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What made you successful @ FX

  • #21
  • Dec 25, 2007 10:20am Dec 25, 2007 10:20am
Quoting Tiki Trader
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.........
And YES we finally have Correct mental "settings" thanks to Tiki Trader

"(...)just the fact that you don't believe you can, has already taken away your chance..."

That line should be pensum and stand in a book that every new person who enter this marked would read.

You can't 100% sure, gain fully understanding of this marked if u say to urself: "I will never get the hang of hit" every time u lose. Because lose, belive me, you will lose some trades,no matter what you do. A line like this would be better:

"I gain more and more knowledge" over and over again would be better, much better.

That makes me say this:

First part of learning about trading should be about your own brain. How does it think ? How does it work ? How can u adjust yourself to see the picture clearer ? Have the BELIVE and most important of all DESIRE of what you do !

Newbs should NOT start with macd divergence , doji, Merkur stands 34.4 degrees from the sun, etc etc you get my picture.
Measure twice, cut once
  • #22
  • Dec 25, 2007 10:23am Dec 25, 2007 10:23am
Quoting aediaz1
Newbs should NOT start with doji, .
Doji is a form of price action. It is actually a great indication of where price will be headed if in confluence with other factors.

I understand your point though, and yes your mindset determines your wealth. I live by that, and think others should as well- plus it makes life a whole lot better if you have a positive mindset.
I dream, therefore I become.
  • #23
  • Dec 25, 2007 10:27am Dec 25, 2007 10:27am
Quoting mike w
Doji is a form of price action. It is actually a great indication of where price will be headed if in confluence with other factors.

I understand your point though, and yes your mindset determines your wealth. I live by that, and think others should as well- plus it makes life a whole lot better if you have a positive mindset.
Might be that doji was a bad exemplar , just wanted to put out that many ppl start in the wrong end. There are many great indicators, no doubt, but that should not be nr.1 to start with

"your mindset determines your wealth"
Measure twice, cut once
  • #24
  • Dec 25, 2007 10:35am Dec 25, 2007 10:35am
Quoting aediaz1
Might be that doji was a bad exemplar , just wanted to put out that many ppl start in the wrong end. There are many great indicators, no doubt, but that should not be nr.1 to start with
I would agree to a point, although I disagree with two aspects. Yes, pscyhology plays a major role. Doesn't the knowledge of price movement hold the same importance though? Without the knowledge of price movements - how and why the markets move the way they do- you wouldn't know where to begin in trying to trade the markets.
Instead of saying that you should first learn psychology, I think you should be trying to learn both things; How the market works and how your mind works. Once you are able to entwine your mind with the markets, you'll meet success. The reason I say this is that you will be unable to process your mind correctly for the implications that trading will bring to you UNTIL you have tried and learned.
As per the subject of indicators, that should NOT be first on the list of things to learn. You should first develop an understanding of the previous things mentioned- your own psychology and a solid understanding of market movements based on price action.
I dream, therefore I become.
  • #25
  • Dec 25, 2007 10:37am Dec 25, 2007 10:37am
Quoting aediaz1
Might be that doji was a bad exemplar , just wanted to put out that many ppl start in the wrong end. There are many great indicators, no doubt, but that should not be nr.1 to start with

"your mindset determines your wealth"
By the way, I like the way you think.
I dream, therefore I become.
  • #26
  • Dec 25, 2007 10:44am Dec 25, 2007 10:44am
Quoting mike w
I would agree to a point, although I disagree with two aspects. Yes, pscyhology plays a major role. Doesn't the knowledge of price movement hold the same importance though? Without the knowledge of price movements - how and why the markets move the way they do- you wouldn't know where to begin in trying to trade the markets.
Instead of saying that you should first learn psychology, I think you should be trying to learn both things; How the market works and how your mind works. Once you are able to entwine your mind with the markets, you'll meet success. The reason I say this is that you will be unable to process your mind correctly for the implications that trading will bring to you UNTIL you have tried and learned.
As per the subject of indicators, that should NOT be first on the list of things to learn. You should first develop an understanding of the previous things mentioned- your own psychology and a solid understanding of market movements based on price action.
Yes , knowing how great our mind is, it should be possible to learn both psychology and how the markets work together no doubt
Measure twice, cut once
  • #27
  • Dec 25, 2007 2:12pm Dec 25, 2007 2:12pm
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.
I too have to disagree with your statement. A trader can be successful in the long run. It has been proven many times over. Telling traders that it cannot be done is incorrect. The majority of traders that fail are the ones that do not have have sufficient training and jump into the forex arena without taking a single training course.
  • #28
  • Dec 25, 2007 2:18pm Dec 25, 2007 2:18pm
Time, why don't you tell that to folks like James16, soultrader, gene22, and others that have been trading profitably for years. That's all that needs to be said. Have a merry christmas everybody.
I dream, therefore I become.
  • #29
  • Dec 25, 2007 3:55pm Dec 25, 2007 3:55pm
For me, its been one hell of a roller coaster ride. I started 4 years ago, thinking within months, I would be bringing in a couple thousand per month. Boy was I ever excited! Well, it didnt happen, and I struggled. I tried ALOT of different methods, I studied, I stared at the charts for hours, and now finally Im starting to see results. I actually made my first withdrawal just last month. I didnt give up, ever, I always believed that I can do it, and you know what really did it for me? PATIENCE!! I dont go chasing trades anymore, I let them come to me, through patience and good money management, Im building a pretty good mini account. One thing I need to work on though, "Revenge Trading!" when I lose sometimes, I get mad and re-enter the trade going in that direction that took me out, with no analysis, and sure enough it fails, but im working on that.
Im by no means a "pro" but some advice, just be patient, study, accept losses, and use good money management, and you WILL be fine. Now...... time for turkey dinner.
Jeff
  • #30
  • Dec 25, 2007 4:29pm Dec 25, 2007 4:29pm
EA's!!! I have far too much greed and fear to trade manually and not have a heart attack. (helps that im my own programming staff)
  • #31
  • Dec 25, 2007 4:46pm Dec 25, 2007 4:46pm
I stopped trying to pick tops and bottoms of trends !

Instead I surfed the TREND WAVE - even though I need to work on my entry points, I found the market will "eventually" move in my direction for some pretty good $$$$.

DON'T FIGHT THE TREND ! Sit back and enjoy the trend ride ! FX trends nearly every day.
  • #32
  • Dec 25, 2007 5:27pm Dec 25, 2007 5:27pm
Quoting jeffmelvin
For me, its been one hell of a roller coaster ride. I started 4 years ago, thinking within months, I would be bringing in a couple thousand per month. Boy was I ever excited! Well, it didnt happen, and I struggled. I tried ALOT of different methods, I studied, I stared at the charts for hours, and now finally Im starting to see results. I actually made my first withdrawal just last month. I didnt give up, ever, I always believed that I can do it, and you know what really did it for me? PATIENCE!! I dont go chasing trades anymore, I let them come to me, through patience and good money management, Im building a pretty good mini account. One thing I need to work on though, "Revenge Trading!" when I lose sometimes, I get mad and re-enter the trade going in that direction that took me out, with no analysis, and sure enough it fails, but im working on that.
Im by no means a "pro" but some advice, just be patient, study, accept losses, and use good money management, and you WILL be fine. Now...... time for turkey dinner.
Jeff
Revenge trading, I felt some eyes on myself right there, and I guess most of us have been there. Funny you bring it up, I haven't heard too much talk about it, I guess many are too shameful even mention it.

A 100% emotion trade, could it be worse. The "fun" part I have experienced with revenge trading is it should be 50/50 if you lose/win,right? But guess what, I would actually say that playing red/black on casino gives you better odds ! I believe this market is much more sophisticated and you will not be successful gambling your investment in FX.
No matter what.

And don't chase trade is a good sentence. Gives you good training in patience, a great quality for success.

We have a young master at patience here at FF, over @ "Auslanco - GBP/JPY and GBP/USD" thread. Karmostaji is he's name. Worth a research
Measure twice, cut once
  • #33
  • Dec 25, 2007 6:02pm Dec 25, 2007 6:02pm
Years and years of stock trading, followed by futures trading. I give credit to anyone who starts their trading career in FX and is long term successful.
  • #34
  • Dec 25, 2007 7:03pm Dec 25, 2007 7:03pm
The keys are as follows:

1. You have to put in your time and earn your stripes there is no substitute for putting in hours a day looking at charts, reading forums such as this, and using demo accounts to find a system that works for you.
2. You must find your own system, those of you that go blindly following what others do will never be successful. Otherwise it is like being a chef and never coming up with your own recipes.
3. Test test test test your system (both in demo and back test), you have to do this to develop confidence in your system so that when can take trade in confidence - doing anything Else is gambling.
4. Trade time frames that work with your personality, for instance i trade the shorter time frames because that works for me.
5. If your new don't trade the highly volatile pairs like gbp/jpy will will just drain your account, start out with something more tame like usd/cad or aud/usd, use this to hone your skills.
6. Appropriate money management is important. I am not going to get into MM here.
7. You must treat trading FX like a business/job.
8. You will have loosing trades now and again.
9. This is not a get rich quick scheme this is a slow and steady path to financial freedom.
10. Just because you read something on any forum do not take it as gospel, there are lots of approaches to trading on a variety of time frames.
11. There will always be other trade opportunities.

To all those that feel trading successfully is not possible you clearly did not put in the time necessary and probably violated all of the above. Its always the ones that don't put in the time that whine about how its impossible to be successful, when if they put in as much time learning as they do whining they would be successful.
  • #35
  • Dec 25, 2007 7:26pm Dec 25, 2007 7:26pm
what made me successful in FX :
a low spread, high + swap, and 24 h access to the account

once i tried 10 pip spread for usd/jpy have to call broker for any action, and asking the price constantly, it just doesn't work....

for the other thing, there is Stop loss

ps: no i still not successful , but the technology gives me some edge, maybe if i hang around longer i'll have a better option, for other thing, there is FF
  • #36
  • Dec 25, 2007 10:31pm Dec 25, 2007 10:31pm
It's easy to be successful in forex or any other market. It's not rocket science. Market is people and most people are pretty average and act as a herd. In fact, my system basically takes advantage of the herd phenomenon using one candlestick pattern!.

My definition of successful is having more money that you started with, so in this case I am successful at forex. I use a simple system and I just take every signal. I try to enjoy trading. If I'm stopped out, I always have a funny reaction because I try to treat the market like a person ..I don't know it's just me I guess.
  • #37
  • Dec 25, 2007 11:11pm Dec 25, 2007 11:11pm
Quoting tebesti
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
Yupp..i agree.. Its like playing football, the team must be balance. i mean, attacking and defense..
When i start, trading fx, i'm only thinking about how to score .. I manage to score for 2 weeks but then i lost within few days(margin call)..
Then, lately i just learn, how to defense..money management is really important and also stop loss..
In football/soccer normally, the team only have 2 strikers but they have 4 defenders.. and yet the team, still win the game..just think about it..
In business, to make money, its not only about sales, you also have to focus on the expenses/cost..
Success Forex Trading?.. its about the same..
  • #38
  • Dec 25, 2007 11:28pm Dec 25, 2007 11:28pm
  •  mld
  • | Joined Sep 2007 | Status: Pips Raining Cats & Dogs | 85 Posts
Following the price!
"The Price goes where the majority goes!" haha this is natural but there are mysteries in this
  • #39
  • Dec 25, 2007 11:30pm Dec 25, 2007 11:30pm
Just don't pay any money to buy books and expert advisors. Since after reading thousands of pages you only get a sentence that is usefull and can blow your account by scammers. And if you buy try to read between the lines

Yes trend is your friend.

Follow other traders ideas on the forums and try to get the idea what they want and where they want to be. Get the idea whether the idea is put to get pips at a ranging/breakout or a trending movement

Remember every indicator works. You dont have to use all to be successful

Watch the price action doing nothing even if you have to stare at the screen for weeks

Yes scalping may be appealing but yes it is hard for newbies and cost you much.

There is a HOLY GRAIL. but that is not a strategy nor an expert. that is the MONEY MANAGEMENT.

And just follow a discipline that makes you get pips.

Be ready to blow your first account...
  • #40
  • Dec 26, 2007 12:04am Dec 26, 2007 12:04am
My turning point came when I started to understand what reasonable goals were. I had the misfortune of tripling my account quickly before I knew much of anything about Forex. From then on I couldn't be satisfied with anything less. That cost me several months of reckless trading and spectacular losses.
After I gave up trying to duplicate that early fluke things got better. And then when I learned it's okay to not have a position open at all times things got better yet.
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