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How to survive in forex? Help please!

  • #41
  • Mar 25, 2011 7:32am Mar 25, 2011 7:32am
Quoting hanover
I certainly don't claim that my views are infallible. For better or worse, I tend to question everything, including myself. The longer I go on, the more I realize that that absolute methodological truths are rare; that there are different, and supposedly opposing, pathways to profit; that finding a genuine edge involves some real finesse, and is very dependent on context. Hence I try to remain as open-minded as possible to new ideas and angles...... at least to the extent that I'm able to keep my ego in check.
If I accomplished anything in my ramblings it was to bring humility to forex and to try to shed light on other ways to accomplish things. If I wasn't reading this I would never believe it in a million years. But I won't say that I take 100% credit of showing Hanover how egos are a bad thing so as to show that I have at least a small amount of humility of my own.

Now you talk about Quant traders and discretionary traders... so what happens when you mix a Quant with a discretionary and a discretionary with a quant? (BOOM) lol.
  • #42
  • Mar 25, 2011 7:56am Mar 25, 2011 7:56am
If the idea ever takes you to trade forex this is how you survive

1) you trade and you lose ==> quit NOW because you will lose a lot,lot more
2) you trade and you win ==> quit NOW because you will give it back a hundred fold.

Simple, no?
  • #43
  • Mar 25, 2011 9:32am Mar 25, 2011 9:32am
Quoting Mingary
If the idea ever takes you to trade forex this is how you survive

1) you trade and you lose ==> quit NOW because you will lose a lot,lot more
2) you trade and you win ==> quit NOW because you will give it back a hundred fold.

Simple, no?
bullshit.
  • #44
  • Mar 25, 2011 11:42am Mar 25, 2011 11:42am
This strategy is not any worse than the thousands of better-mouse-traps that are being peddled, kibitsed and argued-to-no-end about a this game that cannot be won long term.
In the end there are no winners - only death is.
  • #45
  • Mar 25, 2011 12:05pm Mar 25, 2011 12:05pm
"can somebody teach me how to survive?"

are you serious? did you grow up and had everything spoon fed to you?

If you ask about market 'technicals' like price action, analysis how to ect. i understand

But to ask people to hold your hand to survive the trading arena is just fucking lazy.

Please trade away your $500.
You'll either quit after few months or something will slap you across your face and you realize it will take some 'work' to figure this shit out
  • #46
  • Mar 25, 2011 12:14pm Mar 25, 2011 12:14pm
Hiilmy.. For your information this was posted 2 years ago. And it's now gone to 5 pages of vitriolic verbiage nonsense with very little compassion.

Goodness me, there are some angry, bitter traders here.
Gone to a better place
  • #47
  • Mar 25, 2011 1:21pm Mar 25, 2011 1:21pm
The story goes on since calvk81 is still posting here so maybe he survived it all?

Ahhhhh.
  • #48
  • Mar 26, 2011 2:23am Mar 26, 2011 2:23am
Well then, I will address a valid question to all the winners and gurus out there.

Given your experience and success, can you explain this:

Why do some dyslexic traders like to debate about the proper use of spots?
  • #49
  • Mar 26, 2011 9:10am Mar 26, 2011 9:10am
Quoting Mingary
.......... the proper use of spots?
Is that stops?

Stops should be determined before a trade is put on.

A properly placed stop tells you if you are right or wrong to still be in the trade.

If it is hit you should be out ......... no questions asked.

And then it even might be time to consider reversing.

"Adjusting" a stop once in a trade is a complete rule-breaker.
  • #50
  • Mar 26, 2011 7:00pm Mar 26, 2011 7:00pm
Quote
"Adjusting" a stop once in a trade is a complete rule-breaker.
... unless you're moving your stop to break-even to let a winner run!
  • #51
  • Mar 26, 2011 7:14pm Mar 26, 2011 7:14pm
Quoting magictiger
... unless you're moving your stop to break-even to let a winner run!
Yes absolutely.

I should have said adjusting against your position. But just as critical is not adjusting stop to breakeven (or greater) until price has moved enough in the green.

Of course adjustments vary from trade to trade but should be based on what price has done (swing points, S/R, etc) and not what necessarily makes us feel the most comfortable.
  • #52
  • Mar 26, 2011 7:49pm Mar 26, 2011 7:49pm
Quoting SunTrader
Yes absolutely.

I should have said adjusting against your position. But just as critical is not adjusting stop to breakeven (or greater) until price has moved enough in the green.

Of course adjustments vary from trade to trade but should be based on what price has done (swing points, S/R, etc) and not what necessarily makes us feel the most comfortable.

Your stop should always be....

The Market is moving up, you are holding a Long if XXXX price is broken to the downside then the market is no longer moving up, thats where your SL should be, no point having a SL where the market will likely turn 1min later on they just cost you.

Entrys should be tight to this level if Long, only after buyers are visible, no buyers no chance, after all market has to pull back to get you in, a pull back could be a down move which will keep going, hence buyers and tight SL.

Profit potential ( sometimes it'll fall short ), should be atleast the SL's loss if not 2x's+ this as an aim.


Simples Okay I wish, many years perfecting this a lot of hard work but it'll start paying off, when work allows it I'm sure.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #53
  • Mar 26, 2011 8:18pm Mar 26, 2011 8:18pm
Okay, I may be 2 years too late; but there are more newbies reading this thread; so here goes (for newbies only):
Turn to the Carry Trade. Which carry trade is best lately? Obviously the AUD/USD, although the AUD/JPY is a close second. Study their charts.
Watch only the daily chart at closing time. Trade AUD/USD and only go long (buy). Only go long when AUD/USD is below parity (1.00000). Wait until a down trend turns up then go long. Trade only one micro. Set both your stop loss and take profit points to zero. You will have no losses; so you need no stop loss. You will manually close your trade; so you need no take profit; but you could set it at plus 200, just in case the price spikes up while you are sleeping. Draw a trend line under the up trend. When the up trend turns down (when the trend line is broken), close your trade only if it is in profit. The worst that can happen is the price will drop instead of trending up. Wait for it to turn up again and go long another micro. The price can not go to zero. In the worst case it may drop to .60000. At that point you have a drawdown of about $40 or less per micro. Meanwhile you are collecting swap (interest) on your drawdown.
If you follow these rules, you should have zero losses (unless you get a margin call). You will not make much money; but it is better than blowing your account. Keep practicing and you will improve and may increase the size of your trades. Never over-trade your account and risk a margin call. This means always have enough money left to go all the way down to .60000 (during a global recession like 2008) without closing any of your trades. If there is not enough money in your account, then make arrangements ahead of time with your broker to refund your account with your credit card if and when your drawdown gets too large.
Right now AUD/USD is at the top of its chart; so you would not go long until it drops below 1.000; it just had a beautiful up trend which still has not broken. I expect it to fall even faster when the up trend breaks.
Happy trading, and pip, pip, hooray! http://www.forexfactory.com/images/icons/icon7.gif
P.S. Yes, and get a job. Trading should only take a few minutes at the end of the day.
  • #54
  • Mar 29, 2011 2:27am Mar 29, 2011 2:27am
Hi

As some members say u have to stop live trading,and the Successful trading requires:

  1. Having a working system.
  2. Sound money management, risk management practices.
  3. proper mental approach.

Without any one of these key elements, you'll ultimately fail these endeavors.

Good luck.

  • #55
  • Mar 29, 2011 7:39am Mar 29, 2011 7:39am
One should only Trade with money he can afford to lose!

Apart from being foolhardy, trading to survive will make it far too subjective for you to trade properly
  • #56
  • Apr 1, 2011 2:33pm Apr 1, 2011 2:33pm
Try to study and understand everything around in Price Action...
  • #57
  • Apr 4, 2011 4:41am Apr 4, 2011 4:41am
Quoting calvk81
hai guys and gal out there. i need some of your advice on how to stay survive to live in forex trading. In order to keep survive in forex, i have calculate my month live living budget, all i need is $571. That means is $25.55/day and i decided to trade for about 12 hours a day and that means $2.379/hour. And i have open a ibfx account one month ago at $500 but right now the acc balance is down at $403 right now. Can anybody out there teach me how to survive, your help with very appreciate. And sorry for my english.
I think you have a good chance if you do the opposite of me, buy when I sell and sell when I buy.
  • #58
  • Apr 4, 2011 5:55am Apr 4, 2011 5:55am
Newbies such as myself are always looking for threads such as this and thankfully there are quite a few people who provide some sound advice, I was very close to quitting recently and joining the 95% stat, but I am continuing down the scalping path (I know it’s one of the toughest avenues to take for a newby – but then I only found out as such in the last couple of weeks and from these forums – almost a year after I started).

It’s certainly not easy and you should definitely not rely on an income from trading until you see a proven track record for six months at least (that’s what I have set for myself anyway) and you should definitely trade micro (I’m assuming that micro means for pennies) and slowly build up to the level that matches your capital – for example, I have a reasonable starting capital, but I’m still only trading pennies per pip until I become consistent.

Jas
Trading Journal
  • #59
  • Apr 8, 2011 7:43am Apr 8, 2011 7:43am
The very first advice come from me is to stop your plan right now. Reason ? It's so simple, you can't get 25$/day with a 500$ of principal, that's even not yet count of the AVERAGE PLAN which you want to get it every month to spend on living budgets. You should first find a part-time job, maybe should even a hard one, work for a period, and then have a perfect schedule of living, that would reduce your living budget. And then, after you got a good principal, you can freely learn and earn safely from Fx, it's not simple like you think from the start .
  • #60
  • Apr 9, 2011 12:23am Apr 9, 2011 12:23am
Quoting pip_seeker
If I accomplished anything in my ramblings it was to bring humility to forex and to try to shed light on other ways to accomplish things. If I wasn't reading this I would never believe it in a million years. But I won't say that I take 100% credit of showing Hanover how egos are a bad thing so as to show that I have at least a small amount of humility of my own.

Now you talk about Quant traders and discretionary traders... so what happens when you mix a Quant with a discretionary and a discretionary with a quant? (BOOM) lol.
Apparently you're saying that I have a big ego, but it's been reduced a little due to your help?

If so........ then I don't know how to respond to that, other than to apologize if I've come across that way. I've never claimed to be right about anything; only that I'm a slave to what I see as being the infallibility of math. In whatever ways math can be shown to be flawed, or at least inapplicable, my whole view of MM (and many other things forex) fall along with it.

And if not....... well, you've completely lost me...... yet again.

Re quant and discretionary traders, well once again, I merely expressed an opinion, for whatever it might be worth. I'd guess that a trader who uses a mix of both mechanical and discretionary elements might see merits in both demo (to test the mechanical aspects, without monetary risk) and live (to test his emotional mettle), and have a middle-of-the-road view.
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