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The Active Forex Traders Discussion

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CarrieW

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Still going... :D hoping it continues.
 

CarrieW

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Why did you delete the post? Sorry I didn't have time to reply. I have a lot going on right now
 
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putinwork

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I'm looking at learning forex and saw these guys on my FB newsfeed.

http://infinite-prosperity.com

I'm not affiliated or anyway associated with them, I was thinking of taking the course. Anyone have experience with this program or any other courses?

Thanks!
 

CarrieW

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Never heard of them. Theres enough free info I wouldn't pay much for info... Under $100 may be worth it. Most shits a scam tho

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P3HSB

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Hey @CarrieW are you still holding both of your trades? I'm still in negative for GPB/USD and EUR/USD. Its been months now.
 

CarrieW

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Yep... It got close to my aud/usd to profit. But started retracing. Still holding though.

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putinwork

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Do you guys only trade FX or are you in the stock market as well. Just learning this stuff and didn't know the FX market was THAT much bigger than the Stock Exchange. With this, also means it can't be easily manipulated with P&D. Never knew this either.

Just wanted to know reasons why some trade FX and not the stock market :)
 
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CarrieW

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I was drawn to fx because of the market availability and leverage options... Stock market doesn't come close on either aapect

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TennisOrDie

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I was drawn to fx because of the market availability and leverage options... Stock market doesn't come close on either aapect

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That's exactly right. In forex you can be leveraged to as much as 1:100. That's why I trade futures. The leverage is so much greater. How has your trade been going Carrie?
 

CarrieW

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When I started you could go 1:400! I think my leverage is 1:50? Idk its been so long since I opened the account I forget lol. I am still in 2 trades. Since I think March? Idk I'm trying to close on a house and Thats been its own nightmare I haven't been paying tons of attention to it...

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mt_myke

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It's 50:1 in the US. In some places it may still be 100:1 or more, but they've really cracked down on that the last 5 years.

Couldn't resist, FXCM was gonna shut down my account so I threw in a few more bucks and shorted euro @ 1.139 ... because we all know the "greek fix" doesn't fix anything at all.
 

CarrieW

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Whatever my account is it has been all along. I never got adjusted when they changed the laws. So it must be 50. I never could stomach that 400:1 that was available lol. Its insanity to my mind lol.

I hope the eur goes down. I'm in EUR/usd short at 1.05100.

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CarrieW

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Finally one of my trades in profit again! Going to take some pips here in a bit and then wait to reenter
 
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Martinv678

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Reading though this thread it is too true that people look at forex as a quick rich scheme and dream of cars and boats. I was completely the same when I started. I also day traded and it did nothing but make me skeptical and believe it was a scam.

Anyway now make around 200 - 300 pips a week (on the good weeks) but only on trades over a couple of days. I use nothing but bolinger bands and candlestick formations and it seems to be working great.

I think it can make you wealthy but you have to invest real time and take real steps to adjust your strategy.

Greece has also made it easy to short eurgbp at most stages of this year.
 
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CarrieW

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That article was pretty poorly written. But I think I understood the point the author was trying to get across... I don't know which part of the article upset me most lol

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P3HSB

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EUR/USD finally went positive for me yesterday after approximately one month of holding this trade. This was the longest I have ever held a trade before. After seeing numbers like -$600 I feel like nothing can phase me anymore. I feel rejuvenated in trading and almost a sense of comfort now. I looked back at all my old trades and realized if I had held all of them instead of panicking and taking loses, all of them could have easily been winners.

I just want to give a shout out to @CarrieW, who help me stay strong and gave me confidence to keep going. I like how you put smiley face icons even when you are down in negative profits and make trading feel fun and light. And a quote that stuck out to me most

Its not a loss till its closed ;)

This.

Still stuck in a negative trade with GBP/USD, -700pips. But I am not as concerned anymore ;)
 
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loop101

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EUR/USD finally went positive for me yesterday after approximately one month of holding this trade. This was the longest I have ever held a trade before. After seeing numbers like -$600 I feel like nothing can phase me anymore. I feel rejuvenated in trading and almost a sense of comfort now. I looked back at all my old trades and realized if I had held all of them instead of panicking and taking loses, all of them could have easily been winners.

I just want to give a shout out to @CarrieW, who help me stay strong and gave me confidence to keep going. I like how you put smiley face icons even when you are down in negative profits and make trading feel fun and light. And a quote that stuck out to me most



This.

Still stuck in a negative trade with GBP/USD, -700pips. But I am not as concerned anymore ;)

If you trade a system that will allow, say, -500 pip loss to get a +50 pip gain, it will win 99% of the time. You can compound your profits and make a lot of money. Until you take the 500 pip loss, and lose all your profit. Unless you took money off the table, and out of the game, you will eventually lose. This strategy is what all the Forex bots, grid traders, and carry traders use.

There are two ways to trade. Make a lot of little wins, and take the occasional massive loss (described above), OR take a lot of little losses and make the occasional home run (as trend traders do).

The method you described is how I got wiped out in 2008, except I was doing carry trades. I was making the interest differential between the two currencies as I waited for a loser to turn in to a winner. The system had +100 pip take-profit, and unlimited loss. I was only initially betting .5% of my account. I was making winning trades for months. The only way I could lose was if there was some kind of worldwide financial calamity. Which is exactly what happened.

http://www.investopedia.com/articles/forex/09/credit-crisis-carry-trade.asp

I'm not saying you should avoid your method of trading, but just be aware of how you can be hurt. There will always be a "black-swan-event" where the trade just keeps going and going and going against you. If you've banked sufficient profits before that happens, you will be fine.

It is true that you don't take losses until a trade is closed, but you also don't take real profits until they are removed from the game.

Trend-trading is not necessarily better. Plenty of trend-traders "die of a thousand cuts" while waiting for their "home run", they just tend to be more aware of their losses because they are constantly taking them.
 

CarrieW

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I plan to regularly take profits once I get to a certain level. Because what loop says is 100% true. I am just now back up to my original acct balance. I haven't decided yet at what point I will start but I most definitely have to redo the plan for withdraws
 

CarrieW

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I was actually referring to the horrible English attempt, pigeon holing and sterotyping people due to life choices or gender... Wasting the few moments of my precious Saturday reading that crap. What I understood is that the author is a douche. Your interpretation of my post is confusing to say the least lol
 

P3HSB

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If you trade a system that will allow, say, -500 pip loss to get a +50 pip gain, it will win 99% of the time. You can compound your profits and make a lot of money. Until you take the 500 pip loss, and lose all your profit. Unless you took money off the table, and out of the game, you will eventually lose. This strategy is what all the Forex bots, grid traders, and carry traders use.

There are two ways to trade. Make a lot of little wins, and take the occasional massive loss (described above), OR take a lot of little losses and make the occasional home run (as trend traders do).
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The method you described is how I got wiped out in 2008, except I was doing carry trades. I was making the interest differential between the two currencies as I waited for a loser to turn in to a winner. The system had +100 pip take-profit, and unlimited loss. I was only initially betting .5% of my account. I was making winning trades for months. The only way I could lose was if there was some kind of worldwide financial calamity. Which is exactly what happened.

http://www.investopedia.com/articles/forex/09/credit-crisis-carry-trade.asp

I'm not saying you should avoid your method of trading, but just be aware of how you can be hurt. There will always be a "black-swan-event" where the trade just keeps going and going and going against you. If you've banked sufficient profits before that happens, you will be fine.

It is true that you don't take losses until a trade is closed, but you also don't take real profits until they are removed from the game.

Trend-trading is not necessarily better. Plenty of trend-traders "die of a thousand cuts" while waiting for their "home run", they just tend to be more aware of their losses because they are constantly taking them.

I guess you can never get to comfortable with Forex.

What you described makes a lot of sense. Starting out, I was taking lost after lost. It was hurting my psychology. I was unfortunate and never even got the "occasional home run". This whole Forex thing was such a huge disappointment when starting out. I felt like I was always trying to recoup losses. Ever since I started trying out @CarrieW strategy it started working for the first time. Then I went on a demo account, and open a ton of trades to see if they would eventually go back in profits after weeks and they eventually did. I rather take a lot of little wins because it will reinforce your brain with "yes you can", rather than taking a lot of lost, "no it won't work, just quit". I definitely almost died from the "thousands cuts". From now on, I will be using smaller leverage just to mitigate risk in case a "black-swan-event" does occur. I will continue to experiment with this strategy and see how it goes.

Thanks for the heads up @loop101
 

loop101

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Good to hear that you didn't understand all of it. Someone has to provide capital for winners!

Wizard, I try not to post too much in this thread, because I am not an active trader - and from the title you can see that this thread is for active traders. If you are going to come in here and imply you've got it all figured it out, it would be better if you gave specifics about your real trades. I've been online since the early 80s, been trading since the late 80s, and have seen many thousands of people claim to have figured out how to be a "winner" - only to implode and disappear. If I was going to bet based on my experience, I would bet against you (and anyone else) who claimed to be a "winner".

I am giving you some benefit of the doubt because the article you linked said "have a good strategy and guts", and that actually is good advice. Ed Seykota, one of the best traders ever, argues there are a multitude of workable systems that would be profitable if people stuck with them. So I will wait to see if you give any specifics.

Platitudes won't get you very far in this thread.
 
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P3HSB

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FXCM is transferring all standard accounts to a mini account on august 28,2015, if you have a balance of less than $2000. If you want to remain with a standard account you have to maintain an equity above $1500 or you will be charged a monthly fee of $10.00. Mini accounts are dealing desk execution while standard account is no dealing desk.

I heard a lot of bad things about dealing desk execution model. I'm not sure whether I want to accept the change to a mini account or deposit more money and keep it a standard NDD. I'd hate to deposit more money into something that is not working for me atm. This is frustrating :mad:
 

CarrieW

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Wtf I didn't get this notice yet? This isn't good. I will close my account :(
 

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