Life-long trading/Success in FX
Apr 05, 2017 at 06:54
613 Views
3 Replies
Member Since Apr 01, 2017
2 posts
Apr 05, 2017 at 06:54
assuming most on this forum are making enough $ to continue in FX for a long-time, so I humbly ask for your comments on whether this fits the profile for most people that succeed in FX:
Stage (approx time) what happens
1(2-8mos) learn fundamentals, trading plan, start with demo, then live account, small or negative account growth
(high drop-out in this stage due to disillusionment and/or loss of capital to the myriad of scams or bad trade performance)
2 (8mos+) explore other options to improve profitability
- get a mentor or do copy trading
- auto-trading (as a way to hone trade-plan and balance emotions/lighten work-load of manual trading
3 (2-15+yrs) find the right balance of auto/copy vs. manual trading to stay consistently profitable
bottom line:(does anyone use auto-trading as more than 10% of their total trading long-term? How important is it to have a peer group?
Disclaimer: I'm a newbie, near end of stage 1, have spent ~$2K on education/trade losses so far, entering stage 2
Stage (approx time) what happens
1(2-8mos) learn fundamentals, trading plan, start with demo, then live account, small or negative account growth
(high drop-out in this stage due to disillusionment and/or loss of capital to the myriad of scams or bad trade performance)
2 (8mos+) explore other options to improve profitability
- get a mentor or do copy trading
- auto-trading (as a way to hone trade-plan and balance emotions/lighten work-load of manual trading
3 (2-15+yrs) find the right balance of auto/copy vs. manual trading to stay consistently profitable
bottom line:(does anyone use auto-trading as more than 10% of their total trading long-term? How important is it to have a peer group?
Disclaimer: I'm a newbie, near end of stage 1, have spent ~$2K on education/trade losses so far, entering stage 2
The trend is your friend, but beware, friends change!
Member Since Mar 31, 2017
8 posts
Apr 06, 2017 at 06:46
Hi young4ever, I personally have never used a auto-trading system so I can't answer that question but about the peer group. It truly helps t have someone you can bounce ideas off and someone that can help you navigate the market. I've been trading for several years and I know how hard it can be when you first start but don't give up. Eventually it will all make sense and you will find yourself making money on a consistent basis.
Better to lose less then to make more
Apr 06, 2017 at 09:06
Hello youg4ever,
It is different with everyone. You cannot simply set a time frame and once the time passes to go on the next level. Successful trading begins when you reach your balance of risk tolerance, screen time / experience and this is something that for a person could take 2 years, for another 5 years, for third party - they never may reach the point to become successful. This is strongly depending from your personality, wiling to learn, to continue after fail and so on. :)
It is different with everyone. You cannot simply set a time frame and once the time passes to go on the next level. Successful trading begins when you reach your balance of risk tolerance, screen time / experience and this is something that for a person could take 2 years, for another 5 years, for third party - they never may reach the point to become successful. This is strongly depending from your personality, wiling to learn, to continue after fail and so on. :)
Member Since Feb 22, 2011
4862 posts
Apr 06, 2017 at 10:12
young4ever posted:
assuming most on this forum are making enough $ to continue in FX for a long-time, so I humbly ask for your comments on whether this fits the profile for most people that succeed in FX:
Stage (approx time) what happens
1(2-8mos) learn fundamentals, trading plan, start with demo, then live account, small or negative account growth
(high drop-out in this stage due to disillusionment and/or loss of capital to the myriad of scams or bad trade performance)
2 (8mos+) explore other options to improve profitability
- get a mentor or do copy trading
- auto-trading (as a way to hone trade-plan and balance emotions/lighten work-load of manual trading
3 (2-15+yrs) find the right balance of auto/copy vs. manual trading to stay consistently profitable
bottom line:(does anyone use auto-trading as more than 10% of their total trading long-term? How important is it to have a peer group?
Disclaimer: I'm a newbie, near end of stage 1, have spent ~$2K on education/trade losses so far, entering stage 2
Almost all my system are automated, trading for me, making profit
But there was a lot of work earlier to create these robots
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.
