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Are there any successful Traders in Forex Factory?

  • #341
  • Aug 19, 2016 7:48am Aug 19, 2016 7:48am
Quoting Masterrmind
Any trader like to have a go at posting a definition of exactly what a successful trader is? Post a definition and provide the source! I think you might struggle but good luck in any case. Masterrmind......... :nerd:
Here you go I'll start .............

"Risk Control
In the end, successful trading is all about risk control. Take losses quickly and often, if necessary. Try to get your trade in the correct direction right out of the gate. If it backs off, cut out and try again. Often, it is on the second or third attempt that your trade will move immediately in the right direction. This practice requires patience and discipline, but when you get the direction right, you can trail your stops and usually be profitable at best, or break even at worst."

Source: http://www.investopedia.com/articles...attributes.asp

How well you consistently manage risk is the key my fellow friends!

Masterrmind...........
Master your Mind then Master your Trades
  • #342
  • Aug 19, 2016 7:49am Aug 19, 2016 7:49am
Quoting ChaoSi
{quote} oh...I do a lot of mistakes.. I am newbie in trading and I understand that there is a long long way before I atchive success... Sometimes I am thinking about investing in PAMM account and get some money without any nerves and stresses) but I also want to prove myself that I can
Why not try back testing? Test a few theories out - see if they work. Will help you learn the market and keep you away from making huge financial losses.

Note: hard to resist temptation to go discretionary but if you remember that you can backtest to prove strategies, hopefully you will switch to it before losing too much It's like driving for some - first nervous, then risky, then realise risky has huge downside and become reasonable
  • #343
  • Aug 19, 2016 8:03am Aug 19, 2016 8:03am
Quoting Masterrmind
{quote} Here you go I'll start ............. "Risk Control In the end, successful trading is all about risk control. Take losses quickly and often, if necessary. Try to get your trade in the correct direction right out of the gate. If it backs off, cut out and try again. Often, it is on the second or third attempt that your trade will move immediately in the right direction. This practice requires patience and discipline, but when you get the direction right, you can trail...
Read this article (2011 but still relevant today) or actually all 4 of them as its based on an analysis of trading data from real traders (the good and the not so good).

https://www.dailyfx.com/forex/publis...x_traders.html

Masterrmind............ :nerd:
Master your Mind then Master your Trades
  • #344
  • Aug 19, 2016 8:45am Aug 19, 2016 8:45am
Idk if anyone on here is actually profitable but FX is a great market to make money in. Don't listen and believe everyone on FF though. IF you REALLY want to be profitable then Focus on the following

  1. learn about the basics
  2. learn about the best times to trade
  3. learn about the liquidity of pairs
  4. get very familiar with your trading platform
  5. stick to a firm risk management allowance
  6. Memorize high probability candlestick patterns
  7. Memorize price action patterns
  8. learn about key price "zones" for a few pairs
  9. Figure out your tolerance for what time frame you want to trade on
  10. Learn about confluence of timeframe as well as patterns

There is no such thing as the holly grail of indicators or system. All indicators are lagging after price action. They can tell you nothing that price action alone cant tell you. If you go watch the hundreds of videos online on how to identify trends or this indicator or that. They all point out higher highs and higher lows or this crossing SMA AND EMA in past data. You'll almost never find one that works from the right side of the charts where price is undetermined unless they are in back testing or offline software. Most of it is a bunch of hoopla.

The next thing you need to learn after you have all of that down is to give up hope of calling yourself a technical trader like some FX traders like to be. IF you trade exclusively by technical analysis your asking to be shitted on by the FX market. You have to understand that sentiment, economics and news drive the fx market. Currencies used to be held to the gold standard years ago. When that was dropped the rate for each countries currency become based on the strength of said countries economy. Countries like Canada rely heavily on oil and the strength of oil correlates to the strength of their rate.

So in short learn how to read price action then learn when the news comes out for certain currency pairs and either
A) Trade around such events or
B) Learn how to incorporate the news impact into your trading.

Good luck mates

Gentlemen always play by the rules, if they can't, they change them.
  • #345
  • Aug 19, 2016 2:40pm Aug 19, 2016 2:40pm
Quoting Masterrmind
Any trader like to have a go at posting a definition of exactly what a successful trader is? Post a definition and provide the source! I think you might struggle but good luck in any case. Masterrmind......... :nerd:

Success is synonymous with reality, if you're being realistic you'll succeed if not you have learned a lesson (hopefully ).
  • #346
  • Aug 20, 2016 5:13am Aug 20, 2016 5:13am
A successful trader is any trader who consistently profits more than they lose. A person like that can always increase their account and consequently start making bigger profits.
  • #347
  • Aug 20, 2016 9:22am Aug 20, 2016 9:22am
Quoting HeyYou
{quote} Success is synonymous with reality, if you're being realistic you'll succeed if not you have learned a lesson (hopefully ).
Some lessons are learned but many are not.

So a step in the right direction is actually correcting trader mistakes and not making similar mistakes moving forward.

Success builds on making fewer and fewer costly mistakes.

Masterrmind...........
Master your Mind then Master your Trades
  • #348
  • Aug 20, 2016 9:46am Aug 20, 2016 9:46am
Quoting Bsmile44
Idk if anyone on here is actually profitable but FX is a great market to make money in. Don't listen and believe everyone on FF though. IF you REALLY want to be profitable then Focus on the following learn about the basics learn about the best times to trade learn about the liquidity of pairs get very familiar with your trading platform stick to a firm risk management allowance Memorize high probability candlestick patterns Memorize price action patterns learn about key price "zones" for a few pairs Figure out your tolerance for what time frame...
I especially like your comments on price action as well as the fundamental considerations and the price chart patterns.

However, I know successful traders who are purely technically focused and successful in my opinion.

Then I know others who are purely fundamental longer term traders and they too are successful in my opinion.

Then you have those traders who tend to blend the technicals with the fundamentals and they too are successful in my opinion.

Then there are many who are NOT successful who go about attempting to mimic the 'successful' traders and fail miserably.

There are scalping type traders, day traders and longer term position traders and various combinations of each.

Why do some fail while others blossum?

What do they lack that the successful traders have?

Risk management control over their account!

They cut losers fast and let profits run (easier said than done)!

Success starts in your own mind and is in part determined by how strict you are at controlling both your emotions and your losing trades.

ps. the definition of what a successful trader is may not be easily put in words since one person may define success differently from another!

pps. success in trading can only be measured over a finite period of trading history up to the current time and NOT into the future!

ppps. a successful trader is only successful up to the current time and not more (next month the account loses 50% ... is trader still successful??)

Masterrmind............
Master your Mind then Master your Trades
  • #349
  • Edited 11:01am Aug 20, 2016 10:23am | Edited 11:01am
I am trading Fx & Stocks and Stocks Options from 3+ years. I was constantly in loss. Then I took a break. Learned some strategies, applied them in demo accounts and figured out what is best for me in my time zone. Stockcharts.com was a great help. I am now going to trade Forex Options, looking for a broker other than SaxoBank. Though, I have account in Interactive Brokers and OptionsXpress (won't be using this from next month). Here is my opinion:

- Learn advance indicators and charts. MACD, RSI and similars won't help you a lot. I use TDI + SuperTrend in Forex. Trying elder system in my demo account.
- Breakouts / Breakdowns are the best strategies to trade with in long term. Trend is friend.
- Try to hedge EURUSD with other instruments, like stock exchanges, shares, etc...
- I always initiate Stop Loss and Limit Profit whenever I open a trade. I know what's my profit is and what's my loss.
- Though it may seem very hard for you guys to believe, I never trade on 30m, 1h, 4h charts. I only trade on Daily & Weekly chart and keep my positions open for 1-3 weeks (A gift I learned from options and stock trading).
- If you are trading FX, Stocks and Futures Options, SELL OPTIONS, DON'T BUY OPTIONS. When you SELL options, chances are that you're trading with market makers, not against market makers, especially in Forex. Banks hedge their positions by selling options. It's a tricky game, try not to jump right into it.
- For every 1000 $, open 0.1 position only.
- Build the wealth. Don't bet, don't gamble, don't try to hit home-run.
- Keep grinding till you receive opportunities like Brexit, SNB discontinues minimum EURCHF exchange rate, introduction of -ve interest rates, Gold referendum, wars....all these big opportunities will come once in a while where you can make money.

Set a clear goal and try to achieve it. Learn new strategies, create new demo accounts and apply only those strategies. Don't just accept results from back-test strategies. Things are not similar after financial crisis of 2008. US stock market crashed 10% and now up again 10%. This doesn't happen every year.

If you can't trade, want to convert $1000 to $2000, go play poker or whatever... trading is not for you.

Good luck to everyone.!
  • #350
  • Aug 20, 2016 10:25am Aug 20, 2016 10:25am
Quoting Anusragger
{quote} The 5% you mention dont waste their time here. So... zero.
Correct, but not really. I’ve trading Global Macro profitably for the past 4 years, but mind you I am not a self though guru or went thought he school of hard knocks and gotten my account blown up. I was institutionally trained at Morgan Stanley and later went to a Global Macro hedge fund where I traded my own book.

Am I the first profitably trader on FF, maybe or maybe not. The difference between a retail trader and a trader at any Global Macro hedge fund is so vast that we cannot even maintain a simple conversation because no matter the self though retail trader always believe they know better than the trader that is actually making a living by trading.

If anyone of you would like be become a trader then you must first understand that trading forex is considered to be the hardest asset class to trade because of the size of the market and lack of barrier of entry. It would seem in the last couple of years so many people have been mesmerise by the world trading from marketers making money and hiding the true nature of how difficult is trading FX especially the most liquid which is the G10.
  • #351
  • Aug 20, 2016 10:38am Aug 20, 2016 10:38am
Quoting MikiMax
{quote} As far as my experience goes, nobody will share his profitable approach at no cost....
Successful traders share their trading strategy, style methodology all the time but no one wants to listen. Let’s take a look at George Soros arguably the most profitable Global Macro traders there are, How many of you have even read his book, How many of you can even understand his book?

The reality is I am an institutional trained trader and have never been tough by these self-proclaimed trading gurus that make millions per month, nor have I ever blown up my account, because I was trained the right way, maybe the only way. There is a common saying in retail trading “there is a million and one way of trading the market” but ask yourself how comes that only global macro hedge funds stays constantly profitable…. Because there is only a handful of way to trade profitably.

Another reality is at the fund I am now we spend over £85K per month on just buying data. By default we have outprice any retail trader out of the market. This data consist of IB Bank trading position, Broker positions, Economic forecasts, Trader/ speculator/ Fund Manager views, Capital flow….. only a trained analyst with a decent understand of macroeconomics will be able to understand it and a trained trader will be able to extract the information which will give positive alpha (profits). I spend 99% of my time researching and updating my model and only 1% or less just placing my trade, if that.
  • #352
  • Aug 20, 2016 10:50am Aug 20, 2016 10:50am
Quoting hammadshahir
I am trading Fx & Stocks and Stocks Options from 3+ years. I was constantly in loss. Then I took a break. Learned some strategies, applied them in demo accounts and figured out what is best for me in my time zone. Stockcharts.com was a great help. I am now going to trade Forex Options, looking for a broker other than SaxoBank. Though, I have account in Interactive Brokers and OptionsXpress (won't be using this from next month). Here is my opinion: - Learn advance indicators and charts. MACD, RSI and similars won't help you a lot. I use TDI + SuperTrend...

Unfortunately there are no technical indicator that will give you an edge in this day and age where we have funds that invest tens of millions into developing an algos that will scan the market and apply every single permutation of indictors to develop the best fitting model. Believe me when I tell you that these algos are so complex that some of the strategy they spit out, some of the most experience analyst I know will have a hard time understanding at first.

I most congratulate you on your willingness to trade forex options as opposed to spot forex which is the easiest way to lose your money. Now I must warn you that trading FX options is slightly different then what is being marketed as these so called “binary options… spread betting”. I will advise you to look into the most successful global macro traders of all time and see how they implemented there trades and forget about the shiny indicators and the latest “how to trade guide”.
  • #353
  • Aug 20, 2016 11:48am Aug 20, 2016 11:48am
Quoting Masterrmind
{quote} I especially like your comments on price action as well as the fundamental considerations and the price chart patterns. However, I know successful traders who are purely technically focused and successful in my opinion. Then I know others who are purely fundamental longer term traders and they too are successful in my opinion. Then you have those traders who tend to blend the technicals with the fundamentals and they too are successful in my opinion. Then there are many who are NOT successful who go about attempting to mimic the 'successful'...
"a successful trader is only successful up to the current time and not more (next month the account loses 50% ... is trader still successful"


There will always be a next month that will wipe out the account..
  • #354
  • Aug 20, 2016 4:01pm Aug 20, 2016 4:01pm
I have been trading for over ten years. I have come to the conclusion that it is an extremely dangerous place to put your money. On the other hand, with experience you can learn how to not lose too much, which makes it entertaining.
  • #355
  • Aug 21, 2016 1:29pm Aug 21, 2016 1:29pm
Quoting HeyYou
{quote} if you plan not to trade yourself I recommend copy trading instead of pamm, you have more control.
Thanks for your advice! I will think about it!)
  • #356
  • Aug 21, 2016 1:34pm Aug 21, 2016 1:34pm
Quoting akatyk
{quote} Why not try back testing? Test a few theories out - see if they work. Will help you learn the market and keep you away from making huge financial losses. Note: hard to resist temptation to go discretionary but if you remember that you can backtest to prove strategies, hopefully you will switch to it before losing too much It's like driving for some - first nervous, then risky, then realise risky has huge downside and become reasonable
Yeah, I know about back testing) it's what I am doing now, trying some theories, some strategies on demo account)
  • #357
  • Aug 21, 2016 2:08pm Aug 21, 2016 2:08pm
Quoting Naasir
{quote} Unfortunately there are no technical indicator that will give you an edge in this day and age where we have funds that invest tens of millions into developing an algos that will scan the market and apply every single permutation of indictors to develop the best fitting model. Believe me when I tell you that these algos are so complex that some of the strategy they spit out, some of the most experience analyst I know will have a hard time understanding at first. I most congratulate you on your willingness to trade forex options as opposed...
Dear Naasir,

I only SELL options, whether it's forex or stock or etfs. I only buy options when it's really necessary/appealing to do so. For example, buying call options before 10-15 days earnings of a stock and closing it before 3-5 days of announcement. Then SELLING options to get premium. Trading options is different from binary options. I don't buy or sell calls or put alone. I trade in comobos like spreads, iron condor or strangles etc.. Again, if you guys are not familiar, it's alright but you must learn these. These are different than binary options.

I trade spot forex sometimes when setup is appealing. Like today, NZDUSD, EURUSD, CHFUSD ... and USD overall is looking interesting. I may open a trade in these pairs this week. I don't have proper "forex" broker account as other might have ... only trading in IB.
  • #358
  • Mar 25, 2017 12:34pm Mar 25, 2017 12:34pm
Quoting lightspark
Hello, i have been trading successfully for 8.4 years now. I do consider myself successful. I will give those starting out some tips as to what i do. Hopefully it won't make you all more confused. I started out like many of you, reading websites, watching video, installing indicators, etc......and low and behold, it got me nowhere. I eventually met a girl who was working at an investment bank and she become friends and taught me much about what i learnt in forex. Together we worked on some simple rules to trade specific events during the year. My...
So you hunt for liquidity ?where to read more about it if you dont mind ? Thanks
  • #359
  • Mar 25, 2017 1:19pm Mar 25, 2017 1:19pm
Quoting Bsmile44
Idk if anyone on here is actually profitable but FX is a great market to make money in. Don't listen and believe everyone on FF though. IF you REALLY want to be profitable then Focus on the following learn about the basics learn about the best times to trade learn about the liquidity of pairs get very familiar with your trading platform stick to a firm risk management allowance Memorize high probability candlestick patterns Memorize price action patterns learn about key price "zones" for a few pairs Figure out your tolerance for what time frame...
Mate you are talking crap. Price contains all the information you need. Just looking at a chart l can tell you the time from the price action. Fundamental news gives you no clue where to enter or exit. You have the trend. London open and the U.S. open. In that you have all the info you need. Then watch order flow. I can tell which way the market will move on news just looking at order Flow into the news.
  • #360
  • Mar 25, 2017 1:33pm Mar 25, 2017 1:33pm
There is someone on here, which im not going to say who.. That makes around 10,000 usd a day... And has taught me how to trade for a living successfully.
He doesn't brag and nobody knows about his success..but he lives a great life just from trading... The real successful people on here don't make much noise...they are quietly making alot of money..


Any private messages trying to get any info out of me will be ignored.
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