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  • #121
  • Dec 8, 2008 7:41pm Dec 8, 2008 7:41pm
topgun,

whats up buddy, i use to be like you, thinking i had to have a high percentage rate, then i read the market wizards book by jack schwager and the last paragraph on page 166 changed my trading life forever ( interview with mark minervini), most of the worlds most successful traders win rate are between 35 to 50%, thats a fact, they are not successful because of the accuracy of there trades but are successful because the size of there wins far exceed there losses, the faster you can devolope a system around the golden rule of trading the faster you'll be profitable, high win percentage does not mean a thing if you cant wrap your brain around position sizing...yes, i compound my trades, my stops are based on my indicator when to get out and they are usually 10 pips or so that i lose, but my winners in comparison are HUGE because i scale into the trades as well, sometimes i feel like i am cheating the most important thing right now for you to understand is the golden rule of trading and to get mentally tough for a few small losses in a row that your going to take, dr. van tharp has impacted my trading immensely and i would recommend you start to read his books and get a real grasp on how the worlds best traders trade....heres the link to a great book that i have by van tharp......phorex phreak

http://www.iitm.com/Definitive-Guide...ion-Sizing.htm


Quoting Topgun_1
tiago,

Thanks for the advice. Or maybe I should say thanks for reminding me of something that I already knew but had gotten away from. The thing that I lose sight of from time to time -the most important thing in trading - is the psychological side of trading (discipline) and money mangement as well. Sometimes I get too focused on the system itself and end up forgetting that most important 95% part of trading.
Also, it's motivational to me to see that you only have a 50% success rate but yet you are very successful because your money mangement...
  • #122
  • Dec 8, 2008 8:00pm Dec 8, 2008 8:00pm
Quoting tiago
topgun,

whats up buddy, i use to be like you, thinking i had to have a high percentage rate, then i read the market wizards book by jack schwager and the last paragraph on page 166 changed my trading life forever ( interview with mark minervini), most of the worlds most successful traders win rate are between 35 to 50%, thats a fact, they are not successful because of the accuracy of there trades but are successful because the size of there wins far exceed there losses, the faster you can devolope a system around the golden rule of trading the...
Right but also wrong.


There are two types of professional traders, one is the type you mentioned, they generally will be lucky to open a trade once a week, and really go for the long haul (trying to avoid the market noise). Then there are high frequency traders (the market noise), whom usually maintain a 90-92% accuracy level.

There is a trader at deutche in germany (who travels frequently to london and the US) who fixes trading accounts. He is high Freq, and according to word on the st, he trades at 96-98% accuracy. He is supposedly the most valuable trader alive, and gets paid by the hour... Go figure?....

The thing that most people who write books wants you believe is that they are the ones who are right. Rather than seeing both sides. They may be right, but that doesn't mean the other side doesnt exist.

There was a story about a trader here in Aus, who had just signed up for westpac, they had to pay him 2.5 mill just to fire him because he wasn't paying his child support to his ex wife in london. His trading ability was labelled ''outstanding and 90% of the time accurate". Thats why he was head hunted by Australias (now largest) bank. He was on about 500k/month + bonus + comission. Was given 3 million to accept the job ( so he could buy a house etc) and was paid 2.5 to be fired..... Working in the industry, i can tell you if he wasn't trading high % he wouldnt be offered diddly squat.
  • #123
  • Dec 8, 2008 8:02pm Dec 8, 2008 8:02pm
Quoting tiago
topgun,

whats up buddy, i use to be like you, thinking i had to have a high percentage rate, then i read the market wizards book by jack schwager and the last paragraph on page 166 changed my trading life forever ( interview with mark minervini),
U mean this book??

Sonic
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  • #124
  • Dec 8, 2008 8:45pm Dec 8, 2008 8:45pm
i also know many hitters in the business as i consider myself one of them, and i can assure you the high winning percentage trade guys you are talking about are few and far between, we're actually talking about achievable systems that the everyday trader can grasp and make a success of themselves, of course there is a gauntlet of different percentages in the trading world, but the guys you mention are definately in the minority my friend, and the most valuable trader alive today based on the last 5 years of trading history is steve cohen yes, you can also look him up on the forbes billionaire list.. phorex phreak

Quoting Takisd
Right but also wrong.


There are two types of professional traders, one is the type you mentioned, they generally will be lucky to open a trade once a week, and really go for the long haul (trying to avoid the market noise). Then there are high frequency traders (the market noise), whom usually maintain a 90-92% accuracy level.

There is a trader at deutche in germany (who travels frequently to london and the US) who fixes trading accounts. He is high Freq, and according to word on the st, he trades at 96-98% accuracy. He is supposedly the most...
  • #125
  • Dec 8, 2008 8:46pm Dec 8, 2008 8:46pm
i believe it is, yes....make sure it has the interview with mark minervini in there...

Quoting sonicdeejay
U mean this book??

Sonic
  • #126
  • Dec 9, 2008 11:15pm Dec 9, 2008 11:15pm
Quoting tiago
topgun,

whats up buddy, i use to be like you, thinking i had to have a high percentage rate, then i read the market wizards book by jack schwager and the last paragraph on page 166 changed my trading life forever ( interview with mark minervini), most of the worlds most successful traders win rate are between 35 to 50%, thats a fact, they are not successful because of the accuracy of there trades but are successful because the size of there wins far exceed there losses, the faster you can devolope a system around the golden rule of trading the...
Tiago,

Thanks so much for the advice! It definitely does make sense to have winners larger than losers, and it means even more to me coming from someone who is successful and is "practising what you preach".

Yes, I've heard of Dr. Van Tharp before. I'll have to give his books a try. As far as a great book to read, I highly, HIGHLY recommend Trading In Zone by Mark Douglas. It's simply a classic! I recieved it a couple of years ago as a gift, and I am now in the process of reading it once again. It makes one realize what trading is all about, and that trading really is 90% or more mental and that the trading system itself is just a fairly small part of trading (of course, as long as one has at least a decent trading system and not a complete failure system).

I wonder if it is coincidence or fate that you mentioned the "Market Wizards" book. Last week a family member was asking me what I wanted for Christmas and I told them I want the "Market Wizards" book. Maybe it's a good sign for me that you happened to mention it here! ha-ha.

I also agree with you that those traders who have a 90% - 98% win rate are obviously in the minority. Sure, there are traders out there with 90% or more win rate, but odds are that there are MANY more with a 50% or less win rate who are just as successful - in regards to money - as those 90% traders. And I'm sure it's much less stress in knowing you have to only win 50% or less of your trades, than it is to have to worry about keeping up a 90% win ratio.

Tiago, thanks again and continued success!


Topgun
"Success is not a fantasy, it's a formula." - MTI
  • #127
  • Dec 10, 2008 12:50pm Dec 10, 2008 12:50pm
good luck topgun....you need any help let me know....phorex phreak

Quoting Topgun_1
Tiago,

Thanks so much for the advice! It definitely does make sense to have winners larger than losers, and it means even more to me coming from someone who is successful and is "practising what you preach".

Yes, I've heard of Dr. Van Tharp before. I'll have to give his books a try. As far as a great book to read, I highly, HIGHLY recommend Trading In Zone by Mark Douglas. It's simply a classic! I recieved it a couple of years ago as a gift, and I am now in the process of reading it once again. It makes one realize what trading is all about,...
  • #128
  • Sep 26, 2010 6:47am Sep 26, 2010 6:47am
hi i've been doing demo trading since last november been making steady profit until about april when i opened a live micro account with a minimum deposit of 25$, i've made profit and lost money, if you're just doing demo your not actually worried about losing any money because it aint real, i think i have now found the system for me to make money it's been working on the demo and the real account this system includes using 5 timesframes three moving averages of 3,6,9 plus a boilerband upper and down signal trends takes a while to understand where to buy and where to sell but once you understand you can make a fair amount of profit

Tom Millard
  • #129
  • Sep 28, 2010 7:30pm Sep 28, 2010 7:30pm
i learned to trade forex from reading trading books,at first i didnt even know what a stock exchange was i ,just wanted to learn how i can get rich one day ,....from stocks i moved to forex cause low deposits and cause of australian laws,not allowing day trading unless cfds and if u have 2k in ur account,

my recomend is tim sykes,stock trader who made 500k in college in 2 weeks and lost the money now he gives signals and writes for a living,learn from him,u can download some of his dvds for free on torrents,and watch wall street warriors ,and watch rogue trader movie to see what happens when u cant trade and wanna get ur losses back


forex is like sports,learn from winners and ull be a winner,i read about 5 warren buffet books when i started ,because he is the master of the craft ,and to become like him,u have to change to mind thinking,modify abit,learn lessons of the past
  • #130
  • Dec 18, 2010 8:48pm Dec 18, 2010 8:48pm
just checking in
"The person who knows that enough is enough, will always have enough". .
  • #131
  • Dec 20, 2010 8:51am Dec 20, 2010 8:51am
Past results do not guarantee future results.

Period.
  • #132
  • Dec 20, 2010 3:34pm Dec 20, 2010 3:34pm
Quoting tiago
they are not successful because of the accuracy of there trades but are successful because the size of there wins far exceed there losses
And how is that any different?

Both skills require an ability to predict where price is heading (at a better-than-chance rate). If you don't have that skill, you won't be able to make accurate trades, nor consistently have trades where wins far exceed losses.
  • #133
  • Dec 20, 2010 3:41pm Dec 20, 2010 3:41pm
Quoting Marv
And how is that any different?

Both skills require an ability to predict where price is heading (at a better-than-chance rate). If you don't have that skill, you won't be able to make accurate trades, nor consistently have trades where wins far exceed losses.
easy, - enter anywhere, put sl on BE as fast as you can, enjoy free rides while braging about your "skills" on FF
  • #134
  • Dec 20, 2010 3:48pm Dec 20, 2010 3:48pm
Quoting mike w
Hi everybody, my name is Mike W. Im a fairly new trader and I've had some crazy times with forex. haha. Right now im in the hole pretty bad but im not giving this up for anything. i thought id start a forum to see how everyone is doing trading forex. lets hear some success stories to get morale up!
Wow, the difference a few years can make! It's funny how one idea can spark a movement in you and transfer you from losses to gains.

This post is actually hilarious to me now, looking back on it.

Anybody that needs to get their morale up, get to testing, visualizing yourself as successful in this business down to every last detail, and test some more. Never stop visualizing greatness for yourself. I guess I could post my success story (so far) and answer myself from a few years ago. Then again, I knew I'd see this post again one day and laugh.

Have a good one ladies and gents.
I dream, therefore I become.
  • #135
  • Dec 20, 2010 3:55pm Dec 20, 2010 3:55pm
Bunghole has made millions using astrological cycles of uranus
  • #136
  • Dec 20, 2010 4:29pm Dec 20, 2010 4:29pm
Quoting dragan53
Bunghole has made millions using astrological cycles of uranus
wheres the like button on this thing?

and to the comment not just uranus.
  • #137
  • Aug 27, 2011 6:42am Aug 27, 2011 6:42am
I posted this in another thread on here but thought I would place it here as well. I am new to the game.


I am new to forex. Found out about it nearly 8 months ago. The first time I looked at a candlestick chart, my mind nearly melted. I was blown away by forex and saw it as something I could do the rest of my life.

I am 28 and have owned several businesses. Some successful and others not so successful. I have been burned by partners, employees and vendors. To me, forex is more stable and safe than the traditional business environment. Here is why I like forex:

1. No employees.
2. No partners.
3. No overhead.
4. No vendors.
5. No need to sale anything to anyone.
6. No competition with anyone but yourself. (this is how I see it)
7. Constant action and dozens of places to make money all day long.
8. A different type of stress.
9. No office politics. If you are good at this, you make money. If you are good at your job, good luck getting noticed without others getting jealous.
10. Massive potential.

I believe there are hundreds of successful traders out there that will NEVER let us know who they are because they do not want to take away the largest asset they have, anonymity. I believe that good EAs work for a short while until so many people adopt them and completely destroy the system. Successful traders understand this and do not reveal themselves... and if they do, they dont tell you how they do it.

I traded on a practice account for about 3 months before I realized that it was a waste of time because I was doing things (making trades) that I never would have if it was real money.

I opened a live account is interbankfx.com (they are great as far as I know) and placed a deposit of $100. This was about 45 days ago.

I started making pips quickly with the method that I use and decided to make another deposit of $500 so that I could have more open trades and at larger lot sizes.

I went 80+ trades without a single loss and decided to add an additional $400 to my account to bring the total deposits to $1000.

I have won 136/139 trades. This has given me a net gain of 45% in my first month. My new balance is $1433.

You can see my results here: https://www.fxjunction.com/profile/pjordan/stats

I have a method that no one I know uses. I hardly ever look at the charts. Sound surprising? Yea, Im almost embarrassed to say it but its true. I only look at the charts a few times a week and then I place all my orders through fxjunction.com. Doing this requires me to look at forex like a video game.

Like most men, I love solving problems and fixing things. We were wired to do those two things and videos games satisfy that need of mine. I look at forex like a video game and do not look at it as money.

My ultimate goal is to do forex full-time but not until I have 50K plus in capital and my method is proven for at least 6 months. I am going to add some money to my account this week so that I can increase my lot sizes.

My goal for each month is 20% net gain.

I dont use stop losses. I think they are the main reason people loose. I read several articles about how the big institutions can tell where our stop losses are placed and they push the market to F us all over.

I have had trades go upside down 230 pips or more and I dont care. I just keep playing the game with the methodology that those trades will come back in time and all I need to do is be patient.

My method is not perfect, I get that. Tons of risk. I get that.

The important thing is that I am having fun doing this and everyday I gain at least 100 net pips is only a testament to my own personal system. Im not changing a thing.

I try not to read anyones posts regarding the losers of forex. Instead I read the positive posts. I read about the successful people and I look to their lives as something I strive for.

Thanks for the opportunity to post. I doubt anyone will see this but I cant sleep. Im used to being up in the middle of the night for my trades.
  • #138
  • Aug 29, 2011 2:38am Aug 29, 2011 2:38am
Wow... what a great accomplishment! I am a new forex trader and went live ever since a week or two. I think its all in the emotional intelligence. All the logical indicators, and charts stuff can be indulged into your head in a couple of days, but managing your emotions and making sure they are in control and making the right decisions are the tough ones. I have went up and down from breakeven level of $300 and now down to about $159. I have learnt through these losses and hope to win.

WOw, you don't put stop losses?! in a way that is dangerous. The waiting game is hard to play, but reading from your post, you sound very successful to me!

Do you have any more tips from your personal experience? I could really use help from all the sources I can.
Have I got something on my face, SOLDIER?
  • #139
  • Sep 2, 2011 9:55pm Sep 2, 2011 9:55pm
Yea... I have a few more results to post.

I am currently up 53% on my initial deposit. My balance is now $1533 or so.

The problem is that I changed my system and I am now suffering for it. Im not losing money but I have several trades upside down that I will be waiting quite a while for them to return.

Lesson learned... DO NOT CHANGE YOUR PLAN IF ITS WORKING!!!
  • #140
  • Nov 6, 2011 1:26pm Nov 6, 2011 1:26pm
im new in trading im only six months into it.i started live with 35 usd i went down to 0.1954... but now i have come back up to 6 usd with a lot size 0.5 i have learnt alot through losing.now i have a working strategy and i plan on injecting a big capital coz im confident.What i luv about forex is that 'im in a rural area in africa,en with just my modem and my laptop,i have my investment,i'll be visiting the city to make deposits and withdrawals.'My advice is 'come up with with your own winning strategy'
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