Member since June 14, 2004... Shame on me...
I come to Forex from trading US stocks mostly on Nasdaq, so I was ready for this new “exciting” market... As I as a prudent investor first I opened a managed account to learn (and off course to copy) a trader that was doing good. That was my first loss in forex because as soon as I took a position, he was closing and reverse his position. I thought he was spying me. LOL
I use to go to the Traders Expo, and believe me, there were NO Forex stands or companies, in fact, nobody had the most remote idea of what I was talking about. LOL
Then slowly, forex appeared...the charlatans were coming. Just as an example... the Concord Group, promising you 40 winning trades in a row, and teaching you to do it, in 2 days tuition, for just U$ 5000...
The true is in the beginning forex was easy, but that was like a dream, I am not sure if it was true anymore. Brokers were not still fully prepared to scam you as in the following years. You were able to trade with fully honored stops, so it was easy. Take my word on it. One time, on a Friday NFP, I went to a lunch, and left the positions opened, when back I had U$ 7000 more in my account. But the brokers claimed revenge and won... Since a long time ago I don’t trade NFP anymore, at least not until AFTER the news...the level or risk is completely unacceptable to me.
In year 2007 I was very active in auslanco gbp/jpy thread. Was doing fairly well, but was still far away of the consistence needed.
In November 2007 I released my secret trading weapon:
http://www.forexfactory.com/showthre...09#post1717309
but she died a few months later and I was lost.
Well, when I discovered the real secret, (in fact, several), I stopped posting in FF, and concentrated in trading and making money.
In 2010 I published my first treat, an experience called 2 weeks with live trades, and I won as in real life.
In fact, I must be retarded because I have an IQ of 140, a PH Degree, and humongous culture (and modesty) and was unable to be really consistent in forex for years. And FF is full of kids, still in college that are master traders, and must be all millionaires.
I trade my own account, and some managed accounts. Very small business but that is the only thing I do for a living, and I love it. Off course this is not all my life, but that is the best part of begin a trader (forex or whatever) the freedom you have is unparalleled in any profession.
I post rarely in FF, but I am here every single day, watching the news, and seeing what people think, mostly to take the other side of the trades.
I am sure that most people is here in bona fide, and bringing the best they can. As they say, “of good intentions is paved the road to hell”. Off course there was and there are some really good professionals traders around FF, and to all of them my sincere thanks for all I learned these years!
As my gift in my anniversary here, some advises of this old fox . As the Spanish proverb says: “The Devil knows more because he's old than because he's the Devil”
1)Try not to think on pips. Pips mean nothing. When I trade my accounts (and my clients accounts), I have no idea of how many pips I am losing or winning, money is all that counts. I spent too many years thinking on pips, and as soon as you can move on, it will be better.
2)Forget the leverage. I mean forget the crazy leverages 90% of the people use. 50x, 30x, 20x. It is just insane and 100% impossible to work in the long term. I spent some years thinking that 10x leverage was very low, and it is still insane. That is a kind of leverage that professionals never use, or they use in very particular scenarios, mostly risking profits not capital. I trade normally now with no leverage, but 2 positions, so it is really 2x leverage. I go higher, when above mentioned conditions apply, and with this I am able to get +10% average every month.
3)Remember leverage is a knife of 2 sides, if you can win you will lose.
4)This is not a spring is a marathon. The secret is to keep your account alive, and be ready for next trade. I spend a long time making 20 a 40% per month, just to lose all or almost all in the next one. Consistence is the name of the game.
5)You must never stop studying and thinking. A mentor I knew, let’s call him R., he was great person and an experienced trader. He promoted a carry trade system that make him very popular, and made him some real money (in addition of the U$ 100K per week end courses, U$ 2500 of these mine, LOL). I never liked that system. In my inner self, I knew that something was wrong... see the chart of gbp/jpy crash and you will know how he ended...losing it all. The problem was not the system itself but the impossibility to accept that was not working anymore.
That is all for today folks. Sorry to be long and boring. I know nobody will care for my advise, but my friend Jack Daniels asked me to post it here.
I wish ALL profits; there is plenty of money for all.
Pepe
I come to Forex from trading US stocks mostly on Nasdaq, so I was ready for this new “exciting” market... As I as a prudent investor first I opened a managed account to learn (and off course to copy) a trader that was doing good. That was my first loss in forex because as soon as I took a position, he was closing and reverse his position. I thought he was spying me. LOL
I use to go to the Traders Expo, and believe me, there were NO Forex stands or companies, in fact, nobody had the most remote idea of what I was talking about. LOL
Then slowly, forex appeared...the charlatans were coming. Just as an example... the Concord Group, promising you 40 winning trades in a row, and teaching you to do it, in 2 days tuition, for just U$ 5000...
The true is in the beginning forex was easy, but that was like a dream, I am not sure if it was true anymore. Brokers were not still fully prepared to scam you as in the following years. You were able to trade with fully honored stops, so it was easy. Take my word on it. One time, on a Friday NFP, I went to a lunch, and left the positions opened, when back I had U$ 7000 more in my account. But the brokers claimed revenge and won... Since a long time ago I don’t trade NFP anymore, at least not until AFTER the news...the level or risk is completely unacceptable to me.
In year 2007 I was very active in auslanco gbp/jpy thread. Was doing fairly well, but was still far away of the consistence needed.
In November 2007 I released my secret trading weapon:
http://www.forexfactory.com/showthre...09#post1717309
but she died a few months later and I was lost.
Well, when I discovered the real secret, (in fact, several), I stopped posting in FF, and concentrated in trading and making money.
In 2010 I published my first treat, an experience called 2 weeks with live trades, and I won as in real life.
In fact, I must be retarded because I have an IQ of 140, a PH Degree, and humongous culture (and modesty) and was unable to be really consistent in forex for years. And FF is full of kids, still in college that are master traders, and must be all millionaires.
I trade my own account, and some managed accounts. Very small business but that is the only thing I do for a living, and I love it. Off course this is not all my life, but that is the best part of begin a trader (forex or whatever) the freedom you have is unparalleled in any profession.
I post rarely in FF, but I am here every single day, watching the news, and seeing what people think, mostly to take the other side of the trades.
I am sure that most people is here in bona fide, and bringing the best they can. As they say, “of good intentions is paved the road to hell”. Off course there was and there are some really good professionals traders around FF, and to all of them my sincere thanks for all I learned these years!
As my gift in my anniversary here, some advises of this old fox . As the Spanish proverb says: “The Devil knows more because he's old than because he's the Devil”
1)Try not to think on pips. Pips mean nothing. When I trade my accounts (and my clients accounts), I have no idea of how many pips I am losing or winning, money is all that counts. I spent too many years thinking on pips, and as soon as you can move on, it will be better.
2)Forget the leverage. I mean forget the crazy leverages 90% of the people use. 50x, 30x, 20x. It is just insane and 100% impossible to work in the long term. I spent some years thinking that 10x leverage was very low, and it is still insane. That is a kind of leverage that professionals never use, or they use in very particular scenarios, mostly risking profits not capital. I trade normally now with no leverage, but 2 positions, so it is really 2x leverage. I go higher, when above mentioned conditions apply, and with this I am able to get +10% average every month.
3)Remember leverage is a knife of 2 sides, if you can win you will lose.
4)This is not a spring is a marathon. The secret is to keep your account alive, and be ready for next trade. I spend a long time making 20 a 40% per month, just to lose all or almost all in the next one. Consistence is the name of the game.
5)You must never stop studying and thinking. A mentor I knew, let’s call him R., he was great person and an experienced trader. He promoted a carry trade system that make him very popular, and made him some real money (in addition of the U$ 100K per week end courses, U$ 2500 of these mine, LOL). I never liked that system. In my inner self, I knew that something was wrong... see the chart of gbp/jpy crash and you will know how he ended...losing it all. The problem was not the system itself but the impossibility to accept that was not working anymore.
That is all for today folks. Sorry to be long and boring. I know nobody will care for my advise, but my friend Jack Daniels asked me to post it here.
I wish ALL profits; there is plenty of money for all.
Pepe
GOOD
Had a bad run for a month and it was all gone. Probably had something to do with the 80 pip SL, but at the time I was just a newbie and what did I know.
