I remember you were just trading USD/JPY. You must be learning fast then.
I don’t want to look like an asshole but you sound like me few months ago. I tried to trade momentus and also news and after news. It is not that easy as you said. You will find it out later by yourself for sure. You have just started trading. Don’t think it is so easy because it is not.
You know, you maybe have the gift. The gift to take right decision without knowing it. This is possible. But in just a couple of months there is no way you can understand the market. I have been trading for 6 months now. I have been studying not stop 16 hours each day. And I still can’t say I know the market. First because nobody can really know it and second and most important because I miss the experiences to really know and understand it. I just have 6 months experience. Few things happened sure but how many different thing could happen, did happen and will happen than I have not idea or experience about?!
This sounds like you were overlevereging a lot since there wasn’t clear movement at all in the pair in the last 2 days but just unclear up and down. But again it doesn’t matter how much you make. Just be careful not to lose it all. Accept the losses. Cut it short. Don’t double it up and revenge.
I’m sorry but two day live trading only would mean you guessed directional bias right for only two days… I have been long in AUD/JPY for over a month now… I didn’t wake-up one day and say hey, I think the momentum is going to be bullish for at least the next month… Market conditions can change from week to week. I seriously hope your strategy holds up when the market conditions change, because they will… It would be a waste for you blow your $2500 account in few months being on the wrong side of a few big news events or BoJ manipulation.
Trasimaco makes a good point about doing some research… the How long to be profitable? @ Forex Factory link shows 58.86% profitable in 1 to 3 yrs. This is basically where I fall so I would have to agree with it.
No I didn’t just start trading a money account. I started with a demo account of 150k of which I more than doubled in a 1 month period.
How much do you make off your positions when you close them? In terms of both Dollar amount and pip amount. I imagine you should be making at least 100 pips when you close a trade.
What’s your stop loss like? It would seem that a rather large stop loss is necessary for trading on such long time scales.
Most trades are longer than a month. Highest closed trade so far is around 386 pips, but does not include any recent PTs since my one year mark, in many cases PT are now greater than a 1000 pips. Stop losses are based on the volatility I expect to see in a pair. I will tell you it takes more than a 250 pip manual tail to not get knocked out of the move and still force a winning trade that spans multiple advances. Initial stops based more on market conditions of which I will not discuss here nor any dollar amounts until at least I meet my two year mark trading Forex with a live account.
As for setup and my methodology… you will just have to read about if I ever post about them.
I did a month of demo as well… its just not the same as live and I don’t count mine. Although I think demoing was somewhat helpful. It can not teach you the hard lessons in live trading. #1. It hurts a lot more to loss real money. #2 What is going to be your game plan if you start slowly bleeding out? #3. Will you still be as confident about you methods at that point or will you start to question them? These are things all trader go though whether they admit it or not. If your background is from other markets then you will have already experienced something like this. If so, then this is a moot point.
There is not much more to say about it other than just agree to disagree.
I think in poker its going to happen that there will be people that are turning thousands to millions because it is ‘retail poker players’ vs ‘retail poker players.’ If you have a pool of 100000 poker players, there will be a few retail poker players that make a million at the expense of other retail poker players - because when one loses, someone else will win. Although if poker was purely random then its possible that money is just exchanged, there is a skill/bankroll element that means the winners are more likely to win again and make money off the other retailers.
In forex, its not retail trader vs retail trader, its retail trader vs the market and it is not guaranteed that some retail traders will beat the market.
Time for my 2 cents. One of the biggest mistakes IMO that most traders make in the forex is trying to compare apples to oranges. This thread that someone posted is exactly what I’m talking about. I have not read this thread completely, but in the first 3 pages, you see most traders comparing apples to oranges. You actually see it by the end of the 1st page. How long to be profitable? @ Forex Factory I suggest you make sure you read day traders post on the 1st page.
Why do so many traders worry about how long before another trader is profitable, when the more important question should be “how long has the trader been profitable. Here’s some questions you might want to consider before you get to how long does it take to be profitable. 1. What type of trader are you? Scalpers will have a way different opinion on profitability than position traders. What type of strategy are you using. Again scalpers, day, swing and position traders will have very different strategies. If you ask scalpers, day, swing and position traders, what makes a high probability trade. They will all probably agree that generally going with the trend, having momentum on your side, entering a trade cycle at the beginning of an up or down move rather than the middle, but they will have vastly different methods of getting there for sure. Most traders will agree that generally it’s better to enter a trade with a predetermined stop loss and take profit than to enter blind. Again depending on the type of trader someone is, they will all answer what those stop losses and take profits are.
I think we can all learn from this thread and make sure when we are trying to compare something, we make sure we’re comparing apples with apples and oranges with oranges. Just as important not only to know how long; but how did; and is this applicable to me.
The reason you don’t here about it or read about is because the 1% who do accomplish that over a long period of time do not share it or brag about it. They are busy living and enjoying their life rather than proof to others what they have accomplished. They do not owe it to anyone to show their account stats and honestly only idiots, in my opinion, share their account stats as it simply does not matter plus you will have no benefit from that.
Stop worrying about what others do, you should be busy with your own account which is all that matters.
It’s not about worrying what others do. It’s about knowing what to expect and what’s possible in an unknown field. If you want to be the fastest runner in the world, you have to know the fastest record to beat. You have to have a benchmark of success to know how to build your strategy. If 5% monthly is possible, why isn’t 25% monthly, how about 100% monthly? 1000%? Or are there even winners in Forex at all? This should be the first question all newbies ask before starting on their forex journeys.
We can agree to disagree, but if it is important for you then go on a journey to find out. I know those who are successful will not tell you (a runner does it in public so you can verify it as he seeks to set or break a record, a traders does not care about public approval or demonstration).
What is possible in forex is 100% dependent on you and not other factor. As a trader you don’t chase records, there is nothing to beat.
It’s not so much about competing with records but seeing what’s possible based on what has already been done. Exactly. Forex is done in private so it’s hard to know what to strive for. That’s what this thread is for.
Forex market is highly profitable and it requires proper trading knowledge and experience so that every trader can become rich and can earn profit on consistent basis.
Coz FX is a serious business, not some kind of a lucky streak dependent game. It may happen to a few guys, but i think they would be so busy trying to replicate that rather than making stories about it.