for Those who found success in forex>> | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

For those who find it difficult to make money in retail forex 11 replies

Is There Any Simplest Method To Success In Forex? 63 replies

Success Stories--Those without Harvard Education, Aweso Mentors, or Genius Intellect. 46 replies

Success In Forex Have You Achieved It. 19 replies

for Those who found success in forex>>

  • #21
  • Mar 9, 2007 3:26pm Mar 9, 2007 3:26pm
Quoting logical1
Anyone who has heard of Roy Castle, will understand what I mean when I say dedication.

-break up with girlfriend to study FX...dedication...
results of dedication......6 months live, +32%, and a new girlfriend!

Is your SL my TP?
  • #22
  • Mar 9, 2007 6:14pm Mar 9, 2007 6:14pm
now that's what i'm talking about
  • #23
  • Mar 9, 2007 8:50pm Mar 9, 2007 8:50pm
i scalp, leave some position for month, trade s&r, trade during the news, hedge some pair, bla bla bla,

but one that i always keep is, most of my trade is one way trading and keep it low margin.

most of the time my profit - floating = near zero
  • #24
  • Mar 9, 2007 9:38pm Mar 9, 2007 9:38pm
This by far the funniest thread on FF with a real life zinger, hillarious

FXjarhead post is a classic I want to frame it.


Quoting logical1
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.
  • #25
  • Mar 10, 2007 1:02am Mar 10, 2007 1:02am
It took me six months to develope my trading style and start seeing substantial profits. If one can understand how to use japanese candles, support & resistance pivot lines, trend lines, fibonaccis, the psychology of the market they are trading in, and what news moves that market, they can trade with substantial success. Good money management, using larger time-frames, and only place a trade that have at least a 85% chance of going your way. Your percentage is guaged by what your indicators are telling you.

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
A. Finesse Williams Making Millions One Pip At A Time!
  • #26
  • Edited 3:01am Mar 10, 2007 2:57am | Edited 3:01am
Its possible and we can all do it. I started trading 3 years back with $5,000. As of today my account balance is $69,000. I take less than 10 trades a month, most of them being swing trades and keep a simple journal in excel of all the trades that i do. I spend 30 mins a day going over all the fundamentals and the same amount of time going over technicals.

Basically we just need to keep our emotions at check and make sure that we believe our own analysis and keep targets as fixed. Traders generally like to let losses run into bigger losses because they hate to believe that the market could go against them but when its time to take profits, we cut ourselves short sooner than we should have. Making a ew pips on a trade makes us forget all that we have lost and then all of a sudden we have a rush to enter into more trades without actually studying them. This is where most people lose their money.

Point being - it has been done and can be done - All you need is good money management - everyone says it but few follow and those who follow make it big. Those who dont lose their money sooner rather than later.

Below is my Trading plan which i use to the point. I NEVER do anything against this plan:

1.Choose a Currency Pair

2.Trade Multiple lots

3.Trade only on 60min, 4 hrs and 1 Day charts

4.Find a Trend using moving averages and FUNDAMENTALS

5.Confirm a trend using RSI, Slow Stochastic, MACD

6.Check key Fib Levels for Support and Resistance

7.Check upcoming News Releases.

8.Set Stop Loss at Last Day High/Low + - 20 pips

9.Set Take profit on HALF the lots at key resistance level (specially ending in 20, 40, 50, 80, 00)

10.Set Take profit on rest of the HALF at next key resistance. Move stop loss to entry price to break even.

11.Set Alarms for change of Trend

12.Close trade early if change of trend is confirmed

13.Trade in the London Session

14.DO NOT set up a trade on Fridays/Holidays

15.DO NOT set up more than 3 trades a day

16.DO NOT trade the news specially things like NFP. During such news releases, tighten your stop on existing positions.

The journal that i keep in Excel is made up of the following columns:

1 - Date - Date of Trade

2 - Type - Short Term (1-2 days) or Long Term (3-7 days)

3 - Pair - Currency Pair Traded

4 - Position - Long or Short

5 - Rate - Rate at which i took the trade

6 - NETT - Profit or Loss in Pips

7 - Days Held - Number of days i held the trade

8 - Conditions - A 3-4 line description of why i took the trade

9 - Reason for close - Either 2 words "Take Profit" or if i close it earlier than my TP target then a 3-4 line description of why i did so

10 - What Happened Later - After i have closed the trade - I write a line for 3 consecutive days on where the currency pair headed.

I follow my Plan and Journal very carefully and the journal has really helped me identify what i do right and what i shouldnt do.

Hope some of you find this helpful. Comments or Questions are welcome.

Girish
  • #27
  • Mar 10, 2007 4:16am Mar 10, 2007 4:16am
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 - succinct and good advice.

Also, as a scalper looking to follow the leaders, I try to eat pips like a bird and not crap pips like an elephant. Who kows, one day I might be BIG BIRD....
  • #28
  • Mar 10, 2007 10:36pm Mar 10, 2007 10:36pm
Quoting gmohata
Its possible and we can all do it. I started trading 3 years back with $5,000. As of today my account balance is $69,000. I take less than 10 trades a month, most of them being swing trades and keep a simple journal in excel of all the trades that i do. I spend 30 mins a day going over all the fundamentals and the same amount of time going over technicals.

Basically we just need to keep our emotions at check and make sure that we believe our own analysis and keep targets as fixed. Traders generally like to let losses run into bigger losses because they hate to believe that the market could go against them but when its time to take profits, we cut ourselves short sooner than we should have. Making a ew pips on a trade makes us forget all that we have lost and then all of a sudden we have a rush to enter into more trades without actually studying them. This is where most people lose their money.

Point being - it has been done and can be done - All you need is good money management - everyone says it but few follow and those who follow make it big. Those who dont lose their money sooner rather than later.

Below is my Trading plan which i use to the point. I NEVER do anything against this plan:

1.Choose a Currency Pair

2.Trade Multiple lots

3.Trade only on 60min, 4 hrs and 1 Day charts

4.Find a Trend using moving averages and FUNDAMENTALS

5.Confirm a trend using RSI, Slow Stochastic, MACD

6.Check key Fib Levels for Support and Resistance

7.Check upcoming News Releases.

8.Set Stop Loss at Last Day High/Low + - 20 pips

9.Set Take profit on HALF the lots at key resistance level (specially ending in 20, 40, 50, 80, 00)

10.Set Take profit on rest of the HALF at next key resistance. Move stop loss to entry price to break even.

11.Set Alarms for change of Trend

12.Close trade early if change of trend is confirmed

13.Trade in the London Session

14.DO NOT set up a trade on Fridays/Holidays

15.DO NOT set up more than 3 trades a day

16.DO NOT trade the news specially things like NFP. During such news releases, tighten your stop on existing positions.

The journal that i keep in Excel is made up of the following columns:

1 - Date - Date of Trade

2 - Type - Short Term (1-2 days) or Long Term (3-7 days)

3 - Pair - Currency Pair Traded

4 - Position - Long or Short

5 - Rate - Rate at which i took the trade

6 - NETT - Profit or Loss in Pips

7 - Days Held - Number of days i held the trade

8 - Conditions - A 3-4 line description of why i took the trade

9 - Reason for close - Either 2 words "Take Profit" or if i close it earlier than my TP target then a 3-4 line description of why i did so

10 - What Happened Later - After i have closed the trade - I write a line for 3 consecutive days on where the currency pair headed.

I follow my Plan and Journal very carefully and the journal has really helped me identify what i do right and what i shouldnt do.

Hope some of you find this helpful. Comments or Questions are welcome.

Girish
I like the way you document your trade. It is the only way one can really make ourselves better....by knowing our mistakes and goodtakes
  • #29
  • Mar 30, 2007 7:08am Mar 30, 2007 7:08am
Quoting forexyo
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,
There is the first honest expression of the problem that I've seen.

Abide by strict rules (trade mechanically)

next sentence....

Some if this comes down to gut feel (trader discretion)
  • #30
  • Mar 31, 2007 8:54am Mar 31, 2007 8:54am
gut feeling is emotional, and i am one of the few that believes emotion SHOULD be used in trading
  • #31
  • Mar 31, 2007 8:57am Mar 31, 2007 8:57am
for example, u are in a trade ( a news trade) then suddenly the market is whipsawing...your emotion is running wild telling u to get out what would u do? let your losses run? or get out like your Gut tells u too.

so i discredit SOME of the bad words they write about emotion in trading. For me, Fear is my best friend.

the thing is the market psychology is always somewhat similar. What one bank is fearing another bank probably is too, same for hedge funds.

Real traders FEAR their Losses and cut them short.

now greed is another topic and i totally agree that Greed should not mix with forex.
  • #32
  • Apr 2, 2007 8:36pm Apr 2, 2007 8:36pm
Quoting don perry
for example, u are in a trade ( a news trade) then suddenly the market is whipsawing...your emotion is running wild telling u to get out what would u do? let your losses run? or get out like your Gut tells u too.

so i discredit SOME of the bad words they write about emotion in trading. For me, Fear is my best friend.

the thing is the market psychology is always somewhat similar. What one bank is fearing another bank probably is too, same for hedge funds.

Real traders FEAR their Losses and cut them short.

now greed is another topic and i totally agree that Greed should not mix with forex.
Ignore the emotion. You shouldn't have entered the market in the first place if you are not willing to accept the loss if your stop loss got hit.

Don't enter when you are afraid. Enter only when you have the courage. Ignore the emotion after you entered.
  • #33
  • Last Post: Apr 2, 2007 11:33pm Apr 2, 2007 11:33pm
Quoting luqmanz
Ignore the emotion. You shouldn't have entered the market in the first place if you are not willing to accept the loss if your stop loss got hit.

Don't enter when you are afraid. Enter only when you have the courage. Ignore the emotion after you entered.


Luqmanz,

An excellent answer. You are thinking like a rational and intelligent trader.


.
0 traders viewing now