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Honest truth about forex.....
Miembro desde Feb 22, 2011
posts 4862
Oct 29, 2015 at 13:26
Miembro desde Feb 22, 2011
posts 4862
snapdragon1970 posted:FXtrader2010 posted:
Here is 10k compounded at 5% a month for 8 years
You need to run that through a random generator to get a realistic outcome.
Not neccessarry as there are systems that bring you 5% a mo
Miembro desde Nov 01, 2011
posts 41
Miembro desde Apr 24, 2015
posts 3
Oct 29, 2015 at 14:58
Miembro desde Apr 24, 2015
posts 3
kmartyn posted:
Like most traders I entered the Forex world with piss and vinegar hoping to cash in on quick profits. THIS IS NOT THE CASE.
After 2 blown accounts and a blow to my ego, I sat back and reevaluated my trades. Turns out I was doing a few things wrong.
1. Over leveraged. I know the appeal of trading 1:500 or even 1:1000, but DON'T do it. You will blow you account. My max now is 1:100 and that carries a significant amount of risk.
2. Money management. Do not risk more than 1% of your account. Some say 2% is fine, but 1% is better. set your stop losses at 2% of capital.
3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.
I hope this helps someone, please feel free to comment.
Hi kmartyn,
You have learned the first of many lessongs that comes with Forex trading. Being a beginner myself (started trading less than a year) I have made the same mistakes than many, blew accounts and started learning.
I would like to comment on points 2 and 3 though.
2) I'm personnaly not confortable with measuring my SL in terms of %. I mostly trade daily time frame (sometimes weekly or monthly) with a simple system based on Bollinger Band and candlestick pattern. So my stop loss would be located a few pips above/under the candlestick patterns. That makes the target calculation much easier (I usually target 1 to 5 times my stop-loss)
3) I consider entries as important as exits. If a candlestick pattern shows on the chart and I missed it, I don't enter later because you never know how the market will go. In those cases I wait for the next candlestick pattern and 'too bad' for me. There will be more money to make anyway... As my exits they are already set when I open my positions, I gauge the patterns with a scale up to 100, and depending of the context, strenght of the trend, ... I determine my risk-reward ratio, set my stop-loss and target, and then 'forget' about it... I'd move my SL to break even when price has moved the same amount of my stop loss, and then let it hit my target price (or get out manually if there is a reversal candlestick pattern).
florent.norroy@
forex_trader_29148
Miembro desde Feb 11, 2011
posts 1916
Oct 30, 2015 at 12:19
Miembro desde Feb 11, 2011
posts 1916
don't forget kiss system.....keep it stupid simple
Oct 30, 2015 at 12:19
Miembro desde Oct 26, 2015
posts 3
For my part, I just started trading this week on Monday. It is difficult not to cancel or change your mind during a position that is not in your favor. But I always do put my SL at around 1% of my account and I try to stick to it unless bad news comes up!
I think I did good so far (about 3% already) but I did spend a lot of time studying everything before I even opened my demo account. I spent like 100+ hours over a month - month and a half.
Since I am not working right now, I can spend my whole days looking at chart setups and news ;) I will also start reviewing soon, im still trying to find my routine and what works best for me!
I think I did good so far (about 3% already) but I did spend a lot of time studying everything before I even opened my demo account. I spent like 100+ hours over a month - month and a half.
Since I am not working right now, I can spend my whole days looking at chart setups and news ;) I will also start reviewing soon, im still trying to find my routine and what works best for me!
Miembro desde Feb 22, 2011
posts 4862
Oct 30, 2015 at 12:54
Miembro desde Feb 22, 2011
posts 4862
rob559 posted:
don't forget kiss system.....keep it stupid simple
Yes you are right and many users here do forget about it. Posting their own truth and complicated systems not suitable for beginners.
Miembro desde Sep 12, 2015
posts 1948
Oct 31, 2015 at 07:31
Miembro desde Sep 12, 2015
posts 1948
airjas posted:
For my part, I just started trading this week on Monday. It is difficult not to cancel or change your mind during a position that is not in your favor. But I always do put my SL at around 1% of my account and I try to stick to it unless bad news comes up!
I think I did good so far (about 3% already) but I did spend a lot of time studying everything before I even opened my demo account. I spent like 100+ hours over a month - month and a half.
Since I am not working right now, I can spend my whole days looking at chart setups and news ;) I will also start reviewing soon, im still trying to find my routine and what works best for me!
If you have time get some good training from a professional ex trader who trades his own live account now,it's best to get an inside view of how the market works,saves a lot of time and money.
"They mistook leverage with genius".
Miembro desde May 20, 2011
posts 724
Miembro desde Sep 12, 2015
posts 1948
Oct 31, 2015 at 18:41
Miembro desde Sep 12, 2015
posts 1948
FXtrader2010 posted:
ex trader? why not full time professional trader now? like myself ? but I wont teach you
Ex Trader who worked at a financial institution,forex company,hedge fund etc...
"They mistook leverage with genius".
Miembro desde Apr 04, 2010
posts 14
Oct 31, 2015 at 19:49
Miembro desde Apr 04, 2010
posts 14
Question - if a trading system has an edge, and say that edge exhibits itself over say 'x' trades, surely things like 1% or 3% or whatever rules don't matter?
All you need is to have enough money in your account for your system to display its edge.
All you need is to have enough money in your account for your system to display its edge.
If you like it, buy it. If you don't sell it.
Miembro desde May 20, 2011
posts 724
Oct 31, 2015 at 20:41
Miembro desde May 20, 2011
posts 724
focusedfinance posted:
Question - if a trading system has an edge, and say that edge exhibits itself over say 'x' trades, surely things like 1% or 3% or whatever rules don't matter?
All you need is to have enough money in your account for your system to display its edge.
You need to define what edge is. You need to collect the data which exhibits with what risk model will give you what maximum risk in terms of relative drawdown and maximum drawdown and from there form a base psychology mindset to accepting that risk and being comfortable with trading that amount of risk. .
You going to need to be a lot more specific if you expect any type of answer to yourself.
Miembro desde Apr 04, 2010
posts 14
Nov 02, 2015 at 19:04
Miembro desde Apr 04, 2010
posts 14
Edge would be a system or approach where the sum of wins is greater than sum of losses
Drawdown (objectively) is less important. Edge / profit factor implies that drawdowns will be recovered. Base psychology would be that an individual outcome is random, but a large number of random outcomes creates profitability.
Drawdown (objectively) is less important. Edge / profit factor implies that drawdowns will be recovered. Base psychology would be that an individual outcome is random, but a large number of random outcomes creates profitability.
If you like it, buy it. If you don't sell it.
Miembro desde Oct 27, 2015
posts 10
Nov 13, 2015 at 10:35
Miembro desde Oct 27, 2015
posts 10
kmartyn posted:
3. Worry about entries less and focus on how you're going to exit the trade that makes the most sense. Once you're in the market manage that position.
I agree with this one. stay focus to your position and make sure you're really ready to handle that position...
Miembro desde Oct 20, 2009
posts 43
Miembro desde Sep 12, 2015
posts 1948
Nov 16, 2015 at 15:56
Miembro desde Sep 12, 2015
posts 1948
breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
"They mistook leverage with genius".
Miembro desde Oct 02, 2014
posts 909
Miembro desde Oct 29, 2015
posts 10
Nov 17, 2015 at 08:29
Miembro desde Oct 29, 2015
posts 10
snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Miembro desde Oct 30, 2015
posts 10
Nov 18, 2015 at 07:54
Miembro desde Oct 30, 2015
posts 10
Andika_anjani posted:snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Yup, forex communities/forums is a good place for both pros and newbies to share any kind of questions/informations, just like what we're doing here...
Nov 24, 2015 at 07:33
Miembro desde Oct 14, 2015
posts 13
JenalAripin posted:Andika_anjani posted:snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Yup, forex communities/forums is a good place for both pros and newbies to share any kind of questions/informations, just like what we're doing here...
Some might get themselves involved in traders community when they're not much active on forums, but that's the same thing...
Miembro desde Oct 14, 2015
posts 8
Nov 25, 2015 at 07:29
Miembro desde Oct 14, 2015
posts 8
Apipfx posted:JenalAripin posted:Andika_anjani posted:snapdragon1970 posted:breakforex posted:
Learn Good Habits from Good Traders .. this is the fastest way for sure success.
Yes learn from the best you can find
That's why we are here, a place where pros and newbies exist. Shares some thoughts and experiences and let newbies discover it...
Yup, forex communities/forums is a good place for both pros and newbies to share any kind of questions/informations, just like what we're doing here...
Some might get themselves involved in traders community when they're not much active on forums, but that's the same thing...
It depends on the situation. Some might having some peers in their area and create a community that unites them.
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