How do I move forward? -
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thread: How do I move forward?

  1. #21
    90908
    Hello

    I have realized that $100 is too small of a funds to trade with, and that I will therefore wait a few years ahead of trading live for real.

    I get confused sometimes when everyone says that I must stick with a set of rules or a method.

    To start with, do you say naked trading is a system? How do I make a pair of rules when trading naked?
    Also, I have been scared of moving back to trading strategies, as they feel kind of unsafe. Maybe I'm wrong, and I'm considering attempting the THV system .

    To answer you last question: Yes. I'd...
    It is quite apparent that you are very uncertain about which sort of trader you wish to be, what methods you want to use and in the event that you'll require a job too.

    I recommend that you obtain a job which can provide continuous income for the upcoming few years. At precisely the same time you build a trading methodology.

    Trading for a living is in a different level than trading part time, you'll have bills to pay and the strain will most likely be too much, that is until you have come to be a accomplished part time trader. Trading component time, means that should you f%$^ up it wont be the end of the planet and you won't be forced to trade in order to cover your own way.

    You want to choose which type of trader you are, System, EA, Price action, etc..

    When you've got work, day trading will likely be out, therefore you might just be able to trade end daily, and possibly odd times through the day. So in the event that you go down the price action/classic TA route, bigger time frames will likely be your only wager, daily/4hr charts etc..

    A the moment I trade PA on daily and 4hr charts (also working on quicker time frames on demo)- my main egy is to wait for a essential level to be broken and retested. On the retest I View for verifying PA, i.e. candlestick patterns, Pin pubs, engulfing bars among others.

    For me personally price action is the only way I have found that gives me a notion of what is happening in the markets, all of systems and EA's have done will give me a sore head. I'm not hugely profitable, but on the whole I am around the last year and a half, not a thousand percent by any means, but I enjoy it and I love the game itself.

    I'm not here to state PA is what you should follow, but you will need to begin ruling out the methods you clearly don't want to follow and begin focusing on the ones you do.

    At the end of the day, should you fail you fail, just be sure to do the best you can.

  2. #22
    121175I would also point one more thing outside, a profitable trading method must do is to put the likelihood of winning a few % in your favor over a coin toss. All you need to do is to conquer a little bit more and the spread.

    I really indicate that you carry out a coin toss experiment,

    As an instance select 4 pairs, and enter transactions at particular times of day, use a coin to choose direction, place tp and sl to get 2:1 RR. i.e. TP-50 pips and SL-25 pips.

    Do this several 100 times an track the results, you may be amazed

  3. #23
    90908
    I could honestly say that my risk management is quite bad. E.g. a buddy of mine told me in a trade with great risk:benefit, however, the stoploss was big. I took the trade and dropped $15 of the 100 account.
    What was the risk/reward and that which was the time period? Was the setup a repeatable pattern?

    Was the stop loss enormous in terms of pips or was it only huge to you along with your risk tolerance?

    It sounds like you want to understand straightforward risk/reward fundamentals. (as do many traders.)

    If you're able to locate a set up or 2 where it's easy to recognize a 1:2 risk/reward ratio, then you only need to be accurate 3 days out of 10 to break 4 times out of 10 make money.

    The trick is finding a set that has a 40 percent chance or better of playing out. Once you've found that fix your risk to the setup. If the setup requires a 20 pip stopbe certain that the target is 40 pips. Adjust your lot dimensions to the 20 pip stop.

    You may only get the setup 3 times weekly, but that is were patience and discipline encounter in.

    If you discover the setup not attaining 40 pips 40 percent of the time but attaining 30 pips 60%, then you are at a lower risk/reward ratio. Not a big deal, but you want a higher accuracy rate to become profitable. If youare currently cruising at 65% accuracy or better then and've mastered your setup you are on your way.

    Like I said, the trick is to get these one or two setups that you enjoy trading and that you may trade well. And if the setup or system does not provide a means to gauge risk/reward then ditch it. (I'm not saying that they're worthless, only saying that this strategy does not apply to those sorts of methods/systems.)

  4. #24
    90908
    I would also point one more thing out, all a profitable trading strategy has to do is to put the odds of winning a few% in your favor over a coin toss. All you need to do is to overcome a little bit more and the spread.

    I really suggest that you carry out a coin toss experiment,

    For instance pick 4 pairs, and enter trades at particular times daily, use a coin to select direction, set tp and sl to get 2:1 RR. i.e. TP-50 pips and SL-25 pips.

    Do this a few 100 times an track the outcome, you may be surprised
    Yeah. . What he said.

  5. #25
    Junior Member Juandepousada's Avatar
    2
    90908
    I wouldn't say that; I am sure it has to make it far easier for you to comprehend the importance of the difference of losing 2% compared to 15%.

    Quick, just how much will be the difference between losing $15,000 and $2,000?

    See, you're way ahead of us high school dropout, wannabe traders

    As for the fundamentals, not too much you want to know them in detail, only be aware of these, bit like Indiana Jones going into a room filled with snakes he does not understand exactly how, why or when they got there, he just knows they ARE there!
    Fair purpose. My post was not meant to dissuade anyone researching economics, its quite interesting and great to have an understanding of what drives markets. For me being profitable seems to be more down to handling my feelings, and following rules.

    The level is so we could find work and finance our trading capital..besides it is always someting useful understanding economics..How can anyone consider that Mr.G.Soros ( the sole famous trader for decades) earn his money in Currency Market working with any of those Indior at MT4 (Moving Average,Fibonacci,MACD,etc). . So many people using it and 99 percent of these shed their money..Almost all retail trader using same Indior and nearly all losing Cash. . So almost all of them don't have any EDGE. .Should make you believing why? . .Just my 2 cents. .
    The difficulty I have with comprehension economics as your edge, is that a lot of the time the market goes illogically (into the outside observer). How often is there a fake before London gets the big move, or on a larger time frame there could be a strong rally just before a fall. I am more interested in understanding the markets characteristics and trying to exploit them.

    If you're trading the fundamentals this week you'd have been punished. Keep in mind that I don't count volatility increase on risk desire as fundamentalsthe news seems to try its best to describe the markets craziness. Say the EUR/USD rally this week continues, a couple weeks from now we could learn in the news that there was a deal going on behind the scenes to bail out banks (for example) or it might only be a short covering rally, but we're far behind the leaders. So it is sensible to play the technicals and attempt to avoid a bias. Again, unless you're currently taking a long-term perspective, short word the fundamentals do more harm than good.

    This week another instance was the Australian unemployment statistics. We had a strong rally leading up to the launch, then a fizzle on launch. Difficult to trade the fundamentals when they are priced in.

    To the OP:

    Trade live. Get your dad to open an account in his name and let you trade itif it is peanuts. I recall thinking trading Currency Market would be so simple after a few weeks on demonstration. The challenge is not being right it is pretty simple to select on the ideal direction. The challenge would be to do this always while being under the strain of losing money. It is a game that is different .

    FF is a goldmine. But Gold is rarely sitting on the surface. Be prepared to dig through a lot of dirt before you find the good stuff. For each and every poster here prepared to give you advice that is helpful and honest, expect 10 newbies using a sense of achievement to mislead you. You should take my advice with a grain of salt, I am not one of those posters that are skilled. Common sense will get you. If you can sift through the crap, you may learn how to trade.

  6. #26
    Member fanl1's Avatar
    45
    90908
    *another noob asking how to get wealthy trading*
    It's simple.

    1) Drop out of college.
    2) Open trading account.
    3) Put life savings in trading account.
    4) Go to internet forums and ask individuals how to become profitable.
    5) Trade reside.
    6) Gain unlimited money and make daddy jealous.







    P.S. Seriously though, you're fucking 16. Are you permitted to trade? Come back when you're NOT a teen.







    P.P.S. Oh and do not hear the posters here acting all educated and telling you what to do. 95% of them are losers. I understand! lol. It's true. They like listening to the noise of the trading wisdom that is boring. Price action, S/R, Risk/Reward ratios, compounding, discipline, blah blah blah. Trust me these guys will tell you is written a million times elsewhere.







    P.P.P.S. Incidentally, you can still edue yourself about economics, the financial markets and whatnot in the meanwhile. Just don't trade money, since I am quite sure you'll lose it that I you in high leverage if I could. That would be some money that is easy.







    P.P.P.P.S. I understand you will still ignore this advice, so good luck anyhow.

  7. #27
    Member zimes's Avatar
    42
    90908
    It is easy.

    1) Drop out of school.
    2) Open trading account.
    3) Establish life savings into trading account.
    4) Visit internet forums and ask people how to become profitable.
    5) Trade live.
    6) Gain infinite money and make daddy covetous.







    P.S. Seriously though, you are fucking 16. Are you even legally allowed to trade? Come back when you are NOT a teenager.







    P.P.S. [size=1]Oh and do not listen to the posters here acting all educated and telling you what to do. 95% of them are consistent losers. I understand! lol. It is...
    First of all, age is only a number. A 16-year old can be 10 times more fit to be a trader than a 30-year old.

    And no, I'm not fucking asking anybody about how to become successful, Im only asking folks about what they have found to be useful during their period as traders. You're inclining a lot that makes me see you didn't read shit .
    I will for myself see if someones advice is bad, because I'm smart enough and I've gained sufficient knowledge about Foreign Exchange to see what advice ought to be taken in and what needs to be thrown away.

    Like yours.

  8. #28
    Member zimes's Avatar
    42
    90908
    To the OP:

    Trade Reside. Get your father to start an account in his name and let you exchange that , even if it is peanuts. I remember thinking trading forex could be so simple after a few weeks on demo. The challenge isn't being right it's rather simple to pick the ideal direction. The challenge would be to do that while being under the strain of losing money. It is a game reside.
    I'm currently reading Trading At the Zone, and I think that it helps me get rid of my feelings a bit. Emotions specify the gap between live and demo (not mentioning the actual money) and learning how to control those feelings may assist transition easier.

    Thank you.

  9. #29
    90908
    First of all, age is just a number. A 16-year old can be fit to become a trader than the usual 30-year old.

    And no, I'm not fucking asking anybody about how to become successful, Im simply asking people about what they have found to be useful during their period as traders. You are currently inclining a lot that makes me see that shit wasn't read by you .
    I will for myself determine if someones advice is poor, since I'm smart enough and I have gained enough understanding about FX to see what advice should be taken in and what should be thrown away.

    Like...

  10. #30
    90908Seven lucky rules to be successful at FX

    1. Find a fantastic reliable broker that will pay out in the event that you win and one which won't trade against you over agressively,
    stay away of bucketshops and Market makers.

    2. Learn money managment.

    3. Find a trading system that works and stick to the rules allways of it.

    4. Learn to master yourself, do not let greed and fear rule out your trading.

    5. Be honest with yourself.

    6. Keep statistics on all your transactions and check them regularly.

    7. You have to believe in your trading platform.

    Good luck!

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