Honest truth about forex.....
Biedrs kopš
4862 ieraksti
Oct 29, 2015 at 13:26
snapdragon1970 posted:FXtrader2010 posted:
Here is 10k compounded at 5% a month for 8 years
You need to run that through a random generator to get a realistic outcome.
Not neccessarry as there are systems that bring you 5% a mo
Biedrs kopš
41 ieraksti
Oct 29, 2015 at 13:34
togr posted:
Not neccessarry as there are systems that bring you 5% a mo
Correct
If you don't want the headache of trading then follow a proven track record, sit back and WAIT! (The last word is what most people have trouble with)
Biedrs kopš
3 ieraksti
Oct 29, 2015 at 14:58
kmartyn posted:
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.
1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.
2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.
3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.
I hope this helps someone, please feel free to comment.
Hi kmartyn,
You have learned the first of many lessongs that comes with Forex trading. Being a beginner myself (started trading less than a year) I have made the same mistakes than many, blew accounts and started learning.
I would like to comment on points 2 and 3 though.
2) I'm personnaly not confortable with measuring my SL in terms of %. I mostly trade daily time frame (sometimes weekly or monthly) with a simple system based on Bollinger Band and candlestick pattern. So my stop loss would be located a few pips above/under the candlestick patterns. That makes the target calculation much easier (I usually target 1 to 5 times my stop-loss)
3) I consider entries as important as exits. If a candlestick pattern shows on the chart and I missed it, I don't enter later because you never know how the market will go. In those cases I wait for the next candlestick pattern and 'too bad' for me. There will be more money to make anyway... As my exits they are already set when I open my positions, I gauge the patterns with a scale up to 100, and depending of the context, strenght of the trend, ... I determine my risk-reward ratio, set my stop-loss and target, and then 'forget' about it... I'd move my SL to break even when price has moved the same amount of my stop loss, and then let it hit my target price (or get out manually if there is a reversal candlestick pattern).
florent.norroy@
forex_trader_29148
Biedrs kopš
1916 ieraksti
Oct 30, 2015 at 12:19
don't forget kiss system.....keep it stupid simple
Biedrs kopš
3 ieraksti
Oct 30, 2015 at 12:19
For my part, I just started trading this week on Monday. It is difficult not to cancel or change your mind during a position that is not in your favor. But I always do put my SL at around 1% of my account and I try to stick to it unless bad news comes up!
I think I did good so far (about 3% already) but I did spend a lot of time studying everything before I even opened my demo account. I spent like 100+ hours over a month - month and a half.
Since I am not working right now, I can spend my whole days looking at chart setups and news ;) I will also start reviewing soon, im still trying to find my routine and what works best for me!
I think I did good so far (about 3% already) but I did spend a lot of time studying everything before I even opened my demo account. I spent like 100+ hours over a month - month and a half.
Since I am not working right now, I can spend my whole days looking at chart setups and news ;) I will also start reviewing soon, im still trying to find my routine and what works best for me!
Biedrs kopš
4862 ieraksti
Oct 30, 2015 at 12:54
rob559 posted:
don't forget kiss system.....keep it stupid simple
Yes you are right and many users here do forget about it. Posting their own truth and complicated systems not suitable for beginners.
Biedrs kopš
1948 ieraksti
Oct 31, 2015 at 07:31
airjas posted:
For my part, I just started trading this week on Monday. It is difficult not to cancel or change your mind during a position that is not in your favor. But I always do put my SL at around 1% of my account and I try to stick to it unless bad news comes up!
I think I did good so far (about 3% already) but I did spend a lot of time studying everything before I even opened my demo account. I spent like 100+ hours over a month - month and a half.
Since I am not working right now, I can spend my whole days looking at chart setups and news ;) I will also start reviewing soon, im still trying to find my routine and what works best for me!
If you have time get some good training from a professional ex trader who trades his own live account now,it's best to get an inside view of how the market works,saves a lot of time and money.
"They mistook leverage with genius".
Biedrs kopš
724 ieraksti
Oct 31, 2015 at 08:23
ex trader? why not full time professional trader now? like myself ? but I wont teach you
Biedrs kopš
1948 ieraksti
Oct 31, 2015 at 18:41
FXtrader2010 posted:
ex trader? why not full time professional trader now? like myself ? but I wont teach you
Ex Trader who worked at a financial institution,forex company,hedge fund etc...
"They mistook leverage with genius".
Biedrs kopš
14 ieraksti
Oct 31, 2015 at 19:49
Question - if a trading system has an edge, and say that edge exhibits itself over say 'x' trades, surely things like 1% or 3% or whatever rules don't matter?
All you need is to have enough money in your account for your system to display its edge.
All you need is to have enough money in your account for your system to display its edge.
If you like it, buy it. If you don't sell it.
Biedrs kopš
724 ieraksti
Oct 31, 2015 at 20:41
focusedfinance posted:
Question - if a trading system has an edge, and say that edge exhibits itself over say 'x' trades, surely things like 1% or 3% or whatever rules don't matter?
All you need is to have enough money in your account for your system to display its edge.
You need to define what edge is. You need to collect the data which exhibits with what risk model will give you what maximum risk in terms of relative drawdown and maximum drawdown and from there form a base psychology mindset to accepting that risk and being comfortable with trading that amount of risk. .
You going to need to be a lot more specific if you expect any type of answer to yourself.
Biedrs kopš
14 ieraksti
Nov 02, 2015 at 19:04
Edge would be a system or approach where the sum of wins is greater than sum of losses
Drawdown (objectively) is less important. Edge / profit factor implies that drawdowns will be recovered. Base psychology would be that an individual outcome is random, but a large number of random outcomes creates profitability.
Drawdown (objectively) is less important. Edge / profit factor implies that drawdowns will be recovered. Base psychology would be that an individual outcome is random, but a large number of random outcomes creates profitability.
If you like it, buy it. If you don't sell it.
Biedrs kopš
10 ieraksti
Nov 13, 2015 at 10:35
kmartyn posted:
3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.
I agree with this one. stay focus to your position and make sure you're really ready to handle that position...
Biedrs kopš
43 ieraksti
Nov 16, 2015 at 11:47
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Biedrs kopš
1948 ieraksti
Nov 16, 2015 at 15:56
breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
"They mistook leverage with genius".
Biedrs kopš
909 ieraksti
Nov 16, 2015 at 21:15
It's a matter of personal motives.
Positivity
Biedrs kopš
10 ieraksti
Nov 17, 2015 at 08:29
snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Biedrs kopš
10 ieraksti
Nov 18, 2015 at 07:54
Andika_anjani posted:snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Yup, forex communities/forums is a good place for both pros and newbies to share any kind of questions/informations, just like what we're doing here...
Biedrs kopš
13 ieraksti
Nov 24, 2015 at 07:33
JenalAripin posted:Andika_anjani posted:snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Yup, forex communities/forums is a good place for both pros and newbies to share any kind of questions/informations, just like what we're doing here...
Some might get themselves involved in traders community when they're not much active on forums, but that's the same thing...
Biedrs kopš
8 ieraksti
Nov 25, 2015 at 07:29
Apipfx posted:JenalAripin posted:Andika_anjani posted:snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Yup, forex communities/forums is a good place for both pros and newbies to share any kind of questions/informations, just like what we're doing here...
Some might get themselves involved in traders community when they're not much active on forums, but that's the same thing...
It depends on the situation. Some might having some peers in their area and create a community that unites them.
