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Are you a consistently profitable trader?

  • #581
  • Aug 26, 2012 12:53pm Aug 26, 2012 12:53pm
Quoting FX4Newbies
Good that you enter your positions there, but if you are unhappy with your percentage of stopped-out trades, where you are placing them (your stops) might be something for you to take a look at.

FX4
Yeah, I will work on it next week, thanks for the advice!
  • #582
  • Aug 28, 2012 2:24am Aug 28, 2012 2:24am
To all traders wanting to be profitable:

If you have placed a trade and then see that you are on the wrong side of the track DON'T BE A SITTING DUCK...turn your mind around; TALK ALOUD IF YOU HAVE TO but wake up!!! Profit from what you do see!

Being "wrong" may not be have been good for you when in school. It doesn't feel good and we've been so conditioned not to like it, or look at it in a positive light, but in this business when you see that you are wrong, it is a good thing 'cause it helps you profit from the other side of being wrong...if you can get your mind to let go and turn. The final grade in this exam is about having more money in your account, and consistently so not about always being right. Get the A+ there...in your rising equity curve .

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #583
  • Aug 28, 2012 2:26am Aug 28, 2012 2:26am
Quoting FX4Newbies
To all traders wanting to be profitable:

If you have placed a trade and then see that you are on the wrong side of the track DON'T BE A SITTING DUCK...turn your mind around; TALK ALOUD IF YOU HAVE TO but wake up!!! Profit from what you do see!

Being "wrong" may not be have been good for you when in school. It doesn't feel good and we've been so conditioned not to like it, or look at it in a positive light, but in this business when you see that you are wrong, it is a good thing 'cause it helps you profit from the other side of being wrong...if...
good advise....
  • #584
  • Aug 28, 2012 3:01am Aug 28, 2012 3:01am
i am bored and nothing to do...

so here is one:

who do you plan to take money from ?

scalper
trader
publlic
hedge fund

where is the most money ?

what is the quality of life you desire as speculator ? 16x5, 1x5

how much is your breakeven pont - how much effort you put to get where you are and how much you want ot be paid to consider ok. you have to make this back first.
  • #585
  • Edited 3:44am Aug 28, 2012 3:05am | Edited 3:44am
Quoting Mr.Elliott
good advise....
I try to use it whenever it suits the occasion...and hopefully that won't be too often .

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #586
  • Edited 3:43am Aug 28, 2012 3:13am | Edited 3:43am
Quoting macroman
i am bored and nothing to do...

so here is one:

who do you plan to take money from ?

scalper
trader
publlic
hedge fund

where is the most money ?

what is the quality of life you desire as speculator ? 16x5, 1x5

how much is your breakeven pont - how much effort you put to get where you are and how much you want ot be paid to consider ok. you have to make this back first.

i am bored and nothing to do...

Trade and make it fun..., unless you're waiting for your set-up and entry. EU looking to pop, are you long for a scalp...maybe?


who do you plan to take money from ?

Whoever would give it.


where is the most money ?

Maybe with the big guys? Would like it in my account though.


what is the quality of life you desire as speculator ? 16x5, 1x5

Sorry, don't get those codes...16x5 etc.


how much is your breakeven pont - how much effort you put to get where you are and how much you want ot be paid to consider ok. you have to make this back first.

Not sure I have one...depends on the day. Sometimes just being able to have a relaxing day is payback enough when others have to be at someone else's desk. Have to ask, if you were a farmer and your harvest was a big one, how much effort would you put in to reap your crop? In FX (trading) the harvest is always there.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #587
  • Edited 11:50pm Aug 28, 2012 11:03pm | Edited 11:50pm
On the topic of being consistently profitable (but from a different angle)...wondering how much the average broker makes per month running stops. Anybody knows or has the faintest idea?

FX4

P.S. Reminder...will be posting the poll comparison on Saturday...month-end again.
Trade what you see, not what you think or feel. Let the market come to you.
  • #588
  • Aug 29, 2012 3:50am Aug 29, 2012 3:50am
Quoting FX4Newbies
On the topic of being consistently profitable (but from a different angle)...wondering how much the average broker makes per month running stops. Anybody knows or has the faintest idea?

FX4

P.S. Reminder...will be posting the poll comparison on Saturday...month-end again.

Brokers don't hunt stops. Don't even go there. If anyone believes otherwise, they either 1. Don't understand how the market works - or 2. Do not take enough ownership for their trading
  • #589
  • Edited 5:03am Aug 29, 2012 4:46am | Edited 5:03am
Quoting LaurenceDale
Brokers don't hunt stops. Don't even go there. If anyone believes otherwise, they either 1. Don't understand how the market works - or 2. Do not take enough ownership for their trading
I have heard professional traders say that they, the professional traders, (maybe even dealers) do hunt, sweep for, go after stops with my own ears...I can even look at the chart and tell when they probably did. Won't get any discussion from me on that. Have even heard traders say how the market moved just enough to stop them out then "turned on a dime"...hel-lo.

So, maybe not the broker per se...but the traders for the broker etc. Any retail trader who thinks it does not happen is not living in the real trading world.

Let me ask, if a "big boy" is in this business to make money and could see the stops of traders, and had the capital to move the market just enough to get paid by triggering the stop, don't you think most would?

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #590
  • Aug 29, 2012 5:03am Aug 29, 2012 5:03am
Quoting FX4Newbies
On the topic of being consistently profitable (but from a different angle)...wondering how much the average broker makes per month running stops. Anybody knows or has the faintest idea?

FX4

P.S. Reminder...will be posting the poll comparison on Saturday...month-end again.
There are Market Makers.....and then there are proper Brokers.
  • #591
  • Aug 29, 2012 5:05am Aug 29, 2012 5:05am
Quoting TradeDogg
There are Market Makers.....and then there are proper Brokers.
Yes...and that is why I said "most" would probably do it because I still believe there are some reputable brokers out there. In many cases in Retail FX, the Market Maker is the broker.

Thanks for sharing,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #592
  • Aug 29, 2012 5:22am Aug 29, 2012 5:22am
Quoting FX4Newbies
Yes...and that is why I said "most" would probably do it because I still believe there are some reputable brokers out there. In many cases in Retail FX, the Market Maker is the broker.

Thanks for sharing,

FX4
Yes, in many cases. You just have to avoid them. If you make the effort, you can find out which ones are proper brokers.
  • #593
  • Aug 29, 2012 5:41am Aug 29, 2012 5:41am
Quoting FX4Newbies
I have heard professional traders say that they, the professional traders, (maybe even dealers) do hunt, sweep for, go after stops with my own ears...I can even look at the chart and tell when they probably did. Won't get any discussion from me on that. Have even heard traders say how the market moved just enough to stop them out then "turned on a dime"...hel-lo.

So, maybe not the broker per se...but the traders for the broker etc. Any retail trader who thinks it does not happen is not living in the real trading world.

Let me ask, if a "big...

Exactly, you said it yourself - it's not the brokers.

It's people with the ability to move the markets. IG Index, ETX, City Index, Alpari, FXCM - all the main brokers in the UK can't move the market.

Even if they had the capacity, they would not be allowed to take money from clients because its a huge conflict of interest.

So what you wrote about how much does a broker make from such practices sounds quite misleading... especially for 'newbies'. Why would you want to encourage thoughts like that? If people think that everything is against them - it's not exactly a healthy mindset for a business.

I mean - If it was possible for a broker to manipulate the market for their own profit - Why are we even trading with them?

For anyone with this debate - you'd do well to pay more attention to your money management and using stops that consider the average range of a pair.
  • #594
  • Aug 29, 2012 5:49am Aug 29, 2012 5:49am
Quoting TradeDogg
Yes, in many cases. You just have to avoid them. If you make the effort, you can find out which ones are proper brokers.
Would you mind sending me some via PM? If not, that's okay too. Just thought I'd ask. Couldn't hurt, right?

Anything in particular you look for to tell you which ones are better?

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #595
  • Aug 29, 2012 5:51am Aug 29, 2012 5:51am
Quoting LaurenceDale
Exactly, you said it yourself - it's not the brokers.

It's people with the ability to move the markets. IG Index, ETX, City Index, Alpari, FXCM - all the main brokers in the UK can't move the market.

Even if they had the capacity, they would not be allowed to take money from clients because its a huge conflict of interest.

So what you wrote about how much does a broker make from such practices sounds quite misleading... especially for 'newbies'. Why would you want to encourage thoughts like that? If people think that everything is against...

Exactly, you said it yourself - it's not the brokers.

At least not directly. Then again, if it takes about $50K (maybe on a slow day) to move the market 1 pip, then it only takes $1M to move it 20 pips. That's chump change even for the traders for those firms. Now these numbers may vary, but I've heard them now from two different sources...and they may certainly vary depending on market conditions.

Sometimes I think if we really knew the inside of this business we might be inclined to not trade at all. Now let me add, these brokers etc. go through lots so we can click and make some money, so I'm not broker-hating either.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #596
  • Aug 29, 2012 6:56am Aug 29, 2012 6:56am
Quoting FX4Newbies

Exactly, you said it yourself - it's not the brokers.

At least not directly. Then again, if it takes about $50K (maybe on a slow day) to move the market 1 pip, then it only takes $1M to move it 20 pips. That's chump change even for the traders for those firms. Now these numbers may vary, but I've heard them now from two different sources...and they may certainly vary depending on market conditions.

Sometimes I think if we really knew the inside of this business we might be inclined to not trade at all. Now let me...

Doesnt take much money to move the market at all a buyer with no sellers and it will go up, thats how news spikes happen so fast with no volume really.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #597
  • Edited 2:15pm Aug 29, 2012 7:29am | Edited 2:15pm
Quoting Turveyd
Doesnt take much money to move the market at all a buyer with no sellers and it will go up, thats how news spikes happen so fast with no volume really.
That's brilliant thinking!

Thanks for dropping that in the discussion pot .

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #598
  • Edited 4:30am Aug 30, 2012 2:54am | Edited 4:30am
A Consistently Profitable Trading Recipe

If you can answer these three questions and get them right every time, and learn to mix the other four ingredients into your trading approach, your profitability should improve:

1. What am I looking for? (a very clear tell per your trading method)

2. Where am I to look for this tell?

3. When should I look for it?

To get them all right, you might (probably will) need to be PATIENT, DISCIPLINED, FOCUSED AND CONCENTRATING. The better the quality of these factors, the better the quality of your trading results/outcome.

If you do get them right, you will need:

4. Courage/Fortitude.

5. Confidence. (in yourself and method)

6. No fear; no greed.

7. No excessive ego. (ability to let the market lead)

Believe in yourself. If you can actually DO what your trading method is "saying" to you WHEN it "says" it to you (and hopefully it's a good one: method and risk management), AND DO IT OVER AND OVER AGAIN, your equity curve should look like this or better.

Here's to a more profitable month in September.

FX4
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Trade what you see, not what you think or feel. Let the market come to you.
  • #599
  • Edited 4:59am Aug 30, 2012 4:40am | Edited 4:59am
Be a thinking trader...that could only help your profitability. Let me give you an example:

Once I sent a signal for a buy entry at let's say 1.29787. The price at the time I sent it was 1.29987. This trader, after confirming a short entry jumped in and got pips to the buy entry, got out (after confirming an exit) then looked for the confirmation of the long.

These are things you've just gotta get. Some might come with life/trading experience. Gotta learn to read what is not actually being said at that moment. That is how the market "speaks" many, many times.

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #600
  • Edited 5:16pm Aug 30, 2012 5:02am | Edited 5:16pm
Having said what I just said...about being a thinking trader...

If you are not consistently profitable, you should be able to go back and find which ingredient you missed, fix your recipe and make things work. Didn't spell it out in words, but that understanding is implied. Some may have gotten it, but it might have flown right by others...LEARN to become a thinking trader. LEARN to read EVERYTHING the market is or is not telling you. For that, you have to pay attention.

Learn to read the market's "body language". Any true language is structured. There are rules of "grammar", a "vocabulary" and "sentence structure": all used to communicate a message. The market has a very well-defined trading "language". As traders, we must learn to read it. Then, when we get its message, hopefully we'll know what to do.

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