lol you’re forgiven lol, guess we thought you were another one of the get rich quick or die trying wannabes. We get that all the time.
I do disagree with you slightly i personally believe i will have the patientce to do it however a few people surrounding me might not have…
Well if you have your head firmly on your shoulders (in touch with reality) I’m sure you have some chance of success
My point is this i do know the person i am talking about so he said i just extensivly research the fundementals of that day get in and take the profit or the loss… i monitored his progress aswell from october 2008- january 2009 he was able to increase the account to about 50K he told me it was intense, but then from January 2009 march 2009 he increased it to 350 K.
As I said earlier this is possible I’ve personally seen $100 to a little under $500k in four months. I need hardly mention how the story ends.
A few years ago such stories use to excite my interest that was when I was totally ignorant but now after a wee bit of education they don’t even stir my curiosity.
So he was being consistant and he did tell me the losses he was acumelating towards the end and he actually has now stopped trading at this moment in time due to the market conditions.
Its too early to say he’s consistent. Was he employing a technique called averaging down? This technique if used will work for some time and you make impressive gains with little draw down (not unrealized draw down). You can make almost exponential gains as long as your luck lasts but you eventual ruin is guaranteed. Its set in stone.
This argument is a no brainer at the end becuase success realy lies in being consistant cutting short losses and doubeling profits, but how can you do this only by fundemental analysis…and when do you know the market is not stable enough to invest in, if your only using fundementals…
I don’t know, I’m not a fundamental trader beyond the basic announcements like the interest rates, unemployment claims. The best fundamentalists in the world haven’t fared to well of late. Peter Schiff was able to tell the coming recession but he went totally wrong on his dollar predictions. He lost a lot of money for his clients. Heavily in fact.
Jim rogers is one of the best FA traders in the world. He made 4000% percent over a 10 year period and in the same time the S&P returned 47%.
But even he made mistakes at on point he was absolutely convinced gold was too high so he sold at 600 something. But Horrors!! it started to go up so he began averaging up he could do it because he never traded on margin and so could hold for a long as he wanted to and he was absolutely convinced it was overbought and would eventually drop. It went up to 800 something and he averaged all the way up and made a pile when it dropped.
Averaging down/up will definitely give u spectacular returns for a while.
Lately he predicted oil to reach $200 when it was at around $150 and where did it go? The other way round all the way down to $30. Imagine that for a man in his 70’s with decades of experience.
Maybe you guys can send me some good websites for forex??
And how can you find out where smart money is leaning to?
Smart money … hmm … the COT report can tell u where the smart money’s at, its very effective in futures but I’ve never used it in fx but some ppl do and claim it works. You can check it out. Head over to shatterfield and do the free video tutorial and then check out the free charts and timingcharts. There 's a lot of information on the COT on the internet.
PS>Please excuse my english its not my native language