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Why are most of the traders here failures?

Quoting Turveyd
{quote} Used to watch CNCB and the like 1999 area , its amazing how they'd get bullish at the top, you'd think it was to get us retail to buy the shares the big boys where selling LOL Saw it in the UK Housing market to, mate started running a free seminar to sell the concept of buying houses cause there is loads of growth left right at the top of the market, read please buy our houses at the top of the market before the crash!
Yes, I don't "think" this is the case, I'm pretty damn sure of it.
The evidence has long been compelling and beyond reasonable doubt.
They love to shout down logical arguments from Schiff and others saying simpleton things like "we are making new highs", "we are consolidating" in what is obviously disconnected market courtesy of the Fed.
It is 2007-08 all over again but on a much larger scale.
Personally there is very little doubt in my mind their mandate is to steal our wealth not create it and then transfer it "elsewhere".
Hank Paulsons rediculous statement to the masses prior to the crisis (when everyone was concerned about the bubble), that "while we are going forward we are not going backward" was clearly and deliberately said to trick everyone into buying at the top and getting caught.
Either that or he is a retard who knows nothing of bubbles, and I don't believe that for a second.
Come with me if you want to live....
Quoting Ill-b-back
{quote}This is true and a good point.I should not be drawn or distracted by your performance as in reality and if we are both honest, in the grand scheme of things, it holds probably as much relevance as mine.I can only feel I was drawn into it.The crux of my point is that making arbitrary statements to traders like it doesn't work and a 200 pip SL on a 4hr chart is just as likely to get hit as a 20 pip SL on a 15 min chart is of no value in a game where experience, interpretation and dare I say it "tools" often make all the difference. It does...

But your not getting is, your trading with less detail, less detail is generally always BAD, what's better seeing a simplistic 4H OHLC or a detailed chart of what formed that single OHLC ??

No a 200SL/TP on a 4hour chart which is the standard acceptable practice on here, becomes a damn near 50/50 game, the reason for entry might get you 30-50pips nearer to your TP for a while, but then your just leaving yourself open to random chance basically, always news driven ofcourse and no way to predict how news will go and what direction it will drag the market in.

Go out to 1000SL and your talking old school, building a position with the trend, no getting taken out by news events but months of holding, that is what H4 is useful for, but no one trades like that.

Not predicting and simply jumping on Intraday momentum between news releases is where the money is made, weird mental block stops me for doing this, as I fear a direction turn to much, taken years to get over this, very irrational. You can barely see this on M15 let alone H4.

New method is looking promising, but only a handful of trades into it and way to much work stress to bother currently
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Turveyd
{quote} But your not getting is, your trading with less detail, less detail is generally always BAD, what's better seeing a simplistic 4H OHLC or a detailed chart of what formed that single OHLC ?? No a 200SL/TP on a 4hour chart which is the standard acceptable practice on here, becomes a damn near 50/50 game, the reason for entry might get you 30-50pips nearer to your TP for a while, but then your just leaving yourself open to random chance basically, always news driven ofcourse and no way to predict how news will go and what direction it will...
I disagree less detail is always bad, too much detail would overwhelm me.
Come with me if you want to live....
Quoting Ill-b-back
{quote}Yes, I don't "think" this is the case, I'm pretty damn sure of it.The evidence has long been compelling and beyond reasonable doubt.They love to shout down logical arguments from Schiff and others saying simpleton things like "we are making new highs", "we are consolidating" in what is obviously disconnected market courtesy of the Fed.It is 2007-08 all over again but on a much larger scale.Personally there is very little doubt in my mind their mandate is to steal our wealth not create it and transfer it "elsewhere".Hank Paulsons rediculous...

Yep it's all part of the con to take retails money, they likely get funded heavily to do this, literally talk us into buying tops then selling at the bottom.

The odds are stacked against us, Forum's do way more damage than anything thing else, idiots losing, lying about it and teaching others how to trade like them to save there pride and making fun of anyone that dares to be different, you must all trade H4.

Then indictors, all totally worthless, if someone says the market is oversold so go long, ignore them, it's likely in a downtrend and going lower.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Ill-b-back
{quote}I disagree less detail is always bad, too much detail would overwhelm me.

Your not looking at the detail right then, likely reading the candlesticks of each bar, remember individual candles on there own, M1 or H4 are worthless, you need patterns made up of many of either.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting leor
Am i the only person who believes 20%-50% per quarter (months at least is a realistic goal) and why do so many traders on here say its not i know a few of individuals who are doing this and some are even achieving 35% + a month could someone explain preferably someone who's actually a successful trader if that exists on here?
20%-50% per year is a realistic goal. Try and get 35% per month and you'll end-up over leveraged and blow your account. 35% per month compounded would turn $1,000 into around $30,000,000 (30 million) in just under 3 years. Tell me, how many people do you know who are achieving 35% per month consistently? How many retail Forex traders do you know who are multi millionaires as a result of their trading?
Quoting Turveyd
{quote} Yep it's all part of the con to take retails money, they likely get funded heavily to do this, literally talk us into buying tops then selling at the bottom. The odds are stacked against us, Forum's do way more damage than anything thing else, idiots losing, lying about it and teaching others how to trade like them to save there pride and making fun of anyone that dares to be different, you must all trade H4. Then indictors, all totally worthless, if someone says the market is oversold so go long, ignore them, it's likely in...
I keep forgetting this bit and where you are coming from
Come with me if you want to live....
Quoting Davidee
{quote} 20%-50% per year is a realistic goal. Try and get 35% per month and you'll end-up over leveraged and blow your account. 35% per month compounded would turn $1,000 into around $30,000,000 (30 million) in just under 3 years. Tell me, how many people do you know who are achieving 35% per month consistently? How many retail Forex traders do you know who are multi millionaires as a result of their trading?

Yet again, it's a number which is linked to your trading style and more importantly how good you are, a good M1 intraday trader could easily do 100% in a week on a small account.

The stress level goes up with the value your trading, fair enough trading $2 per pip on your $1000 account, but get to $10000 and $20 per pip for the same growth is likely very scarey, go to 100K and $200 per pip would definately freak most people out.

If only it was that easy hey!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Ill-b-back
{quote} I keep forgetting this bit and where you are coming from

The bashing anyone who doesn't trade H4 from people who are losing money trading H4 is simply ridiculous.

M1 you can compound many 3% gains in a single day, but also losers, H4 less trades same % gain / loss.


So M1 you can blow your account in no time, but the up side IF you crack it, you can literally get rich.

H4 is only going to get you a small return on the year, starting with 100K fair enough, starting with $100 why bother.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Turveyd
{quote} The bashing anyone who doesn't trade H4 from people who are losing money trading H4 is simply ridiculous. M1 you can compound many 3% gains in a single day, but also losers, H4 less trades same % gain / loss. So M1 you can blow your account in no time, but the up side IF you crack it, you can literally get rich. H4 is only going to get you a small return on the year, starting with 100K fair enough, starting with $100 why bother.

Trading a M1 is far more difficult and risky than trading the 4H for three main reasons -

1. The trading costs are huge. If the profit target on a 1M trade was 10 pips and the spread 2 pips then the cost of trading would be 20% - those costs would have to be overcome (very difficult).
2. Nobody could make a profit if market prices were random. Market prices are not totally random but there is a huge amount of randomness in the markets. The smaller the trading time frame the greater the randomness.
3. The long-term trend can make a bad entry come good if you're betting in the direction of the long-term underlying trend and giving it time to work. If you're trading short-term intra day you lose this valuable edge, there are very few edges in the FX market, by trading the 1M intraday you're throwing away one of them.
  • Post #151
  • Quote
  • Edited at 7:57pm May 25, 2013 7:46pm | Edited at 7:57pm
My edge is having a good idea where the big orders are and because of that, I can be very accurate with my entrys, often within a few pips.

The open price of certain candles is very important, the very large orders -- the ones which make the market change direction or at least, bounce away temporarily -- are located here, give or take a few pips. Strangely, what I've just said, you won't find it anywhere online in a 'trading strategy' or on a website telling you how to trade, it is something I noticed after countless hours staring at goats charts, but essentially, to me that is how the market moves and is how I trade.

I take full advantage of that particular market repetition, naturally!
Quoting Davidee
{quote} Trading a M1 is far more difficult and risky than trading the 4H for three main reasons - 1. The trading costs are huge. If the profit target on a 1M trade was 10 pips and the spread 2 pips then the cost of trading would be 20% - those costs would have to be overcome (very difficult).2. Nobody could make a profit if market prices were random. Market prices are not totally random but there is a huge amount of randomness in the markets. The smaller the trading time frame the greater the randomness.3. The long-term trend can make a bad entry...

1. agreed, no point going for 10pips, think 30 - 40 pips, those uber scalpers after 3 pips are totally nuts.

2. they aren't random, there damn near impossible to predict, but you can jump on short term momentum, when you go out to 200SL/TP then most of the time you are in the random, just wait and see gambling mode.

3. Time also means bigger loss, so need a bigger profit to compensate for said losses, although agreed less losers is good.

Currently trading mainly based on M1 720sma ( 12 hours ), about a 60% win rate, 25SL area so enough room to breath without being silly, Profit is averaging 35 area, room for improvement though I think very early days on this method.

Just because your using M1 doesn't mean you have to scalp.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting GDR3k
My edge is having a good idea where the big orders are and because of that, I can be very accurate with my entrys, often within a few pips. The open price of certain candles is very important, the very large orders -- the ones which make the market change direction or at least, bounce away temporarily -- are located here, give or take a few pips.

Been following GDR live for nearly a year and no idea how he picks them, but he's definately not lying about his accuracy, I've seen his orders get hit in a quick drop then reverse and run for 10x's his SL value, it's kinda unreal and well I wouldn't believe him if I hadn't seen it Live!!

ODD!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
Quoting Turveyd
{quote} Been following GDR live for nearly a year and no idea how he picks them, but he's definately not lying about his accuracy, I've seen his orders get hit in a quick drop then reverse and run for 10x's his SL value, it's kinda unreal and well I wouldn't believe him if I hadn't seen it Live!! ODD!!!
Wish I could do that...
Quoting Davidee
{quote} Wish I could do that...
Don't we all!!

He's tried to teach me his method, but understand the logic but I still can't see what he's seeing, very odd!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
I had seen several of my friends that are striving traders, including me, that we don't try to develop any strict rules for our trading. We trade randomly like heard an odd news about any currency and we open a position, saw a pin bar formed in any time frame, we jump in our trades. Forex trading is not done like this, we need pre-defined rules to make money from forex.
Quoting hedging
I had seen several of my friends that are striving traders, including me, that we don't try to develop any strict rules for our trading. We trade randomly like heard an odd news about any currency and we open a position, saw a pin bar formed in any time frame, we jump in our trades. Forex trading is not done like this, we need pre-defined rules to make money from forex.
Now that you know all the essential requirements of the forex trading business its high time that you try to change your way of approach towards trading and implement the rules which will help you to make a better trader.
to be honest there is and i still believe 50% a month is a realistic target i entered into a contest with afb fx broker on the 2nd of june they gave us 5,000 demo and there is some in the contest who have made more than 15,000 already im shocked the 1st guy is on 50k he has multiplied his account by 10x and it hasnt even been a month

here is the link
http://www.fxstreet.com/contest/
Quoting leor
to be honest there is and i still believe 50% a month is a realistic target i entered into a contest with afb fx broker on the 2nd of june they gave us 5,000 demo and there is some in the contest who have made more than 15,000 already im shocked the 1st guy is on 50k he has multiplied his account by 10x and it hasnt even been a month here is the link http://www.fxstreet.com/contest/
Even i have observes this in most of the demo contests arranged by the brokers that the participants make huge profits which is unrealistic to be made. Thus, i trade only in contests which has some restrictions on the lot size, use of EAs, so that we stand some chance to win.
I believe everybody who trade Forex forget to include a stop loss. It's optional but a good principal for a real trading strategy,
Sejati, Baik, Sabar...
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