I couldn’t have said it better myself… well put!
"MexicanGladiator " … Any course worth your time should have plenty of free material on-line so you can see for yourself if their “style” makes sense and works for you… if it does then you can go for premium or just expand and develop your own style 
By all means, watch as many price videos and read as many articles as you can. I watch loads from different people and 95% is repetition so you will soon see what is essential. Jason Stapleton has a series called Turning Point which I recommend any new trader to watch.
As efxpa alludes to, the psychology of trading is what separates winners from losers. Pipschool covers this really well and this is the key to Pandoras box.
Dont waste money on paid courses, you would be better putting it into a micro account where you can experience the psychological highs and lows of trading with real money
Hello Everybody:
I have been trading FX using Electrofx’s services for about 5 years now. It is a great way to learn FX trading and I would recommend electrofx to both novice of veteran traders.
Like previously mentioned in this thread, it is not the system as much as the emotional factors that determine profitable trading. But you need to learn the ropes, if you can do this on your own efficiently and become a profitable trader then congrats, you are part of the less than 1%.
I had to learn from others, and I did so using the concepts and tools Electrofx provides.
My experience:
I signed up with Efx because a friend of mine recommended it. At the time I was totally ignorant of the currency markets.
I went through the course, traded demo for a week or so, opened a live account and immediately made roughly $1500 trading in just a few days. I remember having a beer at a fancy restaurant that weekend thinking how easy FX trading was and romanced visions of my future millions. These were delusions of grandeur and my short term success was the worst thing that could have happened to me because my profits were based on dumb luck.
Even though the system was available, I didn’t use it, my emotions go the best of me and I systematically liquidated my account in a matter of weeks.
After getting my ass kicked by the currency markets, I went back and analyzed my mistakes. It was simple; I had no technique and was using the FX market as a casino.
Over the next several years I developed into a profitable currency trader using Theo’s strategies.
But the reality is this:
To begin to master this game will take between 2 to 3 years of experience for most people. If you are not willing to put this time in, then stop reading and devote your time elsewhere. But if you stick with it, it has the potential to change your life.
FX trading is a learning process. It takes a s*** load of resilience, time, and there is no substitute for experience. You have to experience the losses with REAL money (micro lots are not significant enough), examine where the mistakes were made, and adjust your trading accordingly. A few months back I got hit for a $1500 loss in a few minutes. Initially, that was like a kick in the nuts, but it didn’t haunt me like before, why? Because the PA was valid, the trigger was excellent, it was with the trend, price simply went against me. So my trade was valid and therefore no reason to stress. This is the experience I am referring to and there is no substitute for it, you can’t read about it, you have to live it.
This is the year where I turn the corner. I am planning on quitting my job in 18 months and FX will be my primary source of income.
It has taken me 5 years, many mistakes, and thousands of dollars to get to the point where I can confidently trade with enough money to make it worth the effort.
Run as fast as you can from the traders who claim to have made a million over-night. It might be true, but if their success is due to blind luck, then their trading is not valid and their fortune will eventually vanish. Understand FX trading is a slow grind to the top.
Again in my opinion, if you want to learn currencies join electrofx. Plus the tools they provide are second to none.
Good luck to all.
Cheers!
Reading some of these posts I have to make one more shout out to electrofx. Not for their currency trading education services, but for their trading tools:
IF ANYBODY knows of any trading service that offers the following please let me know:
Custom MT4 trading software updated weekly to comply with latest builds etc…including:
a) Long term time frame trading platform (daily or longer)
b) Mid term timeframe trading platform
c) An immediate term trading platform
d) Customized software for trading binaries
Alerts so that all trades and potential pattern trade alerts are sent to your smart phone
A 24 hour dedicated trading server for your MT4s so you can turn your computer off and not worry about power outages or your daily schedule interrupting a trade. (without this service, I could not trade currencies)
A live room so members can chat,post feedback, questions, trades etc…
A daily market outlook, where market open trade guidance is offered so that everybody can have a high probability trade plan for market open every day. You can view several of my trades here:
http://www.pinterest.com/electrofx/vip-members-own-trades/
For more info click on ElectroFX features on my webpage that is under construction.
Who I Trade With | Rob’s FX Page
Guys:
Here is a video of me live trading binary options last week using EFX methods.
Jolly Roger:
The reality: it is potentially problematic for people to post their live trading account results. With he advent of the global tax extraction cartel, Dodd Frank rules to name a few, listing what broker you are with, dollar amount, even the pips gained opens you up to potential problems. Even if you are abiding by all global regulations, things can get problematic. In some areas of the world, if people know you have money, bad things can potentially happen.
Although most abide by all regulations, there are people who don’t want what accounts they hold etc…made public.
And the biggest reality is this: one person’s past success does not equate to your future success.
FX trading is about learning a skill-set supported by good habits and the proper mindset.
The concepts are not difficult, the habits and mind-set are.
Here are my recent binary option trading results:
This looks like the wrong way to trade to me.
If you want to progress, perhaps you should re-evaluate the very core of what you think you know about trading. Stop posting on this silly forum with your foolish third-person spiel and get to work.
I’m not going to waste my time going back and forth with what is very likely a paid shill for electrofx.
Those who want to collect money for teaching others should have no problems vetting themselves. Period.
I think people tend to confuse the intent of making an account public. It’s not about wanting to follow trades, it’s to make sure the person is legit. And even seeing something like a profit chart going from $10k to $100k consistently will convince a boatload of students to join their services. It doesn’t have to be a $1M account. Most people who need those services themselves start with small amounts and it will jive closer to home for them to see a small account grown to $100k or so.
So are you saying that this forum lacks anything that will help me with that re-evaluation? Where do you suggest I go?
OK, I have a minute to spare before I host this weekends Webinar…
With all due respect I think you should try and lower the sense of entitlement you are expressing… I mean that in the nicest way possible so no offence is intended… and it applies to a few people in this thread, not just you… but give it some thought for a minute… do you think that a successful trader would set up a secondary smaller public account, just to prove to unsuccessful traders that he can do something that they may not be able to replicate? … I know that on my side I have homes in more than 1 country… so I am back and forth, I also travel for leisure, plus I trade, teach others to trade, and run a live room. I wouldn’t waste my time with what you suggest because after all this time teaching I accept that not everyone can do it… no matter what education they get… and no matter if I flash money at them or not… I’ve tried it all in the past… It’s like has been mentioned in this thread several times, it’s about a mind-set that is only developed with time… and it’s not only about an effective strategy… I don’t want a boatload of students that don’t understand this and I don’t want any students that don’t see that what I teach works… wit their own brain and eyes.
If you respect my time and go through all of the free material I have created… and you don’t think I know what I am talking about, or you don’t understand what I am talking about, you won’t join and you won’t have spent any money… it won’t make a difference in my life or yours… If you go through all of my free material and do realize that I know what I am talking about… and start to see how it all works and that you can execute what I teach effectively, then it may change YOUR life…as long as you can deal with the mind-set part. It’s as simple as that at the end of the day so all the best with it, just apply yourself and good things will come.
as for Jolly Roger; Rob is a paying VIP member at EFX, not the other way around, sorry you are wrong again… seems to be a habit of yours…he is also a successful trader and a grown man with his own opinions. Maybe you lost money to the markets and are are a little bitter… I am not sure but I hope you feel less negative soon.
Sorry for all the dots … but I am in a rush… happy trading week to all!
Dude, my advice for you: don’t waste your time trading forex. This is the best advice you will personally receive on this board. I hope you follow it.
I estimate that with this advice, I just saved you at least $2000 in losing trades…since my commission is 10%, the way I see it, you owe me $200.
Merry Xmass you can keep the money…so now I just made you $200. Your Welcome.
There is no way I would want someone like you, with your broke-**** mentality, in our live trading room.
I pay $71 per month to have all of the software offered including access to the server and am happy to pay the money. The reality is, I would pay well over $250 per month for these services. For me $71 is a round of drinks and on some days I pay more than that amount for a day’s trading commissions.
If you can’t afford $71…you shouldn’t trading anything.
I don’t make any money off of electrofx…nada. I am happy to promote their services because it has worked for me.
If you can find a better way to learn forex, please let me know, I will evaluate it and if is worthy I will switch services.
One of the reasons Theo started EFX is because so many services are very expensive and offer little more than a course on supt/rest, money management, and candle stick patterns.
I actually may open a trade explorer once my funds clear in my new account to placate people like you.
By the way, I am new to trading binary options and it is a project of mine for 2015. I posted a video of my live trading above and last week’s results. Will continue to do so.
Yes, I have seen successful traders do this to attract more students. There are too many frauds offering mediocre services. A small verified public account would be very attractive for new students. It will really make the teacher stand out from an otherwise unverified and shady pack of gurus.
I’m not completely saying that. I do think that 98% of the material extolled on this forum is either fairly misguided, if not total rubbish designed to either separate you from your valuable time or your hard earned cash. The best thing you can do is move from thread to thread and see who is talking sense. Place anybody else (like these ElectroFX clowns) on your ignore list.
I’d suggest you go right to your charts. You have the one rule you need. It is one of the first concepts presented in the BabyPips school, oft repeated on this forum, and held close to the heart of the traders who have seen success.
The trend is your friend, or whichever variation of that rule you prefer. For whatever reason, almost nobody here seems to be able to follow it.
Open a chart with that rule foremost in your mind, and figure out where and when to position yourself in the market in order to take advantage of the current momentum, keeping in mind how your opponents will be acting at key levels in the market. It really is quite simple and you need nothing else.
I am a trend following trader. I pay no attention whatsoever to candlestick shapes, or fib levels or any of that. I just look to benefit from primary swings. And I agree that 98% of the information about trading available to me through this forum or anywhere else is completely useless nonsense when it comes to actually trading profitably. And I would not give one red cent to somebody to train me to use their system. I don’t think we disagree about that. I am not defending electrofx dudes and I doubt I could get any useful information from them.
The trend is your friend until it ends…
Here is a trade, actually 2 trades I discussed and posted this morning. This first a loss, the second a win where I doubled my lot size and based the entry on a reversal pattern.
Here is my basic trade progression:
FX Trade Progression.pdf (89.1 KB)
Here are my trading rules:
FX Rules.pdf (88.8 KB)
but I base everything off of median renko charts because they take the sideways action out of the markets, this makes PA much easier to read. However, they are not that easy to set up, keep compliant with FIFO rules, MT4 builds, trade manger software etc…and they must run on a 24 hour server. This is why I pay for a service.
I could care less where you learn, or how you trade. That is your business. I will say if you want to be successful, but are too broke to invest in tools that will take your trading to the next level, then the probability of achieving long term success is limited.
Anybody who wants to follow my trading:
Pure Price Action Trading - Page 9 @ Forex Factory
Ok not returning to this thread…or probably this website again.
Good luck and cheers!
Well mate I’ll be honest, I’m pretty puzzled how you’re in the red.
Have you gone through these threads? I think they’re some of the only worthwhile ones on here.
http://forums.babypips.com/free-forex-trading-systems/6580-3-ducks-trading-system.html
http://forums.babypips.com/free-forex-trading-systems/6632-alternative-technical-templates.html
[QUOTE=“Jolly Roger;676473”] Well mate I’ll be honest, I’m pretty puzzled how you’re in the red. Have you gone through these threads? I think they’re some of the only worthwhile ones on here. http://forums.babypips.com/free-forex-trading-systems/6580-3-ducks-trading-system.html http://forums.babypips.com/free-forex-trading-systems/6632-alternative-technical-templates.html[/QUOTE]
Let’s see your performance bud. Post your myfxbook.
I don’t paper trade and I don’t start up new accounts or a new myfxbook. I started working on my approach to forex in 2013 and that myfxbook account is everything I have done. My first objective was to figure out an implementation that would work for me (not Joe or Cleo) but ME. I made big changes several times (not away from trend following, but in terms of specific setups) until September I landed on my current detailed implementation.
The period from Jan 2014 to Sep 2014 was one wherein I kept the same implementation going and took losses knowing I would and knowing my setups would lose money, but I was playing with position sizing and allocation to see how my risk would be effected (frankly I was surprised to see that I needed to take BIGGER position sizes than I expected). So in order to take more trades in testing that I took counter-trend setups as well. Feeling more comfortable with my position sizing and allocation after that period, I quit taking counter-trend setups and I made money in September and October as a result.
But still, I wanted to try one more thing in November that I have known some trend followers to do that helps to enhance exit accuracy. I knew it would likely be impossible for me to keep up with (it may work, but I can’t do it). Still, I had to make sure that I was right (and I was) and I have left that out since late December. So only since December do I feel like I have got to the point that I have an implementation of my strategy that I can keep up with, that has a position sizing component that I am comfortable with, and that will profit.
So now I will likely make little to no changes in my setups here in 2015. The only area I may make any meaningful adjustments is still position sizing.
Rather than start up a new myfxbook account and start from fresh today, I will just run the same one forever so I can see my account grow out of drawdown. I would rather be able to see my whole fx story in one myfxbook account.
I looked at the 3 Ducks thread and I don’t doubt a trader can profit with that specific implementation, I however cannot. I am unable to trade on time frames below 1D. I work all day as an accountant so I can only look at my positions and adjust my orders once a day. I guess I could implement that strategy using 1W and 1D charts rather than 4H and 1H charts. (Perhaps one would need to use different denominations of moving averages when scaling up to 1W and 1H charts.) I would probably be taking very similar trades to what I take now anyway because my current setups take trades only in the direction of prices above or below a 200 day SMA (with some rare exceptions wherein trends can be confirmed as broken BEFORE prices cross the moving average).
The 3 ducks can be translated (although sloppily) to the daily chart with a 10 day MA and a 2.5 day MA. I look to enter trades at 3 or 5 day breaks and close them at 10-day or 4 week breaks depending on the frequency with which these ranges are broken (example: if a 3-day range is broken too often I will use a 5-day range). So what I am doing is actually similar and I bet I would often be in and out close to the same levels as that system, but with daily rather than intraday adjustments, and only with the trades that are not counter to the price movement away from the 200 day MA.
