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How long did it take you to become profitable 36 replies

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What did you change to start being profitable?

  • #21
  • Nov 8, 2011 6:31pm Nov 8, 2011 6:31pm
Quoting fighterdude
Now I am not picking on you either
Why thank you. You're so polite

Quoting fighterdude
but, just because you find running a business harder than trading, doesn't mean everyone has had as hard a time as you with traditional business.
Well, I don't know about that. A walk down a typical UK high street tells me differently. Not to mention the companies that I personally know that have hit the wall in the last 3 years. But it's nice to hear that you know of people that find it easy to run traditional businesses.

Quoting fighterdude
I also never said anything about trading being harder than running a real world business.
I know you didn't. I just thought I would dispel another myth that gets bandied around this forum by a lot of people while I was having my rant.

Quoting fighterdude
To treat trading currencies like a business, you simply must do it in principle and mindset, not in actual operating terms.
And that's my point. Most people haven't run a business so do not have the required mindset and this will only come with time.

Quoting fighterdude
The idea behind running any business(in principle) is to make your capital inflows more than your capital outflows, correct? When first starting a business venture, most people are just looking to stay afloat and make an living, not become an instant millionaire. The former mentality is vital for new traders to adopt, if they want to become successful at trading, but unfortunately it is usually the latter mentality which they ingrain in their psyche, and that ultimately leads to their failure.
Yes. But the people I know that went into business, went into it not just to stay afloat and scrape a living. They went into it believing they could make it work and better their life. Then reality hits. But we're on the same wavelength. The sooner a new trader realises that this game takes time, dedication, patience and a lot of hard work, all the better.

Nothing worth having is easy.
  • #22
  • Nov 8, 2011 8:22pm Nov 8, 2011 8:22pm
Quoting Dodo1497
One word - patience
Yeah, don't Rush and for me beside patience is PASSION..., this is one you need to survive before you can reach turning point.
  • #23
  • Nov 8, 2011 9:27pm Nov 8, 2011 9:27pm
According to me, I think its my more and more practice and dedication which has increased my skills, plus tips taken from babypips
  • #24
  • Nov 11, 2011 11:58pm Nov 11, 2011 11:58pm
Quoting arjfca
Hello

I would like to know from you guy's that as struggled and finally made it to be profitable, what did you change in your habits. What was the triggering point that made you on the positive side

Was it
- Mentally approach
- Technical
- Tutoring
- Others

Could be interesting to understand how the turning point was achieved for you

Any comments appreciated

Martin
I started with knowledge, then use own strategy & make consistent gain with gain & loss trading monthly. Beside that just stick to a plan.
  • #25
  • Nov 12, 2011 2:12am Nov 12, 2011 2:12am
I became profitable when I started using the higher timeframes to identify direction but used the lower timeframes to steal my pips.

If you identify a 200 pip potential trade on a weekly chart, use the lower timeframes to take cheeky chunks on the pullbacks.

Discipline to plan your strategy and WAIT for the best entries is criticle.

Good luck all
  • #26
  • Nov 12, 2011 5:43am Nov 12, 2011 5:43am
Quoting arjfca
Hello

I would like to know from you guy's that as struggled and finally made it to be profitable, what did you change in your habits. What was the triggering point that made you on the positive side

Was it
- Mentally approach
- Technical
- Tutoring
- Others

Could be interesting to understand how the turning point was achieved for you

Any comments appreciated

Martin
The first things is change this wrong mindset

  1. Stoploss will make loss

  1. Wanna have a holly grail system (the system with no loss)

  1. Take profit as soon as open-position is positive, wanna save profit as soon as possible

  1. Let the loss position running, praying and hoping that price will back to our open position to break even

  1. Forex is complicate

  1. Market moves randomly


Throw it away and start being profitable


Best Regards.
Jin Shan

- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #27
  • Nov 12, 2011 1:01pm Nov 12, 2011 1:01pm
Using higher time frames (daily & above) and trading with the trend.
  • #28
  • Nov 12, 2011 1:49pm Nov 12, 2011 1:49pm
Quoting arjfca
Hello

I would like to know from you guy's that as struggled and finally made it to be profitable, what did you change in your habits. What was the triggering point that made you on the positive side

Was it
- Mentally approach
- Technical
- Tutoring
- Others

Could be interesting to understand how the turning point was achieved for you

Any comments appreciated

Martin
Hi Martin

I think the most important part as a profitable trader is be consistent, have a right mind set and have a trading system that fit for your personality.

For example, if you a breakout trade then trade at EU Section and NY section. have the ADX indicator that give you the signal. Or, if you like to trade retrace then let the run over then catch it. Or if you like pip sniper then trade real slow section holidays, 3-5 p.m Eastern time.
Trade only one or two pairs period. For me, I trade only 2 pairs and I really consistent make profit now, thanks for being dedication and build my own system that suit for me.

Cut your loss fast! before it gets worst! let your ego and your emotion at bay! nobody in FF or around the world is 100% right all the time. even Warren buffett.

Be realistic at your goal. if you can consistent make 2%/week, you're the champ! I don't care anybody, who say they make 20 or 30% per week. and do not be surprise you will see they will be broke an within weeks or months.

Berthside Hathaway generates less than 22% ANNUALLY OK ANNUALLY and they're a legendary of the Wall Street! if you can even get 50-70%/year you're the real champ. Best of luck in your trading and DO NOT QUICK, if you do, then you will be part the 90% Club ok hahah, just teasing.
Happy Trading.

BE CONSISTENT, BE A CHAMP. OFFENSE DO NOT WIN GAME, DEFENSE WIN!
  • #29
  • Nov 12, 2011 3:11pm Nov 12, 2011 3:11pm
Quoting Klforexr
Hi Martin

I think the most important part as a profitable trader is be consistent, have a right mind set and have a trading system that fit for your personality.

For example, if you a breakout trade then trade at EU Section and NY section. have the ADX indicator that give you the signal. Or, if you like to trade retrace then let the run over then catch it. Or if you like pip sniper then trade real slow section holidays, 3-5 p.m Eastern time.
Trade only one or two pairs period. For me, I trade only 2 pairs and I really consistent make profit...
We are retail traders, why compare what we do with huge funds?

I see no point risking 1% and holding a trade for days and days or weeks even just to make a measly 2%-5%, why not risk 1% per trade and make 5 or so trades per day? When you get good at it then you make 20% -30% a week.

Think outside the box and stop blindly believing all the crap spewed by so called experienced traders, it's mostly boll***s
  • #30
  • Nov 13, 2011 1:51am Nov 13, 2011 1:51am
Quoting jag1966
We are retail traders, why compare what we do with huge funds?

I see no point risking 1% and holding a trade for days and days or weeks even just to make a measly 2%-5%, why not risk 1% per trade and make 5 or so trades per day? When you get good at it then you make 20% -30% a week.

Think outside the box and stop blindly believing all the crap spewed by so called experienced traders, it's mostly boll***s
Agree with you Jag,

Retail trader tends to be a scalper,
the smaller the account, the more aggressive they are to chasing a huge % of return.


I think the reason why hedgefund holding a trade for days and days or weeks and very happy with the average of 3% returns monthly,because they have manage a huge account, they will prioritizes the safety of that huge account and minimize the risk as small as possible, (small risk small return) thats why they dont chasing a big returns, actually 3% from 10 milions dolar is 300K dolar >>> a really big returns for me

Have a nice weekends.

Best regards.
Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #31
  • Nov 13, 2011 2:07am Nov 13, 2011 2:07am
Quoting Du Jin Shan
Agree with you Jag,

Retail trader tends to be a scalper,
the smaller the account, the more aggressive they are to chasing a huge % of return.


I think the reason why hedgefund holding a trade for days and days or weeks and very happy with the average of 3% returns monthly,because they have manage a huge account, they will prioritizes the safety of that huge account and minimize the risk as small as possible, (small risk small return) thats why they dont chasing a big returns, actually 3% from 10 milions dolar is...
Cheers Jin,

in the spirit of the thread, another thing I changed in order to become profitable was to stop believing that I had to find trades with a 2-1 or even 3-1 reward risk, that's another load of boll***s spewed by people that cannot think for themselves.

I regularly take trades that give me 20 or so pips profit (to 1st target) but require a 30 pip stop, you just have to make sure you do your analysis correctly and have a win rate somewhere near the 80% or 90% mark.

Good trading
  • #32
  • Nov 13, 2011 2:17am Nov 13, 2011 2:17am
Quoting jag1966
I regularly take trades that give me 20 or so pips profit (to 1st target) but require a 30 pip stop, you just have to make sure you do your analysis correctly and have a win rate somewhere near the 80% or 90% mark.
amazing. Glad to hear that you have that high accuracy analysis.

In my opinion, risk reward is depend on personal characteristics and his trading systems, as long as it can be profitable, then that risk reward is good enough.
No one can judge that (1-3 risk-reward) is better than (1-0.5 risk-rewards).

Cheers.
Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #33
  • Nov 13, 2011 7:45am Nov 13, 2011 7:45am
Quoting jag1966

in the spirit of the thread, another thing I changed in order to become profitable was to stop believing that I had to find trades with a 2-1 or even 3-1 reward risk, that's another load of boll***s spewed by people that cannot think for themselves.
Interesting Thanks

Martin
  • #34
  • Nov 13, 2011 9:36am Nov 13, 2011 9:36am
Quoting arjfca
Interesting Thanks

Martin
Hi Martin, may I know what is your problem since you start trading?
And what bad things that you have change to become profitable?

Best Regards,
Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #35
  • Nov 13, 2011 10:03am Nov 13, 2011 10:03am
Biggest change for me was to s..l..o..w d...o...w...n.
  • #36
  • Nov 13, 2011 10:07am Nov 13, 2011 10:07am
Quoting ALThau
Biggest change for me was to s..l..o..w d...o...w...n.
Hi Althau, May I know what is mean of s..l..o..w d...o...w...n.
Do you mean patience in every trade?
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
  • #37
  • Nov 13, 2011 10:12am Nov 13, 2011 10:12am
Everyone is different.
My biggest challenge was to fight urge to always be in a trade.

Start to be more picky. Enter only high probability trades.
  • #38
  • Nov 13, 2011 10:19am Nov 13, 2011 10:19am
Quoting Du Jin Shan
Hi Martin, may I know what is your problem since you start trading?
And what bad things that you have change to become profitable?

Best Regards,
Jin Shan
Hello Jin

I'm not profitable yet, but I evaluate that I'm supposed to have all the knowledge to be on the plus side. I'm barely on the brake even.

Here is a collection of problems that I got.

Errors that I notice that I do are I supposed more psychological than others

- Afraid to take a trade because I had suffered some lost before
- Came late in a trend because I did not took the first setup
- Made up my mind on what the market should do and don't send the orders because it did not fit whit my view
- Because I'm not profitable, I have reduce my $ risk. That caused that I don't take some valid entry because the risk is to big. ( my $ risk is calculated by the range of the bar )
- Take too many entry. I see valid setup everywhere. I need to understand more where a movement start.
- Don't let my winning trade run until I got at least Brake even. Often, I move my initial stop loss too fast and I put out of a winning trade to early
- Don't take the profit that is on the table because I want more. Too greedy
- Stay in a trade that as not produce a profit. I got rule to get out of a trade after 3 bars if not reach profit, but I don't follow it.

I think I may continue like that, but I do realized that a great deal of my problem reside between my two ears.
- I need to be confident with me and act when it is the moment. Not after
- I need to have a better understanding of when a movement start and not react to all normal reverse glitch that appeared on my charts
- I need to wrote clearly my rules and stick to them. They are in my head, not on paper.

That why I started this tread. To have a better understanding on the mentally part of the problem.

Thanks for asking me about my own view. It forced me to sit and think about how and or what I I'm doing wrong

Martin
P.S. Excuse my bad English, I'm more fluent in French
  • #39
  • Nov 13, 2011 10:22am Nov 13, 2011 10:22am
I became profitable when I stopped thinking about money as money. I started seeing it as just a number in my account and completely detached myself from it. This changed the mental aspect of the game for me. It took around 2 years for me to do this, so it was hard for me in that aspect.

Some other things that helped me was learning my personality type and how I react to risk. I found that I am naturally a risk averse individual, so I would just take smaller position sizes, and start looking for trades that I could use stops a little wider but looking for more pips. Managing risk changed everything.....I would NEVER take a position unless RR was 2:1 or preferably greater. Developing some type of system helped me a ton. I use a lot of indicators, and I really hate it when people say "All indicators are BS". I used to think that too, until I developed a system that worked and I became more confident in my trading abilities. I trade strictly automated now, it fits my personality better. So i would say that being confident is usually pretty important for a trader to be successful.

I think that being unbiased towards the market will also help you a ton. Remember, the market can stay irrational far longer than you can stay solvent. If you are unsure, stay out. The market will be there tomorrow, so wait for a good setup. Dont follow anyones predictions but your own as designated how you see the market. Chances are, those predictions will be wrong and their trades will not fit your style and your psyche will not like it. Dont trade the news. When the news comes out larger dealers are always 3 steps ahead of you. Dont trade the media buzz. Chances are when the story hits, the move is already finished and smart money is getting ready to go the opposite way to take out all the stops of the dumb money that has now made the market imbalanced.
  • #40
  • Nov 13, 2011 10:27am Nov 13, 2011 10:27am
Quoting ALThau
Everyone is different.
My biggest challenge was to fight urge to always be in a trade.
Agree with you. this is what I change
Quoting Du Jin Shan
The first things is change this wrong mindset

  1. Stoploss will make loss

  1. Wanna have a holly grail system (the system with no loss)

  1. Take profit as soon as open-position is positive, wanna save profit as soon as possible

  1. Let the loss position running, praying and hoping that price will back to our open position to break even

  1. Forex is complicate

  1. Market moves randomly

Quoting ALThau
Start to be more picky. Enter only high probability trades.
Well, high probability for you or me ,doesnt mean everyone spot that, and want to trade that setups. and if the smart money/big boys doesnt trade that setups, then the price will never move to your favor . Everyone have a different purpose and opinions in trading.
sometimes small probabilties will make a big moves.

Cheers
Jin Shan
- 888 Horse Power - Fast Momentum Speed Run Towards VICTORY
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