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Honest truth about forex.....

Apip Saepudin (Apipfx)
Dec 04 2015 at 11:02
13 โพสต์
Pepen_supendi posted:
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.

Yeah, lots of peers around you would be good. Cuz you can share your trading experiences and organizing something else (trading coaching clinic, trading seminar, etc) with them...
Pepen Supendi (Pepen_supendi)
Dec 07 2015 at 13:48
8 โพสต์
Apipfx posted:
Pepen_supendi posted:
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.

Yeah, lots of peers around you would be good. Cuz you can share your trading experiences and organizing something else (trading coaching clinic, trading seminar, etc) with them...

Just make sure you're entering the right trader community...
JenalAripin
Dec 12 2015 at 14:24
10 โพสต์
The most honest truth about forex trading is you cannot get yourself rich in months or first couple years. Even an experienced one still considering this business as their part time business.
Apip Saepudin (Apipfx)
Dec 14 2015 at 14:20
13 โพสต์
JenalAripin posted:
The most honest truth about forex trading is you cannot get yourself rich in months or first couple years. Even an experienced one still considering this business as their part time business.

And so, full dedication to this business is a must if you're really want to be a profitable trader. The more you invest your time, the more outcome you will get at the end.
Mulos (mulos)
Dec 15 2015 at 15:06
5 โพสต์
Use stop losses religiously and set them realistically.

Most of my losses have been totally preventable had I just used stop losses, exercised a bit of patience, done smaller lots and researched prior to entering the trade.
janettte
Dec 17 2015 at 12:07
30 โพสต์
Interesting to read your thoughts. Found some helpful comments in here. Thanks for sharing
kieran (snapdragon1970)
Dec 17 2015 at 15:06
1947 โพสต์
Keep those stop losses tight,it's very difficult to recover from losses and make a profit,your entry point is critical ,you won't always get it 100% right,but as you get more experienced you will get better at it.Dont believe the market will come back eventually,see a small loss as a sign you got in at the wrong time,if the move has already happened don't chase it,wait for a pull back or to hit a resistance area/support area.
FXtrader2010
Dec 17 2015 at 17:20
724 โพสต์
snapdragon1970 posted:
Keep those stop losses tight,it's very difficult to recover from losses and make a profit,your entry point is critical ,you won't always get it 100% right,but as you get more experienced you will get better at it.Dont believe the market will come back eventually,see a small loss as a sign you got in at the wrong time,if the move has already happened don't chase it,wait for a pull back or to hit a resistance area/support area.
this is factually not correct. keeping a tight sl will more often than not whip you out. it is finding the RIGHT sl, whether it be exiting on retrace, equity sl, hedge, hard stop, it will depend on the conditions and pair. Youre entry point is not critical, this is very noob thinking, it is your exit which is critical as this will shape how your equity curve goes, your expectancy, RR, etc. you can literally if you know the sentiment , enter at random. This is why there are so many online forex courses and 'education' packs, because people buy into the idea that there is some secret method that will give you this edge based on series of patterns.
kieran (snapdragon1970)
Dec 17 2015 at 17:57
1947 โพสต์
Factually not correct,according to you,no one else.Don't you like making maximum profit?,that's why entry is so important.Your stop loss does not change according to conditions or what pair your trading.If you cant stick to basic rules,go find some other amusement. Enter at random,that must be a new concept,I have never heard of this idea except warren buffett,have you got the same deep pockets he has?I did my course with ex chief dealer of a bank,not online....
FXtrader2010
Dec 17 2015 at 18:24
724 โพสต์
snapdragon1970 posted:
Factually not correct,according to you,no one else.Don't you like making maximum profit?,that's why entry is so important.Your stop loss does not change according to conditions or what pair your trading.If you cant stick to basic rules,go find some other amusement. Enter at random,that must be a new concept,I have never heard of this idea except warren buffett,have you got the same deep pockets he has?I did my course with ex chief dealer of a bank,not online....

 No according to Larry Connors in his book, Short Term Trading Strategies That Work, this author ran tests to quantify the most optimal stop loss and in the end simply concluded that : '...no matter where the stop is placed, it hurt performance. The tighter the stop, the worse the performance. Amazingly, even stops as far as 50% away hurt the performance!'

To me, it is not about maximum profit but the risk I am exposed to. Here is a post showing that a random entry can in fact be profitable over the long term and entry is NOT important as is exit : https://forums.babypips.com/newbie-island/52662-real-trading-edge-quantified-trading-stop-management.html.
SaltyWaters
Dec 17 2015 at 19:59
247 โพสต์
@ kieran
@ FXtrader2010

What if I told you guys that a system like that really exists:
Automated and trading 25 pairs at any given time. So it's always in action, no stop.
It's no grid or martingale and uses no indicators either. It just doesn't care for the market conditions or the market makers.
It enters at the first tick in regardless where the game is standing and gets out when in profit.
No need for a good entry or SL. It just jumps in.
The secret is trade management.

I'm just testing it for technical issues now and it will be on a real account in January 2016.
It's not for sale by the way. I'll be showing it for a day or two and then will remove the link from viewing. I just couldn't help myself and stay out of your discussion. Just that. Sorry for the inconvenience.
I know this is just a demo and it's too early to talk but the intention is to show you that a system like that works. I'll be back in one year from now to report the results on the real account.

I Wish you all success!
FXtrader2010
Dec 17 2015 at 20:13
724 โพสต์
SaltyWaters posted:
@ kieran
@ FXtrader2010

What if I told you guys that a system like that really exists:
Automated and trading 25 pairs at any given time. So it's always in action, no stop.
It's no grid or martingale and uses no indicators either. It just doesn't care for the market or the market makers.
It enters at the first tick in regardless where the game is standing and gets out when in profit.
No need for a good entry or SL. It just jumps in.
The secret is trade management.

I'm just testing it for technical issues now and it will be on a real account in January 2016.
It's not for sale by the way. I'll be showing it for a day or two and then will remove the link from viewing. I just couldn't help myself and stay out of your discussion. Just that. Sorry for the inconvenience.
I know this is just a demo and it's too early to talk but the intention is to show you that a system like that works. I'll be back in one year from now to report the results on the real account.

I Wish you all success!
im gunna report you for spam.
mlawson71
Dec 18 2015 at 09:34
1487 โพสต์
Try to avoid trading during high-impact news, learn from your mistakes and don't open new positions because you're bored or you don't have the patience to wait for a good entry point. It took me a while to learn these simple truths.
ffung0501
Dec 18 2015 at 09:35
1 โพสต์
I know this system. Its hedging constantly. I use a similar system but you have to watch out for the spreads and lot size calculations and when then market is ranging, the DD will increase exponentially.
adnanqamar
Dec 18 2015 at 09:35
2 โพสต์
janettte
Dec 29 2015 at 11:34
30 โพสต์
What i have learned in trading over the years is that i lose exponentially on News (especially because of wide spreads / Admiral Markets). I stopped trading any news around 6 month ago and it worked very well. Sometimes trading less is already a big help. Additionally i am trying to get rid of overtrading. Very often i made the mistake to keep trading on days where i suffered big losses and i couldn't accept to finish a day with a significant loss. These days a follow my plan to stick to a max. Loss per day of 1%. If this is reached i stop. Is there somebody with similar experiences and thoughts?
Leng Kai (lengkai)
Dec 29 2015 at 12:24
67 โพสต์
@janettte Pretty sure most veteran trade feels the same. To be able to minimize losses and restrict the feeling to fight against the market is key in being a good trader.
kieran (snapdragon1970)
Dec 29 2015 at 13:33
1947 โพสต์
janettte posted:
What i have learned in trading over the years is that i lose exponentially on News (especially because of wide spreads / Admiral Markets). I stopped trading any news around 6 month ago and it worked very well. Sometimes trading less is already a big help. Additionally i am trying to get rid of overtrading. Very often i made the mistake to keep trading on days where i suffered big losses and i couldn't accept to finish a day with a significant loss. These days a follow my plan to stick to a max. Loss per day of 1%. If this is reached i stop. Is there somebody with similar experiences and thoughts?

Trading the news is highly risky,I trade up to the news and close out before the numbers are released,or I wait for 10 mins after until it develops a trend.knowing when not to trade is what professional traders do all the time,one other way you can trade the news is put on a buy and sell order on the same trade,close out one order depending on direction,I only trade when I see I can make at least 20 points,chasing the market is a fools game.80% of the time professional traders are doing research looking at charts and news or on the phone to clients.When I went to work in London I was really surprised how little traders actually trade.One thing though it's completely different in a prop house,extremely difficult to profit because your trading every move.
lucie_fxtrader
Dec 30 2015 at 15:31
14 โพสต์
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.

I agree with the 2nd point, risking only a certain percentage of your account (1%) might lead you to slow profits but at least you avoid blowing your account.
kieran (snapdragon1970)
Dec 30 2015 at 19:05
1947 โพสต์
1:100 is fine for starting off,as you get confident that your edge works you can increase leverage.Setting your stop loss at 2% of capital is 2% risk not 1%.Entry point is very important,otherwise you will be moving your stop loss more than 2%,this is because you have to allow for pull backs and spikes .Professional trading is based on how good you are at capturing the full move not half of it.No one is going to get their entry 100% right all the time,but with practice you will get pretty close.
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