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Myths and Legends

  • #41
  • Jan 7, 2013 11:53pm Jan 7, 2013 11:53pm
Guys does anyone know about this story "a Philippine housewife opened a $25 Forex trading account and built it to $2.6 million in three years. She is a phenomenal trader. She studied, practiced, learned and constantly adjusted and executed her trading strategy flawlessly."

Please let me know and send me articles on this
Thank you
X-man the legendary conqueror of markets
  • #42
  • Jan 8, 2013 3:20am Jan 8, 2013 3:20am
Quoting X-Man

THE MIND is a powerful tool
I hope i can get gooch and arjun onto this thread to talk about the MIND.
Actually mind is only tool what we have.

You can read people write like:"It is not easy to make money","forex is hard", forex is difficult", "it is imbossible to make money in forex", "you have to learn to lose", "accept that you gonna lose" and so on...
So, people are actually building beliefs to themselfs, and people act after what they believe.


If you think you can do a thing or think you can't do a thing, you're right.

Henry Ford

  • #43
  • Jan 8, 2013 6:56am Jan 8, 2013 6:56am
People Keep falling in this game because they dont understand themselves and human ugliness enough

This cycle would never end from day to years because human nature's never change
If there was easy money lying around,no one would be forcing it into your
  • #44
  • Jan 8, 2013 7:24am Jan 8, 2013 7:24am
X-man have you heard about this trader: Hoosain Harneker
He famous for his 10 pips a day method. He went from rags to riches.
I found blog with his 10 pips trading system:
http://sabaforextrade.blogspot.com.a...ng-system.html
Disclaimer: Don't know if this is his real system

Summary of him from the book Millionaire Traders:
source: http://jamesyeeblog.com/online-cash/...naire-traders/

The rag to riches story of Hoosain Harneker is remarkable. He had lost almost all his saving in a failed business venture.

He had no money. He was heavily in debt. One of his friends told him to trade forex. His friend emailed him the forex system that he used to trade forex daily. The forex system was based on simple moving averages. Hoosain did not have even a few hundred dollars to open an account with a forex broker.

Hoosain took six months to save $1000 to open an account so that he could trade forex. But during those six months, he practiced and practiced the forex system on the demo account.

He promised his wife that he would never trade forex again if he blew up that $1000. All the 12 people in the Millionaire Traders blew up their accounts in the beginning except Hoosain.

Hoosain's only advice to beginning forex traders: First learn forex nitty gritty. Practice on your demo account and double your amount three times in a row. Don't take up live trading before that. Paper trading will make you confident to face the daily emotional turmoil of the forex trading.

Forex trading needs a lot of discipline and determination. Learn from the success stories of these 12 ordinary but remarkable people. They had the discipline and determination to make it big. All are millionaires now.
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  • #45
  • Jan 8, 2013 8:12am Jan 8, 2013 8:12am
This is what happens when successful traders start documenting their trading on FF.... It doesn't end well.

http://www.forexfactory.com/showthread.php?t=226917
What is any ocean but a multitude of drops?
  • #46
  • Jan 8, 2013 9:05am Jan 8, 2013 9:05am
Quoting Xhale12
This is what happens when successful traders start documenting their trading on FF.... It doesn't end well.

http://www.forexfactory.com/showthread.php?t=226917
I dont get it, trading forex seems to be quite a mature thing to do as it requires skill but jelousy seems to kill a lot of threads here
  • #47
  • Jan 8, 2013 9:12am Jan 8, 2013 9:12am
One of my favourite stories, quite sad but it makes you think
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  • #48
  • Jan 8, 2013 12:11pm Jan 8, 2013 12:11pm
Quoting zander2034
One of my favourite stories, quite sad but it makes you think
Wow
  • #49
  • Jan 8, 2013 2:26pm Jan 8, 2013 2:26pm
Quoting fxdivergence
X-man have you heard about this trader: Hoosain Harneker
He famous for his 10 pips a day method. He went from rags to riches.
I found blog with his 10 pips trading system:
http://sabaforextrade.blogspot.com.a...ng-system.html
Disclaimer: Don't know if this is his real system

Summary of him from the book Millionaire Traders:
source: http://jamesyeeblog.com/online-cash/...naire-traders/
10 Pips A Day Forex Trading System

The method outlined on the blog is unadulterated BAGOVINO, introduce here in FF on 30th August 2006.
Hope no-one has paid for it, everything is here on FF.
regards, strada.
  • #50
  • Jan 8, 2013 5:03pm Jan 8, 2013 5:03pm
Quoting strada
10 Pips A Day Forex Trading System

The method outlined on the blog is unadulterated BAGOVINO, introduce here in FF on 30th August 2006.
Hope no-one has paid for it, everything is here on FF.
regards, strada.
i was about to say the same thing strada direct ripoff of bagovino. i cant count how many times ive seen someone trying to sell this system or just signals from it.

WENDIGO
  • #51
  • Jan 8, 2013 7:40pm Jan 8, 2013 7:40pm
Quoting X-Man
Guys are there such things as trade secrets?
Sometimes you here traders talk about trading secrets.
Do you think those exist?
Very interesting thread. I just turned 18 in my first year of university and have been trading forex for around 2 years now. I myself wish to not even enter the rat race but hopefully find the holy grail before i graduate.

As for the question whether a secret formula does exist I'd say yes and no. I mean all systems are profitable depending on the extent to which the trader can follow it. However clearly not every system suits everybody and that comes down to the secret formula on how you tweak the system and make it work for you.

And by that i do not mean just physically taking trades but emotionally as well. For example, i trade price action with s/r, tl, bar patterns, chart patterns and fib. I have about a 40 percent win rate and have 2:1 profit to loss ratio however i am only breaking even. And i realized what was hindering my trading or emotionally taunting me was my profit trades, id close out too early always in fear of losing the profit.

That is why in my new years resolution i have introducted the 10 and 20 EMA to tell me when to exit and the trend has fully reversed. Have only taken 2 trades and ive been in them since jan 2. So far so good seeing how it goes but back to the initial question i do believe there is a secret formula for each trader that they must develop on their own through their experiences and learning about themselves through forex
  • #52
  • Jan 8, 2013 8:46pm Jan 8, 2013 8:46pm
The secret is: DISCIPLINE.
Discipline to follow ONE system.
Even trading based on flip a coin will be successful IF we have discipline.
Impossible for many to have it, specially in trading.
I believe it based on my years in trading experiences.




Quoting X-Man
Guys are there such things as trade secrets?
Sometimes you here traders talk about trading secrets.
Do you think those exist?
"Everyone wants to go to Heaven, but no one wants to die."
  • #53
  • Jan 9, 2013 2:45am Jan 9, 2013 2:45am
Quoting juhanimi
Actually mind is only tool what we have.

You can read people write like:"It is not easy to make money","forex is hard", forex is difficult", "it is imbossible to make money in forex", "you have to learn to lose", "accept that you gonna lose" and so on...
So, people are actually building beliefs to themselfs, and people act after what they believe.


If you think you can do a thing or think you can't do a thing, you're right.

Henry Ford

Yes buddy you are right about that.
We must surround oursleves with positivity which makes it all possible.

The mind is our only tool . yes. how many of us try to take our mind to new levels.
If we do that you will know that there are no limits at all.
X-man the legendary conqueror of markets
  • #54
  • Edited 4:20am Jan 9, 2013 2:46am | Edited 4:20am
These are some interesting videos i friend passed to me.
Give it a watch

http://www.youtube.com/user/Moojiji?feature=watch

http://www.youtube.com/user/Moojiji?feature=watch
X-man the legendary conqueror of markets
  • #55
  • Jan 9, 2013 2:51am Jan 9, 2013 2:51am
Quoting FXMindset
People Keep falling in this game because they dont understand themselves and human ugliness enough

This cycle would never end from day to years because human nature's never change
Thats why forex market will always exist.
If human nature wasnt based on fear and greed i dont think there would be a forex market today .
Fear and greed
demand and supply
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X-man the legendary conqueror of markets
  • #56
  • Jan 9, 2013 3:12am Jan 9, 2013 3:12am
Quoting fxdivergence
X-man have you heard about this trader: Hoosain Harneker
He famous for his 10 pips a day method. He went from rags to riches.
I found blog with his 10 pips trading system:
http://sabaforextrade.blogspot.com.a...ng-system.html
Disclaimer: Don't know if this is his real system

Summary of him from the book Millionaire Traders:
source: http://jamesyeeblog.com/online-cash/...naire-traders/

The rag to riches story of Hoosain Harneker is remarkable. He had lost almost all his saving in a...
Buddy those articles are nice.
I love rags to riches stories. They give me a warm happy feeling inside.
They are all millionaires now. thats amazing.
To make a million in FX is very possible.

You know we will end up looking for these guys systems and then try to trade it and see its not working.
When that dont work we look for another guy who made it bi and try to get his system and then we realize that its not that easy to make it that big or we think that maybe that its not they way they traded maybe they left out 1 or 2 important (secret) rules.

The thing in forex is not about just getting system and trading it like that .
The guy who made a million dollars and the guy that has his exact same system may trade it differently. coz we will see it differently.
We are human we dont think the exact same way.
We all have our own views about everything.

That guy that made million dollars and all the others who made it big they look for something in the market.
What do they look for?
Does anyone know?
Lets see how many of you out there will get this right.
if you do then theres a possibility of making it big in this game or becoming very very consistent
X-man the legendary conqueror of markets
  • #57
  • Jan 9, 2013 3:27am Jan 9, 2013 3:27am
Quoting X-Man
That guy that made million dollars and all the others who made it big they look for something in the market.
What do they look for?
Does anyone know?
Lets see how many of you out there will get this right.
if you do then theres a possibility of making it big in this game or becoming very very consistent
I'd say repeating patterns and or when the big boys are buying/selling. Sounds simple, but once you can do that, your on your way.
What is any ocean but a multitude of drops?
  • #58
  • Jan 9, 2013 3:28am Jan 9, 2013 3:28am
Quoting Xhale12
This is what happens when successful traders start documenting their trading on FF.... It doesn't end well.

http://www.forexfactory.com/showthread.php?t=226917
this is a lovely quote from bleeks journal

"What the above course did teach me is that discipline, and to a certain degree money management, is key and of course what not to do i.e. what they tell you to do! I will say people get too hung up on 'MM' and let it dictate what they do, in my own humble opinion they place too much emphasis and bias on MM. From my own experience I have found being too restrictive clouds judgement because you feel 'protected' by only risking a small percentage, this is false hope."

We are in a risky business yet we look for the most safety in this business.Thats why risking 2.5% a trade may seem dangerous to soem while normal to others
X-man the legendary conqueror of markets
  • #59
  • Jan 9, 2013 3:46am Jan 9, 2013 3:46am
Quoting zander2034
I dont get it, trading forex seems to be quite a mature thing to do as it requires skill but jelousy seems to kill a lot of threads here
Why you think that happens?
thats coz people dont believe and they do that or say things to push the guy (trader) to prove and show them.
Thats the main reason.

If you tell someone you saw a ghost what would they say? they will also want to see it right
they wont believe you until they see. They will conitinuuosly say thay person is a liar
What happens when they do see the ghost for themselves?
X-man the legendary conqueror of markets
  • #60
  • Jan 9, 2013 3:53am Jan 9, 2013 3:53am
Quoting zander2034
One of my favourite stories, quite sad but it makes you think
im printing this and going to stick in onto my wall. Nice 1
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