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Beginners have faith! fast progress is possible

  • #21
  • Sep 12, 2006 4:50pm Sep 12, 2006 4:50pm
Quoting Geldmeister
Thanks for your encouragement Mr Green, much appreciated!

By holy grail I did not mean that success comes easy but having seemingly found a great way (for me personally) of generating income and refered to FX trading attribute greats such as accessibilily, liquidity and leverage.
Holy grail is not a great term to use around traders unless you enjoy being flamed. People will get joy out of telling you how wrong you are-- it seems to be the twisted cousin of the natural human urge to be/feel right.
Which, of course, what I consider to be first of many reasons my account is still in the red.
Just a suggestion, but try using a word such as "my edge" instead of holy grail and you will be throwing less fuel on flamer's fires.
keep us posted and be ready for a slice of humble pie because the market serves it up to everyone.
happy trading
  • #22
  • Sep 13, 2006 9:17am Sep 13, 2006 9:17am
How do i know if i am just trading on luck ??

I up to $154k now in 6 full days trading surely luck would only off got me so far ??
  • #23
  • Sep 13, 2006 9:31am Sep 13, 2006 9:31am
Quoting marc williams
How do i know if i am just trading on luck ??

I up to $154k now in 6 full days trading surely luck would only off got me so far ??
You're on a demo.

Demo = no emotions.
Live = full of emotions.
Mr. Trend
  • #24
  • Sep 13, 2006 12:39pm Sep 13, 2006 12:39pm
Quoting marc williams
How do i know if i am just trading on luck ??

I up to $154k now in 6 full days trading surely luck would only off got me so far ??
Luck will get you in 6 days?
  • #25
  • Sep 13, 2006 12:41pm Sep 13, 2006 12:41pm
Quoting marc williams
How do i know if i am just trading on luck ??

I up to $154k now in 6 full days trading surely luck would only off got me so far ??
Ah, my mistake, it was six FULL days. That explains everything, sorry I was wrong.
  • #26
  • Sep 13, 2006 12:41pm Sep 13, 2006 12:41pm
Quoting marc williams
How do i know if i am just trading on luck ??

I up to $154k now in 6 full days trading surely luck would only off got me so far ??
Starting with 1K, even on demo, that's spectacular.

Best of luck.
  • #27
  • Sep 13, 2006 2:26pm Sep 13, 2006 2:26pm
Yeah i guess once i get into Live i will take less risks and all that but i just know when i enter a trade i will come out on top now... Up another $3k..

How long do you recommend trading Demo for ??

I am aiming for $500k by month ends hope i get there lol
  • #28
  • Sep 13, 2006 2:36pm Sep 13, 2006 2:36pm
Would it be possible to see your trades? Not how you trade, but just the trades? If you are taking lots of risk and not really paying much attention to money management, the Demo trading is really pointless. It does not reflect actual trading... IMO Scott



Quoting marc williams
Yeah i guess once i get into Live i will take less risks and all that but i just know when i enter a trade i will come out on top now... Up another $3k..

How long do you recommend trading Demo for ??

I am aiming for $500k by month ends hope i get there lol
  • #29
  • Sep 13, 2006 2:55pm Sep 13, 2006 2:55pm
http://img45.imageshack.us/img45/4217/forexbk8.th.jpg


These are from when i first started out i mainly trade in lots off 10's/5's now and stop the trade if it goes against me i don't use stop loss as i'm mostly monitoring the market rather be in control it saved me in a few trades.

I will put some more trades up soon

some more

http://img154.imageshack.us/img154/8...rex1bp4.th.jpg

Bought some bigger lots here as i just new the market was going to shift from $585 towards the $590
  • #30
  • Sep 13, 2006 3:09pm Sep 13, 2006 3:09pm
marc, From these trades I cannot see what your level of risk is... How much of your account have you risked on each trade and how much of your account is totally at risk at any given time? thanks scott
  • #31
  • Sep 13, 2006 3:13pm Sep 13, 2006 3:13pm
Quoting smjones
marc, From these trades I cannot see what your level of risk is... How much of your account have you risked on each trade and how much of your account is totally at risk at any given time? thanks scott
Sometimes the risk was very high that was a few days ago now like over 20%..lol ... but now i am aiming to work on about 1-3% on each open ... i'm still got a hell off alot to learn yet

ATM i'm on Gold again and it drifting around the $590 will wait for it to shift not sure which way to trade right now so will wait for my time
  • #32
  • Sep 13, 2006 3:25pm Sep 13, 2006 3:25pm
Now I think I have an answer. If you are risking 20% on one trade that is atleast 10 times too high. So I would have to say do not trade live until you can make profit consistently with out risking more than about 2% on each trade and not have more than about 10% of your account at risk at anyone time...

That is how I see it. I am a bit conservative though.. thanks Scott


Quoting marc williams
Sometimes the risk was very high that was a few days ago now like over 20%..lol ... but now i am aiming to work on about 1-3% on each open ... i'm still got a hell off alot to learn yet

ATM i'm on Gold again and it drifting around the $590 will wait for it to shift not sure which way to trade right now so will wait for my time
  • #33
  • Sep 13, 2006 3:29pm Sep 13, 2006 3:29pm
Quoting smjones
Now I think I have an answer. If you are risking 20% on one trade that is atleast 10 times too high. So I would have to say do not trade live until you can make profit consistently with out risking more than about 2% on each trade and not have more than about 10% of your account at risk at anyone time...

That is how I see it. I am a bit conservative though.. thanks Scott
Yeah that's what i'm doing now

I only did that like 4-5 times in about 50 trades just experimenting i soon learnt not to do that because the trade can soon go against you and make a huge whole in your account so i will stick to 2% with no more than 5 open trades
  • #34
  • Sep 13, 2006 3:35pm Sep 13, 2006 3:35pm
Quoting marc williams
Yeah i guess once i get into Live i will take less risks and all that but i just know when i enter a trade i will come out on top now... Up another $3k..

How long do you recommend trading Demo for ??

I am aiming for $500k by month ends hope i get there lol
If you truly believe you know what your are doing, demoing cannot teach you anything more. You may want to keep it as a way to test "systems" should your current method ever let you down.

It sounds as if you are either getting lucky taking gigantic risks, fabricating your results to mess with us, or the next guru of trading. Just in case you are not the next guru, I would try a mini account first.

good luck
  • #35
  • Sep 13, 2006 3:43pm Sep 13, 2006 3:43pm
i think time will tell if i'm getting lucky sooner or later my luck will run out... as for fabricating my results lol... what would i gain ? i'm here to learn Forex i love trading it's a game to me i always been good at trading anything i have traded i think i started around 14 with shares and stuff and only took a liking to Forex this year.. i guess were all good at something i'm good at trading anything
  • #36
  • Sep 13, 2006 3:52pm Sep 13, 2006 3:52pm
Quoting marc williams
i guess were all good at something i'm good at trading anything
I can't wait to see if you're still around after six months of trading a live account.
Mr. Trend
  • #37
  • Sep 13, 2006 4:23pm Sep 13, 2006 4:23pm
Quoting marc williams
i think time will tell if i'm getting lucky sooner or later my luck will run out... as for fabricating my results lol... what would i gain ? i'm here to learn Forex i love trading it's a game to me i always been good at trading anything i have traded i think i started around 14 with shares and stuff and only took a liking to Forex this year.. i guess were all good at something i'm good at trading anything
lol.. I highly doubt anyone would be fabricating results....unless...they say they'll trade your money for you. I still remember my first stock.. I was about 14 too, and my mom bought about 100 shares in a company for me. And I'd look up the quotes everyday. The company went bankrupt 6 months later. The only way you could test your ability to trade is by opening a real mini account. Trust me....it's a lot tougher then. But anyway...good luck. I hope you come out on top.
  • #38
  • Sep 13, 2006 4:31pm Sep 13, 2006 4:31pm
One more thing Mark..... You do what you think is right. In trading, rules are meant to be broken. You should know when to do so. No one knows exactly what's going to happen. So why listen to anyone else...I've broken money management rules on several ocassions. I've lost a little when I made a few losing trades, but I've profitted a lot more when I made winning ones. When risking a lot, remember to calculate your risk/reward ratio. And if the potential reward is very high compared to the risk, it definitely makes sense to me to risk a little/lot more than usual. This is just my opinion. The key for me is TRENDLINES. And yes... I've been trading a real mini account for the past 2 months with this approach, and I've been quite successful. Just remember...what works for others might not work for you.
  • #39
  • Edited 5:09pm Sep 13, 2006 5:08pm | Edited 5:09pm
Hi all,<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

Fast progress may be possible, but I've had my mini account for 10 weeks now (used up a number of demo accounts preceding this) and through a mix of fundamental (news trading) and TA I've managed to increase my account by only 42%. I am bloody happy with that!<o></o>

The few losses I have had were 'managed', I've stuck (99% of the time) to my MM rules that I set myself, and taken the gains that I planned.<o></o>

I am getting past the 'if only I stayed in longer' and 'I should have put more lots on' thinking process that will always influence your next trade.<o></o>

I now realise that the road to making a living out of forex (for me) is a bit longer than first anticipated. A long as I keep taking small steps and stay on the road I'll be OK.<o></o>


Just a few thoughts on starting out,<o></o>

Phill B.<o></o>

<o></o>

<o></o>
  • #40
  • Sep 20, 2006 12:03pm Sep 20, 2006 12:03pm
There are always extreme viewpoints when it comes to Forex. The guy who alledgedly made 50 million before his 25th birthday? I believe it. Matter of fact, I'd be interested to read more about it if you have a specific link to a story or a name.

Does that mean that I will be able to achieve results like that? Heck no! Does it mean Mark Williams won't? Nope. All it means is that THAT guy found something that worked for him.

I HATE the fact that no matter how well you do, someone always has to "bring you down a peg" for you're own good. I started with a $5000 demo account 3 months ago. I was able to gradually increase it about 35 percent, admittedly most of the gains taing place within the first 3 weeks as I was risking way too much.

As I traded more and more, I learned to be patient. I learned not to abandon my trades simply because they turned against me early. I learned hedging tactics and that watching multiple time frames is important. I went from scalping on 5 minute charts to trading on daily ones. I started making slower, steady gains.

I'm now trading live and have only a fraction of the gains that my demo initially yielded, but gains they are. If you're patient, and not greedy you CAN succeed without losing big first. I truly believe that.
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