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How to make money consistently trading forex?

  • #21
  • Jul 26, 2015 6:49am Jul 26, 2015 6:49am
Quoting airmac
{quote} the nr.1 and main reason why they don't make money is lack of knowledge.
this is the best quote i have seen in quite some time. Lack of knowledge. Lack of effort. Lack of patience. Lack of commitment. They just take a position and hope for the best. When they lose they do it again, over and over and expect a different result. Why not try a different approach. Why not set as your goal to make 10 pips a week and work at that until you are capable of doing that consistently over time and then move to a higher goal and work to achieve that and build on what you are doing.
  • #22
  • Jul 26, 2015 7:14am Jul 26, 2015 7:14am
Quoting verv
There is no such thing as consistently making money in the markets. It would be wonderful if that were true. The only thing that occurs consistently are losing trades, so you better get used to them. Profits are inconsistent, and equity growth tends to come in spurts. The belief that there is consistent money available in the market is a toxic mindset and leads nowhere good. V
Maybe your trades are always losers but there are traders who make consistently net profitable trades. One of the most fundamental truths in trading is that you need confidence to be consistently profitable and you need to be consistently profitable to have confidence, like a catch 22. Without one you generally don't have the other. And you need to persevere through the learning curve to get to the point of being confident and profitable. It doesn't happen on its own. It is achieved. Earned. Blood, sweat and tears.

Trading is not you against the mean Mr. Market who is out to get you. It is not about poor you. It is about you overcoming your own emotional weakness and developing your mind to perform at a level that is required to win. Good luck in your trading.
  • #23
  • Jul 26, 2015 9:56am Jul 26, 2015 9:56am
Quoting Giganntor
{quote} Maybe your trades are always losers but there are traders who make consistently net profitable trades. One of the most fundamental truths in trading is that you need confidence to be consistently profitable and you need to be consistently profitable to have confidence, like a catch 22. Without one you generally don't have the other. And you need to persevere through the learning curve to get to the point of being confident and profitable. It doesn't happen on its own. It is achieved. Earned. Blood, sweat and tears. Trading is not you against...
Awesome twist in this. "You need confidence to be consistently profitable and you need to be consistently profitable to have confidence."
  • #24
  • Jul 26, 2015 11:16am Jul 26, 2015 11:16am
Quoting Giganntor
{quote} Maybe your trades are always losers but there are traders who make consistently net profitable trades. One of the most fundamental truths in trading is that you need confidence to be consistently profitable and you need to be consistently profitable to have confidence, like a catch 22. Without one you generally don't have the other. And you need to persevere through the learning curve to get to the point of being confident and profitable. It doesn't happen on its own. It is achieved. Earned. Blood, sweat and tears. Trading is not you against...
I didn't say I was always a loser. I said the winners that added to your equity were inconsistent and the losers were consistent.

I had a 36 times risk winner in January, and been breaking even since then. Prior to that I had a 10 times risk winner in September breaking even till January.

Expecting to make money everytime you trade or every day, or every week, or indeed every month is very difficult.

Watch: https://m.youtube.com/watch?list=PLn...&v=XPn8tPKLcag
  • #25
  • Jul 26, 2015 6:27pm Jul 26, 2015 6:27pm
Quoting verv
{quote} I didn't say I was always a loser. I said the winners that added to your equity were inconsistent and the losers were consistent. I had a 36 times risk winner in January, and been breaking even since then. Prior to that I had a 10 times risk winner in September breaking even till January. Expecting to make money everytime you trade or every day, or every week, or indeed every month is very difficult. Watch: https://m.youtube.com/watch?list=PLn...&v=XPn8tPKLcag
10 times risk winner in September and breaking even until January? No sure what that means. Do you mean you are breaking even after 4-5 months? I am not sure where you are going with your explanation. When I put on a trade I expect to win. Yes I have losing trades because I do not have any control over the market makers and what they do but I do have 100% control over what I do.

I always remain positive and if the market moves against my position sometimes I get out and sometimes I stay in for nice profits depending upon many factors. Many trades move against me at first and then eventually end up at my predetermined target.
I wish I could figure out how to initiate a trade with a 20 pip stop that goes 100/200/300 pips straight in my direction without retracing so I can make a quick 100/200/300 pip profit with no draw down. I have not been able to figure that out nor will the market makers allow me to make these easy trades.

What I am good at is projecting targets the big boys are going to hit and having the skill and patience to stay in the trade until the target is hit. Someone once said put your take profit in the way of price action not your stop loss. That is what I do. I respectfully watched the video you posted and it does not apply to me.
  • #26
  • Jul 26, 2015 6:43pm Jul 26, 2015 6:43pm
Quoting Giganntor
{quote} 10 times risk winner in September and breaking even until January? No sure what that means. Do you mean you are breaking even after 4-5 months? I am not sure where you are going with your explanation. When I put on a trade I expect to win. Yes I have losing trades because I do not have any control over the market makers and what they do but I do have 100% control over what I do. I always remain positive and if the market moves against my position sometimes I get out and sometimes I stay in for nice profits depending upon many factors. Many...
+10R added to equity, followed by several months of break even trading with winners covering losses, followed by a further +36R added to equity.

My stats for that period was 30% win rate.
Average losing trade 1R
Average winning ~7R

Im losing close to 70% of my trades and going months with no net gain on my account.

I know of only one person who made 2-4% nearly every month, and he isn't around any more which makes me think he had a blowout. Every other person I know who is profitable tends to go a month or several months without any significant addition to their equity, and then they will add a large chunk of profit very quickly.

If you are different you would be the exception to the rule.
  • #27
  • Jul 27, 2015 4:00am Jul 27, 2015 4:00am
Quoting mrdetermined
{quote} Awesome twist in this. "You need confidence to be consistently profitable and you need to be consistently profitable to have confidence."
hay you missed my private massage?
  • #28
  • Jul 27, 2015 4:17am Jul 27, 2015 4:17am
sure it can, absolutely. need totally understanding about ourself and the market, and that is a journey. lot of people desperate and give up when facing an obstacle then try to find a magic secret recipe or mantra and become more more frustrated then stop. that is why never achieve and reach "consistent profit".

learn about ourself and accept the market give to us.
we don't predict, we only ride
  • #29
  • Jul 27, 2015 4:36am Jul 27, 2015 4:36am
No possible.
What worked today will not work tomorrow - or even with the next trade.
"Consistent profit" is the goal. That'a a given.
However, to apply some method "consistently" is a sure way to lose.
If "consistent profit" is possible it's not achieved by a "consistent method".
Therefore I need to restate

Not possible with a method, strategy or system unless your method, strategy or system isn't one..
  • #30
  • Jul 27, 2015 6:40am Jul 27, 2015 6:40am
Quoting FxAndres
{quote}looking for holigrails................. Never give up
I found it, but no one would post user manual. I am hopeful though.
  • #31
  • Jul 27, 2015 12:55pm Jul 27, 2015 12:55pm
Quoting grin
{quote} I found it, but no one would post user manual. I am hopeful though.
LOL , I am sure it will soon be posted.
  • #32
  • Jul 27, 2015 12:57pm Jul 27, 2015 12:57pm
Quoting cakrajaya
sure it can, absolutely. need totally understanding about ourself and the market, and that is a journey. lot of people desperate and give up when facing an obstacle then try to find a magic secret recipe or mantra and become more more frustrated then stop. that is why never achieve and reach "consistent profit". learn about ourself and accept the market give to us.
I agree with you sir... once people lose money they sometimes stay in that mind frame and never take the time to give themselves a chance to succeed.
thank you for your feedback.
  • #33
  • Jul 27, 2015 1:02pm Jul 27, 2015 1:02pm
Quoting Mingary
No possible. What worked today will not work tomorrow - or even with the next trade. "Consistent profit" is the goal. That'a a given. However, to apply some method "consistently" is a sure way to lose. If "consistent profit" is possible it's not achieved by a "consistent method". Therefore I need to restate Not possible with a method, strategy or system unless your method, strategy or system isn't one..
I agree with you @mingary , what worked today will not work tomorrow, for example for traders that trade during news events, depending on the release it can change the market in an instant. One must adapt, study what happened, and move on...
  • #34
  • Jul 27, 2015 2:28pm Jul 27, 2015 2:28pm
Quoting verv
There is no such thing as consistently making money in the markets. It would be wonderful if that were true. The only thing that occurs consistently are losing trades, so you better get used to them. Profits are inconsistent, and equity growth tends to come in spurts. The belief that there is consistent money available in the market is a toxic mindset and leads nowhere good. V
Verv's post is actually closet to the reality of how most professional traders make money.

When he says "profits are inconsistent" he is trying to say the profits are few and far between and need to be multiples of R of the losing trades, which out of necessity come more frequently.

It's not a secret that most professional traders make money in trending markets. Now ask yourself how often is the market in that state. The rest of the time they are probing (read: taking losses) until the market gets back into that trending state and then they pile on and ride the bucking bronco until the state changes once again.

I know of numerous long term methods that are and have been profitable for decades and you can find on this forum. On the other hand I know of only a handful of day trading methods that are profitable over the long haul. Of these there is one that is roughly 80%-90% profitable, BUT the caveat is that the losers are twice the winners AND you can still have 2, 3, or even 4 losers in a row even with that type of accuracy.

Remember there is never something for nothing, you have to pay the piper!
  • #35
  • Jul 27, 2015 2:49pm Jul 27, 2015 2:49pm
Quoting bboyomega83
{quote} Verv's post is actually closet to the reality of how most professional traders make money. When he says "profits are inconsistent" he is trying to say the profits are few and far between and need to be multiples of R of the losing trades, which out of necessity come more frequently. It's not a secret that most professional traders make money in trending markets. Now ask yourself how often is the market in that state. The rest of the time they are probing (read: taking losses) until the market gets back into that trending state and then they...
Thank you for explaining and understanding

V
  • #36
  • Jul 28, 2015 11:52pm Jul 28, 2015 11:52pm
another great thread - very encouraging, thanks for the reinforcement .
  • #37
  • Jul 29, 2015 2:18pm Jul 29, 2015 2:18pm
Quoting fiberman
another great thread - very encouraging, thanks for the reinforcement .

Thanks! @Fiberman
  • #38
  • Jul 29, 2015 2:55pm Jul 29, 2015 2:55pm
in one day, price move average range about 60-150 pips. how about we ask to ourself and force our greed to accept 1 pips in a day? that mean we just look one opportunity that come to get 1 pips. my statement here is a matter of mind and philosophy. for consistent profit as "daytrader" the key is "know to stop trade and thanks god I got money today, enough". and waiting for tomorrow train. about how much the dollar we get is proportional with how much capital we have to play in the game. have 1000$ and got money 10$ a day that already super big business. I am an entrepreneur, I have a business and this forex is fantastic. my real business get 20% net profit in a year is already best and great. for getting that 20% wow lot of think must prepare. in this forex the think that we must master is "ourself" our greed etc, second is technique, method, or style, third is platform and broker that match and suit with the two above.
happy trade
we don't predict, we only ride
  • #39
  • Jul 29, 2015 3:16pm Jul 29, 2015 3:16pm
Quoting cakrajaya
in this forex the think that we must master is "ourself" our greed etc, second is technique, method, or style, third is platform and broker that match and suit with the two above.

Preach it man! words of wisdom.
  • #40
  • Jul 30, 2015 12:37am Jul 30, 2015 12:37am
Quoting cakrajaya
in one day, price move average range about 60-150 pips. how about we ask to ourself and force our greed to accept 1 pips in a day? that mean we just look one opportunity that come to get 1 pips. my statement here is a matter of mind and philosophy. for consistent profit as "daytrader" the key is "know to stop trade and thanks god I got money today, enough". and waiting for tomorrow train. about how much the dollar we get is proportional with how much capital we have to play in the game. have 1000$ and got money 10$ a day that already super big...
In the small money people are more at risk. If you have $ 1,000 and you open 1 lot, 10 points is $ 100. But if you have one million dollars, you do not dare to open 1,000 lots.
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