Current month stats for June: 2W - 1 L Approximately: +1.5%+1%-1% Last month was about 7W - 5L - 1BE (For may) Approximately:+1%+2%-1%-1%-1%+1%-1%+1.5%+2.5%+3%+3%+0% 8W- 2L - 4BE for April As you can see the stats are not really good, I'm trying to improve my method but it will take time and a lot of testing, studying and thinking in and out. I have quick question, is a 70% win rate possible? But it seems that have a higher risk reward ratio is way better in the long run, that's where the big money is made I feel. Neither my win rate or risk reward ratio is high, I risk 1% a trade. Did this happen to you? Do you trade the same method effortlessly day in day out?
Ok got it! That's not problem, will keep trading. You recommend looking for friends and family first? Because it's easier to get them to invest?
Read this: https://www.elitetrader.com/et/threads/my-trades.315067/ He started quite small, $2K of capital in November 2017. And his win rate is only slightly better than 50%. He is at > $100K as of today. So, looking at your statistics in your posts, it is better than his. His R:R however is superior to yours. We can all learn a lot from him.
That's 5000% WTF? How?! That is insane.. There must be insane risks taken? I am making some 5-10% a month and honestly I think it's better than 90% of people out there. Rags to riches is really a dream I want to achieve but at least for me, it's way more realistic to either get a track record then manage money or keep saving and work for money to increase your trading capital no?
Yes, it's possible. Usually, the higher the winning rate, the shorter/nearer the profit target, vice versa. Big money can be made in both higher winning rate and lower winning rate. But, if you have big money (huge position), it's better if you follow the trend, the lower winning rate path, because you will have lesser liquidity issues.
Trading is a job with huge rewards for your risks. You need to work with a working and viable money management plan. Your plan is your strength on the Forex market and a good planner is a good trader as well. Forex market is the largest online market with huge investments.
You people need to take this post as a motivation and build your strategy according to the given details. You have to work hard in order to build a good strategy for yourself with good risk to reward ratio. Have you worked on this field of your trading approach?
Hey Dude, An aspect of this forum I’m not exactly trilled with is the amount of negativity that tends to pervade the community. So, after reading a couple of your posts which seemed to betray a measure of decency, I was curious to check out your profile to see who you were. Given it seems you created this thread approximately a year ago, perhaps it makes no sense for me to write a response now. But given the shortage of opportunities this forum offers me to correspond with others I feel are at least a little bit like me, I’m going to go ahead and do so anyway. Personally, I stopped looking for ways to improve my edge last month (June 2019). This is after a three-and-a-half-year quest, starting from November 2015. Reading books on trading was never part of the process, but now that the system’s evolution is complete, I’m reading a couple of books I was able to access online at no cost just to see what they have to say about why what I’m doing is so successful, and to discover if perhaps there was not a nugget of insight here and there that I failed to find on my own along the way. Base on all this, I would say that no one can tell you what is next for you without more information. For example, what I would suggest for someone who is trading full-time is very different from what I would suggest for someone who is not. What I would recommend for someone able to trade during the New York session is quite different from what I would advise for someone else required to work a regular job during those hours. Like it said in one of the books I’m now reading… “The Holy Grail is not what you would expect it to be. It is something that is different for each person. It’s a hidden secret that you have to discover for yourself, but it is obvious—once it is realized. I must admit that when I first learned what Dr. Tharp was going to write about in this book, I was concerned. He was giving away too many of our secrets! However, I’m not concerned anymore because I now realize that those secrets are so personal. My Holy Grail is not the same as your Holy Grail.” So ideally, I suspect someone in your situation might benefit the most from finding a mentor who could look at exactly what you are doing and speak to it directly. But I know such an individual is almost impossible to find, and even if you managed to do so, the guy or gal would probably want to charge you an arm and a leg for the privilege of receiving their wisdom, which would more than likely exceed your current budget. So, the next best thing I might suggest is to find a successful professional trader or traders who use an approach similar to your own and study the free material/information they offer online. Since I do not know the specifics of your strategies, I cannot suggest who this might be, and perhaps you have already done so. But if not, possibilities are Nick McDonald at Trade with Precision, Scott Barkley at ProAct Traders, or Dr. Barry Burns at Top Dog Trading—but again, not knowing the details of your techniques or tactics, I don’t know if any of these folks will work for you. If you ever want to share ideas, let me know, since there is literally not a single Forex trader I have “met” through this forum who seems to be interested in doing so in a serious, positive, open, respectful, helpful, and ongoing manner. Otherwise, best of luck to you! By the way, as evidence that I might indeed be someone who is not just "talking smack" and full of a bunch of baloney, here are my results from today, using the system I mentioned earlier… (Unfortunately, I too am forced to operate using an extremely small account for the time being.)