What I've learnt after 4 years of Forex Trading

Great reply, Manxx…

I suppose we are a band of brothers and sisters here, but sometimes it does feel like ‘the blind leading the blind’, as RiskOn put it… So after all the wonderful thinking and communicating (and sharing) that we do on here, the question of ‘can one be profitable as a self-taught retail trader (of any instrument)?’ still remains one that, being so subjective in its answer to each of us differently, cannot be resolved by any other than ourselves individually. . . There is where it becomes difficult to have a ‘one size fits all’ methodology or system…

Yes, I agree, I doubt there can be any method or system that is right for everyone. Everyone is different, has different ambitions (e.g. trading for income or capital building), different psychological makeups, and different circumstances (e,g, capital, available time, existing financial commitments) and so.

So every trader needs to develop an approach that fits their circumstances and goals.

This particular thread is different in that it is questioning whether [I]any [/I]trader can make a sustainable profit [I][U]at all[/U][/I]. :slight_smile:

An interesting thought here is that if retail traders cannot make profits because of the nature of the market rather than their own lack of expertise, then why is it that all the banks dealing in foreign exchange do not go bankrupt as well?

But regarding the question of ‘can one be profitable as a self-taught retail trader (of any instrument)?’ I really am not in a position to comment on that, as you know, my own training was very different.

Having said that, after my years in int’l banking, when I started my own account trading for real, I still found it an incredibly demanding and frustrating experience to adjust to the world of personal retail trading on shorter terms.

But I am confident that an individual can learn and make it in this business. It just demands the normal extreme effort, commitment, and dedication - and more than a little business sense, too, that most complex fields require.

:slight_smile: My man…

I think you’ve summed it up there Pip Me.
And that is why threads such as these , thoughtful, insightful and entertaining (have my popcorn at the ready at all times) as they are, ultimately and inevitably are a continuous loop of personal opinion and experience providing no conclusive answer to anything on an individual level. One persons “fact” remains another persons “fiction”.
Yes people can succeed and sustain that success (in trading or any other field) but not everyone does.
We come up with all kinds of hare-brained ideas throughout our lives and many don’t pan out or are just completely unsuited to our personalities or patience levels.
I can do one or two things reasonably well but you could give me an eternity and I would still be lousy at the violin. :slight_smile:

Well said, brava!!

Mind you, if you had a good teacher (like me, huh huh)…you may win that violin battle :slight_smile:

I might just take you up on that…though it may take me a while to get to Scotland. I may be a little late.:slight_smile:

Well, there’s a point: I have been wondering if Skype lessons would work, and have been looking into this but hardly anyone seems that keen, even in this so-called ‘digital age’ of ours.

Anyway, the violin is immensely rewarding after all the awful squeaks and squawks :slight_smile:

Hi I’m a few minutes new here. My mom actually keeps telling me, " you should, you should". So here i am i actually have an associate’s degree in finance and learned some things about this but never actually used what i have learned. So im here checking things out and thanks for your honesty. I appreciate it.

I think this is a good perspective to look at on the Forex Market and this topic is as old as the New York Stock exchange itself. The Random Walk Theory. Is the market random or does it make since. It is good to see more people presenting there ideas and experience on this topic. I myself would now like to see some profitable traders presenting there ideas. I have yet to see any profitable traders showing there experience. But with that said, and by the way I am not profitable and haven’t done any trading, paper or otherwise in a while, I have drifted far and wide from Forex, but I am still there. So, obviously there are traders making a good profit, and there are mostly those who don’t. Since the Internet and online brokering many a wishful retiree and get rich fanatic has fallen prey to false hopes of a 300 dollar broker account and pretty green and red charts that sustain the eye and appeal to those lustful thoughts of grandeur and heavenly lotto greenbacks just waiting to fall from the sky. Pie in the Sky, a dirty lie my friends. Unfortunately!

XD

I’m here too. I think I’ve posted THE question quite simply. What’s your edge? After a year we can see this is what you’ll get in any FOREX related source: Excuses, abstract BS and silence.

Anyway, I’m still searching Motherf#@s. When I find mine be sure I will post it here (After I profit and retire myself) and make you all shout "I’m rich bbbbb#!@!#&ch!!!"

P.S. For the moment stick to shoulder head shoulder. Peace!

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Hope you got very good experience. Keep sharing your experience with other details. Looking forward to it.