Myths and Legends

How about this sport car?

Hello X !!

Nice to see you start this thread . There are alot of trade systems which could work very good but everybody need to find that fit with his personality best .
Money management and mindset is all you need to be in right way, I find .

This from sports : There are 2 types of athletes: Those who truly desire success, and those who are trying to avoid failure, I truly desire success, do you?

Same in FX too , Im sure .
And find when enough , you dont need more, to be HAPPY !!

Keep posting !!

All best ,

Raul

hehe ill use it for stunts

I truly believe that a decent income can be achieved by trading. I am still on demo, but I am determined. My ultimate goal gain financial independence by tradingand so set my wife and myself free from beeing employed.

take care,
thrax

Yes buddy you are so right about that.
We just have to have that discipline and consistency .
we as humans we cant sit still
as arjun says we are always attracted to new things .
But in forex we just have to do 1 thing so many times that we get bored out of our minds.
you will also see how many new trend trading systems pop up when the market starts to trend again ,
then as soon as the market ranges the system will fail.
All indies work really really well when the market trends.
we as traders must learn not to depend on that coz we must be able to adapt to the market conditions.

to me the market does the same thing over and over theres just different variatiosn to it all the time

heres more motivation for you guys
These number make me smile like a cheesecake.
LOL

Guys do you know of any stories, have you met anyone here on FF that makes maybe $10 000 to $100 000 a month? maybe a day ? LOL
maybe a day will be pushing but i think its possible

Guys are there such things as trade secrets?
Sometimes you here traders talk about trading secrets.
Do you think those exist?

Just like if he had an EA but instead of running it on a server he recruited a few people having characteristics of a robot to do the trades for him following the system's rules.

The end result is just like an EA which is profitable only for a while and a loser afterwards.

Here is a more recent experiment.

Subbed X-Man. Looking forward to hear much more and contribute! Thanks

Nice treat X-Man.


I think you can defiintely get rich with trading. Forex, Futres, Stocks, you just have to really look for it and get out of the confortabel zone.

Now, I do not believe there is a perfect method. Every method has its own flaw. But, the more money you trade and risk, the more you will get in return. Risking much in a low risk, means reward. I don't see why you can't get rich.

ALso, I would guess, the more money people get from trading, then the less risk they want to overcome, so they start investing in other things that will give them money with a lower risk. (Real State, Construction, stocks dividends, etc).

Hi X-Man, Xhale12,


Yeah !, trading can be boring while waiting for signal, But getting rich is real exciting, hope all of us get there !!!


Be joining the chit-chat, whenever the chart bored me. Hope you guys doesn't mind ?


Pips all you can, year 2013.


rdgs
winwin

Nice thread x man

Why believe you cant make millions, if someone tells you that its impossible and you believe them you have failed already

Hi Xman

It will be very interesting if successful traders can tell us by what margin they have increased their starting account over a certain period.

They need not put down figures, only say I have increased my capital from x to 13(x) in say 17 months. This will show us that it is possible to take say $2000 to $26 000 in 17 months.

If several traders have made good progress already then us beginners will be encouraged to try even harder, and to believe it is possible and not a fools' game.

Keep up the good work!

thanks CUN for these videos.
Im looking forward to more

Yes i totally agree on what you are saying .
Its definitely possible to become rich here on trading.
I heard Bill gates made loads just from trading if im not mistaken.

Yes there is no perfect trading system and i think no 2 persons trade the exact trading system the same becuase we are all human and we are different.
Thats where developing our edge comes into play . This is very important. Its like your 6th senth in the market .
Its when you synchronize yourself with the markets.
There is no system that has 100% win rate. this is what traders must learn.
We will always have losses now and then even at times a string of losses but we must still stay consistent.

LOL you can see how boring trading has become for me. Thats another reason for this thread hehe.
As i wait for setups i like to indulge in all of this.
One day in this thread something is going to happen , I have a feeling . we will just have to wait and see.

Bro I love that. thank you for posting that.
these are the things that drives me to new heights.

I like inspiration. I love things that gives me that driving force and this is what i try to do everyday to be ahead fo the rest.

There is no such thing as impossible in my world. we just have to believe my friends.

What is reality? Is reality the everyday norms? This is what we have to keep thinking about

Yes bro i agree.
I know plenty guys in fX making it big. its not impossible. Some guys i know dont even come to FF. They making their money so they dont care about anything else.
then theres some that is making money but still come to FF everyday. WHY?
why not just dissapear and dont worry about the noobs.

The answer is its how we humans are programmed.
How you think som acts by humans are like nothing to that person but the very same act can be viewed as the most outrageous act?
you know what i mean?
Some people only desire good and some people only desire bad.
some people will us etheir money for evil others will use it for good.
Thats why the people who make it big in FX will choose to help and will choose not to help.
Its something up to that individual.

Let me give you some examples right.
we will use a capital of $10 000 and a growth of 2% a day for every 20 pips.
in that week if you make 60 pips that will mean you made about 10% in that week . which will be $1000
the next week that same 10% will be a different number coz you will have $11 000 now.
then the following week that 10% will also be a different number and so forth.
This is compounding.

This is why traders say you must be consistent thats all. you dont have to be greedy or risk lots.
Juts be consistent.
make a certain amount of pips every day or every week thats all you need to do from your part.
How will we do that? we get a system that works for us. thats how .
Once we get that system we become consistent and then we let the compounding do the rest

the value of that 60pips today will be a way higher value in few months time. but guess what ? we are still making the same 60 pips. we are still doing everything the same. Its just that im changing my lots size every week.

A guys that makes $1000 on 10 pips and a guy that makes $10 000 on 10 pips , the latter doesnt amaze me at all. But why does it amaze some guys? WHY ? I have no idea.
Coz they basically doing the same thing. if they keep consistent that first guy will start making $10 000 and the second will make $100 000. Then will that amaze us and which we think is impossible ?
We must train our minds to accept it to make it possible.

If a guy come to me and tell me he makes so much a day. I wont think its impossible all i think he has a nice big capital.

The magic of compounding.
try this on a spreadsheet . try a small capital with a 2% growth daily. do this for a year a see what amounts you get.

Top 10 Myths About Forex

Forex is a market where exchange of one currency with another currency takes place. It’s the market which provides accessibility and liquidity to the traders to buy and sell one foreign currency in exchange of another.
Forex traders seek profit in buying currencies low and selling them high. This kind of trading became more popular with the widespread of the on-line Forex brokers. There is a lot of information available about Forex on the web. However there also many myths surrounding the foreign exchange market:

 

1. Forex trading is easy. Many people that want to dive into the world of the foreign exchange market believe that the Forex trading is easy — you just read a book or two and then you will be able to earn daily profits with just 2-3 hours trading daily. Others think that they can buy a profitable strategy and it will make them rich in Forex. In reality that’s just a myth. Succeeding in Forex isn’t easier than mastering any other profession — it takes time, money and a lot of practice.
2. "I will make money in Forex, if I can trade stocks successfully." Success in stock market doesn’t imply that you will get success in Forex market — there are many differences between trading stocks and the spot currencies. First of all, Forex market requires a lot of hard work and dedication as this market is open for 24 hours a day. You cannot just sit in front of your computer for the whole day and night, so the best way is that you should find the most suitable time periods for trading. Second, “buy&hold„ strategy simply won’t work in Forex market. Third, you don’t have that much information about currencies as you can get from the companies’ reports and statistics.
3. "I can make profit whenever I want if Forex market is open 24 hours a day." Once again, you won’t be sitting in front of your PC for the whole day to be able to trade 24 hours. You’ll have to develop automated trading software to get the advantage of 24 hours a day working schedule.
4. "I can be a successful Forex trader just following someone else’s signals." Many beginning traders get burned by the blind signal-following. That’s like putting away the whole responsibility for your actions to someone else. That may sound cool, but in reality you end up with the huge losses. Learn to rely on your own knowledge and skills. Remember that there were no great signal-followers in any financial market.
5. No commission is to be paid in Forex market. You only have to pay the spread, but you don’t have to pay the commission. And what’s spread? It is the difference between the buy and sell price of the currency pair at the same moment. You may end up with the major part of your profits in the broker’s hands if you plan to rely on the short-term trading.
6. Forex is a scam. Some skeptics and disappointed traders think that Forex is just some new fad to scam people for their hard earned money. Although there are many scams that are hiding behind the "brand" of Forex, that doesn’t mean that the Forex itself is a scam. There are many institutional Forex brokers, regulated Forex account managers and other solid companies in the market to whom you can trust.
7. "I need to exactly predict the market outcome to be profitable in Forex." There is no scientific method to know something in advance in the market with a 100% certainty. There would be no Forex market if you could know the exact currency rates beforehand. Trading is not the game of certainties; it’s a game of odds. One of the first things that new traders learn is to think in the terms of probabilities and risk-to-reward ratios.
8. "I need to use a very complex strategy to be successful in Forex." It’s a popular myth, in which many on-line sellers would want you to believe. The main requirement to be successful in Forex is a self-discipline and money management. There are many traders that make consistent profits with rather simple and old strategies.
9. "I need to have a lot of starting capital to get profit in Forex." Big capital investment won’t help you in Forex. You don’t need a lot of money to diversify in currencies and you can’t move the currency rates with your trading orders (you’d need billions of dollars to do that). Actually you can trade with a very a little capital, because Forex trading is almost always leveraged with the broker’s money.
10. Forex is gambling because it’s completely random. Although there is no certainty in Forex (as in any financial market) it doesn’t mean that it’s completely random. And it’s certainly not a gambling, since your success in this market depends mostly on your skills and experience, not on your luck.

Knowledge is power — so it’s better for you to learn distinguishing some stereotypical myths from the real thing. Don’t fall for the promises of getting some easy profits in Forex, but don’t be afraid of the market just because some people think it’s not possible to earn there. Be rational — this quality will help you either if you are going to trade in Forex or not.