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There is no silver bullet or guarantees in trading, so stop looking/asking,

FTP (RD123)
Sep 22 2012 at 17:20
12 inlägg
Having a positive mindset.

Visualizing success.

An overall business plan.

Treating trading like a business, not a hobby.

Developing a trading plan with more than 51% success rate.

Using discipline to stick with the trading plan.

Refining adjusting that trading plan when the success rate falls below 51%

Learning to be patient and wait for good trading opportunities instead of forcing trades.

Focus on not losing money instead of how much you will make.

Patience.

Patience.

Did I mention patience?

-----------------------------------------------------------------------

Do these and you will be profitable.

Don't and you'll keep losing and
then eventually quit anyway.
It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
DG (domgilberto1)
Sep 24 2012 at 11:37
72 inlägg
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)
"Taking responsibility is the cornerstone to a winning attitude"
zlion
Sep 26 2012 at 20:10
8 inlägg
The best compact good advices about trading I've ever read. I've been trying to learn this for about 1,5 years, your sentences give back the reality what I want to reach. Thanks!
FTP (RD123)
Sep 26 2012 at 21:31
12 inlägg
On this planet 51% is a profit of 1%. If you profit even one percent, that is more than you started with.

If you are aware of some other mathmatical formula where 51% is not a profit and 50% is not break even and 49% is not losing, please enlighten all of us.

Until then, shoot for 51% at least (or 50.00000000001 if you have the time).

Cheers.

domgilberto1 posted:
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)
It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
Mitaji
Sep 27 2012 at 06:52
1 inlägg
basic rule..trade with discretionary funds. You will be as profitable as your demo account...
There will always be another trading opportunity
07igor
Sep 28 2012 at 16:16
1 inlägg
I believe you missed the point here FTP.
What Dominic Gilbert meant was that you can have a 30% success rate, and still be profitable.
In fact many good traders are...
The simple math behind that is, that if 30% of your trades are successful, but you gain 4times the money compared to the trades you lose than you'll still be up in the long run.
e.g: you win at least 4% at every good trade and lose 1% at every bad trade.



RD123 posted:
On this planet 51% is a profit of 1%. If you profit even one percent, that is more than you started with.

If you are aware of some other mathmatical formula where 51% is not a profit and 50% is not break even and 49% is not losing, please enlighten all of us.

Until then, shoot for 51% at least (or 50.00000000001 if you have the time).

Cheers.

domgilberto1 posted:
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)
Nothing is impossible, if there's a will there's a way.
James_Bond
Oct 16 2012 at 09:56
556 inlägg
07igor posted:
I believe you missed the point here FTP.
What Dominic Gilbert meant was that you can have a 30% success rate, and still be profitable.
In fact many good traders are...
The simple math behind that is, that if 30% of your trades are successful, but you gain 4times the money compared to the trades you lose than you'll still be up in the long run.
e.g: you win at least 4% at every good trade and lose 1% at every bad trade.

I agree. The success rate doesn't even matter - what matters is the expectancy - if it is positive, you will make money. You can even have 1% success rate and still be profitable if you make in those 1% trades more money than you lose with the other 99%.
Gary Sharp myfxpt com
myfxpt
Nov 02 2012 at 19:42
345 inlägg
Yep...9 losing trades at $10 each and 1 winning trade at $100 (10% win rate) will make you profitable in the long run.
nzkiwi
Nov 02 2012 at 20:51
35 inlägg
I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.
Jeff_Kum (Jeff5796)
Nov 04 2012 at 14:42
12 inlägg
How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.
James_Bond
Nov 05 2012 at 15:13
556 inlägg
Jeff5796 posted:
How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.

It's hard to assess it during the trade as trade setups often change stop loss and take profit targets, unless it's a trade with predetermined targets - in such case just check the ratio between the take profit and stop loss.
Trader Owen (cfxsignals)
Nov 06 2012 at 22:08
18 inlägg
nzkiwi posted:
I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.

Where was that statistic published? I would be interested to know the source if you please :)
The only way to get smarter is by playing a smarter opponent
dangomango
Dec 15 2012 at 15:33
1 inlägg
confidence, knowledge, experience, discipline, mindset, self-awareness, money management and a lot more are keys to success!
smarttrader (vijayinvites)
Dec 18 2012 at 20:54
106 inlägg
cfxsignals posted:
nzkiwi posted:
I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.

Where was that statistic published? I would be interested to know the source if you please :)
.

here it is

https://www.tradingmarkets.com/.site/forex/how_to/articles/Why-the-Risk-to-Reward-Ratio-is-Overrated-80805.cfm
Gary Sharp myfxpt com
myfxpt
Jan 07 2013 at 06:48
345 inlägg
Jeff5796 posted:
How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.

We can never be sure, however, applying TD_Trendlines and TD_Projections will enable you to screen for those trades offering best potential. A TD_Projection gives a precise take-profit point, and you can use this to determine the risk/reward of a particularly trade set-up BEFORE taking the plunge.
supertrader91
Jan 09 2013 at 16:26
82 inlägg
There is a silver bullet and that is the skill to spot opportunity. Luck = prepararation meets opportunity.
I am trying to do this consistently. Track my account :) https://www.myfxbook.com/members/supertrader91/superb/450775
If you work hard consistently eventually you will get it.
TheLastBear
Jan 11 2013 at 12:54
186 inlägg
I agree that there is no silver bullet and those who waste their time asking are better advised to learn a strategy that works for them and execute that. I have been following my broker's trading recommendations and added them to my portfolio. It allows my to profit on average 250 pips per week and they have not had a losing week since I started to follow them.
Pax puts the X in Forex.
Silbertrader
Feb 08 2013 at 06:25
1 inlägg
I am still relativley knew but what I understand is that you need to learn what works and hase always worked and then impliment that day in day out with out trying to reeinvent the weel ore comming up with some fancy new trading strategy. At the end it's all about risk managment beeing patient looking at supply and demand and using a strategy that wins more than it looses aswell ase keeping those loosing days small. Not easy to do but I am slowly but surely getting there
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