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Who is the most profitable trader on Forex Factory?

  • #201
  • Dec 11, 2016 6:52am Dec 11, 2016 6:52am
Quoting mrhigurashi
{quote} 8 out of 10? where did you get that from the time of the great depression? My country states 1 in 5 will fail, perhaps you need to move?
I certainly need to move. Hungary is a crap place if you want to start a business.
Invincibility lies in the defence; the possibility of victory in the attack
  • #202
  • Dec 11, 2016 6:52am Dec 11, 2016 6:52am
Quoting mrhigurashi
{quote} Haha yeah yeah sure sure, you know a guy who knows a guy. And so they all say..... And you know how it works right? Your got it by the balls! Good for you.
I've been open and honest about what I do and what I know, via my FF journal. I don't know a guy who knows a guy. I'm the guy. And the guys I trade with are other guys. In case it's not clear by now, IMHO, you don't need to know a guy. You need to become your own guy. Take responsibility, work hard, and in a few years, you might become a guy/trader. Good luck to you and good trading everyone!
  • #203
  • Dec 11, 2016 6:58am Dec 11, 2016 6:58am
Quoting BBalazs
{quote} Well, thanks for the correction. Although it says here (http://www.forbes.com/sites/theyec/2.../#4776a21611df) that it is around 80%. Anyway, for what it's worth, if I was making serious money trading, I certainly would not go around proving strangers wrong on the internet nor would brag about the earnings That's just my 2 cents though.
Well said Sir
  • #204
  • Dec 11, 2016 6:59am Dec 11, 2016 6:59am
Quoting GEfx
{quote} I've been open and honest about what I do and what I know, via my FF journal. I don't know a guy who knows a guy. I'm the guy. And the guys I trade with are other guys. In case it's not clear by now, IMHO, you don't need to know a guy. You need to become your own guy. Take responsibility, work hard, and in a few years, you might become a guy/trader. Good luck to you and good trading everyone!
Thats nice
  • #205
  • Dec 11, 2016 7:00am Dec 11, 2016 7:00am
Quoting Mingary
{quote} You cannot put business entrepreneurs and forex traders on an equal footing. Calculated risks and gambling are two different animals. ... nothing in common. Also, the failure rate in normal businesses (that do provide a benefit to society) is much lower than in Retail Forex.
maybe you should attempt to look at forex trading from an entrepreneurs perspective and start taking calculated risks just like an entrepreneur,forex trading just like any other business is a game of supply and demand identify areas where buyers and sellers are and you'll make money just like all the other big banks in the world because at the end of the day the banks trading billions and the trader with 5$ in his account all look at the same price.when you go back to the basics of forex trading you simply buy a currency at low price and sell it at a higher price just like in any other business.Its true that only 10% of traders make money but this is not unique to forex trading it happens in every area of business 90% of the businesses you see around are deep in dept and struggling to stay alive.
100% KENYAN.
  • #206
  • Dec 11, 2016 7:09am Dec 11, 2016 7:09am
Quoting mrhigurashi
{quote} A smart person creates a business to supply something that there is a demand for. So although it can be considered a "Gamble" it is a very calculated one and if done right everything is known up front. Forex on the other hand is a game, one run and controlled by brokers and bankers. Why do you think brokers do fantastic business whilst 98% or more of traders fail? And ask yourself this, if you fail in a business who profits from your failure? Is the money you invest going into someone else s pockets when you fail? Now is Forex more like...
like i said forex trading is a game of supply and demand to.
100% KENYAN.
  • #207
  • Dec 11, 2016 7:12am Dec 11, 2016 7:12am
Quoting BBalazs
{quote} Well, thanks for the correction. Although it says here (http://www.forbes.com/sites/theyec/2.../#4776a21611df) that it is around 80%. Anyway, for what it's worth, if I was making serious money trading, I certainly would not go around proving strangers wrong on the internet nor would brag about the earnings That's just my 2 cents though.
good for you we all cant be the same we all have different personalities.
100% KENYAN.
  • #208
  • Edited 7:36am Dec 11, 2016 7:15am | Edited 7:36am
Quoting GEfx
{quote} I agree with your point, although I think the retail forex number is probably 85% or slightly less. But the point is this: if everyone who tries to trade the forex also tried to perform brain surgery, they'd likely have the same level of success, or failure, in both. Everyone knows that brain surgery is difficult; apparently, they don't have the same level of respect for trading. From my experience, every successful trader I know: has a combination of advanced degrees in finance or economics; has some work experience in banking, finance,...
I agree that it would take an enormous amount of work to develop some sort of successful trading strategy in the forex (without OPM!). Given that so many have tried and many still trying wasting time and loads of cash ... is it really worth the effort ?
If the same amount of energy would be applied to running a business like selling hot dogs on a street corner, then that entrepreneur would own millions of hot dog stands all across the universe.
In the forex the opportunity cost is so enormous that it does happen that many ruin their lives betting it all on a "retail forex career".
Better stick with a hot dog stand, there is more future in it.
In an earlier post you mentioned something interesting;

"And by the way, the house never wins (there is no house). Nor are "they" out to get your money."

Actually, the house does win, always. And it does not have to be "out to get your money" - except to get "new money" (new accounts)
The drain with the big sucking sound is built in.
FACT:
If you add up all the customer funds at the beginning of some period and do not include new funds during that period, at the end of the period the total customer funds is reduced by the amount of the transaction cost for the period.
Eventually ALL customer accounts become broker revenue.
If you are lucky to win. Don't be stupid. Get your money out.
And if you lose, don't be stupid. Get your money out.
Would you want to keep your money in the "Casino's account" ?
  • #209
  • Dec 11, 2016 7:29am Dec 11, 2016 7:29am
Quoting HeyYou
I've never tried triangular arbitrage, seems pretty complicated, isn't it ?
Explained here and here and in lots of other places (use Google). Basically you'd need to find br0kers offering negative spread; mispricing between different br0kers (and then lightning fast execution to exploit the opportunity before it disappears); or anomalies with swap rates across the same or different br0kers. By definition, arbitrage is return without risk, but realistically, these types of opportunity are not available to retail traders. But if you did succeed, you probably would become the most profitable trader on FF, LOL.

Some years ago there was a member ('Kurka Fund') who experimented with Tri Arb, starting threads like this and this. But he hasn't posted since 2010. You can find more info on Tri Arb by looking at the 'Similar Threads' panel.
  • #210
  • Dec 11, 2016 7:35am Dec 11, 2016 7:35am
Quoting Mingary
{quote} FACT: If you add up all the customer funds at the beginning of some period and do not include new funds during that period, the total customer funds is reduced by the amount of the transaction cost of the period. Eventually ALL customer accounts become broker revenue. If you are lucky to win. Don't be stupid. Get your money out. And if you lose, don't be stupid. Get your money out. A forex broker that knowx its business is always obscenely profitable.
Yes, the broker makes their money on the transaction. But if mrhigurashi loses $10,000 from his account, the broker got the transaction cost, and other traders (hopefully me) got the rest of the $10,000. Good trading!
  • #211
  • Dec 11, 2016 7:42am Dec 11, 2016 7:42am
So can we get some account balances ? Instead of all this talk about risk, business/retail, whose right wise wrong!

you guys have really cluttered this thread up lol

or or no one has made any money ? Or the people as said above who have made money have better things to do then to post there accounts balances and instead chuckle at the ones trying to determine if traders can make money!

im chuckling right now, that's for sure!
Learn, a forex trader must, unlearn and relearn he will.
  • #212
  • Dec 11, 2016 7:45am Dec 11, 2016 7:45am
Quoting Mingary
{quote} I agree that it would take an enormous amount of work to develop some sort of successful trading strategy in the forex (without OPM!). Given that so many have tried and many still trying wasting time and loads of cash ... is it really worth the effort ? If the same amount of energy would be applied to running a business like selling hot dogs on a street corner, then that entrepreneur would own millions of hot dog stands all across the universe. In the forex the opportunity cost is so enormous that it does happen that many ruin their lives...
In every reputable profession in the world it takes 2-6 years to graduate with a degree,about 3-5 years of work experience,2 years to get your masters and 1-2 years for your phd before you can be qualified as an expert.when it comes to forex trading people want to rise through the ranks in days,forex trading should be respected just like any other serious profession in the world,traders should allow themselves to go through the learning process,it is a painful process but the rewards are far much better,someone once told me that the roots of education are bitter but the fruits are sweet and so is forex trading.
100% KENYAN.
  • #213
  • Dec 11, 2016 9:08am Dec 11, 2016 9:08am
Quoting executivefx
{quote} In every reputable profession in the world it takes 2-6 years to graduate with a degree,about 3-5 years of work experience,2 years to get your masters and 1-2 years for your phd before you can be qualified as an expert.when it comes to forex trading people want to rise through the ranks in days,forex trading should be respected just like any other serious profession in the world,traders should allow themselves to go through the learning process,it is a painful process but the rewards are far much better,someone once told me that the roots...
Yes, right on. They say (whoever 'They' are) that it takes 10,000 hours to become competent at something (10,000hrs = 40hrs/week * 50wks/year * 5 years), but that doesn't include the years of education plus invaluable guidance from teachers and colleagues. And unfortunately, you can't be successful at trading by being just 'competent', you need to be expert.
  • #214
  • Edited 11:00am Dec 11, 2016 10:46am | Edited 11:00am
Quoting executivefx
{quote} In every reputable profession in the world it takes 2-6 years to graduate with a degree,about 3-5 years of work experience,2 years to get your masters and 1-2 years for your phd before you can be qualified as an expert.when it comes to forex trading people want to rise through the ranks in days,forex trading should be respected just like any other serious profession in the world,traders should allow themselves to go through the learning process,it is a painful process but the rewards are far much better,someone once told me that the roots...
Let's assume that neurosurgery and forex trading are hard too learn.
Let's assume that there are people trying to master each "profession"

There is no evidence of "the rewards of retail forex." (Long term professional retail forex millionaire ??? )
There is plenty of evidence that brain surgeons do exist
  • #215
  • Dec 11, 2016 11:08am Dec 11, 2016 11:08am
Quoting Mingary
{quote} Let's assume that neurosurgery and forex trading are hard too learn. Let's assume that there are people trying to master each "profession" There is no evidence of "the rewards of retail forex." There is plenty of evidence that brain surgeons do exist
so in short you mean no one in the world makes money trading forex?if so then i must be very special.
100% KENYAN.
  • #216
  • Dec 11, 2016 11:16am Dec 11, 2016 11:16am
Quoting executivefx
{quote} so in short you mean no one in the world makes money trading forex?if so then i must be very special.
No one makes money long term.
Long term being defined as the time that it takes to return all the profits and then some to the market.
For most, it's probably about 2 days ...
  • #217
  • Dec 11, 2016 11:30am Dec 11, 2016 11:30am
Quoting Mingary
{quote} No one makes money long term. Long term being defined as the time that it takes to return all the profits and then some to the market. For most, it's probably about 2 days ...
shutup already you hypocrite.
  • #218
  • Dec 11, 2016 11:45am Dec 11, 2016 11:45am
Quoting Mingary
{quote} No one makes money long term. Long term being defined as the time that it takes to return all the profits and then some to the market. For most, it's probably about 2 days ...
Having a trading strategy and sticking to it is very important,its said that the man to fear is not one who can hit a thousand places at once but one who can hit one place a thousand times.sticking to one strategy increases your probability of success but of more importance is your money management strategy and this is where i believe most traders fail,one should have a target of where to grow your capital upto,a withdrawal plan that also allows your capital to grow.once you hit your target withdraw your capital and start the process again.
100% KENYAN.
  • #219
  • Dec 11, 2016 1:26pm Dec 11, 2016 1:26pm
 
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Trade fearless not careless...
  • #220
  • Edited 8:55pm Dec 11, 2016 8:45pm | Edited 8:55pm
Quoting PhilippineFX
{quote} I agree.....Fundamentally the costs are the same hedging as they are taking a SL......There are 2 trades either way. The Hedge just has a delayed start with bias unknown until one position is closed......In the end the only thing that matters is whether the trader is successful over time or not. How he or she gets there matters not a rats ass.....
They are not the same.

Lets do some examples. For the sake of our examples, buying earns positive swap and selling costs negative swap.

Secenario #1A (hedged): 2 lots long and 1 lot short = net position of 1 lot long. You are earning less than 1 lot of swap though due to the imbalance in swap (always to brokers advantage).

Scenario #1B (not hedged): 1 lot long and none short = net position 1 long. You earn 1 lot of swap!


Another example...

Scenario #2A (hedged): 5 lots short and 2 lots long = net position 3 lots short. You are paying more than 3 lots due to the imbalance in swap between the 2 short and long lots that cancel each other out.

Scenario #2B (not hedged): 3 lots short and none long = net position 3 lots short. You only pay swap on 3 lots.

You could literally do this for any amount of lots in either direction. When you have open hedged positions within the same instrument you are paying unnecessary swap to your broker. Just pick one direction!
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