Honest answers please! Are you successful trading on Forex or not? - Page 2
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Thread: Honest answers please! Are you successful trading on Forex or not?

  1. #11
    Stop backtesting... begin forward-testing.

  2. #12
    Why not read'Trading'.

    You don't require a system using a 60% success rate to be successful. That's all trading fantasy to hype up the newbies.

    The truth is....any system works! The point would be to get the most out of trades that are winning. The trades MUST be amplified through POSITION ADDING, while losses are unavoidable.

    I've seen amazing systems through journals which can significantly improve and I've done it , where you put in your rankings in your winning trade over and over again. By the time you're stopped outside, you'd have gotten 300 more pips than the guy who used a single position. That 300 pips is what's going to help you offset or pay the streaks that most of us face.

    Good luck

  3. #13
    Quote Originally Posted by ;
    Well, as occurs with these kinds of threads, each moment.
    I believe you mean that this happens with these kinds of thread starters

    if ya ain't here to trade, you'll probably wind up causing trouble!

  4. #14
    Quote Originally Posted by ;
    Stop backtesting... start forward-testing.
    Perfectly said. . .thanks Habeeb!

  5. #15
    Quote Originally Posted by ;
    Why not read'Trading in the Zone'.

    You do not need a system using a 60% success rate to be prosperous. That is all trading fantasy to hype up the newbies.

    The truth is....any system works! The vital point is to get the most out of winning trades. The trades have to be amplified through POSITION ADDING while losses are inevitable.

    I've seen great systems through journals which may significantly improve and I've done it myself, where you put in your positions in your winning trade over and over again. The time you stopped outside, you would have gotten 300 more pips than the guy who used one position. This 300 pips is what will help you offset or pay the streaks that we all face.

    Good luck
    This is a very interesting post and it may be carrying a slight tangent from the first question but here goes:

    You may or may not have been referring to my journal as an example but you've posted in it. Anyhow, as you understand my method is a daily trend based system of sorts where I use one position.

    I've looked at adding places as a trend takes hold which all sounds great in concept but at what stage do you get started adding positions? After my stop loss moves into profit would seem to be an perfect stage and surely every time a trend goes for 500 plus pips I can see the benefits.

    However, the new position(s) should have to start with a stop loss of their own and you could easily therefore turn an original profit into a general reduction. For example, I put in a long position and bull days have transferred my s/l into profit and have in nature a trade. I then enter another position with a stop loss and the next day the market reverses. So, I have turned into a winning trade into a losing one.

    Certainly, I could see the advantages but backtesting it any which way shows to me although I gain big time once the market really trends, I'd lose out as much when it does not, which happens much more. Perhaps my mind can't figure this out however I cannot see it lol.

    Any comments will be welcome.

    Kind Regards
    Steve

  6. #16
    ,

    I agree that position adding (also called pyramiding right?) Is the hardest skill in trading. The technicals (possibly breakout possibilities) and the market sentiment (news) have to be inline in order for this to be sensible.

    One good chance was USD/JPY. It has been a bullish pair for months and the days before BOJ announcement, there was a change price pattern which reveals the pair's technicals is resuming it has long-term bullish movement, and the carry traders got back in after the news and there we go... 200 pips in 3 days. . We might have pyramided in that strong fashion. I overlooked it.

    But . . It's the hardest part in trading that I know of.

  7. #17
    The problem is that he comes with all the notion that nothing works because he has not discovered a profitable system nonetheless. And while at precisely the same time discrediting everything anyone has signaled to him, wants to be provided with a egy.

    As though anyone can exchange a system just so long as it's 60% or better w/l ratio. A scalper type trader could be given a winning swing commerce system and fail because it doesn't match them and vice versa.

    Some of the top traders in the world can exchange predicated on a reverse of a coin - with the right pyschology, discipline and money management.

    There's not anything wrong with carrying bits and pieces from others but it's to work for each individual or else they will not be prosperous.

  8. #18
    Quote Originally Posted by ;
    This is a really interesting post and it may be carrying a small tangent from the first question but here goes:

    You may or may not have been referring to my diary for instance but you've posted in it. Anyhow, as you know my strategy is a daily trend based system of sorts where I just use one place.

    I've looked at incorporating places as a trend takes hold that sounds great in theory but at what point do you get started adding rankings? Once I move my stop loss into profit will look to be an perfect point and certainly when a trend goes on for 500 and pips I can see the advantages.

    But the new place (s) must have to start with a stop loss of the own and you could easily consequently turn an original profit in an overall loss. For example, I enter a long position and following two bull days have moved my s/l into profit and have in essence a free trade. I enter a position with a stop loss and the following day the market reverses. So, I have turned a winning trade .

    Certainly, I could see the advantages but backtesting it any way shows to me that although I get big time when the market really tendencies, I'd lose out as much when it does not, which occurs much more. Maybe my brain just can't figure out this but I can't see it lol.

    Any comments will be welcome.

    Kind Regards
    Steve
    well I wasn't actually referrrin to anyone. I just observe that a lot of people on journals seem to have one place for every single trade. Wouldn't it be wonderful to have several places to capitalize on? I mean it's a fact that trend traders just win 30-40percent of the time, therefore position adding is essential in the long term.

    This is the way I do it. .

    Basically when I enter a trade, I mark horizontal levels on another high/low on the weekly/monthly chart. This is my'add on' place mark. After the price closed beyond this lineup, I add place using a new s/l ONLY once the ORIGINAL POSITION is profitable. And I use half lots on additional positions than the first place. Since my first place is always 2%, all of additional places are 1% and I move all s/l to the new s/l of the new position (ensuring that with the updated s/l old rankings are currently in profit!)

    Thus by adding to places wiht half of the lots onto place that's already locked in profit, I ensure that I don't remove my profits. It's correct, that your profits may decrease when additional positions are ended outside, it's not by much since you additional half rankings to positions that are in profits.

    There are lots of methods to grow positions, that's just mine. Like you mentioned is to not turn a winner commerce but I think the thing. That's why I take care that in case the position that I'm adding together with the new common s/l does not bring the previous positions in profit, I let it run until I reach a brand new level.

    Think about the past BIG TRADE. You had. Over several hundred pips. Multiply that by 2 or 3 places, it would definitely help you out maybe in January or first half of february this year...
    peace

  9. #19
    geez this thread got off course....

    Yes, I make money trading forex, a lot of it's

    if im good, im absolutely lethal, and rediculously profitable

    if im bad, it's usually not as striking as the wins because I have a healthy fear and respect of this market, and I dont mind getting out and taking the reduction

    I'll Be the first to admit, I panic-out occasionally, you know what I mean

    merely thoughts

  10. #20
    I am powerful with a 1 pip EURUSD, and two pip GBPUSD disperse, but would not be profitable should these spreads were bigger.

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