Elliot wave is really old and so is Fibonacci, most of those methods are so complex that people do lose and become statistics… let me ask you something, if the banks make the forex markets, dont you think they know where you are going to trade and place stops if you use those techniques? just something to think about before you spend loads of time learning a ton of math
Like everything worthwhile in life, it’s possible but it’s not easy. Could you imagine someone reading a few books or taking a seminar and thinking they could defend a lawsuit or take out an appendix? It sounds laughable but that’s how people think. Learning to trade isn’t as hard as law school or medical school of course, but it’s more like it than not imo. It’s the people who have the get-rich-quick attitude that are bound to fail.
Exactly, it takes a disciplined rule set and making sure your greed doesnt get the best of you… I personally never rip both sides of the market or trade fades… that really really helps
But your blue magic works? How much does it cost?
i am sorry but i cannot talk about my system here or i will get kicked… my statements have nothing to do with my system, elliot wave and fib are old, everyone on the bank side looks for it for easy money from newbies and the brokers still push it b/c it is so hard to learn that once their students and clients figure it out they are already sold hook line and sinker… hey just my opinion but thats what forums are for right? and i am sure i am not the only one here still drinking that koolaid about you can actually predict the future and you should put your money behind it… but if your sincerely curious about my system, just google it and you will find how to contact me, i do not want to break forum rules 
How many of the 10 percent that actually win in the markets, like enough to make a living, use a predictive model?
That is a good thing to think about! Try to outwit the banks by not using technical tools! Only thing is, why is this being taught on Babypips if it isn’t worth learning!
Thats the reality of the retail forex industry I’m afraid. Think about who wants you to have that information, and why !
This is the same reason you dont give directions to your gold mine,
WE NEED THE FISH,
We ALL are losing from the time we place the trade, its the better traders that have the intuition to climb out of the hole.
What it boils down too, is [B]adapting [/B]to the CURRENT price action, and knowing the differance between Range, and trend, then making the most of your time, with proper ENTRY.
A big mistake, IS letting the downdraw mutate into a run-a-way train…
I will admit, for my first year of trading, I truely believed, I was always stop hunted… But if you really, truelly entered at the proper time, Even a 7 pips SL shouldnt be triggered… ANd this is what made me a much better trader, by seting my SL VERY low. In the end, it helped me pin-point my Entry very percisely…
If your not in profit in the span of 2 bars, just get out, and wait for your next signal… I have became very good at taking loses, but they are sooooo small, and it greatly reduces the risk of that Train getting away from you…
95% of traders dont wait for their EVOLVEMENT… You BECOME a great trader, very rearly are you born to read charts, ;/
********** Take all with grain of salt, as my production does not signify your ability to duplicate***********
From various sources I’ve read, the % of losers is more like 66%. It’s nothing like 90%.
I’ve been watching documentaries and reading books about traders and investment bankers. They are not exceptionally bright, even the successful ones. If you’re reasonably smart and disciplined, the odds of becoming a successful trader would be closer to 50%, IMO, perhaps even 90% if given enough time and without blowing accounts.
The latest statistics published by brokerages showing approximately 25% winners over a 3 month period are highly misleading, and actually less than you might expect by random chance.
Look at statistics from CTA’s with publically audited track records and tell me how many of those people suceed over the long term. The answer is almost zero. Those people are generally better capitalised, better organised, more disiplined, and more importantly they are aiming for much lower returns than the average retail trader. In most cases those CTA’s managed to put together a reasonable enough track record to attract enough capital under management, to allow them to trade as a full time occupation. Despite that, they almost inevitably fail.
Those figures shouldnt really be a deterant or discourage anyone. There are firms who lost 15% last year, but still made 8 figure incomes in management fees, and there are traders who failed and quit with 200M after making 5 times that amount. The same argument can be applied to most companies, most fail, but whilst they are in existance they provide employment, and often generate wealth for their owners.
It puzzles me that people are attracted to trading for the money, there are far eaier ways of getting rich
Haha, after 5 years I’d have to agree. You really have to like doing it. And with the FX market, you really have to be willing to be up when the major market openings are occurring. I think most failing traders try to make the market work on their watch, and it just doesn’t work that way. If they could only see the dedication in their opponents, they would probably think twice about entering haphazardly.
You say that is misleading, but I really don’t see why people will profit on 3 months and then not, unless greed of fear takes them, the market conditions doesn’t change that much, these days there is quite some volatility, but in a few months it will be less, what your statistics don’t show is that good traders don’t stick to forex to move to futures or stocks where is easier to get an edge.
Well, it’s starting to look like Forex is a joke. Who owns this website anyway. A broker! Or a big bank! It ti’s true that many traders who work for the big banks have millions of dollars at there disposal to make money or lose money in the Forex market. They have plenty of Capitol, and will usually lose millions, but usually gain millions in the process. So that leaves us, the little guys to wonder how we can make a ton of moo-la in this game. Well, I don’t know the answer, not now. After reading these posts. So I hear about all these people making a living in Forex or getting rich, are they paid by the big banks to, to lure in suckers to this thing called Day Trading! Or currency trading! And why are these so called Traders selling systems and courses to potential suckers? Just to get into there wallets because they can’t seem to make it in the Forex market themselves!
Look what does it really matter about the percentage of traders who make it in this game. Are you traders or a trader. As a trader you hhave a 50% chance to make it. You either do or you dont. There is no grey area and it all up to you not the 95% of loosers or even the 5% of winners. They have nothing to do with you except for one thing. They all want your money and it does not matter how sucessfull they are they will get it if you are not careful. Risk management is the holy grail you either get it or you go back to where you came from with a spanking. I would like for everyone to be successful not because I hope the best for you but because the more money you make the more money I can take from you. With that said Good Luck
its about making the most of each trade…
Stop this 2% BS, it will take you longer then it should, if your right of course.
If the trade is crap, you shouldnt be holding it…
Why does it take 2000 trades to find something dont work, or a downdraw of 15-20 pips, when its telling you, YOUR WRONG?
Compound, compound, compound, THATS how you make the money…
By my account, I spew only facts,
If your confident, make your move, IN A BIG WAY, collect, and get out,
huh,
If its a joke then why have you spent the last year on babypips if your not laughing. Dont sound like a joke to me. Who do you think took your money or have you been to scared to find out. If you have been to scared to find out then it dont sound like forex is a joke but how you are going about it now thats funny. However what you said does have alot of truth behind it. But dont toss babypips under the bus because you cant trade. Its not our fault but yours.
First off, if you have not found a system that works for you so you can win at these markets then that is on you, not us. Second off, guys like myself who do have successful systems and do make money in these markets still realize that it is faster to make money off of a great product than trading. Sorry if not every trader can make a great product and actually has to trade but people who have winning systems and software didnt just get there without trading, they made that system while being successful at trading.
Do some reseach on survivorship bias, and you’ll see why. I’m not sure that its easier to gain an edge on other markets, but its worth pointing out that many of those CTA’s who generated good track records, and then subsequently failed where trading instruments other than forex.
I was reading something recently about a class action lawsuite by around 500 traders against a broker. As part of the brokers defense, they argued that the losses incured by the 500 or so litigants where no greater than the losses experienced by other customers who where day trading, and they provided account details of tens of thousands of client, over a 12 month period to prove that point. IIRC 93% had lost money.
There’s no shortage of evidence if you want to look for it.
I’d be surprised if the real statistics weren’t more like 99.7% of new traders never make it.
There will be some exceptions, but typically to become a successful FX day trader you need to have enough money to support yourself for the 1-3 years it may take before you become profitable.
Also a pile of cash to fund your trading account. And willing to lead a weird isolated life, especially if you’re in the US waking in the middle of the night and going to sleep in the middle of the afternoon, very strange. LOL!
Say good bye to your family, friends, and hobbies for a year or two. And realize the first 5K or 10K account you blow is nothing compared to the thousands & thousands & thousands of dollars you’ll piss away supporting yourself for the first few years.
Trying to do it along with a full-time job is a lot more difficult than 99.7% new traders realize but MUCH more practical and realistic.
Odd thing about this FX gig, the more you learn the more you realize you have even more to learn and you’re not even close to the end. I suspect that’s why most new traders decide to quit and move on.