The most honest forex review and tips to be successful | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Instaforex, are they honest and reliable? 186 replies

Who is the most honest broker? 102 replies

Looking for an honest and reliable stock CFD broker! 12 replies

Can anyone suggest a good and honest ECN broker? 14 replies

Honest answers please! Are you successful trading on Forex or not? 102 replies

Attachments: The most honest forex review and tips to be successful
Exit Attachments

The most honest forex review and tips to be successful

  • #41
  • Jan 10, 2016 1:26pm Jan 10, 2016 1:26pm
Quoting Fisher755
{quote} vasily, I don't want to insult you, but you obviously did not read very well. The guy made over 200% profits with his trades , TE is from 5 years ago. Please learn to read before you criticise. Besides, there is a saying that goes like this...." If you have nothing nice to say, keep your mouth shut!" ( BTW, come back in 5 years and show us your TE then...I do wish you green pips, but atm there is something else green here beside your short term TE- you being a member at FF for just few months. )
(BTW , ıam being a member at FF for just few months and ı even dont have the red dot ) so ıam not good trader
  • #42
  • Jan 10, 2016 1:27pm Jan 10, 2016 1:27pm
Quoting letchworth40
All I know is I want some of that brain juice you guys are using to just drip on down my way. I could definitely use some of it. Stay sane

Dude i could write a book on how to screw yourself in the markets
  • #43
  • Jan 10, 2016 1:29pm Jan 10, 2016 1:29pm
green pips to all guys

Attached Image
  • #44
  • Jan 10, 2016 1:36pm Jan 10, 2016 1:36pm
Quoting allisonmagic
{quote} Fisher, Thank you so much for the kind words You have a great mind, i already know. I completely agree with anything you say without question. I think you have a great point. Let's look at Greed vs Opportunity for a sec. "Greed is, similarly, an inordinate desire to acquire or possess more than one needs." -Google search -I think personally if you have nothing to invest. You are poor as shit and you are going overboard and putting in massive determination and skill in order to achieve your goal then greed is far from related. -Now...
Great, and I do support you in this. But just think of the emotional part....let's asume that you can lose all your hard earned profits ( and much talent behind it, too)
all over again. How do you think it will make you feel? IMO, you should prevent this, becouse we can never know....
On the other hand, think of how you would feel if you just withdraw half of your weekly profits and let run only half of what you gained. Pretty peaceful, don't you think?
Becouse if you could make 200% now, you can make it again...and again, and 200% of much more than you started with is really much. At least much more than the banks offer on deposits.
PVSRA
  • #45
  • Jan 10, 2016 1:38pm Jan 10, 2016 1:38pm
Quoting Fisher755
{quote} Great, and I do support you in this. But just think of the emotional part....let's asume that you can lose all your hard earned profits ( and much talent behind it, too) all over again. How do you think it will make you feel? IMO, you should prevent this, becouse we can never know.... On the other hand, think of how you woul feel if you just withdraw half of your weekly profits and let run only half of what you gained. Pretty peaceful, don't you think? Becouse if you could make 200% now, you can make it again...and again, and 200% of much...

Yeah that's a great idea, lock in profits and let the rest ride. I will definately put that into practice this week for sure. Thanks Fisher, you are always the wisest my friend
  • #46
  • Jan 10, 2016 1:42pm Jan 10, 2016 1:42pm
Quoting allisonmagic
{quote} Dude i could write a book on how to screw yourself in the markets
Telling me what doesn't work is just as important as what does man. You might want to write that book!
  • #47
  • Jan 10, 2016 1:54pm Jan 10, 2016 1:54pm
Quoting letchworth40
{quote} Telling me what doesn't work is just as important as what does man. You might want to write that book!
what are you having the most issues with ? just ask anything, it's a discussion forum.
  • #48
  • Jan 10, 2016 2:09pm Jan 10, 2016 2:09pm
Some great info here:

http://www.forexfactory.com/showthread.php?t=7484

So basically Forex is about the exchange of money between nations, corporations, businesses, and individuals and can produce over 3-5 trillion dollars a day in exchanges. What it is not about is traders or investors. The stock market is moved by traders and investors but not Forex. It is important you understand this because you must realize that at anytime Company A from Country Z will exchange money from Company B in Country X.
I mean just look at the volume of oil that is sold in one day and that is only one product. Oil is billed out in USD so if China buys x amount of millions of barrels of oil a day from Iraq multiply those millions of barrels by 80-100 dollars per barrel. Then exchange the RMB to dollars to pay for it and then Iraq exchanges those dollars into Iraq currency and that is only one exchange on one product. Get my drift. This way you won’t fall for an article written like this:

“Speculators Keep Boosting Their EUR Longs for the 4th Consecutive Week "

"Traders added another 40% to their long EUR bet this week after increasing it by 30% last week to reach a total of $6.4 billion as of Tuesday.”

Please understand, knowing the big dogs are buying the Euro is good knowledge to have, even though that info is a week old, (after the fact don't help me much if they start selling off after I start buying and find out the next Friday they had been unloading while I was buying).
But 6.4 Billion in Forex is a drop of water compared with the trillions being exchanged every day. My point is this; traders do not control the market and when they enter in large amounts they only affect the market for 15 minutes to several hours at best.
  • #49
  • Jan 10, 2016 5:38pm Jan 10, 2016 5:38pm
To anyone who's paying attention to my trade explorer, i'm testing some random things this week. You will see some crazy stuff going on. Don't freak out
  • #50
  • Jan 10, 2016 6:10pm Jan 10, 2016 6:10pm
cool. tell me what doesn't work
  • #51
  • Jan 10, 2016 9:18pm Jan 10, 2016 9:18pm
Hi Letchworth40, I read your posts. I started just like you. A ridiculous trail of consecutive wins. Never placing a stop loss. This can work, because 80% of the time, the market re-visits it's previous prices. However, the one that gets away from you can wipe out your account and all your wins. You will find you have very little experience in when to cut a loss and attempt to wait it out. What I recommend if this is your trading style is this- You need to manage your drawdown. So trade very very small while you perfect your system. Take a monthly chart. Measure how many pips the market has moved in one year. Usually around 10000 or 15000 pips for EUR USD. calculate the value of 1 pip. For eg. for 5 digit broker 1 pip might be 0.15 cents. times that by 10000 = 1500. So you need $1500 equity per trade, trading at 0.01 lot size. Then some fundamental and technical analysis so your trade entries maximize your probability of a successful trade. (don't trade on all time highs or lows) if they reverse, they may never come back. if they keep going they may never come either Don't be tempted to over trade your lot size. This way, you can keep scalping and if one gets away, you always know that you have a full year for either your trade to come back into profit or to decide to cut the loss. It is hard when working with small equity. Just have to keep adding equity and keep on trading.

Unfortunately, the style you use is very very hard to turn into an EA. But I recommend either learning to code, or getting a freelancer to code an EA to your specifications at some point. Nothing has taught me more about forex than building an EA. The main thing it has taught me is that if you cannot show why your trading system will work mathematically. It will fail at some point. And unless you have the discipline of a robot. Manual trading will fail at some point.

I now enjoy hardly looking at the market. But looking at my green pips each day. Thanks to getting one built and continual testing and filtering and optimising.
(By the way, it runs on the 1m timeframe)

All the very best.

-Chrisian
  • #52
  • Jan 12, 2016 11:01am Jan 12, 2016 11:01am
Please carry on
  • #53
  • Jan 13, 2016 1:07pm Jan 13, 2016 1:07pm
Hey guys

Back in action. I had some fun testing some new strategies this week. Dumped in another 10 bucks just for fun. Ok i'm back to being serious again lol. How is everyone doin ?
  • #54
  • Jan 13, 2016 10:45pm Jan 13, 2016 10:45pm
Quoting allisonmagic
If you guys are worried about opening a trade based on just the monthly. Don't stress, no hard feelings if you jump down to a daily to get a better confirmation. But don't rely on the daily as your base TF. Stick to the monthly because this is where the big boys are. Here's a bit of an example i made up for you guys {image} {image}
well my friend here is your problem. for instance, price being slightly above your moving whatever does not mean anything. What if you use 20 ma but some major bank uses 21 ma and rice is above 20 but below 21?! i know thats stupid example but the point im making is that you disregarding the price ACTION, and only giving attention to price.

Your result of turning 96 into 650 is not impressive. why?! because fx market trended in one direction strongly in the 1st week of 2016, and you in it. I understand your excitement, but considering how you start "testing new strategies" - a trap that is common among losing traders - tells a different story. You dont know what those strategies are for. Thats one thing you failed to learn. And you will lose again for that fact alone. Upon reading your thread i decided to prove you my point and opened a demo, trading daily tf. Running profit of 2000 pips. Is it luck?! Nope. Is it going to survive till next year?! Now this is the question that needs to be answered. the only way to know is to try.
  • #55
  • Jan 18, 2016 7:42am Jan 18, 2016 7:42am
Quoting allisonmagic
Hey guys Back in action. I had some fun testing some new strategies this week. Dumped in another 10 bucks just for fun. Ok i'm back to being serious again lol. How is everyone doin ?
I'm happy that you are back. Maybe you will need another 5 years, but you will make it in the end.
PVSRA
  • #56
  • Jan 18, 2016 7:33pm Jan 18, 2016 7:33pm
Quoting Fisher755
{quote} I'm happy that you are back. Maybe you will need another 5 years, but you will make it in the end.
Thanks for all your support man, you've been a great friend. Hopefully it won't take that long lol
  • #57
  • Jan 18, 2016 8:29pm Jan 18, 2016 8:29pm
Plan a trade. Trade the plan.
  • #58
  • Feb 3, 2016 8:06pm Feb 3, 2016 8:06pm
The forex market is a giant scam. if you think you can make a living with this you are a fucking idiot. brokers, market makers, their all scammers who deal dirty and bet against you any chance they get.


i give up, fuck you all and fuck this piece of shit scam called forex
  • #59
  • Feb 3, 2016 8:22pm Feb 3, 2016 8:22pm
Quoting allisonmagic
The forex market is a giant scam. if you think you can make a living with this you are a fucking idiot. brokers, market makers, their all scammers who deal dirty and bet against you any chance they get. i give up, fuck you all and fuck this piece of shit scam called forex
Why you say this now , did you have a big loss today because the market moved strongly today.
why you didn't write this in the tips in the first post.
0 traders viewing now