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Make Millions Trading Fx

  • #141
  • Nov 1, 2009 5:12pm Nov 1, 2009 5:12pm
Quoting forexmick
Says a trader who has been here since Aug 2006, with 4537 posts, and admits that he only has a $500 trading account

Atleast I'm honest which is more than can be said for most on here!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #142
  • Nov 1, 2009 5:13pm Nov 1, 2009 5:13pm
Quoting magnumfreak
Very misleading statement. There may not have been one you have seen but there are profitable EA's that have been running for years. Just because I like to trade manually, doesn't mean I don't have a profitable EA running on another account.

And for EA's, think beyond just the simple ones you see for metatrader. My EA's are stand alone windows apps that interface through the brokers API's.

MF you've actually got 1, seriously ?? I've been searching for years and given up on it, very interesting!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #143
  • Nov 1, 2009 5:43pm Nov 1, 2009 5:43pm
Quoting Turveyd
MF you've actually got 1, seriously ?? I've been searching for years and given up on it, very interesting!!
The best EA's are not found on forums or found on a web site for sale. Think about it logically. If I had a profitable EA that for example made 8% per month on average why would I spend 100k marketing it only to have to deal with the headaches of customers (most of which cannot find the power button on their computer) when I could take that same 100k and make an easy no effort 8k per month profit?

MT4 is too limiting when it comes to EA's. MT4 is limited to 9 time frames, no more, no less. By coding my own, I have limitless time frames. In fact my software is constantly changing the time frames throughout the day based on statistical data on the most efficient time frames for a given pair at any given second of the day. The software can adjust the time frame by as little as 0.01 seconds.

The ones you see for sale on web sites have typically optimized to look the best during the time they tested it for. Load it up on your computer and unless you are lucky enough to get the same conditions you will probably never see the profits they advertise.
  • #144
  • Nov 1, 2009 5:51pm Nov 1, 2009 5:51pm
Quoting magnumfreak
The best EA's are not found on forums or found on a web site for sale. Think about it logically. If I had a profitable EA that for example made 8% per month on average why would I spend 100k marketing it only to have to deal with the headaches of customers (most of which cannot find the power button on their computer) when I could take that same 100k and make an easy no effort 8k per month profit?

MT4 is too limiting when it comes to EA's. MT4 is limited to 9 time frames, no more, no less. By coding my own, I have limitless time frames. In fact...

Definately advantages not having to fight with MT4 ( only tried with MT3 ) being a programmer horrible botched language.

I spent 6months trying to write my own, I could find things that would work historically ofcourse but they where all very short lived. Never able to teach it patience and M1 wasn't accurate enough to teach it to scalp.


I'll have to give it some though going the API route but sounds a bit too much like my day job for my likings, I trade to get away from coding.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #145
  • Nov 2, 2009 12:15am Nov 2, 2009 12:15am
Quoting Primate
Chicky, Turveyd, you both should take a breath for a minute I think. You both seem to acknowledge that there is no one correct way to trade, and a lot of incorrect ways to trade. Every trader has to use a system with which they can feel comfortable, and if you can exercise any particular method profitably then who cares about any of the other systems or methods!?




The truth of this statement is that it is not easy to put a human decision making process onto paper as a written plan. If you could write down, in english, the process needed to...
There is a lot of true in your words.
I like to say that there are millions of traders outside and there are millions of ways of trading and we can judge which one is the best only by final result which is PROFIT or LOSE. I believe that there are many strategies you can study before start trading but they will not help if you do not have a discipline in your trading. I believe that each person should follow same rules all the time in order to reach profits, that the way. The holy grail of trading in the head
  • #146
  • Nov 11, 2009 7:40am Nov 11, 2009 7:40am
Quoting Primate
Chicky, Turveyd, you both should take a breath for a minute I think. ...... If you could write down, in english, the process needed to make profitable trades then you would be able to write an effective EA. ...

If its not too late to respond,

Theoretically, yes. Practically ...... you must be joking. There are so many millions of possible scenarios and decision trees involved that it is impossible to write an EA that considers all possibilities and is free of bugs.

Nothing can beat human brain when it comes to that.
The Thief of Wall Street
  • #147
  • Nov 14, 2009 9:37am Nov 14, 2009 9:37am
Quoting Chicky
If its not too late to respond,

Theoretically, yes. Practically ...... you must be joking. There are so many millions of possible scenarios and decision trees involved that it is impossible to write an EA that considers all possibilities and is free of bugs.

Nothing can beat human brain when it comes to that.
I agree. I just don't like trading programs. The market is human behaviour (for the most part), and trying to predict human behaviour with computer programs just doesn't work.

I used to program a lot of systems in TradeStation. The pattern was always the same: It works for a little while, but then when you check it on another set of data (past or future), the system breaks down.

That being said, here's an interesting idea: Create a bunch of simple trading programs. Each one would be designed to handle a specific situation. You'll need some robust filter rules to make sure each program only trades when the conditions are appropriate. Finally, you could hold a diversified portfolio of trading programs. While one is suffering a drawdown, others will be accumulating.
  • #148
  • Nov 14, 2009 9:49am Nov 14, 2009 9:49am
Quoting Chicky
Also check this link

http://www.forexfactory.com/showpost...4&postcount=10
Yes! Diversification rules!

I used to think it was dumb. It limits your gains too. But I was being foolish. Sure, it will reduce your average profits, but it will also reduce your average losses, and it will reduce the losses more. In the end, it's a great way to increase your overall reward/risk ratio without really changing any of the details of your trading strategy.

You've got to do it properly though. Check for low correlations. Trading two highly correlated positions is just like trading one of them but twice as big. Also, you don't have to start trading dozens of different currencies. Even just watching two or three markets instead of one can really smooth out your results.

I also helps with your psychological/mental game. When you're just trading one thing and it's losing, it can hurt. When you're trading a few things, chances are, some of them are in profit. It helps keep your emotions in check.

Diversification is not just something for long-term stock investors. Traders can, and should, do it too. As they say, "diversification is the only free lunch in finance."
  • #149
  • Nov 14, 2009 10:25am Nov 14, 2009 10:25am
Quoting mathematician
Yes! Diversification rules!

I used to think it was dumb. It limits your gains too. But I was being foolish. Sure, it will reduce your average profits, but it will also reduce your average losses, and it will reduce the losses more. In the end, it's a great way to increase your overall reward/risk ratio without really changing any of the details of your trading strategy.

You've got to do it properly though. Check for low correlations. Trading two highly correlated positions is just like trading one of them but twice as big. Also, you don't have...
The greatest advantage of diversification is that it increases your trading capacity many many folds probably 20 to 30 TIMES and therefore your profits are 20 to 30 times greater than normal.

The above statement is not crazy, let me explain it below in simple words.

1. You take a 200 pip trade with 1% risk and let it conclude either with 1% loss or 1% profit. This trade takes 5 days to conclude.

2. You take 20 trades in a week different times on different pairs and with different number of pip profit and loss in varying directions, but there is one thing common in each of these trades i.e. each of these 20 trade targets 1% profit or 1% loss (20% in all).

You need twenty weeks to enter 20 trades under method one, but only one week to enter 20 trades under method number 2. Win/loss probability remains the same under both these methods. The only difference could be ratio of spread to number of pips targeted for trades with lesser number of pip profit/loss target. But advantages are far greater than this additional cost.
The Thief of Wall Street
  • #150
  • Nov 14, 2009 10:45am Nov 14, 2009 10:45am
Quoting mathematician
I agree. I just don't like trading programs. The market is human behaviour (for the most part), and trying to predict human behaviour with computer programs just doesn't work.

I used to program a lot of systems in TradeStation. The pattern was always the same: It works for a little while, but then when you check it on another set of data (past or future), the system breaks down.

That being said, here's an interesting idea: Create a bunch of simple trading programs. Each one would be designed to handle a specific situation. You'll need some robust...
Mathematician, this is a very brilliant and workable solution

In fact we are chosing "most probable of the probables" according to prevailing market conditions.
The Thief of Wall Street
  • #151
  • Nov 14, 2009 11:54am Nov 14, 2009 11:54am
Words to remember, I think.

Quoting Chicky
Golden words:
Decide what you want to do, calculate risk and reward, wait, wait, wait and wait for the opportunity. It may appear and disappear without giving you an entry chance. Again wait, wait, wait and wait. When you find the right opportunity, enter and sit tight until the trade concludes. Repeat this several times and you will be a millionaire in about 5 to 50 years, but you WILL BE one.

If you are not willing to take reasonable amount of risk, cannot wait, do not believe in your analysis, cannot stop keep changing your mind with...
  • #152
  • Nov 14, 2009 1:32pm Nov 14, 2009 1:32pm
forexmick, I will have ot check out Jacko.
Congrats on your success.
Quoting forexmick
What a load of shite. I am in Jacko's group and I can tell you straight up he is a top line trader and is incredibly professional. Thanks to him I have made a big, sizable bucket of money over the last 8 months and have made the decision to use that money to go full time trading.
His trading record can be seen by everyone here and his later trades can be seen by every one of his trading group. We know because we trade them. We trade his winning trades too.
I am not surprised...
  • #153
  • Nov 17, 2009 7:14pm Nov 17, 2009 7:14pm
Quoting Chicky
Don't waste your time and energy on something which you are not serious in achieving, and that is, make millions.
Are you working on your first, second or more million?
  • #154
  • Nov 21, 2009 12:17am Nov 21, 2009 12:17am
Quoting xtraction
Are you working on your first, second or more million?
Third, I made my first two from bookmaking. Spent first and bought three real estate properties with the second. This third one will be for 50% charity, 50% entertainment. But have a long way to go in making this third one (first from forex). Wish me good luck in this venture, this may help many.
The Thief of Wall Street
  • #155
  • Nov 21, 2009 8:16am Nov 21, 2009 8:16am
Quoting Chicky
Third, I made my first two from bookmaking. Spent first and bought three real estate properties with the second. This third one will be for 50% charity, 50% entertainment. But have a long way to go in making this third one (first from forex). Wish me good luck in this venture, this may help many.
Seriosly Chicky, wow, that's very interesting, I want to make Half of one, never had that amount in my life, I'm still young, here at my country is not so easy to make a million so If I made half one I will invest it on real state too, charity and a little School for my wife, she likes that a lot. But what I'm seeking the most is independence, not to have a full time job and to take my time when I want or need it.

I was about to wish you luck, but better I will tell you be constant and always stay with your plan, and if you think it's failing look for what is wrong and correct it, well you know this more than me I'm just beginning my long journey here at forex, and I hope to reach my goal too.

C you around my friend,

f
  • #156
  • Edited 3:32pm Nov 21, 2009 3:05pm | Edited 3:32pm
Quoting Forex4pty
Seriosly Chicky, wow, that's very interesting, I want to make Half of one, never had that amount in my life, I'm still young, here at my country is not so easy to make a million so If I made half one I will invest it on real state too, charity and a little School for my wife, she likes that a lot. But what I'm seeking the most is independence, not to have a full time job and to take my time when I want or need it.

I was about to wish you luck, but better I will tell you be constant and always stay with your plan, and if you think it's failing...

Forex4pty, Fortunately or unfortunately one cannot make money is speculative business unless having an employment that generates steady income away from speculative business. You don't mix them both or rely solely on speculative trading.

What I made over a 20 year period also includes one single loss which put me in negative (liabilities) that took about 7 to 8 years just to get back to break-even. Before that years of hard work to finish my graduation and professional certification so that I have a decent steady income (I looked at it as my "insurance")

If you really want to make money, speculation should be your side business not main source of income, unless you have made some assets and set aside enough cash to survive years focusing only on speculative business without even thinking about touching your savings in any circumstances. It is easier said than done.

ps. It is like entering a trade, briging it to BE+1 and enjoy the ride. I started my speculative trading with $100, but at various occassions had to add more cash into it when my drawing for acquiring properties (and that one loss) out of speculative profits exceeded my budget. But in all, never added to that initial $100.
The Thief of Wall Street
  • #157
  • Nov 21, 2009 3:13pm Nov 21, 2009 3:13pm
Quoting Chicky
Third, I made my first two from bookmaking. Spent first and bought three real estate properties with the second. This third one will be for 50% charity, 50% entertainment. But have a long way to go in making this third one (first from forex). Wish me good luck in this venture, this may help many.
Bookmaking? Not sure what that means. Long way in terms of dollars, time or both?
  • #158
  • Edited 4:03pm Nov 21, 2009 3:43pm | Edited 4:03pm
Quoting xtraction
Bookmaking? Not sure what that means. Long way in terms of dollars, time or both?
You collect bets on everything that moves, runs, flies, scores goals, make runs, ............................ gambling, but you are not betting collecting bets keeping odds in your favor.

Example: Two cricket teams are playing. Each cricket team is favorite in its country. Your partner in the other country offers 9:10 sitting in that country for their national team. He collects $10 but the payout is $19 if that team wins.
You do the same sitting in other team's country. You also collect $10 and your payout is also $19 if the team of your country wins. If there is an excess collection by either you or your partner, you play the excess amount at even-money with some other bookmaker. Now whichever teams wins, the combined collection is $20 but payout is $19. You keep $0.5 your partner keeps $0.5. This is a very simple example, there are further technicalities depending upon the game. Isn't it the holy grail everyone is looking for?

Both. I always start very small. Prefer putting small sum + a lot of time as capital. Time gets converted to dollars.
The Thief of Wall Street
  • #159
  • Nov 21, 2009 11:04pm Nov 21, 2009 11:04pm
Quoting Chicky
Forex4pty, Fortunately or unfortunately one cannot make money is speculative business unless having an employment that generates steady income away from speculative business. You don't mix them both or rely solely on speculative trading.

What I made over a 20 year period also includes one single loss which put me in negative (liabilities) that took about 7 to 8 years just to get back to break-even. Before that years of hard work to finish my graduation and professional certification so that I have a decent steady income (I looked at it as my...
It's nice to know it, but don't worry, my investment is according to what I can afford to lose... I also have a full time job, that's my main source of income, and will keep it like that for years...
  • #160
  • Nov 22, 2009 1:08am Nov 22, 2009 1:08am
Quoting Chicky
You collect bets on everything that moves, runs, flies, scores goals, make runs, ............................ gambling, but you are not betting collecting bets keeping odds in your favor.

Example: Two cricket teams are playing. Each cricket team is favorite in its country. Your partner in the other country offers 9:10 sitting in that country for their national team. He collects $10 but the payout is $19 if that team wins.
You do the same sitting in other team's country. You also collect $10 and your payout is also $19 if the team of your country...
This is sports bet arbitrage. I am currently looking into this myself and was wondering, if it is such a holy grail, why are you bothering with something as risky as forex to get your third mil?

btw according to your rules you calculate your stoploss to be 1% risk but you lost 10% chasing 30% on that one pip stop out. There's your problem right there incase you didnt already know. Eliminate the possibility of that ever happening again and you'll have your 10% loss back in no time plus a valuable lesson that will continue to earn for you. Cost me alot more than 10% but it was worth every cent.
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