The Active Forex Traders Discussion

[Maxjohan]

Clarify that he was an expert sideliner? I think I got it

Hehe.

 

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[M&A]

I know it's unconventional thinking. And that's the point. Because what all the systems preaches and all that is "day trading". Trading every day, sometimes with sveral trades a day. While infact you can sort of trade like Warren Buffett in the Forex market too. My goal was to give value. Not make people uneasy in some kind of way.

Your 100% right, people need to find a trading strategy that fits them, some people consider short term as 1 day others its one minute. Some use technical analysis and others fundamentals.

If I give someone with a timid personality a $10,000 account and tell him to lever up to $500,000 and short the dollar for the next hour they will think I am crazy and would probably have a mental breakdown during the trade.

But the timid guy can either give up or create his own strategy, like using 3x leverage and going long over 3 weeks etc. Hell be able to manage his mental state a lot better and have a much higher probability of a winning trade. Whereas if I were to hold a trade longer than 10 days I would be sweating every night, thinking about some statement from some government official somewhere that will ruin my trade.

 

[CarrieW]

You sleep much better when it's not money you care about...

 

[M&A]

By all means don't bet your life savings on investments in general but you should hurt when you lose and be thrilled when you win.

If you act dispassionate toward you account, it will zero real fast due to not caring, taking inordinate amounts of risk, or just taking on bad trades because you don't care about the money.

 

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[Maxjohan]

But the timid guy can either give up or create his own strategy, like using 3x leverage and going long over 3 weeks etc. Hell be able to manage his mental state a lot better and have a much higher probability of a winning trade. Whereas if I were to hold a trade longer than 10 days I would be sweating every night, thinking about some statement from some government official somewhere that will ruin my trade.

Yes. It's different for different personality types. Personally, I don't think I am suited to doing many trades a day. At least if I look back on my demo trading days in authum last year. My long-term trades was more profitable.

Like I said then. I did a trade and just watched the chart. When it went down. I panic sold and bought the other direction.

Did like this three or four times in a row. Best was when I did a trade. Closed the charts and software. Went to sleep. And then watched how it went 13 hours later or so. Made $30,000+ but I did maximum leverage.

But if I started trading now. I would go with my long term strategy. Which would mean. Days, weeks or months. The hard part trading a long term strategy would probably be to get a good start. At least if you are going to trade with leverage.

No matter what strategy you have. Like Carrie said. You shouldn't invest more than you can afford to lose.

 

[CarrieW]

I cant afford to lose any money... A lot of the time my balance in my trading account is higher than my checking account... But still to me its house money. I wrote off every penny I deposited as gone... I hope to continue this mentality reguardless of the $ amount. Its all just pips with money that I am not attached to...

 

[BigBrianC]

Wasn't sure on making another thread, so I'll just post it in here. I'm interested in algorithmic trading, is there a way to craft a fastlane business out of algorithmic trading? Other than maybe a "Make money using algorithmic trading -- easy!" ebook type deal?

 

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[P3HSB]

True or false? Whether I go long or short, price will eventually come back in your direction after weeks or months??

Its just a matter of whether your equity & emotions can withstand the price movements?

 

[CarrieW]

Thats my current philosophy

 

[BigBrianC]

True or false? Whether I go long or short, price will eventually come back in your direction after weeks or months??

Its just a matter of whether your equity & emotions can withstand the price movements?

Not so well versed in forex but in traditional stocks I'd say no. But theoretically in forex i'd say eventually it will start to trend back your way, it's just how far it dips. It may start trending back but never get back to the levels you want. I'd watch and don't hang onto a loss too long.

 

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[CarrieW]

Its not a loss till its closed I hate being stuck in trades but since I used this thought in my trading I have been doing well.

 

[CarrieW]

I have decided to stay in at least through the weekend and reevaulate my thoughts if I look at the trades individually I wouldnt close either so thats enough for me. Also its right now about 1/3 of my account not as much as I thought.

 

[loop101]

True or false? Whether I go long or short, price will eventually come back in your direction after weeks or months??

Its just a matter of whether your equity & emotions can withstand the price movements?

False. A "pair" is just the relationship between two currencies. They can move infinitely in relation to eachother. They *usually* retrace, but it is not an eventuality.

 

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[loop101]

Wasn't sure on making another thread, so I'll just post it in here. I'm interested in algorithmic trading, is there a way to craft a fastlane business out of algorithmic trading? Other than maybe a "Make money using algorithmic trading -- easy!" ebook type deal?

Howard Bandy's books are the best books for learning how to make mathematically-based systems. He teaches you how to test and capitalize on any "edges" that you can find, and believes that you must prepare for these "edges" to stop working (then you must find a new edge). He also doesn't like Forex because you are competing with your own broker. The amount of money you make will be based on your "edge", and he does not put a limit on how well you should do. His emphasis is on doing it correctly.

There are plenty of "systems" that will make money quickly, then explode. From what I have seen, the only people making regular money from simple Forex systems, are the one's selling them as $9.99 Kindle books.

 

[M&A]

Wasn't sure on making another thread, so I'll just post it in here. I'm interested in algorithmic trading, is there a way to craft a fastlane business out of algorithmic trading? Other than maybe a "Make money using algorithmic trading -- easy!" ebook type deal?

If you mean HFT, no you don't have a chance.

Your competing against companies which spend billions per year to get the fastest connection possible to the exchange, order flow feeds etc.

If you mean a trading system which executes trades like human would based on a criteria, then yes if its a well devised system that has good risk management you could make money. It will also take all the emotions out of trading if you struggle with that.

 

[M&A]

True or false? Whether I go long or short, price will eventually come back in your direction after weeks or months??

Its just a matter of whether your equity & emotions can withstand the price movements?

Somewhat true more so in the short term than long term, but there is a saying:

"Markets can remain irrational longer than you can remain solvent"

Meaning, you will be long wiped out before it comes back to the price for you to break even.

We will probably never see 300$ gold again but if you bought at 1300$ I'm sure it will return to that price eventually.

 

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[BigBrianC]

If you mean HFT, no you don't have a chance.

Your competing against companies which spend billions per year to get the fastest connection possible to the exchange, order flow feeds etc.

If you mean a trading system which executes trades like human would based on a criteria, then yes if its a well devised system that has good risk management you could make money. It will also take all the emotions out of trading if you struggle with that.

No, I dont mean HFT.

 

[M&A]

No, I dont mean HFT.

Many traders have algorithmic strategies. Mostly run like when X happens do Y.

Read this AMA if you are really interested in that path, the guy uses an algorithm and trades 1,500,000 shares a day grossing 7 figures.

http://www.reddit.com/r/IAmA/comments/9s9d7/iama_100_automated_independent_retail_trader_i

 

[BigBrianC]

Thanks!

 

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[TennisOrDie]

who's making that cash baby?
this is my week so far

 

[CarrieW]

Not me... Still holding negative trades

 

[M&A]

who's making that cash baby?
this is my week so far

After accidentally hitting buy instead of sell for £5,000,000 LOL and losing 4 figures in 4 seconds, I managed to get back in the green for the day.

My biggest day in terms of volume traded, having switched from swing trading to a short term high leverage "pit trader" style strategy my risk and stress has gone down considerably. Not for the faint of heart though.

 

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[Mark Bucks]

i was just wondering if there are any here. i didnt see any obvious threads on forex when i skimmed here.

i am studying (still) the currency market and would love to have someone to bounce ideas off.

Hello @CarrieW - I'm an active Forex trader here but I do it without emotion attached.

 

[CarrieW]

Welcome to the thread Mark!

 

[TennisOrDie]

Took two finals for school today. Have tomorrow and friday off to trade. How has everyone's week been going so far?

 

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[P3HSB]

How has everyone's week been going so far?

Still in negative trade GBP/USD...

 

[obrian]

I agree, I had a short EUR/USD, I woke upto and it was 70 pips against me, I would have got stopped out if i had my usual 50-75 pip stop or had some fearful response, instead I traded around the position and waited for Eur to fall 100 pips in my favour for a $3000 profit

I could have been -$2100 but instead I profited $3000, a difference of $5100 in my pocket.

When I first started trading I realised more often than not I was right at calling the market direction but usually I was a day or 2 early and would get stopped out.

When I stopped using hard stops it changed my equity curve dramatically.

The only exception is when I am highly leveraged on a short term <12 hour position.

dude i remeber this trade when i was 100+ pips flying high, you know it was going up man so fast and it was late.i feel like i break into a candy shop man just eating candies everything clicking.greed kicks in and i woke up -500 pips. i felt so frickin messed up man it almost destroyed my psychology but now i am continuing to progress day by day getting better for sure.

 

[M&A]

The FX market has gotten crazy volatile recently, time to take advantage of it big time.

 

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[daivey]

Not to brag. But I said this on December 29, 2014. See how the economy in the USA and the EUR/USD have gone since then???

EUR/USD then: 1.2180564678
EUR/USD now: 1,07245

I really don't see why more people look for long term trading. Sure I could have sold the USD at 7,4. But if I had gone in on December 29. I could have made some good profits up to now. With EUR/USD.

Why anyway wants to guess how the market are going to go on a daily basis is beyond me. All you need to do is go with the flow. If there there seems to be any. And it was loud and clear with the USA economy. Jobs where getting better and the federal reserve was cutting the bond buying.

All it takes is one trade. Watch the trade for say 15 minutes a day. Then, you can do what the F*ck you want with the rest of your time. But of course. The market conditions are not always like this. Or I mean. How it was. Because I am pretty sure things are going to change now. And it will probably get harder to see these kind of insane long term spikes on a currency against another.

could have gone either way.............

 

[MJ DeMarco]

52 pages long eh... thread renamed. Knock yourselves out.