How did you find success? | Forex Factory

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How did you find success?

  • #1
  • First Post: Dec 6, 2009 6:35am Dec 6, 2009 6:35am
I am hoping to become a successful trader. I am not looking to become rich but it would be nice to be able to make extra moolah. To those who doing that now please can you give some advice so that us struggling rookies can benefit from your experiences.
  • #2
  • Dec 6, 2009 1:05pm Dec 6, 2009 1:05pm
You might find some answers here:

http://www.forexfactory.com/showthread.php?t=143409
  • #3
  • Dec 6, 2009 1:41pm Dec 6, 2009 1:41pm
These are all very good resources thanks for posting them here. I agree with Arto that money management is very important. I don't believe you can ever be successful without it.
  • #4
  • Dec 8, 2009 10:42am Dec 8, 2009 10:42am
I just seem to be a lot luckier these days. It's taken me 2 - 3 years and now I am making money. I have just recovered from some kind of weird RSI injury in my mouse arm so I now use my other hand to operate the mouse. I also lost quite a bit of money on the way. When I look back at some of the trades I took and held on to I break out in a sweat and go red from embarrassment.

In the spare room there is a falling over stack of notebooks, squared paper, with all kinds of strategies back tested.

I just seem a bit luckier these days. Not only that, but I'm ambidextrous!
Gone to a better place
  • #5
  • Dec 8, 2009 11:50am Dec 8, 2009 11:50am
I'm finding some degree of success by not looking my balance till the end of the month or week.

Hence i focus more on the trade and less on the money.

Since i have no idea how much money is left, i remove the fear and greed aspect that was haunting my mind while i was trading previously.

It helps me focus solely on the trade which should be the case.
  • #6
  • Dec 8, 2009 12:31pm Dec 8, 2009 12:31pm
Quoting shotguan
I'm finding some degree of success by not looking my balance till the end of the month or week.

Hence i focus more on the trade and less on the money.

Since i have no idea how much money is left, i remove the fear and greed aspect that was haunting my mind while i was trading previously.

It helps me focus solely on the trade which should be the case.
very nice idea even i have stopped keep gazing at my account balance and profit and loss of a particular trade,instead now i more focus on trade setups
  • #7
  • Dec 8, 2009 1:12pm Dec 8, 2009 1:12pm
My best guess would be countless hours of hard work, a lifetime of training, discipline and an inquisitive personality.
  • #8
  • Dec 9, 2009 2:54am Dec 9, 2009 2:54am
Quoting Pearl Jam
My best guess would be countless hours of hard work, a lifetime of training, discipline and an inquisitive personality.
Not countless, but a lot of hours. For me the equivelant of about 40 hours a week over 3 years. From what information I have found that's about average. So not a lifetime. Someone younger, brighter, talented or with a good teacher may pick up in a fraction of that time. Who knows?
Gone to a better place
  • #9
  • Edited 9:08am Dec 9, 2009 7:42am | Edited 9:08am
Quoting shotguan
I'm finding some degree of success by not looking my balance till the end of the month or week.

Hence i focus more on the trade and less on the money.

Since i have no idea how much money is left, i remove the fear and greed aspect that was haunting my mind while i was trading previously.

It helps me focus solely on the trade which should be the case.
Couldn't have said it better - "focus more on the trade and less on the money". Also, research a method and timeframe which suits you, use sound money management methods, master your own psychology, and trade small until you have a certain level of success.

Trading is a journey - don't expect to attend a few days seminar and be equipped to be a successful journey. Have you heard of anyone who learnt how to swim through reading a book on swimming.

In my opinion, everyone needs to develop their own journey.

Edit: Am still finding my own.
  • #10
  • Dec 9, 2009 8:34am Dec 9, 2009 8:34am
Quoting smikester
Not countless, but a lot of hours. For me the equivelant of about 40 hours a week over 3 years. From what information I have found that's about average. So not a lifetime. Someone younger, brighter, talented or with a good teacher may pick up in a fraction of that time. Who knows?
I guess it depends on your style. I feel like if you trade on fundamentals you never stop following and analyzing news. that's a 24 hour a day job. I am new to currency but that's how I've approached every other type of investment.
  • #11
  • Dec 9, 2009 8:36am Dec 9, 2009 8:36am
Quoting smikester
I just seem to be a lot luckier these days. It's taken me 2 - 3 years and now I am making money. I have just recovered from some kind of weird RSI injury in my mouse arm so I now use my other hand to operate the mouse. I also lost quite a bit of money on the way. When I look back at some of the trades I took and held on to I break out in a sweat and go red from embarrassment.

In the spare room there is a falling over stack of notebooks, squared paper, with all kinds of strategies back tested.

I just seem a bit luckier these days. Not only that,...
Same here. I've found myself in a place different from past years. With the understanding, "You can't predict the market", yet I do not. I hold my money management bible close at had and heart. Sticking to my trading plan I wait ... with patience. No indicators dubbed, "skwiggly lines" to assist, I press on with my price action. Martket goes up - as do I. Market goes down - As I have. Holding only the knowledge, "that the market works in cycles", I retrace and continue.

Titled: My Market Poem
By: Jhig
  • #12
  • Dec 9, 2009 10:51am Dec 9, 2009 10:51am
You need one of the following character traits:

1) The ability to learn from others without making the same stupid mistakes that have been made time after time after time. Very hard to do this one..... most people just can't accept that the stove is hot, they have to touch it! Just basic human nature. Very rare if you can accomplish this. (I could not!)

2) When you lose, to the point of having your guts ripped out and your world crumble, do you count your losses and chose a different path.... or do you get pissed off and redouble your efforts. If the thought of cutting your losses and trying something else could appeal to you... go ahead and do it and save yourself a lot of time, money, and heartache. If you trade, all of you weakness will be exposed and put to the test.

Hope this helps... Good luck!
  • #13
  • Dec 9, 2009 10:53am Dec 9, 2009 10:53am
making a big banner in ur office or place where you trade

"never GO against your system"
  • #14
  • Dec 11, 2009 11:18pm Dec 11, 2009 11:18pm
Quoting swingtrader
making a big banner in ur office or place where you trade

"never GO against your system"
things like that make me feel like perhaps you do not quite understand exactly what it is that makes you money, ie it's not intuitive / natural. I'm not saying you are wrong, just suggesting perhaps there is some doubt in a traders mind as to what to do if one needs reminders like that. bit like the joke about the blonde at the hairdressers who wouldnt remove her earbuds / headphones.
Congratulations ScalaFX for coming out of the closet!
  • #15
  • Dec 11, 2009 11:51pm Dec 11, 2009 11:51pm
Be determined to spend countless of hours researching on methods and strategies that work; read & read anything that can be found and helpful in this business; backward and forward test new ideas/methods/strategies; lastly, a never-say-die spirit. One day, you will find your "Ah Ha !!" moment.
~*~*~*~*~*~*~*~*~*~ Yesterday's pips once more
  • #16
  • Jan 23, 2010 9:35am Jan 23, 2010 9:35am
Success?

It's found by hard work. For those who are reading this thread looking for success, think it through.

If you wanted to run a marathon and place, what would you do? You would wake up at 5:00 AM and jog every morning for 2 hours.

If you wanted to be a doctor, what would you do? Go to school for 16 years and study, study, study, study.

If you wanted to be a lawyer, what would you do? Go to law school for 4 years and spend thousands of hours studying.

If you want to be a trader, should you do? Get a system you understand and immerse yourself in market data studying your strategy until you have mastered it.

It's that simple really...you don't read message boards to be a lawyer or doctor. You don't pay coaches to pass the bar exam to be a lawyer. You don't purchase someone's system for learning how to pass medical exams. You don't do what most of you are doing right now.

You work, and you work hard. This is what we are called to as traders - work, work, work. If you aren't working and aren't studying, how do you think you can even profit in this business, let alone be great?
  • #17
  • Nov 8, 2013 10:50am Nov 8, 2013 10:50am
Everyone can get success in Forex and so its better to focus on learning first and gets the maximum benefit from Forex because it all requires its basic knowledge and experience.
  • #18
  • Nov 8, 2013 3:25pm Nov 8, 2013 3:25pm
Pay close attention, here you go, "Learn to walk before you can run" and then this, "Hard work always pays off"..and believe me, when it comes to the currency market, you need to work your a** off..
  • #19
  • Nov 8, 2013 7:14pm Nov 8, 2013 7:14pm
If you can emulate salt water crocodile then you are way up above lot of traders.
This is no a joke.I read plenty of books on trading and none came close to this article.
Master your patience and develop discipline and become rich successful trader.That's it.Can you wait a whole week for right set up?How about a month?
If you think you must be scalping 10hrs a day to make money then I urge you to think outside the box.

The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.
Jesse Livermore

They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.
Jesse Livermore

"right side means right timing."
In trading, you have to be defensive and aggressive at the same time
  • #20
  • Nov 8, 2013 7:33pm Nov 8, 2013 7:33pm
Quoting Moody
....Success? ........ If you want to be a trader, should you do? Get a system you understand and immerse yourself in market data studying your strategy until you have mastered it. It's that simple really...you don't read message boards to be a lawyer or doctor...
(Sorry for my english) I think u are a little wrong in there.... im a noobish in this bussines, and im learning to much reading the experiences of everyone in the forums... Learning watching videos of ppl talking about the trader world... U can learn a lot reading...

If u are new in this... and u want to join to the bussines.. how u can make a system if u doesnt know the typical problems or error, U are going to fail and fail... lost and lost money just for learn WHAT U DONT NEED TO DO... so if u read forums about the experiences of the PRO, u can read and learn their mistakes and u dont do that.

For example, The President need to read the mistakes of oldys presidents for dont do the same sh1t.

Well... i still reading, learning and Working.

Thanks and sorry for my english.

Contrax.
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