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Are you a consistently profitable trader?

  • #381
  • May 17, 2012 8:31am May 17, 2012 8:31am
41% profitable traders!
Forex is much easier than it is written in the books. As I know less than 5% on the market is making profit constantly.
It is seems to be that almost half of the profitable traders are here on the Forex Factory.
  • #382
  • Edited 8:34pm May 18, 2012 4:32pm | Edited 8:34pm
Quoting Num
41% profitable traders!

It is seems to be that almost half of the profitable traders are here on the Forex Factory.
Hi Num,

I guess they are . The point was made earlier that we should expect the percentage of success to be higher in a place like this because it is a place of concentrated information to help traders.

We'll see how the poll shapes up as it rolls forward, but it's good to know that at least traders who apply themselves to good information found here at Forex Factory can make it.

Thanks for sharing,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #383
  • May 23, 2012 7:00am May 23, 2012 7:00am
Just about a week left to the end of May. Will post the poll comparison then. The poll will continue on...

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #384
  • May 28, 2012 6:47pm May 28, 2012 6:47pm
Just a few days left now...

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #385
  • May 28, 2012 10:53pm May 28, 2012 10:53pm
Quoting FX4Newbies
Just a few days left now...

FX4
I don't think it's necessary to post every few days "just a few days left" or similar things.
Don't think that this technique is creating more excitement about the new comparison.
  • #386
  • May 29, 2012 12:46am May 29, 2012 12:46am
Quoting Custos
I don't think it's necessary to post every few days "just a few days left" or similar things.
Don't think that this technique is creating more excitement about the new comparison.
Not trying to create more excitement.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #387
  • May 29, 2012 4:19am May 29, 2012 4:19am
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
Wow Dice... it's somewhat refreshing to hear this... because I feel I'm in the exact same camp for the most part.

I've been trading full time for a few years now, and after last year I thought I was golden... this year, not so much.

Up for the year, but it's been a real fight... and I should have triple what I do have.

I completely know the feeling of looking at a chart and having reading it like a book...

and then, doing it the next day, and suddenly, the book is written in Korean (I don't know korean)

It tends to run in blocks for me, months on, weeks off. weeks on, days off.

In fact, that's the whole crux of the reason why i've decided to start getting involved here. I've started a public journal for my thoughts, feelings, mistakes, good trades, bad trades, etc... as well as develop a more specific daily pretrading routine in which enables me to develop a systematic way of getting "in tune" with the markets.

So far, so good. Just doing it for a few weeks and posting up here is my latest addition, but even after just 3ish days... I am able to start seeing things that I wasn't before.

very, very subtle... but, something about a public record of every action one takes in trading, every mistake, or even "arguable action" becomes more clear.

Check out my thread if you wanna see what I mean, and u might try something like it yourself.

Last week was a 9% profit on 17 entered trades, 83% win rate.

This week so far, over 80% win rate and up about 2.5%...

These are more than double what I typically do in terms of ROI..and win rate substantially higher than usual also.

Just a thought anyway. good to see someone else experiences the same thing tho.

X
  • #388
  • Edited 4:43am May 29, 2012 4:23am | Edited 4:43am
Quoting Num
41% profitable traders!
Forex is much easier than it is written in the books. As I know less than 5% on the market is making profit constantly.
It is seems to be that almost half of the profitable traders are here on the Forex Factory.
3 months of profitability at 41%? that's about what oanda's userbase does, at least their U.S. governmental auditor reported that recently (forget why, but a few years back sudddenly all the big FX bucketshops had to reveal their statistics on a 3 month basis)

BUt, oanda has a different business model than most other brokers, and they cater to the professional retail trader, not so much the guy who wants to give it a shot.

ALso consider maybe the not so profitable ones simply don't vote. I know I wouldn't vote when I wasn't profitable. Now I would. It's easier to tell the world you are a winner. Harder to tell them your a loser.

In fact, I believe that's probably more likley than a bunch of liars. but i could be wrong.... the market proves to me i'm wrong a lot, so i'm used to it.

X

3 months is a good start... 3 years is much more difficult.

P.S. And the OP does have a point.. I don't think it's very compelling..but ya, i'd still bet forex factory has a higher percentage than the general population who try to trade.
  • #389
  • May 29, 2012 11:54pm May 29, 2012 11:54pm
Quoting forextraderx
3 months of profitability at 41%? that's about what oanda's userbase does, at least their U.S. governmental auditor reported that recently (forget why, but a few years back sudddenly all the big FX bucketshops had to reveal their statistics on a 3 month basis)

BUt, oanda has a different business model than most other brokers, and they cater to the professional retail trader, not so much the guy who wants to give it a shot.

ALso consider maybe the not so profitable ones simply don't vote. I know I wouldn't vote when I wasn't profitable. Now I...
Hi Forextraderx,

Thanks for your comments...

Maybe so...some traders who are still having the challenge of being profitable may not answer the poll. I can understand the hesitation if the poll were not anonymous, but that's just me.

Hayseed made the point about people in a forum like this having better stats...I can see the logic there and tend to agree.

BUt, oanda has a different business model than most other brokers, and they cater to the professional retail trader, not so much the guy who wants to give it a shot.

In what ways do you think their business model caters to the professional retail trader?

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #390
  • Edited May 31, 2012 7:23am May 30, 2012 7:12pm | Edited May 31, 2012 7:23am
No rocket science here, but consistently profitable months come from:

Having profitable weeks...having profitable days...trading well each day...in the now: moment by moment.

According to Linda Bradford Raschke, your success is tied to how you organize your trading day.

“The success in trading comes not from knowing a myriad of patterns or technicals etc., but from the way you organize your day and the
consistency of your approach.”

That's really VERY true.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #391
  • May 30, 2012 7:48pm May 30, 2012 7:48pm
Quoting FX4Newbies
Hi Forextraderx,

Thanks for your comments...

Maybe so...some traders who are still having the challenge of being profitable may not answer the poll. I can understand the hesitation if the poll were not anonymous, but that's just me.
Of course some won't... but by and large I feel it's much easier to admit success than failure. I believe I'm better than most at admitting failure, and even I (once upon a time) would not often vote in the past, but now am much less hesitant to do so (since I can vote "profitable" because I am such)

Quote
...
yep, I see the point too, my bad I didn't realize hayseed first made it. I agree with it overall, though I think it's less important than winners voting than losers voting. Remember, in spite of the anonymity, it's really our own ego's that we protect or face in making any sort of admission... and I think that's the more compelling reason the numbers are skewed. though it's totally debateable, and I could be WAAAY wong.

Quote
In what ways do you think their (oanda's) business model caters to the professional retail trader?

FX4
Lots of ways. First, their spreads (although they are variable, and not fixed) are by and large much tighter than any other competitor across the board that I can think of. As someone who has traded on more institutional grade platforms in other markets, there is not a market in the world that offers a "fixed spread", including directly on the interbank.

I'll take a spread that is tighter than their competitors 99% of the time any day.

Secondly, they provide free, top quality newsfeeds from IFR markets, Dow Jones, etc... and those newsfeeds often give up to the minute news, as well as printed order flow data and participants so one can better determine where offers, stops, and bids are being placed in the market, and who is behind it. They also give great options related info in these feeds as well. This normally costs hundreds of dollars, but not with them.

They not only show their current order book for orders, as well as open positions, but the provide a HISTORICAL chart of orders and positions..so one can see how market orderflow has evolved in many of the bigger markets recently, as well as who is losing, from where, at what size...etc.

They give a million ways to slice this data, so one can get a very good view if this type of tool is to their liking.

They also give volatility charts, correlation graphs, provide good news articles of their own, do not ever close their order fulfillment (you can sell eur/usd on saturday night, if you are willing to pay a 10 -20 pip spread)

They also provide access to more pairs than any other retail bucketshop I know of, and (not that this is what makes them better, but does provide evidence that they are better), they have over 3X more subscribers than any other retail forex outfit...from the articles and statistics i've seen on the subject matter.

Last but not least, their FXTrade platform, for order execution, is by far an order of magnitude more responsive, more flexable, and faster than any MT4 platform. Scalping on this for say, the eur/usd is very possible... and i've even used 10 second charts to scalp around with (with some limited success) before. When the market offers less than a 1 pip spread on eur/usd during the busy times... a 5-7 pip profit with a 5-7 pip stop is completely possible to execute on and make a profit with over the longhaul with oanda... I can't say this about any other broker.

There are other reasons I'm not listing. There are also reasons that one may not like them. :::::: but they have the highest percentage of profitable traders (on a 3 month basis anyway), an order of magnitude more clients than their closest competitor, and rather than waive some stupid "incentive program" in front of their potential clients noses to encourage membership, they give a pro more of what a pro would consider.

- fast execution, tighter spreads, better access to valuable trading information, and greater choice of markets to trade.

At least this is why I use them. Others can decide for themselves.

X
  • #392
  • Edited 7:41am May 31, 2012 7:22am | Edited 7:41am
Quoting forextraderx
Of course some won't... but by and large I feel it's much easier to admit success than failure. I believe I'm better than most at admitting failure, and even I (once upon a time) would not often vote in the past, but now am much less hesitant to do so (since I can vote "profitable" because I am such)

yep, I see the point too, my bad I didn't realize hayseed first made it. I agree with it overall, though I think it's less important than winners voting than losers voting. Remember, in spite of the anonymity, it's really our own ego's that we protect...
I certainly agree with you here...

but by and large I feel it's much easier to admit success than failure.


I think you also have a good point here, 'cause when you think about it, a trader trading alone and hanging on to losing trades in some cases because of ego and it's just them...

Remember, in spite of the anonymity, it's really our own ego's that we protect or face in making any sort of admission... and I think that's the more compelling reason the numbers are skewed.


Thanks for the reasons you have shared for your comment about Oanda. I tried opening an account there many years ago and the check got lost in the mail...LOL. I thought then, oh well...Of course it wasn't their fault.

Anyway, I just may try them again and see. Have heard good things and I know a few great traders on FF use them. Your pointers got me thinking again....

Thanks,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #393
  • May 31, 2012 1:00pm May 31, 2012 1:00pm
It's taken me over 5 years and only in the last 8 month have I been consistent.

That time has included much learning, frustration, losses, euphoria, stress and a bit more frustration but I am at last happy where I am with my trading.

I think you just need to find what you are comfortable with, get a good strategy, money management and the right mindset. Once those all meet you're onto a winner!
  • #394
  • Edited 7:02pm May 31, 2012 2:11pm | Edited 7:02pm
Quoting mogulmedia
It's taken me over 5 years and only in the last 8 month have I been consistent.

That time has included much learning, frustration, losses, euphoria, stress and a bit more frustration but I am at last happy where I am with my trading.

I think you just need to find what you are comfortable with, get a good strategy, money management and the right mindset. Once those all meet you're onto a winner!
Hey hey hey...congrats !!!

That time has included much learning, frustration, losses, euphoria, stress and a bit more frustration...

No joke on that one for sure.

Yes, they must all meet..

I think you just need to find what you are comfortable with, get a good strategy, money management and the right mindset.

Congrats again!!

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #395
  • Jun 1, 2012 12:02am Jun 1, 2012 12:02am
Quoting FX4Newbies
No rocket science here, but consistently profitable months come from:

Having profitable weeks...having profitable days...trading well each day...in the now: moment by moment.

According to Linda Bradford Raschke, your success is tied to how you organize your trading day.

“The success in trading comes not from knowing a myriad of patterns or technicals etc., but from the way you organize your day and the
consistency of your approach.”

That's really VERY true.

FX4
I am still not sure that your defiition of "consistent profitability" is the right one. Take george soros, he just trades a couple of times per year. Richard Dennis made in 1 to 2 months all the gains for the year. And I believe that there are many other traders that are consistently porfitable without complying to your defintion (me included).
  • #396
  • Jun 1, 2012 3:46am Jun 1, 2012 3:46am
it doesn't exist "consistent profitability", nothing last forever, this is a universal truth.
Are you currently making money from trading?
Yes, no, some is making little, some is making big, some is loosing little, some is loosing big, just concentrate on the now, that's all really exist.

Some people just need one good trade to make enough profit to live confortably for a few months/years, and they do trade that way.
Some are "consistent profitabiles" trading everyday and they can't make a living out of trading because their consistent profit is simply too small (or demo profit), so what's the point of this "consistent profitability".

Wake up dudes, this is not a race or a competition, this is just a business all that matter is can you live out of it or not?
If you can live out of it, then this business is your "job", congratulation you are a trader.
If you cannot, no matter how much demo/mini-consistently-profitable you are, you have great discipline and a great system and whatever, you are the best, your ego enjoy the consistent pipping, but trading is just an hobby and not a "job", aka you are not a trader.

The question to ask is: are you a trader or not?
  • #397
  • Edited 12:02pm Jun 1, 2012 9:28am | Edited 12:02pm
Quoting Custos
I am still not sure that your defiition of "consistent profitability" is the right one. Take george soros, he just trades a couple of times per year. Richard Dennis made in 1 to 2 months all the gains for the year. And I believe that there are many other traders that are consistently porfitable without complying to your defintion (me included).
This survey is really targeting the typical retail forex trader who trades on a daily basis for the most part. Exceptions are just that...exceptions to the rule or the norm. I presume that is how most retail FX traders trade. A simple poll such as this one does not have the capability to accommodate every possible scenario of successful trader that might exist. So, I chose to go with something that I think might represent how the majority of FX retail traders trade.

Thanks for sharing though,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #398
  • Edited Jun 2, 2012 5:54am Jun 1, 2012 9:37am | Edited Jun 2, 2012 5:54am
Quoting tunera
it doesn't exist "consistent profitability", nothing last forever, this is a universal truth.
Are you currently making money from trading?
Yes, no, some is making little, some is making big, some is loosing little, some is loosing big, just concentrate on the now, that's all really exist.

Some people just need one good trade to make enough profit to live confortably for a few months/years, and they do trade that way.
Some are "consistent profitabiles" trading everyday and they can't make a living out of trading because their consistent profit...
Hi Tunera,

I am sure anyone who trades will agree with your statement (to some extent):

it doesn't exist "consistent profitability", nothing last forever, this is a universal truth.

If "consistent" profitability doesn't "exist" much less last, then are we wasting our time? There may be times when it becomes hard to be consistent with winning, but if a trader manages their account, they don't have to lose all of their profitable gains.

However, as much as lies in a trader's control to consistently make a profit, whether they trade every day, twice a week or once a month, profitability is the why behind what traders do what they do.

Some people are definitely hobbyists and for some, it might even provide a psychological advantage if they tell themselves they're not in this big time, so they can relax and make money. Who knows.

Wake up dudes, this is not a race or a competition, this is just a business all that matter is can you live out of it or not?

There is no race or competition here. The goal is to motivate traders to become consistently profitable or to help them get there, as well as get an idea of what the stats might be in light of what the failure percentage reports have said. For the serious trader, the goal is to make their living by trading FX, whatever their living might be.

Thanks for your comments.

FX4

P.S. Made some edits to reply after re-reading.
Trade what you see, not what you think or feel. Let the market come to you.
  • #399
  • Edited 10:44am Jun 1, 2012 9:47am | Edited 10:44am
First, the previous results. The results in red were through April 15, 2012.

Yes, I am currently. ................................... .........http://www.forexfactory.com/clear.gif39 51.32%............................. .66 43.14%

No, I have never been. ................................... .....12 15.79%...............................36 23.53%

Yes, I have been, but not currently..........................2 2.63% ................................12 7.84%
No, but I have had a profitable month. ....................15 19.74%............................. .19 12.42%

I am still trading in a demo account. ........................ 8 10.53%..............................20 13.07%

Total Voters: ......................................................76.......................................153


Here are the results through May 31, 2012 (in green). Results in purple were through April 30, 2012. The results in blue were for the first two weeks of the poll which began around the middle of March.

Yes, I am currently. ................................39 51.32%.................77 40.74%.................91 41.18%

No, I have never been. ........................... 12 15.79%.................43 22.75%.................47 21.27%

Yes, I have been, but not currently.............2 2.63% ...................17 8.99%..................22 9.95%
No, but I have had a profitable month. ......15 19.74%...................27 14.29%................30 13.57%

I am still trading in a demo account. ...........8 10.53%...................25 13.23%................31 14.03%

Total Voters: .......................................76............................189...........................221
Trade what you see, not what you think or feel. Let the market come to you.
  • #400
  • Edited 8:56am Jun 2, 2012 8:09am | Edited 8:56am
Hello Traders,

Saw the first two parts of this article on a thread at FF. Thought it might help some in their pursuit of profitability. Part 3 of the Top Ten Tips for Forex Success by Jade Gate takes a closer look at the trader.

FX4
Attached File(s)
File Type: pdf Top Ten Tips Part 1 c2aa2d44-8442-4eb3-83e6-5212fbcda84e.pdf   394 KB | 357 downloads
File Type: pdf Top Ten Tips Part 2 41505441-c24b-4a96-a04b-6e642683257b.pdf   559 KB | 341 downloads
File Type: pdf Top Ten Tips by Jade Gate Part 3 ccce5e35-f396-46ac-8d02-caff450e1387.pdf   544 KB | 332 downloads
Trade what you see, not what you think or feel. Let the market come to you.
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