Seem's no one can make Fx work long term...
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Dec 23, 2013 at 07:23
You can succeed in Forex as long as you know when to stop. Accept losses and don't try and recoup any losses straight away. Continue how you have a slowly build up your equity to balance out the losses.
Most people that fail see a trade losing and feel it will come back in their favor eventually and keep putting more trades, thus losing even more. Accept the losses and move on and you can succeed.
It also of course helps if you know how to trade ;)
Most people that fail see a trade losing and feel it will come back in their favor eventually and keep putting more trades, thus losing even more. Accept the losses and move on and you can succeed.
It also of course helps if you know how to trade ;)
If you don't have time to trade, let us do it for you!
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22 ieraksti
Dec 23, 2013 at 07:25
The only really successful trader by @togr list seems to be Pattern Trader.
Also @menghua84 ur link does not have historical trade info.
Also @menghua84 ur link does not have historical trade info.
forex_trader_136673
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852 ieraksti
Dec 23, 2013 at 08:03
@togr
I saw some account are on different currencies, but the impact is small. You have one big loss -12K on one account and you did not make for it.
Off couse to me it doesnt matter. Just did not understand why you make claims 6% a month and you are far away from that.
I saw some account are on different currencies, but the impact is small. You have one big loss -12K on one account and you did not make for it.
Off couse to me it doesnt matter. Just did not understand why you make claims 6% a month and you are far away from that.
forex_trader_163226
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Dec 28, 2013 at 08:44
I think someone hit the nail on the head its hard to trade consistently the same way.
The other issue is when you involve real life into your trading, things become harder...
For example, rent/mortgage, food, cars, kids.. all cost money, and if your a full time trader the added pressure to come up with sufficient income to cover those expenses and then have enough to grow your account, well it gets tough.
There is a lot of parallel between poker players and traders, mainly time and capital that needs to grow. Dont forget that as you grow your open losses will grow too... not a bad thing, but imagine seeing a 10,000 open loss ( when it only represents a few pips or even a small % of your account) I remember freezing when I saw it, even though it was ok.
Thats why I switch my MT4, to show pips not dollars, it makes things easier to deal with.
In the end, unless your system was a scalper*, it doesnt matter if you got 1,000 or 1,000,000... if it works it works...
*dont bite my head, but its a proven fact that scalpers dont work on bigger accounts due to slippage and volume.
The other issue is when you involve real life into your trading, things become harder...
For example, rent/mortgage, food, cars, kids.. all cost money, and if your a full time trader the added pressure to come up with sufficient income to cover those expenses and then have enough to grow your account, well it gets tough.
There is a lot of parallel between poker players and traders, mainly time and capital that needs to grow. Dont forget that as you grow your open losses will grow too... not a bad thing, but imagine seeing a 10,000 open loss ( when it only represents a few pips or even a small % of your account) I remember freezing when I saw it, even though it was ok.
Thats why I switch my MT4, to show pips not dollars, it makes things easier to deal with.
In the end, unless your system was a scalper*, it doesnt matter if you got 1,000 or 1,000,000... if it works it works...
*dont bite my head, but its a proven fact that scalpers dont work on bigger accounts due to slippage and volume.
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1 ieraksti
Dec 28, 2013 at 19:26
Knowing when to trade and when not to trade makes a big difference.
Even if the system couldn't sustain in the long run, as long as it works in the short term, reap as much profit as possible while you can. It's about the risk vs reward that we concern about.
Even if the system couldn't sustain in the long run, as long as it works in the short term, reap as much profit as possible while you can. It's about the risk vs reward that we concern about.
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192 ieraksti
Dec 29, 2013 at 10:50
Smart idea @TheSmokedAce about switching MT4 to pips ;-)
About the life expenses that needs to be covered its the same issue with all traders. Nobody can sustainably (more than a year) make over 10% a month. You need to target reasonable amounts like 1.5-3% monthly. Lets say you need 2k$/month this is a 67k$ balance which is needed. It is not reachable by anyone who wants to dive in forex by himself and live out of it.
About the life expenses that needs to be covered its the same issue with all traders. Nobody can sustainably (more than a year) make over 10% a month. You need to target reasonable amounts like 1.5-3% monthly. Lets say you need 2k$/month this is a 67k$ balance which is needed. It is not reachable by anyone who wants to dive in forex by himself and live out of it.
A smooth sea never made a skillful sailor.
forex_trader_110955
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Dec 29, 2013 at 14:58
You need to learn and fail before you suceed...
forex_trader_152530
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Dec 30, 2013 at 06:48
I know a guy who took 1m to 25m in a year...
He is now worth 9 figures and bought island in Fiji.
Simply goes with the trend, and uses support/resistance lines as his entry points.
So if price goes against him, he knows he was wrong and exits.
And if he is right, he rides the profit to the next opposite support/resistance zone (pivots or price action s/r)...
It's as simple as that, risk 5% per trade max, aim for minimum 3:1 p/l ratio...
Trend + S/R... What else do you need ? odds are 80% in your favor...
Even with 50% success rate.
He is now worth 9 figures and bought island in Fiji.
Simply goes with the trend, and uses support/resistance lines as his entry points.
So if price goes against him, he knows he was wrong and exits.
And if he is right, he rides the profit to the next opposite support/resistance zone (pivots or price action s/r)...
It's as simple as that, risk 5% per trade max, aim for minimum 3:1 p/l ratio...
Trend + S/R... What else do you need ? odds are 80% in your favor...
Even with 50% success rate.
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795 ieraksti
Dec 30, 2013 at 08:41
(labots Dec 30, 2013 at 08:42)
I have a low risk EA with a safe 2% growth avg per month, grid style of EA that I built. Risk more and you can loose half the account. Check my charts. Its the multipair ( 10) EA. Micro trader.
Click on my Name to see My Live Charts and Bio.
Biedrs kopš
402 ieraksti
Jan 10, 2014 at 12:09
MrPatient posted:
@c3po
Agreed, but I think there size, as well as their size and management style had a big impact as well.
When finance companies like FX Concepts and Investment Banks such as Bear Stearns are created and ruled by larger than life Executives, things eventually go to hell when they refuse to change and adapt.
That's why companies such as JP Morgan and Bridgewater succeed, they allow room for new talent and understand the importance of 24/7 compliance. :)
Happy trading guys
I see you have a very small % return which is your goal, but for taking such small risk your Drawdown is super high!
Focus on pip-drawdown
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402 ieraksti
Jan 10, 2014 at 12:10
Professor53 posted:
I have a low risk EA with a safe 2% growth avg per month, grid style of EA that I built. Risk more and you can loose half the account. Check my charts. Its the multipair ( 10) EA. Micro trader.
Why not focusing on a EA which can be used for traders who like to take bigger risk?
Focus on pip-drawdown
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16 ieraksti
Jan 30, 2014 at 21:03
the point is not bigger or smaller risk, the important thing that must be noticed is that most of the 'profitable' systems on myfxbook are just grid or martingale or a combination of both. Some others are just tick scalpers that don't work in the real world.
There are very very few systems out there that are not based on 'infinite' risk or just 'not controlled at all' risk.
And when you have such a good system where eveything is healthy you can simply decide to push with the position sizing or to be more conservative and quite.
There are very very few systems out there that are not based on 'infinite' risk or just 'not controlled at all' risk.
And when you have such a good system where eveything is healthy you can simply decide to push with the position sizing or to be more conservative and quite.
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3 ieraksti
Feb 10, 2014 at 12:32
TheCyclist posted:
https://ai-cio.com/channels/story.aspx?id=2147486791
Bit of a reality check for the fx entrepreneur, no...?!
'The average life span of a hedge fund is about five years. FX Concepts lasted 32.'
Hi Cyclist,
They didnt have a bad run...all things considered..
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416 ieraksti
Feb 10, 2014 at 14:57
I think the problem is that a hedge fund cannot trade like a day trader. Many of them have to deal with the 'More money than good' problem.
forex_trader_1819
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230 ieraksti
Jul 12, 2014 at 09:53
TheCyclist posted:
https://ai-cio.com/channels/story.aspx?id=2147486791
Bit of a reality check for the fx entrepreneur, no...?!
Seems that way. I see dead traders, empty forex forums and failing hedge funds.
Biedrs kopš
3 ieraksti
Jul 12, 2014 at 13:29
Patience posted:TheCyclist posted:
https://ai-cio.com/channels/story.aspx?id=2147486791
Bit of a reality check for the fx entrepreneur, no...?!
Seems that way. I see dead traders, empty forex forums and failing hedge funds.
Your right.. though there are a few traders around doing it but you have to really look for them..
The enviroment squeeze is on..its returning to normal volatility levels after '08'..
How you doing anyway ?
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55 ieraksti
Jul 12, 2014 at 18:01
In my opinion any hedge fund should perform ok, as in end of each year either break-even or profit.
A loss is simply not accepted, at least not by me. In the article it's mentioned that of those 32 years,
not all years were profitable. So back to the topic-starter, it has yet to be proved :)
A loss is simply not accepted, at least not by me. In the article it's mentioned that of those 32 years,
not all years were profitable. So back to the topic-starter, it has yet to be proved :)
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351 ieraksti
Jul 12, 2014 at 19:35
most good things are private, its simple!..
if you follow the flock like sheep you always end up stepping in shit!
forex_trader_1819
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230 ieraksti
Jul 12, 2014 at 20:01
SAMUK posted:
Your right.. though there are a few traders around doing it but you have to really look for them..
The enviroment squeeze is on..its returning to normal volatility levels after '08'..
How you doing anyway ?
Barely trading. However, it is nice to know that I won't need to attend Gamblers' Anonymous.
I'm surprised you are using Alpari. Tried their demo. It was shit.
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55 ieraksti
Jul 12, 2014 at 21:28
Private EA, or MAM so it can not be abused/cracked/decompiled and nobody knows what the EA is doing.
