Just thought some of you would like what I got back after I PM Gazmania he said it's OK for me to share with others...
Hi moneyman.
I got your PM asking about my system please share with others from that thread as I am getting too many PM's from everyone on there.
It's simply this. The system that makes money is in you. It's in everyone and it's silly little threads like the 4HR tunnel thread that confuse people and help them lose money. The 4hr bar at the start of the week has about as much relevence as any other bar. You could get better results wishing on a star. 99% of traders are losers. That means that the person you are listening to about trading is probably a loser. There are very few people on Forefactory that are making money because they fail to see the truth.
The truth is that trading is a business. Some scalp and that's like the guy running a 7/11 store. Sell lots of small items. But if it doesn't pay the rent you lose. Some trend trade. That's like selling a car but at the end of the month if the profit off that big ticket item doesn't pay the rent then you go under and most trend traders do.
To make money in forex. Just think it's a business. How do most business' make money? By adding a profit to the product or service they sell. That profit outways your outgoings. In other words all forex is about really is money management.
If you have a system that win's as many time as it loses and you trade 10 times a day and your losses are 15 pips and your wins are 16 pips. Right there you just got yourself a business! You are bringing in 10 pips a day where 99% of people either aren't or will lose it again when they do.
That's a business mindset as opposed to a gambling mindset. Like I said 99% of traders are losers and if you hang out with losers you too will lose. After spending 7 years reading those sill forums you understand how they work. Someone find a pattern that works and being lazy they neglect to backtest that pattern and in reality that pattern is just passing thru. Meaning it will fail in the future as it did in the past. Insead of accepting that you get a meeting of fools all trying to add a zillion indicators to try and reserect the zombie. It fails and they all buzz off and talk garbage on another thread.
They are just fools and you would be well advised to avoid them. Find a system that wins as much or slightly more than it loses. Have your wins 1 pip more than your losses (don't be greedy). And watch the money roll in. Always backtest for years if you can to see how the system performs over a long period of time and always keep records.
Good luck. Now go out there and start making some $$$
Gazmania
Hi moneyman.
I got your PM asking about my system please share with others from that thread as I am getting too many PM's from everyone on there.
It's simply this. The system that makes money is in you. It's in everyone and it's silly little threads like the 4HR tunnel thread that confuse people and help them lose money. The 4hr bar at the start of the week has about as much relevence as any other bar. You could get better results wishing on a star. 99% of traders are losers. That means that the person you are listening to about trading is probably a loser. There are very few people on Forefactory that are making money because they fail to see the truth.
The truth is that trading is a business. Some scalp and that's like the guy running a 7/11 store. Sell lots of small items. But if it doesn't pay the rent you lose. Some trend trade. That's like selling a car but at the end of the month if the profit off that big ticket item doesn't pay the rent then you go under and most trend traders do.
To make money in forex. Just think it's a business. How do most business' make money? By adding a profit to the product or service they sell. That profit outways your outgoings. In other words all forex is about really is money management.
If you have a system that win's as many time as it loses and you trade 10 times a day and your losses are 15 pips and your wins are 16 pips. Right there you just got yourself a business! You are bringing in 10 pips a day where 99% of people either aren't or will lose it again when they do.
That's a business mindset as opposed to a gambling mindset. Like I said 99% of traders are losers and if you hang out with losers you too will lose. After spending 7 years reading those sill forums you understand how they work. Someone find a pattern that works and being lazy they neglect to backtest that pattern and in reality that pattern is just passing thru. Meaning it will fail in the future as it did in the past. Insead of accepting that you get a meeting of fools all trying to add a zillion indicators to try and reserect the zombie. It fails and they all buzz off and talk garbage on another thread.
They are just fools and you would be well advised to avoid them. Find a system that wins as much or slightly more than it loses. Have your wins 1 pip more than your losses (don't be greedy). And watch the money roll in. Always backtest for years if you can to see how the system performs over a long period of time and always keep records.
Good luck. Now go out there and start making some $$$
Gazmania
You made my day, Penfield.
but tough aye.