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Trading forex profitable is impossible!

  • #221
  • Oct 4, 2016 9:34am Oct 4, 2016 9:34am
i dont think so in my point of view trading Forex is profitable only for u if u follow strictly money management.
  • #222
  • Edited 3:00pm Oct 5, 2016 2:39pm | Edited 3:00pm
Quoting JensG
I'm trading since a few years now. I do around 5 to 10 trades a day or ... that whining on forums. If a job would kill you, start trading.
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Really nice advice and practical stuff.
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You and few guys before just nailed it. Knowledge, patience and brains. Some MM help too.
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Quoting almo
One of the greatest traders (W.D Gann) took 10 years to master his craft, and he did it w/o the use of computers. You should expect to spend a lot of time mastering this. Anyone can trade profitably, you just need to immerse yourself into the world of trading.....read, read , read, paper trade/demo trade until your profitable for 1 year. THEN, start with a small account. If you blow out your account, repeat the demo trading until you understand why you blew out, then start out again. One other thing, keep your expectations reasonable. Forget ...
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I like this. Ten years
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My advice here - Fact is people learn by example or by really digging into market mechanics. Reading forums like this, drawing channels, reading news. THAT'S THE IMPORTANT. Always ask WHY.
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If you read bunch of books by failed traders - what good is that? I've read less than 2 books, but many nice examples similar to books. That didn't stop me from blowing 4 accounts. Too much risk, too much ignorance and laziness.
As to books and funny strategies - sure they are plenty.... One might try them. my email averaged 1500 offers per year, giving signals, training etc. Imagine if i used all these tools. I could make 15000 pips a day
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I traded 15 minute charts, daily etc. Eventually i found my strength in 4H chart. I like it. I make money. I read the news every time. I think. So that's what market understanding is about. People need patience and comfortable timeframe.
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Green pips all.
Beware of robber banks (RB), bad advisors.
  • #223
  • Oct 5, 2016 3:43pm Oct 5, 2016 3:43pm
Quoting Not-KPMG
{quote} Really nice advice and practical stuff. You and few guys before just nailed it. Knowledge, patience and brains. Some MM help too.
Hell yes, of course. Having your SL too tight turns even the greatest strategy/technique into gambling. Always chose your SL in accordance with the volatility and change your value-per-pip/position size if necessary. Just saying I can afford to lose $500 per trade so that'll be my SL may work but statistics are not really in your favour.
I totally forgot to mention that I'm not really focused on an individual trade, my SL also reflects a number of pips that are easy to get back - that is of course the luxury of short term with common sized movements. It means that if I lose a trade, I don't really have to get mad about that - the next opportunity to get the lost amount back will usually present itself within an hour.
  • #224
  • Oct 6, 2016 11:54pm Oct 6, 2016 11:54pm
Quoting JensG
{quote}the next opportunity to get the lost amount back will usually present itself within an hour.
So true!
also short term does require much less analysis.

i'm always "all in" if a opportunity presents itself, based on Money management of course.

makes no difference to me if my goal is 4 or 400 pips
  • #225
  • Oct 10, 2016 9:05am Oct 10, 2016 9:05am
No I don't flip a coin, and you obviously did not read my tag line which by the way is in BOLD TYPE

and as with any system there are periods of drawdown....
  • #226
  • Jan 25, 2017 3:06pm Jan 25, 2017 3:06pm
Quoting Tarkenee
{quote} I agree with what Snah said about Finnish attitude towards Forex. Also taxation on currency trading is nonsensical. If I trade Euro pairs I must pay ~30% taxes from EVERY SINGLE WINNING TRADE. That means that if I win 10000 and lose 10000 (+-0 change in balance) I must still pay 3000 in taxes. Fortunately if I trade in other currencies and have my account in for example dollars I only pay taxes from the money I withdraw from the broker.
Hi! Fellow finnish here. Can you say where I can find that kind of information 'officially'? Googling in finnish doesn't help at all and asking finnish forums would be a dead end too. All I could find is losses are not deductible as you said. If you could help a bit.

-Dasa
  • #227
  • Jan 25, 2017 3:49pm Jan 25, 2017 3:49pm
Quote
The only way I see how trading forex could be profitable is to get in on the long term trends and just follow it.

Interesting point of view. In my case Iv been trying to do that and I couldnt make money that way. Once I started taking counter trend trades with 4/1 or more RR mi Profit Factor rised up to 4 or 5 (with a set of rules obviusly).

So I think thats a beauty thing about trading, a lot of people cant make money but if you look into the winners circle you will see that everybody are doing a diferent thing haha.

So certainly there is not "The only way" to be profitable.
Christian.
  • #228
  • Jan 25, 2017 7:26pm Jan 25, 2017 7:26pm
Forex trading profits are high, so the gains in forex I believe would be obtained if the skill ability that we have the maximum trading, profits will depend on the capabilities that we have today
  • #229
  • Feb 1, 2017 7:00am Feb 1, 2017 7:00am
The question to ask yourself is how some traders make consistent gains.

"just having luck" has nothing to do with it.
  • #230
  • Feb 2, 2017 8:00am Feb 2, 2017 8:00am
Whether it is Forex, or any other market, It is and shall always be a Zero Sum Game. Look at the oracle of Omaha. Even he does not have consistent positive returns. Every 3 to 4 years there is a loss.

I agree, consistence is what matters. I only started a few weeks ago and i am wiping out demo accounts like no tomorrow, then analyzing and wondering what the hell did i do wrong?! My RSI was good, Stochastics on point, bollinger band was broken, etc. So why did i end up on the wrong side of the trade?

The beauty of it is that as a rookie, you have unlimited info. What I can say as a beginner is that, two elements really beat us up when we begin:

We are greed: we look for profits and if we get them, we become reckless, or if we lose, we tend to drop forex for a while without really learning from those losses.

We go through information overload: There IS too much information about the market. A lot of noise, and we try to harmonize EVERYTHING thinking it should help us, when in fact, we have to learn when to listen to certain tunes and when to ignore them. Yes, I am talking about News and Indicators overall.

So there is that. Just don't stop learning.

KEEP A LOG!!!

Every trade, position, time and reason why, put it down. At the end of the week, learn from every trade what you did well that you COULD repeat, and what you did not do well and why.
  • #231
  • Feb 17, 2017 12:47am Feb 17, 2017 12:47am
indeed it will be impossible if we do not have the skills and abilities that maximum benefit can be obtained easily. Forex is a business that is not easy to run as well as possible, it is necessary to always to try as much as possible and learn how risks can be controlled properly to get the real benefit will be obtained in forex
  • #232
  • Feb 18, 2017 4:31am Feb 18, 2017 4:31am
Quoting justfx07
i dont think so in my point of view trading Forex is profitable only for u if u follow strictly money management.
And how exactly is thatany different from any and all other aspects in life ?
  • #233
  • Feb 19, 2017 4:47am Feb 19, 2017 4:47am
It is possible to be profitable, even consistently profitable, but it is quite difficult to get there. The majority of traders lose their money – usually people say it’s about 95% of traders who do, though I don’t know how accurate that number is. It is a definitely large percentage, of that I am sure.
  • #234
  • Feb 19, 2017 6:58am Feb 19, 2017 6:58am
Quoting mlawson71
The majority of traders lose their money usually people say its about 95% of traders who do
this styatistics should be differentiated between actual business peoples (CEO's or entrepreneurs) and "normal" peoples that spend the lives being taught security equals a Social Security Number and a "save job" .. or in other words "having someone else take care of them" as the main goal

i think then the statistics would look Much different.
  • #235
  • Edited 11:25am Feb 19, 2017 11:11am | Edited 11:25am
Quoting topherhk88
I rarely post on the FF, but I have seen a lot of these posts recently - questioning (or, in some cases, audaciously claiming) that it is impossible to trade successfully in the long term, or that any long-term prospect of success is weighted far more towards luck than a sound trading practice. Let me address this as thoroughly as possible, hopefully in a somewhat logical order. The time-frames that are you trading on (1m, 5m, etc) will undoubtedly be exposed to a significant amount of noise - news releases or other liquidity spikes will be much...
If all traders followed the systematic approach outlined above, which I applaud and agree with, than all conclusions would be the same and all traders ,given any individual pair/ time frame would be on the same side of the trade making a null or untradeable market. Thank goodness for the 95% of traders who do not use a scientific, empirical. analysis to determine trading decisions, their losses provide the profits for those that do. Forgive my cynisism but I was a 95%er for a long time.
  • #236
  • Feb 19, 2017 8:17pm Feb 19, 2017 8:17pm
Forex trading is impossible to be able to profit by not having skill and upon ability is maximized, it is impossible, and in running their business with a forex trading in the preparation and readiness to carry out forex business it will be able to easily in the profits obtained
  • #237
  • Feb 19, 2017 10:43pm Feb 19, 2017 10:43pm
In trading, everybody knows that it's too risky to play in the market yet many people try their luck. I have been researching for a long time about trading and its pros and cons. Many people have wrong impressions when it comes to playing the market in which they think it is easy, but what they don't know is that it really requires enough skills and knowledge in order to succeed.

Profits I believe is not actually impossible. Why? - it is because when you know the trend and you have knowledge about what would it become, you know what should have done. This kind of trading also requires luck at the side but what would be your key is your unending updates of possible trend and changing market values. It always requires patience and hardwork.
  • #238
  • Feb 20, 2017 5:27pm Feb 20, 2017 5:27pm
Most things,particularly in the market, that we cannot explain readily through simple deductive reasoning we usually ascribe to luck, chance ,randomness or inexplicable market noise and in some minor amount of cases that's probably true.But ,by far , the greater amount of market gyrations and fluctuations is directly attributable to the few bars on a OHLC chart that immediately precede the current bar. I would further suggest that "randomness"is the term we use when the variables in any particular problem or set of problems (the forex market for example)are too infinitely large for our minds, even with the aid of fast computers, to fully understand and fathom and
change to rapidly for us to act on. I have a tendency to ramble( or so I've been told) so please bear with me if I get off point My main points are as follows(1) There is no such thing as randomness in financial markets (2) Most market analysts, whether highly experienced or not are working on the wrong problem, I liken it to the medieval doctors and medicine men trying to cure infectious diseases by bleeding their patients or cupping them to remove harmful air and blood. They of course did not know that the patients were suffering from bacteria or viruses invisible and unknown to them or other bodily malfunctions beyond the scope of their knowledge and ability. They were trying to treat the symptom in order to cure the disease. Similarly by using the 35 or so most popular indicators, in any permutation or combination imaginable, with any money management system yet devised, and any that might might be invented in the future, most traders are overlooking the minutiae of each individual bar and how its close and range relate to those bars that immediately precede it. Therein, my dear fellow traders , I believe lies the key to solving the problem. Enough said --back to trading
  • #239
  • Feb 22, 2017 7:04pm Feb 22, 2017 7:04pm
indeed it would be impossible if they do not have the skill maximum capability in profits get, because the forex business it is necessary to fight and try to improve trading skills are good, because with no instant in forex get into profit with consistent
  • #240
  • Feb 23, 2017 12:45pm Feb 23, 2017 12:45pm
For 99.99% it's impossible to trade profitable.
They will never make it.
They don't have the ability to spot and recognize special market phases in which the chances are much higher to succeed.

Over the years, i've seen literally 100s of wanna-be traders, "mentors" and "gurus".
ALL of them failed.
They were trading during wrong times and with wrong expectations.

If you want to make the big bucks, you have to spend 1000s and 1000s of hours before the screen.
Figure out in which periods you have a realistic chance.
The most difficult part is to narrow everything down to it, always wait for it, spot it early enough and then execute.
Because these periods don't last forever.
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