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Stop fooling yourself; There is no system

  • #61
  • Nov 30, 2008 6:02pm Nov 30, 2008 6:02pm
the reason why you have not lost a single trade in 2008 is because you've only made 5 trades this year. hardly a feat.

Quoting parisienne
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.
  • #62
  • Nov 30, 2008 6:06pm Nov 30, 2008 6:06pm
Quoting mt41969
YES, i beat the math 6 out of 10 times. Thats all i need todo. Forex is not roulette or a fruit machine. i.e. its not fixed against you winning.

I worked for barclays dealing desk in London for 7 years before going alone at trading.

if what you say is correct then all employed currency traders would be sacked.
forex is like roulette. the broker is the house. spread is where they take their cut. the second you get in a trade you are already at a disadvantage (the spread). just like the second you place your bet at roulette on black. you have a 47% chance of winning. in fact, that may be better for some ppl than trading forex.
  • #63
  • Nov 30, 2008 6:10pm Nov 30, 2008 6:10pm
Traded for barclays for 7 years. Trading for myself for 2 years 4 months. ROI is average of 39% per month. Profits are withdrawn weekly. Weekly starting bank is always £9,000.
  • #64
  • Nov 30, 2008 6:19pm Nov 30, 2008 6:19pm
Quoting mt41969
if what you say is correct then all employed currency traders would be sacked.
hehe, don't worry, they will be sacked soon if not already with the way the current world economy is going.
  • #65
  • Nov 30, 2008 6:21pm Nov 30, 2008 6:21pm
Banks do not sack their BEST senior currency traders.
  • #66
  • Nov 30, 2008 6:24pm Nov 30, 2008 6:24pm
Quoting mt41969
Banks do not sack their BEST senior currency traders.
i mean the juniors =)
  • #67
  • Nov 30, 2008 6:29pm Nov 30, 2008 6:29pm
Dont forget just because the world economy is knackered doesnt mean certain traders arent making bucket loads. Anyone who sold GBPUSD 3 months ago is sitting on a nice big mountain of money.
  • #68
  • Nov 30, 2008 6:35pm Nov 30, 2008 6:35pm
Quoting mt41969
Dont forget just because the world economy is knackered doesnt mean certain traders arent making bucket loads. Anyone who sold GBPUSD 3 months ago is sitting on a nice big mountain of money.
Look at the H&S pattern on the weekly chart that foretold this was coming
  • #69
  • Nov 30, 2008 6:37pm Nov 30, 2008 6:37pm
Quoting dengzhi
forex is like roulette. the broker is the house. spread is where they take their cut. the second you get in a trade you are already at a disadvantage (the spread). just like the second you place your bet at roulette on black. you have a 47% chance of winning. in fact, that may be better for some ppl than trading forex.
A simple coin toss in this game would give you 50:50 odds (price can eventually only move two ways right??).

Use a profitable system or strategy and the odds obviously move into your favour, even if it's only 1%.

That's my sorta casino
  • #70
  • Nov 30, 2008 7:10pm Nov 30, 2008 7:10pm
I wondered when someone was going to try and add one last contestant to the annual "Shittiest Thread of the Year" award. I think this one has a pretty good chance...
Headline: USD drops due to news of USD dropping!
  • #71
  • Nov 30, 2008 7:33pm Nov 30, 2008 7:33pm
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  • #72
  • Nov 30, 2008 7:35pm Nov 30, 2008 7:35pm
I vote it one of the best threads of the year.

Quoting Gaston
I wondered when someone was going to try and add one last contestant to the annual "Shittiest Thread of the Year" award. I think this one has a pretty good chance...
  • #73
  • Nov 30, 2008 7:38pm Nov 30, 2008 7:38pm
John,

I don't trust his pretty graphs. He posted some on the Tkimble weekly scalper thread that were bogus.

He used media to create himself, much as Obama did. But I have not seen any evidence of him being great, let alone profitable.

In fact, his live trade calls aren't "live." The One Night Stand and First Strike have been barely profitable, if not in the red most of the time. But somehow his curve keeps going north, based on "secret" supplemental trades that occur in hindsight, not live.

It's a business. Watch out.

Quoting johnedoe
Maybe you should tell this guy there are no working systems.

Infinite yield forex challenge.


.
  • #74
  • Nov 30, 2008 7:45pm Nov 30, 2008 7:45pm
You see most traders spend tons of time and money to find the holygrail system that guarantees nothing but "small gains" consistently, it only takes one mistake and there goes all the profit.

A system is what i use for entry and a stoploss is what keeps me from loosing my account. The limit well that is something that is left out until the market decides it for me. Basically you must let the trade run.

In the long run your "system" is what keeps you in for the real big moves! Hope that helps.
  • #75
  • Nov 30, 2008 7:48pm Nov 30, 2008 7:48pm
Quoting NuckingFuts
A simple coin toss in this game would give you 50:50 odds (price can eventually only move two ways right??).

Use a profitable system or strategy and the odds obviously move into your favour, even if it's only 1%.

That's my sorta casino
Exits, exits, exits, you could make money with a proper exit plan even with a handicap of getting into the market with the flip of a coin, heads you go short, and tales you go long. And you always get back into the market after your exit plan tells you to get out.
  • #76
  • Nov 30, 2008 8:12pm Nov 30, 2008 8:12pm
Hi HipsterPipster,

Can you give some suggestions for good exit plans for a trend following system? Including scale ins/outs? Thanks in advance.
  • #77
  • Nov 30, 2008 8:31pm Nov 30, 2008 8:31pm
Quoting dking
Hi HipsterPipster,

Can you give some suggestions for good exit plans for a trend following system? Including scale ins/outs? Thanks in advance.
Perhaps Hips can answer you with definatives. {TP @ This Support or That Res. & Grab 50P or get Out on a touch of TL#5} & If So, I would be intersted to read it. But, for me, It's about staying in Tune. {Had a rough time getting through this Price on the way Up, & now it's quagmiring on the way down.} tells me we are in a Battle. Struggle Up & Fall Freely tells me something else. Struggle Up AND Struggle Down = Channel & That, My friend, is The First Sign of Opportunityisnowhere!

Variations on a Trader's Aspect.
  • #78
  • Nov 30, 2008 9:06pm Nov 30, 2008 9:06pm
Quoting dking
Hi HipsterPipster,

Can you give some suggestions for good exit plans for a trend following system? Including scale ins/outs? Thanks in advance.
There are infinate ways a person can enter and exit. As I do not know your skill set let me start here.
Exits: Some ideas you can use are to get out when price retraces X% of the advance. Some people use 10%, or even a fib retrace number. Others will get out at major consolidations and price breaks in reverse of your entry. I would highly suggest reading Dr. Van K. Tharp's book "Trade Your Way to Financial Freedom". He covers a lot of these things. Also, I noticed Bemac's post after yours. I would read that a few times and try and understand what he is saying. Understand what price movements mean, and what that tells you about how the market is reacting. Price action represents the psychology and beliefs of those making the market. I hope that helps some even if it wasn't what you were expecting.
  • #79
  • Nov 30, 2008 11:13pm Nov 30, 2008 11:13pm
Quoting mt41969
Place the attached indicator on USD/JPY 1H chart. When the indicator says WEAK BUY all xxxJPY pairs. When the indicator says STRONG SELL all xxxJPY pairs.

- When the total orders profit is greater than your TP, close all orders.
- When the total orders profit is less than your SL, close all orders.

Trial this on a demo account for a week. Then come back to me and say you cant make money from forex/currency trading.

lotsize on all BUY's and SELL's should be equal and no more than 3% of your balance.

PS. Dont trade when there are news alerts...
Can you explain this indi and system better?
Thanks a lot.
  • #80
  • Dec 1, 2008 2:45am Dec 1, 2008 2:45am
Quoting KudzuFX
What made the difference for you to trade successfully?
That, what everybody already knows but only few could integrate in their trading:

1. Sticking to a system that is statistically a winner
2. Controlling the emotions
3. Not listening to the "naysayers" and "know it all"
4. Not listening to the "gurus" and "experts" who analyzes the market. I call it "Anna lies", otherwise it would be "Anna says the truth"
5. And the most important one: to never give up, to never quit the battle.

I knew very well that people would ridicule me and I'm not embarrassed about it. Even I am not angry or feeling insulted. I myself have been like that in my early years. Everybody needs time to grow up and some never do. It is just a matter of level of awareness. As one man's gain can be other man's loss, so can one man's reality be other man's joke.

Regards
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