johncarrus

I've tried and i've lost
I've tried harder and i lost more

I risked other peoples money.. and i lost that too.

If you havn't traded over $250k than you don't know what trading psychology is all about.

I've learned EVERYTHING what not to do.. This market will wipe you out unless you plan for the worst case scenario.

I've learned to finally put greed and emotion aside and now i am winning.

I HATE liars, scammers, money managers that lie about there performance. I would put them all in jail if i could.

Advice to traders

1. Your not going to find a perfect forex trader who will grow your money year after year.. they do not exist. If they do than i havn't met them and i've interviewed at least 100.

2. Your not going to find an EA that makes money for you year after year.. they do not exist. The market requires human intellect. You can't program every possible scenario for your EA to out perform a human.

3. What does exist is the probabilities and risks of trades that you place yourself in.

4. You cannot control the market. You have slightly over and under a 50% chance to win a trade. If you enter with a 50pip SL and a 50pip Target (for example) with a half decent entry then you might make money over the long term.

5. If you are risking more than 1% of your account per trade than you will have huge drawdowns and or blow your account up at sometime.

6. Buy low and sell high

7. Support and Resistance are very helpful

8. When it's choppy, the trading weather is not good.. stay out.

9. Don't try to make more than 5 trades a day.

10. Eur/USD is my favorite.

11. Green Bars mean buy, red bars mean sell (Keep it simple)

12. Look at larger time frames for entries, smaller ones for confirmation on entry and exits.

13. Cross your fingers and hope for the best.

14. Don't risk money you can't afford to lose.

15. Don't run your mouth saying you have the (Perfect) system unless its worked for you with a live account for 2 years plus.


16. No i'll never manage money again unless it's for a company. I can't handle losing anyone else's money again. I'll only trade for myself.

17. I won't show my exact method but i can help you improve yours.

18. Keep a demo sub-account to use when you just (Feel like taking a trade) you can use this account to blow up and use when you feel like being in the market or trying a new trade technique.

19. If you are breaking even in the market than you have achieved your first goal! You are on your way to winning! This should be your primary focus.

20. When trading a new account- Live or demo. Start with minimum units, add more each time you have a successful trade. Do this to fine tune your trading skills. If you do this.. you won't lose (much ) money ever. Demo account your technique like this for 3-6 months then start all over with a live account. Remember to start your live account with 10 units, then 100, then 500, then 1000 etc.. build it up slowly.. there is no rush. There is only lessons to learn. Rushing will surely make you lose money.

21. Learn to read candlesticks. Its very simple.. red means sell, green means buy.... theres a lot more than this but remember that is the foundation.

22. Ignore any of the rules above that you wish to :) I don't know it all.

Surfing

Extremely Conservative

Get in and get out.
High probability entries only

When the waves are good- Ride them, If they are not, wait for the next set