Well it pretty much did blow up i just revived it by keep adding money then i took roughly a 4 month break and in that time i went over everything i did wrong and how i could correct that as well as learning from multiple sources.
Currently i could consider more of my self a high risk investor. Just this month alone with out it being over I had a 31.8 % return on my account. Not sure if that is considered one.but there are days for example i loose 15% of my account balance, but i have had an entire week with out a loss on a day in the account, It seems like its more strategy than anything else. I am more a a technical, short term, high risk, trader. I dont care about carry over trading, or news trading, im purely watch for times when potential breakout occur and ride them with sometime having close to 8 different charts open at once, which get confusing but i guess whatever work. I would say half of the losses are trades over weekend and when some even or news happens whether weekend or not. other half of the time i blame my self not doing enough technical research or misplacing buy or sell trades in that place.
If i could i would help teach people how to trade, but i have tried both at home and work, but most people donât get it or it seems that way.
Michael Marcus
Bruce Kovner
Paul Tudor Jones
Bill Lipschutz
to name a fewâŚ
There out there still running funds or are retired. As for new money currency traders FX concepts the majority of their income comes from trading currencies. The millionaires ride cyclical currency moves for months pyramiding into positions as the market moves their way or they come in with heavy volume and capture a big swing play that can last minutes.
The Retail side of the market for forex is a joke honestly I see all the time orders of retail clients and the majority of the executions that come through are from EAâs that they did not develop and lose money. Todayâs market has been saturated with morons who sell signals or scalping EAâs so the client can make $5.00 on a micro lot trading in and out multiple times per day only to have less than a 60% win rate and commissions applied. No other market in the world allows you to open and trade an account for only $25 and this game not only attracts the ill informed but I would say some of the laziest players who ***** about .02 commissions and want some one else to make them millions.
Read about the traders above interviews, fund Info, MW and gain some of their insights on currency trading from the 80âs to today, then go to a currency trading forum and click on a discussion where you will see guys touting making 3pips or as I like to call it less than minimum wage.
There are many traders who have made strong 7 figures in FOREX, âŚthey just arenât âcelebritiesâ like George SorosâŚthey are quiet, professional traders, who donât advertise their wealth. I know of 2, for sure.
there was a 20something kid in the daily mail the other week,
spent 125k on a bottle of champaign who is a fx traderâŚa week after the bit in the paper,
he was investigated by the FSA.
not saying he done anything wrong , just that they did.
Alex something go Google
He didnât do anything wrong, or cheat. He just didnât have the proper license to make the trades he was making. He was trading several accounts. Some were funded by others. Trading his own accounts, he was perfectly legal. He wasnât authorized to trade funds for outside investors.
and one would assume from the number of posts that some of these guys have made in this forum that they,ve been around for quite some time and are still hard at it.ie havent got fed up with it yet, so they must be making a bit of dosh,keep at it hopefully it will all come together in a year or so.
I and several others have paid good money to well know trading companyâs, out of the six people who have spent several thousand dollars each, none of us are making money break even at best but we can all explain to you Elliot waves, Murray Math, stochasticâs, Fib trading, support and resistance, long term medium trade trading and scalping we have tried them all out over last last three years with both live and Demo a/câs plus we have done a Van Tharpâs course.
My conclusion use money management methods with a demo similar to if you was using real money stick to one type of trading and see if it works for you if it does stick to it and good luck.
Donât use real money until you have proved with a Demo account that your method works !
money management is important but you must have a trading edge as well.
money management with no trading edge can only get you to a certain point; it wonât suffice.
I totally agree with you the illusive edge ? i think that is only known to the major players in the game who know when and where they intend driving the market ! to the rest us us it is a guessing game using Fibâs , Elliot Wave , and what ever and yes they also know these instruments as well so as an amateur how do you find an edge ? i hope you do and i honestly wish you luck for the past three years it has alluded me and five friends who have each been on separate trading courses with different training companyâs and by know you would have logically thought that we would be making it but at best we are just breaking even !
Perhaps we are not cut out for trading and should concentrate on our own fields electrical engineer , pharmacist,c++ programmer,property developer,police officer and Business manager as you can see we are from a wide range of occupations and most of us have pretty grades at school so one would have thought that if there is a edge by now one us us in the team would have found it or maybe like i said stick to what you know !
the answer varies widely from individual to individual.
some are meant to do well in several endeavors including trading, while some are meant to only do well in their former profession (engineer, pharmacist, doctor, etc)
Since trading is a business, we should not expect every one to do well after only three years of trading. Three to seven years seem to be the sweet spot/acid test - unfortunately most people quit before reaching this or during this period.
Thankâs i take on board your comments i will let you know in a few years time if i get there?
I am on a Demo a/c now and still treating it as if real money, i still have the same emotions when i loose trying to figure out what went wrong? and then on to the next trade with the same size position , i have had a good day today on the swissey so letâs hope that over time i will have more winners than looses or my win rate is higher so that i finally make the grade ?
As you said only time will tell?
Most people that make money in forex will continue to do so. This is similar to wall street traders who win in the stock market. The difference is trading with your money or other people money.
Sometimes what worries me is there seems to be some unknown force at work in the market driving prices up and down you can use all your indicaters P/R etc. and it will still go against you,even watching for fundamentals it still seems to go against you.
Hi, it is called the market it does what it does when it wantâs to it and has little respect for indicators ,ma or even fib levels it is all down to the price that the major players want to act on ?
It is as simple as that supply and demand !