The suggestion that spot forex and futures is the same is very far fetched. But even more so the suggestion that spot forex can be traded in the same manner as ETF, options, stocks or futures is just unforgivable.
Settle down there cheif, i never said futures and spot are the same. I said that if i want to trade spot then i use futures. Thats not a difficult sentence to understand to your average person that isnt a troll.
Go take your faux outrage somewhere else. As I said to you before, if you are as good of a trader as you are at being a forum troll then you are probably very profitable. What is this, like your 10th account since your other 9 have been banned?
No one is trolling you. No one is attacking you. No one is creating multiple accounts. It’s all in your head. .
But what you are in effect telling us is that if we want success stop speculating on the spot market and trade futures, stocks, EFT or options. Thats not what this site is about nor this thread. Just because you didn’t enjoy success in this market doesn’t mean the rest of us cant either.
Leave the commentary on the spot market to those that speculate in it. Identifying potential trade set-ups is only part of the game. You need to talk position size. Entry points. Trade management. Exit in profit point. Exit with loss point. System research and development. Post trade analysis
All anyone has to do is read your forum history to see your sad 3 week existence here on babypips. Clints post sums you up pretty well Where do the trolls go
To be fair, @aRealityCheck, I don’t think that @krugman25 was saying that one cannot succeed in spot market (as in retail FX through a broker) . As I read it, he was being critical about the broker jungle itself:
I can think of nothing more destructive than working hard to build up a successful trading account only to find your broker then fails to pay out or disappears - but then I have always been amazed how and why people end up with some of these dubious companies in the first place. Why not at least always try to pick large, well-regulated and familiar names in the industry (Even that does not guarantee no problems but there is a better chance of avoiding such damage)… But broker issues don’t really belong on this thread, there are surely more than enough other threads here for that purpose!
The aim here is to try and identify and share some of the main techniques, principles and practices, etc that have helped those of us that have survived the early days and reached a stable state of consistent profitability…hints that may be of practical help to those in their early trading stages. I am sure many of these issues are relevant whatever market we are trading.
To be fair, @aRealityCheck, I don’t think that @krugman25 was saying that one cannot succeed in spot market (as in retail FX through a broker) . As I read it, he was being critical about the broker jungle itself:
Exactly right manxx, spot Forex is a fine market to trade in. Sure a future is different under-the-hood but to the part that matters to a trader, making money on price movement, I get the same 10$ per pip exposure I would get from a standard lot in spot FX. Since I trade multiple vehicles and markets it makes sense for me to have 1 broker where I can do it all rather than 2 or more.
I dont want to call out any brokers by name, but I will just say I had used a very large FX broker in the US that no longer does business here. Enough said there.
The aim here is to try and identify and share some of the main techniques, principles and practices, etc that have helped those of us that have survived the early days and reached a stable state of consistent profitability…hints that may be of practical help to those in their early trading stages. I am sure many of these issues are relevant whatever market we are trading.
I fully agree. I have the #7 most viewed thread on BP trading systems forum with close to 700,000 views, where I meticulously laid out how I trade the market. Nothing has changed in the 6 years since I made that thread, I still trade the exact same way and still am posting commentary on potential setups and teaching price action/pattern trading.
Unfortunetly if you use the word “price action” or share trade ideas outside of BP the pitchforks come out. It’s one of those things you cant win for losing, if you share very detailed trade setups then you get blamed for selling signals or pandering a system and if you post trade analysis but dont provide specific entry/exit details then you are being too vague and must not be a successful trader. Its almost laughable.
I figured out a long time ago that you cant please everyone. So just put it out there the way you see it and anyone that is interested will naturally join the conversation and add value.
Now, I can’t say I disagree with anything @aRealityCheck has said. Yet you all seem hell bent to discredit him/her all because a) he/she is new, and b) he/she questioned the motivation of one member. A member I would dearly love to question. But alias, I’m no angel. I’ve just served a 2 week suspension for having a bad attitude. So to express my views will surely see me banned. However it’s taken a suspension to see how badly you lot defend your turf and misplace your trust. My advice to old mate and any new member coming aboard - run, run for the hills.
Now, back on subject. What else do we do that sets us apart. We filter. Like the !@##$ in this thread we have to filter out the noise in the market. My main filter is just to trade no other instrument other than the EURUSD. We know this from my thread. And its a legitimate filter. Specializing in just one instrument is a valid and successful methodology. However promoting this style is not very popular with the educators. Nor would I advocate it for long term success. However, there are three threads here I would advocate
The common theme amongst all of them. A filter methodology to select a high probability instrument.
Just to follow through more, I made it no secret that I’ve always long to trade more instruments in my own thread. I first started experimenting with strength anaylsis here
I practice what I preach. I will do tomorrow, what I did today because it worked yesterday. I will work harder than the next guy. And I will think for myself.
Well that certainly was not my intention, but if you say so then ok I accept your criticism. Sorry to have interfered, I won’t do that again. Just a pity what a pathetic example to Newbies this thread of supposed successful traders is presenting!!!
I’ll happily leave you all to your in-fighting whilst, in the meantime, I just collected my 100 pips on EU today. So I really don’t care anymore about personality happenings and ego trips here, @_bob, I just trade…
Trading is a hard job which tests your emotions on several occasions. You have to take every profit and loss quite seriously in order to learn a good lesson from it. It is the trait of the successful traders! Am I right?
@Luke_Ronchi
Originally the thread was “How do the 5% of traders make money”, then it was changed to Retail Traders - I.e. not professional traders, banks, institutions etc
Well, it seems that even from retail forex traders, only about 30% can make money. I’m not sure whether there is any more recent hard data available but I’d estimate an even lower proportion for 2018.
I guess that is an undergraduates “disserttion” rather than a Doctoral thesis, because of the lack of clarity of thought involved ;
a) - they say 30% “make money” - they do not consider the cumulative effects of the 5% who “stay” v the 99% who disappear over multiple time periods
b) - they say “retail” are pretty good at “entries” - over 50% winners - but they take no account of the fact that if you trade 20 pip “take profits” against 500 pip “stops” - you WILL “win” more in any Random entry system !
c) - The bar charts of “winning bets” - exited early v “losing bets” held longer - bear out what I said in “b” above and do Not consider the effects of the distance of movement alluded to therein.
i) The random entry system will produce results similar to those “found” in the “exit winners early” -" let losers run" they hypothesise as the “reason” for their (Wrong) assessment that 70% are losing money.
ii) the bar chart of “profitable trades” v “losing trades” - considers the set of “Traders” as a whole. To be of any benefit for our purposes, it Must be split between the sub-sets - to compare and contrast the behaviour of “losers” v “winners”. Such a split would of neccessity be posstble to “Query” on the database used to prduce tthose figures - but was negligently ignored ! Such a split could have taught us something meaningful for the intentions of this thread. I don’t know whether you have access to the data or to those who did the “project”, but perhaps that could be rectified if you do ?
We are interested in what “the winners do” - rather than endless “blaming the victim” posts about "what the losers do " !
In conclusion then, we already know that “90% of retail lose 90% of their accounts in 90 days” - this thread is interested in what the 5% do differently as defined by @eddieb - that is what makes this thread a bit “special” and I would invite progression in that direction from the dissertation you posted.
However, as I said THANKS for posting it - we don’t see enough “statistical” stuff on this subject
We ahve at least one “ex- institution player” contributing to this thread in @anon46773462 and the impression I get is that “they” undergo significant psychological and psychometric tests as well as being excellent “brains” because of teh selection process. Even then, many of “them” “drop out” during the training process. A process we know nothing about, but which would involve the best “true” education in the realities of “how to do it” as examined and refined to a state of excellence by the “educators” in their own institutions.
Ergo - they are WAY better equipped than “US” before they ever start !
The basis of the conclusions here seems a little odd to me. They state that “The survey request was placed on two FX online forums, Forex Factory and MyFXbook” - which to me suggests all the respondents were currently trading?
And yet, it continues, “More than 50% of all traders answering the survey, stated they had been trading for more than four years” and that, “more than half of the traders had experienced faced margin calls that have led to account-closing losses.” - In other words, these are current traders who have previously blown accounts but then continued with a new account (at least once).
This therefore suggests to me that the respondent base here probably omits traders who lost and gave up totally, because they surely would not be following these forums any more to have noticed this survey? When one considers this, together with the tiny sample size here, then one could anticipate that the losing rate is actually much higher……….
But enough of that, as @Falstaff reminds us:[quote=“Falstaff, post:81, topic:149861”]
this thread is interested in what the 5% do differently as defined by @eddieb - that is what makes this thread a bit “special” and I would invite progression in that direction from the dissertation you posted.
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