Hi Graviton, Thanks for your response… Forex is just a way to generate money for me… a business of money in (Profits) and money out (Losses and Commissions)… nothing more.
The fact the ONE “successful” trader topped himself over some bad trades means what exactly?.. suicide is one of the biggest killers of young people in every country…unbelievably most are not traders…
As I highlighted
[I]“The basic formula of Forex isn’t complicated… you speculate on long or short, up or down, hot or cold, heads or tails… Just because you / I took months, years whatever to master Forex means zip.”[/I]
As has already been mentioned on this site already… the really serious traders won’t come here and share information and strategies… it’s not the way they are programmed, they just get on with their goals and dreams (sic)
The “real” successful Forex traders don’t stay at home and continue to trade for 2, 3, 5 years. They set up a Trading Desk and train, manage and mentor other people to do the trading so he/she has the time to develop new financial opportunities that present themselves whilst in business… even develop into a Fund or into Investment Education… who knows.
Exactly the same as a “Gun” Builder is off the tools as soon as he can afford and employs other tradesmen to do the building. He can then develop his business… may even progress into Property Development or a Maintenance Franchise.
A book called The EMyth was published back in the 70’s, 80’s (1995!) I don’t remember exactly. It was one of the first books that researched the Entrepreneur factor. The main theme of the book was " Don’t work in your Business… Work on your business"
We are all trying to generate an income from the markets, to gain some freedom in our lives… successful trading can be a boring, repetitive, and stressful activity which is not my idea of freedom.
This is turning into an interesting read, I hope new traders are taking note.
Jungle, just out of interest how long did it take you to become a consistently successful forex trader (by successful I mean having say 6 months of steady profitable months in your live account, im not expecting you to have a garage full of Ferarri’s)
BTW, who’s the guy in your avatar, he looks familiar and its bugging me
Hi Carlos… I have been trading stocks since 2004 and started Forex in Sept 2016 so I had a head start with understanding markets, indicators, strategies etc. Just not as volatile as Forex and no Ferrari’s…
I’m not a “Natural” trader. I would hate to add up the hours spent researching, reading, watching and learning since Sept. but it would be north of 50 hours a week. I’m lucky I have the time.
I have only been consistent for 60 days but can see the potential of Forex over time. Same as you buy an old house that needs work… a renovation, coat of paint and it could be worth double…
I use various [U]simple[/U] strategies such as Heikin Ashi candles with a 50 EMA on the XAUUSD… it goes green I buy, it goes red I sell and only in the direction of the EMA with a few tweaks along the way. A strategy that takes 300 - 700 pips per trade on the 1h TF and can easily be taught to anyone with a bit of babysitting. It also easily adapts to a changing market. I target 2800 - 3600 pips per week (~200 - 280 pips in crosses) and have achieved it over the last 6 weeks.
I’m only trading 40oz positions but can top up the position size on any trade 90oz, 100oz, 500oz once I’m comfortable it is solid, I can safely cover the margin and I’m using Profit to trade and not my cash…
PS. Sorry Carlos…Al Bundy (Ed O’Neill) from Married with Children sitcom… [I]“Apathy Personified”[/I]
Very interesting indeed. This sounds like a very solid method, to me: it’s basically a way of buying the dips in an uptrend and selling the rallies in a downtrend, and you can’t get much more reliable, overall, than that? The slow EMA is effectively the “higher time-frame trend” and a change of HA-candle colour is the end of a dip/rally in the “lower time-frame” … interesting, and makes sense.
Not that I have ever traded XAUUSD, or necessarily know what I’m talking about … :8:
(I remember also looking at “smoothed HA-candles” and using them to trade the major stock indices on demo, taking long trades only when the price was above a 60-period SMA and short when below a falling one, when I first started looking at trading a long time ago. Probably fairly similar? It seemed to work.)
I think that sticking to simple strategies is the best way. If a strategy is over complex then errors can creep in an and sometimes you may not even realise that you are making mistakes.
I think there is too much information out there on forex. It is impossible to go thru everything. Digesting all these information alone takes a long time.
Comprehending is one thing. Ability to execute is totally another thing. The only way to really learn trading lies in LIVE trading. Another problem arises once you go live. Losing is part and parcel of the game. How much losses are you able to stomach? How strong is you willpower to start from scratch? Burning an account once, twice or thrice. How much hit can you take and keep moving forward towards your goal? Most give up.
For those stubborn mule. Intermittent hiatus at some point in the forex journey is often mandatory to facilitate recuperation. That further lengthen the number of years to become profitable.
Practice makes perfect, everyone knows that. Imagine throwing a ball into a basket. How long does it take to perfect the game? How many can succeed? How many give up? How many years does it take to become an expert? How many can actually become a professional and make a livelihood out of it?
I agree with you that it really doesn’t matter how long a good trader took to learn his skills because it’s basically just UP or DOWN. Some have learned it fast and are profiting and some have been doing it for years and still not profitable…
Actually there are serious traders who are in here. My second mentor who is a pro trader visits here too but mostly just on silent mode. I’ve recognize some of the name who are basically my seniors who are pro traders too. Yes I think you are right that pros or very serious traders don’t go around sharing vital infos and strategies like handing out candies but I assure you that they are here. It’s not really “sic” because of the different programming as you have said, it’s just the way how things go. Maybe because of the different mentality and approach to trading compared to the rookies that thinking style may clash so better to keep incognito. Just like in my introduction thread when I mentioned that I don’t use SL was a bit in question
I also think that you are right bout the “real” successful traders don’t just stay trading. Actually my main mentor who was a pro Japanese trader/company owner did the same thing. He started from the trading pit during his early teens drawing candles on the blackboard, turned pro and was head-hunted by a bank to trade for them. He started his company by head-hunting pro traders. He did not teach new traders to trade for his company maybe because he is not a people-person type. His company grew and expanded to hedging, financing, exporting, selling houses, buildings and properties, etc. He only took two apprentice when he was alive. Yes I think that heavy hitters don’t like to be bound continuosly trading all their life and invest on other things too. Yes I do agree like the “gun builder” employs other tradesman to develop his business and expand. That’s was exactly what my mentor did.
Again, some “real” traders are here or jumping from site to site, forum to forum. It’s the internet age and trading can sometimes be quite boring.
Ronnel, your post here well said and in fact I just sat and carefully read through it severally. Just amazed at your sincerity in what you say. Thanks!
If I may chime in, it would appear that many of us are " Professional" traders who are rather “profitable” but when it actually comes to proving one’s success it’s a different story. I honestly love this website for many reasons, but I think one of the issues with “social trading” is realizing that the blind is leading the blind, and we only believe someone is a guru because he/she knows more than us.
My advice to anyone reading this, who doesn’t have much experience, is to not judge a “guru” based on his wins, but judge that person based on his/her losses. The person’s losses will determine how good they are at teaching or even worth following. I honestly don’t believe it is fair to criticize someone’s system, not seeing any proof of their success, but my mentor told me "Believe none of what you read, half of what you hear, and never make a trade on gut decision.
That is a very interesting take on “what ever system you use will work for a limited amount of time”. Now the question I have is what type of trading are you doing? A person who trades “Support and resistance” looks at his/her chat very differently from a person who “scalps”. I have seen a trader who not only has grown his personal account, but he has also done so for others also. With verified trades and his system has worked in every single type of market. I think the hardest thing is forex is being consistent. Yet for this trader, all he does is consistently make profit. Have a look for yourself and tell me what you think. mechie’s Profile | Myfxbook
The biggest “Edge” is that the XAUUSD/XAUEUR are more liquid and are “True” markets unlike crosses which are totally manipulated. They trend longer and are generally not as choppy as the crosses.
TA indicators are designed to work in true markets hence their poor performance in Forex crosses.
Just as an example XAUUSD has offered over 2000 pips in the last 6 hours alone.
(9.00am EDST Australia +11 GST)
PS. Ching, Ching… Mechie has transformed from a trader into a managing fund, exactly my point from post above.
Well if you ask a Doctor or anyone else who you mentioned, I am pretty sure each one of them had to read a book or attend a class to know what they know. So I don’t see how your statement is any help to this thread.
This is one of the prime examples as to why so many people lose in forex. Look closely at the chart above and tell me what it is you see? Look at those two different currency pairs and notice how they have the same exact formation and color close of their candles. Why is that of importance, well because everyone wants you to believe that this market is based on “supply and demand” as it is in stocks, but the reality is in forex, everything is based on Algo. In order for two different currency pairs to have not only the same color candles but the same formation suggest that the same exact type of buying and selling is going on, but how could you have the same amount of buying and selling at the same time, of different currencies in order to get the same results. The answer is that this market is based on things which we don’t even know to be a “fact” or “true”. Correlation and mirroring aren’t one of the same, but most people would like you to believe so.
Thats really it in a nut shell. They have a clear path to follow. Most traders don’t. If I could give a new trader only one piece of advice it would be this. Find a successful trader and do what they do. If you do that learning to trade should take a few months not years.
Your post implied that there are some “mystical” forces that determine the price of any given currency pair. Both of the pairs you posted have a common denominator: the Yen. The charts you posted are 1 minute charts from the Asian session, so for the given time frame and the given currency pairs, the value of the Yen drives the price for both. For the Euro zone, the charts you posted were between 11:00 pm and 3:00 am, so it is [I]highly[/I] unlikely that there will be economic events to drive the value of the British Pound or the Euro. Taking into account that information, why would you expect that these two charts [B]not[/B] look very similar?
The only possible answer is that you have a very poor understanding of the markets, or you are intentionally trying to mislead the audience of this forum (what you would possibly have to gain is beyond me).
Additionally, your allusion that supply and demand don’t drive the value of currencies is ludicrous. Supply and demand drive every single free (or semi-free) market that has ever existed. If you argue this, then you don’t understand what the terms supply and demand actually mean. To be fair, there is an abundance of “supply and demand trading systems” that have nothing to do with the actual definition of those words.
First my apologies because I can’t understand what you have said about correlation and mirroring (my English sucks). Is it good or is it bad??? I often trade correlation whenever I see opportunities. I was also doing this when I was in the company and I think it often does work. Most often I use correlating pairs just like indicators since I don’t have indicators on my charts because I’m a naked trader and trade them all. I don’t always rely on correlating pairs and I also do trade normally by looking only at a specific pair. So I’m thinking am I doing it all wrong???
I added some photos of my random trades. They were all live or ongoing trades when I took the screenshots. Number 4 pic is when I was still analysing the other pairs but had entered one trade. 5th pic is a non correlating pair. So which is right???
About my candles, Red is for UP, Blue is for down and same with the entry line.
You don’t see how it’s of any help because you missed the point [I]entirely[/I].
The point wasn’t the medium through which the material was learned. The point was the level of [I]commitment and effort[/I] that is applied.
No one becomes a doctor or a lawyer by attending a [B]single[/B] class or by reading a [B]single[/B] book. Years of dedication is required. The reading of dozens or even hundreds of books is required. Taking dozens of progressively difficult classes from an accredited (quality of learned material is important for doctors, lawyers, and yes - traders) university is required.
The greater point was that many people think they can read a “strategy” thread on a forum like BabyPips, open an account, and make thousands of dollars. As with any profession, dedication is required. Some will become successful faster than others, but all who are successful have dedicated time and effort to doing so.
