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Success Stories--Those without Harvard Education, Aweso Mentors, or Genius Intellect.

  • #21
  • Aug 7, 2007 12:14am Aug 7, 2007 12:14am
Quoting Shinigami
MPP
I can easily increase the account by 4 times using 50% or more risk. If you use 100% risk (or nearly) then 25% and 100% per month are no more than numbers.
If you apply money management rules, your profit will become 2,5% - 10% per month. That is 10% risk. Hard-core traders (old traders, experienced trades, large funds traders, conservative traders, you get the idea...) recommend using no more than 1% risk.
MPP if you really use 100% risk, with standard money management you would have 1% profit in good months

I'm not understanding here. It seems that you are saying that if someone profited 10% in a month than they had to risk 10% in a month and that is way to much. I have heard here that you should risk no more than 1-5% in the current trades open, but I have never heard that your total trades for the month should only consist of 10% risk.

If I risk 3% per trading session with two sessions per day and I win 60/40 then I will have made 4% in that day and if that continued I would have made 80% for the month with still using good money management skills.

Oh and yeah, you have to be an idiot to lose money trading (strictly following) a successful strategy on D1 or W1 with 5% risk per trade having no more than 2 trades.

With all your money tied up in two trades there is not much room for error.

But when it comes to reality - 95% who come to forex aren't made for forex. Its not a "make me rich and fast" place. That is why it takes years or even tens of years to learn trading forex and having constant profit. But hey! New generation is far smarter than the old generation! Some can learn forex in 2 or 3 years! (if you think you are smart enough to trade manually with your first deposit after less than a year of trading experience and get 100% profit with 10% risk, show me the statement )

As for following strategies - its always better to write one for yourself. But only if you know you can write a successful one - if you can't, leave it to professionals.

As for 10 years - that is about enough time for an average human to get good enough doing their job to get a "feeling" (intuition?) when to enter, when to exit and so on. Some are especially good at it, guessing far more often than average but don't think you are one of them - you'll just kill your deposit when you have a bad luck.


As a matter of fact
I would love to see that many people can win at forex trading.
As a matter of fact
Most fail.

If you have talent, you'll be successful even after a year of trading, if you are not made for currency trading, don't push yourself.

If you want a success story, look at mine.
I am 22 years old, just finished University and already made several successful trading strategies. The oldest system I made was dates back to the end of 2006 and works fine with same settings even now, backtest since 01.01.2006 to now shows more than 1000% profit - daily pivot points rule the world. My newest system trades 23 currencies and made me 8%+ in less than 2 weeks with small risk.
It took me $5000 and almost 6 years to become successful.

Currently I'm looking for investors for my systems.

Dont you think this would make you a little biased and just a little more inclined to make statements such as, "It takes tens of years to make a consistant profit at forex."

I do not sell my systems.

I totally agree with MPP.

To be successful on forex you have to love forex.

If you want more success stories, write one yourself! Its not hard to be successful.

PS: If you are just learning, there is an awesome resource (I hope mods don't see this as advertising - the resource is totally free and does not require registration). Its www babypips com. I'm still learning there myself - too much info to grasp in one try.

Yes, a wonderful resource. I myself am a graduate of the school of Pipsology
Mike Lewthwaite
  • #22
  • Aug 7, 2007 12:16am Aug 7, 2007 12:16am
Quoting Rolandlc33
I would highly recommend you read this section in detail.


Chapter 9. The News Junkie. Roland Campbell.

But im not biased
Is that you Roland Campbell?

Good to have you aboard.
  • #23
  • Edited 1:28am Aug 7, 2007 1:17am | Edited 1:28am
I'm not sure I totally agree with that statement, I think these markets all come down to certain RULES that are in play everyday.


I'm still learning and by no means at a professional level but maybe some of the expert members can give in their feedback on this.

Seems to me that you don't have to either be a genius or spend 10-20 years in front of a screen, the trick to FX or any market in that matter is to decipher the rules that keep all the randomness in order. I believe these RULES can be taught or they can be stumbled on after clearing your screen of silly indicators and just watching price action at key support or resistance levels and going back and looking for similarities at other previous S/R levels.

In short I believe these rules can be TAUGHT and one needs not to be a genius to apply them (discipline would be a far better asset over an over reactive mind IMHO), or one could pick up some of these RULES after careful reading of charts (could be 3 months or it could take 10-20 years) then the main key I suppose is what exactly are they looking for in their chart.

Now I know these rules CANT be just posted on an open forum like the ten commandments of trading because it would then only be a matter of time until the majority started using them and ultimately NOT be an EDGE at all, so therefore would have to CHANGE into a different rule that once again would only be seen through dissection of repetitive price action.

Correct me if I'm wrong but I'm sure even the minds of successful traders sort of works like a computer, it sees , examines and then reacts based on previous experience and again knowing the RULES.


Here is where I stand at the moment , I know a few rules that seem to be in play, need to learn a few more, and keep working on my DISCIPLINE to apply these rules.


I encourage all the experienced members to add or correct me on my perception of these markets.
  • #24
  • Aug 7, 2007 1:56pm Aug 7, 2007 1:56pm
Quoting Detonator
Seems to me that you don't have to either be a genius or spend 10-20 years in front of a screen, the trick to FX or any market in that matter is to decipher the rules that keep all the randomness in order. I believe these RULES can be taught or they can be stumbled on after clearing your screen of silly indicators and just watching price action at key support or resistance levels and going back and looking for similarities at other previous S/R levels.

In short I believe these rules can be TAUGHT and one needs not to be a genius to apply them (discipline would be a far better asset over an over reactive mind IMHO), or one could pick up some of these RULES after careful reading of charts (could be 3 months or it could take 10-20 years) then the main key I suppose is what exactly are they looking for in their chart.

Reminds me of the cowabunga system on babypips.com check it out and see how this system of just following some simple rules is working at...

http://www.babypips.com/blogs/pip-my..._school_o.html

Seems the one following this system has been able to make consistent profits.


Mike Lewthwaite
  • #25
  • Aug 8, 2007 7:16am Aug 8, 2007 7:16am
Quoting Pip Ventures
Is that you Roland Campbell?

Good to have you aboard.

Yes, it's me. Thanks Pip Ventures!
  • #26
  • Aug 8, 2007 7:40am Aug 8, 2007 7:40am
smjones writes, "LOL, I did not say where my degree was from and in what subject and where I graduated in my class... I really do not consider myself as average in any way. " Maybe you should look a little more carefully at yourself in the mirror. If the posts you have on this site are any indication of your "not being average in anyway," you have deceived yourself.
  • #27
  • Aug 8, 2007 8:41am Aug 8, 2007 8:41am
Quoting Phase_1
smjones writes, "LOL, I did not say where my degree was from and in what subject and where I graduated in my class... I really do not consider myself as average in any way. " Maybe you should look a little more carefully at yourself in the mirror. If the posts you have on this site are any indication of your "not being average in anyway," you have deceived yourself.
Thank you for your opinion of me... LOL. I am assuming the double negative means I am average...

I suppose this is why I do not like to discuss these things... have a great day.
  • #28
  • Aug 8, 2007 10:24am Aug 8, 2007 10:24am
Quoting Detonator
...these rules can be TAUGHT ...
But you will have to be a genius to teach those rules
In any case, if you are successful in forex, keep up the good work.
10-20 years doesn't mean 10-20 years sitting in front of the screen. I took my time to recover after I lost my first deposit ($300 lol) and second deposit ($170 in addition to what was left after a margin call, another lol-size deposit).
I took my time to start learning forex after I lost my third deposit (oops, this time it was $4,000 and I was on my way to double it! But I made a sell in an up-trend to get myself few pips and that killed my deposit eventually - I didn't want any loss). It was a year ago. Now I'm a programmer, making successful systems.
Oh and yeah, I recovered all the money I lost with the help of 1 investor, I will be making another deposit with another company but this time I will make it a success story
To make things short, it took me a year. But its not about being a genius, learning, teaching ect. Its about understanding forex.
Everyone has their own way of understanding forex, make up your system, your trading style and make it successful - and you are done!
Oh and don't be discouraged if it takes you more than a year or few to be successful on forex - sometimes it takes more time.
And don't push it! Its not a "get rich fast" place! This is just a kind of job to make yourself for a living, which requires high initial deposits and has a risk of making you bankrupt.
  • #29
  • Aug 8, 2007 7:47pm Aug 8, 2007 7:47pm
Quoting Shinigami
Oh and yeah, I recovered all the money I lost with the help of 1 investor,

Does this mean that after you lost in Forex you decided to use OPM to gain back? Or does this mean that you acquired a mentor to help you succeed with another deposit of your own.

I will be making another deposit with another company but this time I will make it a success story

What will make this time different? Have you acuired a new method and been able to show consitent profits on a demo for some time?

To make things short, it took me a year. But its not about being a genius, learning, teaching ect. Its about understanding forex.Everyone has their own way of understanding forex, make up your system, your trading style and make it successful - and you are done!

This sounds kind of "mystical", do you care to explain a little more.

Oh and don't be discouraged if it takes you more than a year or few to be successful on forex - sometimes it takes more time.

And don't push it! Its not a "get rich fast" place! This is just a kind of job to make yourself for a living, which requires high initial deposits and has a risk of making you bankrupt.

Thanks for your post Shini!

Mike Lewthwaite
  • #30
  • Aug 10, 2007 3:00pm Aug 10, 2007 3:00pm
Quoting Rolandlc33
Yes, it's me. Thanks Pip Ventures!
Roland,

Maybe you can give us a short preview of what is to come.

Just a 2-3 paragraph teaser if possible


thanks,


Mike Lewthwaite
  • #31
  • Aug 10, 2007 3:16pm Aug 10, 2007 3:16pm
Hello All,

I love reading Kathy's writing.

Roland - Do you have a release date for the book?

Thanks.

m
  • #32
  • Aug 10, 2007 4:07pm Aug 10, 2007 4:07pm
Quoting acumen
Hello All,

I love reading Kathy's writing.

Roland - Do you have a release date for the book?

Thanks.

m
http://www.amazon.com/Millionaire-Tr...6779780&sr=8-2

Publisher: Wiley (September 10, 2007)
  • #33
  • Aug 10, 2007 9:25pm Aug 10, 2007 9:25pm
I posted this and it was moved to the Beginners Q & A

http://forexfactory.com/showthread.php?t=42334

I thought it would be a good post here with the question of...

WHo out there has done this?

Again, this is the purpose for this thread. Everything works out when you run the numbers. You can easily see that if you can just win a little more than you loose, then you can easily be very rich within 2 years even with a meager start up capital.

But this is just the numbers! Where are the real life stories who have put these principles into practice and can say "BEEN THERE, DONE THAT!"

I hope some of these men and women will come out the bushes and post to give credit to the notion that one can become successfull to the point that one wins more than he looses and in doing so can make it big in Forex!


Mike Lewthwaite



FOREX SCALP TRADING WITH OANDA
1 pip Spreads and 50:1 Margin


BEGINNING PHASE


$1000 Capital

$50,000 buying power

$10,000 = 1 lot = $1

$40,000 = 4 lots = $4

5 pips with 4 lots = $20

5 pip stop loss = $20 risk

$20 = 2% of account

6 pip Stop Limit = 5 pip/$20 per win

20 trades/day with 11 wins = $20

$20 = 2% per day or 8% per Week


MAINTENANCE PHASE

(Increase your lot sizes as your capital increases
To maintain the 2% risk)

$1000 start balance with 8% per week increase =

Within 52 weeks your account over $40,000

Within 2 years you would have over $2,000,000


This seems possible and probabbly the reason Forex is so hot. But who can consistently see a 11-9 win/loss ration?


That man will become rich with Forex Trading!



Mike Lewthwaite
  • #34
  • Edited 7:52am Aug 11, 2007 7:34am | Edited 7:52am
Hi, I’m not successful yet, but I have no doubts I will be, don’t have a Harvard, My first job was in construction as a mason, I think this way, if other people can be successful in trading, so do I can, this always worked for me, its more a mental attitude, I paper trade for 1 and half year, in my opinion money management and discipline is the key to success.

Regards MASMP
Logic will get you from A to B. Imagination will take you everywhere.
  • #35
  • Aug 11, 2007 11:15am Aug 11, 2007 11:15am
Quoting Shinigami
MPP
I can easily increase the account by 4 times using 50% or more risk. If you use 100% risk (or nearly) then 25% and 100% per month are no more than numbers.
If you apply money management rules, your profit will become 2,5% - 10% per month. That is 10% risk. Hard-core traders (old traders, experienced trades, large funds traders, conservative traders, you get the idea...) recommend using no more than 1% risk.
MPP if you really use 100% risk, with standard money management you would have 1% profit in good months

Oh and yeah, you have to be an idiot to lose money trading (strictly following) a successful strategy on D1 or W1 with 5% risk per trade having no more than 2 trades.


But when it comes to reality - 95% who come to forex aren't made for forex. Its not a "make me rich and fast" place. That is why it takes years or even tens of years to learn trading forex and having constant profit. But hey! New generation is far smarter than the old generation! Some can learn forex in 2 or 3 years! (if you think you are smart enough to trade manually with your first deposit after less than a year of trading experience and get 100% profit with 10% risk, show me the statement )

As for following strategies - its always better to write one for yourself. But only if you know you can write a successful one - if you can't, leave it to professionals.

As for 10 years - that is about enough time for an average human to get good enough doing their job to get a "feeling" (intuition?) when to enter, when to exit and so on. Some are especially good at it, guessing far more often than average but don't think you are one of them - you'll just kill your deposit when you have a bad luck.


As a matter of fact
I would love to see that many people can win at forex trading.
As a matter of fact
Most fail.

If you have talent, you'll be successful even after a year of trading, if you are not made for currency trading, don't push yourself.

If you want a success story, look at mine.
I am 22 years old, just finished University and already made several successful trading strategies. The oldest system I made was dates back to the end of 2006 and works fine with same settings even now, backtest since 01.01.2006 to now shows more than 1000% profit - daily pivot points rule the world. My newest system trades 23 currencies and made me 8%+ in less than 2 weeks with small risk.
It took me $5000 and almost 6 years to become successful. Currently I'm looking for investors for my systems. I do not sell my systems.

I totally agree with MPP.

To be successful on forex you have to love forex.

If you want more success stories, write one yourself! Its not hard to be successful.

PS: If you are just learning, there is an awesome resource (I hope mods don't see this as advertising - the resource is totally free and does not require registration). Its www babypips com. I'm still learning there myself - too much info to grasp in one try.

err.....you said you're 22 yrs-old and you've been trading for 6 years.........so you started at 16 yrs-old !!!

wow.........awesome.........
  • #36
  • Aug 11, 2007 11:26am Aug 11, 2007 11:26am
Quoting Pip Ventures
FOREX SCALP TRADING WITH OANDA
1 pip Spreads and 50:1 Margin
Terribly unrealistic strategy.. A 5-pip stop loss is a joke. Oanda has 1-pip spreads? What planet are you on?
  • #37
  • Aug 11, 2007 11:44am Aug 11, 2007 11:44am
Quoting Trader KGB
Terribly unrealistic strategy.. A 5-pip stop loss is a joke. Oanda has 1-pip spreads? What planet are you on?
I am new to the whole Forex scene and I thought that if you were scalping that you were only trying to gain 3-5 pips. This is what I have seen on several posts.

I assumed that if you were onlly trying to gain 5 pips that you cant have your stop loss more than that because then you would be risking more that you can gain.

Oanda has 1.2 pip spread on the eur/usd. I was just rounding it.


Mike
  • #38
  • Edited 1:43am Aug 12, 2007 1:19am | Edited 1:43am
Quoting Pip Ventures
I am new to the whole Forex scene and I thought that if you were scalping that you were only trying to gain 3-5 pips. This is what I have seen on several posts.

I assumed that if you were onlly trying to gain 5 pips that you cant have your stop loss more than that because then you would be risking more that you can gain.

Oanda has 1.2 pip spread on the eur/usd. I was just rounding it.


Mike
Mike, there are many scalping systems that allow for a greater risk than reward per trade, no worries there. The important thing with that kind of risk/reward ratio is knowing stone-cold why you are willing to risk more than you plan to win from any one trade, and you have to know with good probability how many times you will win against lose with that system.

What I like about your system is that it limits account risk to 2% per trade, and it increases or decreases the money risked per trade depending on whether or not the net asset value of the account grows or shrinks. As you win, your money-risk per trade goes up, or down as you lose. That is a reactive money management system, and it makes good sense.

You know, once you've built up your skill so that you are confident in gaining X pips from Y amount of trades in Z amount of time, then you're off to a great start.

I like too that you expressed the concept of thinking in lots rather than in pips.

Growing a forex account is like growing a baby to an adult. In the beginning, you've got to think in pips. Later, you need to take risks, and you start to think in terms of lots (pips included, but at a different level, conceptually).

Then, if you survive all that, you can start to think in pips again! Like, for example, "My trading capital is 2 and a half million U.S. Dollars, I risk only 1/16th of 1 percent of that capital per trade, and so, if I can net-gain 4 pips a week, that's enough to pay my living expenses for 6 months, and still increase my trading capital balance for better returns in the future."

The way you outlined your system, according to your percentage risked per trade and leverage of 50:1, that setup might be a bit too risky if you are very new to trading forex.

If you open a real money account, and if you open that account with an amount of capital that you are willing to lose right away or even after a year of trading your best, then there's nothing wrong with testing your system live. And maybe, just to be extra careful for the first few months, you could limit your trade value to 0.25 % of NAV at 10:1 leverage per trade instead of 2% at 50:1 leverage .... until you get the feel for things over the weeks and months. Once you start to experience true confidence in your trades and system, you can up your risk and leverage by steps into your stated levels.

Game-trading is fun and educational, but in my humble opinion, your best tuition for the dollar is trading with real money in order to experience what it feels like to trade with real money.

For you or me or anyone who starts out with little and hopes to grow it big in a limited amount of time, there will be a time in that growth curve where you will *absolutely* need to be very aggressive and very smart at the same time.

Unless you learn to trade aggressive and smart, for example, you will never grow a $1000.00 account into a $2,000,000.00 trading account within a ten year window. Put another way, if you've only got $1000.00 and only ten years, and if you need $2,000,000.00 at the end of that ten year window, then you will never make it by playing by all the beginner rules for your entire trading career.

Smart, aggressive scalpers get very rich, very quick. (In my book, ten years is considered "very quick" )

Hope my thoughts add something of value to your own perspective on forex trading.
Pip my ride.
  • #39
  • Aug 12, 2007 6:46am Aug 12, 2007 6:46am
If you need encouragement, take a look at the journal threads. I found it there myself. My favourites are Turbokaos and Jancyryu. Those are no bs, pip results only threads. What I like about them is that they show overall increase in balance over time, but with all the ups and downs along the way.
Recomended IMHO
  • #40
  • Aug 12, 2007 6:02pm Aug 12, 2007 6:02pm
Quoting Pip Ventures
Roland,

Maybe you can give us a short preview of what is to come.

Just a 2-3 paragraph teaser if possible


thanks,


Mike Lewthwaite

Hi Mike,

The book includes quality interviews with individuals who mastered their respective markets. Three chapters focus solely on foreign exchange and describe behaviors, habits, and attitudes of traders with exceptional returns. Many of the traders described in the FX section started with small sums of money and increased their equity to six and seven digit sums.

My chapter focuses on news trading and psychological aspects of the market. These two attributes are in my opinion the most important elements in becoming a successful trader. I do not go into great detail about my trading strategy, but state my overall philosophy of trading the news and other volatile events. You will read about my challenges, successes, and everyday routines as a currency trader.

I genuinely hope you find my chapter interesting and welcome any questions you may have about my strategy. I cannot give you exact details about my system, but am open to general discussion on related topics. The book will be released on Sept. 10th and can be purchased at any major bookstore or online retailer.

Regards,

Roland L. Campbell
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