This is my 6months in trading FX and I’m not yet profitable. I went back to the black board after blowing my capital with profits. I have been testing my system since January, hoping to demo trade the system for 12months. So far on demo, out of 8 trades I have 6wins and 2losses with total profit of 4%
good job, keep going
Thanks for the encouragement, appreciate
no problem. One thing that helps me keep going is reminding myself that the day you want to just quit, could be the same day you actually make it. So just keep pushing no matter how hard things get
Short answer - yes
Yes and its not even been 12 months yet. The £10K Gamble - [The Journey] - well over 100% now, and this is just me taking a punt.
@The_Baller!!! I have read your entire thread. I couldn’t cope with your risk so I built an entire different system around your trend formula but with a tight risk management, that’s the formula I’m currently demo trading. You are part of my Forex journey real baller😎
May the force be with you.
Hi mate, I’ve been trading with a strict plan for over 3 years and I have never made 100% in 12 months. I’m sure it can be done one off but it cant be done consistently. Ask anyone to put their money where their mouth is if they say it can be done.
it really depends on how much you’re trading with. If you’re trading with $500, then it’s wayyyy easier to double that. But, trading with $50,000 may take longer. It just depends on how skilled you are to be honest.
100% is really not that difficult, however the biggest potential pitfall is when you anchor a specific return in your mind.
Its easy to start pushing for those returns especially if after a few months when the account hasn’t done much.
The same is true with profit targets, the minute you set one subconsciously you start working towards it, and in the market this can lead to all sorts of issues
While 100% and much more is very doable it is only doable if you concentrate on the process of trading and ignore targets completely
If you haven’t mastered your own trading psychology you are not going to make such above average returns.
I am sure that nothing is impossible and a large number of people are probably showing even more confident results for the same period. A lot depends on how often you trade, which strategies you use, your capital size and of course your dynamics.
What do you mean here
I have doubled my amount only in 1 week. The strategies are very simple.
- If the candlesticks are showing flat, go for dip spike.
- If there is an up trend, go for buy at previous resistance level on the same curve.
- If there is a down trend, go for sell at previous support level on the same curve.
I use this as Price-Action Strategy. Any indicator I add or try to analyze the candlestick, it only creates a bias and lands me in trouble. So purely on price action, I have done it. After trading a while, I understood it is not about how much money one puts and starts trading. Rather it is the process to make it work and to be followed. In the above strategies only one thing is a problem - the news release, so stay out of the market 1 hour before and after the news release. Also monitor other news if you are going for dip/spike, as sudden dip/spike only happens if there is any other news other than economic news.
Hope that helps
Thanks for the tip @AbhayTrader
Where do you TP and SL?
Thinking you can make 100% per year consistently is just absolutely crazy! Yes, I have made 300% profit in two months with a $100 account, throwing all caution to the wind and with risk factors way beyond what is imaginable. That is called gambling and not trading, and any investor who knows something about the financial markets will not go near you if you approach them with a system promising them gains of 100% per year. So no my friend, my answer to you is no, don’t even consider it.
I hardly use any stop loss. The trade only goes against when there is a news. Usually, we take into consideration only economic news that is released on a timely fashion. But the news that is released on a daily basis before starting the London session, no one takes into consideration. Even there is news release in between the London sessions. Use investing.com (Forex news) and forexfactory.com for news.
Roughly, use time as 1:4. If you are using 1 hour candle, keep the trade open not more than 4 hours. If there is a profit of 10-20% before that, close it out and take profit. Never leave the trade and go out. Follow it closely. Longer time frames require longer time for profit, and in between if there is a news that Coronavirus is on the rise or Ms Lagarde comments something, then you are in trouble. This has nothing to do with the timely Economic news release, but it does “impacts” and shakes the whole chart and turns in the other way. One keeps thinking I have done everything right and still the trade has gone wrong. No one takes this into consideration. So I suggest you to to trade on 1-2 hours candle the most and get out with a profit of not more than 10-20%.
Yeah…I only started getting good when I had the bright idea of earnestly hunting textbook setups, getting everything in place to pull the trigger…
…and then analysing and then often trading the exact opposite thesis, or at the very least, only getting interested in the trade after the point where price had stopped the text book trade out.
To be fair to my ‘educator’, the stuff he teaches does work well on higher timeframe charts, just not in the ultra nasty LTF forex charts…what actually works, is what the fewest people are actually doing…
…it has been a right old laugh watching all the EURUSD Long trade setups being posted on Trading View, as the Euro just continued to tank and tank…Never seen one single EURUSD short setup being posted all the way down.
One more thing I would like to add in here. I have done Black Belt in Six sigma, so very thoroughly know what statistics is. The indicators that all are using are lagging. It will never show the exact current situation going in the market. Everyday there is a news release and the whole chart is shaken. No one looks at that. Instead people are busy looking at the indicator which is giving 1-2 months old data which only will be a joke. Price action gives the accurate picture where the Dip/Spike is happening, which pair is into Up/Down trend, and the news keeps one updated of right now what is happening.
‘Trading on News’?
I don’t think many professionals trade on news…
…granted, if you are running an inverse risk reward strategy which you seem to be, then simply buying or selling on news, is bound to give you a small profit no matter what direction you bet, as when news come out, ‘they’ often push the market in the opposite direction in which ‘they’ intend on sending it…so if you are only looking for 10%-20% profit over your total risk, then it is hard to lose.
…thing with inverse risk reward strategies, is that it feels great being a consistent winner, until that one trade that just doesn’t work, wipes out all your previous gains…
…and you find yourself stood in front of the mirror, punching yourself in the face.