What made you successful @ FX | Forex Factory

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What made you successful @ FX

  • #1
  • First Post: Dec 24, 2007 7:25pm Dec 24, 2007 7:25pm
Just trying to start a new thread which might give some people inspiration when the marked is just ruining your account or mood.

Would appreciate even some stories where you "saw the light" so clearly after months of frustrations/practicing with the forex market

__________________________________________________________________

So it all boils down to THIS :

  1. What made you successful @ trading (FX)
  2. Stories from your FX experience which might inspire someone here at FF

I know we got alot of stories on how you become succesful here at FF, if we even could get a few from some of the traders in here,we would be happy to read them.

Measure twice, cut once
  • #2
  • Dec 24, 2007 7:35pm Dec 24, 2007 7:35pm
I've become profitable because of forex factory. Stick around here long enough, and your likely to succeed.
I dream, therefore I become.
  • #3
  • Dec 24, 2007 7:45pm Dec 24, 2007 7:45pm
I met and followed the footsteps of a very successful forex trader. With a burning desire, I wanted to become this trader. I learned his methods, strategies, patience, motivations, attitudes, outlook in life, etc.

Your hero can be a movie star, sports athlete, teacher, parent or someone that made a positive influence in your life. Mine was the trader that wanted to pass along his trading experiences.

This is why I posted my signature on the bottom.
  • #4
  • Dec 24, 2007 9:17pm Dec 24, 2007 9:17pm
Quoting mike w
I've become profitable because of forex factory. Stick around here long enough, and your likely to succeed.


oooohhhh..........yeahhhhhhhh...........

just what i've been waiting to hear...........
  • #5
  • Dec 24, 2007 9:19pm Dec 24, 2007 9:19pm
Quoting WHTenn
I met and followed the footsteps of a very successful forex trader. With a burning desire, I wanted to become this trader. I learned his methods, strategies, patience, motivations, attitudes, outlook in life, etc.

Your hero can be a movie star, sports athlete, teacher, parent or someone that made a positive influence in your life. Mine was the trader that wanted to pass along his trading experiences.

This is why I posted my signature on the bottom.
i've read a couple books on a few known traders and they all seem to have a mentor of some sort.

sigh.....too bad i've yet to meet mine.......
  • #6
  • Dec 25, 2007 2:49am Dec 25, 2007 2:49am
Quoting findcount
i've read a couple books on a few known traders and they all seem to have a mentor of some sort.

sigh.....too bad i've yet to meet mine.......
Mr. Livermore didn't have one.
Take a report.
  • #7
  • Dec 25, 2007 6:31am Dec 25, 2007 6:31am
Quoting WHTenn
I met and followed the footsteps of a very successful forex trader. With a burning desire, I wanted to become this trader. I learned his methods, strategies, patience, motivations, attitudes, outlook in life, etc.

Your hero can be a movie star, sports athlete, teacher, parent or someone that made a positive influence in your life. Mine was the trader that wanted to pass along his trading experiences.

This is why I posted my signature on the bottom.

As WHTenn sayed "With a BURNING DESIRE, I wanted to become this trader"

Also having a mentor would increase your learning progress greatly.

That makes me think of a must-read book for everyone who wanna make success in any market: "Think & Grow Rich" by Napoleon Hill. In short-terms it explain how important burning desire is and BELIVE in what you do.

Very glad u sayed that WHTenn, we can put DESIRE on our list for 1 step closer to success
Measure twice, cut once
  • #8
  • Dec 25, 2007 7:09am Dec 25, 2007 7:09am
Quoting mike w
I've become profitable because of forex factory. Stick around here long enough, and your likely to succeed.

True Mike, alot of knowledge here in FF.

Mike said it;there should be no doubt with all the good threads about systems, money management etc etc it's possible to get successful with sticking on to this forum, giving it alot of reading.
Measure twice, cut once
  • #9
  • Dec 25, 2007 7:25am Dec 25, 2007 7:25am
I hope i don't burst any bubbles but as far as i am concerned a trader can not beat the market over a consistant period of time. You might have a month or two where you profit but eventually you will give it all back to the market. But making 1%-5% per year return on investment is not what i would call succesful.

I have played this game for almost 3 years. There are easier ways to make money. Forex is not one of them.

It took me a long time to realise this but i came to the conclusion when i noticed how most of the professional traders offer paid mentor programmes. Then i wondered why they would rather spend an hour of two of their time to coach someone for $100 per month as oppose to spend two hours trading and in the process make thousands.

As for me, I only trade forex as a hobby now. It gives me lot less ulcers and more sleep at night. I have withdrawn almost all my money out of my trading account and bought a small business that gives me a monthly income.

Good luck to anyone out there who hopes to be succesful at forex one day. The odds are heavily against you. I mean it was proven that nobody ever managed to make just 10 pips per day over a constant perdiod of time.
  • #10
  • Dec 25, 2007 7:34am Dec 25, 2007 7:34am
hard work

i keep 2 live accounts, 1 for trading at 40% margin where i keep the balance restricted and the other as capital fund.

i make sure that losses if any during the month are out of profits not capital.

***
Oh I forgot to add something here, I keep discussing new ideas with my friends and try to look behind the function that make the indicators work instead of using ready made stuff, i prefer to write my own code.
  • #11
  • Dec 25, 2007 8:11am Dec 25, 2007 8:11am
Quoting Time
I hope i don't burst any bubbles but as far as i am concerned a trader can not beat the market over a consistant period of time. You might have a month or two where you profit but eventually you will give it all back to the market. But making 1%-5% per year return on investment is not what i would call succesful.

I have played this game for almost 3 years. There are easier ways to make money. Forex is not one of them.

It took me a long time to realise this but i came to the conclusion when i noticed how most of the professional traders offer paid mentor programmes. Then i wondered why they would rather spend an hour of two of their time to coach someone for $100 per month as oppose to spend two hours trading and in the process make thousands.

As for me, I only trade forex as a hobby now. It gives me lot less ulcers and more sleep at night. I have withdrawn almost all my money out of my trading account and bought a small business that gives me a monthly income.

Good luck to anyone out there who hopes to be succesful at forex one day. The odds are heavily against you. I mean it was proven that nobody ever managed to make just 10 pips per day over a constant perdiod of time.

I agree with ur statement ; its hard beating the markets and the odds is against you. If I remember right its something about 95% don't make success in forex trading. Well here is something that might bright up this darkside:

Take any professions like beeing a pro footballplayer, a chef,salesman etc etc the oods for you becoming successful / best in what you do is approx. almost lower than 5%. Just think of when you played football or whatever in your youth and how many didn't wanted to become pro's ? Out of 50 ppl I know who played football,only 1 made it semi-pro.

That's 2% successful-rate.

When I started with my chef education years ago we where 15 people at our class. 1 year after we where done with education we where only 2 left who worked as chef, rest had left it because they couldn't take it/ didn't find it "interesting " enough.

Roughly 1.5% success-rate.

For those of you who have worked as a salesman, tell us how many do great success out of 50.I feel comfortable that the % is not too unlikely our 2 other examples.

Moral here is whatever you decide to do in this world, IMO , you have the odds against you IF you wanna do success. It's all up to you to determinate : Do you wanna beat the odds ?

And I don't believe it's any shortcuts contra damn hard work
Measure twice, cut once
  • #12
  • Edited 8:32am Dec 25, 2007 8:21am | Edited 8:32am
(...)"losses if any during the month are out of profits not capital".

forexlion gives us example of strictly MM rules.

Money management also on our list for success
Measure twice, cut once
  • #13
  • Dec 25, 2007 8:22am Dec 25, 2007 8:22am
My advice is to spend some time reading the same thing that all the forum "experts" read before they became legends in their own mind. Don't settle for the distilled down versions with some opinon thrown in, go the the source. Remember the childhood game where we whispered a phrase in the ear of the person next to us and they whispered it to the person next to them and at the end of the line there was a phrase that made no sense whatsoever?

Want to learn money management? Read Tharp and Vince. Technical Analysis? Read Pring, Murphy, Appel, and Wilder. Psychology? Elder, Douglas, and Steenbarger. (To name just a few)
  • #14
  • Dec 25, 2007 8:31am Dec 25, 2007 8:31am
Quoting philmcgrew
My advice is to spend some time reading the same thing that all the forum "experts" read before they became legends in their own mind. Don't settle for the distilled down versions with some opinon thrown in, go the the source. Remember the childhood game where we whispered a phrase in the ear of the person next to us and they whispered it to the person next to them and at the end of the line there was a phrase that made no sense whatsoever?

Want to learn money management? Read Tharp and Vince. Technical Analysis? Read Pring, Murphy, Appel, and Wilder. Psychology? Elder, Douglas, and Steenbarger. (To name just a few)
There you had if from a pro. Reading can give you some on-spot knowledge about everything you wanna learn.

He gave us reading on our list
Measure twice, cut once
  • #15
  • Dec 25, 2007 8:46am Dec 25, 2007 8:46am
A certain few % of us have a bigger burning desire than you guys that won't make it... just the fact that you don't believe you can, has already taken away your chance...

Your ideas that there are no seccessful traders except the ones who have to start teaching to make ends meet... well... you just don't know... there are those out there, who give back more than they recieve in their tuitions... I know, because I am beificiary of one such mentor...

I for one... will make it... for you guys who already know you won't... I wonder why you continue to hang around here.........


Quoting aediaz1
I agree with ur statement ; its hard beating the markets and the odds is against you. If I remember right its something about 95% don't make success in forex trading. Well here is something that might bright up this darkside:

Take any professions like beeing a pro footballplayer, a chef,salesman etc etc the oods for you becoming successful / best in what you do is approx. almost lower than 5%. Just think of when you played football or whatever in your youth and how many didn't wanted to become pro's ? Out of 50 ppl I know who played football,only 1 made it semi-pro.

That's 2% successful-rate.

When I started with my chef education years ago we where 15 people at our class. 1 year after we where done with education we where only 2 left who worked as chef, rest had left it because they couldn't take it/ didn't find it "interesting " enough.

Roughly 1.5% success-rate.

For those of you who have worked as a salesman, tell us how many do great success out of 50.I feel comfortable that the % is not too unlikely our 2 other examples.

Moral here is whatever you decide to do in this world, IMO , you have the odds against you IF you wanna do success. It's all up to you to determinate : Do you wanna beat the odds ?

And I don't believe it's any shortcuts contra damn hard work
  • #16
  • Dec 25, 2007 9:03am Dec 25, 2007 9:03am
thanks for the thread

I think that the secret is
"practice makes perfect(alomost)"

I mean that you have to train your eyes at looking
at the charts and have a feeling of the price movement -
I think that trading forex is a skill like playing football(british not american) the more you practice the better player you become

marry X-mas everyone
  • #17
  • Dec 25, 2007 9:06am Dec 25, 2007 9:06am
I traded for years unsuccessfully . . . or was I learning something. Every education costs something. For the last few months, I've been pulling a profit. not a lot, a better rate than my stock account, but encouraging none the less, because the light came on at the beginning of that streak.

I have hobbies that i felt like i needed a mentor to learn, so i found a mentor for trading. it took a while and a lot of sorting. the light bulb for me was money management. its nice to have a system that is right 80% of the time, but for me, i started using money management that allowed me to be wrong 65% of the time and still come out ahead. I'm just not that on my game well enough to make an 80% system work 80% of the time. Money management is the key. That means different things for different traders. Some traders take really tight stops. Others trade really small positions. I prefer the later.

It took me 5 years of college to begin to do what I currently do for a living. Why would trading be any different? Incidentally I will probably always do what I do for a living for fun even when my trading income eclipses my professional income, I'll just be doing it on my terms.
  • #18
  • Edited 9:17am Dec 25, 2007 9:15am | Edited 9:17am
Quoting Time
I hope i don't burst any bubbles but as far as i am concerned a trader can not beat the market over a consistant period of time. You might have a month or two where you profit but eventually you will give it all back to the market. But making 1%-5% per year return on investment is not what i would call succesful.

I have played this game for almost 3 years. There are easier ways to make money. Forex is not one of them.
I would have to disagree. When an individual does his or her own analysis, trades with the market and uses proper money management, I can't see how someone can go wrong. Barring, any major news event while an individual is trading which may cause the position to go to the other way, if the individual utilized proper money management, I just can't see someone could loose.

I also collaborate with several individuals regarding fundamentals and technicals to confirm or to reaffirm what I see.
Humble Lifetime Member
  • #19
  • Dec 25, 2007 9:20am Dec 25, 2007 9:20am
I would say having a winning attitude is the key to success in everything in life
  • #20
  • Dec 25, 2007 9:33am Dec 25, 2007 9:33am
Thomas Edison found 10000 ways that wouldn't work when perfecting the light bulb before he found a method that did work. Perseverance, the ability to learn from mistakes, etc all important.

how many of us have "tried" a system that soon gave us a losing trade then threw it out thinking it didn't work with no real consideration for what happens over time. A little tenacity would be good.

Have you taken 1000 trades with the lights on?
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