Testimonials: What are you doing to be successful?

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Plus

If you could post a picture of your station setup and the indicators as attachment would be phenomenal.

Thx Champions!

 

Great topic! Let's see how many succesful traders will show up...

 

Useless information.

Remember, trading is mostly a solo player game, not a team player. And the first rule of the game is "To each his/her own."

Just because somebody trade successfully (read gaining profit steadily) GBPUSD on hourly chart every Monday to Friday from 9 a.m. to 9 p.m. doesn't mean it is the only way to success in forex, let alone that you should follow his/her footstep every step of the way. A simple different like you cannot sit in front of your computer for twelve hours straight will make a whole world of differences between you two.

Saying that you can learn something by comparing notes was just another excuse for a lazy newbie to do his own homework. Instead of trying to learn about others, you'll do better by starting to learn about yourself. And compare your own notes from day to day.

There are things you can learn by studying others. But not these kind of things.

 

can i add here that proper money management is one of the best ways to start winning?

coming from someone who had 3 margin calls a year ago heehee

 

Actually, I doubt there are enough successful traders here to begin with. And no one who actually knows what they're doing would ever share.

 

I think the only thing succesfull traders are willing to share are some tips.

But the system has to be developped by yourselfs in order to understand the tradingskills behind them.

 

I have to agree with the solo game at this point. This is what worked for me so far, anyway. Hope i am wrong! Would be interesting to see the results.

 

I'm trading live, very small, but profitably. For almost a year.

I swiped this quote from ForexFactory. It's about using a coin flip to determine when to enter. What's the moral here? That it's you who determines success, not your system. Any system can make money if it's managed properly and followed to the letter. This is what I try to do every day. I have screwed up now and then I hope you find this helpful.

"We determined the volatility of the market by a 10 day exponential moving average of the Average True Range. Our initial stop was three times that volatility reading. Once entry occurred by a coin flip, the same three-times-volatility stop was trailed from the close. However, the stop could only move in our favor. Thus, the stop moved closer whenever the markets moved in our favor or whenever volatility shrank. We also used a 1 percent risk model for our position-sizing.

That's it! That's all there was to the system; a random entry, plus a trailing stop that was three times the volatility, and a 1 percent risk algorithm to size positions. We ran it on 10 markets. And it was always in each market, either long or short, depending upon a coin flip. It's a good illustration of how simplicity works in system development.

Whenever you run a random entry system, you get different results. This system made money on 80 percent of the runs when it only traded one contract per futures market. It made money 100% of the time when a simple 1 percent risk money management system was added."

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