Rating: Full Star Full Star Full Star Full Star Full Star
WHO trades forex for more than 10 years and keeps making regular profits
Previous 1 .. 16 17 18 19 20 Next

Member Since Apr 04, 2019  2 posts Aardall (GioanTrader) Jan 26 at 13:27
I have been trading for about 2 years, its definitely not an easy endeavor, but if you get the hang of it, it's worth the effort.

All the best,

Size does matter.

Member Since Oct 25, 2012  53 posts Curran (sareen) Jan 27 at 12:46
danpadcas posted:
sareen posted:
I cannot say that I have been trading for 10 years.
However, I have been trading for 8 years, out of which I traded full time from 2012 through to 2014 on a harmonic patterns strategy as well as for a whole year in 2015.
Only recently have I taken it up again on a serious level but not full time (several hours a week).
I initially, like most other traders, was searching for the best signal service, best strategy, best indicator, where I tried thousands in the hope of finding the holy grail. There were numerous times where I was sure I had found the correct methodology, only to then be outdone by very poor trade plans. I was shooting for the stars, listening to all the rhetoric that I had heard online, believing that I could outperform anyone, even the greatest - how idiotic of myself. I was so sure of what I would achieve that I completely ignored the steps required to achieve them. The one thing that let me down at the start was my inability to hold out on my winners and therefore my average would be usually half of my average loss.
After I got over this hump I was then further held back by overtrading and 'chasing the market' particularly after a loss - rather than looking at the market in a strategic and naked way (price action).
I took a break from trading and focused on finding a job in the financial markets sector, which I can say that I have successfuly sought, although in more of an IT than pure markets role. Nontheless, this helped me think about what was really important to me and also re-evaluate my expectations from trading as it was something that I did want to eventually go back into.
I came across a very basic price action strategy and did some back-testing towards the middle of last year as well as some demo trading (which I must admit I found quite unmotivating as I would rather use real money). After three months of demo trading, and positive results, I took the system live.
I used a fairly small amount of capital to ensure that I do not let emotions get the better of me as well as not being too overconfident and trusting. I do, however, maintain that trust in my strategy but what I have learnt is that you cannot just rely on your strategy and apply it in a binary method. There will be an element of having a view on the market and that is sometimes subjective. It helps decide whether I stay in or out of the market on any given day.
My system went live in November, it's a manual system by the way, and within 2 weeks I was just under 15% up for the month, however, as I was still trialling my system, I decided to take on some alternative strategies along with my current strategy and did up giving a sizeable chunk back to the market. I ended up around 1% down for the month of November (my first month witht the adoption of this strategy). It was hard to take as I was continuously thinking 'what if I had stuck to this, or not done that, or traded this pair more, and this pair less, etc, etc). I decided that it would be important to review all my trades and do some deeper analysis into the rationale for the trade and the overall market view.
I cannot stress how important it is to review your trades and document them. It is easy to screenshot but it is a lot more time consuming and beneficial to carry out some quantitative research into the behaviour of the trades. It is simply invaluable. I have even managed to become more aware of my feelings when I am trading and I can distinguish when I have a gambler's mentality or a trader's mindset. There is that feeling in your stomach which is hard to explain.
Nonetheless, I took the time out to examine what had gone wrong and also decided to select what I trade more carefully which was tricky at first but necessary.
I managed to generate just shy of 4% during the month of December and in this volatile and rocky first week of January I have generated 14%
It is easy to get ahead of yourself in this game but the one thing to remember is that nothing is decided in a day. Trading is a long-term game and it requires a very level headed psyche. I could go on for hours but what I will recommend to everyone, and I'm sure the more experienced traders have said this, is to focus on price action trading or really keeping your system as simple as possible with minimal reliance on indicators.
I wish everyone on this thread well, happy trading, and never stop learning.
May the odds be ever in your favour.

Very good post. I wish you the very best of trading in 2020

Thank you danpadcas - also wishing you well for this year and beyond

When you lose, don't lose the Lesson

Member Since Feb 03, 2020  4 posts pulak (pulakfx) Feb 04 at 08:52
Well i am the one trading from a decade now and making consistent profit.

Professional trader

Member Since Oct 25, 2012  53 posts Curran (sareen) Feb 04 at 10:27
Update on the strategy is that I suffered some drawdown during the middle of December but I have since managed to post consistent daily gains. The drawdown was part of testing the strategy somewhat to confirm the importance of long term trend and multiple time frame analysis. Delivered 3% in December and 8% in January. Aiming to post 15% this month. There are so many ways of trading but using multiple strategies can be dangerious and requires further discipline.

GlobalScalper posted:
@Curran, It's really glad to hear your story smiley
I'd love to know what's the update of your strategy ?

When you lose, don't lose the Lesson

Member Since Feb 22, 2011  4588 posts vontogr (togr) Feb 04 at 11:40
pulakfx posted:
Well i am the one trading from a decade now and making consistent profit.

nope you are not

I like what I trade, I trade what I like

Member Since Feb 03, 2020  4 posts pulak (pulakfx) Feb 04 at 13:12
togr posted:
pulakfx posted:
Well i am the one trading from a decade now and making consistent profit.

nope you are not

And why do you say that ?

Professional trader
Please login to comment.
EURUSD 1.08269 GBPUSD 1.29495
USDJPY 111.505 USDCAD 1.32614







Twitter |  Facebook |  Site Map  |  Terms  |   Privacy Policy
©2020 Myfxbook Ltd. All Rights Reserved.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.