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Are you a consistently profitable trader?

  • Poll

  • By the definition given, are you a consistently profitable trader?
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  • #1
  • First Post: Edited Apr 3, 2012 12:15am Mar 28, 2012 4:50am | Edited Apr 3, 2012 12:15am
The purpose of this thread is to take a poll and allow traders to share what works and what doesn't. Read a debate about how many traders are really winning vs. losing. The stats out there seem to say about 95% of traders lose. Some say more traders are making money. So, I decided to ask.

It is an anonymous poll...your usernames will NOT be made public (not even aware of who votes for what), but the poll results may be viewed.

Here is what is meant by consistently profitable:

Assuming there are no additional deposits or withdrawals, your LIVE account ending balance showed an increase at the end of the month from the previous month, and this was done for at least 3 consecutive months in a calendar year. Three consecutive months that roll over to a new calendar year will count.

If you would like to post reasons why you think traders are or aren't consistently profitable that would be great .

General comments on what you think would help traders become consistently profitable would also be a plus.

Hopefully we'll get some honest feedback.

Thanks in advance,

FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #2
  • Mar 28, 2012 5:13am Mar 28, 2012 5:13am
FX4Newbies Are You A Consistently Profitable Trader?

im a descresionary trader,

now my tools that i use dont change,the thing that tips the balance for me,into the consistanty profitable is jumbled up in my limited mind,most days i have this natural thought process that seems to put everything into prospective and using my tools it works extremly well,

then ther are days when i open up my platforms and i feel as though im trading for the first time its really strange,what i managed to do was reconise that fact and close down my platform and take the day of,i also use a 3 trade loss as a trigger to stop,this was my turning piont,

i cant explain it more than that

regards
  • #3
  • Mar 28, 2012 5:21am Mar 28, 2012 5:21am
Quoting diceman555
FX4Newbies Are You A Consistently Profitable Trader?

im a descresionary trader,

now my tools that i use dont change,the thing that tips the balance for me,into the consistanty profitable is jumbled up in my limited mind,most days i have this natural thought process that seems to put everything into prospective and using my tools it works extremly well,

then ther are days when i open up my platforms and i feel as though im trading for the first time its really strange,what i managed to do was reconise that fact and close down...
First plus for you: now my tools that i use dont change

Second plus:then there are days when i open up my platforms and i feel as though im trading for the first time its really strange,what i managed to do was recognise that fact and close down my platform and take the day off,i also use a 3 trade loss as a trigger to stop,this was my turning piont,

Thanks for making the comment that you are a discretionary trader.

Seems to me that you have learned to master yourself. Congrats!!!!

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #4
  • Edited Mar 29, 2012 12:56am Mar 28, 2012 5:56am | Edited Mar 29, 2012 12:56am
Quoting diceman555
FX4Newbies Are You A Consistently Profitable Trader?

Diceman555,

Not sure if that was a question for me...looked like a header at first, but I'll answer it anyway.

I have had profitable months, but not three consecutive months. My schedule is very hectic (as I care for my mother among other things) so my focus when trading and sometimes getting adequate rest can be challenges. I have been using the same method for a few years. Occasionally I still have to fight with those old trading skeletons/demons/scorpions that come out. Have been putting some things in place to help free up some consistent, focused trading time. Working on getting there very soon. It's just a matter of time now .

FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #5
  • Mar 28, 2012 6:05am Mar 28, 2012 6:05am
actually fx4newbies i was using it as a quote,but its always good to get the ops current standing on this poll,

if traders fill in the poll it will be very interesting to see the results,its a very interesting poll
  • #6
  • Mar 28, 2012 6:08am Mar 28, 2012 6:08am
Hi I think this will and should be an interesting thread.I was looking forward to reading more peoples stories and then I realised that there has been only 5 posts and it has just started.Anyway great idea I will come back for a perusal.

james
  • #7
  • Edited 9:06am Mar 28, 2012 6:10am | Edited 9:06am
Quoting diceman555
actually fx4newbies i was using it as a quote,but its always good to get the ops current standing on this poll,

if traders fill in the poll it will be very interesting to see the results,its a very interesting poll
I think so too . Looking forward to the results.

By the way, I am a discretionary trader as well.

FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #8
  • Mar 28, 2012 6:12am Mar 28, 2012 6:12am
Quoting khidir
Hi I think this will and should be an interesting thread.I was looking forward to reading more peoples stories and then I realised that there has been only 5 posts and it has just started.Anyway great idea I will come back for a perusal.

james
Hi there Khidir,

Will be interesting to see how things develop. I'll keep coming back for a perusal too .

FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #9
  • Mar 28, 2012 6:16am Mar 28, 2012 6:16am
One of the main reasons traders are not profitable consistently is because of money management..

Traders become obsessed with pips instead of %age..

I have weeks where I am negative pips but positive %age...

If a trader really understands money management he will understand how this is possible.

You have to have a consistent level of risk on your trades... most don't


*even if you write it down in a strategy as a key element to its success they will ignore it !
tradewith60
  • #10
  • Mar 28, 2012 6:18am Mar 28, 2012 6:18am
Yes. I have had 3 profitable months in a row. It took me 4 years to get there.
  • #11
  • Mar 28, 2012 6:23am Mar 28, 2012 6:23am
Awww c'mon, this is FF, 95% are profitable!

So is an 'increase at the end of the month from the previous month, and this was done for at least 3 consecutive months in a calendar year.' considered being consistently profitable and your measure of success in this business? How about 3 consecutive profitable months followed by 1 losing month where you gave up all the profits and then some? Or how about risking 90% of your account to gain 1% for 3 consecutive months, is that ok?
  • #12
  • Mar 28, 2012 6:24am Mar 28, 2012 6:24am
Quoting 60minuteman
One of the main reasons traders are not profitable consistently is because of money management..

Traders become obsessed with pips instead of %age..

I have weeks where I am negative pips but positive %age...

If a trader really understands money management he will understand how this is possible.

You have to have a consistent level of risk on your trades... most don't


*even if you write it down in a strategy as a key element to its success they will ignore it !
Trading by the numbers to make millions. Yes, you are absolutely right. You can have more losing pips in a month but still come out ahead on your account balance. And that is a whole other discussion.

Thanks for sharing your wisdom!


FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #13
  • Mar 28, 2012 6:25am Mar 28, 2012 6:25am
Quoting thelws
Yes. I have had 3 profitable months in a row. It took me 4 years to get there.
Congrats to you!!!

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #14
  • Mar 28, 2012 6:27am Mar 28, 2012 6:27am
The second reason traders are not profitable is because of their plan..

Most dont write it down, they don't have a structured process they follow on every trade, way too much is left to discretion, and they certainly don't hold their trades to TP...

Way too much indiscipline thinking their experience alone will see them through..

YOU'VE GOT TO WRITE YOUR PLAN DOWN AND FOLLOW IT EVERY TRADE
tradewith60
  • #15
  • Mar 28, 2012 6:32am Mar 28, 2012 6:32am
Quoting pipmutt
Awww c'mon, this is FF, 95% are profitable!

So is an 'increase at the end of the month from the previous month, and this was done for at least 3 consecutive months in a calendar year.' considered being consistently profitable and your measure of success in this business? How about 3 consecutive profitable months followed by 1 losing month where you gave up all the profits and then some?
Pipmutt,

If a trader is trading on a regular basis, I'd say it is a "measure of success in this business". Note the word "measure" in your statement. Maybe not an absolute measure, if this kind of business can ever have one, since a trader is only as good as their last trade.

How about 3 consecutive profitable months followed by 1 losing month where you gave up all the profits and then some?

Then, you just make it back and you'll have a winning year. Any trader who can have three consecutive winning months has to have some degree of trader savvy to regain profitability. That doesn't just happen in this business.

I think you can agree with that.

All the best to you in your trading.

FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #16
  • Mar 28, 2012 6:35am Mar 28, 2012 6:35am
Quoting 60minuteman
The second reason traders are not profitable is because of their plan..

Most dont write it down, they don't have a structured process they follow on every trade, way too much is left to discretion, and they certainly don't hold their trades to TP...

Way too much indiscipline thinking their experience alone will see them through..

YOU'VE GOT TO WRITE YOUR PLAN DOWN AND FOLLOW IT EVERY TRADE
AMEN to that!!!
Trade what you see, not what you think or feel. Let the market come to you.
  • #17
  • Mar 28, 2012 6:38am Mar 28, 2012 6:38am
and if you want to sign up for my mentorship course online its £200........


only joking !!!!!
tradewith60
  • #18
  • Edited 7:04am Mar 28, 2012 6:51am | Edited 7:04am
Quoting 60minuteman
and if you want to sign up for my mentorship course online its £200........


only joking !!!!!
Somebody might take you up on it. That's £200 per month for maybe 5 years? £12,000.00 ? Most traders would rather give that to the market, get emotionally burned than pay a mentor or coach.

Just my 2 cents.

Anyway, thanks for sharing your trading wisdom on what it takes to become profitable.

FX4...
Trade what you see, not what you think or feel. Let the market come to you.
  • #19
  • Mar 28, 2012 6:51am Mar 28, 2012 6:51am
Read all the relevant news, and analysis. Then make up an idea in your head, after reading everything you can find relevant to the economy, forex and thinking about it - come to a decision.
I came to the conclusion the JPY is vulnerable in this phase, so i take a look at Usd/Jpy , EurJpy , Aud/Jpy , Gbp/Jpy etc. ... i make a nice technical analysis, and find a good rational spot to enter a long position. For example i bought today in the morning, Gbp/Jpy around 131,55 because i had an idea that the Jpy is weak and the Gbp was pretty solid the last few days, and i saw the Gbp/Usd went down into an very strong support zone (5910-20), so did the Usd/Jpy (8260-50) and the Gbp/Jpy (3150) - so my rational decision was buying. I put up an emergency stop of 60 Pip and then closed +40, in about 20minutes (before data).
Never trade without an emergency stop, whats an emergency stop ? a stop you barely need, when my position goes in a 20-30 pip drawdown, and i get a bad feeling, i close the position with this loss, if i still have a good feeling, i leave it open and wait for BE to close and reenter with better price.
This is all i can say, i tried so much bullshit, so many strategies, in this forum and stuff i invented- such a waste of time and power, but i never was so consistently profitable with my positions like the last year. Its not just that i am profitable, more important i feel comfortable taking this positions because i am completly convinced of my trading style.
consistency wins
  • #20
  • Edited 7:15am Mar 28, 2012 6:55am | Edited 7:15am
Quoting iTrader
Read all the relevant news, and analysis. Then make up an idea in your head, after reading everything you can find relevant to the economy, forex and thinking about it - come to a decision.
I came to the conclusion the JPY is vulnerable in this phase, so i take a look at Usd/Jpy , EurJpy , Aud/Jpy , Gbp/Jpy etc. ... i make a nice technical analysis, and find a good rational spot to enter a long position. For example i bought today in the morning, Gbp/Jpy around 131,55 because i had an idea that the Jpy is weak and the Gbp was pretty solid the last...
ITrader,

So good to hear you say this:

Its not just that i am profitable, more important i feel comfortable taking this positions because i am completly convinced of my trading style.

That translates into BIG BUCKS.

Also... Then make up an idea in your head, after reading everything you can find relevant to the economy, forex and thinking about it - come to a decision.

If traders can learn how to manage the decision they come to, I think increased profitability can be a more realistic goal.


FX4
Trade what you see, not what you think or feel. Let the market come to you.
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