As for me - (although you did not ask!) I am always in somewhere in the majors. Rarely beyond three active positions. I simply don't want to sheperd anything more that that, I'd rather play golf and enjoy the view life has to offer.
fxet, Perhaps the sarcasm from usdBull was to get your attention. You might admit that your reasoning in the context of your thread might be in question? Perhaps you could have worded your opening post like this... What attributes would you consider that are important to be a consistantly profitable Forex trader? You might be surprised at the response you would get and it might be more helpful. Also questions about the tools used, such as capital, dealer, charting...etc... Just a suggestion fxet..Thanks for contributing and welcome to ET. Michael B.
Some gamblers make a living...Can Forex Trading be "Not Gambling"? Is "Not Gambling" a worthy pursuit? Have you found "YOUR" holy grail? Do the mechanics of monitoring and button pushing fit you? or is it just the "chase" that interests you? Michael B.
Only you can decide if forex is for you. I have blown up two accounts (100K) due to my own stupidity. The second time, I seriously considered throwing in the towel so to speak. But quitting isn't in my nature and I decided to take a step back, open up a mini account, and rehash and learn from my mistakes. I am doing much better now and I have decided that yes, you can make money in forex. The hard part is keeping it. I know this is cliche, but you have to formulate a plan and money management is absolutely key. I use a very simple system in terms of actual trading but managing the risk relative to my account balance and position size have really been the recipes to maintain success for me so far. I take it from your post that your getting beat up in forex but do you keep a trade journal? Do you have the means to go back and study every trade that you have taken (good and bad)? It's a pain in the A$$ but can reveal much about what what went wrong or right when you sit down away from your trading platform and the emotion of trading is not there. Ask yourself, just what the heck is causing you to take those losing trades, and just what the heck caused you to take those winning trades. Compare the decsion process and then quit doing whatever it was that made you take the poor trades. If you can define the difference, you are half way there. Then incorporate some solid money management. Do not, do not, do not over leverage your trades. Do not, do not, do not over trade. Do not, do not, do not risk more than 2-3% of your overall account.
Well, if there is 100% turnover stated from the presenter ( I assume he/she meant that means 100% lose) then there must be an equal 100% that win. It never ceases to amaze me that all anyone concentrates on are the losers on one side of the equation. Well in the Dot com bubble, the headlines stated "Trillion dollars vaporized from the market" or "Trillions lost in Stock Market" giving the illusion that the money just dissapeared. It didn't dissapear at all, it just changed hands. The headlines just as easily could have read "Trillions won in the Dot Com Bust!" but traders who are short a stock are pariahs and I guess if it's good news to certain individuals, then it's not news fit to print.
I'm enjoying this subject. I have made profit, it's that simple. But... I've not made as much as I should of. If you have a system that works, don't let emotions get in the way. I've called a couple of trades and it did the contrary. So I'm sticking to my guns. I love the Forex. It can hurt though. I haven't been hurt too bad yet.
This is largely the conclusion I've come to with FX Trading (and securities trading in general while we are at it). Admittedly I was toying around with 100% Mechanical system and banging my head against a brick wall for 2 years trying to find a mechanical system (or suite of mechanical systems) that actually "worked" when back tested over a long time frame (2-3 decades +). 1. Most Fully mechanical systems I've backtested via Automatic and manual ("desk check") means basically failed miserably and one could see their equity curve sweep downwards exponentially (Faster loss at the start and gradual slow down in loss as capital got depleted and position sizes got smaller.). 2. Only about 4-6% of mechanical systems taken from either trading suggestions from public sources or my own creations, actually made a profit, and even then, the profits were very lack lustre. 1-8% P.A average when backtested over a long time frame (2 decades +)... Based on that, one might as well just stick their trading capital it in the bank and use time that would otherwise be spent on Mechanical trading to enjoy with the family instead. With that in mind. I tried adding in a discretionary element and merely used the signals as 'set ups' only. Under a demo environment, Trading results improved slightly but was still patchy. From my own personal view. I believe To succeed in Trading, or at least get better than lack lustre gains, one will have to employ discretionary trading methodologies, and this is where the edge of years of market experience play's it's part here I believe.
Hello I don't think your question is silly, I think you're just curious and likely looking for encouragement. I consistantly take an average of 200+ pips per month from the Forex market using an automated trading system I programmed which enters and exits trades for me. I am absolutely certain that I am not the only active trader who captures these results and I find it ludicrous that there are so many people saying it cannot be done. I know one person cannot set the record straight, at least I can try. Keep up the hard work and think possitive, despite what people may tell you possitive thinking DOES make a difference. Regards, Shado_Trader
Forex trading is a harder game due to its unregulated nature and some evil/dirty practices. Try currency futures. Still hard but easier than forex.