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Only Real Money-Making Traders Apply

OnTheEdge
Feb 20 2012 at 14:33
44帖子
I would just like to offer a couple of things.

1) At the VERY LEAST you should be trading 1:1 Risk/Reward, from what you said your stops are 2X the size of your profits...means if you loss twice you have to win 4X to get back to BE...that's a fast way to the poor house.

2) Track your trading more carefully, start by adopting a 1:1 and then keep track of how far the market went against or for you in the end. So if you took a trade and made your 10 pips and the market went an additional 50 pips before a major retrace or coming back to your entry write (or track in spread sheet) that info.

Over time you may find that your SL could be widened a little to provide more profitable or your TP could be pushed out a few more pips allowing for more profit.

I have a 'Course' which has a spread sheet and example videos of how to do this so you can create a strategy/system, if your interested send me a PM and I can send it to you...no cost. Most of the course is basic BS but I personally found this section helpful.

Best of Luck

 
Randall
rlmtrader
Feb 21 2012 at 15:33
12帖子

I recommend you to read some books about the market microstructure and market making if you want to play high-probablity bounces, for example Beat the Dealer book, just google it.

Thanks for all the advice....will grab the book today.

Randall
Randall
rlmtrader
Feb 21 2012 at 15:40
12帖子

   knmtechnology posted:
I am now at the point of turning a consistent profit. Not a lot of money, but it is a profit. I have learned how to turn a profit for free. Let me suggest a couple of places to get you started.
I encourage you to check these guys out and yeah there is a LOT of noise on Twitter but these guys are the real deal. My username is @knmtechnology on Twitter and you can see my comments and charts on my swing trades there.

Good Luck with your trading...keep at it...don't give up...

Thanks for the advice....i a newbie to twitter and find it hard to nderstnad all the short language. Worht a look though.

Randall
Randall
rlmtrader
Feb 21 2012 at 15:44
12帖子

   pipmistress posted:
   Hi, I think what you need is a strategy that will only target for few pips,
my average target pips was only, 10~25pips, even small pips can give you a living especially when every pip cost $10. Try a strategy that would give you sure profit of 10pips a day, and i think it is not very tough to get.

Focus on one currency pair, and study naked trading.

Please check my blogspot, I put my strategy there and I am planning to post daily analysis there this week to help Newbie traders. With practice and understanding to my analysis, i know i can help them.

naked trading?.....no indicators, right?...where is a agood resource for that?

Randall
OnTheEdge
Feb 21 2012 at 15:55
44帖子

   rlmtrader posted:
   

  naked trading?.....no indicators, right?...where is a agood resource for that?

Randall

Look up Hector Deville, learnforexlive the course covers all the basics and advanced methods to using price action. He personally uses no indicators nor does he suggest them.

I've looked at a bunch of different courses and at this point his methods are working for me...
Keith Mitchell (knmtechnology)
Feb 23 2012 at 07:49
6帖子
'Naked' would be considered how the guys that run the daily webinar trade. I'm telling you these guys spend time very morning LIVE in the market analyzing charts and calling out levels for you to watch on all major currencies. Much better than any book. Here is a link... https://t.co/L4vgtc53 look about halfway down the page and you'll see a place that says click here to register. It really would be worth your time and again it is totally FREE and your under no type of obligation for anything and the guy won't spam you. The only email I get is one from GoToMeeting everyday reminding me of the webinar and giving me a link.
OnTheEdge
Feb 23 2012 at 10:01
44帖子

   knmtechnology posted:
   'Naked' would be considered how the guys that run the daily webinar trade. I'm telling you these guys spend time very morning LIVE in the market analyzing charts and calling out levels for you to watch on all major currencies. Much better than any book. Here is a link... https://t.co/L4vgtc53 look about halfway down the page and you'll see a place that says click here to register. It really would be worth your time and again it is totally FREE and your under no type of obligation for anything and the guy won't spam you. The only email I get is one from GoToMeeting everyday reminding me of the webinar and giving me a link.

Keith,

The site is a paid for service (wizetrade.com/lp/brasil61/index.htm) is that the correct site or is the tiny url wrong?

Never mind the link to gotomeeting is in the text not the signup box...
Keith Mitchell (knmtechnology)
Feb 23 2012 at 13:28
6帖子
Yeah that is the right site. Chris is the other guy I spoke about who participates as well (@brasil61 on Twitter). Here is the link that you click on in the article on the left. https://www1.gotomeeting.com/register/410314968 The ad on the right of the page is for their paid service. I don't use it and never do really hear the guys talk about it that much on the webinar. Have never been spammed about subscribing to it either...
Randall
rlmtrader
Feb 27 2012 at 22:00
12帖子

   knmtechnology posted:
   'Naked' would be considered how the guys that run the daily webinar trade. I'm telling you these guys spend time very morning LIVE in the market analyzing charts and calling out levels for you to watch on all major currencies. Much better than any book. Here is a link... https://t.co/L4vgtc53 look about halfway down the page and you'll see a place that says click here to register. It really would be worth your time and again it is totally FREE and your under no type of obligation for anything and the guy won't spam you. The only email I get is one from GoToMeeting everyday reminding me of the webinar and giving me a link.

Signed up...giving it a whirl tomorrow...thanks!

Randall
Keith Mitchell (knmtechnology)
Feb 28 2012 at 02:54
6帖子
I'm sure you'll like it...Blake does a T-Chart which is a list of price points where he is looking to buy and sell. He will zero in on the weakest and strongest pairs and show you why they are weak or strong and show you where he's looking to get in. He also talks about other financial markets as well and how they influence the FX market. He got a lot of his training from Chris Lori that's why I mentioned him to you as well.

Enjoy...
Brian Wright (shinobi_brian)
Jun 29 2012 at 12:30
8帖子
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帖子
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帖子

   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帖子

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帖子

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帖子
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帖子
Im gonna do this: take it to 1000 in less than an year.
LK Wong
lkwong
Aug 20 2012 at 18:56
71帖子
You're almost there. 12.45% gain, 73.15% drawdown !
DG (domgilberto1)
Aug 21 2012 at 09:10
72帖子
lol
"Taking responsibility is the cornerstone to a winning attitude"
DG (domgilberto1)
Aug 21 2012 at 09:19
72帖子
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"
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