New to this forum, introduction & some questions

[fxscalper90]

Originally Posted by stuckinNY

Thanks fxscalper. As far as I'm concerned, it ain't bragging if it's true. In fact I appreciate you mentioning your success, it's encouraging to read about others achieving success through Forex.

I definitely don't plan on solely relying on the Fibonacci lines...but it's provided a nice starting point to build with.

If you don't mind me asking, what are the basics of your system? Don't go into any great depth but I would be curious to see what kind of indicators & strategies you are using, particularly since I am interested in incorporating scalping (along with longer intraday & position trades).

I'm already done searching for the "Holy Grail" (in fact I never really searched for it to begin with). I'd much rather pick up hints here and there and develop & master my own system.

Very good, StuckinNY.

I think you will become one of the best forex traders with that approach.

The basics of my system... hm... well, I just got beat to hell, chopped to pieces and had my blood splattered all over the halls of the forex market for countless trades (on demos).

Then, I began winning a little here, and a little there. Then losing again... then winning... then losing.... then winning some more. Then more.

When I first started I knew about forex like I did Mars.

Then I started putting some trade set-ups together, trying this and that. Then others, more accurate ones. Then I'd get creamed, get wiped out, get margin calls. But I kept track and dropped out of my 'system' things that didn't work, and 'built into' it or kept the things that did.

On and on this process went. Concept, testing, concept, testing, concept, testing, etc. I became a student of the market and still very much am.

Eventually I went live with a few of my best strategies, and man, was I nervous. My first trade lasted around 20 minutes and I held my breath the whole time.

I closed it in profit. The amount of money I made was so small you'd find more laying on the street if you went for a walk.

But that didn't matter. What mattered is, I reached my dream. I was trading LIVE money and won: And didn't lose.
_____

"In fact I appreciate you mentioning your success, it's encouraging to read about others achieving success through Forex."

Yes. Well, now I went on, and now I'm the best forex trader in the world *ahem* so... it just goes to show what can be done. It is not that I NEVER lost after I started live, but, mainly my system(s) progressed and advanced. The older systems the market proved to be useless even though they were the best I could produce at the time they crashed and burned. I managed to survive. My original account is larger due to winnings.

This forum helped. Mishak helped. Andre Padawan helped. Mike helped. A lot of losing traders flamed and dissed me to pieces but I didn't care, I knew they were losers and that I am a winner.

And you can win too. People should realize that, yes, forex trading is risky but you CAN win.

Nowadays I win all the time. I never lose. I made over 650 points today alone with no risk, no loss and no drawdown.

But I let the market do the work. I let others take the risk. I trade with the market but counter-punch hard if it comes after me, thus I make my blood valuable. lmao. And make the market suffer to extreme if it tries to take me out.

Have fun and enjoy. The trip itself is very important. Help others as you can. It will come back to you.

fx

[stuckinNY]

haha, sounds like you had to work to get to where you are. How much time passed between the day you first started studying Forex and the day you started pulling in a consistent profit on a live account? Just curious what I'm dealing with. The one thing I have going for me - I'm BROKE as a joke so it doesn't matter if I'm tempted to go live right now - I don't have the money to do it. It'll probably be another 6 months to a year until I have money I can afford to lose to put into a Forex account. Maybe longer. Depends on when I graduate and get out into the "real world". So realistically, it might be another 2 years until I can even think about being able to potentially throw away $500 on a live account.

650 points in one day? WOW....I can't even imagine. What currencies do you trade? I was actually wrong with my original calculation - I gained 158 pips today, not 126. My arithmetic sucks even more than my trading! It ain't 650 and we're not talking about a live account but hey, it brightened my day to know that I might be making some ground.

Do you purely scalp or do you combine scalps with swing & position trades? I'm working with 10, 15, 30 minute charts as well as the 1 hour and 4 hour charts. Looking for trends within trends that I can exploit. I like the idea of going long & short on the same currency pair within different time frames - is this advisable if done right?