Arrogant advice

togr posted:
Hi newbies,

take half of the money you have for trading and put them into trash.
take the remaining half and buy something nice for your family.

You still have better results than trying to trade.

Even though it sounds silly at the end do you know that 95% of traders are loosing money.
Isn't it better to spend at least half of it for good thing.
Just think about it for a while...

togr posted:
Hi newbies,

take half of the money you have for trading and put them into trash.
take the remaining half and buy something nice for your family.

You still have better results than trying to trade.

Even though it sounds silly at the end do you know that 95% of traders are loosing money.
Isn't it better to spend at least half of it for good thing.
Just think about it for a while...

togr posted:
Also another advice. Might sound arrogant as well.
Dont buy anything - courses, lessons, membership, EAs.
The logic is very simple, if the trader is successful enough to trade for living then he is trading for living,
having no need to sell anything.
The ones who sell the staff are not the successful ones...

AhTai posted:
This thread is so negative. Sure many people lose but we are here to be the 5% that win. Let's focus on how we can get there

Professional4X posted:

AhTai posted:
This thread is so negative. Sure many people lose but we are here to be the 5% that win. Let's focus on how we can get there

Success means different things, to different people.

For myself, I am quite happy with an annual ROI target of 25% to 30%.

For others, a return of 25% wouldn't be anywhere near enough to provide a level of income to live a comfortable life.

Consider this for a moment...

Successful investor #1:
Investment account balance: $500,000.00
Annual ROI of 25%: $125,000.00 profits
End of year account balance: $625,000.00

If you withdrew the $125,000.00 on January 1st, you would have approximately $10,416.00 USD a month to live off of for the year. All the while you still have $500,000.00 USD in your investment accounts.

$125,000.00 USD / 12 months = $10,416.66 per month

While I realize that an investment account balance of $500,000.00 may seem like an enormous amount of money, and I do agree that it is a considerable amount of money regardless of who a person is, however... it isn't an unattainable amount with a successful investment strategy, discipline, and control of ones emotions.

High probability trading and Low risk investing

Reasonable lot or unit sizes for your tickets.

It is unreasonable to think a $1000.00 USD account balance would support the use of 10.0 lot sizes or other such nonsense.

If an investor is trading 0.01 per $1000.00 USD, this would be considered a safe investment level.
If you have a ticket in profit, then simply set the SL to breakeven, or just above breakeven for a small profit, then let
the ticket run, and stack another 0.01 ticket into your basket.
Just keep doing that until the market tells you when to get out of the trade.
Be sure to keep moving your SL levels as your tickets increase in profits.
When your SL hits and closes out your tickets, you will have collected profits on all your tickets.

As your account grows, you can increase the lot or unit sizes.

It is better to make a consistent profit over a long period of time, rather than make a huge profit in one day, and then losing it the very next.

momo3HC posted:
I don`t really find the reason for this thread.

togr posted:

momo3HC posted:
I don`t really find the reason for this thread.

Well the advice is meant to protect your funds.
You might find it useful once you face trading loss

Felhagamand posted:
Its true that there are many failures in the forex market, just as is it true that there are people who find the market to be a gold mine and actually make a living out of trading. The problem with us traders is that we want to be rich too quickly and ignore the basics that we should learn in order to be successful. Just be diciplined and you'll be among the few winners

Damien1881 posted:
Easy way to NOT be a part of the 95%.
Look at the traders sentiment on this site and do the opposite, I just checked my own trades and have gone against the majority, do the opposite to everything the Gurus teach and you can make it work.

TheSlyFox posted:
That statistic is also false and taken out of context, I love when people throw that around, 95% of NEW traders lose money in their first year, and nearly 100% of traders blow their first account, but in context (overall) In a study done of all active accounts from US brokers, approximately 38-40% of traders make money, now while it is true the majority of DAYTRADERS lose money through the course of the year, due to staring at charts all day which causes them to make silly decisions, many many swing traders are profitable. The fact is, you have to do research behind that statistic before you through it around as an absolute truth, if you want to use forex as a full time income, it is far easier to do it as a swing trader, then a day trader, and making 8% a month isn't very hard to achieve (not every month of course, summers have lower volatility and the second half of december you should just take off from holidays) but as long as you adopt the slow and grow approach, make no more then 2 trades a day, and never have more then 4 trades running at a time (preferably no more then 2 running at a time so you are able to properly monitor and manage the trades) then you will be fine. Another statistic is among all retail traders, 60% of all trades make money, and 40% lose money, if everyone used proper risk management, everyone would make money, of course there will always be imbalance as more traders have to lose then win so that people are able to make profits, but you get my point I assume, just as if you dont

EmilioV posted:
EW theory. Is that Elliot wave? Does that really work? I have tried using it a few times but it is so subjective