NEW Traders beware the EASY ROAD to riches!

I started this post after reading through the multitude of posts asking the same question: 'Which EA will make me rich in the next two weeks?'

The Answer: The Holy Grail of Trading does NOT exist!

In an effort to be completely transparent I am an Autotrade provider and you can track my results here:

https://www.myfxbook.com/members/autotrade/bn-manual/1177355

It has taken me years to learn how to trade properly. That means putting the work into understanding price action and the auction process. You must be disciplined and use strict money management.

Have you noticed how all the providers that show massive returns are gone three months later. Why? Because they bet the Farm on every trade, hit a string of lucky trades and then the 'coup de grâce' that blows the account.

I will check in to this post on a daily basis and answer as many questions as I can for new traders. I'm doing this in an effort to help those who truly want to be a successful trader. Please, common courtesy is the rule here. Abusive people will be banned and reported.

If this post is successful I can imagine there will be many of the same questions. At some point I will compose a FAQ and just post here.

I'd say good luck in your quest but 'luck' has nothing to do with successful trading. Hard work in the charts and many mistakes will make you a seasoned pro!

Steve

Yep, Useful!

I have been in forex for 1.5 yrs now, and I've come to the realization that what you've said is 100% correct. I have utilized both paid and free trading systems with the efforts of trying to make lots of dough, but have all failed. It is clear to me now that learning to be a successful trader is like going back to college, and the mentality towards this profession has to be long term.
I am proud to say I have learned a valuable lesson from getting my butt kicked by the market so many times, but Ive never felt frustrated and wanted to quit, instead it has humbled me.

Well said vulkanai! Stick with it and you will make it. Patience is the key.

Everyone things that the solution to their losing problems is taking a ¨long term approach¨ when the reality is no type of investment is indeed safe. A person could have money management down to science, but if they aren´t planning on taking a trade based on accuracy, then your long term goals will be hammered eventually in this market as no account could ever survive a a 2000 negative trade. Reason being, because a losing position tends to increase your bias towards that position, and you will continue to add to that losing position thus making your account fall deeper and deeper into the red.

 No thread, and I mean no thread online focuses on accurate entries. If people tried to get a trade in which say the base is make 10 before you ever lose 10 a person would clearly stumble apon some very interesting patterns which would make it a reality. The market is cyclical. The same patterns the market traded 10 years ago, it trades today. Until people start to realize that this market has a sweet spot, then they will continue to try to wager on tops and bottoms, and when those fail, they turn into negative 600 pip positions.

  Patience isn´t key, it´s a death sentence. If I take a position, and I am ok with going in red 50 pips, the reality is that is way to much because most pairs don´t even have a daily range of 50 pips. A person turns 300 or 600% profit, that person better withdraw it, because we are here to make money. It isn´t profit unless you withdraw it, and that is a money management practice that no one preaches, because it doesn´t benefit the brokers.

Patience is Key! Especially for 'New Traders'. That is the point. Too often the new traders feel the need to be 'IN' the market or they will miss out. Unfortunately they end up getting 'IN' at the exact wrong time because they lack the experience. Experienced traders wait for the market to come to them and then pull the trigger looking for the expected response. When we don't get it we cut our loss quick and move on to the next.

sbnelson2005 posted:
Patience is Key! Especially for 'New Traders'. That is the point. Too often the new traders feel the need to be 'IN' the market or they will miss out. Unfortunately they end up getting 'IN' at the exact wrong time because they lack the experience. Experienced traders wait for the market to come to them and then pull the trigger looking for the expected response. When we don't get it we cut our loss quick and move on to the next.

Your response is way to vague. When you say that an experience traders WAITS FOR THE MARKET TO COME TO THEM, that is a very open ended statement. A person can have a plan, and once the market comes to them, they end up in red and never once see green. They were patient but never made the adjustment to what the market is doing.
  As I said before, new traders should stay off the forums and try to learn price action. Price action is the key to winning in forex. You mention that experience traders cut their losses quick and move on, well is that something that you actually do?

goyankees85 posted:
 Everyone things that the solution to their losing problems is taking a ¨long term approach¨ when the reality is no type of investment is indeed safe. A person could have money management down to science, but if they aren´t planning on taking a trade based on accuracy, then your long term goals will be hammered eventually in this market as no account could ever survive a a 2000 negative trade. Reason being, because a losing position tends to increase your bias towards that position, and you will continue to add to that losing position thus making your account fall deeper and deeper into the red.

 No thread, and I mean no thread online focuses on accurate entries. If people tried to get a trade in which say the base is make 10 before you ever lose 10 a person would clearly stumble apon some very interesting patterns which would make it a reality. The market is cyclical. The same patterns the market traded 10 years ago, it trades today. Until people start to realize that this market has a sweet spot, then they will continue to try to wager on tops and bottoms, and when those fail, they turn into negative 600 pip positions.

  Patience isn´t key, it´s a death sentence. If I take a position, and I am ok with going in red 50 pips, the reality is that is way to much because most pairs don´t even have a daily range of 50 pips. A person turns 300 or 600% profit, that person better withdraw it, because we are here to make money. It isn´t profit unless you withdraw it, and that is a money management practice that no one preaches, because it doesn´t benefit the brokers.

I agree that accurate entries are just as important, and that the market does repeat itself. Back then, I treated forex like a casino, which was stupid and I lost 90% of the time. But now, I have a career like mentality, I find having a long term mindset is more beneficial to ME. It has allowed me to completely change my trading approach and I'm already seeing great improvements.

Also, in your 3rd paragraph you said 'patience isn't key', and in your 2nd paragraph you speak of accurate entries and patterns. Isn't that kind of contradicting? Because it doesn't matter if you're a scalper, swing or position trader, one still have to WAIT on the market to give those accurate entries and/or the patterns that you speak of. So patience is key.

A good thread Steve.

Like you, it has taken me several years to reach a stage where I believe I'm on the right path.

When many of us started in FX a few years ago we believed we could grow £500 accounts into millions (yes, possible but unrealistic unless we have 30 years+ to do it).

Only in more recent years can we see how true FX retail traders have fared through verified real accounts in MyFXBook etc. to realise that monthly returns of 1-3% with manageable drawdowns is the key to longevity and wealth accumulation.

Your stats read well and I wish you every success as an AutoTrade signal provider.

goyankees85 posted:
 Your response is way to vague. When you say that an experience traders WAITS FOR THE MARKET TO COME TO THEM, that is a very open ended statement. A person can have a plan, and once the market comes to them, they end up in red and never once see green. They were patient but never made the adjustment to what the market is doing.
  As I said before, new traders should stay off the forums and try to learn price action. Price action is the key to winning in forex. You mention that experience traders cut their losses quick and move on, well is that something that you actually do?

Not sure how it's confusing so I'll try and clarify. I look at specific price action at high volume nodes and then react based on what price does. I don't chase the market if price doesn't come to 'Where I'm willing to deal'. Many new traders will just jump in and chase! Then have the market move against them and hope and pray it turns around. Not a good way to trade.

goyankees85 posted:
 Everyone things that the solution to their losing problems is taking a ¨long term approach¨ when the reality is no type of investment is indeed safe. A person could have money management down to science, but if they aren´t planning on taking a trade based on accuracy, then your long term goals will be hammered eventually in this market as no account could ever survive a a 2000 negative trade. Reason being, because a losing position tends to increase your bias towards that position, and you will continue to add to that losing position thus making your account fall deeper and deeper into the red.

 No thread, and I mean no thread online focuses on accurate entries. If people tried to get a trade in which say the base is make 10 before you ever lose 10 a person would clearly stumble apon some very interesting patterns which would make it a reality. The market is cyclical. The same patterns the market traded 10 years ago, it trades today. Until people start to realize that this market has a sweet spot, then they will continue to try to wager on tops and bottoms, and when those fail, they turn into negative 600 pip positions.

  Patience isn´t key, it´s a death sentence. If I take a position, and I am ok with going in red 50 pips, the reality is that is way to much because most pairs don´t even have a daily range of 50 pips. A person turns 300 or 600% profit, that person better withdraw it, because we are here to make money. It isn´t profit unless you withdraw it, and that is a money management practice that no one preaches, because it doesn´t benefit the brokers.

I see it quite opposite. If your system was able to do 600% profit why withdraw it. It could make you millionaire.

togr posted:

goyankees85 posted:
 Everyone things that the solution to their losing problems is taking a ¨long term approach¨ when the reality is no type of investment is indeed safe. A person could have money management down to science, but if they aren´t planning on taking a trade based on accuracy, then your long term goals will be hammered eventually in this market as no account could ever survive a a 2000 negative trade. Reason being, because a losing position tends to increase your bias towards that position, and you will continue to add to that losing position thus making your account fall deeper and deeper into the red.

 No thread, and I mean no thread online focuses on accurate entries. If people tried to get a trade in which say the base is make 10 before you ever lose 10 a person would clearly stumble apon some very interesting patterns which would make it a reality. The market is cyclical. The same patterns the market traded 10 years ago, it trades today. Until people start to realize that this market has a sweet spot, then they will continue to try to wager on tops and bottoms, and when those fail, they turn into negative 600 pip positions.

  Patience isn´t key, it´s a death sentence. If I take a position, and I am ok with going in red 50 pips, the reality is that is way to much because most pairs don´t even have a daily range of 50 pips. A person turns 300 or 600% profit, that person better withdraw it, because we are here to make money. It isn´t profit unless you withdraw it, and that is a money management practice that no one preaches, because it doesn´t benefit the brokers.

I see it quite opposite. If your system was able to do 600% profit why withdraw it. It could make you millionaire.

The reality is I don't see why withdrawing would be a bad idea.... There has to come a point in your money management in which you withdraw. Simple minded, greedy thrill seekers deposit in forex, and try to take it to a million, and we all know how well that turns out! #ItIsntProfitUnlessYouWithdrawIt

The main point of this topic.
If you want to become successful trader without hard work then just forget it. Otherwise you loose lot of money and time.

Ok, getting a bit off topic. I started this to try and give back to the new traders struggling. They have to become profitable before they can withdraw! Right?

sbnelson2005 posted:
Ok, getting a bit off topic. I started this to try and give back to the new traders struggling. They have to become profitable before they can withdraw! Right?

Indeed

sbnelson2005 posted:
Ok, getting a bit off topic. I started this to try and give back to the new traders struggling. They have to become profitable before they can withdraw! Right?

 
 That is correct, but you have not given them anything which can help them be good traders.If you truly want to help then speak about systems, price action, and entry accuracy.That to me should be what a person willing to help should focus on.

goyankees85 posted:

sbnelson2005 posted:
Ok, getting a bit off topic. I started this to try and give back to the new traders struggling. They have to become profitable before they can withdraw! Right?

 
 That is correct, but you have not given them anything which can help them be good traders.If you truly want to help then speak about systems, price action, and entry accuracy.That to me should be what a person willing to help should focus on.

That's just part of the bigger image. Crucial is being focused, stick to the plan, don't be greedy. Particular knowledge analyses will come later with more practise.

togr posted:

goyankees85 posted:

sbnelson2005 posted:
Ok, getting a bit off topic. I started this to try and give back to the new traders struggling. They have to become profitable before they can withdraw! Right?

 
 That is correct, but you have not given them anything which can help them be good traders.If you truly want to help then speak about systems, price action, and entry accuracy.That to me should be what a person willing to help should focus on.

That's just part of the bigger image. Crucial is being focused, stick to the plan, don't be greedy. Particular knowledge analyses will come later with more practise.

It is easier said then done. You have been trading for a long time, and you still happen to blow clients accounts. How do you explain that?

goyankees85 posted:

togr posted:

goyankees85 posted:

sbnelson2005 posted:
Ok, getting a bit off topic. I started this to try and give back to the new traders struggling. They have to become profitable before they can withdraw! Right?

 
 That is correct, but you have not given them anything which can help them be good traders.If you truly want to help then speak about systems, price action, and entry accuracy.That to me should be what a person willing to help should focus on.

That's just part of the bigger image. Crucial is being focused, stick to the plan, don't be greedy. Particular knowledge analyses will come later with more practise.

It is easier said then done. You have been trading for a long time, and you still happen to blow clients accounts. How do you explain that?

I am not here to explain anything but if I were to I would just say that my clients get the same trades as my acoount e.g. https://www.myfxbook.com/members/togr/fxprimusc21/1364505
and make the same profit