Hey everyone, I have been trading 15 years full time now and have learnt a thing or two in my time. I have been trading Forex full time for the past 8 years now and there is no other market that I would rather be involved with. Quite simply Forex is the only market where I feel I can safely let my profits truly run for up to 5.5 days per week 24 hours per day. All other markets are shut down a good 17 hours or so of every single day. So around 4/5 of the year the markets are offline when anything can happen with your money. That is a HUGE conflict of interest in my eyes. Why would you want to take on that risk when you don’t have to? People say 95% of traders fail over time but I feel it is more like 99% of traders if not more. Mainly this is due to having expectations set too high and almost always emotions catch up with people no matter how disciplined they believe they have become. It is frustrating to watch your system lose for an extended period of time no matter who you are as you have put your life in to this project we call Forex where countless hours have been spent tweaking your system to get it as perfect as possible. It is a sad fact that the more time goes on the less chance of your system having success as the markets are always changing. Systems that worked last year may not work this year and likely will not work at all in 5 years from now let alone 10 years. The true rarity in this market is to find systems that actually survive the test of time and maintain consistency for 5+ years. I can count on one hand the number of systems that lasted over 10 years. These facts are enough to cause major frustrations. Then you get traders who become frustrated and decide to sell their systems for profit to the gullible public. These are the systems that end up filling up your inbox and seem to re-produce themselves every week or so. Everyone has their “holy grail” system and will try to sucker you in to purchasing it. It is next to impossible for anyone new to this market to avoid all this “noise” and stick with long term proven systems. Another thing I have learnt is to keep a strong focus on money management, this is likely to be the single biggest factor in helping you to achieve success as it helps to rule out emotions. The idea with Forex is not to risk 100 pips to make 5 or 10 but it is to risk 50 to make 200 where you need only win 2+ our of 10 times to still be successful. It is about finding these opportunities and capitalizing on them, and keeping proper risk management in play to provide long term success and being able to ride out all the storms, some of which seem to last forever. In my time I have found a small handful of traders/systems that actually work and are going to continue working for the next 10+ years as well as my own. It has taken me 15 years to seek these systems out and put them to good use on my funds. I can finally comfortably say that I earn a reliable and consistent return every single month. It is definitely not an easy road to travel down but I am glad I am here now.
So anyways, I look forward to helping out where I can.
If anyone has questions where I can help, just post or PM me, either way I am here to help everyone grow their accounts and have some success with Forex!
Cheers!
[QUOTE=“Matrix Fx;529674”]Hey everyone, I have been trading 15 years full time now and have learnt a thing or two in my time. I have been trading Forex full time for the past 8 years now and there is no other market that I would rather be involved with. Quite simply Forex is the only market where I feel I can safely let my profits truly run for up to 5.5 days per week 24 hours per day. All other markets are shut down a good 17 hours or so of every single day. So around 4/5 of the year the markets are offline when anything can happen with your money. That is a HUGE conflict of interest in my eyes. Why would you want to take on that risk when you don’t have to? People say 95% of traders fail over time but I feel it is more like 99% of traders if not more. Mainly this is due to having expectations set too high and almost always emotions catch up with people no matter how disciplined they believe they have become. It is frustrating to watch your system lose for an extended period of time no matter who you are as you have put your life in to this project we call Forex where countless hours have been spent tweaking your system to get it as perfect as possible. It is a sad fact that the more time goes on the less chance of your system having success as the markets are always changing. Systems that worked last year may not work this year and likely will not work at all in 5 years from now let alone 10 years. The true rarity in this market is to find systems that actually survive the test of time and maintain consistency for 5+ years. I can count on one hand the number of systems that lasted over 10 years. These facts are enough to cause major frustrations. Then you get traders who become frustrated and decide to sell their systems for profit to the gullible public. These are the systems that end up filling up your inbox and seem to re-produce themselves every week or so. Everyone has their “holy grail” system and will try to sucker you in to purchasing it. It is next to impossible for anyone new to this market to avoid all this “noise” and stick with long term proven systems. Another thing I have learnt is to keep a strong focus on money management, this is likely to be the single biggest factor in helping you to achieve success as it helps to rule out emotions. The idea with Forex is not to risk 100 pips to make 5 or 10 but it is to risk 50 to make 200 where you need only win 2+ our of 10 times to still be successful. It is about finding these opportunities and capitalizing on them, and keeping proper risk management in play to provide long term success and being able to ride out all the storms, some of which seem to last forever. In my time I have found a small handful of traders/systems that actually work and are going to continue working for the next 10+ years as well as my own. It has taken me 15 years to seek these systems out and put them to good use on my funds. I can finally comfortably say that I earn a reliable and consistent return every single month. It is definitely not an easy road to travel down but I am glad I am here now.
So anyways, I look forward to helping out where I can.
If anyone has questions where I can help, just post or PM me, either way I am here to help everyone grow their accounts and have some success with Forex!
Cheers![/QUOTE]
How do you expect the FOMC meeting next week to affect the markets and how are you planning on capitalizing on it… ?
Thanks for sharing. You just hit all the most common problems for new forex traders. What do you think is a habit or trait that new traders should prioritize?