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for Those who found success in forex>>

  • #1
  • First Post: Mar 8, 2007 9:23am Mar 8, 2007 9:23am
if u have found sucess in forex, what do u give credit to your sucess story?


also, if u care to share part of your system feel free
  • #2
  • Mar 8, 2007 9:40am Mar 8, 2007 9:40am
Quoting don perry
if u have found sucess in forex, what do u give credit to your sucess story?


also, if u care to share part of your system feel free
Hi,

Be capitalized, prepare to work hard, give your blood ,sweat and tears as you would to any biz. Hours of screen time, STUDY, do not fall for everything you read, listen to the market, get a feel for the pulse of each pair you trade, think long term. My apologies....I do not have a "system" to offer. I use 3 indicators, pivots, Fibs, and an occasional trendline...and I do not trade the news on speed dial. PROTECT your capital!! Admit to yourself when you made a mistake AND correct it! Always remember, you are a guppie amongst sharks....instead of putting yourself in their sights, get behind them and follow....keep them in YOUR sights! It is a bit easier to "draft" the big guys, than to be chased by them. I don't concern myself with winning the race, just finishing the race.

My hope is that this helps,
Good Luck
Proper Prior Planning Prevents Piss Poor Performance
  • #3
  • Mar 8, 2007 9:44am Mar 8, 2007 9:44am
Quoting FxJarhead
Hi,

... My apologies....I do not have a "system" to offer. I use 3 indicators, pivots, Fibs, and an occasional trendline...and I do not trade the news on speed dial. PROTECT your capital!! Admit to yourself when you made a mistake AND correct it! ....
Good Luck
profound words. Cant beat the simple systems
  • #4
  • Mar 8, 2007 9:50am Mar 8, 2007 9:50am
Quoting FxJarhead
Hi,

Be capitalized, prepare to work hard, give your blood ,sweat and tears as you would to any biz. Hours of screen time, STUDY, do not fall for everything you read, listen to the market, get a feel for the pulse of each pair you trade, think long term. My apologies....I do not have a "system" to offer. I use 3 indicators, pivots, Fibs, and an occasional trendline...and I do not trade the news on speed dial. PROTECT your capital!! Admit to yourself when you made a mistake AND correct it! Always remember, you are a guppie amongst sharks....instead of putting yourself in their sights, get behind them and follow....keep them in YOUR sights! It is a bit easier to "draft" the big guys, than to be chased by them. I don't concern myself with winning the race, just finishing the race.

My hope is that this helps,
Good Luck
that's actually one of the best descriptions i have read...
  • #5
  • Mar 8, 2007 9:51am Mar 8, 2007 9:51am
Quoting FxJarhead
Hi,

Be capitalized, prepare to work hard, give your blood ,sweat and tears as you would to any biz. Hours of screen time, STUDY, do not fall for everything you read, listen to the market, get a feel for the pulse of each pair you trade, think long term. My apologies....I do not have a "system" to offer. I use 3 indicators, pivots, Fibs, and an occasional trendline...and I do not trade the news on speed dial. PROTECT your capital!! Admit to yourself when you made a mistake AND correct it! Always remember, you are a guppie amongst sharks....instead of putting yourself in their sights, get behind them and follow....keep them in YOUR sights! It is a bit easier to "draft" the big guys, than to be chased by them. I don't concern myself with winning the race, just finishing the race.

My hope is that this helps,
Good Luck
Very nice advice! I couldn't have put it any better than this.
  • #6
  • Mar 8, 2007 10:05am Mar 8, 2007 10:05am
Great post FxJarHead. Semper Fi.
  • #7
  • Edited 10:22am Mar 8, 2007 10:06am | Edited 10:22am
Quoting FxJarhead
Hi,

Be capitalized, prepare to work hard, give your blood ,sweat and tears as you would to any biz. Hours of screen time, STUDY, do not fall for everything you read, listen to the market, get a feel for the pulse of each pair you trade, think long term. My apologies....I do not have a "system" to offer. I use 3 indicators, pivots, Fibs, and an occasional trendline...and I do not trade the news on speed dial. PROTECT your capital!! Admit to yourself when you made a mistake AND correct it! Always remember, you are a guppie amongst sharks....instead of putting yourself in their sights, get behind them and follow....keep them in YOUR sights! It is a bit easier to "draft" the big guys, than to be chased by them. I don't concern myself with winning the race, just finishing the race.

My hope is that this helps,
Good Luck
.



Excellent advice...Very succinct....very profound.



.
  • #8
  • Mar 8, 2007 2:40pm Mar 8, 2007 2:40pm
Hello All,

First post here on the forum. I have been successful in stock & futures options for several years and have been able to cross over that success to forex for the last few years. Fxjarhead's advice caught my eye because it is right on! There is no holy grail, and whether you use indicators, Fibs, trend lines, price action or a combination, much of your ability to succeed boils down to yourself.

I am ultimately a technical trader who is mindful of the major news events, such as NFP tomorrow, as a point of reference. Successful trading requires you to accept that you cannot, nor can any economist, predict the future without a generous margin of error or a list of disclaimers, and you must live within the the mantra of taking what the market will give you, but only when the opportunity presents itself, and know that there is no guarantee that the "opportunity" is a sure thing. This holds true for 1-minute chart scalpers up through long-term position traders. The best thing you can do is seek high probability moves, take those entries and abide by the strictest of rules, and log the success or failure to keep yourself, and your "system" honest. Some of this eventually comes down to gut feel, but accuracy there does not come without the sacrifice and experience that Fxjarhead spoke of. It is ironic really, experience actually educates your gut to know what to look for over time. I would not let the "gut" rule anything until you can master a plan first.

Develop a precise trade plan and marry yourself to that plan and perfect that plan before you decide to judge the plan itself. It is important that you do not fool yourself into believing the plan is flawed vs. honestly evaluating whether you stuck to your own rules. I have been guilty of that in the past, and it still happens from time to time years later. If you have a well thought out plan and actual apply the necessary discipline, I think many of you out there would be suprised with the results. There is always room for improvement within one's self.

Hope that helps anybody and everybody.

Thanks!
  • #9
  • Mar 8, 2007 4:35pm Mar 8, 2007 4:35pm
Hi forexyo & welcome to FF ,

Great post to add to Fxjarhead's post previously

I'm only in my 5th month of trading live but have been positive in 3 months, negative in 1 and so far March has been very good to me.

I have come to the conclusion that there is no 'holy grail' system and that the difference between success and failure is actual application of a proven method. In other words, it's down to us traders to come up with a system that suits us, whether that be on 5 minute charts or daily charts and then trade it consistently.

I spent a lot of time backtesting my daily method and therefore know the maximum drawdown I am likely to experience and then have tailored a money management method to suit. Backtesting manually also gives you confidence to just stick with it thorugh thick & thin, even when you start wondering when the next winning trade is coming your way. I had a string of 21 consecutive losses not long ago - if I hadn't backtested this, would I have stuck with it? I doubt it.

My journal for those of you that have read it has detailed each and every trade, good, bad & ugly since I started trading live and I am confident that I can succeed by sticking rigidly to my plan. As far as I'm concerned, the only way I will fail is if I don't adhere to my rules.

It's all about finding 'the edge' and then being persistent & consistent in what you do.

Just my two penneth....

Kind Regards
Steve

Quoting forexyo
Hello All,

First post here on the forum. I have been successful in stock & futures options for several years and have been able to cross over that success to forex for the last few years. Fxjarhead's advice caught my eye because it is right on! There is no holy grail, and whether you use indicators, Fibs, trend lines, price action or a combination, much of your ability to succeed boils down to yourself.

I am ultimately a technical trader who is mindful of the major news events, such as NFP tomorrow, as a point of reference. Successful trading requires you to accept that you cannot, nor can any economist, predict the future without a generous margin of error or a list of disclaimers, and you must live within the the mantra of taking what the market will give you, but only when the opportunity presents itself, and know that there is no guarantee that the "opportunity" is a sure thing. This holds true for 1-minute chart scalpers up through long-term position traders. The best thing you can do is seek high probability moves, take those entries and abide by the strictest of rules, and log the success or failure to keep yourself, and your "system" honest. Some of this eventually comes down to gut feel, but accuracy there does not come without the sacrifice and experience that Fxjarhead spoke of. It is ironic really, experience actually educates your gut to know what to look for over time. I would not let the "gut" rule anything until you can master a plan first.

Develop a precise trade plan and marry yourself to that plan and perfect that plan before you decide to judge the plan itself. It is important that you do not fool yourself into believing the plan is flawed vs. honestly evaluating whether you stuck to your own rules. I have been guilty of that in the past, and it still happens from time to time years later. If you have a well thought out plan and actual apply the necessary discipline, I think many of you out there would be suprised with the results. There is always room for improvement within one's self.

Hope that helps anybody and everybody.

Thanks!
  • #10
  • Mar 9, 2007 9:02am Mar 9, 2007 9:02am
great posts every one. the mext thing is how do we go about finding our trading style that suits us?
  • #11
  • Mar 9, 2007 9:22am Mar 9, 2007 9:22am
Quoting don perry
great posts every one. the mext thing is how do we go about finding our trading style that suits us?
Time and experimenting. You wont find it overnight. the process gets rough but if you learn everything you can, youll find something that works for you and succeed with it.
I dream, therefore I become.
  • #12
  • Edited 11:05am Mar 9, 2007 9:57am | Edited 11:05am
Quoting forexyo
Hello All,

First post here on the forum. I have been successful in stock & futures options for several years and have been able to cross over that success to forex for the last few years. Fxjarhead's advice caught my eye because it is right on! There is no holy grail, and whether you use indicators, Fibs, trend lines, price action or a combination, much of your ability to succeed boils down to yourself.

I am ultimately a technical trader who is mindful of the major news events, such as NFP tomorrow, as a point of reference. Successful trading requires you to accept that you cannot, nor can any economist, predict the future without a generous margin of error or a list of disclaimers, and you must live within the the mantra of taking what the market will give you, but only when the opportunity presents itself, and know that there is no guarantee that the "opportunity" is a sure thing. This holds true for 1-minute chart scalpers up through long-term position traders. The best thing you can do is seek high probability moves, take those entries and abide by the strictest of rules, and log the success or failure to keep yourself, and your "system" honest. Some of this eventually comes down to gut feel, but accuracy there does not come without the sacrifice and experience that Fxjarhead spoke of. It is ironic really, experience actually educates your gut to know what to look for over time. I would not let the "gut" rule anything until you can master a plan first.

Develop a precise trade plan and marry yourself to that plan and perfect that plan before you decide to judge the plan itself. It is important that you do not fool yourself into believing the plan is flawed vs. honestly evaluating whether you stuck to your own rules. I have been guilty of that in the past, and it still happens from time to time years later. If you have a well thought out plan and actual apply the necessary discipline, I think many of you out there would be suprised with the results. There is always room for improvement within one's self.

Hope that helps anybody and everybody.

Thanks!
Hello forexyo,


I have highlighted a segment of your post that I thought was very good advice.


.
  • #13
  • Mar 9, 2007 10:44am Mar 9, 2007 10:44am
Quoting steviet
Hi forexyo & welcome to FF ,

I spent a lot of time backtesting my daily method and therefore know the maximum drawdown I am likely to experience and then have tailored a money management method to suit. Backtesting manually also gives you confidence to just stick with it thorugh thick & thin, even when you start wondering when the next winning trade is coming your way. I had a string of 21 consecutive losses not long ago - if I hadn't backtested this, would I have stuck with it? I doubt it.

My journal for those of you that have read it has detailed each and every trade, good, bad & ugly since I started trading live and I am confident that I can succeed by sticking rigidly to my plan. As far as I'm concerned, the only way I will fail is if I don't adhere to my rules.

It's all about finding 'the edge' and then being persistent & consistent in what you do.

Just my two penneth....

Kind Regards
Steve
Thanks for rolling out the welcome mat Steve! I agree, strategies should be backtested with great thought and diligence. I also believe that same diligence needs to follow through on the forward testing. I've been around many traders who know all the probabilities, and drawdown numbers of their system, but as soon as it comes to trading it live, they can not stick to the rules for more than 2 trades before they seek additional filters and optimization. It's important to get a tangible amount of data before consideration to change anything at all.

This is what makes the journey to finding your niche so difficult for many. Everyone wants to arrive at that place of zen quicker than is realistic. Another piece of irony in my experience, Forex has made me disciplined. If I had deemed myself "successful" back when I only traded options, I was kidding myself. I made great money at it, but it was mostly on gambles that actually paid off. Of course, I did learn along the way, and I would not trade in the experience, however, I have a lot of scars on my fists and broken inanimate objects lying around for the times my gambles went against me.

Steve, you seem like you have the right attitude. Even if you find your current strategy does not get you where you'd like to be, that's OK. Start again, do what you are doing now, and don't be in a rush.
  • #14
  • Mar 9, 2007 10:54am Mar 9, 2007 10:54am
Quoting mike w
Time and experimenting. You wont find it overnight. the process gets rough but if you learn everything you can, youll find something that works for you and succeed with it.
What works for one trader, does not work for the other. For example, I prefer not to watch the market tick by tick when I'm in a trade. Therefore, I trade longer time frames, set my TP and SL and tune out. I set price alerts at the those levels and when the message comes, I check my account to insure the price has actually hit and the orders have been filled. In conclusion, I realized this mental block keeps me away from scalp trades.
  • #15
  • Mar 9, 2007 11:08am Mar 9, 2007 11:08am
Quoting jacko
Hello forexyo,

PLEASE NOTE: I am not picking on DailyFX... ALL the other brokers are exactly the same....THEY DON"T KNOW WHERE THE MARKET IS GOING ... nobody knows where the market will be next week.

The point that I am trying to say is that you should do your own analyses and make your own decisions about trading.
Yep, you got it Jacko. Currencies pairs are like any other commodity. Silver has been a strong buy for over a year (hey, I even have some silver contracts of my own). This may be great advice, or horrible advice? Who knows? The point is, in the last year silver went from around $9-$14/oz, but it has retraced several times during it's run, and presently sits shy of $13. Investors who were told to go long in the first place have lost tons of money. Doesn't seem possible, but trust me, it happens everyday.
  • #16
  • Mar 9, 2007 11:37am Mar 9, 2007 11:37am
Quoting forexyo
What works for one trader, does not work for the other. For example, I prefer not to watch the market tick by tick when I'm in a trade. Therefore, I trade longer time frames, set my TP and SL and tune out. I set price alerts at the those levels and when the message comes, I check my account to insure the price has actually hit and the orders have been filled. In conclusion, I realized this mental block keeps me away from scalp trades.
when u say longer timeframe u mean daily charts right?
  • #17
  • Mar 9, 2007 11:55am Mar 9, 2007 11:55am
Quoting don perry
when u say longer timeframe u mean daily charts right?
I have more than one strategy, so yes, dailys are involved. However, I find my best trades in 4hr charts. The banks like them, and so do I.
  • #18
  • Mar 9, 2007 1:43pm Mar 9, 2007 1:43pm
Quoting don perry
if u have found sucess in forex, what do u give credit to your sucess story?
also, if u care to share part of your system feel free
In as much as I'm still here, and my account is, overall, heading upwards, I class this as success after a year of trading.
What made the difference? Jim, Dial, FijiTrader and many others whose names have come and gone from this forum. A few are still around and their posts are the first I check when I log in.
Moving out to the dailies, thanks to Jim's persistent emphasis in his threads, is the major factor, along with Dial's and Fiji's various posts on Money Management and Fiji's thoughts on Psychology.
The main change to my mental approach came when I read 'Trading in the Zone' by Marl Douglas.
The main change to my trading approach came when I dumped all the cr*p off my screens and settled on the 365EMA and PSAR. Coupled with never placing a market order (only sell/buy stops/limits) I can walk away from the screen and let other parts of the world back into my life.
  • #19
  • Mar 9, 2007 2:03pm Mar 9, 2007 2:03pm
Quoting don perry
if u have found sucess in forex, what do u give credit to your sucess story?

also, if u care to share part of your system feel free
reading news, 1, 10min charts, following forex gurus on different forums, using many indicators = very poor results;
30min/1hr charts, listening to myself, practice, over trading = no results

4hr/1day/1 week charts, discovered J16, introduced to PA, patience, practice, practice = very good results.

working with a group like minded traders = smooth sailing

above pretty much sums it up for me.

R
  • #20
  • Mar 9, 2007 3:23pm Mar 9, 2007 3:23pm
Quoting don perry
if u have found sucess in forex, what do u give credit to your sucess story?


also, if u care to share part of your system feel free

Anyone who has heard of Roy Castle, will understand what I mean when I say dedication.

-break up with girlfriend to study FX...dedication
-come home from work and study FX....dedication
-wake up at 4am to see how demo account is doing.....dedication
-wake up at 4am to practice getting up at 4am.......dedication
-cut back on life's excesses so as not to affect study......dedication
-cable only shows bloomberg......dedication
-so much screen time I'm gonna need glasses......dedication

results of dedication......6 months live, +32%, and a new girlfriend!

Cheers.
Kiran.
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