Sounds interesting. When we sign up how does it work??? Do we have to mention where we got the information from or where we heard about them from or do we just sign up on their site or what if we’re interested???
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Let passion remain. Keep on learning. Trading is more of psychology and money/risk management. You can be an expert in TA (technical analysis) but you are not controlling your emotions and you don’t have good risk management, you will end up losing. I am on the same situation, I have a winning strategy but when greed/fear gets in, I let even one loser run, it then screws up my ave win > ave loss ratio. It takes time to become consistently profitable in trading, many takes years. As long as you are not losing money you cannot afford to lose then keep at it. I am on this for the long haul and I am not giving up because I love trading.
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Dude. Not even the brokers troll around here like they used to!!! LOL!!! Now if that’s not proof enough then I don’t know what is.
And it’s not just this thread. As but just one example: last night I just happened to be watching while a MEMBER methodically worked their way through thread after thread posting the most inane one-liner drivel responses to each thread that captured their fancy. And it’s obviously their Saturday job because it’s a Weekly thing with this particular MEMBER I’ve noticed. Jeepers. At least when we did it back in the day (
) it was done with SOME style and forethought and planning and finesse!!! LOL!!! Now it’s just an insult to everyone’s intelligence (I use the collective “everyone” very loosely here though to be sure).
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trolloc63, I feel your pain! I started in FX over 3 1/2 years ago, full time, average ten hours per day, average 7 days per week. I have been a successful entrepreneur for over forty years with businesses ranging from wholesale merchandise for retail stores, stock day trader and a large real estate investment business (renovating, flipping houses). I am now becoming consistently profitable in FX (for now). I would like to share a few hard truths I have come to surmise about FX.
- It is the most difficult financial trading business known to man
- Back testing, demo trading and optimization rarely produce good sustained live results. Nothing is as it appears (Repainting, chaos, broker manipulation, etc). What worked today probably will not work tomorrow.
- Expert Advisors are for dreamers. I’ve had hundreds of market and forum EAs that were nearly perfect in back testing and demo trading, but did not succeed long term in live trading. The pundits will say, “Well, you have to adapt to market conditions” OK - but market conditions can change in a heartbeat. The caveat is how much pain you can stand. Some EAs will produce profitable results, but the drawdown is horrific. So, are you willing to risk half the value of your house in drawdown hoping price will return to make a profit?
- I have read in many forums, the average time for a trader to become profitable in FX is > three years. I think the reason for this is, the accumulation of knowledge and experience. The bone crushing agony of losses that tempers your state of mind.
- I believe you have to persevere. Trade in micro lots. Set up a living arrangement so you can survive while “paying your dues” in FX. I have never seen any business that has the profit potential of FX without investing a million dollars.
- As an aircraft pilot, you have to know a thousand things all at once. I believe this is a truism that can apply to FX trading
- As your wealth of knowledge and experience grows, you get more ideas on how to trade profitably. You will fail hundreds of time. Eventually, you start having successful runs, get wiped out and run again, until the successes become more sustained. I saw a great piece of advice the other day in a forum, “Trade, make Profit, WITHDRAW, WITHDRAW, WITHDRAW”. I like that advice for a couple reasons. As a US citizen, I am one of the most restricted traders in the world. Over 95% of the world’s banks and FX brokers will not deal with me. So, the few offshore brokers who will deal with me tend to be crooks. So, getting an account balance to a level that will sustain lot size and drawdown and then withdrawing the rest in weekly or bi-weekly payments makes sense to me. Second, STUFF HAPPENS. Risk only the amount of cash you can afford to lose.
- You have to enjoy the process. History will probably declare Tom Brady with the New England Patriots, National Football League (U.S) as the greatest quarterback ever. One of his secrets is, you have to enjoy the grueling practices, meetings, weight training etc. to be successful long term in the NFL. I think the same is true of FX. You have to enjoy, at some level, the grueling few years it takes to make it in this league.
In closing, the only strategy I’ve had sustained success with is the H4 TF, manual trading, use a good trend indicator, (I use the Hull MA) for the primary trigger and rely on currency strength, MTF trends and the current trading volume % Bulls v. Bears as condition filters for entries/exits. You have to check your charts every four hours (I skip the H4 bar in the middle of my night). I now avoid those catastrophic losses I use to wake up to with Expert Advisors. I am not a big fan of tight SL or TS. I do use a 20% Equity Stop. If you have to use SL, make sure they are virtual and invisible to the broker. I watched hundreds of dollars on a silver trade being stolen from me by a broker who manipulated price to take out my stop, over 60 pips away from the true price.
I hope this helps. Don’t give up. Keep pushing, if you can. If you can crack the code, the Promised Land is yours.
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You have highlighted some excellent points - good post
As you say, takes time - trading is a journey not a destination
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Im a newbie, but I read an article written by a professional trader. The time frame in the article was based on about 7 years of his trading. He said only 3.5% of men are successful and 40% of women are successful. He said that if one traded for a year the success rate goes up by 20%. Now that doesn’t tell me it’s impossible, but it does tell me how hard it is. So keep moving forward. Personally I think trading the monthly and weekly chart is the best way to not take unnecessary loss which seems to be a problem for me. Ive lost about $1200 myself. But I’m moving forward to be in the top 97%.
How will he go about that. There so many people here
Yes, I’ve read the success rate is much higher for women than for men. And I can believe it. On the other hand, I think these figures come from the corporate trading floors and I don’t believe experiences there are directly transferrable to what we’re doing as private retail traders without important allowances. Or maybe at all.
That’s right about it! Not much to say further!! Try No Nonsense Forex!!!
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I just started thinking about that… 
. That’s really funny!
This is true. I would also say that just because you know it doesn’t mean that you will use it. You really have to own the information and make it become second nature.
Good luck!
KC
I have opened your thread and the first thing which really took my attention was that you have spent two thousands of american dollars on some education material here anyway. You better invest that in live trading and take some more tests in that.
I seen that this nononsenseforex dude recommended the babypips forex course…I had a look but had to turn it off after it scored me incorrectly for me stating that “trendlines have to roughly fit price support/resistance”
Apparently the correct answer is that trendlines have to exactly fit price action otherwise they aint valid trendlines…
…oh fkn realllly!?
I binned it at that point, but I guess if I stuck with it it would be telling me to buy on the breach of a resistance trendline and sell on the breach of a support…
…if that is the standard of the edu-ma-cation that the standard retail forex trader is being subject to, no wonder they are getting their fkn asses handed to them.
Trained to fail.
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Time for an exposé???
Read Mark Douglas - Trading in the zone
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GREAT POST!!! . I trade for aliving. help folks learn this. run a trading room and have folks been with me for years, being part of a group that is learning this stuff is where you want to hang out but it has to be real. real traders doing this with proper track records. I keep saying it over and over and most dont do it, but keeping records of what you are doing is crucial. if you can measure what you are doing, then you can improve on it. This is key. All the crap with online vendors about 200% per month ROI does so much damage to the budding trader. Once you get past the stage of looking for the secret plan , and realise there is none. and that the real golden activity is proper record keeping and mastering a few tools then you are good to go. just repeat - record - adjust and keep doing it.
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Are you seriously asking me this question???
a couple of weeks ago i had someone tell me that he had six weeks off this summer - he is a teacher. and could i teach him how to trade so he could make some money in his time off. clearly he doesnt know about trading.
It takes the average person 3 years to be consistently profitable as a trader, and that is with proper tuition and guidance.
During that three year period. you need to go through many emotions and acquire certain skillsets which have not parallel in the business or ‘job’ world. this is why not many make it.
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john - Why not ask your friend to post here at BP? He may learn something he can use. It can cost him nothing. There are many ways to trade.
One thing is for sure you are having an information overload.
just go this FB page and contact the admin to help you through and it wont cost much.
And therein lies a MAJOR problem if not THE problem in the OP’s case.