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  • #121
  • Aug 12, 2012 8:21pm Aug 12, 2012 8:21pm
Quoting Ill-b-back
I understand your sentiment. But 5+ years of hard work/study, should not be confused with Luck wouldn't you agree? Personally, there is no way I would put 5+ years effort into any venture if luck was to decide my fate.
Maybe I took your quotation of "lucky" too literally, it's just that I have been hearing " random "and "luck" thrown around like a smelly nappie lately and I maybe getting sensitive on it
Come with me if you want to live....
  • #122
  • Aug 12, 2012 11:55pm Aug 12, 2012 11:55pm
So you claim that you make $283672161 a day, others question and you call them noobs/idiots?

Ok, whatever lol, this is Internet, say whatever you want, but when I say whatever I want, don't call me idiot.
  • #123
  • Aug 13, 2012 12:02am Aug 13, 2012 12:02am
Quoting Custos
So when I boast about my successful company that makes good profits every year, then according to your logic I have to give him the financial statements and the memorandum of partnership? haha, what a joke. That I would find idiotic. Nobody would ever do that.

Get some realism.
As long as you don't call other people's company as idiot, stupid, noob, can't do business for shit, then fine, say whatever you want.

However, in this business, there's a great deal with scam; when someone came here looking to get some money to manage; I would be skeptical, because in my opinion, if one can trade successful, there's high chance he'll trade his own money instead of trading others's savings or selling signal.
  • #124
  • Aug 13, 2012 1:41am Aug 13, 2012 1:41am
Quoting trickshady
Maybe I should create a thread with a poll asking how many people bought or can easily afford a $100k car with the money they make from forex.
*double facepalm*
  • #125
  • Aug 13, 2012 1:48am Aug 13, 2012 1:48am
Hey , go to the link below. I am making the money , what's all the fuss about.
http://www.forexfactory.com/showthread.php?t=351907
  • #126
  • Aug 13, 2012 2:22am Aug 13, 2012 2:22am
Quoting tafadzwa02
Hey , go to the link below. I am making the money , what's all the fuss about.
http://www.forexfactory.com/showthread.php?t=351907
omg post your strategy and indicators plz.
  • #127
  • Aug 14, 2012 3:12am Aug 14, 2012 3:12am
i am extremely new (extremely new!) But i haven't done bad. small winners, small losers and a couple big winners.

i don't really know and feel free to call me a moron but i think maybe your profitability is directly linked to your risk managment.

as a side note, and not to take over this thread but i am so new here that i can't even post a thread to ask a question.

is there any pairs that trade in the same direction (generally speaking) ie pairs that you would not go short or long on at the same time.

so if i had a short on say? gbpusd then i shouldn't go long on this pair ______ because they generally trade in the same direction?

any info would be great
  • #128
  • Aug 14, 2012 3:52am Aug 14, 2012 3:52am
Quoting cjohnsondies
i am extremely new (extremely new!) But i haven't done bad. small winners, small losers and a couple big winners.

i don't really know and feel free to call me a moron but i think maybe your profitability is directly linked to your risk managment.

[color=Red]as a side note, and not to take over this thread but i am so new here that i can't even post a thread to ask a question.

is there any pairs that trade in the same direction (generally speaking) ie pairs that you would not go short or long on at the same time.

so if i had a short on say?...
Hello cjohnsondies,

It's good to see someone from UAE here on FF other than myself lol.

If you have any questions, feel free to send me a private message.
Trade what you see, not what you think.
  • #129
  • Aug 14, 2012 4:13am Aug 14, 2012 4:13am
Quoting karmostaji
Hello cjohnsondies,

It's good to see someone from UAE here on FF other than myself lol.

If you have any questions, feel free to send me a private message.
ya i have been here for 4 years now. unfortunately i can not send messages yet.... literally i have only been a member to this site now for about...... oh 2 hours i think lol.
  • #130
  • Aug 14, 2012 4:37am Aug 14, 2012 4:37am
Quoting cjohnsondies
i am extremely new (extremely new!) But i haven't done bad. small winners, small losers and a couple big winners.

i don't really know and feel free to call me a moron but i think maybe your profitability is directly linked to your risk managment.

[color=Red]as a side note, and not to take over this thread but i am so new here that i can't even post a thread to ask a question.

is there any pairs that trade in the same direction (generally speaking) ie pairs that you would not go short or long on at the same time.

so if i had a short on say?...
To answer your question, some pairs do move in the same direction at times but I wouldn't think of it like that, my advice would be trade any pair you like and trade the chart and setup infront of you, keep it simple and don't get yourself confused by thinking how will X pair's move affect Y pair.
Trade what you see, not what you think.
  • #131
  • Aug 14, 2012 11:45am Aug 14, 2012 11:45am
thank you for your reply, and sorry for posting my question on someone else's thread.

good to know that there is someone else here in dubai doing the same thing! talk soon hopefully
  • #132
  • Aug 15, 2012 1:09am Aug 15, 2012 1:09am
95% of people lose money in forex. That's a FACT.

Of the rest 5% it's divided as follow:

30% make between 50 and 200 dollars per month.

30% make with "luck" around 1k per month...

and the rest make a living off it, after 10 years of experience and burning their brain, ass, damaging their eyes after so much reading and learning, getting several dental implants and crowns after so much coffee and bad habits, and trying to recover their damaged mental and physical health after so much sedentary and stressful life. That's why successful traders retire early and young, because they don't want to be involved in a stressfull unhealthy life.

Just sayin the truth.

The average Forex Trader has quite a huge EGO, that's why you will never see NUMBERS, instead you will see PERCENTAGES here.

Period.
The Black Swan: The Impact of the Highly Improbable
  • #133
  • Aug 15, 2012 1:44am Aug 15, 2012 1:44am
Quoting MapleLeaf
The average Forex Trader has quite a huge EGO, that's why you will never see NUMBERS, instead you will see PERCENTAGES here.

Period.
Well said man , I hate % , let's get the figures man.What's the point of boasting 100% success on an account with £10?That's more like a demo account man.I respect someone who makes 10% per year on an account with £100k than someone who makes 100% per year on an account with £10.The level of stress , anxiety , etc is different
  • #134
  • Aug 15, 2012 2:12am Aug 15, 2012 2:12am
Quoting MapleLeaf
95% of people lose money in forex. That's a FACT.
Maple,

Based on what I’ve read and heard, and my own experience of the difficulties involved in long-term profitable trading, I could easily believe the numbers that you’re quoting.

The 30% (of the 5%) that make between $50 and $200 per month — I suspect that many of them are trading tiny positions, with very wide stoplosses, to accommodate large drawdowns. Tiny position sizes = tiny returns.

The 30% who are “lucky” — do you know what statistical (or other) measures are used to determine to what extent a trader’s performance is the result of skill, or luck? How is it possible to tell?

Also, from what I’ve been led to believe, many folk use dodgy MM systems (e.g. Martingale) whose recovery algo is guaranteed to return the account to profit — until the ‘death trade’ occurs (which in some cases, can take several months, even years). Are you aware of these, and if so, how do they factor into your numbers?

Also, re the numbers that you’ve quoted, do you know what percentage of traders use discretionary methods, and what percentage use automated systems (EAs)?

Re ego, I think it’s a safe bet that ego is the reason that a lot of published results are falsified, but I’d also guess that there’s a lot of ego involved in stating that profitable trading is impossible (“if I can’t do it, then nobody else can do it either”).

As I said, I could easily believe the numbers that you’re quoting, but if you’re going to use words like “FACT” and “truth”, then IMO some hard evidence is required, if you want to be taken seriously, especially by the skeptics who are posting here. What are your sources of information? Can you provide a link?

Thanks,
David
  • #135
  • Aug 15, 2012 8:27am Aug 15, 2012 8:27am
Quoting cjohnsondies
as a side note, and not to take over this thread but i am so new here that i can't even post a thread to ask a question.

is there any pairs that trade in the same direction (generally speaking) ie pairs that you would not go short or long on at the same time.

so if i had a short on say? gbpusd then i shouldn't go long on this pair ______ because they generally trade in the same direction?
Hi cjohnsondies,

Don't worry about hijacking this thread, it's become a joke, anyway. The losers who'll never be successful are so bitter about it all they can do is attack those of us who are successful.

To your question, this is something I pay attention to. In loose terms, each currency will have a bullish or bearish bias across all pairs. So, for example, if AUD is bullish it might go up strongly against EUR (EURAUD going down), but if JPY is also bullish, AUDJPY might be fairly flat while CADJPY is dropping hard. Make sense?

But also, each currency dominates at different times. Through 2011, AUD was persistently bullish and I'd never be on opposite sides of it. But right now its dominance is weakening and I'd be more inclined to be on opposite sides.

For another example, even though EUR represents the world's largest GDP, it can easily be secondary, so it would not be unusual for me to be bullish on EURGBP and bearish on EURAUD, for example. Right now at least, the only time it seems to dominate is in reaction to an event.

Pretty much the only pairs I'll never be on opposites sides of are USD pairs and JPY pairs.

Rob
  • #136
  • Aug 15, 2012 9:01am Aug 15, 2012 9:01am
Quoting Rob Mondave
Hi cjohnsondies,

Don't worry about hijacking this thread, it's become a joke, anyway. The losers who'll never be successful are so bitter about it all they can do is attack those of us who are successful.

To your question, this is something I pay attention to. In loose terms, each currency will have a bullish or bearish bias across all pairs. So, for example, if AUD is bullish it might go up strongly against EUR (EURAUD going down), but if JPY is also bullish, AUDJPY might be fairly flat while CADJPY is dropping hard. Make sense?

But...

great info mate, and that makes me think of another angle that i often wonder about because someone told me that "if the pound is bullish the euro is generally heading up as well and vise versa, so don't get caught in a senario where you are shorting the GBP and long on the EUR".

is there any truth to this and if so is there any other currencies that do this say for instance the NZD and AUD because the are so close and it would seem that they would almost benefit from each others positive fiscal info. take for example the CAD riding the coat tails on the positive news that just came out about the american economy.

to be honest i am really new and just trying to get some ground rules down, i have a trading plan, i always use stop losses and use a pretty good system that has me up quite a few pips thus far. i just don't want to have a couple of stupid things bring me down. things where the experienced trader would look at my trades and say something obvious like " oh well there is your problem you are going blah blah blah blah when you should have just stayed away from that all together" hope this rambling makes sense. just trying to preserve my capital and get the hiccups out of the way i guess.

cory
  • #137
  • Edited 10:19am Aug 15, 2012 10:07am | Edited 10:19am
Quoting cjohnsondies
i am extremely new (extremely new!) But i haven't done bad. small winners, small losers and a couple big winners.

i don't really know and feel free to call me a moron but i think maybe your profitability is directly linked to your risk managment.

as a side note, and not to take over this thread but i am so new here that i can't even post a thread to ask a question.

is there any pairs that trade in the same direction (generally speaking) ie pairs that you would not go short or long on at the same time....

Have a play around with this correlation table. Hope it helps a little.

http://www.forexticket.co.uk/en/tools/01-01-correlation


Quoting cjohnsondies
great info mate, and that makes me think of another angle that i often wonder about because someone told me that "if the pound is bullish the euro is generally heading up as well and vise versa, so don't get caught in a senario where you are shorting the GBP and long on the EUR".
Generally correct if EUR/GBP is stable. But EUR/GBP hasn't been that stable lately so if EUR/GBP is going down and we have general US$ strength, you may note that E/U is dropping faster than GBP/USD or in the absence of US$ strength, E/U may still be going down while GBP/USD is either remaining stable or even going up. Today is a good example of that.

Before the GFC, EUR/GBP was in a relatively small range so it was generally true that if E/U was bullish, G/U would follow. Not so much these days.
Nothing worth having is easy.
  • #138
  • Aug 15, 2012 10:35am Aug 15, 2012 10:35am
Quoting Patience
Have a play around with this correlation table. Hope it helps a little.

http://www.forexticket.co.uk/en/tools/01-01-correlation




Generally correct if EUR/GBP is stable. But EUR/GBP hasn't been that stable lately so if EUR/GBP is going down and we have general US$ strength, you may note that E/U is dropping faster than GBP/USD or in the absence of US$ strength, E/U may still be going down while GBP/USD is either remaining stable or even going up. Today is a good example of that.

Before the GFC, EUR/GBP was in a relatively...
seriously man! thanks so much! definitely great food for thought

cory
  • #139
  • Aug 15, 2012 10:50am Aug 15, 2012 10:50am
Quoting cjohnsondies
great info mate, and that makes me think of another angle that i often wonder about because someone told me that "if the pound is bullish the euro is generally heading up as well and vise versa, so don't get caught in a senario where you are shorting the GBP and long on the EUR".

is there any truth to this and if so is there any other currencies that do this say for instance the NZD and AUD because the are so close and it would seem that they would almost benefit from each others positive fiscal info. take for example the CAD riding the coat...
cjohnsondies, that's good info from Patience, and the tables in the link pretty much sum it up.

There might be at least two ways to look at this in a practical sense. One, if both AUD and NZD are bullish, you can look to the same currency paired with AUD and NZD (EURAUD and EURNZD, for example) to see which looks more bearish and which might be the better trade (EURAUD and EURNZD will go down if AUD and NZD are bullish).

But for number two, and this is just an extension of number one, you can construct a basket trade, where you take one or two or three AUD pairs and/or one or two or three NZD pairs, divide your position size and place a smaller trade on each of those. The reason for this is, for example, GBPAUD might be a better mover than EURAUD, but you wouldn't know that beforehand. I frequently do this with JPY pairs, except USDJPY - it's in its own world. So, once the world becomes normal again, a good potential basket might be to short EURAUD, EURNZD, GBPAUD and GBPNZD, each with a smaller position.

Rob
  • #140
  • Aug 15, 2012 10:50am Aug 15, 2012 10:50am
Quoting cjohnsondies
seriously man! thanks so much!
Female traders do exist, and Patience is one.
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