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Are there any successful technical traders? 19 replies

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Are there any successful Traders in Forex Factory?

Quoting Mingary
There are no long term successful spot retails forex traders there never has bee and there never will.
I beg to differ with you.
Quoting redgreen
Keiser, I don't use indicators but your advice is still probably one of the best I've ever seen on fx forums. Quick google search and I found this: "technical and fundamental analysis DO NOT always move the market. They do not always move the market because they do not always generate the necessary order flow to move the market. Sometimes they can move the market, and other times they cannot. Technical and fundamental analysis are NOT the foundation of every market. Order flow and liquidity is the foundation of every market." Will search on ff ,...
Forget about searching FF. Doubt there's any good info here on it, and if there was, it's not worth the time it would take to shovel through all the shit.

If you insist on reading something... Google "Paul Rotter". He's done a couple of interviews that are gold. Read through them slowly and carefully. Don't expect to understand everything at first.

But if you want to learn, there's really only one way man. Get a TT Xtrader or Ninjatrader account (both offer sims I believe), pull up the "DOM" of a thick contract like the emini or 10yr treasury futures, and stare at it til your fucking eyes bleed. When you literally watch the market trade, you will learn how to trade. You'll be in the zone, you turn when the market turns, it all becomes subliminal.
Money Talks, Bullshit Walks
Quoting Keyser_Soze
{quote} Forget about searching FF. Doubt there's any good info here on it, and if there was, it's not worth the time it would take to shovel through all the shit. If you insist on reading something... Google "Paul Rotter". He's done a couple of interviews that are gold. Read through them slowly and carefully. Don't expect to understand everything at first. But if you want to learn, there's really only one way man. Get a TT Xtrader or Ninjatrader account (both offer sims I believe), pull up the "DOM" of a thick contract like the emini or 10yr treasury...
Makes sense. Thanks for the advice.
Sorry, but the DOM is so f***ed up since years. Will you seriously become a scalper? Good luck.
Luckily there are other signs when pairs start to trend.
ever think that gaining 1% to 5% isn't enough? if you started with a $1,000 account how long will it take you to reach $100,000? if you did 1% per day for 461 days you would have your $100,000. if that is to conservative for you, 92 days for 5% per day to reach $100,000.

now granted this is under ideal conditions and sometimes the market doesn't give you much to work with some days and sometimes it goes against you. this just shows how powerful exponential growth is.
Believe your right, till proven wrong. Doubt is the greatest enemy.
Well, you are looking at one in the making. After fews of trading, nearly double my account. My goal is to make 100k by the end of the year. You can check out my journal too. http://www.forexfactory.com/showthre...94#post8040594
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0% FEAR 100% GREED
Quoting Alpha-Omega
Sorry, but the DOM is so f***ed up since years. Will you seriously become a scalper? Good luck. Luckily there are other signs when pairs start to trend.
I doubt I will become a scalper, but getting to know how the market really works with dom can only help.
the question is:"Are there any successful traders in forex factory"
my answer: yes and most of them that i know are scalpers.
Quoting waves
{quote} Think about it....if 95% lose (and they do) trade the opposite of how you think you should be...that's a system...seriously though...all a system is, is getting an exact point that your trade has the highest probability of success with an exact number for a stop loss where your analysis is wrong and you should be out of a trade....anyone with an arbitrary stop loss and no reason for an exact entry is basically guessing and that will get you killed in the long run.....ask anyone pumping their "system" exactly why they entered and why their...
Make sense waves. Thanks
Quoting redgreen
{quote} I doubt I will become a scalper, but getting to know how the market really works with dom can only help.
If you don't have a Computer Algorythm to trade against the scalpers then learning to read the Dom is pointless, because long term you will consistently lose.
Instead pick an Institutional Business model that is closer to being achievable by a retail trader - so look for the Predatory Prop Firm Business model to trade short term to medium term swings. Only buy or sell on the right side of 'Fair Value' and don't piddle in the middle.
You can't win by playing against the HFTs /Market Makers/ Liquidity providers at their own game, when you have much higher overheads per trade and much less speed. Why would any sane person ever think that you could?
Quoting ianf0ster
{quote} If you don't have a Computer Algorythm to trade against the scalpers then learning to read the Dom is pointless, because long term you will consistently lose. Instead pick an Institutional Business model that is closer to being achievable by a retail trader - so look for the Predatory Prop Firm Business model to trade short term to medium term swings. Only buy or sell on the right side of 'Fair Value' and don't piddle in the middle.
You really shouldn't comment on something you clearly know nothing about. If i see size moving price up, then size getting stuck, then size puking out - happens all the time - explain how HFT's stop me from seeing or benefiting from it...... How do HFT's stop me from spotting absorption at a level?

HFT's are just the latest on a long list of excuses as to "reasons I'm not making money trading". If anything they give you a better understanding of when not to trade as they usually all pull out of the market around the same time. A lot of times it's just taking a couple of cents in an arb trade- HFT's do not move the market.

Now if you want to make a legitimate argument against using the DOM, you could say that it is heavily manipulated. Which it is. However once you learn to spot these manipulation tactics whether they be spoofing, icebergs, etc..... they become highly profitable.

It has nothing to do with scalping. I'm not a scalper. It's about learning to understand what is happening in the market NOW. A chart cannot give you that information, and your a fool to ignore it, regardless of what your trading style may be.
Money Talks, Bullshit Walks
Although not for 2 years, im only 19, i take consistent profits out of the market on a weekly basis. I use an approach based on fundamentals and support and resistance zones. To be honest, I don't care what the market did yesterday, but I do care about the reasons. Based on fundamentals, if there's a reason the market, for example, is too expensive, im looking short. I want a place where the market has sold from previously (resistance/supply) level, and I'll look to join in from there.

It's a game of patience and understanding what's happening and why.

My advice to anyone is learn why currencies move, most people haven't got a clue. They think you can throw some indicators on and the money will flow in. Anyone successful will tell you that's rubbish...
Quoting Keyser_Soze
{quote} You really shouldn't comment on something you clearly know nothing about. If i see size moving price up, then size getting stuck, then size puking out - happens all the time - explain how HFT's stop me from seeing or benefiting from it...... How do HFT's stop me from spotting absorption at a level? HFT's are just the latest on a long list of excuses as to "reasons I'm not making money trading". If anything they give you a better understanding of when not to trade as they usually all pull out of the market around the same time. A lot of times...
Keyser, as I recall you were doing very well with S/D zones. Is this still your preferred method, and if not did they stop working or are you doing something different. The reason I ask is that I know a lot of S/D traders, who do well for a while and then change methods. Markets move and retrace to structure, so I wonder what changes for S/D to stop working. Btw, great videos.
Quoting Marillionpip
{quote} Keyser, as I recall you were doing very well with S/D zones. Is this still your preferred method, and if not did they stop working or are you doing something different. The reason I ask is that I know a lot of S/D traders, who do well for a while and then change methods. Markets move and retrace to structure, so I wonder what changes for S/D to stop working. Btw, great videos.
Yes, still the method I use for determining price levels.
Money Talks, Bullshit Walks
Quoting connect_ananth
so is forex a worthy business for retailers at all to make money ?????
The answer is yes.

But you need a system or a strategy that will give you a statistical edge in the long run, you need money management (stop, target, position sizing) and you need discipline.

Needless to say, the psychological aspect of trading is by far the most difficult to master.
Each losing trade is an opportunity to learn
Quoting EarnPipsNow
{quote} The answer is yes. But you need a system or a strategy that will give you a statistical edge in the long run, you need money management (stop, target, position sizing) and you need discipline. Needless to say, the psychological aspect of trading is by far the most difficult to master.
Totally agree with the psychological part.

I have been trading for more than 5 years but still not consistently making profits in Forex.

It's because I hate to see my positions hit SL.

Emotions are very important to manage.

That is why discipline I believe is most essential part of trading.

Always remember, losses are part of trading.

PS: Still trading on demo account.
To adopt any system / methodology that dictates that one will lose in order to win is insane.
Quoting b_ballerz2k
That is why discipline I believe is most essential part of trading.
They say trading is like a 3-legged stool, if one of the legs is missing you will fall 100% of the time.

Without a statistical edge the trader is doomed to fail, no matter how disciplined he/she is.

Without the proper money management the trader will ALWAYS blow up his account no matter how profitable his system is.

And finally even the best trading system and the best money management are totally worthless without discipline.
Each losing trade is an opportunity to learn
Quoting Mingary
To adopt any system / methodology that dictates that one will lose in order to win is insane.
Trading is not about winning or losing (a trade), but about making money in the long run, regardless of the endless sequence of winning/losing trades.

In fact, successful traders are totally detached from the outcome of any particular trading day, week or even month.
Each losing trade is an opportunity to learn
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