The Active Forex Traders Discussion

[Maxjohan]

Edit.

 

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[loop101]

Also a strategy has to suit a person personality.

This.

 

[TennisOrDie]

Nah. I don't feel it's my thing. Morally. I think it's too rigged for me. I wouldn't feel good knowing how many people lose their money.
http://www.theguardian.com/business/2014/sep/26/banks-fine-currency-rigging
What do you mean, trading is simple? Do you mean trading is simple but making money is hard?

It's not that hard. Unless you are going to specualate on a daily basis. Which I don't think is easy. All you need to do is find all fx bank forecasts from banks around the world. Then compare previous months and years and see which banks made the best predictions. That's what I would do if I was trying to make money from Forex. Then. Bet on the currency pairs yielding the bigggest future gains for you.

You're contradicting yourself all over the place. You're saying you don't want to trade because you know about 90-95% of traders fail. Yet you're saying you could easily make money from trading over the long term but choose not to because of your morals? Are you sure you want to be fastlane? Money is money. If you know how to make it then go and make it. There is nothing immoral with trading equities based off of hard earned research.

What's also wrong with your post is that you're saying you would just use a bank's information to make your predictions. You need to do your own due diligence. You need to be able to make your own decisions. You can't just hitchhike on other people's beliefs and think you're gonna become profitable at anything.

You need to do some more soul searching and inward introspection man. You're all over the place. Best of luck

 

[Maxjohan]

What's also wrong with your post is that you're saying you would just use a bank's information to make your predictions. You need to do your own due diligence. You need to be able to make your own decisions. You can't just hitchhike on other people's beliefs and think you're gonna become profitable at anything.

I just said that in my other post with "edit". I didn't bother to have it there because I doubt many takes notice anyway. Right?

Of course you need to do your own re-search on fx bank forecasts and so on. Or everything trading Forex. Simple as that. Isn't that quite common sense. Or just because I didn't mention that. It means you don't need to do your own re-search?

You need to do some more soul searching and inward introspection man. You're all over the place. Best of luck

What does this really mean? Soul searching, inward introspection... sounds like a bunch of big words to me. Okay? What do you mean. I laid out a strategy to trade Forex with fx bank forecasts. And you refuse to acknowledge it. And say I need some soul searching, inward introspecition etc?

I don't get it.

And what do you mean with that "simple" thing before. ?

 

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[CarrieW]

There are lots of ways one could theoretically make money with trading There's a lot of ways to loose money too. This thread is about people CURRENTLY trading to bounce ideas off of. Please don't try to act superior because your more moral than to try to make money trading. There's billions of ultra successful "traders" who give lots of advice "WHO NEVER ACTUALLY TRADE" either prove yourself by trading or not. Why would you worry about fx if your too moral to trade

 

[Maxjohan]

There are lots of ways one could theoretically make money with trading There's a lot of ways to loose money too. This thread is about people CURRENTLY trading to bounce ideas off of. Please don't try to act superior because your more moral than to try to make money trading. There's billions of ultra successful "traders" who give lots of advice "WHO NEVER ACTUALLY TRADE" either prove yourself by trading or not. Why would you worry about fx if your too moral to trade

Well. I am interested in the field. But I don't plan to trade it. I was in to it before. Though. But I feel that it's not my thing right now. Still as I said. I am interested and I follow the currency market.

 

[CarrieW]

I resented the implication that I or anyone else who trades is somehow immoral. Like the guy sitting at the strip club watching the naked girls claiming he's too moral to tip. Lol

 

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[Maxjohan]

I resented the implication that I or anyone else who trades is somehow immoral. Like the guy sitting at the strip club watching the naked girls claiming he's too moral to tip. Lol

I never said that anyone needs to be immoral by trading Forex. I'm just speaking how I feel. And I know I'm very alone in my feelings. You could probably say that I have a "moral problem" in general with everything. I don't know where it comes from. I get an idea for a fastlane business, after a while I figure out..."nah it's too immoral" in some way.

I am speaking mostly about the banks too. With the article I posted. Hard to know what the big banks are doing, right?

Okay. Hope that clears up it a bit. I'm not implicating that I am better than anyone because I choose to not trade Forex right now.

 

[CarrieW]

Thanks for the clarification I am the same way. I refrain from selling any info or promoting anything for that reason. There are many things I will not do. Trading is not one though. Curious as to what makes you feel the way you do...

 

[TennisOrDie]

I never said that anyone needs to be immoral by trading Forex. I'm just speaking how I feel. And I know I'm very alone in my feelings. You could probably say that I have a "moral problem" in general with everything. I don't know where it comes from. I get an idea for a fastlane business, after a while I figure out..."nah it's too immoral" in some way.

I am speaking mostly about the banks too. With the article I posted. Hard to know what the big banks are doing, right?

Okay. Hope that clears up it a bit. I'm not implicating that I am better than anyone because I choose to not trade Forex right now.

Sounds like you like to find any excuse to not take action.

When you trade with real money you realize that the market is just a reflection of your state of mind. People think it's about what indicators you use or what strategy you implement. Hell no. Most of the money you will lose will because of your emotions. You got nervous so you tightened your stop, you're careless so you didn't use any stop, you sold too early, you sold too late, you went in when there wasn't a good opportunity. These are the reasons why people fail at trading. It's not because of the system. There are many profitable systems in the world, but not that many profitable traders.

Here's an example of what I mean by soul searching and looking within. One of my biggest problems in trading was over trading. I would get addicted to being in the market. As soon as I closed an order, I would jump right back in regardless of if a good set up showed up. Addiction has been a problem throughout my life and now it's costing me money in trading. I will improve as a trader by knowing my tendencies and by knowing myself.

Trading is like golf. The opponent you are playing against is yourself.

What I mean when I say trading is simple is that all you have to do is buy low and sell high or short high and cover low. That's literally all profitable trading is. It's very simple. But to do it consistently and profitably is what's hard.

 

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[Maxjohan]

Trading is not one though. Curious as to what makes you feel the way you do...

With trading I don't know really. I feel it's rigged somehow with the big players. But that shouldn't really stop me or anyone else from trading. I guess, I can't go against my feelings. Sometimes I wish I could. But I am not that kind of person that can do that.

 

[TennisOrDie]

With trading I don't know really. I feel it's rigged somehow with the big players. But that shouldn't really stop me or anyone else from trading. I guess, I can't go against my feelings. Sometimes I wish I could. But I am not that kind of person that can do that.

Your beliefs will shape your reality. If you think the game is rigged, then you're already setting yourself up to lose.

For example, let's say you don't believe you need to go to college to be successful. That belief will shape your reality of not going to school and still being able to become successful. But if you tell yourself you need to go to college to be successful, then if you end up not going to college, you will almost certainly not be successful.

This is what I believe Napoleon Hill means by Think and Grow Rich. You have to be aware of your thoughts. You have to control your thoughts. Your thoughts will manifest themselves in reality.

MJ also talks about this in his book. You should know this already

 

[Maxjohan]

Sounds like you like to find any excuse to not take action.

When you trade with real money you realize that the market is just a reflection of your state of mind. People think it's about what indicators you use or what strategy you implement. Hell no. Most of the money you will lose will because of your emotions. You got nervous so you tightened your stop, you're careless so you didn't use any stop, you sold too early, you sold too late, you went in when there wasn't a good opportunity. These are the reasons why people fail at trading. It's not because of the system. There are many profitable systems in the world, but not that many profitable traders.

Here's an example of what I mean by soul searching and looking within. One of my biggest problems in trading was over trading. I would get addicted to being in the market. As soon as I closed an order, I would jump right back in regardless of if a good set up showed up. Addiction has been a problem throughout my life and now it's costing me money in trading. I will improve as a trader by knowing my tendencies and by knowing myself.

Trading is like golf. The opponent you are playing against is yourself.

What I mean when I say trading is simple is that all you have to do is buy low and sell high or short high and cover low. That's literally all profitable trading is. It's very simple. But to do it consistently and profitably is what's hard.

I think I got it this time. Keep it up I guess.

 

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[TennisOrDie]

I think I got it this time. Keep it up I guess.

Dude you need to go discover your niche where you can make money. Your immoral excuse is absolutely ridiculous. If you think making money is immoral then you will never be rich. Just go out and start doing shit. Get off the forums and go make that cash baby.

I tried for a very long time to mold myself into an entrepreneur. I read all the books, I watched all the videos, I surfed all the forums, and you know what? I made no money. Starting a business at 19 just isn't for me. I don't want to work 80 hours a week. I don't want to cold call all day. I don't want to make sales pitches all day. I'm just not at that stage where I want to dedicate my life to starting a business.

That's why I'm so grateful I found trading. I F*cking love it. The hours are great. I don't have to deal with customers or employees. I can take off from work whenever I want. I can work from anywhere in the world with just a computer and internet connection. It's fun. It's exciting. It's profitable. It helped me learn about myself. It's honestly made me a better person.

You gotta find your niche. The only way to do that is by just trying a bunch of different shit.

 

[Maxjohan]

Your beliefs will shape your reality. If you think the game is rigged, then you're already setting yourself up to lose.

For example, let's say you don't believe you need to go to college to be successful. That belief will shape your reality of not going to school and still being able to become successful. But if you tell yourself you need to go to college to be successful, then if you end up not going to college, you will almost certainly not be successful.

This is what I believe Napoleon Hill means by Think and Grow Rich. You have to be aware of your thoughts. You have to control your thoughts. Your thoughts will manifest themselves in reality.

MJ also talks about this in his book. You should know this already

Yes. I kind of agree with your example with college. But that is not about morals or ethics. I feel that can be a very personal thing and something you can't go against for certain personality types. Of course I probably could. But I would barley be able to live with myself. Just me though.

For now I choose to keep my sanity. But I feel a bit excited about maybe trying out Forex for real money. I had a demo account last autumn. I think it was.

 

[Maxjohan]

Dude you need to go discover your niche where you can make money. Your immoral excuse is absolutely ridiculous. If you think making money is immoral then you will never be rich. Just go out and start doing shit. Get off the forums and go make that cash baby.

Yeah. Thanks. That's exactly what I need to hear. To be honest. Will probably try a little Forex later on. Besides that. The good thing with Forex is that you don't need to start a company. At least not where I live. And it's only 30% taxes on it here.

 

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[TennisOrDie]

Yes. I kind of agree with your example with college. But that is not about morals or ethics. I feel that can be a very personal thing and something you can't go against for certain personality types. Of course I probably could. But I would barley be able to live with myself. Just me though.

For now I choose to keep my sanity. But I feel a bit excited about maybe trying out Forex for real money. I had a demo account last autumn. I think it was.

My example about college wasn't suppose to be about whether or not you need to go to college. It was just to show you how your beliefs shape your reality.

I'll give you another example. When you go for a run and you start getting tired what do you tell yourself? Do you say "F*ck i'm tired. I can't run anymore. I just want to stop. I feel like I'm going to throw up." If you keep thinking those kinds of thoughts you're probably going to stop running. Instead, when I run I say to myself "I am the king". I just keep repeating that to myself. It distracts me from my fatigue. It gets me pumped up. All I had to do was change what I was thinking.

It sounds easy but it's actually a lot more difficult to control your thoughts than you would think.

 

[TennisOrDie]

Yeah. Thanks. That's exactly what I need to hear. To be honest. Will probably try a little Forex later on. Besides that. The good thing with Forex is that you don't need to start a company. At least not where I live. And it's only 30% taxes on it here.

Trading might not be the same as starting a business, but that does not mean it is easy. It's a process just like anything else. You don't become a profitable trader over night. I've read many books, viewed many forums, studied many charts, tried different indicators, different systems, and I'm still not where I want to be in trading. This takes time. If you aren't ready to dedicate your full attention to trading, don't bother starting

 

[Maxjohan]

My example about college wasn't suppose to be about whether or not you need to go to college. It was just to show you how your beliefs shape your reality.

Yes. I know. But the examples are still not moral beliefs too be honest. It's a bit harder to change in my opinion. Unless you want to feel "pretty bad" about yourself.

I'll give you another example. When you go for a run and you start getting tired what do you tell yourself? Do you say "F*ck i'm tired. I can't run anymore. I just want to stop. I feel like I'm going to throw up." If you keep thinking those kinds of thoughts you're probably going to stop running. Instead, when I run I say to myself "I am the king". I just keep repeating that to myself. It distracts me from my fatigue. It gets me pumped up. All I had to do was change what I was thinking.

Same with this. You don't give away any moral examples. Just other stuff about running. And I can relate to that too. But it's still not the same as moral or ethical dilemmas. No offense or anything. Right?

 

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[Maxjohan]

Trading might not be the same as starting a business, but that does not mean it is easy.

Easy for those who know how to do it. I think. But that's just my opinion.

 

[TennisOrDie]

Yes. I know. But the examples are still not moral beliefs too be honest. It's a bit harder to change in my opinion. Unless you want to feel "pretty bad" about yourself.

Same with this. You don't give away any moral examples. Just other stuff about running. And I can relate to that too. But it's still not the same as moral or ethical dilemmas. No offense or anything. Right?

I have no idea where you're going with this. Give me an example of a moral belief that can't be changed.

Easy for those who know how to do it. I think. But that's just my opinion.

Instead of telling me whether trading is easy or not, why don't you start trading and see if you can do it? You act like you're too good to trade. You're too good to start your own business.

 

[Maxjohan]

I have no idea where you're going with this. Give me an example of a moral belief that can't be changed.

Rape someone, murder someone. Moral examples.

Instead of telling me whether trading is easy or not, why don't you start trading and see if you can do it? You act like you're too good to trade. You're too good to start your own business.

You read in to it too much. I act nothing. I am just not buying all this "work hard" stuff, that everyone seems to spew. It can be work smart too. Can't it?

 

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[TennisOrDie]

Rape someone, murder someone. Moral examples.



You read in to it too much. I act nothing. I am just not buying all this "work hard" crap, that everyone seems to spew. It can be work smart too. Can't it?

You don't believe in hard work...Boy you are going to have one tough F*ckin time trying to get rich. You're looking for the holy grail. You're looking for some event to happen that will change your life and make you rich. It doesn't work that way man. It should be common sense that hard work is required to be successful from browsing this forum for 10 minutes. I'm honestly done talking to you. Best of luck in whatever business you one day grow the balls to try out.

 

[Maxjohan]

You don't believe in hard work...Boy you are going to have one tough F*ckin time trying to get rich. You're looking for the holy grail. You're looking for some event to happen that will change your life and make you rich. It doesn't work that way man. It should be common sense that hard work is required to be successful from browsing this forum for 10 minutes.

Okay. Hard work as in what? Ah. Whatever. I just feel the word is very dogmatic. But that's just me.

Best of luck in whatever business you one day grow the balls to try out.

Oh. It got personal. Okay. See you here on the forum at least.

 

[M&A]

I rather work like 15 minutes a day. Checking trades and make 2000 pips a month. Than to work 4-8 hours a day and make 3000 pips a month. Just me though.

No currency pair is going to move 2000 pips in one direction each month. To get 2000 pips a day you would need to average 100 per trading day. A close to impossible goal. So it contradicts you original "long term approach" because to get this kind of return would mean multiple long/short entries per day across several pairs.

2000 pips for 15 minutes work ? that would equate to about $20,000 per month trading 1 standard lot ?

You obviously haven't looked at actual volatility in the FX market.

 

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[Maxjohan]

No currency pair is going to move 2000 pips in one direction each month. To get 2000 pips a day you would need to average 100 per trading day. A close to impossible goal. So it contradicts you original "long term approach" because to get this kind of return would mean multiple long/short entries per day across several pairs.

2000 pips for 15 minutes work ? that would equate to about $20,000 per month trading 1 standard lot ?

You obviously haven't looked at actual volatility in the FX market.

You may be correct that, that doesn't happen very often. Like I said in autumn last year. Had I made a trade then and hold it to what I imagined. Then I had made around 356.98 pips a week. On USD/SEK. On USD. Probably about the same if you had gone in on EUR/USD. On the USD.

3 months and 3 weeks = long term strategy = 5354.79 pips.

356.98*4 = 1427.92 pips a month. So I was off a little. Besides that. It was just an example.

 

[M&A]

You may be correct that, that doesn't happen very often. Like I said in autumn last year. Had I made a trade then and hold it to what I imagined. Then I had made around 356.98 pips a week. On USD/SEK. On USD. Probably about the same if you had gone in on EUR/USD. On the USD.

3 months and 3 weeks = long term strategy = 5354.79 pips.

356.98*4 = 1427.92 pips a month. So I was off a little. Besides that. It was just an example.

No you have it all wrong the USD/SEK trades at 8.4 so 1 pip is like 1/10th value of a pip on say AUD/USD.

So in reality you would be making 535 pips (in terms of pip value against majors) over 3 months. Or 5350$ on a 1 lot trade.

Its about the percentage change in the currency value not the PIPS. Pip value varies a lot across different pairs.

 

[Maxjohan]

No you have it all wrong the USD/SEK trades at 8.4 so 1 pip is like 1/10th value of a pip on say AUD/USD.

So in reality you would be making 535 pips (in terms of pip value against majors) over 3 months. Or 5350$ on a 1 lot trade.

Its about the percentage change in the currency value not the PIPS. Pip value varies a lot across different pairs.

I never said anything about any money amount. Because that depends on how much you are willing to risk. And what leverage you are willing to take. Plus, I also mentioned eur/usd. As that one moves pretty much the same as USD/SEK procentage vise. But you are probably right that I should calculate on procentage instead of trying to figure out pips value etc.

So take the eur/usd for example:

1 eur on August 3, 2014= 1.3428

1 eur on November 27, 2014 = 1.2476

1.3428/1.2476 = 1.07630 = 7.63% increase in value, right?

So it must be $7630 on 1 lot trade.

Now lets speculate that you had ice in your stomach and took advantage of the profits made. To see if the EUR would dip even more on the USD.

1 eur on August 3, 2014: 1.3428

1 eur today, on April 29, 2015: 1.1026

1.3428/1.1026 = 1.2178.

21.78% profit. So on 1 lot trade you made $21,780 in roughly 9 months time. That's not bad trading 1 lot trade. I think. But that's just me.

According to a Oanda calculator. I had made 9,520 USD with the first trade. And the longer trade. $24,020.
http://fxtrade.oanda.com/analysis/profit-calculator/

Edit: If it was the USD/SEK it would be $7,802.99 for 3 months and 3 weeks. And as the USD lost quite a lot on SEK. The profit for today would be: $17,600.23 on roughly 9 months. But if you had gone out a few hours ago it had been $19,373.79.

So. They don't move exactly the same as I first thought. You had made more profits trading EUR/USD. On the USD. Instead of USD/SEK on the USD.

 

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[CarrieW]

Holy shit! I am hurting today LOL. Damn. I am very down. Almost 1/2 of my account... This is the highest negative so far. Pondering my options atm. Idk if I want to take the loss or ride the coaster lol

 

[CarrieW]

If I could trade the past I'd be a F*cking millionairre. Lol.