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  • #1,021
  • Mar 13, 2017 12:39am Mar 13, 2017 12:39am
All retail forex enthusiasts believe they can make money.
The frustration and cognitive dissonance drive them into a special kind of mental disorder.
Very very few manage to reconcile reality with their own experience.
  • #1,022
  • Mar 13, 2017 12:45am Mar 13, 2017 12:45am
Quoting Mingary
All retail forex enthusiasts believe they can make money. The frustration and cognitive dissonance drive them into a special kind of mental disorder. Very very few manage to reconcile reality with their own experience.
Making money is easy in FX. The issue is that you cannot make money if you have 100 dollars and you must trade dimes as your minimum lot size.

Another issue is that you cannot make money if you cannot take a loss at some point.

Another issue is that you cannot make money if you do not understand the oscillators that you are trading.

Another issue is that you cannot make money if you are in the habit of trading against the trend unless you have a large account and trade tiny.
If you are good at something, never do it for free--Joker
  • #1,023
  • Mar 13, 2017 2:06am Mar 13, 2017 2:06am
Quoting fxstaton
I have no luck in forex. Initial period I get profit, and few months all profits and capital are gone. I think I am not suitable in forex and will quit all and back to work
Forex is not at all about luck!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
You need carefull planning and iron discipline and to understand why and how the price is moving.

All the best!
  • #1,024
  • Mar 13, 2017 3:23am Mar 13, 2017 3:23am
Quoting jmn5611
{quote} Making money is easy in FX. The issue is that you cannot make money if you have 100 dollars and you must trade dimes as your minimum lot size. Another issue is that you cannot make money if you cannot take a loss at some point. Another issue is that you cannot make money if you do not understand the oscillators that you are trading. Another issue is that you cannot make money if you are in the habit of trading against the trend unless you have a large account and trade tiny.
I can only agree that you need big money to trade.

Btw. What trends we got now?
  • #1,025
  • Mar 13, 2017 6:39am Mar 13, 2017 6:39am
Is making money really easy? If it were easy, the saying that 95% of traders lose wouldn't be so persistent.
  • #1,026
  • Mar 13, 2017 12:59pm Mar 13, 2017 12:59pm
Quoting JakubSzalaFX
{quote} I can only agree that you need big money to trade. Btw. What trends we got now?
You don't need big account to trade forex. 70K should be enough if you know how to trade. 20K for living, 50K for trading to build yourself bigger equity over time. When you get over 200K account your progress will slowdown, because it becomes more difficult to get decent leverage from bucket shops, we retail traders trade in, especially on exotic pairs.
  • #1,027
  • Mar 14, 2017 4:48am Mar 14, 2017 4:48am
Quoting jmn5611
{quote} Making money is easy in FX. The issue is that you cannot make money if you have 100 dollars and you must trade dimes as your minimum lot size. Another issue is that you cannot make money if you cannot take a loss at some point. Another issue is that you cannot make money if you do not understand the oscillators that you are trading. Another issue is that you cannot make money if you are in the habit of trading against the trend unless you have a large account and trade tiny.
Let's assume what you describe is the correct approach.

1) some will not apply the rules and fail
2) some will fail at first and then apply the rules and succeed
3) some will apply the rules and succeed

Eventually, we should be seeing losers replaced with winners. There should be a majority of winners over time ..
Clearly this is not the case.
  • #1,028
  • Mar 14, 2017 6:22am Mar 14, 2017 6:22am
Quoting Mingary
{quote} Let's assume what you describe is the correct approach. 1) some will not apply the rules and fail 2) some will fail at first and then apply the rules and succeed 3) some will apply the rules and succeed Eventually, we should be seeing losers replaced with winners. There should be a majority of winners over time .. Clearly this is not the case.
It's really not, is it?
I always wonder where optimism like jmn5611's comes from. I wish I could be this optimistic, the more I trade and watch others trade, the less optimistic I feel.
  • #1,029
  • Mar 14, 2017 6:35am Mar 14, 2017 6:35am
Quoting mlawson71
{quote} It's really not, is it? I always wonder where optimism like jmn5611's comes from. I wish I could be this optimistic, the more I trade and watch others trade, the less optimistic I feel.
Yes indeed, same here.
  • #1,030
  • Mar 14, 2017 6:49am Mar 14, 2017 6:49am
Quoting mlawson71
{quote} It's really not, is it? I always wonder where optimism like jmn5611's comes from. I wish I could be this optimistic, the more I trade and watch others trade, the less optimistic I feel.
Find 1-2 professional and institutional traders and watch them for a while if possible ...You will get a total different view on trading and see what is possible and what is pure bullshit.
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #1,031
  • Mar 14, 2017 1:37pm Mar 14, 2017 1:37pm
Quoting Mingary
{quote} Let's assume what you describe is the correct approach. 1) some will not apply the rules and fail 2) some will fail at first and then apply the rules and succeed 3) some will apply the rules and succeed Eventually, we should be seeing losers replaced with winners. There should be a majority of winners over time .. Clearly this is not the case.
Winners are less than losers because winners generally do not want to be identified as someone who get "free" money as the masses would think.

Quoting mlawson71
{quote} It's really not, is it? I always wonder where optimism like jmn5611's comes from. I wish I could be this optimistic, the more I trade and watch others trade, the less optimistic I feel.
I am optimistic because I know the game I'm playing. Trading is nothing more than taking an educated guess about what the bulls and bears are doing. The key is not in any strategy but participation. You just need to be around for the move, trade very small, stay with the trend and monitor your portfolio and add/subtract units as conditions change. Stay on the right side of the trader's equation and you are all good over time.
If you are good at something, never do it for free--Joker
  • #1,032
  • Mar 14, 2017 11:26pm Mar 14, 2017 11:26pm
Quoting jmn5611
{quote} Winners are less than losers because winners generally do not want to be identified as someone who get "free" money as the masses would think. {quote} I am optimistic because I know the game I'm playing. Trading is nothing more than taking an educated guess about what the bulls and bears are doing. The key is not in any strategy but participation. You just need to be around for the move, trade very small, stay with the trend and monitor your portfolio and add/subtract units as conditions change. Stay on the right side of the trader's equation...
I have described there should be more winners than losers in this game but the stats show quite the opposite.
There is no need for identification.
  • #1,033
  • Mar 15, 2017 4:06am Mar 15, 2017 4:06am
Quoting Mingary
{quote} I have described there should be more winners than losers in this game but the stats show quite the opposite. There is no need for identification.
Lies, damned lies, and statistics.
If you are good at something, never do it for free--Joker
  • #1,034
  • Mar 15, 2017 6:31am Mar 15, 2017 6:31am
Quoting jmn5611
{quote} Winners are less than losers because winners generally do not want to be identified as someone who get "free" money as the masses would think. {quote} I am optimistic because I know the game I'm playing. Trading is nothing more than taking an educated guess about what the bulls and bears are doing. The key is not in any strategy but participation. You just need to be around for the move, trade very small, stay with the trend and monitor your portfolio and add/subtract units as conditions change. Stay on the right side of the trader's equation...
Then you're stronger person than I am.
Do you trade with no plan whatsoever?
  • #1,035
  • Mar 15, 2017 1:40pm Mar 15, 2017 1:40pm
Quoting mlawson71
{quote} Then you're stronger person than I am. Do you trade with no plan whatsoever?
Staying on the right side of the market is the only plan I have. Keep winners. Cut losers. Stay small. I cycle through all 28 pairs and adjust my portfolio daily. Non performers are released. Good players stay.
If you are good at something, never do it for free--Joker
  • #1,036
  • Mar 16, 2017 12:25am Mar 16, 2017 12:25am
Quoting jmn5611
{quote} Staying on the right side of the market is the only plan I have. Keep winners. Cut losers. Stay small. I cycle through all 28 pairs and adjust my portfolio daily. Non performers are released. Good players stay.
along those lines .... I don't "trade", whatever it was I was doing has now evolved into this "accumulating inventory / releasing inventory"
I got more than tired of all the guessing and stupid losses.
  • #1,037
  • Mar 16, 2017 1:29am Mar 16, 2017 1:29am
Quoting Mingary
{quote} along those lines .... I don't "trade", whatever it was I was doing has now evolved into this "accumulating inventory / releasing inventory" I got more than tired of all the guessing and stupid losses.
Then you have it now. I think I told you years ago that I was not a "trader". I come to the threads to participate because I enjoy camaraderie and sometimes I will even trade along, but I will always trade within the parameters of my position management.
If you are good at something, never do it for free--Joker
  • #1,038
  • Mar 16, 2017 1:42am Mar 16, 2017 1:42am
Quoting jmn5611
{quote} Then you have it now. I think I told you years ago that I was not a "trader". I come to the threads to participate because I enjoy camaraderie and sometimes I will even trade along, but I will always trade within the parameters of my position management.
Traders lose money therefore best to not be one ...
  • #1,039
  • Mar 16, 2017 2:32am Mar 16, 2017 2:32am
All the best on your road, wherever it takes you...
"Don't lose your cool, and you will fare well".
  • #1,040
  • Mar 16, 2017 4:09am Mar 16, 2017 4:09am
Quoting Mingary
{quote} Traders lose money therefore best to not be one ...
True, and what is sad about young traders is that they crave wasting assets in exchange for their trading.

Women, cars, and boats are all wasting assets.
If you are good at something, never do it for free--Joker
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