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Make Millions Trading Fx

  • #41
  • Oct 11, 2009 6:37pm Oct 11, 2009 6:37pm
Quoting Chicky
I cannot convince you man, but the fact is that every action in this market is based on guessing. If there was slightest assurance these market would not have existed.
Every action may be based on "guessing" but every trade isn't neccessarily a guess.

There have been many of times I have made %5 - %40 gains in a single brief move because I KNEW the outcome of a certain news release would have a definitive impact on the market in a definitive direction. There was no guessing involved for me in these instances, it was a guarenteed up or down move from the moment of the release.

You can sit around all day guessing with pocket change or you can focus on single events with a large portion of your account and these events will guarantee an immediate and definite market move.
  • #42
  • Oct 11, 2009 8:25pm Oct 11, 2009 8:25pm
Interesting read in this thread. As the saying goes "the easier way to make a million dollars trading Forex is... starting with two!"

Just a thought
  • #43
  • Oct 11, 2009 9:15pm Oct 11, 2009 9:15pm
Quoting corpralj
Every action may be based on "guessing" but every trade isn't neccessarily a guess.

There have been many of times I have made %5 - %40 gains in a single brief move because I KNEW the outcome of a certain news release would have a definitive impact on the market in a definitive direction. There was no guessing involved for me in these instances, it was a guarenteed up or down move from the moment of the release.

You can sit around all day guessing with pocket change or you can focus on single events with a large portion of your account...
How did you know the outcome of a certain news release prior to its release?
  • #44
  • Oct 11, 2009 9:45pm Oct 11, 2009 9:45pm
Quoting Turveyd

Anyone doing anything different with Forex goes into my LOSER bin!!
If they were successful and consistently profitable, would they still be in your loser bin?

I find that to be an interesting comment, as I love to talk to anyone making consistent profits in this game with methods that are very unique.
  • #45
  • Oct 11, 2009 11:19pm Oct 11, 2009 11:19pm
Quoting corpralj
Every action may be based on "guessing" but every trade isn't neccessarily a guess.

There have been many of times I have made %5 - %40 gains in a single brief move because I KNEW the outcome of a certain news release would have a definitive impact on the market in a definitive direction. There was no guessing involved for me in these instances, it was a guarenteed up or down move from the moment of the release.

You can sit around all day guessing with pocket change or you can focus on single events with a large portion of your account and...
I understand you can also exactly calculate number of pips it would move in your direction and also the number of pips it would move in the opposite direction before taking your definite direction. If my understanding is correct, you are right.
The Thief of Wall Street
  • #46
  • Oct 11, 2009 11:26pm Oct 11, 2009 11:26pm
Quoting Jhig
That's pretty much my strategy! Based on the trend, wait for a reversal (pullback), enter on the trend continuation. Bail out quickly if my "guess" turns out to be a loser.

If anyone is doing anything different, I know for a fact you are NOT profitable! I'm calling you (95% of traders that lose) out.
Ah yes, just because you can't do it, anyone who is doing it must be losing. I trades sessions as waves, don't care about the "trend" at all (because 90% of trends start from the open of a liquid session anyway) and just trade whatever wave we are currently in.

I do not wait for the "pullback" (which is just another wave to me), in fact I only trade confirmations of the current wave. You fade the current wave and HOPE it isn't a trend reversal. I am laughing.

Consistently profitable, ignoring the pullbacks.
  • #47
  • Oct 11, 2009 11:36pm Oct 11, 2009 11:36pm
Quoting sinner-
Ah yes, just because you can't do it, anyone who is doing it must be losing. I trades sessions as waves, don't care about the "trend" at all (because 90% of trends start from the open of a liquid session anyway) and just trade whatever wave we are currently in.

I do not wait for the "pullback" (which is just another wave to me), in fact I only trade confirmations of the current wave. You fade the current wave and HOPE it isn't a trend reversal. I am laughing.

Consistently profitable, ignoring the pullbacks.
Some food for thought.

One trades on pullbacks, other trades waves without waiting for pullbacks, both consistently profitable.

What makes both the traders successful? Is it something which we are effectively doing but not conciously aware of?
The Thief of Wall Street
  • #48
  • Oct 11, 2009 11:50pm Oct 11, 2009 11:50pm
Quoting Jhig
If anyone is doing anything different, I know for a fact you are NOT profitable!
Well, it's good to be really confident in what you're doing but, to think that your way is the only possible profitable way to trade that exists...

I guess that maybe you were only half serious and trying to get a response.

My version of your slogan: The market is but orders.

Not trying to get pissy or take pokes at you - just my 2 cents!

Continued good trading to you with what works for you!
Brent
  • #49
  • Oct 12, 2009 12:00am Oct 12, 2009 12:00am
Quoting sinner-
Ah yes, just because you can't do it, anyone who is doing it must be losing. I trades sessions as waves, don't care about the "trend" at all (because 90% of trends start from the open of a liquid session anyway) and just trade whatever wave we are currently in.

I do not wait for the "pullback" (which is just another wave to me), in fact I only trade confirmations of the current wave. You fade the current wave and HOPE it isn't a trend reversal. I am laughing.

Consistently profitable, ignoring the pullbacks.
Can you tell us more about this?
  • #50
  • Oct 12, 2009 12:23am Oct 12, 2009 12:23am
Quoting forexmick
Can you tell us more about this?
What is so difficult to understand? Wait for the price to make a high. Place a buy stop 1 pip above that high. If your stop is filled, the wave is confirmed.
  • #51
  • Oct 12, 2009 1:55am Oct 12, 2009 1:55am
Quoting sinner-
What is so difficult to understand? Wait for the price to make a high. Place a buy stop 1 pip above that high. If your stop is filled, the wave is confirmed.
So, have I got this right. When US starts to trade, and the GBP makes the first high and starts to come down, you place a buy stop 1 pip above that high.
What happens if you lose. Do you wait for the next day when Europe opens.
  • #52
  • Oct 12, 2009 2:41am Oct 12, 2009 2:41am
Quoting Turveyd
LOL

As your 1 of the first people to get that you sir deserve your first V


You do to Chicky by the way
What did he do to Chicky? lol

I understand that English may not be your first language, so no offense intended, but this was a funny post.

The basis of what Chicky brought up is not negativity about the market or a particular entry method based on waves or trends, at least from what I read in the first post.

I thought he was talking about

Good money management

Risking 30% of your account is like playing with dynamite in a candle shop. If you get greedy you'll get burned.

Trading psychology

You need the mental discipline-

not to take scattershot trades on bad setups because you're impatient.
not to emotionally trade after a loss.
not to let fear make you second guess good analysis and miss entering a trade at the right moment.
not to let good trades get to your ego and cause sloppiness in your approach.
not to let bad trades run into big losses based on hope.
not to get greedy on a trade and lose pips because you didn't exit on or near your TP target and now it's pulled back 78% (rofl.... I've done this a few times)

Not shifting blame

When things are going bad it's easy to feel unlucky, or worse, become paranoid, to feel like something's being done to you. So you blame the broker, you start thinking the market's rigged, you think anyone else who is making money must be a liar because you aren't making money. Negativity is poison to a trader and will only speed the process of failure if you succumb to it. The brokers don't need to rig the market, there are enough bad traders to keep them in business until the end of time. No one is targeting a single trader specifically, it's the ultimate vanity to think any of us matter that much. The market doesn't need to be rigged, it's tough enough as is. A drowning man will drag other people down with him. So be cautious of bad traders opinions, they want company in their negative thinking. The fault lies in ourselves, not in our stars, so it's our responsibility to fix our own game. Blaming the system or thinking we're just "unlucky" is a cop out.

Finally, learning by your mistakes so you don't repeat them

So, this is what I thought Chicky meant, (but I could be wrong...) that if you can master the above points, then you can become the holy grail you're seeking.

Honestly, there are so many approaches to trading that you can't say one technique is right and the other is wrong, only what is right for you. But if you can gain the proper understanding of yourself, and self discipline, any number of techniques can make money.


.
  • #53
  • Edited 4:56am Oct 12, 2009 4:23am | Edited 4:56am
Quoting Fudomyo
What did he do to Chicky? lol
.


I completely agree with what you said in your this post (deleted for want of space, would recommend readers to check and carefully read Fudomyo's post).

Now let me tell you about my journey in fewest possible words.

1. I wasted about 10 years trying to beat the fx market on demo. The major reason of my failure was that I did not refer to any fx book, article or joined a forum - just nothing. I knew absolutely nothing until last year about even basic technicals (pa, fibs, oscillators, waves, trends, bar charts, candles stick charts, indicators, trend lines, channels, momentum..... you name it - and I repeat Absolutely Nothing).

2. I tried to apply martingale i.e. lose a trade increase the position, lose again increase it more,

3. Then joined FF about a year ago (check my date of joining FF) and learned something different

4. That gives me edge over many others because what I learned in "school" is backed up by my "street" experience.

5. Most systems / methods provide edge, enough to get more than 50% winners.

6. Then why many fail despite having an edge (no matter what are the technicalities of those edges)?

7. Number one reason is Fear of losing.

8. Number two reason is inconsistency

9. Number three reason is impatience.

10. Number four reason is ........... there is no number 4 reason.

11. Inconsistency means risking 1% for a reward of 10% in one trade, risking 10% in the second trade for a reward of 1%, risking 5% for a reward of 5% in third trade. If one's method produces more than 50% winners, this inconsistency will produce inconsistent results. If one is expecting 6 wins in 10 trades and 4 losers, all these trades should produce equal dollar amount of profit or loss to make one a winner on balance.

12. Fear - when one takes a risk greater than one can mentally and financially accept. Result - prematurely closing a trade either with small profit, small loss, break-even or heavy loss.

13. Impatience - taking trades without waiting for right set-up and time.

I am losing $50, this is Friday two hours before market close, no good set-up, then let's gamble to recover, I do not want to be a loser over the week-end or have to meet my weekly target.

It is Monday second hour of market open, seems good set-up, what if there is no liquidity in the market, let's take a trade, if I lose, second trade will be there and whole week ahead

I lost $100 on a trade of 100 pips, lets take next 10 pip trade with ten times heavier position to recover that loss, shorter moves are very unpredictable, so what, this one may turn in my favor, who knows.

Good set-up, trade going ok, one small hurdle, pa got stuck for a while, lets conclude this trade with few pip profit, next time will enter on a better set-up.

so on and so forth.

Solution: Remember and believe even if your method is a piece of shit, you still have 50% probability of getting 50 winners out of 100 trades. All one needs to do is to stick to equal dollar amount of profit or loss per trade. With risk / reward not more than 1% per trade, one at most will break even in 100 trades if law of probability is something. So what is the issue? Is it a rocket science?

But if one tries to unncessarity minimize the risk i.e. let's bring SL to BE and enjoy free ride etc. it will disturb the probability of getting winners to less than 50%. Take the due risk and get the due reward. If one wants to set a profit target, base it on number of trades i.e. 10, 20, 100, 1000, etc. and not per day or per week. Because most systems are based on number of outcomes not number of days. Do not count your profit in pips, a trade of 500 pips should produce 1% profit or loss and a trade of 50 pips should also produce 1% profit or loss. We are only interested in number of favorable outcomes that produce constant dollar amount of gains or losses.

There maybe many other methods like longer term trading which considers the market as a whole and profit / loss is not based on number of outcomes. For example I am right now in a trade on Monthly Chart. I will either get 1000 pips or lose 300 pips on that trade but I know my direction is in harmony with market forces and world economy therefore I have better chance of winning that trade. But that is system altogether different from the one I discussed above.
The Thief of Wall Street
  • #54
  • Oct 12, 2009 6:07am Oct 12, 2009 6:07am
Quoting Chicky


I completely agree with what you said in your this post (deleted for want of space, would recommend readers to check and carefully read Fudomyo's post).

Now let me tell you about my journey in fewest possible words.

1. I wasted about 10 years trying to beat the fx market on demo. The major reason of my failure was that I did not refer to any fx book, article or joined a forum - just nothing. I knew absolutely nothing until last year about even basic technicals (pa, fibs, oscillators, waves, trends, bar charts, candles stick charts,...
yep chicky,

this post of yours pretty much sums up the journey of a wannabe forex trader. but succeeding or failing depends on the individual.

patience, mm, trade plan and discipline. bet we don't stick to it at all times. due to emotional strifes during trading. but the one who can skin the cat most efficiently, wins. doesn't matter what method he/she uses. thanks
  • #55
  • Oct 12, 2009 7:21am Oct 12, 2009 7:21am
All I do know about forex is that its a game where u know urself better... I have watched a guy trade(who has being on fx for 2 years now)...sometimes after taking position on GBP, the market might move against him up to -40 pips, but just like magic, it goes to his favour and he makes 100 pips, sometimes more.... when I ask him how he does that, he tell me: "Lordpipi, when you have a system that you are sure of, a brain filled wit lots of info on the fx maket, patience to wait for a nice kill(strong signals) and strong belief in urself, when u pull the triger, its always a bull's eye....iI finally concluded that forex just like any other vocation in life is not for the faint hearted... It takes alot to be an fx pro and mind y'all, if it was never profitable, it would have phased out...

in the nut shell...have a system, dont be greedy and be passionate about it....People I see that mk so much money on fx, they would still trade even if it was not profitable...To them its like playing Playstation....most pple that are passionate abt the money$$$....really aint that successful....so my fellow snipers, keep on sniping
  • #56
  • Oct 12, 2009 9:14am Oct 12, 2009 9:14am
Good thread here, I have been lurking for awhile and have learned quite a bit!
  • #57
  • Oct 12, 2009 10:39am Oct 12, 2009 10:39am
Quoting Lordpipi
All I do know about forex is that its a game where u know urself better... I have watched a guy trade(who has being on fx for 2 years now)...sometimes after taking position on GBP, the market might move against him up to -40 pips, but just like magic, it goes to his favour and he makes 100 pips, sometimes more.... when I ask him how he does that, he tell me: "Lordpipi, when you have a system that you are sure of, a brain filled wit lots of info on the fx maket, patience to wait for a nice kill(strong signals) and strong belief in urself, when u...
Well said, Lord!
Rules to trade by.
  • #58
  • Edited 12:41pm Oct 12, 2009 10:53am | Edited 12:41pm
Quoting Lordpipi

in the nut shell...have a system, dont be greedy and be passionate about it....People I see that mk so much money on fx, they would still trade even if it was not profitable...To them its like playing Playstation....most pple that are passionate abt the money$$$....really aint that successful....so my fellow snipers, keep on sniping
IMO...
To trade for a living profitably requires a lot more than an interest. Obsession is the needed qualification; Forget trading as a hobby. Consider the fact that a prospective Financial Econ undergrad needs at least ABB at A level to be accepted, and the ABB crowd are the least academic. How do us guys here compare? We simply don't have the analytical skills and Knowledge of the financial markets to compete.

NOTE: Im only talking about the smarts of college leavers here, not the quality of a Bsc or a Masters.

It's the shop workers, minimum wage slaves(such as me), and people who have money down to luck that should be worried. Chances are, if you can't be successful in your own right, you wont find that success in the markets.

The brightest minds meet in the markets.

Cold truth, It's what smacked some sense in to me.

EDIT: PS- my post is aimed to wards the majority of posters who have little if any higher education, and consequentially few skills to aid them in trading. Obviously there will always be exceptions where naturally bright people have not attended higher education for what ever reason, yet proceeded to make a fortune in their field. I would argue that an education would have benefited them even further.
Living the adventure in my head.
  • #59
  • Edited Oct 13, 2009 2:22am Oct 12, 2009 1:46pm | Edited Oct 13, 2009 2:22am
Quoting Chicky
7. Number one reason is Fear of losing.

8. Number two reason is inconsistency

9. Number three reason is impatience.

10. Number four reason is ........... there is no number 4 reason.

excellent post.


the beauty of trading is we never stop learning something new about the market and ourselves. if people were to follow the principles you laid out, they stand a much better chance of at least surviving long enough to take the first step to becoming a good trader.



.
  • #60
  • Oct 12, 2009 5:42pm Oct 12, 2009 5:42pm
Quoting Jhig
If anyone is doing anything different, I know for a fact you are NOT profitable! I'm calling you (95% of traders that lose) out.
I'm sorry but this is incorrect. Of course most traders lose, but that doesn't mean anyone who doesn't use your strategy loses. I know of a profitable trader who gets in at the START of each new trend and not on bounces/retraces. Of course he is faked out sometimes, but he is great at holding on to his winners so it more than makes up for occasional small losses.

I hope this doesn't sound rude, but I'm really tired of people making huge generalizations that their system is "the only way to trade successfully!" or "the only way to make money in forex!" I am sure your system does well for you Jhig, and I sincerely applaud you for that. But please don't make generalizations that imply your way to trade is the only successful way to trade. An open mind and creativity have helped many of the most successful traders.

Best of luck to you in your trading.
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