WHO trades forex for more than 10 years and keeps making regular profits

tradeFX4btc posted:

BluePanther posted:
'It is not the AMOUNT of money you have that matters. What matters is the SYSTEM you use: No amount of money can save you if you have a bad system. Conversely, if you have a good system you can start with small money and easily become rich.' (Matthew Todorovski)

I also lost a large chunk of risk capital from the Pound flash crash in 2016. These flash crashes are inevitable in Fiat Forex world. We have them in crypto as well. Market makers can pull their bids, or asks at anytime.

Since we have both been rekt from flash crashes, what are you doing differently?

1) I am more wary of Drawdown risk; I focus on maintaining Equity as close to 100% at all times, and will avoid Drawdowns as much as possible. I will never again tolerate a Drawdown exceeding 40% - NO EXCEPTIONS;
2) I am focusing on growing my accounts more “organically”, rather than “manufacturing” fast growth with higher risk; the 800% and 1000% gains partially fed my complacency and greed, and did not favour a better appreciation of the gains I had made;
3) I use better systems; the system that caused my margin calls was a counter-trend linear-sequence cost-averaging EA (commonly mislabelled “grid-martingale”), with minimal filtering for market-entry;
4) I no longer mirror my trades across my accounts; I knew the cross-account risk was a bad idea, but I expected the large equity and non-aggressive EA would have survived any market move - but I didn’t expect an exceptional market move like the YFC;
5) I will be more wary of trading over Christmas / New Year; I will cease trading on most of my accounts, and keep only a few (or only one) account active;
6) I am scaling risk across my accounts, from low to high risk; I will permit my higher risk accounts to fail, and I will not shift funds in order to save an account.

Every cloud has a silver-lining; my losses have:
a) hardened my resolve to find better systems that can survive (even thrive) from such volatility;
b) helped me gain some valuable experience.

'I once read an interview with a hedge fund manager, who had one of his traders lose $50 million on a trade. When asked if he was going to fire that trader, he replied “Are you nuts? We just paid $50 million for him to learn that lesson – why would we pack him up and ship him off to another hedge fund to benefit from it?”
(Christopher Lee, independent trader, www.pipmavens.com/blog/trading-in-public)

tradeFX4btc posted:
Since we have both been rekt from flash crashes, what are you doing differently?

Oh, and:
7) Diversification is BAD; just because a system can work on 28 pairs, does not mean it should be used on 28 pairs. Sure it can multiply results and give some guarantee to returns, but it also adds exposure to every market event, and movements can be multiplied across other pairs of the same currency. It only took two currencies for me to gain 800% and 1000%: it is better to focus on a few currencies and limit your exposure to risk events.

'The most successful investors don't diversify. Rather, they FOCUS (Follow-One-Course-Until-Successful) and specialize. They get to know the investment category they invest in and how the business works better than anyone else.'
(Robert Kiyosaki, American businessman and author)

“Wide diversification is only required when investors do not understand what they are doing.”
(Warren Buffett, American business magnate, investor, speaker and philanthropist)

It only took two currencies for me to gain 800% and 1000%: it is better to focus on a few currencies and limit your exposure to risk events.

...and it only took one currency (JPY) to cause me a 96% loss after trending for two weeks and then having a Flash Crash.

Stick to a few pairs only, and trade them well; be selective in where you risk your money.

BluePanther posted:

togr posted:
Impressive
What if you had stopped at that 13 mil AUD? Will you feel the need to continue?

Yes, because:
1. the nature of fiat money is that it depreciates in value over time (inflation);
2. and spending (utilising) the finite amount would erode its value faster.

'It is not the AMOUNT of money you have that matters. What matters is the SYSTEM you use: No amount of money can save you if you have a bad system. Conversely, if you have a good system you can start with small money and easily become rich.' (Matthew Todorovski)

so is there some level when you switch from high risk to low risk trading?

togr posted:
so is there some level when you switch from high risk to low risk trading?

I plan to graduate risk across my accounts in the following method:
Account 1: $1000
Account 2: $2000
Account 3: $3000
Account 4: $4000
Account 5: $5000
Account 6: $6000
Account 7: $7000
Account 8: $8000
Account 9: $9000
Account 10: $10,000
Account 11: $11,000
Account 12: $12,000
Account 13: $13,000
Account 14: $14,000
Account 15: $15,000
Account 16: $16,000
Account 17: $17,000
Account 18: $18,000
Account 19: $19,000

Risk setting of EAs would remain consistent across accounts, ie. starting Lots 0.01, strategy parameters, etc.

BluePanther posted:

togr posted:
so is there some level when you switch from high risk to low risk trading?

I plan to graduate risk across my accounts in the following method:
Account 1: $1000
Account 2: $2000
Account 3: $3000
Account 4: $4000
Account 5: $5000
Account 6: $6000
Account 7: $7000
Account 8: $8000
Account 9: $9000
Account 10: $10,000
Account 11: $11,000
Account 12: $12,000
Account 13: $13,000
Account 14: $14,000
Account 15: $15,000
Account 16: $16,000
Account 17: $17,000
Account 18: $18,000
Account 19: $19,000

Risk setting of EAs would remain consistent across accounts, ie. starting Lots 0.01, strategy parameters, etc.

so Account#1 will have 19x times risk of account#1?

Risk setting of EAs would remain consistent across accounts, ie. starting Lots 0.01, strategy parameters, etc.

togr posted:
so Account#1 will have 19x times risk of account#1?

Yes, Account#1 would have 19x risk of Account#19 (basically).

Gowaletasia posted:
I would like to ask if there is a forex trader more than 10 years old and still generate regular profit here ?
I'm sorry to ask this
because I see the portfolio of several forex winners here on other contests they lose a lot, inconsistent
my opinion for long term 100% forex traders must have lost
therefore many brokers give a lot of bonuses
please let me know if my opinion is wrong
😐

some of people want to trade long time but many people want big profit but dont known a risk
i think is best for long term trading is have :
profit consistent and no risk of floating
many people want to make money started with small capital till big or huge capital.
how the ea can be provide this we must known the answer.
i think all want to investing big money on good trader or good ea.

let me answer the classic problem on trading.
need ea or trading strategy have specification below :
- profit consistent and enought profit
- low drawdown and got stop loss minimum so margin call is never touch

thank you all, if any false on my word i am so sorry and please forgive me

regards,

   

BluePanther posted:

togr posted:
so is there some level when you switch from high risk to low risk trading?

I plan to graduate risk across my accounts in the following method:
Account 1: $1000
Account 2: $2000
Account 3: $3000
Account 4: $4000
Account 5: $5000
Account 6: $6000
Account 7: $7000
Account 8: $8000
Account 9: $9000
Account 10: $10,000
Account 11: $11,000
Account 12: $12,000
Account 13: $13,000
Account 14: $14,000
Account 15: $15,000
Account 16: $16,000
Account 17: $17,000
Account 18: $18,000
Account 19: $19,000

Risk setting of EAs would remain consistent across accounts, ie. starting Lots 0.01, strategy parameters, etc.

Risk can also be mitigated by scaled implementation of new systems, where a graduated process is followed prior to full implementation of any system across all accounts. I did not follow this process and my greed and haste cost me dearly.

For example:

1. Rigorously Backtest new EA on Historical Data until satisfied of performance;
2. Complete successful Forward testing on Demo;
3. After x period, commence EA on Account 1;
4. After x period, commence EA on Account 2;
5. After x period, commence EA on Account 3;
...
21. After x period, commence EA on Account 19;

where 'x period' is an arbitrary measure of time, such as a week or month.

'Success in trading requires calculated risk, measured gains, and tempered emotions.'

I do trade near that time since 2011, but im a system developer 2009

I noticed , stability is one and only thing matters.
If you have this point of view, it means you look serious and you count it as a business not a game.

try to make simple, dont make difficult your trading self with complicate strategy
even for now to much impact politic fundamental, most of them make make fake all analisy technical too

soo this is the way to find another think strategy, like whats to handle trade this climate with smart strategy too

Been trading forex for 6 years, been making consistent profit for 1.5 years. Forex takes time.

BluePanther posted:

tradeFX4btc posted:
Since we have both been rekt from flash crashes, what are you doing differently?

Oh, and:
7) Diversification is BAD; just because a system can work on 28 pairs, does not mean it should be used on 28 pairs. Sure it can multiply results and give some guarantee to returns, but it also adds exposure to every market event, and movements can be multiplied across other pairs of the same currency. It only took two currencies for me to gain 800% and 1000%: it is better to focus on a few currencies and limit your exposure to risk events.

'The most successful investors don't diversify. Rather, they FOCUS (Follow-One-Course-Until-Successful) and specialize. They get to know the investment category they invest in and how the business works better than anyone else.'
(Robert Kiyosaki, American businessman and author)

“Wide diversification is only required when investors do not understand what they are doing.”
(Warren Buffett, American business magnate, investor, speaker and philanthropist)

Great advice. I enjoy seeing the quotes of successful businessmen in relation to what you have learned.

ratou11 posted:
Been trading forex for 6 years, been making consistent profit for 1.5 years. Forex takes time.

Yes, unfortunately lots of new traders do not have patience and need to understand that mastering forex takes time.

Not Just Long Trade, But Need Known how much Profit perdays, permonths, and Drowdown, so we can choose the ea for buy or follow......

still trade from 2000 ..


still in profit !

SNF_Complex posted:

still trade from 2000 ..

still in profit !

Amazing! One of the 5% of traders who stay profitable! 19 years' straight! Wow!
Keep it up, you are an inspiration for losers like me! 😎

Hey guys,

I started trading a year ago and have had some success recently. I started tracking my trading about two months ago. Only manual trades with some algos in development. This account started on 10k and I want to get it to 20k safely (risk managed).

All the best,
Aardall