Is anyone honestly making any money from trading the Forex? - page 4
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well,last trade was a 'business cost'
now I see a Buy usd/jpy between 118.25/35 with a stop just under 117.91
targets are open. I always follow the MM I showed in this thread.
so stop to breakeven after 15 pips etc etc..
bye
there is no real trend now.just the $ selling is slowing down,and a reverse might be coming , but is not 'declared yet'
It's time now to sell Brit/USD at 2.0030 and put SL 100. Let your profit run at least 200 pips within this 10 days.
It's time now to sell Brit/USD at 2.0030 and put SL 100. Let your profit run at least 200 pips within this 10 days.
Hi,
I can still see GBPUSD @2.0327 but maybe it will retrace before it reaches this target.
Well I was correct. There's nobody here who has a winning system. :P
Yes - after 4 years and about 10,000 hours ..
.. in front of trading screens or MT4 script code.
Afterall, the "throughput" exceeded $500,000, making - losing - learning - taking.
By now I'd say I'm IN CONROL - of my OWN ACTIONS (nothing else). The markets do what they do anyway, and all implications apply: expect the unexpected; the only constant is change, high can go higher etc.
After 3 years I finally started making money consistently. Before that I occasionally took out some 4 figure amounts (buying the big house in cash within 3 months didn't work though ..).
Now, after 4 years I'm still saddened to see, how the marketing industry is still fooling most of the people. Most markete(e)rs are not traders - keep this in mind whenever you come across a non-community or expert driven site (false clames don't count). If they were all so smart, they wouldn't try to sell you things for what they are not! Don't get me wrong. Selling is good. It's regular business. But selling something that doesn't do what it say isn't.
Selling flowers schouldn't include a promise of getting married and having a happy life...
Playing with people's hope is certainly not a good thing, as we waste the three of the most precious resources available to us in this lifetime: time, hope and attention to others, perhaps resulting in loss of love and fading hope. (Don't wanna go into this here ...)
There are ways to make money. But there is hardly any single method that will do the job for us. ON the contrary; same input - different output. Difficult. Sometimes, same input, same output, different timing. There's a lot to it and I'm confident, that those legendary 5% that understand how to consistently extract enough pips are not part of this community - exceptions may apply.
How many pips do you need?
Proposal: 50.
When you look at GBPJPY (used to be my favourite until it dropped all the way to the x4 Fibo extension, while I kept buying with a "can't be" attitude, resulting in 300 lots .. boy, that was stresssful), it seems to be easy to extract just 50 pips a day, doesn't it?
Well, it is - now - with a big pack of experience, good mood every day and absolute discipline to conquer my own emotions.
Problem: this has been said and told gazillion times by all marketers, unfortunately together with messages "how easy it is to make money", "how soon you can be rich", or just automate everything and do nothing except having drinks on any number of parties, causing an emotional override.
Well. One rule holds true: there is no free milk. However, that's what most people are looking for. Free milk. This point of view was coined by Dr. Alexander Elder. Nice book.
Making money is easy. Keeping the profits is hard. Do you agree?
IF you would make "just" 50 pips a day 3 days a week 3 weeks a month. That would make you 450 pips, or $4500 traded with single standard lots, right?
How many pips do you extract? How many pips do you give back right away? Why?
There are so many "strategies to fail", that I even built a website to list and share them in the hopes, that people don't have to go through the entire painful process of gathering required experience, but pick up things that work and leave out things that don't.
Anyway, to reaffirm the answer to your question: Yes.
Many Pips!
-- PipMaker
Selling flowers shouldn't include a promise of getting married and having a happy life...
Playing with people's hope is certainly not a good thing, as we waste the three of the most precious resources available to us in this lifetime: time, hope and attention to others, perhaps resulting in loss of love and fading hope. (Don't wanna go into this here ...)
probably , we need some Sighting of winnings first from winners --- before we dip our foot in the water
thinking another random strategy
if we know the upper and lower bounds of a chart, say 5 to 10 hours still within a range or so
we could throw a dice with only UPPER or LOWER choice
then we place a limit order (future pending order) on that say LOWER price
then throw another dice to decide to buy or sell
this way, we could Train our Discipline on when to exit -- the purpose
if so, please post your indicators and set ups so we can all test and see who's got the best system and who is actually making money from using indicators and strategies from this site, or any other source.
What's the best pair to trade and at what time?
I have tested many systems here, i haven't found one that will make you money to get rich, if any money at all, all seem to fail within first month, please prove me wrong!my answer after 5 years creating ea's with over 5,000 indicators is "heck no!" as far as making any money in forex that can be relied on! And that is the honest truth!
Dave
<<<
If so, please post your indicators and set ups so we can all test and see who's got the best system and who is actually making money from using indicators and strategies from this site, or any other source.
What's the best pair to trade and at what time?
I have tested many systems here, I haven't found one that will make you money to get rich, if any money at all, all seem to fail within first month, please prove me wrong!I know this thread was started a while ago, but I think it still deserves an answer as such.
When I started, I viewed the BabyPips site and saw the Cowabunga system...sure everyone has heard of it.
Well I got a backtest program written and overoptimized it on the data I had.
And for a couple of years it was a nice little earner, but since the end of 2010....see piccy...
you can see equity has just got lower and lower. I stopped trading this long ago.
I dont think you can rely on just one system until retirement in the forex market, because there are so many flapping butterfly wing moments that can change a currency at any time.
As an example, I can not tell you what my current system is because, if I put it on the forum and say thousands of people all place the same trade at the same time the big boys who move the market will know 30-50 pips past this entry and they will collect thousands of stops. Easy money for them and the market has now changed and my system no longer works and all those that followed my sytem hate me.
I think to survive we have to remain as bears roaming the wood, an isolated target is harder to find and not as a group of bears huddled in a circle reading a "PlayBear Monthly".
To those that have made a fortune or have a system that has lasted 7 years or more I tip my hat to you, but to the majority that are left forget the fortune and look at possibly making a living instead. Just use whatever is working at the moment and dont give back to much money before you realize the system has died.
Hope this helps someone
Dice - why not?
First things first: Dave, your honesty is appreciated. If I would have been told, that it's difficult to make money by trading, I probably would not have started at all; but I believe many of us got sucked into this emotional "want" state, before the real fascination about making money by thinking or challenging the rest of world or simply time to play kicked in.
However, as developer I'm / (we are?) wired to solve problems and create solutions. And we like challenges - and that'S ok. Today watching the charts is like looking at a fish tank (or aquarium?), except, that it tells a lot of stories - in a 30 minute grid...
--
One of the many problems at trading is making assumptions and acting on them. It's like telling a number, tossing a dice and hoping for the best. Chance are - not good. That's why it's called gambling.
Now, alternatively, picture a world, where you would toss a dice, and if it's > 3 do A, if it's < 4 do B.
If you fully understand the implications (and act accordingly), you might start making money - again: can't promise you will, but you'll have a real chance.
As to some implications: 1) wait for the facts. Don't act based on assumptions. Make your trading style reality-based.
2) >3 and < 4 is the direction - don't micro-optimize when there is uncertainty involved and thus nothing to optimize.
3) Draw a line and stick to it. You're either right (then stay in) or not (then get out).
Markets change and we are looking at it in real time - How we trade reflects how we deal with change - and anyone over 5 years of age doesn't like change. That's also wired into our brain somewhere, but (good news:) we can overcome the impuls to "just stay".
---
Take a simple moving average. 3 bars, 3 bar shift. Apply this to a chart, and pick a nice looking timeframe W1, D1 or H4. Look at the slope of the indicator (there should some) and simply buy or take profit as long as the price stays over the line, sell or take profit as long as the price stays under the line. Not optimized, but chances are now from 1:10 to, say 2:1.
Sounds simple? It's probably the hardest thing to do while the prices are moving.
Unfortunately, we constantly trying to compensate things. Bring order to chaos (or the reverse), selling when the price goes up, buying when the price went up already, and once we did whatever we did, we train ourselfs, make it a habit, and even 5000 indicators can't stop us from making the same mistakes (i.e. taking inappropriate action) over and over again. Not to mention getting frustrated for expecting different results.
Well - all the telling and writing probably doesn't help much, unless you went through this experience yourself and can relate to it.
Good news, again: It's in your power to change. You just have to .. well. I'm certain you know, what you have to do. Just do it. Try it!. Take $5 of $50 and turn it into $10 or $100 keep your rules or find out, why you didn't and fix it.
Get in the habit of becoming successful. Get in the habit of taking profits, cutting losses (or start countertrading, if it helps) and bank profits every week. Every week.
I turned $3000 into $75,000 within 4 weeks.. I also turned it to dust within 4.5 minutes, running 300 lots against the GBPJPY, when it crashed all the way to x4 Fibo extension. "Can't be?" Did!
(For the records: set goal was 100,000 for the quarter, couldn't wait, violated any rule and security measure - no more Mr. Spok; 100% emotional)
Take the now. Hear the warnings and ask yourself one simple question:
What do I have to do to make money within the next 4 Hours?
-- Toss the dice - see what happens - respond accordingly.
Many Pips!
--PipMaker.