Are there anyone who is profitable more than one year?

[abesiki]

I have heard many stories "how hard is to be permanently profitable in forex consistently trading". Better do not touch it. It is a big players game. Some guys tell that it took for them many years very painful years when they really started to make some profit. Stay away FX i do not suggest to anyone. etc.

I have traded demo account i see it is quite hard to earn every week or month profits.

So are here any traders who have been successful traders for long time? What helped you to achieve what you wanted? how successful you are? Who are the best traders? What i need to do to get profit-making trader?

[amarnath]

hi

1 . Decide why you need to trade forex ?

2. what is the risk capital you have ?

3. what is your plan /target you like to achevie in fx?

4. finally why you takes others words belive it as tough game to win ( nothing is easy on this world )

5. how you traded with your demo ? what is your stradgey ? is it your own / some others else?

[Mr 50%]

1. Low risk to reward at the minimum 2-1 preferbly 3-1. This is not an arbitary figure but is determined by where a stop needs to be a good stop realistic targets if the scenerio cannot generate 2-1 or more than the trades not done. Also low % of your liquid assets at risk on any one trade.

2. Be willing to trade both directions.

To do this you have to take the time to setup monitor update trade scenerios in both directions no matter how strong you think the market will move in a particular direction.

3. Set good stops if your stop is hit then your wrong to recognise that. If youve followed 3 you should have reversed.

4. Use targets to generate risk / reward but don't exit at target instead keep movin stops to good levels. Recognise the fact that your just guessing both market direction market target so don't get too attached to where you guess it will go. the best strategy is always to follow the market than trying to lead it. Some of my best trades are when I have let the market go i.e. NOT exited at target of where I guessed it would juncture but rather kept the stop moving at GOOD levels watched the potential profit double triple ! had I took the limit I would have still made a good profit but a third of what I could have. So its worth risking the difference between risking half the profit on an open position making 3 times the potential rather than exiting on preset targets.

Numerous other's but those are some of the stuff that I keep in mind constantly but key is not to get picky about what the market should do next.

Best tools are -
Support / Resistance
%'s of range - main 50% 38.2% 61.8% 1.382% 1.5% 1.618%
I would also mention trend lines but the aboves enough for me.


As to how successful ??

about 7% a year of total liquid (not just amount on account). I know it does not sound like much as 20 years ago I would dream of 20% a month of money on account ! but its sustainable achievable a good % of the money on account which always remains at a constant so the % gain on money on account is meaningless.

[abesiki]

amarnath.
1 . Decide why you need to trade forex ?
I would like to make money
2. what is the risk capital you have ?
how much i need (not idiotic 250 dollars leverage 1:200)? newswires backtesting analysis...etc.
3. what is your plan /target you like to achevie in fx?
1000+ pips per year
4. finally why you takes others words belive it as tough game to win ( nothing is easy on this world )
tiny part is successful. i guess i am wrong - very tiny part describes it better i suppose.
because most of traders give their money to hedge-fonds banks who has very good execution quickest news they know how to interprate classificate information. they do not use BS like gain they have EBS systems for measuring market depth. of course tens of educated guys who are building day by day new strategies
5. how you traded with your demo ? what is your stradgey ? is it your own / some others else?
my strategy like many others try to do it is to try catch lows highs. primitive resistance support. surely to watch graph like crazy when news are comin ... tight stops ... but these things are carrying to bankrupcy ... it isn`t so simple ... to be profitable in longer term. i think i need to underst all it better.

thanks M 50% i`ll try to remember your suggestions.

[bheurekso]

we can also set target by time (e.g. 123 year) or number of $$$ to achieve / to loose.

I personally use "career" Stop loss & Profit limit in trading Forex.

My stop loss is when I loose money at the end of any year. I think this kind of "stop loss" is necessary to guard me being addicted ( keep donating to the market).

if I survive then I'll continue to pursue my profit limit at 1 mio. if achieved then I'll stop trading & enjoy my early retirement

just like our trading activity my trading career will end either by got stopped out or covering profit.



good luck !

[RealFX]

Originally posted by Mr 50%

As to how successful ??

about 7% a year of total liquid (not just amount on account). I know it does not sound like much

Hello Mr 50%

Am I correct that you mean on a million dollars one can pull 70k a year???

[Ruud Boer]

The question how much money one can make trading can not be answered with one simple %. It can be any percentage -100% (bankruptcy) to + 1000% per year. Literature states that 90 % of the traders actually loose money only 10% is consistently profitable. The real question however is to which part do you belong: the 90% strugglers or the 10% consistent winners? Can YOU make money trading?

The only way to figure that out is to find adopt a trading style / method that fits your personality to test it. Backtesting will give you insight if your system does have a positive expectancy (an edge). open a demo account test your system live.

Once you adopted a trading style / system that has a positive expectancy you can start trading with real money at stake. than you may find out that that feels different than trading with a game account possibly even leading to decision making different what your system told you to do.

Once having a "prooven" style / system the other (perhaps even more important) issue is Money Management. How much $$ to put in every trade? There is lots of literature about that. This can really make a difference regarding to monthly income.

even with a good win/loose ratio there will be periods (months) with losses (Simple statistics: even with a 75/25 w/l ratio there still is a probability of loosing of over a given period of time) That's all in the game.

I wish you success hopefully (big) profits.

[abesiki]

OK. I know the important role of backtesting that it may differ real results. But i have few questions:
a) which newswires are best for forex?
b) where can i get good fx analysis?
c) is it possible to get forex stats for currency options or some data for marketdepth (i´ve heard that some systems are how they get it?)
d) which are the best backtesting&charting systems? what about metastock tradestation omega prosuite?