Hi b0bpip,
I just use a mixture of 3 ducks and Nile Fuller price action. I found that using just one only works for a period and then stops working but putting both together is so much more powerful.
I started with an account of 10k on 2nd Dec and am now at 41k. The plan is to scale up hugely by the end of this year.
…Sorry, forgot to add, being a typical I.T. guy, I am in the process of writing an EA to completely automate this for me. I’m new to MT4 (since its not a Windows server! ;-)) so have no previous experience. I’ve started looking into it though and have so far written 2 scripts, one to get me in and the other to get me out. Now I just need to figure out how to get them into an EA. I’m happy to provide the EA to anyone here after its complete and tested.
Hi
The 10k to 41k is that with a demo account?
Do you think this method can be applied to Binary Option trading?
Can a 1 to 3 risk reward on each trade be applied to your system?
You may already know about MQLcodebase the website, maybe that may help towards coding the EA, also in my search for
a reliable MQL4 programmer I came across sites like ODESK, FREELANCER and PEOPLEPERHOUR, there you will find programmers as yourself, but for a small fee can program your script to your desires. I have no dealings with any of the above mentioned sites, but there still going so someone is using them…
Can I be one of the first to apply for your EA.
Finally although I have not purchased Niall Fullers Price action course, do you think its worth it, lol judging by your success
it seems so?
Every one can trade in Forex and can make money but to succeed in Forex you should have good knowldge and skills about forex. I know many trader who are no expert in forex trading have made good money.
Would you care to detail what do you mean by “3 ducks”:
Regards,
PSilva
These threads keep on showing up.
First off, Currency is an asset class, all be it a volatile one precisely because it underpins every other asset class, the decision to take the market from a predominantly wholesale to a retail and wholesale market is purely for the banks own self interest and retail traders or speculators like us are consider fair game in the currency markets precisely because the bulk of money movement is handled at wholesale level meaning, banks, central governments and large commercial concerns and in case you are wondering hedge funds are no different from us, they just have larger accounts and most have very little exposure to FX.
Like any other asset class it is inconceivable to think you can’t make good money from it. I will use my usual hosing market parallel. Most people post 2008 had portfolios of property that grew from bob the builders small measly 10% deposit next thing you know Bob is regularly refinancing (re mortgaging) his current asset base to release equity to then put more 10% deposits and repeat the process like pyramid before long Bob is holding 15 properties and is technically a millionaire. The housing market god decides prices must retreat and soon Bob realizes his paper millions are really mountains of debt from leveraged purchases. Now Bob is bankrupt and works at the local 99p because he can’t even afford a hammer.
This is much like trading currency. There are a lot of people who made money acting just like Bob (1%) but the majority (99%) ended up like Bob. I am sure this sounds familiar to the 99% loose money in FX and 1% make it. Also like Bob most people over leverage when investing hoping to turn 1,000 to 1m (Ridiculous!) then are surprised when it goes. Most people believe that if cash shows up in the bank then they are right, well…Time will correct any improper thinking. Finally everyone forgets that the financial market is the most competitive and unregulated market in the world and this is by far almost everyone’s worst undoing.
The idea here is simple most people are attracted to asset classes because some how we know it is a road to riches (hard or easy it is dependent on the investor). The problem is most know very little about managing their day to day financing let alone managing an investment in any asset class let alone currency. Warren Buffet, Jesse Livermore, Bruce Kovner have all turned $10,000 into millions and billions in the age old game of speculating so nothing anyone says here can refute that.
Here are the steps they followed:
In my opinion following these steps, there is no way in 5 years you could not live a totally independent life from the stress of your shallow middle managing boss and a corporate machine that depends on the financial markets to survive but you must first work really hard.
[QUOTE=“emeraldorc;622884”]These threads keep on showing up. First off, Currency is an asset class, all be it a volatile one precisely because it underpins every other asset class, the decision to take the market from a predominantly wholesale to a retail and wholesale market is purely for the banks own self interest and retail traders or speculators like us are consider fair game in the currency markets precisely because the bulk of money movement is handled at wholesale level meaning, banks, central governments and large commercial concerns and in case you are wondering hedge funds are no different from us, they just have larger accounts and most have very little exposure to FX. Like any other asset class it is inconceivable to think you can’t make good money from it. I will use my usual hosing market parallel. Most people post 2008 had portfolios of property that grew from bob the builders small measly 10% deposit next thing you know Bob is regularly refinancing (re mortgaging) his current asset base to release equity to then put more 10% deposits and repeat the process like pyramid before long Bob is holding 15 properties and is technically a millionaire. The housing market god decides prices must retreat and soon Bob realizes his paper millions are really mountains of debt from leveraged purchases. Now Bob is bankrupt and works at the local 99p because he can’t even afford a hammer. This is much like trading currency. There are a lot of people who made money acting just like Bob (1%) but the majority (99%) ended up like Bob. I am sure this sounds familiar to the 99% loose money in FX and 1% make it. Also like Bob most people over leverage when investing hoping to turn 1,000 to 1m (Ridiculous!) then are surprised when it goes. Most people believe that if cash shows up in the bank then they are right, well…Time will correct any improper thinking. Finally everyone forgets that the financial market is the most competitive and unregulated market in the world and this is by far almost everyone’s worst undoing. The idea here is simple most people are attracted to asset classes because some how we know it is a road to riches (hard or easy it is dependent on the investor). The problem is most know very little about managing their day to day financing let alone managing an investment in any asset class let alone currency. Warren Buffet, Jesse Livermore, Bruce Kovner have all turned $10,000 into millions and billions in the age old game of speculating so nothing anyone says here can refute that. Here are the steps they followed: 1. They all entered the market and got burned due to lack of knowledge in investments. 2. They never quit, instead each decided to get a job and raise sufficient trading capital. 3. They studied the market and investments. 4. They traded and were always conscious that trading was their business and not a hobby. 5. They all made millions (not without mistakes) but understood that they could all learn from mistakes. In my opinion following these steps, there is no way in 5 years you could not live a totally independent life from the stress of your shallow middle managing boss and a corporate machine that depends on the financial markets to survive but you must first work really hard.[/QUOTE]
I was feeling a bit down from loosing trades and started wondering if I knew anything about forex at all after all. Thanks for the motivational post!!!
I know many forex traders including me who are trading full time and making a living out of it.
It all depends on your approach how you take it. You have to take trading a full time professional job and dedicate yourself fully to it and you will do well. One just needs to be patient and of calm psychologically in this business and the success will follow.
[QUOTE=“emeraldorc;622884”]These threads keep on showing up. First off, Currency is an asset class, all be it a volatile one precisely because it underpins every other asset class, the decision to take the market from a predominantly wholesale to a retail and wholesale market is purely for the banks own self interest and retail traders or speculators like us are consider fair game in the currency markets precisely because the bulk of money movement is handled at wholesale level meaning, banks, central governments and large commercial concerns and in case you are wondering hedge funds are no different from us, they just have larger accounts and most have very little exposure to FX. Like any other asset class it is inconceivable to think you can’t make good money from it. I will use my usual hosing market parallel. Most people post 2008 had portfolios of property that grew from bob the builders small measly 10% deposit next thing you know Bob is regularly refinancing (re mortgaging) his current asset base to release equity to then put more 10% deposits and repeat the process like pyramid before long Bob is holding 15 properties and is technically a millionaire. The housing market god decides prices must retreat and soon Bob realizes his paper millions are really mountains of debt from leveraged purchases. Now Bob is bankrupt and works at the local 99p because he can’t even afford a hammer. This is much like trading currency. There are a lot of people who made money acting just like Bob (1%) but the majority (99%) ended up like Bob. I am sure this sounds familiar to the 99% loose money in FX and 1% make it. Also like Bob most people over leverage when investing hoping to turn 1,000 to 1m (Ridiculous!) then are surprised when it goes. Most people believe that if cash shows up in the bank then they are right, well…Time will correct any improper thinking. Finally everyone forgets that the financial market is the most competitive and unregulated market in the world and this is by far almost everyone’s worst undoing. The idea here is simple most people are attracted to asset classes because some how we know it is a road to riches (hard or easy it is dependent on the investor). The problem is most know very little about managing their day to day financing let alone managing an investment in any asset class let alone currency. Warren Buffet, Jesse Livermore, Bruce Kovner have all turned $10,000 into millions and billions in the age old game of speculating so nothing anyone says here can refute that. Here are the steps they followed: 1. They all entered the market and got burned due to lack of knowledge in investments. 2. They never quit, instead each decided to get a job and raise sufficient trading capital. 3. They studied the market and investments. 4. They traded and were always conscious that trading was their business and not a hobby. 5. They all made millions (not without mistakes) but understood that they could all learn from mistakes. In my opinion following these steps, there is no way in 5 years you could not live a totally independent life from the stress of your shallow middle managing boss and a corporate machine that depends on the financial markets to survive but you must first work really hard.[/QUOTE]
F@$kin Brilliant !!,
Haven’t laughed out load like that for years !
Thanks
Take your balls out of your panties, sit down learn Forex and trade until you’ve reached your goal. Don’t look for reassurance in these posts.
Pretty stupid advice. You can try to trade until you hit a seven figure account, but chances are you will hit zero far before that.
If anywhere, here is where people should look for reassurance. Yet the only evidence to be seen is in throwing around the names of old speculators turned investors/inside traders like Buffett, Livermore, Seykota, Jones, etc. [B]All[/B] of whom can be easily attributed to survivorship bias. They got lucky and made it big. Someone is bound to. Once you’re in the Good Old Boys club of insider information, it really isn’t that hard to continue to deliver results which outperform the market.
There’s no evidence on this forum or any others of a single retail trader making consistent profits from the market. Plenty of success [B]stories[/B], but not a single one is verifiable. So who says anyone can actually even “learn Forex” like you claim?
First off , I don’t trade for a living just to be clear.But I’ve been trading live with real money for a little over 4 months now. Take GPs advice before you get excited how much money you’ll make in currency trading. Learnt to crawl , walk then run. I doubt you have even started babypips school yet.
Though my live trading experience is limited I can assure you one thing for sure after much studying and quite a bit of experience in the last 4 months of my trading journey that yes it can be done. It sure seems like it. You can make a living trading currency. However the target that you’re shooting for 75-100K pa is a little too ambitious for someone with limited experience / I suspect you have little real world experience/.
You need start studying the market, underlying causes of movement of price, its behaviour correlation fundamental factors and technical aspects of currency trading. There’s tons of sources where you can learn all this for free and babypips is such a valueable forum especially for new traders. At least you’re at the right place. Now instead of asking these questions start learning, with babypips school first and eventually once you get a bit of experience you will know if you can make a living out of this and how much starting capital you’ll need to reach your goal.
For anyone who says its impossible to make consistent profit I beg to disagree. It can be done. But you’ve got to know your game. You can’t just be trading blindly based on your one or two indicators there’s so much more to price movement than what your indicators signaling. Hence why they fail most of the time.
If you’re willing to do the dirty work - by that I mean work hard your efforts will be paid off some day. You’ve got to have some interest in this besides just making money. That will keep you hanging despite bad times which are bound to happen from time to time. But with proper risk and money management you should be fine.
Treat it like a business and look at your quarterly , 6 month or annual return that way you’ll be less pressured to make any hasty decisions.
To make a living you have to have money to make money, man with little money needs to build capital to make more money. No I do not make aliving from forex yet, working on building trading capital now.
I would suggest starting small learning and building confidence and skills.
This thread has been resurrected again. Good to see the fight for FX profitability is still alive. Glad someone found my post amusing.
I have never really understood the proof thing of success or not but each to his own. I have seen many micro accounts with 600+% returns on this forum. I don’t have those numbers but clearly others do. It appears simply that most don’t have enough trading capital and if you did publishing on the internet may not be the best idea. As forum members here have tracked down personal information on members following foot prints on the web and re-posted on these forums with no regard for privacy of identity. So honestly it is unwise to publish any evidence of wealth on a forum that is largely anonymous. I think most people share trades here (I do) and my trading can be followed here
Emotion and all…
I agree with Jack and Rookie it is really all about what you want from investing and will you put in the work. Either way I think we are living in an age of unprecedented access to markets partly based on technology and the broken system of monetary stimulus. If a man cannot acquire wealth now, he never will…
I wish everyone success in their journey. Like the oracle said in the Matrix “Ask the right question”
I think account size matters. After all the FX market was mainly meant for the Interbank system, and large institutions. Since the Internet came about Retail brokers saw a way to make money off us little guys through the FX market. They started retail FX on the internet and advertised how we, the little guys could make money through FX. So we fell for it in hopes of having an edge to get rich or make some extra ash. Which a lot of us realized that it takes money to make money and probably most of us didn’t have it. Kind of reminds me of when, before the internet, that commodity brokers were trying to lure us little guys into trading commodities and futures to make some extra cash, but it proved to not be a good investment. Now with the Internet and an easy way to at least try to make some money the FX brokers have found a way to make money through the spreads and trades we lose on. Even the large institutions take loses on there trades, but they have the money to bounce back or to take a loss.
Kind of funny that people on this forum are [I]still[/I] looking for proof of profitability. They’d rather spend time looking for other people to prove to them that it’s possible rather prove it to themselves. As I learn more I start to see why successful people don’t post proof. Those that will make it don’t need it.
I think it’s natural to look for others who are succeeding and follow their lead. Not only in FX, but everything.
I came across a guy that’s trying to do it publically on Youtube YouTube From what I can tell he’s doing ok. Not making as much as he wanted but still making a bit profit. It’s obviously advertising for his site, but I haven’t found anything else like this.
Anyone else know of anything similar?
Aaand I resurrect this thread again. In my opinion, 3 simple things are needed to be profitable in this business, not mentioning the whole mindset and trading psychology part, but that is discussed in details in a lot of other topics.
[B]1. The system needs to have an EDGE in the market![/B]
Most strategies simply don’t have an edge on the market. If you use only these lagging indicators, which are drawn upon what the price has made in the past…man, you are so far behind the market. You can only hope, that the trend is going to be long enough to make these indicators turn around, so they put you on the good side of the market, usually closely to the end of the trend. Go deeper into what and how really drives the market, there is plenty of good stuff on this forum.
[B]2. Don’t try to reinvent the wheel![/B]
Lots of newbies are getting the advice, that “your strategy has to be fitting your personality”, so they start from nothing and try to build up their own strategy from zero. WTF? Like WTF? Like what the ****? Y U DO DIS?
Why don’t you after finishing the babypips school and has some basic idea about how things work, go through the most visited and replied strategy topics on this and other forums, learn what are they about and THEN choose one or few which are close to your personality? Those strategies are viewed and replied to lot of times, because it has a large fanbase, and most likely people are trading it still, and it is simply working. Why reinvent the wheel, when somebody already invented it?
In my opinion this is the most important. I know when everybody was young, you heard tales about the small and poor boy, who in the end became the prince of the country and the husband of the princess. Okay, time to wake up from the dreams.
I have to say, I’m really against the success barriers, I think they can be very harmful in achieving huge success, but still I see a lot of newbie guys, who think they can double they 100$ account every week, so in a year they become millionares. This is just…no, okay? You have to be properly capitalized if you wanna make a wealthy living out of this.
Am I against trading with small accounts? No, of course, you can make some pocket money from part-time trading. But trading small and aiming for big only brings in bad habits. Overrisking, and not taking it seriously.
I think there are some expert traders who could use forex as main income for them because if forex business is not profitable then there are no people who take part in this business anymore. It is not easy to realize consistent profit in this business which is the thing which must be reached as full-time traders. People won’t become full-time traders if they didn’t gain any profits consistently.
there are many people who have made good living out of forex, but the number of people fail is very huge, but forex has supported a lot in my life financially.