Stop fooling yourself; There is no system | Forex Factory

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Stop fooling yourself; There is no system

  • #1
  • First Post: Edited Oct 5, 2010 8:33pm Nov 30, 2008 2:24am | Edited Oct 5, 2010 8:33pm
And there is no one who knows how to trade. If there was, W. Buffet would be his butler and Bill Gates his foot chair. 5% per month, which many "traders" find to be laughable, make 1 trillion dollars out of $50 in less than 40 years. Unless you are a fat rat from a Federal reserve with insider's info, trading is glorified gambling no more and no less. Only ones who win are those who are lucky and quit early. Sorry.



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  • #2
  • Nov 30, 2008 4:38am Nov 30, 2008 4:38am
Never sell @ lower upward channel unless breacked and vise versa .
  • #3
  • Nov 30, 2008 4:42am Nov 30, 2008 4:42am
Quoting Vlad
And there is no one who knows how to trade. If there was, W. Buffet would be his butler and Bill Gates his foot chair. 5% per month, which many "traders" find to be laughable, make 1 trillion dollars out of $50 in less than 40 years. Unless you are a fat rat from a Federal reserve with insider's info, trading is glorified gambling no more and no less. Only ones who win are those who are lucky and quit early. Sorry.
right, ...and there is no one who knows what they doing. If there was...
  • #4
  • Nov 30, 2008 4:47am Nov 30, 2008 4:47am
Vlad....another blown account, ha!????
forexflash
  • #5
  • Nov 30, 2008 4:56am Nov 30, 2008 4:56am
Vlad exactly knows how to trade!
  • #6
  • Nov 30, 2008 5:04am Nov 30, 2008 5:04am
...and central banks aren't making money...
  • #7
  • Nov 30, 2008 5:18am Nov 30, 2008 5:18am
Quoting Vlad
And there is no one who knows how to trade. If there was, W. Buffet would be his butler and Bill Gates his foot chair. 5% per month, which many "traders" find to be laughable, make 1 trillion dollars out of $50 in less than 40 years. Unless you are a fat rat from a Federal reserve with insider's info, trading is glorified gambling no more and no less. Only ones who win are those who are lucky and quit early. Sorry.


Vlad,I am strongly disagree with you.
  • #8
  • Nov 30, 2008 5:20am Nov 30, 2008 5:20am
Quoting FOREXflash
Vlad....another blown account, ha!????

YES YOU ARE RIGHT.
  • #9
  • Nov 30, 2008 5:29am Nov 30, 2008 5:29am
Quoting Hem
Vlad,I am strongly disagree with you.
you actually took this guy seriously?
  • #10
  • Nov 30, 2008 5:34am Nov 30, 2008 5:34am
Quoting Vlad
And there is no one who knows how to trade. If there was, W. Buffet would be his butler and Bill Gates his foot chair. 5% per month, which many "traders" find to be laughable, make 1 trillion dollars out of $50 in less than 40 years. Unless you are a fat rat from a Federal reserve with insider's info, trading is glorified gambling no more and no less. Only ones who win are those who are lucky and quit early. Sorry.

Vlad,

Please don't sugar-coat it. Tell us how you really feel.
  • #11
  • Nov 30, 2008 5:43am Nov 30, 2008 5:43am
Yep..

Another one bites the dust.

after 3 years of following "systems" and blown his account, now he finds out everything was wrong...

A typical scenario.
  • #12
  • Edited 6:07am Nov 30, 2008 5:55am | Edited 6:07am
Quoting wiztrader
Yep..

Another one bites the dust.

after 3 years of following "systems" and blown his account, now he finds out everything was wrong...

A typical scenario.
he may not be aware that he is not the only one losing money. The whole financial system is a mess (the ones in power reaping all the profits of course)...people who have been doing this for many years are left scratching their heads as to what to do.

This part goes to the thread starter:

My suggestion is instead of insulting everyone here which really gives you no solution and creates only ridicule...try analyzing what went wrong. A mistake cannot be fixed if it is not looked back upon. After 3 years you should have been able to figure this out by now.

If the mistake is you trying to do forex is a mistake as it is not emotionally gratifying and you must provide a "stable" income then by all means quit.

If the mistake is you not respecting your trading rules or mm or an indicator doesn't work for you which should lead to you not using that indicator anymore (who knows maybe all indicators dont work for you like myself and instead preffer trading with the naked eye with just a few horizontal and diagonal support/resistance lines be it a sideways channel, a triangle, a candlestick pattern) you should just fix whatever the mistake is and keep trying until you win consistently

Edit: all decisions are gambles with some more glorified then others. Simple example....go to the beach without knowing the weather (risky being sunny or cloudy) or staying at home and having barbeque in your backyard where you know it will be sunny the whole day
Different opinions highly valued, ignorant to slander.
  • #13
  • Nov 30, 2008 6:03am Nov 30, 2008 6:03am
Nice thread.

Yes, trading without insider information is gambling....

That does not mean that edges don't exist.... or that people aren't getting lucky from time to time....
  • #14
  • Nov 30, 2008 6:48am Nov 30, 2008 6:48am
I disagree. I disagree that there is no system, but not completely.

No system can be effective for ever, but combination of systems that fill out the gaps in each other, are the only way of a successful trading.

Yes, I know, many of you will not believe me and I also have no need to convince you - because I know what I am talking about.

I can proudly state that in the year 2008 I have not lost a single trade. This was not the case when I started out. I blew out two 10k accounts in one year and now I have difficulty in spending my money.

The main problem in the market is, traders think they could copy someone else's trading and make big money forever. Trading is a game like gambling. When others know your strategy in poker you are doomed to fail.

The market is a "chaotic system". Every action (each trade) has an impact, regardless of its size. When too many follow the same system the market tends to react counter expectation. This is the first thing traders should understand. The market is a "CHAOTIC SYSTEM".

You may now ask for my strategy and I'm willing to give it you. That is the oldest strategy - "BUY LOW, SELL HIGH".

Find your way to determine when a pair is too low in price and when it is too high in price. Then go into your trade. Do not risk too much because you may need to reenter the trade many more times till it comes back to you. To find out a currency's course, compare it against USD and JPY. Example: to trade GBP, look how it is performing against USD and JPY. No need to look for other pairs. As long as GBP is falling simultaneously against USD and JPY it will continue to fall against all others. This is true for all other majors. This is a tiny secret that is so easy that most traders even do not consider it valuable.

Yes, I know, I sound too confident or even arrogant. Sorry for that but those of you who have gone through what I have been and found the answer, would understand why I am saying so.

So, my last advise - don't give up. Play small until you know the way. Playing small teaches you the game and no one should play a game he is not winning effortlessly.

Regards and a good Sunday.
  • #15
  • Nov 30, 2008 6:55am Nov 30, 2008 6:55am
Quoting parisienne
I disagree. I disagree that there is no system, but not completely.

No system can be effective for ever, but combination of systems that fill out the gaps in each other, are the only way of a successful trading.

Yes, I know, many of you will not believe me and I also have no need to convince you - because I know what I am talking about.

I can proudly state that in the year 2008 I have not lost a single trade. This was not the case when I started out. I blew out two 10k accounts in one year and now I have difficulty in spending my money.

The...
If you buy low and sell high and you claim to have not lost a single trade in 2008 is a little bit of overstatement don't you think??

I am not accusing you of arrogance, on the contrary, buy low and sell high is a profitable way to trade this market. Possibly, the only profitable way if you trade anything lower than daily charts. That's for sure.
  • #16
  • Nov 30, 2008 7:13am Nov 30, 2008 7:13am
Quoting parisienne
I disagree. I disagree that there is no system, but not completely.

No system can be effective for ever, but combination of systems that fill out the gaps in each other, are the only way of a successful trading.

Yes, I know, many of you will not believe me and I also have no need to convince you - because I know what I am talking about.

I can proudly state that in the year 2008 I have not lost a single trade. This was not the case when I started out. I blew out two 10k accounts in one year and now I have difficulty in spending my money.

The...
this is one of the "plainest Truth" i have heard since i started trading Forex 2years ago.
  • #17
  • Nov 30, 2008 7:26am Nov 30, 2008 7:26am
Quoting wiztrader
If you buy low and sell high and you claim to have not lost a single trade in 2008 is a little bit of overstatement don't you think??

I am not accusing you of arrogance, on the contrary, buy low and sell high is a profitable way to trade this market. Possibly, the only profitable way if you trade anything lower than daily charts. That's for sure.
Yes, indeed! It sounds worse than a lie. But today I am so calm and deliberate in my planning for a trade that I often wait days for a proper setup. But I'm following all the majors against usd and jpy simultaneously, so I get enough opportunities almost every day.

I have seen my failure: it sounds that if I would trade against the major trend. That is not the case. The major trend is never ignored.

Regards
  • #18
  • Nov 30, 2008 8:10am Nov 30, 2008 8:10am
Hi,

All I see here is negative post from people that blew up there forex accounts. May if some of you know of a good system that works for you , post it. Thanks
  • #19
  • Nov 30, 2008 8:27am Nov 30, 2008 8:27am
[quote=parisienne;2385157] "now I have difficulty in spending my money."

I can help you with this dilemma! LOL
  • #20
  • Nov 30, 2008 9:12am Nov 30, 2008 9:12am
ok, let's get realistic. YES forex is a Dangerous game! BUT not impossible to win. What does "winning" mean? Taking losses and taking wins that add up to a net gain. How does one achieve this?
1. Always be learning and testing. You must challenge yourself to reach the knowlege level of the pros on this site.
2. Disclipine! -don't over trade, and don't over leverage.
3. Long term outlook..looking to get rich quick will make you poor fast. Do the math..40 pips a day and you'll be on your way.
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