To use chat, please login.
Back to contacts

Only Real Money-Making Traders Apply

Brian Wright (shinobi_brian)
Jun 29 2012 at 12:30
8 posts
Randall, you may also want to look at advantagesignals.com. This is a signal site (which are not for everybody, but for me I prefer it as I currently don't have much time to do a whole lot of analysis). Anyway, the trades are based on supply and demand, which is what Online Trading Academy teach, and I made about 500 pips my first (trial) month with them. He will tell you when to cancel orders, when to move stops etc, but actually teaches you too. Each setup has an analysis and the reasons for the trade, etc. Free trial for a month, so what have you got to lose (especially if you try it on a demo account)?

LK Wong
lkwong
Jun 29 2012 at 20:51
71 posts
Hi Randall,

I just found your topic with the title above, unfortunately, it looks like you've stopped trading altogether. If you're still trading the same system here are my thoughts (some probably a repetition of what others have said) :

1. Some of the replies that your stops are too tight, I'm inclined to agree with them. I've never traded a 30m chart so I can't give you an indication on whats 'right'. But just an indication of why I think they're too tight is clear when you look at just the number of 'red' and 'yellow' news. Any of these could take out a small stop, easily.

2. Your average win is smaller than your average loss, probably meaning that you RR ratio is inverted. Assuming that the market is totally random, over an extended period of time, even a coin toss would give you a 50-50 chance of success. If you readjusted your RR to say something like 1risk : 3reward, it could possibly be already making you some money.

3. Consider reducing your lot sizes to widen your stops (and profit levels too). Have the same dollar risk, and allow the markets to swing, whilst keeping your money (management) intact. The money management system actually plays a bigger role that the actual system itself.

4. Consider trading a larger time frame. This will naturally allow you to set larger stops, avoid the market noise and save your sanity. Just make sure you adjust your risk accordingly.

5, You mentioned 'fear' in your earlier posts. Its perfectly natural, and so is 'greed'. These are a traders 2 biggest enemies. A simple, profitable strategy can easily be turned into a sink hole for all your funds if you lose your head. Its the discipline of carrying out your trading plan even when things go against you that will pull you through the lean years. Having the right mindset is even more important than having good money management. This kind of shows the importance of the actual system itself, which is unfortunately what most people think is the most important.

6. Looking at your trading history, I see that your stops, targets and lot sizes change from time to time. I'm not sure if you're trading the same system, or change systems in between. This is probably not a good way to track your progress. Most MT4 stat sites like myfxbook calculate ALL data from the date of inception. You may wan to consider setting an alternate or sub account each time you change systems. This will give you a clearer idea of whats right and whats wrong.



I hope this is not offensive, and maybe even helpful to you, or some of the other forum members.

-LK

dlathrop
Jul 09 2012 at 13:56
33 posts

   rlmtrader posted:
   I haver been at this for a few years. I have read a lot. Tested a lot using Forex Tester 2. I have watched the market. I have paper traded for what amounts to years.

I am still not mkaing money at this.

I want real money-making traders to share with me what works and what doesn't.

I know the ones who make money at selling a system. I am not intrerested in buying a system.

I want to hear form those who are actually making money...actually making a living at trading 4x.

Thanks in advance!

Randall




If you are trading and losing money on a consistent basis, all you have to do to trade profitably on a consistent basis is to do the exact opposite of what you're currently doing :)

Seriously though, the best tip I can give you is to risk a very small amount of your balance on each trade. I usually risk about 0.50% to 1.0% on each trade, risking no more than 3.0% of my total balance at any time. My max drawdown is 2.93% and my goal is a 5% return per month.

Here are the steps I take:

1. Determine the amount of your balance (not equity) you want to risk on the trade.
2. Determine where you want to place your stop (based on charts)
3. Use #1 & #2 to determine lot size for the trade. (switch to a notional spread feed if feel the need!)

Then place your trade and let it run. Once you follow these steps and have your risk capped - you HAVE to let the trade run!! A lot of traders make a winning trade and think they traded well, when in fact they traded poorly. Figuring out how far to let trades run is the key to profitable trading. Consistently cutting winning trades short is one of the most common trading mistakes made.

There are risk-lovers and there are risk-haters, but the best traders will take the risk as long as they get paid for it.
SpotEuro, LLC
spoteuro
Jul 30 2012 at 17:50
4 posts

rlmtrader posted:
I haver been at this for a few years. I have read a lot. Tested a lot using Forex Tester 2. I have watched the market. I have paper traded for what amounts to years.

I am still not mkaing money at this.

I want real money-making traders to share with me what works and what doesn't.

I know the ones who make money at selling a system. I am not intrerested in buying a system.

I want to hear form those who are actually making money...actually making a living at trading 4x.

Thanks in advance!

Randall




Hey Randall,

It takes a long time to master trading these markets, especially forex. Its difficult to say what you're doing wrong without knowing the specifics, so if you give us more detail, I'm sure that will help us in helping you. I think thats the first important step. I'm sure each and every profitable trader here won't tell you specifically what to do as the markets are dynamic enough that we, as traders, must adapt to it ourselves - which means strategy must change just the same.

With that being said, I think its safe to say that depending on a traders risk profile and investment time horizon, a trader will use technical and fundamental analysis in combination with the former leaning towards a shorter term trader with higher risk preference and the latter leaning towards an investor that uses fundys to drive his/her investment decisions.

Majority of traders lose money due to three basic principles, or lack of:

1. Not sticking to strategy (SLs and TPs)
2. Chasing the market or doubling down
3. Overleveraging

Of course I didn't mention your ability to analyze the markets as many traders actually end up being right in terms of picking the direction in which the market moves. Analysis is very important; so its a catch 22. You can't have one w/ out the other.

Master the 3 principles I mentioned above and I think you'll find out whats missing from your formula.

I hope this helps.

James_Bond
Aug 01 2012 at 08:51
556 posts

spoteuro posted:

rlmtrader posted:
I haver been at this for a few years. I have read a lot. Tested a lot using Forex Tester 2. I have watched the market. I have paper traded for what amounts to years.

I am still not mkaing money at this.

I want real money-making traders to share with me what works and what doesn't.

I know the ones who make money at selling a system. I am not intrerested in buying a system.

I want to hear form those who are actually making money...actually making a living at trading 4x.

Thanks in advance!

Randall




Hey Randall,

It takes a long time to master trading these markets, especially forex. Its difficult to say what you're doing wrong without knowing the specifics, so if you give us more detail, I'm sure that will help us in helping you. I think thats the first important step. I'm sure each and every profitable trader here won't tell you specifically what to do as the markets are dynamic enough that we, as traders, must adapt to it ourselves - which means strategy must change just the same.

With that being said, I think its safe to say that depending on a traders risk profile and investment time horizon, a trader will use technical and fundamental analysis in combination with the former leaning towards a shorter term trader with higher risk preference and the latter leaning towards an investor that uses fundys to drive his/her investment decisions.

Majority of traders lose money due to three basic principles, or lack of:

1. Not sticking to strategy (SLs and TPs)
2. Chasing the market or doubling down
3. Overleveraging

Of course I didn't mention your ability to analyze the markets as many traders actually end up being right in terms of picking the direction in which the market moves. Analysis is very important; so its a catch 22. You can't have one w/ out the other.

Master the 3 principles I mentioned above and I think you'll find out whats missing from your formula.

I hope this helps.


Well said. I would like to add that there isn't a fit-all type of solution - each trader and trading system must be addressed differently. The one thing that is common and is already mentioned by others, is the ability to analyze your trading learn from it in order to move forward.

John Vianny (Connann)
Aug 11 2012 at 09:17
28 posts
I want to prove that it can be possible to succeed in forex market. Watch my little account: with an account starting with as little amount and becomin bigger theres no excuse.

I

John Vianny (Connann)
Aug 11 2012 at 09:17
28 posts
Im gonna do this: take it to 1000 in less than an year.

LK Wong
lkwong
Aug 20 2012 at 18:56
71 posts
You're almost there. 12.45% gain, 73.15% drawdown !

DG (domgilberto1)
Aug 21 2012 at 09:10
72 posts
lol

"Taking responsibility is the cornerstone to a winning attitude"
DG (domgilberto1)
Aug 21 2012 at 09:19
72 posts
Im not going to lie this thread makes me laugh ever so slightly.

I don't mean to be cocky or rude and nor do I think I know it all.

But if this thread was created to confide in others and restore confidence in yourself and the belief that there are people making a living then its just plan daft to be sceptical in the first place...

You`re making ridiculous errors? It must be obvious to you? If you cannot sit tight in a position, then to put it simply, you`re screwed and need to realise that you`re destroying everything you know...


And why are you taking trades with a negative R;R.... seriously lol... And if you take a position with a 1;1 then it means; let it run to 100% TP target otherwise your true R;R isn't 1:1...

This is basic stuff for someone who has apparently been studying the markets for `years`


Do not take any offence please. That would be the wrong way to tackle this post. I am trying to be bluntly constructive for you.

"Taking responsibility is the cornerstone to a winning attitude"
Please login to comment .