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....
i agree!!!
- #182
- Sep 1, 2010 3:46am Sep 1, 2010 3:46am
- | Joined Nov 2007 | Status: Trader | 1,142 Posts
/ ... clarifying decisions ... /
Hello Everyone,
My name is Daniel Fernandez and I am what I think you would consider a professional trader, albeit not an institutional one in the formal sense. I do manage a private investment fund and I do so entirely through the use of mechanical trading strategies with predefined rules. I usually aim for a yearly return between 10-50% but more specifically I aim for an average compounded yearly profit to maximum draw down ratio of at least 3:1. In the end the most important thing is capital preservation and that the long term risk is adequately controlled.
Sure, you will find traders who claim much higher returns but you will see that the bast majority of traders (at least of the ones I know) who have been in this business for more than 5 years and handle quantities of money of at least 200K usually aim for similar draw down to profit ratios and average yearly profit figures as the ones I just said. If you want to look at the industry from a realistic perspective you should consider looking at the Barclay index which compares the performance of individuals and institutions dealing with foreign exchange trading.
I might open a few threads to share some of my strategies with you guys but the fact is that I trade in very simple ways, using some extremely simple and reliable strategies. If you would like to see some examples of the systems I use you can checkout Currency Trader Magazine where I have published several articles during the past year. My latest article - published in August's issue - covers a mechanical system I developed a few months ago based on a statistical study over the Asian session.
I hope this helps someone out there
especially many of the new traders who might be reading this thread,
Best Regards,
Daniel
My name is Daniel Fernandez and I am what I think you would consider a professional trader, albeit not an institutional one in the formal sense. I do manage a private investment fund and I do so entirely through the use of mechanical trading strategies with predefined rules. I usually aim for a yearly return between 10-50% but more specifically I aim for an average compounded yearly profit to maximum draw down ratio of at least 3:1. In the end the most important thing is capital preservation and that the long term risk is adequately controlled.
Sure, you will find traders who claim much higher returns but you will see that the bast majority of traders (at least of the ones I know) who have been in this business for more than 5 years and handle quantities of money of at least 200K usually aim for similar draw down to profit ratios and average yearly profit figures as the ones I just said. If you want to look at the industry from a realistic perspective you should consider looking at the Barclay index which compares the performance of individuals and institutions dealing with foreign exchange trading.
I might open a few threads to share some of my strategies with you guys but the fact is that I trade in very simple ways, using some extremely simple and reliable strategies. If you would like to see some examples of the systems I use you can checkout Currency Trader Magazine where I have published several articles during the past year. My latest article - published in August's issue - covers a mechanical system I developed a few months ago based on a statistical study over the Asian session.
I hope this helps someone out there
especially many of the new traders who might be reading this thread,Best Regards,
Daniel
- #186
- Sep 2, 2010 12:36am Sep 2, 2010 12:36am
OK, the thing that Ive learned from several professionals, Im talking about those that have to answer to someone else for there success and failures, not your regular self employed trader, like me, is that they are not making high pip counts each day/week, perhaps 25 pips a day maybe, there reason for making large financial returns is down to the size of the accounts they manage, the equity growth they secure in relative terms is not huge. This is a slightly broad statement as I haven't spoken with any professional traders that hold positions for...
It is natural to compare yourself with others, but usually you are to hard on
yourself.
The whole forex thing is a proses and a journey.
At the end you will find what works for you, and usually it is very simple.
Just stay humble, keep learning and the pips will follow you.
Thank you very much for opening this thread.
I have learned a lot.
They look to form there own systems. keep them a closely guarded secret, once perfected. Systems based on pure maths and quantum psychics ! The only way we can compete, is be privy to that information. The information on the exact strategy they use, but the question is .... will they share it... unfortunately I think not.
It is also true here that we don't need such systems to be profitable and this is proved every year by many retail traders or positional institutional traders who actually "make it" using rather simple systems which many times are available for free.
My advice here is for traders to look for systems designed and used by professionals, go read Active Trader and Currency trader magazine, both contain a wealth of systems that have been developed to trade the markets on smaller and larger time frames. They are systems built with the professional retail trader in mind, they are evaluated extensively and they give you an edge easily. Of course, trading these systems successfully is an entirely different thing (since any long term profitable system is inherently psychologically difficult to trade) but the systems are out there, for free or for little money in these and other similar publications for the forex and futures industries.
If you are lost or you are new and you want to achieve good results then look into these publications, get a system you like, implement it, evaluate it on the instruments you want to trade and use it. Do so with a few systems and you will have a portfolio for successful trading. In my mind this is the easiest way in which a retail trader can achieve success, taking a system shared by an industry professional and implementing and running it. However these systems will not be easy to trade and the new trader will still have to develop a great confidence and understanding over the systems to be able to withstand the psychological pressure. On top of this traders will need to focus on realistic profit and draw down targets, something many are not willing to do.
I hope this helps someone, just my 2 cents
Daniel
- #193
- Sep 2, 2010 9:12pm Sep 2, 2010 9:12pm
You've got to be kidding me.....
So to summarize this thread:
:-): Hi guys, who's a pro, how much do you make and how do you do it??
:What your asking isn't possible! nobody will help you!:-): ya well i can dream can't I???
:Heres why its not possible:-): I reject your reality and replace it with my own!
:i trade professionally, this is how much i make on average, this is how i trade, and heres an EA that will do it for you!:-):hi guys, turns out i was wrong soo....
???????????????
I can't type out enough question marks to portray how confusing this last page has been to me.
- #194
- Edited 2:30am Sep 3, 2010 2:15am | Edited 2:30am
- | Joined Nov 2007 | Status: Trader | 1,142 Posts
/ ... clarifying decisions ... /
You've got to be kidding me.....
So to summarize this thread:
:-): Hi guys, who's a pro, how much do you make and how do you do it??
:-): ya well i can dream can't I???
:-): I reject your reality and replace it with my own!
:-):hi guys, turns out i was wrong soo....
???????????????
I can't type...
Why do you keep coming on this thread and posting negative comments all the time, haven't you got anything better to do, seriously...lol.
Go find another thread that is of interest to you
- #200
- Sep 16, 2010 4:05am Sep 16, 2010 4:05am
I would be surprised if that was the case. Programmers and mechanical traders don't rule the markets, discretionary traders do, and I expect most do not have science or math degrees.
Quantum psychics? I'd prefer if you didn't use "they" and "we", as if we all belong in two neat groups. We don't. The skill level for retail and professional traders varies significantly.
I would share very little with you. If you are sharp, a few hints should be enough to set you on the right track.
You'd be surprised. If you ask the right way, most people...
I find it truly childish how people go to forums looking for the secret of trading to be served to them on a silver plate. It's even more amazing how some of them act as if the real traders are obliged to share just because the juniors asked. This is not a game...