How do I move forward? | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How To Calculate Swap And Forward Points - Newbie Here 3 replies

How long do you forward test a discretionary system? 7 replies

Forward Testing Discussion Thread 241 replies

Forward Testing Results Only 33 replies

Attachments: How do I move forward?
Exit Attachments

How do I move forward?

  • #41
  • Oct 15, 2011 6:17am Oct 15, 2011 6:17am
Hi,

Would like to recommend you something which I have tried myself and found very helpfull in understanding the market psychology. Create an excel file with dde and put eurusd symbol with high, low, bid, ask, previous high, previous low, previous open and previous close. now add a column which calculates current price with respect to all of the above columns.

Look at this constantly changing of price for some days but concentrate only on one column, for example, concentrate dynamically changing high price difference column.

With this you will learn alot.

If you find any problem just pm me.

Kind regards
  • #42
  • Oct 15, 2011 6:30am Oct 15, 2011 6:30am
Quoting pkimnyc
Realistically, you prolly not gonna find answeres from others. Spend some time studying chart. Only solution, imo.
I don't think so, really. I've found plenty helpful tips in this thread, and I will try to put most of them in action. Without help from others trading would first of all be really boring, and second, one would have to find the road to success by themselves. With help from others, you will likely be pointed more the right way. Imo.

Quoting Hova
You should give the web platform a try, i think its way better than MT4.
Maybe it is, but I keep thinking about MT4 as the most developed charting software, although I might be wrong.
Also, most custom made indicators are for MT4, so.

Quoting moneymaker2
I would first try to find a broker you can trade live with, as you don't always have to be so up front with your age to open demo accounts, but to open a real account to trade live is a different story, as you will need proof and validation of some things.

Legitimate brokers have a minimum age requirement to open up your own account, and 16 years old will most likely not meet any broker's minimum.

I recommend getting a good screen capture program (SnagIt or similar) so that when you get into a trade, you can capture the screen....that...
I actually already have a live account, although it's in my mothers name. It's like 15 months until I turn 18, so it's only temporary.

I will try out getting a screen capture program, sounds like a good idea to see what went wrong.

Quoting Callisto
@ Finoli = Absolutely believe this advice in bold above; always work in percentage! Do you think when you, or anyone, has a $100,000 account and loses $15,000, they say, well it is ONLY $15,000
Yes, I have realized this. The mind messes with me and keep saying "Why get into this trade if you can't make any money out of it?"
Hard to get away from.

Quoting AaronWard
Lots of great posting here.

First thing I would suggest is you learn how to program MT4 or MT5 and how to backtest. This will teach you to think in a systematic fashion about trading and understand the probabilities you are dealing with much better.
I used to backtest on MT4, and it was really neat, but now i can't really get it to work anymore When I use the LHV trading simulator 3, all charts say "Waiting for update".
I have only tried this on forexyard's mt4, but on 2 different computers. Will try on another broker.


Again, thank you all for your inputs

Finoli
  • #43
  • Oct 15, 2011 7:40am Oct 15, 2011 7:40am
What kind of advice is that - well if you lose everything in your account its only a $100 and your career is over. Realize its not about the money - its really about who you are as a person. Can you pick yourself up and start again after having failed.

I am sensing under your request for help there is a fear that needs to be dealt with. Most likely its the fear of loosing.

Why are you afraid of loosing? Is this your mom's money and if you loose it all are you afraid she won't love you? what are her expectations for this money? what did she give up so you could trade the forex market? what did you promise her if she would give you a $100 to learn to trade with? Deal with the emotional expectations first then come back asking for suggestions to overcome an emotional hinderance to your trading.

My 2 cents worth
I make money anywhere in the world by taking orders
  • #44
  • Oct 15, 2011 8:24am Oct 15, 2011 8:24am
Quoting Finoli
Hi,

I have started a bunch of posts lately, when they are all in some way trying to seek out the answer to this one; how do I move forward?

I am 16 and have been trading and studying Forex on and off for about 2 years. I am still not a profitable trader.
Don't take me wrong, I didn't expect to be able to make a living trading Forex after 2 years, but why not keep moving forward if I can?

So I ask you this.. what's the next step? Trading demo for 5 hours a day? Trading LIVE for 5 hours a day? Reading a bunch of books? Attending to webinars?...
whenever i see people asking advice on how to succeed (i.e moving forward) in this business, it's seems like you failed already.


Basically you're asking someone to hold your hands?? if it was a technical question like money management technique, question on some indicator, that would probably have more substance. Then i'd say at least this newbie is doing something.


I'd say stop being a pussy and learn and move forward. You'll lose money, but that's the learnin curve. If you need people to tell you not to give up and how to learn this business, you're just a statistic in the making.
  • #45
  • Oct 15, 2011 8:51am Oct 15, 2011 8:51am
Quoting Halifax
I can tell you as someone who is about to complete an economics degree, that it is entirely useless for profiting from trading.

Understanding the fundamentals is very distracting, unless you are taking a fairly long term view. The fundamentals an unsophisticated trader is working with are probably already priced in. Trying to trade with a bias gets you slaughtered, in fact, sometimes I wish I knew less textbook economics and completely ignored the news, it would make for much better trading. This is a technical playground
The degree is so we can get a job and fund our trading capital..besides it's always someting useful understanding economics..How can anyone believe that Mr.G.Soros ( the only famous trader for decades) earn his money in forex using any of the Indicator at MT4 (Moving Average,Fibonacci,MACD,etc)..So many people using it and 99% of them lose their money..Almost all retail trader using same Indicator and almost all losing Money ..So most of them don't have any EDGE ..Should make you thinking why ? ..Just my 2 cents..
  • #46
  • Oct 15, 2011 11:10am Oct 15, 2011 11:10am
I see the mention of screen capture and that you are / were using MT4 - just right click on the chart you want to save, and follow the usual prompts for folder etc.

Also, the error about "waiting for update" usually caused by using a template from from somewhere else on your charts - perhaps your broker uses codes like EURUSDm ?

Simply drag & drop the symbol from the list to refresh with the correct format, works for me. If it does, simply re-save the template.
It takes a lot for me to IGNORE you, but you can try.
  • #47
  • Oct 15, 2011 11:15am Oct 15, 2011 11:15am
I see the mention of screen capture and that you are / were using MT4 - just right click on the chart you want to save, and follow the usual prompts for folder etc. then use Paint to do any edit, blank out account number etc.

Also, the error about "waiting for update" usually caused by using a template from somewhere else on your charts - perhaps your broker uses codes like EURUSDm ?

Simply drag & drop the symbol from the list to refresh with the correct format, works for me. If it does, simply re-save the template.
It takes a lot for me to IGNORE you, but you can try.
  • #48
  • Oct 15, 2011 12:59pm Oct 15, 2011 12:59pm
Quoting Erebus
I see the mention of screen capture and that you are / were using MT4 - just right click on the chart you want to save, and follow the usual prompts for folder etc. then use Paint to do any edit, blank out account number etc.

Also, the error about "waiting for update" usually caused by using a template from somewhere else on your charts - perhaps your broker uses codes like EURUSDm ?

Simply drag & drop the symbol from the list to refresh with the correct format, works for me. If it does, simply re-save the template.
Thank you, saving charts were easier than I thought

Regarding the "waiting for update" issue, your input either did not work for me or I didnt understand what you meant.

Finoli
  • #49
  • Oct 15, 2011 1:01pm Oct 15, 2011 1:01pm
Quoting Finoli
I don't think so, really. I've found plenty helpful tips in this thread, and I will try to put most of them in action. Without help from others trading would first of all be really boring, and second, one would have to find the road to success by themselves. With help from others, you will likely be pointed more the right way. Imo.
it's entirely unto you on the belief of what to trust and what to pursue. But the reality side of profitable trading... is really boring. Also, with help from others, you will likely be pointed more to the wrong way. Ask yourself if majority of retail traders fail or succeed. Once you figure out the percentage, it should point your action to the logical direction. Whichever the choice should you make, I wish you luck on your journey.
  • #50
  • Oct 15, 2011 1:10pm Oct 15, 2011 1:10pm
Quoting pkimnyc
it's entirely unto you on the belief of what to trust and what to pursue. But the reality side of profitable trading... is really boring. Also, with help from others, you will likely be pointed more to the wrong way. Ask yourself if majority of retail traders fail or succeed. Once you figure out the percentage, it should point your action to the logical direction. Whichever the choice should you make, I wish you luck on your journey.
The help I'm looking for in threads like this one is not HOW to trade, more what I should learn and what fields I should focus on while I'm still learning.
I would never blindly follow someone elses thoughts without my own opinion about it, else I would have bet all my money on fapturbo

Anyway, I do completely understand what you mean. Majority of traders will fail, and I can tell you I have failed plenty.

but

I will not give up.
If there is something successful traders have thought me, it's that giving up is never going to get you anywhere. And I want to be where they are some day. No one could possibly have an easy time learning forex, but these guys never gave up, and look where they are today. They are making a living worth of 10 families.

Even though I also have learned that money comes second, money is our goal. It is a goal we may some day achieve trading forex, or we may not. But if i do not achieve it, I would like it to be because I am simply not cut out for this business, not because I gave up like a little pussy.


Finoli
  • #51
  • Oct 15, 2011 2:09pm Oct 15, 2011 2:09pm
Before you do anything with live money, you need to get belief!

You need to know at least on a theoretical level that making money from trading is possible. I know it is and I could tell you that it is, but unless you believe it and know it, then it makes no difference.

So what I would suggest you do to start with is find a system or approach that at least makes sense to you and you can understand why it would work.

Part two is testing this system over many 100's or even 1000's of trades, and make sure you are honest here. Don't not take trades just because it turns out to be a loser, look at your chart and take every trade in the past and come up with some stats.

Once you have done this, I would then recommend demo trading it for a little while just to get a feel for what the charts look like in real time as this can be very different to your back tests.

Finally open up a small account and build it... from here on it is just a case of maintaining consistency and looking after your capital.

If you want a hint on a system, then why don't you look at a swing trading type system. So one where you take trades in the direction of the trend but you don't go for home runs. Just try and go for a positive risk reward.

How you do this is look to trade pullbacks in the trend to previous levels of support or resistance.

If you can do this and be disciplined you won't go far wrong.

Have a good evening
  • #52
  • Oct 15, 2011 2:55pm Oct 15, 2011 2:55pm
Quoting Fudomyo
deleted my post. (it was a test to see if the OP was a troll or complete moron)

perfect 10 on both fronts.

out of here.

catch up soon.
May I ask why?

Why does one have to excel in anything to have a goal?

It's pretty rude of you to come here to make a post about my view on the market etc. and then call me a moron just because I didn't reply to your post right away or because I didnt absorb your message.
I am here to learn, and this thread has recieved 51 posts already and it's hard to reply to all of them while I try to take note of what you are saying.

You may be right, I may be a moron regarding forex, but that is why I started this thread. To change.
Did you think about that?
  • #53
  • Oct 15, 2011 3:31pm Oct 15, 2011 3:31pm
Quoting Finoli
But if i do not achieve it, I would like it to be because I am simply not cut out for this business, not because I gave up like a little pussy.


Finoli
Doesn't this pretty much amount to the same thing?

I know of very few people who have enough self awareness and insight to be able to say "Nope, I'm really not cut out for this, I'm just going to stop now while I still can." No, I think that is a very rare ocurrence.

I think the predominant attitude is "I'm not going to give up like a little pussy. I am absolutely certain that I can do this" I'm not saying this is a bad attitude to have but it is a double edged sword. On the one hand, you really DO need tenacity and a "never give up" attitude to make it in this business, but on the other hand, it is highly unlikely that you will come to the "I'm not cut out for this" conclusion on your own for the very same reason. You may however be FORCED into that conclusion, simply because you run out of money, go bankrupt, lose your house, etc..
  • #54
  • Oct 15, 2011 3:43pm Oct 15, 2011 3:43pm
Quoting Aldente
Doesn't this pretty much amount to the same thing?

I know of very few people who have enough self awareness and insight to be able to say "Nope, I'm really not cut out for this, I'm just going to stop now while I still can." No, I think that is a very rare ocurrence.

I think the predominant attitude is "I'm not going to give up like a little pussy. I am absolutely certain that I can do this" I'm not saying this is a bad attitude to have but it is a double edged sword. On the one hand, you really DO need tenacity and a "never give up"...
By giving up, i'm thinking something like "Nah, this is too much work, not worth it". Imo it's not the same thing, but that may depend on the person.

I will NEVER EVER trade with money I can't afford to lose. That would just be stupid, and I know I'm smart enough to understand that


In my opinion, at the moment, this thread is too much about why i trade and if i should be trading. That was not my intention, even though it could be good for me to think about that a bit.
  • #55
  • Edited Oct 16, 2011 7:06am Oct 15, 2011 3:59pm | Edited Oct 16, 2011 7:06am
Quoting Finoli
May I ask why?

Why does one have to excel in anything to have a goal?

It's pretty rude of you to come here to make a post about my view on the market etc. and then call me a moron just because I didn't reply to your post right away or because I didnt absorb your message.
I am here to learn, and this thread has recieved 51 posts already and it's hard to reply to all of them while I try to take note of what you are saying.

You may be right, I may be a moron regarding forex, but that is why I started this thread. To change.
Did you think...

I try to explain things in a way not to offend people, but sometimes it's difficult to be polite and honest at the same time.

What I used to do as part of my work was vet C level candidates for a global financial firm. When someone says, I want this job, the natural question is, "What makes you the superior candidate?"

So, why do you need to excel? YOU need to know that answer. It's not up to anyone else to tell you. It seems incredible (and a bit lazy) that someone would come on a forum asking other people what they need to do. You need to do your own homework.


.
  • #56
  • Oct 15, 2011 4:07pm Oct 15, 2011 4:07pm
Quoting Fudomyo
I try to explain things in a way not to offend people, but sometimes it's difficult to be polite and honest at the same time.

What I used to do as part of my work was evaluate C level candidates for a global financial firm. I had to decide if people had what it takes because I had regional responsibility. Decisions weren't based purely on technical merit, but an ability to read people's strength and weaknesses.

So, when someone says, I want this, the natural question is, "What makes you special?"

Why do you need to excel? YOU need to know...
I am still looking for what makes me special.
In a few years, or maybe decades, I have that edge that few people have. I also may not, I cannot know that now.
Don't think that I am aiming to become one of the best few traders in the world. I simply want to make my living trading, without being famous doing it.

Don't take me wrong, I am thankful for any help I may recieve here.
The reason I started this thread is that if you experienced traders have knowledge about stuff being uselss (books, for example), then this is the thread to tell me that. If you have found something that helped you plenty (again, maybe books) then I am simply asking you to share that here.

As this is the only place I know where I can find people who actually know how to trade, this is where I asked it. If you know any other places, or people for that matter, please PM me and tell me, because that would be very helpful.


Finoli
  • #57
  • Oct 15, 2011 4:15pm Oct 15, 2011 4:15pm
Hello

if you trade with 100$ you are in the under-capitalized zone, in this zone you are oblige to work hard your entry points in the market.

But the real question with trading is : "I'm able to apply a method ?",
it's the only way to succeed : to masterize a method and to use every day.

But if you are only 16 year old, before choosing to learn only forex, you must ask yourself if you want to do it full time, or if you d'better learn a job and make forex your B plan in life...

Best regards
No more Fight, the victory has come...
  • #58
  • Oct 15, 2011 4:21pm Oct 15, 2011 4:21pm
Quoting nonor
Hello

if you trade with 100$ you are in the under-capitalized zone, in this zone you are oblige to work hard your entry points in the market.

But the real question with trading is : "I'm able to apply a method ?",
it's the only way to succeed : to masterize a method and to use every day.

But if you are only 16 year old, before choosing to learn only forex, you must ask yourself if you want to do it full time, or if you d'better learn a job and make forex your B plan in life...

Best regards
Hello

I have realized that $100 is too small of a capital to trade with, and I may therefore wait a few years before trading live for real.

I get confused sometimes when everybody says that I should stick with a set of rules or a system.

First of all, would you say naked trading is a system? How do I make a set of rules when trading naked?
Also, I have been scared of going back to trading systems, as they feel kind of unsafe. Maybe I'm wrong, and I'm thinking of trying the THV system again.

To answer you last question: Yes. I would really much like to trade forex full time. I am pretty sure I will have to work at another job for a few years before I can trade full time, but I dont mind that.
Forex trading as a plan B is nothing I'm interested in, to be honest.

Finoli
  • #59
  • Oct 15, 2011 4:42pm Oct 15, 2011 4:42pm
Hello

trading naked does not mean you don't have a method, if you trade naked you use price action, candlesticks patterns, S/R, etc but you have to learn wich pattern you will repeatdly trade, how you compute your S/R, etc, all these are components of your method.
you certainly know this thread :

http://www.forexfactory.com/showthre...ghlight=jame16

and if you want a more formal system, you d'better choose SONIC than thv,
the last template, V3, is one the best available on FF.

http://www.forexfactory.com/showthread.php?t=114792
No more Fight, the victory has come...
  • #60
  • Oct 15, 2011 4:54pm Oct 15, 2011 4:54pm
Quoting Finoli
Hello

I have realized that $100 is too small of a capital to trade with, and I may therefore wait a few years before trading live for real.

I get confused sometimes when everybody says that I should stick with a set of rules or a system.

First of all, would you say naked trading is a system? How do I make a set of rules when trading naked?
Also, I have been scared of going back to trading systems, as they feel kind of unsafe. Maybe I'm wrong, and I'm thinking of trying the THV system again.

To answer you last question: Yes. I would...
It is quite clear that you are very uncertain about what type of trader you want to be, what methods you want to use and if you will need a job as well.

I recommend that you get a job which can provide steady income for the next few years. At the same time you develop a trading methodology.

Trading for a living is at a different level than trading part time, you will have bills to pay and the pressure will probably be too much, that is until you have become a accomplished part time trader. Trading part time, means that if you f%$^ up it wont be the end of the world and you will not be forced to trade in order to pay your way.

You need to decide what type of trader you are, System, EA, Price action, etc.

If you have a job, day trading will probably be out, therefore you may only be able to trade end of day, and perhaps odd times throughout the day. So if you go down the price action/classic TA route, larger time frames will probably be your only bet, daily/4hr charts etc.

A the moment I trade PA on daily and 4hr charts (also working on faster time frames on demo)- my main strategy is to wait for a KEY level to be broken and retested. On the retest I Watch for confirming PA, i.e. candlestick patterns, Pin bars, engulfing bars among others.

For me price action is the only way I have found that gives me some idea of what is going on in the markets, all systems and EA's have ever done is give me a sore head. I'm not hugely profitable, but on the whole i am up over the past year and a half, not a million% by any means, but I enjoy it and I love the game itself.

I'm not here to say PA is what you should follow, but you need to start ruling out the methods that you clearly don't want to follow and start focusing on the ones you do.

At the end of the day, if you fail you fail, just be sure to do the best you can.
0 traders viewing now