Personally, if you do, why do you share your knowledge?
What do you exactly do to be profitable?
The reason I�m asking those questions is because I realise that, like in all the other forum about forex, there�s a lot of people full you sh** giving advise when they just don�t know what they are talking about.
They give OPINIONS and they write it like it�s a FACT.
Those forum about forex are not there for chat. They are there for noob, like me, and so many other to LEARN.
You�re not suppose to have fun in here, you�re suppose to learn how to reach your goal and we all have the same goal: MAKE MONEY.
There�s 5% of people profitable in the currency market? Alright, who are you? Who is truly profitable in this forum?
Someone, somewhere do make money and truly want to share. I�m looking for him or her.
You won’t get a straight answer with questions like that. I very well could say I’m profitable but where does that take me? I very well could just be saying that to say that.
As you develop your own knowledge, you’ll know what’s bullsh*t or not. If you ask me, as a noob, you have to take those initial lumps to actually learn how to trade by learning how not to trade.
Know this… forex is not easy. It’s not simple. Because you have to learn. Education is the hardest thing for someone to adopt, especially when they are an adult. Once you obtain enough knowledge and experience, it only feels easier and simpler because you know what you’re doing.
With all that said, I engage in forums and share my knowledge simply because trading is boring and lonely. I enjoy the interaction of others and I feel that its only right that I share what I know with others.
Sadly, most won’t listen. Because how I trade requires thought. And most, like yourself currently, are looking for a system and/or EA that’s going to do all the work for you.
Frankly, that just doesn’t work. You have to trade yourself. You have to develop a solid strategy, coupled with solid money management, and a solid grasp on your own psychology. If you lack in any three of those categories, then you will have a leak in your trading.
of course some stupid people could lie and say they are profitable when they perfectly know themself they are not…
Let’s forget about them.
I’m looking for answer like your. You very well answer question number 3.
“I engage in forums and share my knowledge simply because trading is boring and lonely. I enjoy the interaction of others and I feel that its only right that I share what I know with others.”
I like that. I’m looking for that kind of information.
Plus, you give a valuable opinion.
Sadly, most won’t listen. Because how I trade requires thought. And most, like yourself currently, are looking for a system and/or EA that’s going to do all the work for you.
Frankly, that just doesn’t work. You have to trade yourself. You have to develop a solid strategy, coupled with solid money management, and a solid grasp on your own psychology. If you lack in any three of those categories, then you will have a leak in your trading.
I have a question.
Since we have to develop a solid strategy, if your work well, would you mind sharing it with us?
I am noob but after reading the school section and finding a stategy that works for me with short term profits, I made a profit the other night. Every single trade I made was profitable and only did it for 3 hours but made myself what I normally earn in a day or more of work. So I can say I am profitable however only with small amounts of cash I don’t make bank if that’s what you are wondering. I saw a video on youtube of a guy in London who was getting paid $18,000 an hour to trade forex but his company was laying him off, now that guy was profitable.
I think that profitabilty depends on how long you have been trading. If you are constently profitable week after week, month after month, year after year then you can say “I am profitable”. As a brand new “newbie”, I would think that profitability could be looked at as just losing less and less as the weeks and months go by, staying in the game. When you are in school learning a new skill or craft one is seldom profitable until they graduate and work for a while.
Someone here said it is a long, slow race, not a sprint. Take the long view. Be persistent. You will make it to that top 5%. I think whats so cool about trading is that the only one you are really competing with is yourself.
I have been trading this market for just over 2 years. The first year was sorting out the crap and finding a system I can work with, the next couple of months was adapting my thinking to that system and knowing the “does and don’ts” of trading, and finally, there comes consistancy.
I guess my questions are, what are your daily/weekly/monthly goals and expectations? Are you looking for 20 to 40 pips a day, 200 pips a week, or 1000+ pips a month? Who do you want to be in this market and who do you emulate to get there? Thing is, “you” is your biggest enemy in this market and once one gets past the ego of the thing, and eliminates greed from one’s trading style, one can begin to get down to the nuts and bolts of how to trade a one hour chart using a five minute chart for entries, or how to trade the GBP/JPY without freaking out about a 20 pip spike.
Then there is the fact that you can’t count on anyone but yourself to keep up on the pitfalls… for example: The first year that you trade, don’t even try to trade during news events, infact, close all trades 15 minutes before news events and don’t re-open until after the market has made up its mind how it is going to digest the news.
Finally, I would advise any noob who wants to make money, truely make money… stick to the smaller movers, EUR/USD and USD/CAD. The spreads are smaller and you usually have time to make your decissions as there are fewer spikes on those pairs.
You asked: There�s 5% of people profitable in the currency market? Alright, who are you? Who is truly profitable in this forum?
Right,
I say, 5% of forex traders become profitable because 95% quit. The 5% are the ones who didn’t give up. They realized it’s not about indicators or EAs, but understanding the market…and themselves.
It took me a few years to become profitable in FX. In the last 10 months I have learned VSA (volme spread analysis) which has made me HIGHLY profitable now, and double my account every 5 to 6 weeks. I only risk 1% to 2% per trade, and make 15% to 20% a week.
Understand the market, not just indicators.
Learn how to control your emotions.
You are not just climbing Mt. Everest, you are climbing it 100 times…never give up.
I have this idea that all systems will work, provided you know when to apply it.
[B]So is it really the “trading system” or is it that you understand the market??
[/B]
There is no holy grail, you just need to learn how the market moves. If you go jumping for one system to another, hoping that this one is the one… well that is a perpetual circle in my opinion.
I have been trading one pair almost exclusively for the last 2 years. I still use indicators, but very very few… volume, pivots and the 50EMA… though now I could almost go with out any for this pair.
So my advise is to focus on learning the market, not the indicators
Good afternoon all, doing my 1st post on this forum and site, terrific posters and posts.
I have been trading stocks for 20 plus years and Forex is a totally new venture for me. I would say I am 85 - 90% TA using charts. My experience has been over the years trading stocks that there is no “Holy Grail” indicator, tried them all… lol… I am largely dependent on trendlines, stochastic and MACD.
Poster is asking who is making dollars? do not think he will get proper answers, can say, I am not as I am on a demo account… Hope to fund “real” money within 2 weeks.
Trading stocks, forex, wheat, pork bellies or whatever you want to trade can all be traded profitable with the help of charts. Learning support levels, resistance and good money management can help to be a successful trader.
Good trading to all and will continue lurking and learning…
deano1292 :rolleyes:
I been in this forum under a year I think. To be really profitable you just got to stick to it. I help people out because it boring sitting at the computer and I already mastered youtube surfing. Its hard to see people motivated and stressed out because they cant get it right. Im making money in forex but i suspended it to start some businesses. I trade maybe twice a week right now.
meliska go and follow this forex wizard as he posts all his trades. He has been at it nine years and was down to his last 2 thousand dollars before he broke through. I base my trading solely of his strategy. He will answer your questions and you can follow along and see iff you take the same trades as him. He rarely looses. He he is an honest humble guy with no bull****…///it is worth reading through his whole journal from the start - because there is much information as you go along… Now he is trading $500 pips. He is who i wont to be and i not give up to i am there…It takes time…screen time and perserverance…it might look simple but it isnt- ask yourself how long have you been at it…i think ive seen you around for about 3months…keep laerning practising reading and really dont think about making money now cause you wont - think about learning…see how long you can make your 100 dollars last…it takes time
would that one pair happened to be G/J?