest business around. Take for example my shirt business, i can sell the same shirt design to 20,000 people - that means it's scaleable. the risk with the business is much lower than forex. i spend on advertising and i get a return - i started my shirt business with £1000 and never managed to spend it - every 1k i spent i got 2k back in sales. the risk was that i didnt get the sales back - but the risk in trading fx is limitless.

People think the risk is limited because of stop losses. how did that go for you if you were long gbp when the exit poll for brexit cae out? - how did it work when the swiss franc was unpegged and eurchf dropped 3000 pips in a heartbeat? stops dont hold for shit when a real move bursts past it. Alpari found that out too.

If i'm spending on ads for shirts then i know my spend, it can't suddenly go past all i have. if the ads dont work then i still have some email opt ins and i still have shirts. if you lose in fx then what do you have? nothing.

So, i'm back in forex not because i love it but because I had cancer twice and i dont have the energy to work like i did when i was selling shirts. i dont have to deal with customers anymore (the vast majority are idiots) and i dont have to be in a constant fight with facebook advertising. I have to say the last thing i mentioned is very hard work.

On the other hand FX has caused me medical issues. when i lost a shedload in 2007/8 at the time of the credit crunch i suffered a lot. i was depressed for well over a year, developed high blood pressure, presented with Coelliac disease and was generally unwell for a good 3 years afterwards.

Sitting here day after day clicking a mouse and watching screens isnt good for you. Thankfully I have enough money so i can take it or leave it. when i get bored i can go in my snooker room. I've been trading much more lately because of the UK lockdown though but when summer comes i'll most likely be one trade a day man.

I have to say though that the way i trade now is NOTHING like i did before. i'm now so confident that i'll run some stuff at 100:1 leverage without sweating and without worry because i know how to trade myself out of anything. That's the final stage of the five steps i wrote 15 years ago - it's actually stage 6.
https://linktr.ee/Soultrader
  • #174
  • Jan 9, 2021 4:52pm Jan 9, 2021 4:52pm
Quoting Merka
{quote} @soultrader Nobody else tried to answer this question of yours. My reply is few posts back. Is it close or far apart from being right?
i think you said 'is it money management' - well trading is all money management so no, that's not the answer. sorry
https://linktr.ee/Soultrader
  • #175
  • Jan 9, 2021 5:02pm Jan 9, 2021 5:02pm
Quoting soultrader
{quote} i think you said 'is it money management' - well trading is all money management so no, that's not the answer. sorry
If so unfortunately I don't have a clue about the right answer.
Let's see if someone come up with a better answer
  • #176
  • Jan 9, 2021 5:05pm Jan 9, 2021 5:05pm
Quoting Merka
{quote} If so unfortunately I don't have a clue about the right answer. Let's see if someone come up with a better answer
would you like me to give you an excercise to do that can change your trading?

If enough ask for it i will give it to you.
https://linktr.ee/Soultrader
  • #177
  • Jan 9, 2021 5:08pm Jan 9, 2021 5:08pm
Quoting soultrader
{quote} would you like me to give you an excercise to do that can change your trading? If enough ask for it i will give it to you.
Yes please because right now I'm dancing in the dark
  • #178
  • Jan 9, 2021 5:14pm Jan 9, 2021 5:14pm
i folks..i guess the answer at the question what to do if the price goes against all the position opened is(or maybe not) open a recovery position with same size of all the other that are losing.close as soon that the market show you a reverse signal than close the winning position and wait till the position tha remain open in loss reach break even with the other closed in profit
  • #179
  • Jan 9, 2021 5:24pm Jan 9, 2021 5:24pm
Quoting dieguito80
i folks..i guess the answer at the question what to do if the price goes against all the position opened is(or maybe not) open a recovery position with same size of all the other that are losing.close as soon that the market show you a reverse signal than close the winning position and wait till the position tha remain open in loss reach break even with the other closed in profit
What about if even this new position you just opened goes against you?
In the end you will be sitting on just more drawdown.
Isn't it?
  • #180
  • Jan 9, 2021 7:36pm Jan 9, 2021 7:36pm
Quoting soultrader
{quote} would you like me to give you an excercise to do that can change your trading? If enough ask for it i will give it to you.
yes please. For those reading the thread, here are my notes that i've taken up to this point. They are copy n paste notes from soultrader. These should help.
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