90% of traders fail... - page 8

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Success is something you have to work on. I believe that if an individual is already successful in one thing, the success tends to "spread" to other things he/she tries out. Of course 90% fail in everything - most people don't even try!!! How do you expect to succeed if you sit on your ass all day long eating cheeseburgers and complaining how unfair life is ??

 
MiniMe:
here is what I suggest

1- try to understand the market and how traders react to it , that you can do by watching free videos about trading that are spread all over the web and by reading the reaction of the traders to the price movement and there are lots of posts in FF about the main pairs

2- Test as many trading methods as you can, understand the indicators and the math behind them.

3- Apply what works for you not what works for others

4- cut your trades into half, follow the price and risk what you can lose

5- always start with a small mini account , fund it only ONCE , trade that account as if its the last few dollars you have, don't hesitate and when you take a trade, its live or die so take your shot, and don't look on the web for what others have done just give your trade the time to grow

6- always think of the exit before your entry , so try not to swim against the current and keep your stops in your head , don't trail your SL only trail you profit

7- if you are still learning , then learn how to trade and read the chart before you learn how to scalp

I hope this will help you and I hope you will find a good trader to learn form , there are many good traders in US .... find someone and see how he traders " some videos also on youtube"

best of luck

MiniMe

This is indeed sage advice.. after being in and surviving the trading scene in forex for 5 years now I can attest to that!

Cheers

-drgoodvibe

 

New To Forex and Making a Mess!!!

Hey, I'm really new to this. I've had a live account now for about four months and I really need some help with this. I read something where new traders typically loose all their deposit in the first three months. Well, that was me, twice I think.

The problem that I'm having is that I don't really know how to interpret charts from one minute to the next. I know I need some patience and confidence in my trades, but...

Anyway, usually I trade on the one minute time frame and if I make a few pips I'm probably lucky so if anyone can help I would most appreciate it.

I've been poking around this forum for a bit now and it seems pretty good so I look forward to anyones advice!! Thanks in advance.

 

Hi

Go here and follow this thread

https://www.mql5.com/en/forum/179229

It will give you a good baseline.

 

hey, thanks bluewhale!! checking it out right now

 

Another Helping Site

For me a great site has been babypips dot com

It lays it out very nicely ... like school lessons

 

hi

if you trade on 1m you should looking on 5m or above to make sure where's the bigger trend will go, find the last bar 5m low or a bigger TF and mark it then switch to 1m and you'll see a support on 1 m , learn and learn

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Forex Indicators Collection

 

Newbie: What kind of average profits can I expect???

Ok, so Im totally new to forex. Still researching and still have many questions about it all.

Basically I have 5k-10k to trade with and I'm looking to trade perhaps 1-3 hours per day in medium risk using either;

A.) Cloning somebody else's methods who has good success in forex

B.) Using one of the trading programs with all the indicators,bells, and whistles

C.) Combination of the two above.

I've paper traded regular market, and I know forex is completely different beast so Im throwing everything I learned from the reg market to relearn forex techniques.

On average tho ....what are you guys pulling in with this forex trading?

 

My take on it...

You are throwing everything you know about other markets IN, or OUT?

My advice - forget what you know about other markets. It's been said that those whose first market is Forex do better at it.

As far as returns, well, that depends on your risk appetite. Let's say you limit your exposure to 3% of 5K. That's $150.00. That will keep your stops at around 50 pips if you trade 3 pairs using "mini"(10k) lots. You could let your profits run to 100 or so pips, and hopefully achieve a 1:2 R/R ratio. If you make 3-5% per month, I'd say you are doing well. There will be drawdowns of perhaps 10-15% (or more) at times, and you must weather these out. The above criteria would let you ride out 20 or 30 down weeks in a row, if you trade once a week. Of course, as a trader this would be tough to do mentally. If you trade daily, you can only ride out 20-30 down DAYS in a row, unless you trade smaller (microlots). This is entirely likely.

Myself, I've only been live trading for a little while, but I've paper traded with various systems for 2+ years. You'll need to find a system with an edge that you trust, and then stick with it. It takes most people awhile to find the system that matches their personality and trading style. But, its also been said that with proper money mgt, you could flip a coin on a currency pair, trade it, and make decent money as long as your stops are close and you let your profits run on good trades.

One thing you'll need to watch out for in this market - the dealers are largely unregulated and many of them are crooks. That's the price we traders pay for a market that's nearly always open and that doesn't charge commissions. But in reality, you might as well pay a broker commissions so that he doesn't mess with your trades. Others can elaborate on this.

Good luck

 

this may help

one thing that im learning now is the bells and whistles aren't worth a crap. i've had better luck using trend lines and looking for wedges. and most if not all ea's aren't worth the mql they're wrote on. this book i read which i've attached helped alot as far as getting past the bells and whistles. hope this helps.

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forexconfidante.zip  1665 kb
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