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the most important things in forex

  • #41
  • Aug 27, 2014 3:45am Aug 27, 2014 3:45am
Quoting Machinator
{quote} ))Shortly, the common sense is ability to perceive understand and accept basic rules,and it is a base not only for FX trading ,but for everything we are building in our lifes. The main difference when you go against common sense in your life very long the affects may not be felt, but in this field retribution not have to wait long. I prefer the concept of totally rational ''feeling the market''(sooner or later it becomes an integral part of trader and the system he trades) than abstract ''Intuition'' or ''subconscious''. Take care.)
'totally rational feeling'?
It sounds like 'warm cold' or 'brave coward' (i.e. 'contradiction in definition'), i.e. something that doesn't make (common) sense (i.e. not compliant with 'basic rules of life'), doesn't it?

By 'intuition' I mean something that one cannot explain to others by words or pictures, but still can use as a base for planning and/or doing something, although others cannot understand his reasons or successfully repeat his actions. (Maybe your 'rational feeling' is a product of 'intuition'?)
'Intuition' is opposite to something 'verbally (or any other way) clearly explainable' and so, 'repeatable', i.e. suitable for a computer.

My idea is that Forex is something about intuition now, not for a computer (not for software robots), not for explanations.
So one can give up his attempts to learn how to be successful here, one can learn only 'explainable and repeatable rules of the game', all this MT4 lines and percentages. (It is like, say, anybody can learn chess rules, but only a few can play as a master using mainly his intuition based on his experience and books describing experience of other people).

I.e. there is no any 'science' ('explainable to anybody and repeatable by anybody' rules) behind any 'trading system', this is purely individual matter based on intuition based solely on experience (own experience or taken from some books).
  • #42
  • Aug 27, 2014 4:54am Aug 27, 2014 4:54am
Quoting KyrForex
{quote} 'totally rational feeling'? It sounds like 'warm cold' or 'brave coward' (i.e. 'contradiction in definition'), i.e. something that doesn't make (common) sense (i.e. not compliant with 'basic rules of life'), doesn't it? By 'intuition' I mean something that one cannot explain to others by words or pictures, but still can use as a base for planning and/or doing something, although others cannot understand his reasons or successfully repeat his actions. (Maybe your 'rational feeling' is a product of 'intuition'?) 'Intuition' is opposite to...
Dear friend ''if one cannot explain something by words or pictures'' or any verbal way even for him it will be impossible to put his knowleges into the SYSTEM in its whole,which is the only way to make profit constantly.
Rational feeling is a product coming from experience positive or negative,and it is actual for any given profession,and if you are a professional in your field you have this ability .On the other side there are many(unfortunately they are majority) who working decades sure for salary(fortunately or unfortunately for the majority in this field it is nonsense) ,but remain full assholes and don't even right to be called even specialists.

Anyway,please, let me not to agree with none of your statements ,and it even be stupid from my side to try to dissuade you,because it is so obvious to argue about it.

All the best!
Success is nothing more than a few simple disciplines, practiced every day.
  • #43
  • Aug 27, 2014 7:45am Aug 27, 2014 7:45am
Quoting Machinator
{quote} Dear friend ''if one cannot explain something by words or pictures'' or any verbal way even for him it will be impossible to put his knowledge into the SYSTEM in its whole,which is the only way to make profit constantly. Rational feeling is a product coming from experience positive or negative,and it is actual for any given profession,and if you are a professional in your field you have this ability .On the other side there are many(unfortunately they are majority) who working decades sure for salary(fortunately or unfortunately for the...
'it is so obvious to argue about it' = 'I don't have words or pictures to explain it to another person, it is purely my intuition only'.
You show exactly what I am talking about, i.e. you show that you have an idea that is obvious only for you and you cannot prove it or even express it by words.

Yes, nobody can make profit constantly now, everybody is pron to losses, i.e. nobody really has a 'SYSTEM'.

'Rational feeling' is a contradiction in definition similar to, say, 'hot ice'. I think, you mean 'gut feeling' = 'intuition'.

Yes, a 'professional' usually has 'gut feeling', but this is not necessary to be a good professional.
To be a professional is kind of to be like a robot, doing a job without feelings, without a slightest deviation from a written instruction.
IMHO.

Let me repeat my point (if I am wrong, could you please prove me wrong by a link).
There is nobody now who has a 'system' which makes profit constantly.
Why? Because now there are no rules that one person can explain another by words (or create a ('lossless) robot').
The only way for profitable trade is 'intuition', 'gut feeling' which one can acquire or not during personal experience or reading books about experience of others.
You have to be a kind of a shaman (prophet) to trade profitably.
To make a profit you have to be a kind of a prophet.
  • #44
  • Aug 27, 2014 9:56am Aug 27, 2014 9:56am
Quoting KyrForex
{quote} 'it is so obvious to argue about it' = 'I don't have words or pictures to explain it to another person, it is purely my intuition only'. You show exactly what I am talking about, i.e. you show that you have an idea that is obvious only for you and you cannot prove it or even express it by words. Yes, nobody can make profit constantly now, everybody is pron to losses, i.e. nobody really has a 'SYSTEM'. 'Rational feeling' is a contradiction in definition similar to, say, 'hot ice'. I think, you mean 'gut feeling' = 'intuition'. Yes, a 'professional'...
Dear friend,all is good what you are talking about,but a little snag...:Just every word you say and insist is in direct contradiction to all that I have done and what has achieved over one year .
What I make just took an excellent explained system and made it work for me.
I don't want to disappoint you anymore ,but have to say that it is still work for me,and moreover- for friend of mine also with whom I shared my experience , so as a trader he developed faster,I think because of I pointed to the errors I had made recently so he was walking down the beaten path.
So common sense and simple logic based on facts and experience I had, tells me that it is more than possible to teach independently from each other at least two persons to trade with profit. If yours does not tell u the same,so it is your personal matter and I have nothing to add.

All the best!
Success is nothing more than a few simple disciplines, practiced every day.
  • #45
  • Aug 27, 2014 10:51am Aug 27, 2014 10:51am
Quoting isdi82
hello, I am from Indonesia, so sorry if my english is not good. I have learned forex about 5 months then I found a lot of indicators, fundamentals, MM, psychology, 95% traders go brooke, etc. so, what is the most important of all that I have mentioned, in order to get a profit from forex. maybe you could give the two most important things, so I can focus on that thank you
I'll tell you exactly what you need to learn in order to profit from trading Fx. The two things are:

1. Knowledge
2. Experience

Knowledge - Learn the technical analysis basics. Learn the fundamental analysis basics. Learn market microstructure. Learn how the previous two analysis's combined with any other order flow generators interact to create the price the market is trading out. Learn what support/resistance, market cycles, and trends actually mean. Learn how price action allows you to read real time order flow, and realize this it is the most useful charting tool you will ever need. Learn how sentiment plays a key role in the direction the market trends at. Learn the tricks big players use to take you out and how to avoid them, such as stop hunting. Learn how to put all this together to create your own discretionary trading strategy which allows you to be consistent in the market and successfully predict which way price wants to go more times than not. Finish this off by learning good risk managements skills, and start making money.

Experience - Practice, practice, practice! You cannot use everything listed above without practicing. Practice placing trades at key areas where price won't quickly turn against you. Practice setting stops at areas where you won't get stopped out, only to have price go your way. Practice finding the best areas to exit. Practice reading the order flow and listen to what the market is trying to tell you. Practice filtering your trades and selecting ones with the highest win probabilities. Practice cutting your losers and letting your winners run. Practice being disciplined and avoiding the dreadful emotions of fear and greed. Practice staying committed to the rules you set for your strategy, and you'll be calling yourself a forex trader in no time.

You asked a really basic question, so I gave you a basic answer back (kinda). But the fact is that learning and practicing all of this takes time. It all depends on how much time and effort you are willing to commit to it. Some can do it in a year or two, while others have been doing it for multiple years unsuccessfully. You can't just ask what the most important things are, learn those two things, and instantly turn profitable. Trading, like any other job, takes time and experience to learn. There's a lot more to it then "oh just control your emotions and you'll do fine" or "practice good money management and your set." You as an aspiring trader have to cut through the bullshit information twisted from its original concept and only listen to relevant information that can help you grow as a trader. No one can give you a simple answer to what two things will make you a profitable trader. Only you can figure it out after gaining the knowledge and experience.
  • #46
  • Aug 28, 2014 1:48am Aug 28, 2014 1:48am
Quoting Machinator
{quote} Dear friend,all is good what you are talking about,but a little snag...:Just every word you say and insist is in direct contradiction to all that I have done and what has achieved over one year . What I make just took an excellent explained system and made it work for me. I don't want to disappoint you anymore ,but have to say that it is still work for me,and moreover- for friend...
Can I see your name among top 10..0 richest in Forbes 2014 list? If I can, why you are here bragging but not somewhere in Hawaii?

I mean that if someone invents real 'Forex system' which constantly profitable and can prove it by words and practice... than he becomes billionaire, right?
If you are not a billionaire (without long history earning money behind your shoulders), then you are obviously bragging.
  • #47
  • Aug 28, 2014 2:31am Aug 28, 2014 2:31am
Quoting KyrForex
{quote} Can I see your name among top 10..0 richest in Forbes 2014 list? If I can, why you are here bragging but not somewhere in Hawaii? I mean that if someone invents real 'Forex system' which constantly profitable and can prove it by words and practice... than he becomes billionaire, right? If you are not a billionaire (without long history earning money behind your shoulders), then you are obviously bragging.
Dear friend,it seems to be you are dragging me down to your ''level'', where you are going to beat me with your ''experience''.А little bit late, but I abstain,of course, from your kind permission.
Good luck!
Success is nothing more than a few simple disciplines, practiced every day.
  • #48
  • Aug 28, 2014 3:45am Aug 28, 2014 3:45am
Quoting Machinator
{quote} Dear friend,it seems to be you are dragging me down to your ''level'', where you are going to beat me with your ''experience''.А little bit late, but I abstain,of course, from your kind permission. Good luck!
Dear friend,
Do you mean that your 'level' is much higher than mine? Is your name Soros? or Obama? If so, what are you doing here? You have to spend your valuable time somewhere else for a sake of our human race as a whole, do you?

My experience is saying me that people claiming their supremacy without any prove are cheap saying that they know something nobody else knows except him and his friends, but they don't want or cannot explain it, because their inscrutable 'level' doesn't allow them. (All religions are based on this BTW.)
'Vanity is my favorite sin' (c)

Wish you to overcame your vanity, my dear friend.
  • #49
  • Aug 28, 2014 7:04am Aug 28, 2014 7:04am
Let me repeat and rephrase my point based on IMHO (my intuition and experience) .

As for now nobody has a constantly/steadily profitable system, otherwise many people would know about it.
(Those who tell us here that they have such system, but they wouldn't tell or demonstrate it to us are bragging stupidly.
If I am wrong, then give me a link to prove me wrong.)

It means that it doesn't worth it to rely on any written or verbal rules in order to be profitable (although you have to know the rules of the game, i.e. what buttons one has to push depending on what he wants to get).

Forex trading now is like an art, it is like a science. After learning what buttons to push you have to rely on your intuition (gut feeling), not on any calculations or any data.
Information about the world is just a material for your intuition (although the more information you have the better your intuition is fed).

So, first learn what buttons to push, what lines people draw, then do a lot of exercises trying as much buttons and lines as possible, then use your intuition based on these exercises and/or exercises of others.

This is one way.

There is an alternative:
to create a 'science' for Forex starting from a good definition that is closer to reality then, say, the current one from Wiki.
  • #50
  • Aug 28, 2014 7:08am Aug 28, 2014 7:08am
Sorry, cannot edit my text.
Instead of
'Forex trading now is like an art, it is like a science.'
please read
'Forex trading now is like an art, it is NOT like a science.'
  • #51
  • Aug 30, 2014 1:55pm Aug 30, 2014 1:55pm
the most important thing in forex : Trend
  • #52
  • Aug 30, 2014 9:45pm Aug 30, 2014 9:45pm
Hi good question,

1) Ensure your strategy works, manually backrest and demo test in all market conditions
2) Money management - try a whole month with your strategy at low lots to prove it works if not dump it.

But I would ensure I would get a mentor, like I am now.
Someone who can explain or show you there way of trading.

When your new you think you have to invent your own special strategy or use the many popular strategies that people say work that 80% of forex traders use and lose with.
Best to learn from those who really profit each month.
  • #53
  • Sep 1, 2014 9:02am Sep 1, 2014 9:02am
I think that the main thing in Forex is only one.
Understanding what is Forex.

Nonetheless it seems to me people don't understand it.

Say, Forex is not about currencies only, it is also about e.g. stocks and metals, but almost nobody mentions this issue when defining Forex.

I have found only one place discussing this matter, but cannot fully understand the text and looking for a partner to discuss this matter, although nobody wants it.

I would suggest you to help me in understanding this issue, and this way you would get the most important thing in Forex.

http://www.liteforex.com/tutorial/margin-trading/
"...Financial markets are an economic system where its participants trade in specific goods - financial instruments...
In the most general sense, financial instruments are certain obligations (contracts)...

common (usual) goods and raw materials are also sold at the financial markets. On the basis of it the financial markets may be divided into foreign exchange markets, stock markets and raw materials markets..."

I.e. contract is a goods or raw material? I am confused.
  • #54
  • Sep 2, 2014 8:36pm Sep 2, 2014 8:36pm
Consistent evaluation of your strategies and how to tailor them for current trends along with patience, discipline and the desire to learn and improve would all be key things to consider for a successful trading career. Keeping an eye on the analysis of fellow professionals and sharing knowledge in the community can add value but I think most importantly is to stick with your instincts, learn from your mistakes and appreciate that your strategy will evolve with experience...
  • #55
  • Sep 11, 2014 6:37am Sep 11, 2014 6:37am
I can bring it to the point , I think !

Play only with small money , 50 to 200 $ or so .
Most systems should bring 10 % or more a month.
If the system brings what it says , the money is doubled after 7 months .
All seven months doubled is two or three years enough for a second income.
If the money is burned during this period, you got the impression how it would be with a bigger amount.
W.
  • #56
  • Sep 21, 2014 2:05pm Sep 21, 2014 2:05pm
the logic is if your system cannot help you spot a trend then its not worth trading it.
  • #57
  • Sep 25, 2014 4:19am Sep 25, 2014 4:19am
Right now nobody has a profitable Forex system. Otherwise we would know him and would see his name in the Forbes list.
And this doesn't surprise me, as nobody trading Forex knows what he is actually doing, because nobody gives even a good definition of Forex.
  • #58
  • Sep 25, 2014 4:23am Sep 25, 2014 4:23am
Capital to use for trading...otherwise, you're a non-starter. ;-)
  • #59
  • Sep 25, 2014 5:39am Sep 25, 2014 5:39am
The most important thing in forex is thinking outside the box.
Think outside the box; opposite what they want you to think.
  • #60
  • Sep 25, 2014 6:24am Sep 25, 2014 6:24am
Quoting Philman
The most important thing in forex is thinking outside the box.
Another words: Thinking outside any system. Means 'using just intuition'.
Because as for now 'science' doesn't work.
Or let's create 'science'. I am inviting all to participate in the creation. First there must be a good Forex definition created.
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