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Are you a consistently profitable trader?

  • #341
  • Apr 24, 2012 12:19pm Apr 24, 2012 12:19pm
Quoting diceman555
i think hes saying he dosnt place a traditional stop,but uses pending orders,if hes long and he dicides 13350 is his stop the order will be 2 sells one to cancell his long and 1 to reverse,?
That seems to be more in line with his trading style.

He first opens his trade with an OCO. When an order is triggered, and then it is stopped out, his long (if that were the case) would be closed when the stop was hit. He would be flat in the market at that time. Now he's looking to recover his loss by going short.

Still not 100% clear to me how he's doing this. Is he doubling his position on the short? Details of his entry strategy were given earlier in the thread.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #342
  • Apr 24, 2012 12:31pm Apr 24, 2012 12:31pm
Quoting FX4Newbies
You lost me there ultramoe. Are you saying you double your position size when you reverse? What do you mean by...

Because my stop is always double my entry. So if I take 1 LOT EUR/USD my stop will be 2 LOT EUR/USD so that will automatically give me a short or long entry depending on my entry.

FX4
hi fxn

it sounds to me as i posted earlier hes using pending limit and stop orders for his reversals,thats why hes doubling the order size,1 to cancell the existing position and 1 for the reversal trade
  • #343
  • Apr 24, 2012 12:32pm Apr 24, 2012 12:32pm
Quoting diceman555
hi fxn

it sounds to me as i posted earlier hes using pending limit and stop orders for his reversals,thats why hes doubling the order size,1 to cancell the existing position and 1 for the reversal trade
But he is reversing after he is stopped out. There is no existing position at that time to cancel.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #344
  • Apr 24, 2012 12:42pm Apr 24, 2012 12:42pm
Quoting FX4Newbies
But he is reversing after he is stopped out. There is no existing position at that time to cancel.

FX4
ok ,then manually hes selling two lots at his disignated stop value for the same reason,i cant see no other reason,he needs to clarify this,im confused
  • #345
  • Apr 24, 2012 12:44pm Apr 24, 2012 12:44pm
Quoting diceman555
ok ,then manually hes selling two lots at his disignated stop value for the same reason,i cant see no other reason,he needs to clarify this,im confused
Thanks for thinking this through with me. I think it would be helpful if he clarifies it as well.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #346
  • Apr 24, 2012 6:24pm Apr 24, 2012 6:24pm
Quoting FX4Newbies
You lost me there ultramoe. Are you saying you double your position size when you reverse? What do you mean by...

Because my stop is always double my entry. So if I take 1 LOT EUR/USD my stop will be 2 LOT EUR/USD so that will automatically give me a short or long entry depending on my entry.

FX4
Hi, I've made a youtube video maybe this will help lol

Inserted Video
  • #347
  • Apr 25, 2012 7:57am Apr 25, 2012 7:57am
Quoting ultramoe
Hi, I've made a youtube video maybe this will help lol

https://www.youtube.com/watch?v=89TO-rZMP64
Yes Ultramoe,

It helped lots and I think you did a great job with the video. Have a question...

From your earlier post with your chart you said...

The way I make my 20 Pips a day is I start with the 5pm(EST) candle stick and let it close. The next candle after the close of the 4hour 5pm(EST) candle stick which starts at 9pm(EST) will be my entry candle.

However, in the video did I understand you correctly that your entry candle is after the close of the 9PM EST candle? Maybe others will have the same question.

Kudos on your video!!!

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #348
  • Edited 8:34am Apr 25, 2012 7:59am | Edited 8:34am
Quoting diceman555
i think hes saying he dosnt place a traditional stop,but uses pending orders,if hes long and he dicides 13350 is his stop the order will be 2 sells one to cancell his long and 1 to reverse,?
Kudos to you Diceman555...that was it !!!

Thanks. Hope you watched the video.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #349
  • Apr 25, 2012 8:10am Apr 25, 2012 8:10am
Quoting FX4Newbies
Yes Ultramoe,

It helped lots and I think you did a great job with the video. Have a question...

From your earlier post with your chart you said...

The way I make my 20 Pips a day is I start with the 5pm(EST) candle stick and let it close. The next candle after the close of the 4hour 5pm(EST) candle stick which starts at 9pm(EST) will be my entry candle.

However, in the video did I understand you correctly that your entry candle is after the close of the 9PM EST candle? Maybe others will have the same question.

Kudos...
Hi,

Your right it's the close of the 9PM(EST) candle so the entry will be based on the close of the 9PM(EST) and not the close of the 5PM(EST) candle. It's sometimes confusing when you have your broker ahead of you by +6/+7 hours.

Thanks.
  • #350
  • Edited 8:31am Apr 25, 2012 8:12am | Edited 8:31am
Quoting ultramoe
Hi,

Your right it's the close of the 9PM(EST) candle so the entry will be based on the close of the 9PM(EST) and not the close of the 5PM(EST) candle. It's sometimes confusing when you have your broker ahead of you by +6/+7 hours.

Thanks.
Thanks Ultramoe. Kudos on your video again. Maybe this simple strategy will help some newbies and other traders become consistently profitable...as long as they don't get greedy or be fearful. Subby's on his way using "his" method. If traders can make this simple method work, that would be great!!! Let's get more traders consistently profitable!!!

Many thanks for being so gracious about sharing.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #351
  • Edited 10:10am Apr 25, 2012 9:40am | Edited 10:10am
Quoting ultramoe
Hi,

Your right it's the close of the 9PM(EST) candle so the entry will be based on the close of the 9PM(EST) and not the close of the 5PM(EST) candle. It's sometimes confusing when you have your broker ahead of you by +6/+7 hours.

Thanks.
By the way, some traders would be daring enough to double up on the Limit Order (the reversal order if stopped out) so they get their 40+ pips to recover the loss in less time, or less pips.

Just putting this out there....

So, instead of using 1 X the size of the initial order for the Limit Reversal Order (assuming that the Stop Loss Order is already in place), they would set it (The Limit Reversal Order) for 2 X the size of the initial order. So, if the stop is hit on a long trade for example, the Sell Limit would kick in and there would be 2 X the initial order size in the market.

Kinda reminds me of Jacko...

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #352
  • Apr 25, 2012 2:28pm Apr 25, 2012 2:28pm
Quoting aldarioncorp
I have been profitable consistently for a while now but when I started trading I used to loose money very frequently. Discipline and experience have been the key to prosperity in my case.
Congrats Aldarioncorp!!!!

Discipline is a cornerstone to success and consistent success at that. Glad you have mastered it. About how long would you say it took you?

Thanks for posting.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #353
  • Edited 8:36am Apr 26, 2012 5:57am | Edited 8:36am
As a reminder...

Monday at midnight I plan to post the comparison of the poll results thus far (from March to the end of April). Might also compare it against the Forex Magnates numbers. We'll see...

Does anyone know of any other stats of profitable traders that you think might be "credible" that we can compare it to as well?

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #354
  • Apr 26, 2012 2:29pm Apr 26, 2012 2:29pm
Taken me around 5 years to become consistently profitable. Trading mainly Eur/usd Gbp/Usd and sometimes the DOW.
I would say the major things that have lead to this are:

Reducing losses!! Losses should be tiny!
Breakeven is heaven!
Trading specific times of day and a disciplined entry technique.

Sorry I only meant to say hello and I start getting carried away. Happy to share anything if anyone wants it.

Real account up 30% so far this year, no losing months.
  • #355
  • Edited 4:08pm Apr 26, 2012 3:13pm | Edited 4:08pm
Quoting Bigpigtrader
Taken me around 5 years to become consistently profitable. Trading mainly Eur/usd Gbp/Usd and sometimes the DOW.
I would say the major things that have lead to this are:

Reducing losses!! Losses should be tiny!
Breakeven is heaven!
Trading specific times of day and a disciplined entry technique.

Sorry I only meant to say hello and I start getting carried away. Happy to share anything if anyone wants it.

Real account up 30% so far this year, no losing months.
Hello Bigpigtrader,

Congrats!!!
All of the wisdom you have shared is spot on! This one I like alot...

Trading specific times of day and a disciplined entry technique.


Sorry I only meant to say hello and I start getting carried away. Happy to share anything if anyone wants it.

No need to apologize. So much can be asked. I guess what I'd ask is what was your biggest obstacle to becoming consistently profitable, and what did you do to overcome it? Also, do you scalp, swing or position trade? In addition, what specific times of the day do you trade? Didn't plan to ask so many questions, but I started getting carried away. :giggle:


Taken me around 5 years to become consistently profitable...

Of those 5 years, about how much time was spent finalizing your specific trading method? By the way, are you a discretionary trader or a mechanical trader (using robots etc.). Will stop there for now .


Real account up 30% so far this year, no losing months.

Happy wife, Happy life .

Enjoyed your post,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #356
  • Apr 26, 2012 3:15pm Apr 26, 2012 3:15pm
Quoting ultramoe
PhilipK,

I am so sorry!! I didn't know you posted a question for me regarding the daily 20pips.

In the case of a reversal, what I do is I calculate my loss for example:

I went long EUR/USD and got stopped out -40pips

What I do next is I just short is and B/E for the day and make +40pips.

Sometimes that won't work either, however that is very rare.

Basically it comes down to 3 trades.

1. winning
2. Break-even.
3. loss (I would not say extremely low,...

not at all, like FX said thanks for sharing. I will watch the video, review posts and see if I get it
  • #357
  • Edited 3:49pm Apr 26, 2012 3:33pm | Edited 3:49pm
Decided to post the last two quarters of profitability results for 2011 from Forex Magnates. Will post the first quarter of 2012 with the results from this poll on Monday at midnight. The poll doesn't stop then...just keeping tabs.

Earlier reports available here. Just scroll to the bottom of that page. Other interesting commentary there as well.

FX4
Attached Images
Trade what you see, not what you think or feel. Let the market come to you.
  • #358
  • Apr 27, 2012 4:22pm Apr 27, 2012 4:22pm
Hi again
I would say the biggest obstacle was myself,and not really believing that I was going to make it. Actually I think what makes it so hard Was not knowing anyone that could show me exactly what to do. After a few years at it you tend not to believe anything anyone says. It wasn't until I saw a profitable trader trading the same way that I had that I really realised that I could do it. In the end I stuck to trading in a way that made my account grow rather than doing everything the so called experts say.

Something that made a massive difference was setting myself goals such as not to have a losing month and charting my equity curve. I would say this kind of thing is what all beginners don't do but can be the most powerful.

I mainly trade the morning European session. Anytime from 0600 gmt to 1100 gmt, but will take setups at different times of day if its there.

I am a discretionary trader using price action and look at all time frames for my setups. When I can identify strong support resistance areas I will fine tune my entries to use absolute minimum risk. I go for between 10 and 30 points with my stop between 5 and 10 points. If this size stop does not offer me protection then I don't take the trade.

I can go on and on for ages so ask me anything you like.
  • #359
  • Apr 27, 2012 4:35pm Apr 27, 2012 4:35pm
Quoting Bigpigtrader
Hi again
I would say the biggest obstacle was myself,and not really believing that I was going to make it. Actually I think what makes it so hard Was not knowing anyone that could show me exactly what to do. After a few years at it you tend not to believe anything anyone says. It wasn't until I saw a profitable trader trading the same way that I had that I really realised that I could do it. In the end I stuck to trading in a way that made my account grow rather than doing everything the so called experts say.

Something that made a massive difference...
You have made such good points!!! When a trader does make it, what they have to say does resonate like:

I would say the biggest obstacle was myself,and not really believing that I was going to make it.


...not knowing anyone that could show me exactly what to do.


It wasn't until I saw a profitable trader trading the same way that I had that I really realised that I could do it.


In the end I stuck to trading in a way that made my account grow rather than doing everything the so called experts say.

Now that's confidence on display!!!


Something that made a massive difference was setting myself goals such as not to have a losing month and charting my equity curve.

I have to laugh at this 'cause some traders think that is crazy, but, I know it has a powerful impact.


...and look at all time frames for my setups.

Some do and don't believe in that approach, but it just makes good sense to have your trading eye on the big picture while looking to enter on a shorter time-frame.

Trading can be so easy if all the right ingredients are present and with the right method to "mix" them together. I think it could be a disadvantage to a trader to have everything given to them, like perfectly fileted fish, and then they think this is soooo easy. They need to develop some trading muscles to stand up in the market during "hard and challenging" times. So there was much benefit for you during those times of hard knocks.

What else could I ask...let me think

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #360
  • Apr 27, 2012 4:43pm Apr 27, 2012 4:43pm
Oh and I would recommend a great book 'Techniques of tape reading' that book really gave me the confidence to enter trades before the move as long as your risk is minimal.

I like your motto too ' trade what you see not what you believe'. I would have saved a lot of losses in the early days if I had stuck to that. Lol!!
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