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02-24-04, 10:47 PM
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No small feat! I am still caught in between. |
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03-26-04, 01:15 AM
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| Hello, I find it very hard to trade with money that I can't afford to lose, it puts too much pressure on you. My trading has been much more successful because I have a job to pay the bills. Trading is just extra money and it has worked a lot better I think.           |
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03-29-04, 08:15 AM
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| I started trading last year and as luck would have it I found this forum. This forum being no different from the world out there I met a lot of sharks out there and proceeded to lose 2 accounts following their recommendations and their tips. Only when I decided to follow people who have made it and I know for a fact to be trading for a living have I seen something positive out of my endevours. An example is a trader I met here who does trade for a living .Without me having to shell out thousands of dollars for training and miracle systems he has been kind enough to show me his system but the biggest benefit is learning from him the traders mentality. I have made trades using his method only for him to tell me he did not take the trade and the reasons why.I can tell you that their is no substitute to practise,practise practise. What I have learnt from him in this short time I can not put in figures.You will also be surprised after me harping on his method to learn that I do not even trade his method.All that I needed all this time was to get my mind to be disciplined enough to trade 'my" plan.From his input and insight I now trade my plan and when I get into situations I have never seen before,use him as a sounding board. There are a lot of great trading plans in this forum and I believe you would get one right here without shelling out 1000's of dollars .People here even develop systems together. Most of them will not work for you but I believe you will find one that does.Then practise,practise,practise until you have made it your own. Remember that for you to learn how to drive you first need to be tought by someone who drives,then you find you find your own method of driving after seeing other drivers,then if you are intrested in driving in nascar,you have to go back to learn new tricks and that's where this forum and others like it come in. |
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04-29-04, 07:09 AM
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| Hi, I am fairly new to the forex market and did pay $3000 australian to do a course on it and I loved it but as well as the knowledge I gained from it I met some really fantastic people with the same goals and dreams as me. Of which I get tips/help/advise from these people for free, much like you do on these forums. I have traded demo for 6 months and mini account on and off over that time. I will continue demo trading until I feel I have mastered my system and are completly comfortable with it. I loved reading the comments in this forum and hope to participate in many more suggestions. As far as trading for a living, I am lucky in Australia when most of the action starts I am at home, when I am at work most of you are asleep. Leeanne |
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05-01-04, 07:43 PM
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| Do you want to live on the profits from fx trading? Here is a "road map/system/strategy/whatever" to that purpose: Everybody says that a fundamental pilar in trading is money management. Good! It is also said that one should start with a small account, work hard, learn all the "fundamental" and "technical" stuff, don't be greedy, then, from here "consistently" improve the account with more wins than losses and in time the wannabe will be "on the road to..." Nah! Well, suppose, just suppose, for money management's sake wannabe trades EURUSD and uses x30 leverage he knows that he "must not be greedy", so he targets 3 pips per trading day and he has 24 hours to reach his objective roughly: The "well off" wannabe starts with 100,000 USD average EURUSD is 1.1900 with 22 trading days per month so, 100,000x(1+(30/11900x3))^22 = 118,029 It is a 18,029 USD profit per month! Whow, wannabe just wonders where he can get a "loan" of 100,000!  maybe it is worth mortgaging his home, his mother in law, his wife, his kids, his pets,...  Why is it that not everybody is doing exactly that? Could it be that wannabe's "money management" has a big bug? Could it be that achieving 3 pips per 24 hour is a trader's impossible trading dream? at least for > 95% of them?  PS In support to that, just remember that when Soro's style traders "earn" 1 pip, well... how much is 1 pip from a 1 billion$ account?  |
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05-02-04, 04:42 AM
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Where would a stoploss be for such a trade, and the risk:reward ratio? The spread on most majors is 4 pips so you would really need 7 pips. Then there are your overheads such as losses and taxes on your gains. With a strategy which targets 3 pips you would only waste time and eventually lose. People have tried, and failed, if it was that easy then everyone would be multi-billionaires. The only chance you have of making it in FX is to learn how to trade, there are no short cuts or quick bucks, and even then the chances of success are very slim. Mick |
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05-02-04, 09:39 AM
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Sorry, you did not read wannabe's post well. You completely discarded the most important issue: To follow that plan you must not be greedy. More, to follow that plan you have to "stick" to that plan with discipline! Why would you go to a 4pips broker when you can have a 2pips broker? Yours is a bad money management! At the end you did not say whether the plan was feasible. You just step down on it because you can't follow it with discipline. That is the fallacy of your counter argument. Point out the positive and explain thoroughly the negative. That is the objective of forums. Wannabe would want to learn from your experience if you wish to share with concrete examples and not negative poetry. Wannabe learned nothing from your reply. |
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05-02-04, 12:47 PM
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Your 'plan', even if followed with discipline and without greed, will never be profitable overall. It's not 'in the air statistics', it's a mathematical fact, the ratios are all wrong. Even with a 2pip-spread-broker it wouldn't work. By the way, I prefer a 4pip spread broker who leaves my stops alone and doesn't requote every trade or fill my orders 10pips from market. 2pip spreads are the carrot to draw in the naive, it looks good on paper but in practice it's a different story, brokers have to earn a living too! Besides, I can't even think of a 2pip spread broker on majors, the lowest I've seen is 3pips on Eur/Usd and 4 on the others. Anyway, I digress, "Point out the positive"? What, in your 'plan'? There isn't one. The negative was pointed out in my questions to you which were intended to provoke thought not argument. Answer the questions and show me how your plan would be profitable in practice. "Wannabe learned nothing from your reply." Are you the 'wannabe'? If so then yes, it seems you learned nothing. Mick |
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