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Professional forex traders

  • #101
  • Aug 30, 2010 6:25am Aug 30, 2010 6:25am
Quoting Mercurius
Most professional traders would be market makers. Something the forex market does not need. That means that the bulk of the pro's at work in the forex market usually consists of hedgers and long term strategists looking at fundamental data rather than short/medium term technical speculating that private traders would be interested in.

So all those traders on the floor at the big guys are just demotrading then, or just taking up floorspace? Go have a wander on the trading floor at GS, DB or UBS in London and you may have to reconsider your statement.
  • #102
  • Aug 30, 2010 6:27am Aug 30, 2010 6:27am
Quoting Mercurius
Most professional traders would be market makers. Something the forex market does not need. That means that the bulk of the pro's at work in the forex market usually consists of hedgers and long term strategists looking at fundamental data rather than short/medium term technical speculating that private traders would be interested in.

yea the forex market doesnt need liquidity providers , what a crazy idea!
  • #103
  • Aug 30, 2010 6:32am Aug 30, 2010 6:32am
Quoting ab1
Hi everyone

I just needed to ask the following questions........

1) Are you a professional Forex Trader (i.e. working for someone you have to attain results for to keep your job)
2) What systems, strategies, methods do you use
3) How does your average Forex trader become successful
4) What have you been taught, that enables you to succeed.

Ok I've been trading for about 2 years full time, I have traded literally hundreds of systems from all over the place. Forex Factory, TSD, Baby Pips, etc etc, to name but a few. I have used...
Ouch again question about "profesional traders"...Ab1 its all relative what you mean for profesional.For me profesional trader is trader wich has control about his position and greed and trader wich has knowledge for style of trading he use.There is no magic system or something like that,everyting is in brain.As i love to say,put 200 SMA on H4 TF and work on every cross put SL 100 pips TP 300 you will see results.Mainly thing is to find your personality and what you enjoy to trade,scalp,mid trading,longer....I will tell you again one fact,many banks loose on Forex trading,that tells you "profesional trader" is relative.




Petar
"Buy on fear, sell on greed !!!
  • #104
  • Aug 30, 2010 6:34am Aug 30, 2010 6:34am
Quoting AlbertPortsm
Hi,

I want to know how much time it will take to become the professional forex traders and how much do we need to invest on it....

looking for expert's advise

Thanks
Albert.
Simple answer is that is RELATIVE > You can do that for 2 months or 2 years or never...
"Buy on fear, sell on greed !!!
  • #105
  • Aug 30, 2010 6:43am Aug 30, 2010 6:43am
Quoting Petar_Serbia
,many banks loose on Forex trading,that tells you "profesional trader" is relative.




Petar

Oh please, just to continue the reference to GS, they made a profit of 3,470 million dollars trading currencies in the 3 months ending June 2010. So that is over 3 billion, yeah they lose on trading FX all the time.

In the first 6 months of the year they made a profit of close to 7 billion trading FX

http://www2.goldmansachs.com/our-fir...q-2-q-2010.pdf
  • #106
  • Aug 30, 2010 6:46am Aug 30, 2010 6:46am
Quoting cloggie
Oh please, just to continue the reference to GS, they made a profit of 3,470 million dollars trading currencies in the 3 months ending June 2010. So that is over 3 billion, yeah they lose on trading FX all the time.

In the first 6 months of the year they made a profit of close to 7 billion trading FX

http://www2.goldmansachs.com/our-fir...q-2-q-2010.pdf
Hmm lol if you see my post you will know i say many banks,not all....
"Buy on fear, sell on greed !!!
  • #107
  • Aug 30, 2010 6:48am Aug 30, 2010 6:48am
Quoting Petar_Serbia
Ouch again question about "profesional traders"...Ab1 its all relative what you mean for profesional.For me profesional trader is trader wich has control about his position and greed and trader wich has knowledge for style of trading he use.There is no magic system or something like that,everyting is in brain.As i love to say,put 200 SMA on H4 TF and work on every cross put SL 100 pips TP 300 you will see results.Mainly thing is to find your personality and what you enjoy to trade,scalp,mid trading,longer....I will tell you again one fact,many...
I also forgot to say i earned about 20 X than my first deposit,but as i said on other thread if i stop to trade now on my own account i will be one from 5 % wich earn money.Point is you must know when to stop and go enjoy.THat is for my own acc but i still work for company like trader asistent but that isnt my money that is totaly diferent...


Cheers


Petar
"Buy on fear, sell on greed !!!
  • #108
  • Aug 30, 2010 6:59am Aug 30, 2010 6:59am
they should change the name of this thread to...."How can I become a "professional" forex trader in less than 60 minutes, and who can show me how to do it"

because that's pretty much what's been asked....
  • #109
  • Aug 30, 2010 7:01am Aug 30, 2010 7:01am
Quoting mfoste1
they should change the name of this thread to...."How can I become a "professional" forex trader in less than 60 minutes, and who can show me how to do it"

because that's pretty much what's been asked....
haha bro


Where are you profesional trader ?
"Buy on fear, sell on greed !!!
  • #110
  • Aug 30, 2010 7:04am Aug 30, 2010 7:04am
Quoting Petar_Serbia
Hmm lol if you see my post you will know i say many banks,not all....

DB 4 bill, UBS 2 bill, all in the first 6 months. Show me a bank that does not make a profit from trading FX. And I don't mean some community bank in Muskogee.
  • #111
  • Aug 30, 2010 7:07am Aug 30, 2010 7:07am
Quoting mfoste1
they should change the name of this thread to...."How can I become a "professional" forex trader in less than 60 minutes, and who can show me how to do it"

because that's pretty much what's been asked....
Seconded.

But in respect to the OP, he says he trades full time and profitably. It does not surprise me at all that any of the 'pros' here on ff contacted him privately. Infact one of my next suggestions was going to be to contact some members via PM,as that would get a better response.

Wish you well in whatever your quest is ab1.

Regards,
K.
  • #112
  • Aug 30, 2010 7:09am Aug 30, 2010 7:09am
Quoting cloggie
DB 4 bill, UBS 2 bill, all in the first 6 months. Show me a bank that does not make a profit from trading FX.
Lol haha You are best man i have ever seen haha


Look just these 10 earn all others are very bad >

RankName Market Share
1 Deutsche Bank 18.06%
2 UBS AG 11.30%
3 Barclays Capital 11.08%
4 Citi7.69%
5 Royal Bank of Scotland 6.50%
6 JPMorgan 6.35%
7 HSBC 4.55%
8 Credit Suisse 4.44%
9 Goldman Sachs 4.28%
10 Morgan Stanley 2.91%

If you see sometnig interesting > Deutshe bank has 19 % and guys said Forex cant be manipulated haha First 3 banks in total about 40 % all deposit from Forex market.
Deutche bank will always earn becouse they can move market for yourself very large amount for position,they move market for yourself similar like Soros method...

Man just 2,3 banks + Bernarke control all market...That is this is very riksy buisnese and you must know when to stop if you earn...
"Buy on fear, sell on greed !!!
  • #113
  • Aug 30, 2010 7:09am Aug 30, 2010 7:09am
Just my 2 cents for what it's worth. I am not a professional trader in the sense that I trade for a living. I have several income streams and trading is just one of them. There may come a time when trading is my main income but for the time being I am primarily interested in growing my account balance.

Anyone who has been trading, reading books or forums will have undoubtedly heard these two sentences several times - Cut your losses and let your winners run. & The trend is your friend. But I doubt many actually give them a second thought once they open their trading platform.

I don't personally think you can have an edge on the market. It's too big and unpredictable. All you can do is follow. If it's going up, buy. If it's going down, sell. If you are wrong get out.

Money management is not an edge. It's just good business practice. If you had a book store would you commit 10% of your bank balance to one novel? Of course not that's suicide and is bad for cash flow. Trading is no different.

I think it's very easy to get hung up about the micro details of trading. Sometimes you just need to take a step back and look at the bigger picture.
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  • #114
  • Aug 30, 2010 7:11am Aug 30, 2010 7:11am
Quoting Petar_Serbia
Lol haha You are best man i have ever seen haha


Look just these 10 earn all others are very bad >

Rank...

Market share is irrelevant to profits, you may as well give me the market share of sales in wheat of farmers in xiacheng, or the production rate of rubber trees in Jamaica.

Come on you said that most banks lose money trading FX, well give us the facts please that are relevant. And don't start with another illuminati driven conspiracy.

Back up your claim, "banks lose money trading FX", well give us the facts, find me one annual statement showing a loss trading FX for one of the top 50 banks and I will go away.
  • #115
  • Aug 30, 2010 7:17am Aug 30, 2010 7:17am
Quoting ab1
Hi everyone

I

So how are we going here?

Have you found the answers to your original questions?

What conslusions can you draw so far?
Time hides Nothing
  • #116
  • Aug 30, 2010 7:17am Aug 30, 2010 7:17am
Quoting mfoste1
yea the forex market doesnt need liquidity providers , what a crazy idea!
Everyone buying and selling the forex is a "liquidity provider" since forex is not traded on an exchange but "over the counter" it does not use market makers with an insider edge.

and again, most of them will "Hedge", something i dont see many private traders do.
  • #117
  • Aug 30, 2010 7:18am Aug 30, 2010 7:18am
Quoting cloggie
Market share is irrelevant to profits, you may as well give me the market share of sales in wheat of farmers in xiacheng, or the production rate of rubber trees in Jamaica.

Come on you said that most banks lose money trading FX, well give us the facts please that are relevant. And don't start with another illuminati driven conspiracy.

Back up your claim, "banks lose money trading FX", well give us the facts, find me one annual statement showing a loss trading FX for one of the top 50 banks and I will go away.
Cloogie i work on bank and belive me many banks loose,just largest banks earn money becose i explained you they can move market for yourself if they want and if they have alow from Bernarke...

Petar
"Buy on fear, sell on greed !!!
  • #118
  • Aug 30, 2010 7:18am Aug 30, 2010 7:18am
Quoting Mercurius
Most professional traders would be market makers. Something the forex market does not need. That means that the bulk of the pro's at work in the forex market usually consists of hedgers and long term strategists looking at fundamental data rather than short/medium term technical speculating that private traders would be interested in.

This is not true mate, there is so much volume traded every day by bank dealers in fx and most of them are held intraday or for few days, they really don't like open positions at night and if so it's ussually only a part of that position, and it's not true that they are focused completely fundamentaly - only if taking longterm trade(investiton) but the trigger for entering is almost always technical. That thing what Intensity stated that not of that sort is used by pros is completely bs(sorry mate but i wonder where did you get such info). S/R, 50% fibs, trendlines and round numbers are hugely used by pros...do you really think that a spike after touch of some important level is caused by retailers? no it's not, at all the most of retail brokers are market makers and our trades aren't calculated into price cos it's not traded on interbank
  • #119
  • Aug 30, 2010 7:28am Aug 30, 2010 7:28am
Quoting willf
Just my 2 cents for what it's worth. I am not a professional trader in the sense that I trade for a living. I have several income streams and trading is just one of them. There may come a time when trading is my main income but for the time being I am primarily interested in growing my account balance.

Anyone who has been trading, reading books or forums will have undoubtedly heard these two sentences several times - Cut your losses and let your winners run. & The trend is your friend. But I doubt many actually give them a second...
Good post and i wish you earn pips in future but i will give you my opinion about trend.Trend is totaly relative thing.WE have mid trend,long trend,currently trend and that is why we cant say wich is trend.I will tell you i earned money and i never look at d1,weekly,montly chart just one chart and one pair...That is how i earned but LOok >
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"Buy on fear, sell on greed !!!
  • #120
  • Aug 30, 2010 7:31am Aug 30, 2010 7:31am
Quoting katrooo
This is not true mate, there is so much volume traded every day by bank dealers in fx and most of them are held intraday or for few days, they really don't like open positions at night and if so it's ussually only a part of that position, and it's not true that they are focused completely fundamentaly - only if taking longterm trade(investiton) but the trigger for entering is almost always technical. That thing what Intensity stated that not of that sort is used by pros is completely bs(sorry mate but i wonder where did you get such info). S/R,...
Which is exactly what pro's do differently... they are the brokers.

and ofcourse banks and such need to take their trades in parts and do use floor traders and technical programs for that.
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