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Honest answers please! Are you successful trading on Forex or not?

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  • #1
  • First Post: Feb 21, 2007 8:21am Feb 21, 2007 8:21am
Honest answers please! Are you successfull trading on Forex or not?

Here goes the poll:
  • #2
  • Feb 21, 2007 8:31am Feb 21, 2007 8:31am
Hey man, when I started I wanted to do the same thing as you and find out if people are actually successful. Ill be the first to tell you, there are many successful people here at the factory. Thats not the question you should be asking though. The true question is will YOU be successful, because at the end of the day it doesnt matter if we make money to you, if you didnt. Learn as much as you can and within a year or two (if you work hard at learning and knowing what your doing) you will be successful. In the beginning, its hard and ill tell you that right now. Your going to go through a lot of pain probably at first, i know i did. But then you get that moment that everything just clicks, and then its easy sailing from there my friend. thats a fact. If you stick it out and stay resilient, you will be successful. Good luck to you and your new career trading.
I dream, therefore I become.
  • #3
  • Feb 21, 2007 8:59am Feb 21, 2007 8:59am
Quoting mike w
Hey man, when I started I wanted to do the same thing as you and find out if people are actually successful. Ill be the first to tell you, there are many successful people here at the factory. Thats not the question you should be asking though. The true question is will YOU be successful, because at the end of the day it doesnt matter if we make money to you, if you didnt. Learn as much as you can and within a year or two (if you work hard at learning and knowing what your doing) you will be successful. In the beginning, its hard and ill tell you that right now. Your going to go through a lot of pain probably at first, i know i did. But then you get that moment that everything just clicks, and then its easy sailing from there my friend. thats a fact. If you stick it out and stay resilient, you will be successful. Good luck to you and your new career trading.
LOL, it's so funny to read this stuff on FF forums and elsewhere, then visiting web sites of tudors like Rob Booker and people falsely believe all this junk about systems/methods/money management. Ohh, don't forgot the discipline, heheh.

Wake up & get a real work! Duh! There's no such thing as a working system and because you don't want to admit it, then you say it's all about money management and discipline.

Well, go ahead and show me a single strategy with a money management that makes positive results over a long time of period and anyone can have 100% correct discipline and trade the system - but the problem is, there's isn't a single one...

Mike W: And here's the answer to your question:
- No I will never become a successfull trader, but for sure will no1 else neither who's chasing those stupid EMA's, RSI's, Stochastics, ADX - they are all junk.
  • #4
  • Feb 21, 2007 9:07am Feb 21, 2007 9:07am
you need to remember, losing must be part of the sucessful investment.
  • #5
  • Feb 21, 2007 9:14am Feb 21, 2007 9:14am
Quoting yakumojpn
LOL, it's so funny to read this stuff on FF forums and elsewhere, then visiting web sites of tudors like Rob Booker and people falsely believe all this junk about systems/methods/money management. Ohh, don't forgot the discipline, heheh.

Wake up & get a real work! Duh! There's no such thing as a working system and because you don't want to admit it, then you say it's all about money management and discipline.

Well, go ahead and show me a single strategy with a money management that makes positive results over a long time of period and anyone can have 100% correct discipline and trade the system - but the problem is, there's isn't a single one...

Mike W: And here's the answer to your question:
- No I will never become a successfull trader, but for sure will no1 else neither who's chasing those stupid EMA's, RSI's, Stochastics, ADX - they are all junk.
Hey man, it seems like your new to trading and having a rough time with it. I agree its not about indicators. When I started out, i was all about them. My charts looked unreal, then I realized that they are LAGGING indicators anyways (well most of them). Once you get over that phase of trading, it will start to pay off. Trust me on that. Learn about price action instead of all of those indicators and pretty lines. Once I did that,my trading went from being terrible to pretty good in my standards, maybe not to people that are seasoned veterans but to me Im doing good. You have the wrong mindset for it too man. You just said that you will never be successful, and if thats what you really feel then thats what youll be. Dont trade to lose man. Learn first and then trade.
I dream, therefore I become.
  • #6
  • Feb 21, 2007 9:17am Feb 21, 2007 9:17am
Quoting haha22
you need to remember, losing must be part of the sucessful investment.
Losing, winning - whatever, there's only one thing that matters and that's THE RESULTS!

If there would be a such system/method with a moneymanagement and traded with 100% discipline - but there's isn't. All those web sites, forums, tudors are talking about the importance of discipline. I agree, but the discipline alone won't make you no cash.

In the past 9 months I have been manually and automatically backtesting different strategies that are published here and I have created a few of my own strategies - but I have never published them in here, because I have tested them over a long period of time and they won't work.

For example I have backtested the following systems:
1) Rob Booker 5/13/62 EMA pullback
2) Other different pullback strategies
3) The famous Vegas tunnel
4) And around 20 other systems, 4-8h a day - all waste of time, wish I would do something smarter with my time

I have never made or lost a penny on Forex, because I agreed that I won't trade live before I have a "thing" that works - well, the truth is that there isn't a such thing.

I know the truth hurts, but the earlier you accept that better...
  • #7
  • Feb 21, 2007 9:24am Feb 21, 2007 9:24am
Quoting mike w
Hey man, it seems like your new to trading and having a rough time with it. I agree its not about indicators. When I started out, i was all about them. My charts looked unreal, then I realized that they are LAGGING indicators anyways (well most of them). Once you get over that phase of trading, it will start to pay off. Trust me on that. Learn about price action instead of all of those indicators and pretty lines. Once I did that,my trading went from being terrible to pretty good in my standards, maybe not to people that are seasoned veterans but to me Im doing good. You have the wrong mindset for it too man. You just said that you will never be successful, and if thats what you really feel then thats what youll be. Dont trade to lose man. Learn first and then trade.
I have made backtesting for almost a year almost each day and now sick of it, because the results won't lie but the feelings does. Most of people here on FF belive if they can just have rough discipline, positive mindset and whatever else more.

If the backtesting are not positive, then your mindset won't make it successful, omg.
  • #8
  • Feb 21, 2007 9:30am Feb 21, 2007 9:30am
Quoting mike w
Hey man, it seems like your new to trading and having a rough time with it. I agree its not about indicators. When I started out, i was all about them. My charts looked unreal, then I realized that they are LAGGING indicators anyways (well most of them). Once you get over that phase of trading, it will start to pay off. Trust me on that. Learn about price action instead of all of those indicators and pretty lines. Once I did that,my trading went from being terrible to pretty good in my standards, maybe not to people that are seasoned veterans but to me Im doing good. You have the wrong mindset for it too man. You just said that you will never be successful, and if thats what you really feel then thats what youll be. Dont trade to lose man. Learn first and then trade.
Actually I kind of except that someone will say that indicators are lagging and only a stupid people would use them. Well, I don't care what the system/method is, but I haven't find a single system based on technical analyses that works, whether it's price action and/or indicator(s) based.
  • #9
  • Feb 21, 2007 9:33am Feb 21, 2007 9:33am
Yeah I understand that. Let me tell you something though. Price action isnt a system. It doesnt tell you to buy when this line crosses that or vice versa, and your analysis of price action wont always be right. Thats just a fact of life. But once you understand that it is about the psychology of traders and what the consensus is feeling about the market, then you will be a better trader. Learn what the charts are telling you, not some lines and dots. The charts are what matters, and that is where you will make your money.
I dream, therefore I become.
  • #10
  • Feb 21, 2007 9:35am Feb 21, 2007 9:35am
NOTHING is going to be a 100% winner all of the time, but if you play it right your wins WILL outweigh your losses by a large margin and slowly but surely youll start to be confident with your trading and then you will start to succeed.
I dream, therefore I become.
  • #11
  • Feb 21, 2007 9:37am Feb 21, 2007 9:37am
My opinion why 95% of traders loose money is because they take $500 and think they will make a million $. I have read a lot of forums and all the succesful traders have more than $100 000 in their accounts. I believe that is the secret to FX trading. It is the same as taking a teaspoon to empty a swimming pool. You wont win. Just my opinion
  • #12
  • Feb 21, 2007 9:38am Feb 21, 2007 9:38am
yakumojpn

You have no right giving negative comments on forex in a forum where people are trying with enthusiasm to succeed, I personally make my living on forex making more money than any shit job and just because you have obviously not succeeded doesn't mean its not possible like if you cant do it no one can

The forex factory is for expressing ideas and helping other people achieve their dreams and goals if you have nothing worth saying than keep it to your self and why after that would anyone want to share their ideas with you.
  • #13
  • Feb 21, 2007 9:38am Feb 21, 2007 9:38am
Quoting mike w
NOTHING is going to be a 100% winner all of the time, but if you play it right your wins WILL outweigh your losses by a large margin and slowly but surely youll start to be confident with your trading and then you will start to succeed.
I'm not chasing for the perfect 100%, I haven't seen a single system based on price action or indicators that would be even 60% right of time.

Please go ahead and show me 1 strategy that's 60% correct and I will backtest it?
  • #14
  • Feb 21, 2007 9:43am Feb 21, 2007 9:43am
Quoting Kanon
My opinion why 95% of traders loose money is because they take $500 and think they will make a million $. I have read a lot of forums and all the succesful traders have more than $100 000 in their accounts. I believe that is the secret to FX trading. It is the same as taking a teaspoon to empty a swimming pool. You wont win. Just my opinion
I'm not hoping to make a fortune from 500$.

In matter of fact I haven't invested a single penny to Forex.

I hope I could make 10% return a year, I would trade with 100% discipline and all this fancy positive thinking - but there's isn't such a thing.
  • #15
  • Feb 21, 2007 9:47am Feb 21, 2007 9:47am
Quoting scolo
yakumojpn

You have no right giving negative comments on forex in a forum where people are trying with enthusiasm to succeed, I personally make my living on forex making more money than any shit job and just because you have obviously not succeeded doesn't mean its not possible like if you cant do it no one can

The forex factory is for expressing ideas and helping other people achieve their dreams and goals if you have nothing worth saying than keep it to your self and why after that would anyone want to share their ideas with you.
"you have no right giving negative comments"
Really?
  • #16
  • Feb 21, 2007 9:49am Feb 21, 2007 9:49am
Quoting yakumojpn
I'm not hoping to make a fortune from 500$.

In matter of fact I haven't invested a single penny to Forex.

I hope I could make 10% return a year, I would trade with 100% discipline and all this fancy positive thinking - but there's isn't such a thing.
Are you suggesting that there are no profitable traders anywhere (either individual or institutional) that use technical analysis?
  • #17
  • Feb 21, 2007 10:00am Feb 21, 2007 10:00am
Quoting Monaco
Are you suggesting that there are no profitable traders anywhere (either individual or institutional) that use technical analysis?
I don't have a such a data or information. So I don't know the answer. Do you?

I do think that some people are able to read people psychology from charts like George Soros - good for him but I'm not that great, I can't read anything from charts and I don't want to have any feelings when trading.

Maybe there's even a working automated system, but as I have said already many times that I have tested so many systems that I have found but none of them has been working over long period of time.

For sure there's systems that will make you lots of money on some periods but then also lose it later. But in the end, it's always back to the starting balance - spreads on each trade.
  • #18
  • Feb 21, 2007 10:06am Feb 21, 2007 10:06am
yakumojpn forex is not for everyone

have a great life...
  • #19
  • Feb 21, 2007 10:15am Feb 21, 2007 10:15am
Quoting yakumojpn
I don't have a such a data or information. So I don't know the answer. Do you?

I do think that some people are able to read people psychology from charts like George Soros - good for him but I'm not that great, I can't read anything from charts and I don't want to have any feelings when trading.

Maybe there's even a working automated system, but as I have said already many times that I have tested so many systems that I have found but none of them has been working over long period of time.

For sure there's systems that will make you lots of money on some periods but then also lose it later. But in the end, it's always back to the starting balance - spreads on each trade.
Just a casual browse through books like Market Wizards or a more recent one called Inside the House of Money you will see numerous traders and institutions who have made fortunes over time using technical analysis. Banks and hedge funds use technical analysis. JP Morgan is one bank that is a follower of Elliott Wave theory. SAC Capital has Tom DeMark as a consultant using his indicators. Or going back a number of years you can look at the famous turtle traders who made millions over a number of years and some of them still do.

Even George Soros has taken massive trading losses - some of his famous losses were in the billions of dollars. Yet over time he has been one of the most sucessful in the world.

The areas that you have scorned such as technical analysis, risk management, indicators and discipline seem to be areas that are of great importance to many institutional traders and banks when it comes to making trading decisions.

Monaco
  • #20
  • Feb 21, 2007 10:22am Feb 21, 2007 10:22am
Quoting Monaco
Just a casual browse through books like Market Wizards or a more recent one called Inside the House of Money you will see numerous traders and institutions who have made fortunes over time using technical analysis. Banks and hedge funds use technical analysis. JP Morgan is one bank that is a follower of Elliott Wave theory. SAC Capital has Tom DeMark as a consultant using his indicators. Or going back a number of years you can look at the famous turtle traders who made millions over a number of years and some of them still do.

Even George Soros has taken massive trading losses - some of his famous losses were in the billions of dollars. Yet over time he has been one of the most sucessful in the world.

The areas that you have scorned such as technical analysis, risk management, indicators and discipline seem to be areas that are of great importance to many institutional traders and banks when it comes to making trading decisions.

Monaco

I have read the Market Wizards book and many other articles written by Jack Schwager. I think his a great trader and the book is great, like most of the books are.

Also articles about Tom Baldwin, Ed Dakota and so on. I have 100's of them on my computer favorites folder.

I have been reading Rob Booker's blog and web site for last half year. I think his perfectly right about psychology. I don't argue about this.


But no matter how good your psychology is, then if I can't base my trading decisions to something that's backtested for a years then I would never dare to trade even my 100$.
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