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Best way to get into Forex trading?

  • #21
  • Dec 15, 2015 10:36am Dec 15, 2015 10:36am
Quoting AntiVi
So this isn't just a thread for me looking for the best way to get into Forex trading this is also a thread for people to learn from other peoples mistakes! We all know there are traders out there that made a lot of mistakes but learned from them. There are also traders that were consistently profitable from the start. There are also traders that looked for a magic strategy that did or didn't work out for them. Tell us your story! So here are a few questions! -What kind of trader are you? -How did you fall into that specific type of trading? -How...
Trading the financial markets involves how better you are able to predict the direction of the price than every other participant whose purpose is to outdo you to make you fail, plain and simple.

If you plan to be a trader, it's best you get your mindset in line with this basics. This game requires more than the very best from you, the size of your vision of this game will determine how you will want to approach it. If your standards are high, you will want to avoid mediocrity and you need to determine that fast from the start so as not to waste your time and money. Anything that do not help you better predict the market than others is mediocre. And if you belief it's impossible to predict the market, this game is not for you.

Watch this video.
  • #22
  • Dec 15, 2015 10:56am Dec 15, 2015 10:56am
Hey antivi, nice thread!

want to share a bit of my jurney... sorry if I dont give much details

So here are a few questions!
-What kind of trader are you?
-I think I am a swing trader, trade from april to march, sometimes end up the month doing 3 trades, sometimes 8 or 9 depending if I had it easy or not. trade mainly daily reversals and average position time for maturity is 1.6 weeks
-How did you fall into that specific type of trading?
- I understood that I cannot compete against machines and algo trading systems so I think is easy just to plan a mid-range trading system that you can control based on 3 legs (fundamental, tech & sentiment)
-How did you get into trading the Forex market?
-Always worked in banking so.. always been surrounded by bankers and finances
-Why did you choose the Forex market?
-even though you can manipulate any market, the forex seems like the most difficult to manipulate because of its size and complexity and also because its very well liquid and always provide enough for you to make the trade
-What would you have done differently?
- Soooooo many things... but the biggest I think would be to have adopted a conservative veiew from the begining... I lost some money over the years until I realized that you cannot compete with the machines and started trading this way about 2 years ago.. (been trading now over 8) also use SL since the begining... I used to think I was clever and fast.. but the market and your broker is always faster so yeah... SL always with me.
-What are some of the mistakes you made and how would you avoid them next time?
- try to chase the candles... I still tempted too often to chase a big harami and you end up paying the price.
and lastly! Looking back on your Forex adventure how would you get into Forex trading now that you know everything that you do?
- I would have prefered to work for a broker or a Market Maker... that way you get really good insight experience I would have loved to do that

hope you like the answers
  • #23
  • Edited 5:50pm Dec 15, 2015 5:39pm | Edited 5:50pm
Quoting gravitist
The odds are stacked heavily against you, it's a manipulated market.
To whatever extent any manipulation generates recognizable price patterns, it is your friend. The enemy is 'randomness': when the market moves without any obvious pattern, or reason. One advantage that traders have is that they get to choose when to trade, and when to stay out of the market.
  • #24
  • Dec 15, 2015 5:40pm Dec 15, 2015 5:40pm
Now I'm no expert on Forex trading, and I've only started trading not too long ago, but it seems 90% of traders fail in trading because 90% of traders give up and start acting like little b****** because they couldn't maintain their losses to keep trying until they get it right. Which explains why the majority of people on this forum, from what I've seen so far, complain and b**** about how everyone fails. As for me, I went into Forex knowing that I will be losing some money along the way, and it will definitely not be an easy/stress free journey, but as with all good things in life, nothing good really comes easy, but I am motivated and I am ambitious, and with proper money management I think know I'll eventually make it big in this business.
  • #25
  • Dec 16, 2015 11:43am Dec 16, 2015 11:43am
Quoting SolidSnake89
Hey antivi, nice thread! want to share a bit of my jurney... sorry if I dont give much details So here are a few questions! -What kind of trader are you? -I think I am a swing trader, trade from april to march, sometimes end up the month doing 3 trades, sometimes 8 or 9 depending if I had it easy or not. trade mainly daily reversals and average position time for maturity is 1.6 weeks -How did you fall into that specific type of trading? - I understood that I cannot compete against machines and algo trading systems so I think is easy just to plan...
Great answers! It also gives me some insight into what not to do and what to expect. I'm glad you didn't just shoot down the forex market like some of the people in the thread ^-^
  • #26
  • Edited 12:24am Dec 22, 2015 12:11am | Edited 12:24am
Quoting Ozzie Taz
"1. I am not new to Forex. I have been trading for over 5 years." - As i said above, new this was coming "2. I am not new to Forex Factory. I have been a member several years in the past. This happens to be a new account." - So what your saying is you have more than 1 account, which is against FF rules. Why not use your original account? Were you blocked? Kicked off? Extremely angry person who took offense to everything "3. I purposely posted a new trading account to demonstrate what can be done successfully." - This will be a good laugh - time...
There is no "luck" involved. I don't gamble. This isn't a dice game. It is a business for those who are serious and have developed a knowledge of what to do and when.

If you feel "no one can make money trading forex" then why are you here?

It seems pretty stupid to waste a lot of time like you do focusing and spending as much time as you do in such an environment on something that you personally "know" won't work.

So that means one of three things:

1. YOU can't hack it and are bitter and like to take it out on others 2. You have nothing better to do with your time or 3. You are simply full of sh*t and/or crazy.

As of this reply I am done responding to you and your nonsense. Please refrain from interacting with me again regarding anything else I may post. Since you don't like what I do and how I do it, there is no reason for you to interact with me ever again on this forum.

For the rest of you, again, feel free to follow my progress with my posted history if you are inclined to do so.

RichFXTrader
  • #27
  • Dec 22, 2015 12:15am Dec 22, 2015 12:15am
Quoting 88Forex
Now I'm no expert on Forex trading, and I've only started trading not too long ago, but it seems 90% of traders fail in trading because 90% of traders give up and start acting like little b****** because they couldn't maintain their losses to keep trying until they get it right. Which explains why the majority of people on this forum, from what I've seen so far, complain and b**** about how everyone fails. As for me, I went into Forex knowing that I will be losing some money along the way, and it will definitely not be an easy/stress free journey,...
That is a very mature and astute outlook. I wish you well and much success!
  • #28
  • Dec 22, 2015 2:09am Dec 22, 2015 2:09am
Quoting RichFXTrades
{quote} There is no "luck" involved. I don't gamble. This isn't a dice game. It is a business for those who are serious and have developed a knowledge of what to do and when. If you feel "no one can make money trading forex" then why are you here? It seems pretty stupid to waste a lot of time like you do focusing and spending as much time as you do in such an environment on something that you personally "know" won't work. So that means one of three things: 1. YOU can't hack it and are bitter and like to take it out on others 2. You have nothing...
Never said you can't make money in FOREX. Where do you come up with this stuff?

"It seems pretty stupid to waste a lot of time like you do focusing and spending as much time as you do in such an environment on something that you personally "know" won't work."

WTF are you on about?


- I see you have confirmed what i believed and have said all along. You are trying to poach people here to 'subscribe and follow' your trades which is fine if you were labelled appropriately as a commercial member. Which you were recently but managed to get that reversed by deleting the content of your 'Get on Board Before the end of 2015' thread. Not sure how you didn't know you weren't breaking any rules especially if you were an FF member prior. You are fairly easy to read though, completely powered by ego.

- So yeah guys, check out his history as he puts it and see how he trades. I checked out a few recent ones to see the master at work. The one i attached is confirms exactly what i always thought. It goes approx 140 pips in drawdown then you take profit for 15 pips. So.... as i wrote in post 14, did the dog eat your stoploss? Or is it your 'special' money and risk management techniques you use . Time will tell....

I actually don't know why i can be bothered responding to you here to be honest. There is just something really wrong about you and it just gets me offside. I will let it go as i hope those who you are praying on will investigate your trading behaviour. I guess i don't like to see others get taken advantage of so my apologies to the rest of the thread members for this little disagreement.
Attached Image (click to enlarge)
Click to Enlarge Name: shitfight.PNG Size: 35 KB
Luck is where preparation meets opportunity.......
  • #29
  • Dec 22, 2015 3:35am Dec 22, 2015 3:35am
Quoting 88Forex
.. but as with all good things in life, nothing good really comes easy...
Sunshine and chicks do come easy. LOL, just kidding.

Quoting 88Forex
... but I am motivated and I am ambitious, and with proper money management I think know I'll eventually make it big in this business.
Exactly my mentality. Thumbs Up.

Simon
  • #30
  • Dec 22, 2015 12:23pm Dec 22, 2015 12:23pm
pattrens is a good way to start raw
  • #31
  • Dec 22, 2015 1:38pm Dec 22, 2015 1:38pm
1. start small, very small. Something that you are not afraid to lose completely.
2. Learn about the positives and negatives of leverage.
3. Find a trading method that fits your personality. Short term, swing, very long term. Price action based, indicator based, etc. Whatever method you choose it should be something that you can believe in 100% of the time. In any system you will have losing trades and winning trades. Trick is to minimize the losses and maximize the gains.
4. Don't jump from system to system when you start trading. A losing week doesn't necessarily mean a losing system.
5. Use the weekends to study. Use a trading simulator or even MT4 with a blank EA can serve you well in learning to trade.
6. If you are not 100% mentally focused on what you are doing, don't trade.

Leverage can be your biggest friend or your biggest enemy. Don't get caught in the trap of figuring out how much you can trade figure out how much you should trade. Another big pitfall is the power of a spreadsheet. It is very easy to calculate the potential growth of an account when you always achieve your pip goals, it isn't until you trade in a live environment with real money that you realize how difficult it is to actually reach those lofty goals.

To answer your questions:

What kind of trader are you? Short term intra day.
-How did you fall into that specific type of trading? Fits my personality. Total lack of patience. LOL!
-How did you get into trading the Forex market? Searching the internet for information on trading stocks. One of the search results popped up with a reference to Forex and the 400:1 leverage (at the time) availability.
-Why did you choose the Forex market? The challenge and the potential.
-What would you have done differently? Gone live with a smaller account sooner.
-What are some of the mistakes you made and how would you avoid them next time? See above.
  • #32
  • Dec 23, 2015 2:12am Dec 23, 2015 2:12am
Best way to get into trading is by planning and there is no better place to plan than this! here there are so many systems available that we could try, but of course only on demo!
  • #33
  • Last Post: Jan 29, 2016 4:15am Jan 29, 2016 4:15am
Quoting RichFXTrades
{quote} There is no "luck" involved. I don't gamble. This isn't a dice game. It is a business for those who are serious and have developed a knowledge of what to do and when. If you feel "no one can make money trading forex" then why are you here? It seems pretty stupid to waste a lot of time like you do focusing and spending as much time as you do in such an environment on something that you personally "know" won't work. So that means one of three things: 1. YOU can't hack it and are bitter and like to take it out on others 2. You have nothing...

So..... it seems i was totally correct with my original assumption.
Nice -70% trade you just had RichFXTrades, i knew if i checked back in a couple of months i would see something disastrous.

For the newish members, don't follow this clown. What a joke.
Luck is where preparation meets opportunity.......
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