Are there any successful technical traders? | Forex Factory

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Are there any successful technical traders?

  • #1
  • First Post: Jan 23, 2007 8:43am Jan 23, 2007 8:43am
Hello everyone, I'm new to forex factory and new to forex.
I've taken a course in technical trading for the stock market.
I would like to know whether there are any successful technical traders here who could share their stories or basic steps i need to take to be a successful trader for income. Does anyone trade full time and generates monthly income as this is my goal and i need to know if it is achievable before i start working on it more seriously. thanks
  • #2
  • Jan 23, 2007 8:55am Jan 23, 2007 8:55am
please search the forums...this question has been asked and answered already....thanks!
CRAIGSLIST BARTERING CHAMPION
  • #3
  • Jan 23, 2007 9:00am Jan 23, 2007 9:00am
To be a successful trader "technical analysis" is just part of the story. You need a combination of all these:

  1. Knowledge of trading techniques (whether based on tech analysis or fundamental analysis and preferably a little bit of both)
  2. Money Management
  3. Risk Management
  4. Psychology of Trade
  5. Discipline

The last one is probably the most important one.

It's almost impossible to have a stable income via trading forex but overally a trader can make much more than somebody who works from 9 to 5. Your income depends on several factors such as your account balance, your risk level, the trading system that you use, and many others.

Good Luck and welcome to the world of trading.

  • #4
  • Jan 23, 2007 9:05am Jan 23, 2007 9:05am
Is it possible for you guys to recommend the best platforms? Im using ACM and tried a couple others but found them too messy!

You know the reason I ask about successful technical traders is that when you research trading, you always find big names like Warren Buffet that are against technical trading and think its not reliable, I can't find a good example of someone who made it big using technical analysis!
  • #5
  • Jan 23, 2007 9:06am Jan 23, 2007 9:06am
Quoting haks79
Hello everyone, I'm new to forex factory and new to forex.
I've taken a course in technical trading for the stock market.
I would like to know whether there are any successful technical traders here who could share their stories or basic steps i need to take to be a successful trader for income. Does anyone trade full time and generates monthly income as this is my goal and i need to know if it is achievable before i start working on it more seriously. thanks
Yes, there are many here who trade for a living.
Keeping it Simple
  • #6
  • Jan 23, 2007 9:41am Jan 23, 2007 9:41am
Quote
Are there any successful technical traders?
No no.. on this website you could order only pizzas...
  • #7
  • Jan 23, 2007 10:23am Jan 23, 2007 10:23am
Quoting haks79
Is it possible for you guys to recommend the best platforms? Im using ACM and tried a couple others but found them too messy!

You know the reason I ask about successful technical traders is that when you research trading, you always find big names like Warren Buffet that are against technical trading and think its not reliable, I can't find a good example of someone who made it big using technical analysis!
MT4. There is no other free product on the web that can compete with the possibilities that MT4 offers to a technical trader. You may try Visual Trader as well but it is less user friendly than MT4 and the number of custom indicators available for VT cannot match MT4. Just try to browse several fx forums and you will know.

Technical trading is your key to success. You can trade fundamentals but as Larry Williams stated in his book "Long Term Secrets to Short Term Trading" we are the last part of the food chain, we are the last to know the news that move market. Sure there are techniques to predict the fundamentals but I found that they are less reliable than technical analysis. If you want to know some big names that made success by TA:

1. Dan Zanger - turned 10 775 USD to 42 000 000 USD in 23 month;
2. Larry Williams - turned 1 000 USD to 1 000 000 USD in one year.

So just keep trying but dont be greedy, the more you learn and experience the better you results will be.

Good luck and welcome!
  • #8
  • Jan 23, 2007 12:16pm Jan 23, 2007 12:16pm
Quoting haks79

You know the reason I ask about successful technical traders is that when you research trading, you always find big names like Warren Buffet that are against technical trading and think its not reliable, I can't find a good example of someone who made it big using technical analysis!

Read Market Wizarsd and The New Market Wizards by Schwager. You can see there are many who made it with technical

Best of luck,
Mike
  • #9
  • Jan 23, 2007 12:27pm Jan 23, 2007 12:27pm
Quoting haks79
Hello everyone, I'm new to forex factory and new to forex.
I've taken a course in technical trading for the stock market.
I would like to know whether there are any successful technical traders here who could share their stories or basic steps i need to take to be a successful trader for income. Does anyone trade full time and generates monthly income as this is my goal and i need to know if it is achievable before i start working on it more seriously. thanks
I'm a newbie who has demo'd for 6 months and now trading live since November. I've been consistently profitable so far trading purely technical off the daily charts. My view is that if you are trading technical, it's better trading off the longer term charts as your stop losses are wider and therefore less likely to be stopped out by news spikes.

It's not that I don't believe in the fundemental side of trading - some here are extremely successful at it - it's just that on the longer term charts you can see how the market is reacting to the news by watching price action.

This is just the way I've decided to trade - you can be successful over any timeframe, technical or fundemental but you must have rules that you stick to rigidly, use good money management skills and be humble enough to accept any losses and move on knowing that by sticking with your system you will make money consistently over time.

Kind Regards
Steve
  • #10
  • Jan 24, 2007 4:24am Jan 24, 2007 4:24am
Jimmy and Steve...your replies are highly appreciated..
  • #11
  • Jan 24, 2007 5:24am Jan 24, 2007 5:24am
Quoting haks79
Hello everyone, I'm new to forex factory and new to forex.
I've taken a course in technical trading for the stock market.
I would like to know whether there are any successful technical traders here who could share their stories or basic steps i need to take to be a successful trader for income. Does anyone trade full time and generates monthly income as this is my goal and i need to know if it is achievable before i start working on it more seriously. thanks
For any new trader, I would suggest using Oanda. I would go ahead and put $50-$100 in and trade live @ .001c/pip. It is real money, yet you can practice all you want without fear of losing. Multiple very bad trades and you are only down a couple bucks tops.

I would also check http://www.robbooker.com/books/5_13_...2F13%2F62' system and use it on no less than a 1 hr chart. I prefer 4 hours.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #12
  • Jan 24, 2007 9:31pm Jan 24, 2007 9:31pm
Quoting haks79
Hello everyone, I'm new to forex factory and new to forex.
I've taken a course in technical trading for the stock market.
I would like to know whether there are any successful technical traders here who could share their stories or basic steps i need to take to be a successful trader for income. Does anyone trade full time and generates monthly income as this is my goal and i need to know if it is achievable before i start working on it more seriously. thanks
Hi Haks, [Merlin, Diall, Mudd, Scott, and the rest of the eh.. (tact bill, tact).. ladies and gentlemen that have been trading for decades. I think FF could possibly be further enhanced if it had a Sticky somewhere on "The History of Trading"

haks
" I've taken a course in technical trading for the stock market."
Trading has been in existence since the time when some animal realized that if it stood on it's hind legs, it could see over the tall grass to a prospect of food or production. Fundamental Analysis. {It's there, It's True, It's Fact [supposedly] I Re-act}

Much Later, with historic succesfull events taken into consideration, the best prospects of fruitfull 'hunting' were identified because they had been fruitfull in the past. Technical Analysis. {There is a good chance that this is a good trade of Energy Spent/Energy In. [It's worked the last 2.8 out of 5 attempts]}

Seriously, to Trading. Tecnical analysys was the only real tool a small Trader had as little as two decades ago. They had no Tickertape or 14 separete telephones {not lines, Phones} to keep up with Fundementals.. So as they gained in education, they learned to avoid those instances when they had no control {Thursday @ 8:30AM EST etc...} and stuck with what had proven to work in the past. This had been going on for Centuries btw.

How times have changed. ADSL, T3, or whatever is next. My Computer is Soooo Slow, it takes "Snap" {bill snaps his fingers} this long to retrieve a file. Now I see a barage of requests to Merlin to "Speed Up The News Release Numbers" "Make them XL compatible" "Send them to my PDA" Ahh... "Merlin, please cut the tall grass between me & my prey." {my prey and I to the buffs}

Fundemental Analysis v Technical Analysis Results in Fundical Analysis.

So...{..take a breath bill} to answer your question...

Absolutly;.. but that ain't the whole story.
  • #13
  • Mar 23, 2007 12:17am Mar 23, 2007 12:17am
Quoting haks79
Hello everyone, I'm new to forex factory and new to forex.
I've taken a course in technical trading for the stock market.
I would like to know whether there are any successful technical traders here who could share their stories or basic steps i need to take to be a successful trader for income. Does anyone trade full time and generates monthly income as this is my goal and i need to know if it is achievable before i start working on it more seriously. thanks
Like someone said above it's best to incorporate technical, fundamental, and psychological into one package. Of course technical trading works! Look at the chart of EUR/USD, GBP/USD, and you will see a straight line up. It looks like the chart of the Dow over the past century. Small pull backs but continues straight up in the long term. It really depends on your timeframe and how you define technical.
  • #14
  • Apr 3, 2007 7:02am Apr 3, 2007 7:02am
i think the trading style of peoples are different from one to another
.a success full traders style failear of another trader .i think the idea of the traders is good .some traders trade in a small range then the view of movement currencies to put a position in that trader is ok but a long range trader open a position in that level it fail .ie the style and the techniqes of traders different from one another.
  • #15
  • Apr 3, 2007 9:54am Apr 3, 2007 9:54am
Quoting JimmyJoe
MT4. There is no other free product on the web that can compete with the possibilities that MT4 offers to a technical trader. You may try Visual Trader as well but it is less user friendly than MT4 and the number of custom indicators available for VT cannot match MT4. Just try to browse several fx forums and you will know.

Technical trading is your key to success. You can trade fundamentals but as Larry Williams stated in his book "Long Term Secrets to Short Term Trading" we are the last part of the food chain, we are the last to know the news that move market. Sure there are techniques to predict the fundamentals but I found that they are less reliable than technical analysis. If you want to know some big names that made success by TA:

1. Dan Zanger - turned 10 775 USD to 42 000 000 USD in 23 month;
2. Larry Williams - turned 1 000 USD to 1 000 000 USD in one year.

So just keep trying but dont be greedy, the more you learn and experience the better you results will be.

Good luck and welcome!
Both Zanger and Williams didn't employ sound money management in their endeavors. Niederhoffer didn't either when he turned his 40K gold position into 20 mil. Kovner was playing with fire when he turned 3K into 50K in two weeks (he had 22K left a couple of trades after that). I don't know of anybody who got rich overnight by employing sound MM. If your trading yields 100% per year, then you're doing very well.
  • #16
  • Apr 3, 2007 2:36pm Apr 3, 2007 2:36pm
YES
  • #17
  • Jul 7, 2020 6:32am Jul 7, 2020 6:32am
Yes, there are traders who are available in market technically sound so that they can do their analysis on their self without consulting any broker. Such traders are passionate to trade that's the main reason they like doing depth study analysis on their transaction.
  • #18
  • Nov 12, 2020 1:13pm Nov 12, 2020 1:13pm
You can also become a good trader if you trade by making a good trading plan. a plan can make you rich in this market.
  • #19
  • Nov 18, 2020 8:46am Nov 18, 2020 8:46am
True, TA does work. Support and resistance, trendlines head & shoulder patterns, and other basic concepts, if used correctly, can prove to be useful.
  • #20
  • Last Post: Nov 18, 2020 9:14am Nov 18, 2020 9:14am
I trade based on TA and not caring news etc. my thought towards TA, especially when making trading decisions, is the TA should be able to be told as a story, eg a support is a support because a lot of pending buy orders are above it.

And TA should work in groups. Not trading solely on Support/Resistance, trendline... you will find the win rate pretty low.
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