On this web page you tote that learning all this material will give you an advantage, and you say learn it all. then other members say it’s a waste of time. Wish someone would make up there mind. I have been here quite a while this is true. I haven’t gotten into trading yet, because I feel I need to learn more. I think the Elliot Wave theory is a good one and the Fib to, but I don’t say it’s the only way. I do feel that the Elliot Wave theory helps you to read the charts better. I think the indicators help a newbie at least understand it better. If nothing else these tools probably at least help you look at the charts with a better understanding. Of course you can look at the charts themselves, like candlesticks and determine a lot by the highs and lows themselves. I wouldn’t think just guessing would be a good idea. I am sure with some practice I will be able to trade with the best over time.
Do you have links that I can look at?
I talked to FXCM and one of there brokers told me that the amount of capitol determines your success. I don’t remember the total amount, but they said that around 13 to 30 percent succeed (not exact) with at least 5000 dollars in there account. As the amount went up the chances got better, as the amount went down the chances got less. Much less! There is one thing I have determined so far, and it is not rocket science. The indicators tell of past price action, compared to future price action. If you look at most indicators, 20 MA, 5 MA and so on, the channels coincide very much with the trend. And isn’t that what most indicators are for, to compare past price action with future price action. So learning some of these indicators and tools, such as Fib, I can see where it will give the advantage. Now since everyone is trying to take money from everyone else, a zero sum game, then that is something that will take close scrutiny! For every winner, you have a loser, so that is the game.
Wow…such non belief in Forex being profitable… by talking like that your demotivating yourself and every one else… let me point something out. Who cares if 90% fail in Forex?
Its the same for any business.
Do you decide to create an online business and get a million views to your site in 1 day? no
Then comes the self doubt and for many they quit. They cant get the traffic to their site!
Only the ones who are dedicated succeed. They get off their ass and find out HOW to get traffic to their website and after some time and effort they become successful.
See the similarity?
IMO its the traders who are attracted to stupid tools such as MA’s MACD RSI Stoch and most importantly " those you listen to news" that are the same as people who cant get traffic to their website and quit.
Stop thinking easy trades will be shoved in your face. Stop thinking people will just find your website without you making the effort to be seen.
Stop being a part of the herd trading off these stupid signals that 90% of people use and fail.How can you expect to stand out of the crowed and make profit where the others dont when you use the same methods as the herd?
I jumped from system to system and believe you me… the only way to trade IMO is Volume Spread Analysis. Why? you step away from the herd and get on the side of smart money. You don’t trade against smart money. How stupid most people are. Don’t you know that if smart money wants to buy low sell high, they need mugs like us to buy so they can sell at higher prices? Weakness appears on high spread high volume up bars but most people buy on strong upbars because their MACD tells them to…!!! fail
VSA also helps you understand market phases and what is actually going on on the chart, instead of thinking you can make money from using indicators from candlestick that you don’t even understand.
Bottom line. You need to use the right systems and put in the right effort in the right places. If you do that then the % of losing traders becomes irrelevant… just like someones failed online business if irrelevant to someone who has a successful online business with 1 million views a week…
Forex is no different. Making money anywhere is not easy. Just do the right thing and put in the effort and you also wont care how many people fail…
[B]for anyone who is stuck in no mans land, take my advice and read as much as possible on the following thread
http://forums.babypips.com/newbie-island/41475-supply-demand-vsa-wyckoff-petefader.html
Search PETEFADER on youtube and watch his videos over and over… learn what the charts are telling you. its the only way[/B]
In the end I have to agree that forex is one of the hardest way of getting rich, with the money which you invest and with the money and which you loose(everyone loses at start) and which you have blocked in your account , with the time which you spet on it you could build a small business depending where you live.
I also believe that 2%-3% monthly gains at the end of the year calculated are possible with a decent system but who can survive with 2% of 5000$ so they risk to much, get a bad day and enter in a loosing spiral, that why it was form me when I lost 2500$ in a day.
In the end it comes to your capital, risk management, a good system and discipline to not break the rules.
When I am reincarnated :18: I will start by trading options on Futures and then a combination of option, outright, and legging into spreads; I will have no memory of the ForWhatx market :5:
I checked out your first video. Actually I had asked the same question myself, what does all this volume mean, and Babypips does talk about volume in it’s courses, maybe not to this degree. Looks interesting. Volume and smart money! Thanks!
Sorry I don’t agree! It really isn’t that hard, the hard bit is sorting out the wheat from the chaff, gees I think I’ve tried everything, but from dozens of proposed systems, ideas, garbage, cons etc etc, there are only 3 or 4, say 6 at the very most approaches that you can take that will let you profit from Forex, and the fact that there are some Trolls and some people that clearly just want to market garbage on this site at the moment does not help the unprofitable trader, but we’ve seen this on this forum from time to time, they soon disappear, for some reason there is an unidentifiable genuine ethos on this forum that prevails over all this garbage.
Just remember the cream always rises to the top, and puts the answer right under your noses, what do I mean by this?
Like my little paragraph that i put on for all serious newbies, there are some great traders on this forum, I’m not too bad myself, I must blow my own trumpet, but there are a few that probably far exceed what I may ever be capable of, but I tell you I’m capable of earning a heck of a lot more than all of the Managing Directors I’ve worked under put together in their lifetimes, and that’s plenty good for me.
The answer like the cream is right under your nose, it’s the most popular and most enduring threads on here that are the cream, the gift horses are here, don’t stare them in the mouth!!!
Well, I agree with the statement that those who are making it in Forex aren’t gonna worry about those who aren’t. So that tells me that someone is making money. And if others are making money why can’t you or me, or someone on the street. Money can be made otherwise no one would do it, or at least try it. I am sure with some education and practice a person can make it.
I see you have no success in forex because your looking at it totally wrong. Firstly you say forex is one of the hardest ways of getting “rich”. So you dont’ mean earning money…an income but getting rich…This isn’t a get rich quick scheme. You need to wake up if you will ever make progress in FX.
Secondly why would all newbies lose money? I havnt lost any and i’m a newbie.I wont be risking any real money until I make consistant gains on a demo account.You blew $2500 in a day? real money? seriously wake up.
Thirdly, if your expectation is to get only 2% -3% monthly then you should quit now.That is a very low return on investment. You clearly trade to much and dont chose high probability trades. A good trader may make 10-20% ROI each month.
Pingback,
Instead of asking about Elliot, Fibonacci & company, ask yourself the following three questions.
1# How many hours per week will I commit?
2# How many years will I devote?
3# How much money do I have to trade?
If less than, 12 hours, 1-3 years, a whole lot, you might be better trying something else. 
Absolutely, you can make it, and boy do we care about others making it, what better gift would you want to give to someone that wants to take it rather than give them 100% financial security fort he rest of their lives.
There are philanthropists about, take Bill Gates for instance, Ok, Ok, you can rant and rave about Microsoft, but right or wrong, and he may well have gone about it the wrong way and I’m sure there will be cynics, but on the face of it, he’s giving most of his fortune away, Ok yes, he’s got more than enough after that for him and his family, but it appears that his sharing the rest, as a Forex trader we can do the same, but it’s the transfer of a skill that will help the recipient, as opposed to the direct donation of cash.
Give the man a fish and all that!
There are so many thins wrong with what you have said here…
You believe RR and Money management are key? then you go on to talk about being a retard for risking less than 5% on a trade if your a “good” trader. ok…
You say many indicators work well because many millions of traders use them. So lets get this straight.Around 90% fail at FX and you want to use the same indicators they use. My friend, 2 negatives don’t make a positive.
Dont be a part of the herd. Join the Smart money.You didn’'t once mention volume. Good luck…
I made my own strat, here are the results in testing,
21 months, with a starting balance of $500
Im currently running this strat, and its actually better then 91% at this time, after 1 week, and working perfectly.
http://i1108.photobucket.com/albums/h405/FXPips/Millions1.jpg
Volume can somewhat be overrated, because a Nice, profitable move is indicated with Volume, AFTER THE FACT, The key is to be ready, BEFORE volume spikes, with a inclination of general direction.
[video=youtube_share;goABzyuEfYI]http://youtu.be/goABzyuEfYI[/video]
I haven’t looked at Forex enough to decide on anything. I learn more and more as I go. There is something about me that probably most of you don’t know, and I always find my answers, always. For better or worse right or wrong, I will find the answer. If trading should not be for me I’ll find that to. All I can say is so far I like it, but only time will tell. I think this has been a great thread. You all have come out with some interesting things. I think all newbies should read this thread! [B]“May the Power be with You, or Me.”[/B]
Well you would never want EVERYONE to lose, if literally EVERY single person lost except you (which is extremely unlikely anyway) then the whole market would basically collapse. But you’re right, we do NEED unprofitable traders, or else the market would also collapse.
And the whole exact 90% number doesn’t really mean that exactly 90% fail, it’s the concept that matters, being that it isn’t an easy thing to succeed in forex.
Until you get off the tricycle, and on a real bike, your really should be careful of brash words.
I turned 3 separate demo accounts into million dollar demos over a 2 year span. (and never got a demo private plane ride, or a single demo chick for it)
That was AFTER I got my ass handed to me trading a live account right off the bat.
You know what?
I STILL lost money at first when I went back to a live account.
So take your bravado, and YOU sack up. Open a live account. Let’s see you put YOUR money where YOUR mouth is.
Can it be done? Yes. Can YOU do it? Who knows? Not even you right now. With all the talk, I’m wondering.
And BTW risking 5% a trade isn’t smart… Period.
Good for your “friend” for making it work, but logic, and odds tell me that will jump up and bite his ass one day.
I only hope you’re there to see it.
So you guys are saying this forum and website is designed to make losers. Because according to you guys, you couldn’t put winning strategies online free available to everyone because obviously there’d be not enough losers then.
I joined this forum to meet new successful traders and hopefully learn something worth while to my trading tool kit.
So far all I’ve heard is a bunch of bitter old ladies who are negative about anyone not losing in FOREX because you’ve all been burned.
So I have to ask, DOES ANYONE ON THIS SITE, INCLUDING THE PEOPLE WHO MADE IT MAKE CONSISTENTLY GOOD RETURNS IN FOREX? AT LEAST 60% /YEAR?
If you can’t even make 60% a year, then improve or get out of the game.
Which traders here make the best returns and are they posting their methods so others can test them?
Thanks.
Nobody said that. And you could put a golden goose in a person’s barn. Some will STILL find a way to break the golden eggs.
Yes.
You’re not really even [B]IN[/B] the game. Don’t be telling anyone else to get out.
None will tell you. Why should they?
Not entirely sure you’re welcome with your present attitude.
But trading is humbling eventually;)