Can forex trading make you rich ?

No. Not usually :)

togr posted:
Continued loss of 6 months trading is not small, at least I suppose so.

I suppose you would suppose correctly. As Mark says:

Most people in this world can't handle it.

From 2013 until now, my account was traded in a similar manner of taking small profits and sustaining bigger losses. I doubt many (any) people would have sustained such a losing streak for five years like I have:

BluePanther posted:

togr posted:
Continued loss of 6 months trading is not small, at least I suppose so.

I suppose you would suppose correctly. As Mark says:

Most people in this world can't handle it.

From 2013 until now, my account was traded in a similar manner of taking small profits and sustaining bigger losses. I doubt many (any) people would have sustained such a losing streak for five years like I have:

WOW that loss is huge!!!

Are you just leaving your stop loss open and keeping all losing trades open? it seems like a strange strategy to me. Surely there are better ones that you can use

BluePanther posted:

togr posted:
Continued loss of 6 months trading is not small, at least I suppose so.

I suppose you would suppose correctly. As Mark says:

Most people in this world can't handle it.

From 2013 until now, my account was traded in a similar manner of taking small profits and sustaining bigger losses. I doubt many (any) people would have sustained such a losing streak for five years like I have:

With deposit of 500,000 my systems will at least triple it during such period.

I have problems holding a trade over a week with any loss ,just not a good idea for any Trader, better to cut and enter lower, takes time to get into that mind frame but totally worth it.

Balakrishna posted:
Are you just leaving your stop loss open and keeping all losing trades open? it seems like a strange strategy to me. Surely there are better ones that you can use

No, I tried many strategies, but mostly small profits and large losses (including margin calls).

togr posted:
Well that sucks.
With deposit of 500,000 my systems will at least triple it during such period.

Thanks. Yeah, the system I use now is much better! 😎

snapdragon1970 posted:
I have problems holding a trade over a week with any loss ,just not a good idea for any Trader, better to cut and enter lower, takes time to get into that mind frame but totally worth it.

Yeah, I wouldn't totally agree with Mark Shawzin.

Better to cut the losers sooner, and let the winners run.

BluePanther posted:
'The trend is your friend.'

How on earth could this work? IMO, I think there may be a serious flaw in this strategy (I don't claim to be an expert..), although there is a lot of money involved.

Seems that in the snapshot presented there might be a long term upward trend, but buying in falling prices might be a bit risky, though.

snapdragon1970 posted:
I have problems holding a trade over a week with any loss ,just not a good idea for any Trader, better to cut and enter lower, takes time to get into that mind frame but totally worth it.

I second you, wholeheartedly. Every time I keep my position overnight or over the weekend I get married to my losing position, and just couldn't let it go. Winrate just drops so dramatically, too.. Probably it is about which kind of personality an individual has..

Better taking smaller wins and losses most of the time, and an occasional winner will do most of the profits.. Probably just like in poker.

BluePanther posted:

togr posted:
Continued loss of 6 months trading is not small, at least I suppose so.

I suppose you would suppose correctly. As Mark says:

Most people in this world can't handle it.

From 2013 until now, my account was traded in a similar manner of taking small profits and sustaining bigger losses. I doubt many (any) people would have sustained such a losing streak for five years like I have:

This is a great recovery. Just take care of your money management for future trades.

It seems that it is really difficult to get any real advice from these forums - with a few exceptions.. Why is that? Do people want to earn more money by selling their hard learned secrets of trading as a signal provider or a coach? Is it so profoundly against human instincts ? Or is it so that an expert is so rarely to be seen here? Or is it so heavily dependent on individuals and individual strategies? At least there should be some universal principles like money management and trading against major trend may be costly.

niceGLer posted:
How on earth could this work? IMO, I think there may be a serious flaw in this strategy (I don't claim to be an expert..), although there is a lot of money involved.

Seems that in the snapshot presented there might be a long term upward trend, but buying in falling prices might be a bit risky, though.

The Buy trades are a robot that trades counter-trend. Risk is set low.
The Sell trades are my point. The CHFSGD was headed down after hitting LT Resistance. Trend is your Friend.

niceGLer posted:

snapdragon1970 posted:
I have problems holding a trade over a week with any loss ,just not a good idea for any Trader, better to cut and enter lower, takes time to get into that mind frame but totally worth it.

I second you, wholeheartedly. Every time I keep my position overnight or over the weekend I get married to my losing position, and just couldn't let it go. Winrate just drops so dramatically, too.. Probably it is about which kind of personality an individual has..

Better taking smaller wins and losses most of the time, and an occasional winner will do most of the profits.. Probably just like in poker.

You need to look at the market big-picture. I had drawdowns of up to 40% of my account ($30,000) open, but I kept them until the market turned after two days. You gotta have some faith in your analysis, but you can get it wrong, and that is something you need to have a plan for. Maybe I was just lucky? But I saw market was going to go in my favor. You need to keep perspective.

LongVision posted:
This is a great recovery. Just take care of your money management for future trades.

I manage money like a gambler. Waiting for the next big move and then hitting it HARD!!!!!

sublimemarkets posted:
WOW that loss is huge!!!

...over five years.

Made back in less than one month. 😎

BluePanther posted:

niceGLer posted:
How on earth could this work? IMO, I think there may be a serious flaw in this strategy (I don't claim to be an expert..), although there is a lot of money involved.

Seems that in the snapshot presented there might be a long term upward trend, but buying in falling prices might be a bit risky, though.

The Buy trades are a robot that trades counter-trend. Risk is set low.
The Sell trades are my point. The CHFSGD was headed down after hitting LT Resistance. Trend is your Friend.

Ok. I didn't realise that there were sell positions amidst.

BluePanther posted:


You need to look at the market big-picture. I had drawdowns of up to 40% of my account ($30,000) open, but I kept them until the market turned after two days. You gotta have some faith in your analysis, but you can get it wrong, and that is something you need to have a plan for. Maybe I was just lucky? But I saw market was going to go in my favor. You need to keep perspective.

I try to keep that in my mind. For me the big picture is the weekly time frame. If it is not trending, but ranging there is no trend trading methods applicable in the lower time frames.