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What made you successful @ FX

  • #41
  • Dec 26, 2007 1:52am Dec 26, 2007 1:52am
Once we get into terms with ourselves, we should be okay.
We're after all, just trading.
  • #42
  • Dec 26, 2007 1:55am Dec 26, 2007 1:55am
Hilmy is right, success is a matter of perspective.. Some people are happy making 2 high probability trades a year and netting 30% and some people need to make 10% month. Some people are happy trading less, some people need to trade everyday and keep themselves in the market. And the great thing is not one of these approaches are wrong. I think most new traders myself included when I first started, it was hard for me to determine what kind of a trader I am, am I a scalper, position trader, long term investor?? And then when I thought I was a certain type and started to test out with various methods, I found out dealing with money management and risk made me think otherwise as to what kind of a trader I am.. So It takes a while I think to know yourself, and to know what you consider being successful and what you will be happy with and then you gear a system to try emulate your expectations..
As far as what makes me successful, I tried to always think the other way, what makes me not successful, coming into trading, i always read that people always blow out their first account, and then some a few more before they get the hang of it. So my first goal was to learn about currency trading, not to try to make $300 a day. I looked at my initial trading capital of $5000 as my vehicle to learn forex. I wanted to dedicate myself to learning the market and my emotions related to the markets. Igrok said it best in his book when he said that the money on a forex traders account is like a tool to make the trader his/her money. Just how a carpenter has his toolbox with his hammers and wrenches which enables him to make money at his craft, a trader has his money in the brokerage account and is his tool to make money and should be safeguarded at all cost.. Once I accomplished that, I felt I was on the right track and am happy at my current position in my hierarchy of forex stages.
  • #43
  • Dec 26, 2007 1:59am Dec 26, 2007 1:59am
Quoting Sith Lord
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.

correctly said

the mt4 version of cot analysis worked for me like magic, just follow the trend.
  • #44
  • Dec 26, 2007 4:50am Dec 26, 2007 4:50am
Keeping in line with what has been written here, I leave you all with another Livermore quote (bold is mine):

“With me I must back my opinions with my money. My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But if I cannot advance I do not move at all. I do not mean by this that a man should not limit his losses when he is wrong. He should. But that should not breed indecision. All my life I have made mistakes, but in losing money I have gained experience and accumulated a lot of valuable don’ts. I have been flat broke several times, but my loss has never been a total loss. Otherwise, I wouldn’t be here now. I always knew I would have another chance and that I would not make the same mistake a second time. I believed in myself. A man must believe in himself and his judgment if he expects to make a living at this game.”
  • #45
  • Dec 26, 2007 5:15am Dec 26, 2007 5:15am
Quoting Sith Lord
DON'T FIGHT THE TREND ! Sit back and enjoy the trend ride ! FX trends nearly every day.
Except for most mondays, tuesdays, wednesdays, thursdays and fridays...

Other than that it trends almost every day!
  • #46
  • Dec 26, 2007 6:29am Dec 26, 2007 6:29am
Quoting billflet
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.

Reasonable goals, says billflet. I would love to know the statistic in % of every new trader who wants to x3 x4 x10 he's/her account within a month !
Without any knowledge of the market of course.

Reasonable goals on our list
Measure twice, cut once
  • #47
  • Dec 27, 2007 4:35pm Dec 27, 2007 4:35pm
I have been involved in forex for two years and was fortunate enough to have had a lot of free time in my first year to study. I read several books but FF was my main source of information. I spent most of my first year in "system development" mode and did very little live trading. Good thing too. I lost about 30% of my account just trading occassionally.

For the most part, I looked at virtually all the systems on FF and backtested the ones that could be backtested. After looking at so many systems I began to see how stop losses, trailing stops and take profits affected the profitability of a system. Slowly, I started forming my own system that:
1. was based on "probabilities"
2. could be tested for many years
3. encompassed thousands of test trades
4. worked in all types of markets

As a result, through perserverence and creativity, I have been able to trade profitably in 2007 with a system that has a 54% win percentage. It is not very exciting but I have a lot of confidence in it over the long run.

During my first year, I spent several hours a day, everyday, learning forex. It takes an incredible amount of time to get any perspective at all. I would have never made it without forexfactory.
  • #48
  • Edited 9:58pm Dec 27, 2007 4:57pm | Edited 9:58pm
Books and articles help, but you will soon find that nothing other then practice will get you there. Time and devotion will lead you to notice patterns that only the most successful find.
  • #49
  • Dec 27, 2007 5:11pm Dec 27, 2007 5:11pm
Quoting MackS10
Books and articles help, but you will soon find that nothing other the practice will get you there. Time and devotion will lead you to notice patterns that only the most successful find.
I have got to agree with this...baby

Patience was the key for me....I flapped around for 12 months blowing accounts until i decided to be patient..

Suddenly i began picking good entries and letting winners run.

That was it for me...baby..
  • #50
  • Last Post: Dec 30, 2007 5:08pm Dec 30, 2007 5:08pm
Quoting bmp
I have been involved in forex for two years and was fortunate enough to have had a lot of free time in my first year to study. I read several books but FF was my main source of information. I spent most of my first year in "system development" mode and did very little live trading. Good thing too. I lost about 30% of my account just trading occassionally.

For the most part, I looked at virtually all the systems on FF and backtested the ones that could be backtested. After looking at so many systems I began to see how stop losses, trailing stops and take profits affected the profitability of a system. Slowly, I started forming my own system that:
1. was based on "probabilities"
2. could be tested for many years
3. encompassed thousands of test trades
4. worked in all types of markets

As a result, through perserverence and creativity, I have been able to trade profitably in 2007 with a system that has a 54% win percentage. It is not very exciting but I have a lot of confidence in it over the long run.

During my first year, I spent several hours a day, everyday, learning forex. It takes an incredible amount of time to get any perspective at all. I would have never made it without forexfactory.
Hard work is needed, as you say above . No shortcuts (signal service etc) gonna make you successful unless you dedicate some blood, sweat and tears to this
Measure twice, cut once
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