The Active Forex Traders Discussion

[CarrieW]

Anytime I shared in this thread a while back one of the strategies I use I bought it but you can get it free now

 

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[Gsuz]

Something that just came to my mind, as I find this topic quite interesting. I'm doing a lot of ad buys, so I'm spending a lot of time per day in front of the computer. Analysing data, changing landing pages, optimizing etc.

However, I do have quite a bit of down time while I let the data simmer, then change something, wait, change it again and so on.

I did some reading around and it seems that @Udine is following a strategy that does not require him to be in front of the PC the whole day.

Do you think it is possible to incorporate Forex into my daily work flow? Or does it require all time focus for 8 or so hours a day?

 

[Maxjohan]

Do you think it is possible to incorporate Forex into my daily work flow? Or does it require all time focus for 8 or so hours a day?

In my opinion, it's kind of like CarrieW said. It depends on your strategy/technique.

Overall. My trial run just ended. I was down a sh*t ton during my first 2½ weeks. I even said to myself, that I was not going to trade anymore. So, I had a five day break. Then I got curious about the EUR/USD. Made a trade and pocketed nearly $5,000, during like a day.

So, I've traded sporadically since August 22. It's the best method for me. My last real trade was from Friday last week to Tuesday this week. I made like $5,9XX something in profit.

Sadly, my trial ended just after I bought the USD against the SEK again. That was two days ago. And now today 1 USD has gone from 7.00 to 7.07. That's probably at least a profit of $5,000. Because I had bought for $1 million.

Will I trade for real money now? No. They will probably call me in a day or two. And I am going to ask them if they can increase my trial to 6 months.

But I really like Forex trading now. I also don't feel addicted to Forex, like I sometimes feel when playing certain computer games or gambling.

By the way. I read an article a couple weeks ago, that if you start trading for $1,000 with Forex and double your money each month(Which is possible.). You will be a millionaire(Before taxes I guess.) in less than 12 months.

Pretty cool.

But be careful guys, if you trade for real money.

Peace guys.

 

[CreateLiving]

In my opinion, it's kind of like CarrieW said. It depends on your strategy/technique.

Overall. My trial run just ended. I was down a sh*t ton during my first 2½ weeks. I even said to myself, that I was not going to trade anymore. So, I had a five day break. Then I got curious about the EUR/USD. Made a trade and pocketed nearly $5,000, during like a day.

So, I've traded sporadically since August 22. It's the best method for me. My last trade was from Friday last week to Tuesday this week. I made like $5,9XX something in profit.

Sadly, my trial ended just after I bought the USD against the SEK again. That was two days ago. And now today 1 USD has gone from 7.00 to 7.07. That's probably at least a profit of $5,000. Because I had bought for $1 million.

Will I trade for real money now? No. They will probably call me in a day or two. And I am going to ask them if they can increase my trial to 6 months.

But I really like Forex trading now. I also don't feel addicted to Forex, like I sometimes feel when playing certain computer games or gambling.

By the way. I read an article a couple weeks ago, that if you start trading for $1,000 with Forex and double your money each month(Which is possible.). You will be a millionaire(Before taxes I guess.) in less than 12 months.

Pretty cool.

But be careful guys, if you trade for real money.

Peace guys.

Thanks for this insight man. You guys may be slowly convincing me to devote some of my time to learning Forex strategies.

 

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[CarrieW]

I've been real money trading for quite awhile. Not exactly sure how long lol. I trade with very tiny amounts of money tho

 

[Maxjohan]

I've been real money trading for quite awhile. Not exactly sure how long lol. I trade with very tiny amounts of money tho

Nothing wrong with doing this as a hobby or just for fun. Or just to make some extra cash. But I bet some of the best traders are probably trading small amounts. And if they were trading higher amounts they would be worth $1 million or more.

 

[DeletedUser9]

By the way. I read an article a couple weeks ago, that if you start trading for $1,000 with Forex and double your money each month(Which is possible.). You will be a millionaire(Before taxes I guess.) in less than 12 months.

After 3 years you would have $68,719,476,736,000.00 a touch under total world GDP.

Technically you could turn 1000$ into over 3 million in 5 days (500:1 leverage taking 100pip profits per day)

If you trade with this mindset you will always blow up your account no matter how much money you make

Real traders seek to protect and grow capital consistently not gamble.

 

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[CarrieW]

My broker is closing and my account is being transferred. My trades will be closed before transfer ready or not. maybe I will be able to close them myself before then. The race is on lol

 

[Udine]

Sounds like a good way to approach it! What fundamental skills do you think make a good Forex trader?

PDF & BCC

Patience
Discipline
Focus

&

Belief
Confidence
Consistency

that is my mantra

Udine

 

[Udine]

In my opinion, it's kind of like CarrieW said. It depends on your strategy/technique.

Overall. My trial run just ended. I was down a sh*t ton during my first 2½ weeks. I even said to myself, that I was not going to trade anymore. So, I had a five day break. Then I got curious about the EUR/USD. Made a trade and pocketed nearly $5,000, during like a day.

So, I've traded sporadically since August 22. It's the best method for me. My last real trade was from Friday last week to Tuesday this week. I made like $5,9XX something in profit.

Sadly, my trial ended just after I bought the USD against the SEK again. That was two days ago. And now today 1 USD has gone from 7.00 to 7.07. That's probably at least a profit of $5,000. Because I had bought for $1 million.

Will I trade for real money now? No. They will probably call me in a day or two. And I am going to ask them if they can increase my trial to 6 months.

But I really like Forex trading now. I also don't feel addicted to Forex, like I sometimes feel when playing certain computer games or gambling.

By the way. I read an article a couple weeks ago, that if you start trading for $1,000 with Forex and double your money each month(Which is possible.). You will be a millionaire(Before taxes I guess.) in less than 12 months.

Pretty cool.

But be careful guys, if you trade for real money.

Peace guys.

Maxjohan,

By the way. I read an article a couple weeks ago, that if you start trading for $1,000 with Forex and double your money each month(Which is possible.). You will be a millionaire(Before taxes I guess.) in less than 12 months.

That is absolutely not realistic!!!

but what can be done: start with 1K and make 1% a day and compound.. in 3 years you will be millionair...
now where do you want to be in 3 years time?????

cheers

Udine

 

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[Udine]

Nothing wrong with doing this as a hobby or just for fun. Or just to make some extra cash. But I bet some of the best traders are probably trading small amounts. And if they were trading higher amounts they would be worth $1 million or more.

I trade full time and doing nicely.. but not a millionair (yet)

ok lets grab this things at the horns..


Get ready for a long story

As so many people say they want to live of forex and trade fulltime..

First of all you must see forex as a start not a finish
Why do I say that...

Forex profits can build your future...
- pay off all your debts
- live of the forex earnings
- invest forex profits into passive income streams..

but the question is... how to start all that ??

suppose you have been demo trading a system (any system for that matter) and you consistently make 1 % a day.. day in day out...

In the meantime you have been saving up some cash to open a live account. Well I can tell you that trading demo or live is a whole different ballgame.

My advice is to start with a small account say max. 1K and trade the smallest lotsize possible, to get used to the mental stuff. and get consistent trading live...

I already mentioned that a 1K account compounding 1 % a day will make you a millionair in three years..

Now you say 1 % is not a lot... Well your bank might pay 2 % a year, so your doing better than your bank...so no complaining

I make 2 % daily, at least most of the days, so the odds can are improving

ok now some math. theory

if you make 2 % a day for 20 trading days, you multiply your account with 1.48.

Say you have 1.000 to start
month 1 1.480
month 2 2.190
month 3 3.241
month 4 4.797
month 5 7.100
month 6 10.509

so after 6 months you have 10K

10 K @ 2 % / day = $ 200 / day * 5 days = 1K / week

you let the account grow to say $ 60K
then you split the account in three equal parts

1 part goes into a seperate account for not feeling the pressure; in case you dont trade profitable you still can pay for food and shelter

2 part is for living expenses: 20K * 2 % (or even 1 %) = $ 400 / day * 5 = $ 2K a week, you should be able to live of
that

3 part for investing in passive income: by taking 50 % of the profits and invest in passive income so in the future you never have to work a day in your life anymore

Live below your means, pay off your debts and you will see you dont need that much to have a decent life ... so what if you aint the next Soros.. whogives a damn....

As long as you can provide all that is needed for your family and you can teach that to your kids... in my book YOU ARE A WINNER !!!


that is my humble opinion..

cheers

Udine

 

[loop101]

I already mentioned that a 1K account compounding 1 % a day will make you a millionair in three years..

Making consistently small profits is usually a sign the trader is deferring risk, losses, or both. Deferring risk is like when a trader will is willing to take a 500 pip loss in order to make a 50 pip profit. It usually works, but when it doesn't, it quickly wipes out any gains. Deferring losses is like when grid traders leave losing positions open, sometimes forever, hoping the market will come back and save them. I did carry trades without taking a loss for about a year, but when I did, I was out of the market. Maybe you are the exception to the rule, like Peter Lynch was, but for the majority of traders, many small wins means a few giant losses.

It's easy to take small profits when the market is repeating itself, either in a range, or in a trend. For example, in a range, you just keep betting against it whenever it reaches an extreme. If it goes up too high, you bet it will go down, and vice-versa. If it's in a trend, and it goes up, you bet it will keep going up. In each case, all you are doing is betting whether the market will continue doing what it has been doing, or will change, and nobody can guess that consistently. All trading systems are based on this guess.

 

[Udine]

Making consistently small profits is usually a sign the trader is deferring risk, losses, or both. Deferring risk is like when a trader will is willing to take a 500 pip loss in order to make a 50 pip profit. It usually works, but when it doesn't, it quickly wipes out any gains. Deferring losses is like when grid traders leave losing positions open, sometimes forever, hoping the market will come back and save them. I did carry trades without taking a loss for about a year, but when I did, I was out of the market. Maybe you are the exception to the rule, like Peter Lynch was, but for the majority of traders, many small wins means a few giant losses.

It's easy to take small profits when the market is repeating itself, either in a range, or in a trend. For example, in a range, you just keep betting against it whenever it reaches an extreme. If it goes up too high, you bet it will go down, and vice-versa. If it's in a trend, and it goes up, you bet it will keep going up. In each case, all you are doing is betting whether the market will continue doing what it has been doing, or will change, and nobody can guess that consistently. All trading systems are based on this guess.

Hi Loop101,

going for 50 pips and risking 500 pips is like trading without stoploss...

I trade in a way where i find low risk entries and the odds are stacked in my favor, for high probability wins... and only need 2 trades to get my daily target.

doing well and living off it (with family), so certainly not complaining...just saying it is possible

cheers

Udine

 

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[CreateLiving]

PDF & BCC

Patience
Discipline
Focus

&

Belief
Confidence
Consistency

that is my mantra

Udine

Excellent advice, thank you!

 

[Udine]

Something that just came to my mind, as I find this topic quite interesting. I'm doing a lot of ad buys, so I'm spending a lot of time per day in front of the computer. Analysing data, changing landing pages, optimizing etc.

However, I do have quite a bit of down time while I let the data simmer, then change something, wait, change it again and so on.

I did some reading around and it seems that @Udine is following a strategy that does not require him to be in front of the PC the whole day.

Do you think it is possible to incorporate Forex into my daily work flow? Or does it require all time focus for 8 or so hours a day?

Hi Gsuz,

sorry I missed your post.

You dont need to be glued to the screen all day..

I trade the 1H timeframe and I simply check 2 minutes before the end of the close of the hour the charts and am done in 2 minutes max.. until the next hour..

so depending on the system you trade, you can incoporate forext in your daily schedule.

cheers

Udine

 

[Gsuz]

Hi Gsuz,

sorry I missed your post.

You dont need to be glued to the screen all day..

I trade the 1H timeframe and I simply check 2 minutes before the end of the close of the hour the charts and am done in 2 minutes max.. until the next hour..

so depending on the system you trade, you can incoporate forext in your daily schedule.

cheers

Udine

Thanks for your reply!

A quite interesting approach and one you seem to be very successful with. I will study your whole thread over on forexfactory and also take the school at babypips. since you suggested that somewhere in your posts.

What I'm wondering is..can you recommend a solid and trusted broker? I feel like Google is pretty useless for terms like forex where big money is involved, as the results are full of sites that are either high risk brokers or affiliates pushing the highest paying broker. Makes it kind of hard to get real opinions.

Stay green

 

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[CarrieW]

I used ibfx but they are closing for retail traders getting stuck with the one place I did not want fxcm. I will use them till I have issues then I will be looking for a new broker also. I hate ibfx closing. I am interested in seeing recommendations for usa brokers

 

[playa77]

PDF & BCC

Patience
Discipline
Focus

&

Belief
Confidence
Consistency

that is my mantra

Udine

imo there are, as you americans say, a lot of different ways to skin the cat (sorry cat lovers .
I haven't read the whole thread, i don't do forex trading for a living, just my 2c:

You should listen to @Udine on what makes a good (forex) trader, especially:

-Patience
-Discipline
-Focus

You should have a plan. Get to know how the most important technical indicators work. Look at different timeframes. Formulate a strategy that has a beneficial risk/reward ratio and test it. This will take a lot of time. It's basically the same as building a business process.

At the moment when you enter a trade, you should have a plan exactly where your stop loss should be, where to lock in your gains and how much of your trading leverage to risk (<5% on forex, in my book).

If you have a sound trading strategy and good money management, you need only be right 55%-60% to make money.

I think most people get burned, because they think they need to a) be an Einstein to develop THE strategy that will win them everytime or even more often b) not have the discipline to follow their own strategy.

It's the same as in business. It's not about the idea, but all about process and execution...

And don't choose one of the smallish brokers, who have a trading desk, you'll trade against them and in the end, they'll always find ways to make you lose money...

 

[Twiizlar]

I am just now getting into forex trading. I have completed pre school and kindergarden on babypip.com so i want to try a demo. What broker is everyone using? I only have $50 to invest initially.

 

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[Udine]

Thanks for your reply!

A quite interesting approach and one you seem to be very successful with. I will study your whole thread over on forexfactory and also take the school at babypips. since you suggested that somewhere in your posts.

What I'm wondering is..can you recommend a solid and trusted broker? I feel like Google is pretty useless for terms like forex where big money is involved, as the results are full of sites that are either high risk brokers or affiliates pushing the highest paying broker. Makes it kind of hard to get real opinions.

Stay green

Check out IC Markets in Australia

cheers

Udine

 

[Udine]

I am just now getting into forex trading. I have completed pre school and kindergarden on babypip.com so i want to try a demo. What broker is everyone using? I only have $50 to invest initially.

I know that Oanda accepts small accounts..

cheers

Udine

 

[Udine]

yesterdays' trades..

@ London open:

EU/EJ/GJ to TP
GU out by trailstop

time in the markets... 4 minutes.. result: daily target reached

Later the last EJ trade: out by trailstop

Udine

 

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[Udine]

with 2 other systems I am trading (median renko) and a 5M timeframe system (testing for the moment), I already took some green pips off the table..

stay green

Udine

 

[Udine]

here is some food for thought, if you want to succeed in forex:

http://www.forexfactory.com/showthread.php?t=215432

read it a few times, for sure will help you in all your endeavours !!!

Udine

 

[Udine]

first trade today of my 1H system..... GJ to TP...

Udine

 

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[MWizard]

How to trade like Leonardo DiCaprio

 

[Maxjohan]

There seems to be big talks about it being a new debt crisis in the USA soon. Anyone planning to get in on the EUR/USD long term?

 

[Martinv678]

If you look at the monthly chart on the EUR/USD you will see that it has been forming a falling wedge pattern since 2008. From this I have made a trade that it'll hit the 1.20000 mark (well around that area and it's working well so far) and here you will see either a breakout upwards (what you expect to see) or it'll fake and drop dramatically depending on the news you stated above.

 

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[loop101]

A friend of mine ran a $100M fund, but he quit around 2008 because he said the Forex market seemed rigged.

http://money.cnn.com/2014/11/12/investing/banks-currency-fx-probe/?hpt=hp_t1

"Five banks have agreed to pay $3.38 billion in fines to global regulators to resolve allegations that they attempted to manipulate foreign exchange rates."

"Between 2008 and 2013, lax controls at the banks allowed traders to share confidential information and collude with their counterparts at other institutions in an effort to fix rates and increase profits."

 

[CarrieW]

my account got switched over. I had one trade worth a few pennies and the second was down I think around 13.50 not sure still trying to download my history from ibfx. I have been having issues trying to get it. ( it was a lot of pips once I get the history dl I will know for sure, that was my first losing trading in a very long time but only because I refused to close them for those who weren't following )

I had 57.99 in my account when it was transferred to fxcm I started trading again and I am up to 97.64 the transfer happened around 9/21.

I am trading the same 2 pairs I was eur/usd and aud/usd.