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Success In Forex Have You Achieved It.

  • #1
  • First Post: Jan 19, 2007 11:57am Jan 19, 2007 11:57am
Hello I was just wondering about how many of you now feel comfortable in being able to make at least more than you lose on forex and how long it took you to get to that point.

For most people forex takes years of mastering not just what system to use but on how to control your own emotions but some are better prepared then others, when you first did forex what things did you do that you would never do now.

Give your feedback please this is for an article on starting in forex.
  • #2
  • Jan 19, 2007 12:15pm Jan 19, 2007 12:15pm
Keep it coming.
  • #3
  • Jan 19, 2007 1:57pm Jan 19, 2007 1:57pm
I spent my 1st year learning the markets and testing different systems. My 2nd year I found a system I liked and opened a small account and watch my balance go up and down. I spent more time learning to control my emotions and money management instead of changing from system to system. At the end of my 2nd year and now my 3rd year, I am consistently increasing my account by 5% a month. Now I am working on being a more efficient trader. I am trying to take a route of less is more. Meaning less trading but maximizing each trade.

Happy Trading 2 U …
If it is not broken, fix it until it is!
  • #4
  • Jan 19, 2007 2:52pm Jan 19, 2007 2:52pm
The path you describe is mine as well, but I am using more of a 5 year time frame and I think you are about 18 months ahead of me. The is because I work 60 hours a week and that limits my ability to focus on fx.
On the other side of that, I am at the 50 year area and am looking at this to supplement retirement, both in finances and keeping me active.
Making a good six figures now, so I am not in a rush to learn. I will be patient.
Is your 3 year window also for the "working" person?



Quoting Pipex
I spent my 1st year learning the markets and testing different systems. My 2nd year I found a system I liked and opened a small account and watch my balance go up and down. I spent more time learning to control my emotions and money management instead of changing from system to system. At the end of my 2nd year and now my 3rd year, I am consistently increasing my account by 5% a month. Now I am working on being a more efficient trader. I am trying to take a route of less is more. Meaning less trading but maximizing each trade.

Happy Trading 2 U …
  • #5
  • Edited 11:02pm Jan 19, 2007 11:00pm | Edited 11:02pm
Having not traded forex yet, I have focussed on the education and stuck to that until I am mentally proficient at running a trade through my head. Once at this stage the actual process will be that much easier. Having said that, I understand the basic core fundamentals of trading success - for any market. Most don't due to their keeness to enter the markets and get $$$$$.

Forever will be my learning curve but I don't see that it will take me 2 - 3 years to be profitable. But I have all day 8-5 to devote to it.
  • #6
  • Edited 11:07pm Jan 19, 2007 11:05pm | Edited 11:07pm
Quoting Pipex
I am trying to take a route of less is more. Meaning less trading but maximizing each trade.

Happy Trading 2 U …
I agree, this is where most go wrong. They overtrade in short timeframes and have their stops hunted etc. Pipex you are on the right track by stating the above.
  • #7
  • Jan 20, 2007 12:08am Jan 20, 2007 12:08am
Quoting webicknell
The path you describe is mine as well, but I am using more of a 5 year time frame and I think you are about 18 months ahead of me. The is because I work 60 hours a week and that limits my ability to focus on fx.
On the other side of that, I am at the 50 year area and am looking at this to supplement retirement, both in finances and keeping me active.
Making a good six figures now, so I am not in a rush to learn. I will be patient.
Is your 3 year window also for the "working" person?
Hi webicknell,

I have a couple factors in my favor … I’m an engineer that works for an IT consulting company and I work out of my home. I basically work all day and watch my charts too. I’m only 33, so I have a while before I retire. When I retire, I will convert my 401k into a self directed 401k and trade Forex with it. I am not in a hurry to quit my day job either … my 401k earned 10% all last year (pretty good) … my Forex account earns 10% in 2 mos … but I’m still working on my mental makeup there are lots of things that I can do better to became a better trader.

Happy Trading 2 U …..
If it is not broken, fix it until it is!
  • #8
  • Jan 22, 2007 3:13pm Jan 22, 2007 3:13pm
i'm 23 and i started forex 6 months ago...and i havent blown my account yet! successssss
  • #9
  • Jan 22, 2007 3:25pm Jan 22, 2007 3:25pm
Quoting boycie
Years 1 to 3 are the learning years anything after that should be the earning years.


boycie
Actually, all years you trade the forex are considered learning years and you can earn from day one. Making statements like the above can be negative to people now being introduced to the forex. Don't make them think that it takes 3 years to learn the forex before they will make an income.

You may have taken 3 years to learn the forex before you became profitible. Hilmy83 is fairly new but he is successful. Don't gauge the time it took you to learn and use it as a guage and tell others that it will take them the same amount of time.
  • #10
  • Jan 22, 2007 3:36pm Jan 22, 2007 3:36pm
Quoting WHTenn
Actually, all years you trade the forex are considered learning years and you can earn from day one. Making statements like the above can be negative to people now being introduced to the forex. Don't make them think that it takes 3 years to learn the forex before they will make an income.

You may have taken 3 years to learn the forex before you became profitible. Hilmy83 is fairly new but he is successful. Don't gauge the time it took you to learn and use it as a guage and tell others that it will take them the same amount of time.

Why are you been so defensive?
  • #11
  • Jan 22, 2007 3:46pm Jan 22, 2007 3:46pm
It took me about 6 months to become a winner. Forex is very risky so you can't say that you always make money but in total I'm gradually growing and happy with my results.

I was a discretional trader in the beginning but now I'm more disciplined and more mechanical. I work in two directions manual trading and automated trading. The second one is almost new to me. I developed my first promising EA in September and managed to grow my account balance about 10% in less than 3 months. Then I realized I need to review the code and make it more reliable. I'm in test phase now and hopefully will start automated trading again very soon. Anyway, I would say being a mechanical trader is the key to be successful no matter you trade automatically or manually.

I believe in a combination of knowledge of trading, a proper system, money management techniques, risk management, and psychology of trade to be a successul trader. If you lack one you lose.

Good Luck,
Al
  • #12
  • Jan 22, 2007 3:55pm Jan 22, 2007 3:55pm
I started about a year ago, trading a demo, made 30% in 3 months (I had NO IDEA what I was doing, just extremely lucky). I opened a real account in July 2006, and finished out 2006 up 77%.

I have finally found a system that I can call my own and works for me, but I consider myself VERY LUCKY, because I pretty much fumbled along and was making money doing it. Now, after about 6 months, I would say I KNOW what I'm doing and am on a good path!

My advice: DON'T THINK YOU ARE LUCKY. I did and it turned out I was, but looking back, I was DUMB

Cheers,
Kevin
  • #13
  • Jan 22, 2007 4:20pm Jan 22, 2007 4:20pm
Quoting boycie
Why are you been so defensive?
That is not being defensive. Others may be successful at a faster time frame.
  • #14
  • Jan 22, 2007 4:38pm Jan 22, 2007 4:38pm
i am not a good trader by any means. But ever since the BEGINNING, i have always stuck to one rule which is the 2% RULE. Even when there were times I had open some random trades out of greed to make more pips, I still never had more than 2% risked.
NOw i'm experiencing a 13% drawdown..( basically due to my unskilled interpretation of candlesticks ) i owe the 2% rule for saving my butt
  • #15
  • Mar 9, 2007 9:16pm Mar 9, 2007 9:16pm
one thing that i won't do? let some broker trade for me again

if one can trade and profit what reason to help stranger to trade and only to get small profit from it? if there is one that help, you can consider that they get more profit by "helping people" than trading.
  • #16
  • Mar 9, 2007 11:04pm Mar 9, 2007 11:04pm
Quoting Gwan
one thing that i won't do? let some broker trade for me again

if one can trade and profit what reason to help stranger to trade and only to get small profit from it? if there is one that help, you can consider that they get more profit by "helping people" than trading.

Hi Gwan.... Remember this statement...."If a broker knew what he was doing, he would not be a broker, he would be a trader".

Federal law prohibits brokers from trading their own portfolio. Think about it. If you were a broker and had a choice between trading and making your own money or making money for others, which would you do?
  • #17
  • Mar 10, 2007 12:47am Mar 10, 2007 12:47am
Thats true about brokers. But 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 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.
A. Finesse Williams Making Millions One Pip At A Time!
  • #18
  • Apr 3, 2007 5:34pm Apr 3, 2007 5:34pm
I started trading demo accounts a coupple months ago. A month ago I decided to open a real account. It increased 23% in the first week but in the second week it decrease 15%. Then I paused to learn from what I did and why it profited and lost (it seemed a good ocasion to do that while my account is still positive).

On those two weeks I traded from fundamentals and a few technical analysis (I was learning TA), mostly different EMA's crossing and seeing the news from stock markets and their relations to major currencies.

Now I'm testing three or four different systems and trying to adapt to my own. I've a full time job so it's difficult to trade during the day.

Cheers,
  • #19
  • Apr 24, 2007 10:21pm Apr 24, 2007 10:21pm
i split my trades to 1 micro lot per trade, from the size, it is small, and redundant,
at first , i put it in every support line, then another 1 in between, and another and another...... and then i simplified it to put it in every interval without stop loss. for every micro lot that fail will generate 1.3 cent per day

i may lost many pips, but it's not many $$$, done it on usd-jpy, break even up till now.

Quoting Zygons
I agree, this is where most go wrong. They overtrade in short timeframes and have their stops hunted etc. Pipex you are on the right track by stating the above.
  • #20
  • Last Post: Nov 11, 2007 8:22am Nov 11, 2007 8:22am
I've started live-trading again from some days, till now up 5.98%
Happy trading!
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