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What would you do - time/money spent?

  • #21
  • Jul 6, 2012 10:31am Jul 6, 2012 10:31am
Quoting hefhem911
According to one of your posts, you said you have the skills to make between 5-8% of your capital ($100). Is this 5-8% profit on your capital on monthly basis or weekly or daily?
Yes, in relation to my previous post, I was assuming that he had a system that generated 5-8% per month. I also assumed that he didn't have a job.

I could be wrong on both counts.
Nothing worth having is easy.
  • #22
  • Jul 6, 2012 10:36am Jul 6, 2012 10:36am
Once you've been at it a few years you'll find trading the most boring pursuit ever. The fun part was the learning part. You need long term plans and goals with this in mind then you might cut the learning curve to make it fit better for the future - i.e don't think too much, use a discretionary set and forget method where you can just set trades and walk away. Best decision I ever made. Nothing worse than being glued to the screen -worth it when learning but now it would be totally pointless. You need to know when to to make that transition and know when being glued to the screen has become a habit or an addiction rather than a necessity.
  • #23
  • Jul 6, 2012 11:27am Jul 6, 2012 11:27am
Quoting pfstudent
I'm stuck and i see no way out.

Any ideas?
//----

have nothing??... sounds like you have a bucket full of determination to me......

as for ideas.....

first, you might should give patience's post a shot....

second, have you given any thought to learning to code mq4..... even a few code jobs a week could help build your account to a life supporting amount.....

and at some point you might be able to code your ideas into ea's and let the run while you work on aquiring those other items you listed as 'do not have'.....


//---
//---

you have time.............h
to trade and code, keep both simple... no call to impress....h
  • #24
  • Jul 6, 2012 11:47am Jul 6, 2012 11:47am
Quoting pfstudent
I discovered Forex in august 2007. I was enchanted right from the start. Thought it was the best thing since sliced bread ) What seemed such a wondrous field turned out to be a VERY VERY trying experience. I've made all the mistakes you can think of and some that might take you a while to discover. I've found myself lying dizzy on the floor thinking "How in the world could i have done that?!!". Disgusted with myself, having all sorts of "charming ego boosting" thoughts ...


[color=#000000][font=Tahoma]I've...
5 years and still struggling? Look at the turning point on the chart and ask yourself why. If no monies, find a job.
  • #25
  • Jul 6, 2012 12:35pm Jul 6, 2012 12:35pm
Quoting Patience
Yes, in relation to my previous post, I was assuming that he had a system that generated 5-8% per month. I also assumed that he didn't have a job.

I could be wrong on both counts.
If he had a system generating 5-8% a month, then he would not still have 100$ only. I think he never made a positive return and that he doesn't want to face, cause it would mean that he is a total failure. But only through such a realization can we get out of the crap and start becoming winners.

Anyways, enough of that philosophic crap. Quit trading and start a job. Trading should enrich your life, not destroy it.
  • #26
  • Jul 6, 2012 2:21pm Jul 6, 2012 2:21pm
Quoting hayseed
//----

have nothing??... sounds like you have a bucket full of determination to me......

as for ideas.....

first, you might should give patience's post a shot....

second, have you given any thought to learning to code mq4..... even a few code jobs a week could help build your account to a life supporting amount.....

and at some point you might be able to code your ideas into ea's and let the run while you work on aquiring those other items you listed as 'do not have'.....


//---
//---

you have time.............h...
Do you know any free resources where I can learn to code in MT4? I want to learn more for testing than having it trade for me.
  • #27
  • Jul 6, 2012 2:55pm Jul 6, 2012 2:55pm
Quoting pfstudent
I discovered Forex in august 2007. I was enchanted right from the start. Thought it was the best thing since sliced bread ) What seemed such a wondrous field turned out to be a VERY VERY trying experience. I've made all the mistakes you can think of and some that might take you a while to discover. I've found myself lying dizzy on the floor thinking "How in the world could i have done that?!!". Disgusted with myself, having all sorts of "charming ego boosting" thoughts ...


[color=#000000][font=Tahoma]I've...
bullshit
Invincibility lies in the defence, the possibility of victory in the attack
  • #28
  • Jul 6, 2012 7:26pm Jul 6, 2012 7:26pm
Quoting pipexplorer1
Do you know any free resources where I can learn to code in MT4? I want to learn more for testing than having it trade for me.
//---

hey pipexplorer..... most of us that began programing only when metaquotes came out, started by studying coderguru's lessons.... his original 20 or so lessons from 04 are the best......

you can also use the mql4 forums book..... and the meta editor itself has complete reference section.....

once you get a basic idea of how all the parts fit, you'll have little trouble.....h

//---
Attached File(s)
File Type: zip coderguru 1.zip   790 KB | 412 downloads
to trade and code, keep both simple... no call to impress....h
  • #29
  • Jul 6, 2012 8:33pm Jul 6, 2012 8:33pm
In that case, try this, I was told this off another trader and thought it was stupid until I tried it, when you enter a trade using real money, if you're using MT4, instead of having it on the 'TRADE' tab where you can see your current balance, P/L etc, click onto the 'NEWS' tab or 'MAILBOX' tab, anything really that doesn't show money you've made or lost or are currently in profit/loss with, as strange and as silly as it sounds, psychologically, for me atleast, if I can't see my P/L and just the charts while in a live trade I'm less inclined to close and just to 'let it run', however what works for one person might not work for someone else, everyone is different. We're only human afterall.

[/quote]

sounds nice, ill try it
  • #30
  • Jul 6, 2012 11:59pm Jul 6, 2012 11:59pm
Quoting pfstudent
I discovered Forex in august 2007. I was enchanted right from the start. Thought it was the best thing since sliced bread ) What seemed such a wondrous field turned out to be a VERY VERY trying experience. I've made all the mistakes you can think of and some that might take you a while to discover. I've found myself lying dizzy on the floor thinking "How in the world could i have done that?!!". Disgusted with myself, having all sorts of "charming ego boosting" thoughts ...

You don't trade forex for a living, make money and then get a life, it doesn't work in that order. First You get a life, then You make some money (you get a job) and then You trade Forex.
  • #31
  • Jul 7, 2012 5:21am Jul 7, 2012 5:21am
Thank you everybody for the replies!

Yes, i actually knew the common sense reply which is to get a job and i think the last reply says it best. There are probably very few cases of traders making money through forex [damn market wizards book!]. It is obviously something you do when you already have a capital. I think this is the main mistake that a lot of new traders [myself included] make when they start.

Probably when you made that capital through a lot of work and long hours you would think twice going unprepared in the market. Or not. It does have a gambling quality to it.

As a clarification i was talking about monthly revenue and no i do not have a job right now. And this kind of monthly results i have come to be able to get more recently, i was not able to make them consistently from the start.

As maybe many others i went through +40% a month to -90% in a month

For tips and tricks regarding emotions, for me i found that it works best to include somebody to watch over me and maybe have control over the account. I know for sure that when i will start trading a live account again i will recruit my brother to guard my live account on a password protected vps with an ea that limits drawdown and maximum capital loss [there is one in the tech section called equity guard]. And i will copy trades from a demo account to the live account. I do not trust myself and my emotions and i think it is best to eliminate any option of ever blowing an account again.
  • #32
  • Jul 7, 2012 5:26am Jul 7, 2012 5:26am
Quoting Porkpie
Once you've been at it a few years you'll find trading the most boring pursuit ever. The fun part was the learning part. You need long term plans and goals with this in mind then you might cut the learning curve to make it fit better for the future - i.e don't think too much, use a discretionary set and forget method where you can just set trades and walk away. Best decision I ever made. Nothing worse than being glued to the screen -worth it when learning but now it would be totally pointless. You need to know when to to make that transition and...
I have the same belief, that is very important to know what are you shooting for, to have plans and goals [realistic goals]. When i started all i knew was MAKE MONEY. Not how, not what can be achieved given a time frame and a currency that you are trading, not taking into account mistakes. Without a clear objective i just wandered around from system to system from scalping to long term, learning this and that, ending no where. It took me a while to realize this is a big mistake.
  • #33
  • Jul 7, 2012 5:27am Jul 7, 2012 5:27am
Quoting hayseed
//----

have nothing??... sounds like you have a bucket full of determination to me......

as for ideas.....

first, you might should give patience's post a shot....

second, have you given any thought to learning to code mq4..... even a few code jobs a week could help build your account to a life supporting amount.....

and at some point you might be able to code your ideas into ea's and let the run while you work on aquiring those other items you listed as 'do not have'.....


//---
//---

you have time.............h...
This is a very helpful idea. Thank you.
  • #34
  • Jul 7, 2012 6:58am Jul 7, 2012 6:58am
Hi All
I perhaps am alone here but I find trading far from boring. I love every minute of it and enjoy spending hours watching and waiting for my setup. Then I love the thrill of the trade. I cannot understand why members here use EA's they cannot possibly make you money. I think many people are looking to trading to make a fortune. The best most small traders can ever hope for is to make perhaps a comfortable living. $1,000 to $1,500 is not that hard to make from forex trading. My advise to those that need it is to find yourself a simple system, trade .001 lots till you master it then go for it. Enjoy it the more you enjoy trading the more it will reward you. There is no 'Holy Grail' there is no Magic Robot software. I have been to Daimler-Benz's trading ( they make more money from trading than selling cars) room it is massive, most of the traders there ( and there is almost a Thousand) use simple EMA's or Fibonacci or just price action. If there was a Magic Formula they would have it. If the THV works for you then use it. Whatever you use stick to it. Most rookie traders jump from system to system looking for one that will magically make them millions. Sorry mate it does not exist. I think that specialising is the key to becoming a successful trader. One Market, One System, One Time Frame. Cheers Gann Man
  • #35
  • Jul 7, 2012 7:14am Jul 7, 2012 7:14am
Quoting GannMan
Hi All
I perhaps am alone here but I find trading far from boring. I love every minute of it and enjoy spending hours watching and waiting for my setup. Then I love the thrill of the trade. I cannot understand why members here use EA's they cannot possibly make you money. I think many people are looking to trading to make a fortune. The best most small traders can ever hope for is to make perhaps a comfortable living. $1,000 to $1,500 is not that hard to make from forex trading. My advise to those that need it is to find yourself a simple system,...
best advise on this thread so far!
The only way not to think about money is to have a great deal of it
  • #36
  • Jul 7, 2012 9:09am Jul 7, 2012 9:09am
Don't set your goal too high. If you can achieve 20% a year easily, then set it to 40-50% with a little bit risk such as max draw down 20-30%. don't trade too aggressively. always protect your money!
  • #37
  • Jul 7, 2012 9:21am Jul 7, 2012 9:21am
Quoting GannMan
I perhaps am alone here but I find trading far from boring.
Yeah and I found that the more profitable you become, the less boring it is!
  • #38
  • Jul 7, 2012 9:56am Jul 7, 2012 9:56am
Quoting pfstudent
Thank you everybody for the replies!

Yes, i actually knew the common sense reply which is to get a job and i think the last reply says it best. There are probably very few cases of traders making money through forex [damn market wizards book!]. It is obviously something you do when you already have a capital. I think this is the main mistake that a lot of new traders [myself included] make when they start.

Probably when you made that capital through a lot of work and long hours you would think twice going unprepared in the market. Or not. It does...
After 5 years, you still don't know how to control your emotion? I think in trading, most of the time we are struggling with the beast in ourselves. However, with time, we can control it. 5 years are a bit too much for it methinks, it maybe down to personality.

Young people love those with big ego, those hard character because they think it's cool. It doesn't apply to trading, one needs to be humble when trading.
  • #39
  • Jul 7, 2012 4:04pm Jul 7, 2012 4:04pm
Quoting GannMan
Hi All
I perhaps am alone here but I find trading far from boring. I love every minute of it and enjoy spending hours watching and waiting for my setup. Then I love the thrill of the trade. I cannot understand why members here use EA's they cannot possibly make you money. I think many people are looking to trading to make a fortune. The best most small traders can ever hope for is to make perhaps a comfortable living. $1,000 to $1,500 is not that hard to make from forex trading. My advise to those that need it is to find yourself a simple system,...
Good advice. Save up to a 1k and go from there. If your good enough, you shouldnt need a big stake. You should be able to grow that. And did i read that right? Daimler Benz's trading?? when did they get into the trading business?
  • #40
  • Last Post: Aug 4, 2012 2:42am Aug 4, 2012 2:42am
Well if u can make 5-8% a month risking small , try to risk large and try to acheive more in a month .
Even warren buffet at starting risked large amount to make huge returns .

If you cant risk large better go and work outside , coz if you can take risk , reward will be given , if you cant u will loose your life . So dont think more than this .
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