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Are there any successful Traders in Forex Factory?

  • #41
  • Jan 31, 2015 2:13pm Jan 31, 2015 2:13pm
deleted
Trading 24/h
  • #42
  • Jan 31, 2015 2:18pm Jan 31, 2015 2:18pm
Quoting FxAndres
{quote} And if you want know how i did that, the reply is simple i dont know anything about indicators or stupid system that dont work just trading with eye, buying low and selling high. {image}
you post your name and account number, you have big balls man.
Believe your right, till proven wrong. Doubt is the greatest enemy.
  • #43
  • Jan 31, 2015 2:20pm Jan 31, 2015 2:20pm
Quoting saoldric
{quote} you post your name and account number, you have big balls man.
F8kc forget , deleted.
Trading 24/h
  • #44
  • Jan 31, 2015 2:22pm Jan 31, 2015 2:22pm
Quoting cenetti
Forex is a business that needs a lot of attention and time. More than most day jobs. The reason %95 lose money is because it's available to anybody with $50 in their pocket. Majority of this market is under-capitalized fools with ridiculous wet dreams of becoming rich running around like headless chickens with their little accounts. No you will not become a market guru or a successful trader with your $1000 account trying to scalp 5 pips. You're going to lose all your money, eventually! No 270 pips floating loss is not big in forex at all. And I...
Over 80% of people in FF shouldn't even be trading in the first place
  • #45
  • Jan 31, 2015 2:22pm Jan 31, 2015 2:22pm
Quoting FxAndres
{quote} F8kc forget , deleted.
lol I saw it, but don't worry I wouldn't try anything. Nice trading
  • #46
  • Jan 31, 2015 2:24pm Jan 31, 2015 2:24pm
Quoting teddybomber
{quote} lol I saw it, but don't worry I wouldn't try anything. Nice trading
good
Trading 24/h
  • #47
  • Jan 31, 2015 2:24pm Jan 31, 2015 2:24pm
Of course there are OP, but they tend to lurk.

Trading is a mental game, like anything that pays based on performance. Getting a system is only the first and I believe the smallest part of the trading plan. You must trust the system, and you must trust yourself. Successful traders lurk because these thing really can't be taught. Look at all the threads in the systems section. You will find people trying to add indicators and tweak the original system by the time you get to page 5. And then there is money management. You have to trust your money management, and you have to trust yourself. Again, this cannot really be taught. So if you are looking for a teacher, good luck.
If you are good at something, never do it for free--Joker
  • #48
  • Jan 31, 2015 2:36pm Jan 31, 2015 2:36pm
Quoting jmn5611
Of course there are OP, but they tend to lurk. Trading is a mental game, like anything that pays based on performance. Getting a system is only the first and I believe the smallest part of the trading plan. You must trust the system, and you must trust yourself. Successful traders lurk because these thing really can't be taught. Look at all the threads in the systems section. You will find people trying to add indicators and tweak the original system by the time you get to page 5. And then there is money management. You have to trust your money...

I disagree with you because, if new people get a good mentor who is probably good at trading, can be very usefull.
Trading 24/h
  • #49
  • Jan 31, 2015 2:41pm Jan 31, 2015 2:41pm
Quoting FxAndres
{quote} I disagree with you because, if new people get a good mentor who is probably good at trading, can be very usefull.
This is true, but it is rare. Most folks struggle with listening, and should they begin to take losses will quickly abandon the best plan.
If you are good at something, never do it for free--Joker
  • #50
  • Jan 31, 2015 2:43pm Jan 31, 2015 2:43pm
Quoting jmn5611
{quote} This is true, but it is rare. Most folks struggle with listening, and should they begin to take losses will quickly abandon the best plan.
losses are inevitable, most traders cant handle that. managing risk is part of trading and most traders leave that part out.
Believe your right, till proven wrong. Doubt is the greatest enemy.
  • #51
  • Jan 31, 2015 3:00pm Jan 31, 2015 3:00pm
+1
Psychology of Losing and accepting a loss
this is one of the most important thing in trading as long as you do not understand this you will probably never be a profitable trader.

Quoting Jest1081
- I will accept my losses.
- I understand that losing is just part of the game.
- I know that as long as I have a fear for losing, I have a problem.
- I will tweak my midset to accept the fact that I will face losses.
- I know losing is inevitable no matter what my system is.
- I will keep in mind that losing one fight is just another step to winning the war and I will win this war.
- I am not here to lose big, I shall control my losses, its just a bad business day.
- I am a pro with my art.
- I believe in myself my system and our abilities.
- I am a winner
- I am a winner
- I am a winner
Amen.
  • #52
  • Jan 31, 2015 3:05pm Jan 31, 2015 3:05pm
large traders tend to trade with the trend, retail tends to try to pick tops and bottoms. retail tends to be constantly on the opposite side of the large traders. Here are some charts with trader type trade bias in the futures market.

http://finviz.com/futures_charts.ashx?t=LC&p=d1
Believe your right, till proven wrong. Doubt is the greatest enemy.
  • #53
  • Jan 31, 2015 3:18pm Jan 31, 2015 3:18pm
Quoting saoldric
large traders tend to trade with the trend, retail tends to try to pick tops and bottoms. retail tends to be constantly on the opposite side of the large traders. Here are some charts with trader type trade bias in the futures market. http://finviz.com/futures_charts.ashx?t=LC&p=d1
mb, seems there is a closer trade bias in fx than i thought.
Believe your right, till proven wrong. Doubt is the greatest enemy.
  • #54
  • Jan 31, 2015 3:21pm Jan 31, 2015 3:21pm
I don't meet the 2 year requirement, but may have something to contribute here.

I've been trading FX for 4 years full time. The first 3 years were unprofitable. In 2014, I made a profit of 72%.

There was a comment that the 5% won't post on FF. Well, I can say from my own personal experience, I've tried to post here and help out the new traders, but other posters came in and gave information that I thought would only lead to failure. I'm more than willing to help other traders, I would not want them to endure what I did, but at the same time I'm not here to argue with other posters (as I've seen in many threads). I think this is what may deter successful traders from taking part.

I can't sum my entire experience in one post. But here is a summary of what lead me to be profitable.

1. The biggest change I made in 2014 to my system is I've started analyzing the higher TF's - Daily, Weekly & Monthly. And I spent a great deal understanding Fundamentals, where as before I only focused on Technicals.

2. I tend to have a good idea of where price is going most of the time (not always). This is not because of any type of indicator, or EA. I attribute it to 4 years of staring at charts. Over the period of time I've learned to recognize certain price patterns. I know this is probably not the answer the new trader wants to hear. But countless days of studying charts has given me the understanding that I have today, and I still consider myself an amateur trader. I really don't think there are any shortcuts here, you have to put in the time.

3. I have yet to read a book that I found would help me become a better trader.

4. I hold my positions for several days to several months. I find Daytrading to be very draining and I cannot do it consistently.

I'll share my system here, although I don't think it matters what system you use. There are many systems out there. When I talk to other Traders' we tend to be looking at the same currencies and same direction, yet we all use different systems.

I use pattern recognition to determine the direction. It's not fractals, closer to Elliott Wave.
I use Fib's for my levels and like to use S/R for confluence.
I use Candlesticks for confirmation.
I also use Trendlines and Channels to give me an idea what price is doing. I don't trade off them unless there is some major confluence.

I have to emphasize, I learnt the most by studying charts. I have read many books, I've subscribed to services, read articles, followed other traders.. I picked up a few tidbits here and there but nothing taught me to be more successful then taking a daily chart back 10 years and spending a few days trying to figure out why the price moved the way it did.

Hope that helps
  • #55
  • Jan 31, 2015 3:44pm Jan 31, 2015 3:44pm
I have been making money every month for last 6 yrs. I have moved to futures market in 2014 for obvious reasons. If you do the work you can be profitable consistently
  • #56
  • Jan 31, 2015 4:14pm Jan 31, 2015 4:14pm
Quoting connect_ananth
. Just for the sake of thread , let us define success as " being in profit ( could be 1% also) net after atleast two years of Trading". So how many such traders have we got in forex factory ..
while i am in this category, i cant say that it is a good definition.
My philosophy in personal trading (my work is more hft and intraday trading) is macro event driven so generally long holding periods and few trades. I use short term sentiment/moves as a chance to enter/exit. I have been short eur for almost 1.5 years - initially my account was down 30%, now up 200%. low leverage (<10). I had some swiss franc short which caused me loss but because of low leverage didnt cause account blowup (just lost some of the profits in eur).
Overall i have been trading FX for more than 4 years and other assets for more than 12 years.

But i cant say this definition really defines successful traders - I for one cant say if in next one year i will make money from personal FX trading or not. so even though last 2 years have been good (as of now) this doesnt make me successful for long term.
Think : Trade : Live Life
  • #57
  • Jan 31, 2015 4:20pm Jan 31, 2015 4:20pm
Quoting cenetti
{quote} So you have the data covering whole $200billion a day retail market. Ok. {quote}
Yes I do. It's clear that spot retail Forex Traders are net losers months after months ...
Besides, it must be this way, if not the financial markets (not just forex) would cease to operate.
  • #58
  • Jan 31, 2015 4:23pm Jan 31, 2015 4:23pm
Quoting cenetti
{quote} So, I had gbp/usd long in 2013 and short since mid/late 2014 in my portfolio - up more than 3500 pips on g/u alone. So should I be in news/articles ? Am I not retail ? There are millions of people playing spot forex and making very good returns. Just not the fools 'scalping' with their small accounts.
agree. there are retail traders making money and in fact some of them come in news too - like this day trader in japan who made $160mm in day trading all markets.

Also yes most people who are scalping will likely loose unless they have found some market inefficiency and are very disciplined to trade only when that inefficiency shows up. retail traders trading using macro understanding and low leverage can certainly make money. this is less of trading and more like investing (as in low trade frequency).

any on the question of why would successful trader come here and post on FF - well i know many traders who make money trading full time and it gets very lonely. so they spend at least 50% of their time browsing internet - and reading/posting at FF is just that. now they are unlikely to detail their way of making money but they can still help others by answering simple questions.

Also btw if you meet these traders who make money (i know from work people who make over $20mm a year and more), you wont feel WOWed. they will feel like just a normal person - in fact you will be hard pressed to find why they are making money. Also i know one guy who made >100mm at one bank, went to another bank with 20mm guarantee and then lost >100mm there. It is just that big traders bet big (always based on research and macro and use technical very little) and sometimes get lucky, sometimes not. But usually they have some sort of an informational advantage (be it better data, better analysts or just access to better information).
Think : Trade : Live Life
  • #59
  • Jan 31, 2015 4:24pm Jan 31, 2015 4:24pm
Quoting the_sniper
+1 Psychology of Losing and accepting a loss this is one of the most important thing in trading as long as you do not understand this you will probably never be a profitable trader. Quoting Jest1081 - I will accept my losses. - I understand that losing is just part of the game. - I know that as long as I have a fear for losing, I have a problem. - I will tweak my midset to accept the fact that I will face losses. - I know losing is inevitable no matter what my system is. - I will keep in mind that losing one fight is just another step to winning...
Never understood why it's indoctrinated that one must lose in order to win.
  • #60
  • Jan 31, 2015 4:44pm Jan 31, 2015 4:44pm
Quoting Mingary
{quote} Never understood why it's indoctrinated that one must lose in order to win.
I don't think that's right. It's more...knowing when to take a loss rather then let it accumulate more draw down.
Believe your right, till proven wrong. Doubt is the greatest enemy.
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