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  • #541
  • Mar 12, 2016 3:53pm Mar 12, 2016 3:53pm
Quoting Mingary
{quote} The key words are "trend following system" No trend = big loss A trend following system will crash eventually. You would think the solution would be to run it when there is a trend and stop it when the trend stops... if only that was possible..
You FINALLY got ONE thing right. The key words ARE "trend following system" but no trend != big losses. There are ways to control losses; the losses are annoying but they don't have to big. And another thing you got right (wow you got two things right in a row in a post, you are improving!), the solution IS to run it(the trend) when there is a trend and stop it when the trend stops...but you got the next thing wrong, it IS possible. For you probably not, but it IS possible.

All right, two things right, two things wrong. Not bad, 50/50.
Make your losses in demo. Earn your profits live.
  • #542
  • Mar 12, 2016 4:02pm Mar 12, 2016 4:02pm
Yes. So hard to quit when you are ones trader . You continuously will think about trading. Because it is a different world with specific atmosphere. You will look at the chart and think "why i didn't take a profit"
  • #543
  • Mar 12, 2016 5:14pm Mar 12, 2016 5:14pm
Quoting Forexia
{quote} You FINALLY got ONE thing right. The key words ARE "trend following system" but no trend != big losses. There are ways to control losses; the losses are annoying but they don't have to big. And another thing you got right (wow you got two things right in a row in a post, you are improving!), the solution IS to run it(the trend) when there is a trend and stop it when the trend stops...but you got the next thing wrong, it IS possible. For you probably not, but it IS possible. All right, two things right, two things wrong....
@Forexia

Could you support your statement with some SOLID PROOF... (i.e. "it IS possible")
  • #544
  • Mar 12, 2016 5:28pm Mar 12, 2016 5:28pm
Quoting MasterGuru
{quote} @Forexia Could you support your statement with some SOLID PROOF... (i.e. "it IS possible")
Hello Mingary.
Make your losses in demo. Earn your profits live.
  • #545
  • Edited Mar 13, 2016 7:56am Mar 12, 2016 8:18pm | Edited Mar 13, 2016 7:56am
Quoting Mingary
{quote} There is so much evidence that long term profit is nearly impossible. I will start with simple logic: Susie and bob open an account at FXCM. Susie loses all her money in 3 days and she quits never to return. Bob starts making money and continues to win. Therefore you would expect that winning accounts should be in the majority. If you repeat this process over many thousands of account it is clear that the losing accounts do not get replaced by winning accounts; the data shows the opposite ! The stats from the brokers actually show this!...
I get your argument. It has been the same.

What i was asking was about you. Not the average person or statistics. Why did you begin to trade then stop or begin to trade just as a game/addiction?
And do you mind sharing the research papers where you obtained the information? As your say your argument is not based on your experience alone but also by research and facts, i am keen to see these hard facts.

If you decided to quite after your own loosing streak then why do you think you lost? Is it the fault of the broker or the system? And what do you think the problem is? How where you put in this loosing position by either system or broker? Where is this evidence? And what does the evidence show as the main factors to support your argument?
  • #546
  • Mar 13, 2016 6:19am Mar 13, 2016 6:19am
Quoting juriFX
{quote} winning 3-6 years is just luck such beatiful equity curves http://www.myfxbook.com/members/ichi...451067/1547916 http://www.myfxbook.com/members/back...ascent/1200229 http://www.myfxbook.com/members/adve...-blanc/1515546 http://www.myfxbook.com/members/ProD...ivisas/1231356 http://www.myfxbook.com/members/kelv...-fx-001/493293 http://www.myfxbook.com/members/arot...signal/1010658 http://www.myfxbook.com/members/jmlf...ressive/524700...
@JuriFx

The listed MyFxBook account links are probably real...

BUT... The Max. DD is 10x higher than the the Average Monthly Profits on ALL of them.

With small funds, it should be fine, on the other hand NO SERIOUS INVESTOR (i.e. with larger funds) would consider using a strategy which has a 10x higher DD than the expected monthly profit (before performance fees and taxes).
  • #547
  • Mar 13, 2016 7:32am Mar 13, 2016 7:32am
Quoting MasterGuru
{quote} @Forexia Could you support your statement with some SOLID PROOF... (i.e. "it IS possible")

Attached Image (click to enlarge)
Click to Enlarge Name: 13_3.jpg Size: 54 KB


Yes it is possible to get out at the right time. These are my trades when the ECB statement hit the market. EUR/USD
Price-Action Extremist
  • #548
  • Mar 13, 2016 10:43am Mar 13, 2016 10:43am
Quoting bagman
{quote} {image} Yes it is possible to get out at the right time. These are my trades when the ECB statement hit the market. EUR/USD

Attached Image

@bagman

Oh, Thanks for the screenshot as a "SOLID PROOF"!

Now I am convinced that it is possible to make a nice living as a retail trader... (Even on a Demo account...)
  • #549
  • Edited 7:37pm Mar 13, 2016 12:27pm | Edited 7:37pm
Quoting Christo4
Some time ago I read a book called "Millionaire Traders - How Everyday People Are Beating Wall Street at its Own Game" by Boris Schlossberg. There are case-studies of people from various backgrounds who in fact did succeed in this business (on the FX market also!) and make profit consistently for many years. On the other hand, I read this thread and I'm confused.
Yes, I totally understand how you feel. As you said, there is the Boris Schlossberg book with proof of people making a living at trading. But not only that, but there is also the books written by Jack D. Schwager that also shows people very successful at trading ("Market Wizards" and "The New Market Wizards" and "Stock Market Wizards"). And then add in that there is a CNBC interview in which there is a stock day trader guy that says each year he averages only 10 losing days out of 250 trading days a year, and says he makes "several hundred thousand dollars a year" ( here is the link to the video interview: http://i-found-my-holygrail.blogspot.com/2007/09/interview-with-steven-ickow.html ).

So, we have all this proof of people having wild success in trading. BUT, then we come here to forex factory and see very few people succeeding with trading. So, yes, I do see your confusion because I am also wondering why there are so few people here having success - especially when there is proof that there ARE people out there making a lot of money with trading.

I've been involved in forex - off and on - for about 11 years now without any real success and you may be surprised when I say that I still think it is possible to be a success in this business. But the situation of those successful people mentioned above versus the VAST majority of unsuccessful people here at the forum does you make you wonder: "Sooo, which is it? Can we make a living at this or not?"
"Success is not a fantasy, it's a formula." - MTI
  • #550
  • Mar 13, 2016 12:45pm Mar 13, 2016 12:45pm
Quoting Topgun_1
{quote} Yes, I totally understand how you feel. As you said, there is the Boris Schlossberg book with proof of people making a living at trading. But not only that, but there is also the books written by Jack D. Schwager that also shows people very successful at trading ("Market Wizards" and "The New Market Wizards" and "Stock Market Wizards"). And then add in that there is a CNBC interview in which there is a guy that says each year he averages only 10 losing days out of 250 trading days a year, and says he makes "several hundred thousand dollars...
And how do you know - for sure - that those books and interviews are not just "fictions"...?
  • #551
  • Mar 13, 2016 12:49pm Mar 13, 2016 12:49pm
Quoting MasterGuru
{quote} And how do you know - for sure - that those books and interviews are not just "fictions"...?
Fact. - There are tons of people whose involvement in this trading business that's more than 10 years who have not found success, no denying that.
  • #552
  • Mar 13, 2016 12:54pm Mar 13, 2016 12:54pm
Quoting skyway
{quote} Fact. - There are tons of people whose involvement in this trading business that's more than 10 years who have not found success, no denying that.
Yes, of course.

The losers' monies have to end up in the hands of the winners. But those are mostly institutional traders, not retail traders like the folks here on FF.
  • #553
  • Mar 13, 2016 1:15pm Mar 13, 2016 1:15pm
Quoting high321
i worn everyone this thred is high jaked

You are really annoying you know that.
  • #554
  • Mar 13, 2016 1:30pm Mar 13, 2016 1:30pm
Quoting Mingary
{quote} There is so much evidence that long term profit is nearly impossible. I will start with simple logic: Susie and bob open an account at FXCM. Susie loses all her money in 3 days and she quits never to return. Bob starts making money and continues to win. Therefore you would expect that winning accounts should be in the majority. If you repeat this process over many thousands of account it is clear that the losing accounts do not get replaced by winning accounts; the data shows the opposite ! The stats from the brokers actually show this!...
I think you have a very good point here. Most people trading have no edge, they make a couple of lucky trades, bank a profit, now what they do is common to all of us. They go big doubling their lot size. Instead of winning, they lose and they lose at twice the rate they won. The profit melts away. This is a business, the business is about finding your own edge, being logical, not chasing the market and being prepared to keep applying the edge in spite of loosing sometime. Lose small, cut your losses fast, as fast as you were to close out your winning trades. Many traders here will hang onto a loss letting it run and run. However they will not let a winning trade do the same. This imbalance is one of the reason traders fail. They take much bigger losses than wins. People have a tendancy to think they are right and the market is wrong, if my trade goes south I am out, the market is telling me I am wrong, listen to the market its is always right.
  • #555
  • Mar 13, 2016 1:34pm Mar 13, 2016 1:34pm
I am very sorry to see many un successful traders here.
Some points for those may be its works for them.
1. Time is not very important in this game to succeed.
2. Your trading plan is your success plan.
3. Beings wrong but insist to right.
4. Trading frequency very high.
5. Different lot size every time.
M.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -805
  • #556
  • Mar 13, 2016 5:47pm Mar 13, 2016 5:47pm
Quoting mrhigurashi
{quote} You have been using the site since 2007, have not made any money trading, and yet still hang out on this website for traders? Hmmm, not sure if your the person i want to be taking any advice from, positive or negative.
Higurashi San,your observation of my time on the FF should say something about my willingness to give this trading business a really good go....but to no avail I'm an abject failure,that is the truth of the matter."Conventional wisdom" is widely used to justify the approach taken by the majority of member here but just because the majority believe something should come of hard work,failure to give up,10,000 hrs chart time,the right attitude etc doesn't mean these attributes will achieve anything.
The thousands of self help books and feel good videos that are published every year are know to achieve very little in tangible results.Do you remember the very well publicised "The Secret",pure crap but so many people bought into it.I'm a realist and have stated before that trading FX is not life and death stuff for me so I will continue to offend people with my honest posts.
  • #557
  • Mar 13, 2016 6:08pm Mar 13, 2016 6:08pm
Quoting TudorIoan
guys, guys, nobody should quit! for gods sake, consider this: common sense tells us that whatever it is the strategy for you, and if it always (most of the time) leads you to a failure, just reverse it !!! because there are just two ways: up & down, long & short, green & red, win & lose... so, in this case "the secret" should be to stay CONSTANT on your strategy (demo account first recommended) -so, whatever you discover there, if it is right -> keep trading, if is wrong -> just reverse it and ...also, keep trading!!! other considerations: -the...
The word constant really got me. Thank you ! I will try.
...
  • #558
  • Edited 8:52pm Mar 13, 2016 8:10pm | Edited 8:52pm
Quoting edge540
{quote} Higurashi San,your observation of my time on the FF should say something about my willingness to give this trading business a really good go....but to no avail I'm an abject failure,that is the truth of the matter."Conventional wisdom" is widely used to justify the approach taken by the majority of member here but just because the majority believe something should come of hard work,failure to give up,10,000 hrs chart time,the right attitude etc doesn't mean these attributes will achieve anything. The thousands of self help books and feel...
Yes indeed. Makes me think of the business i see as i walk down the street. You never see any customers in them but they still continue to operate until finally the inevitable happens and they close up shop. Despite not having any real possibility of succeeding they continue on. Is this determination or stupidity...?

Only the operator of the business can say. Why? Because when faced with defeat of anything its is up to the individual who tried to decide whether their attempts where foolish of courageous. I see most of those who fail at Forex see their attempts to be foolish.

I have seen lots of people on here who are sour about Forex because they have spent money on books and courses etc and then made significant loss in trading. This is not myself. I have not spent 1 cent on such things and im not much of a reader....

Its easy to be bitter and cynical of a system that has failed you. I for one have been made redundant twice in the last 10 years from economic downturns and so am fairly cynical of employment in the private sector. Doesn't matter how much you sacrifice or how hard you work. At the end of the day your just a number on a balance sheet. And when the time comes to reduce the amount of numbers on said sheet, it could just be yours that is removed.

But please continue to offend people as it is rather entertaining.
  • #559
  • Mar 13, 2016 10:17pm Mar 13, 2016 10:17pm
What is the purpose of the topic? Don't like it, just move on. ==>>>
  • #560
  • Mar 13, 2016 10:31pm Mar 13, 2016 10:31pm
Forex id 4all but need rule of system u use.not use heart n think.just follw system like calculator.the profit will come examplw.i use ma 14.rsi 14 n macd standard.if wnt to entry but post.rsi obove 50.candlestick open up from ma14 n macd above 0 line n positif.if 3 indicator are binary like tht.100 % buy positif .close order if rsi reach 70. Sell post need rsi below 50.candlestick open below ma14 n macd negetif 0 line. So sell will 100% profit.close position if rsi touch 30. I use tht merhod for 7 years.n my profit more than 300k usd
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