How to lose $25 a day trading Forex

[loop101]

If you want to be profitable, just trade a martingale system. You will be profitable everyday, until the day you are wiped out. If you want to lose $25 every day, trade an anti-martingale system. You'll lose money everyday, until the day you win big. These systems are really just mean-revision (martingale) and trend-following (anti-martingale). It all comes down to the same question, do you think the market is going to continue doing what it has been doing, or do you believe it is going to do something different. All trading comes down to that question, and no one knows the answer. Even the guys at LTCM (3 years of 40% annual returns), who thought they had a foolproof system, got wiped out. Their bet was that a bunch of uncorrelated markets would never all go against them simultaneously, which is exactly what they did. It is rare for a trader to have an edge, but without one they are just hoping to get lucky. Know what your edge is. Actually, I'll tell you what one of them is - the option to not participate. As an amateur, you can do something the pros cannot, you can get completely out of the market. Look for a method that incorporates that advantage, otherwise you are giving up your one definite advantage. An example of this would be, simply not trading before major news, or maybe only trading when there is major news. The odds are greatly stacked against you in Forex, and I wouldn't suggest people trade it, but there are ways to increase your chances.

http://www.investopedia.com/articles/forex/06/martingale.asp
http://www.investopedia.com/terms/a/antimartingale.asp
https://en.wikipedia.org/wiki/Long-Term_Capital_Management

https://www.youtube.com/user/myobcom (only trades news)
https://www.youtube.com/user/CaptainCurrency (never trades news)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Jon L]

losing $25 a day isn't bad. You can always make it up in volume. ;-)

but really...why would you want to do this? I'd invest in an index fund and spend the time on something more profitable. (building a business, for example)

 

[lowtek]

losing $25 a day isn't bad. You can always make it up in volume. ;-)

but really...why would you want to do this? I'd invest in an index fund and spend the time on something more profitable. (building a business, for example)

you gotta feed the monkey, man

 

[Datingafter35]

If you want to be profitable, just trade a martingale system. You will be profitable everyday, until the day you are wiped out. If you want to lose $25 every day, trade an anti-martingale system. You'll lose money everyday, until the day you win big. These systems are really just mean-revision (martingale) and trend-following (anti-martingale). It all comes down to the same question, do you think the market is going to continue doing what it has been doing, or do you believe it is going to do something different. All trading comes down to that question, and no one knows the answer. Even the guys at LTCM (3 years of 40% annual returns), who thought they had a foolproof system, got wiped out. Their bet was that a bunch of uncorrelated markets would never all go against them simultaneously, which is exactly what they did. It is rare for a trader to have an edge, but without one they are just hoping to get lucky. Know what your edge is. Actually, I'll tell you what one of them is - the option to not participate. As an amateur, you can do something the pros cannot, you can get completely out of the market. Look for a method that incorporates that advantage, otherwise you are giving up your one definite advantage. An example of this would be, simply not trading before major news, or maybe only trading when there is major news. The odds are greatly stacked against you in Forex, and I wouldn't suggest people trade it, but there are ways to increase your chances.

http://www.investopedia.com/articles/forex/06/martingale.asp
http://www.investopedia.com/terms/a/antimartingale.asp
https://en.wikipedia.org/wiki/Long-Term_Capital_Management

https://www.youtube.com/user/myobcom (only trades news)
https://www.youtube.com/user/CaptainCurrency (never trades news)

And that is why I'm trading a martingale with a risk appetite of fixed capital.

I think it boils down to risk management. Just like business. Not all businesses are profitable.

Not all startup get on the page of entrepreneurs.com.

BTW. Where do I post if I want to log my progress on turning a dating niche in or a profitable business like David D. Angelo aka Eden Pagen.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Datingafter35]

I was lucky today. My initial thoughts is right but the news swept clear the buyers before pounding the Bears.

 

[Datingafter35]

I was lucky today.
I went in without checking for exhaustion.

Market does a ring around the roses.

I should have pay attention to the yen.

 

[Datingafter35]

I was lucky today.
I went in without checking for exhaustion.

Market does a ring around the roses.

I should have pay attention to the yen.
View attachment 11619

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Datingafter35]

I wasn't lucky. I pick the wrong one.

 

[Datingafter35]

My first 1/4 milestone. At least it's my first breakeven point.

Finishing the focus on my MVP. Will submit page for critism.

Soon...

 

[Datingafter35]

Made a big boo.

Lost my first milestones 1/4 profits.

There are 3 mistakes I made.
1. ADX clearly shows less momentum.


2. I've place my loss recovery too near without waiting for (i) price too close before the close of the 1 hour candlestick. (ii) never give enough space for volatility and spread.



3. I've place my loss recovery (iii) too close without assessing where price might break and continue down.

Well the good news is I never considered letting losses row. And it's a 1% loss.

The bad news is I need to restart again.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jesseissorude]

So much about this thread is giving me a headache.

People are chiming in to help you, but you always just have a one-line answer to dismiss them.

When asked "What is different from the last 9 years?":

Taking loss and let profits run. Hahaha

Ok, but seriously. What is going to make this different.

Ok.

But it also proven that friends I know had made it big in currency and they have nothing to do with algorithm.

Just pure price action and grit.

Grit? Are you trying to say you can just try harder when you trade? It would be one thing if this were a business and you could put in extra hours, study competitors, whatever... but study after study shows that short-term trading is a losing game.

THEN this dude proves to us that a business is a losing proposition because he has a failed PUA business. Dude. Isn't it possible that your business just has some flaws in it and THAT'S why you weren't making money? PUA stuff can sell (not that I'd touch that business with a 10ft pole since it's not 2003 anymore), but judging by this thread, I'm guessing there were steps missing in your marketing plan.

I want to write a book but the title sucks and my accolades is not as impressive as my friends who is making $100k to half a million in a month either trading currency or binary option. And they are from Singapore.

1) Bullshit.
2) THEN GO TALK TO THESE PEOPLE! If you have a friend who really is making $500k/mo trading currencies, then--holy F*cking shit--talk to that guy over a coffee rather than posting to us nitwits on a forum. If you truly know people doing this (again: bullshit) then bend over backwards to help them with something (anything!) so you can maybe get a 10 minute conversation with them a month down the road. That would be more worth your while than "grit" or "trying harder" to figure it out for yourself.

THEN the dude threatens to report someone who was giving him a really long and well thought out answer. What would you report him for? Disagreeing with you?

Ok, I'm going to stop being a jerk and just leave with this:

Many years ago when I was a student in Electrical Engineering school, we needed a dataset that was perfectly random to overlay a carrier signal on. The idea was that we were testing a noise-filtering system to clean up low-voltage data signals and see if we could eliminate the crazy random noise we added. Did we use a random number generator from a computer? No, because that's not truly random since it's just an overly-complex algorithm that runs based on a "seed" fed to it (an integer 0-9).

What did we use instead? A day's worth of price fluctuations in currency markets. 100% not kidding. It's more random than the rand() function in a computer.

Sent from my Computer using My Fingers

 

[Datingafter35]

So much about this thread is giving me a headache.

People are chiming in to help you, but you always just have a one-line answer to dismiss them.

When asked "What is different from the last 9 years?":

Ok, but seriously. What is going to make this different.



Grit? Are you trying to say you can just try harder when you trade? It would be one thing if this were a business and you could put in extra hours, study competitors, whatever... but study after study shows that short-term trading is a losing game.

THEN this dude proves to us that a business is a losing proposition because he has a failed PUA business. Dude. Isn't it possible that your business just has some flaws in it and THAT'S why you weren't making money? PUA stuff can sell (not that I'd touch that business with a 10ft pole since it's not 2003 anymore), but judging by this thread, I'm guessing there were steps missing in your marketing plan.



1) Bullshit.
2) THEN GO TALK TO THESE PEOPLE! If you have a friend who really is making $500k/mo trading currencies, then--holy F*cking shit--talk to that guy over a coffee rather than posting to us nitwits on a forum. If you truly know people doing this (again: bullshit) then bend over backwards to help them with something (anything!) so you can maybe get a 10 minute conversation with them a month down the road. That would be more worth your while than "grit" or "trying harder" to figure it out for yourself.

THEN the dude threatens to report someone who was giving him a really long and well thought out answer. What would you report him for? Disagreeing with you?

Ok, I'm going to stop being a jerk and just leave with this:

Many years ago when I was a student in Electrical Engineering school, we needed a dataset that was perfectly random to overlay a carrier signal on. The idea was that we were testing a noise-filtering system to clean up low-voltage data signals and see if we could eliminate the crazy random noise we added. Did we use a random number generator from a computer? No, because that's not truly random since it's just an overly-complex algorithm that runs based on a "seed" fed to it (an integer 0-9).

What did we use instead? A day's worth of price fluctuations in currency markets. 100% not kidding. It's more random than the rand() function in a computer.

Sent from my Computer using My Fingers

Thank you very much for noticing. Appreciated.

I guess that's how life is. Taking the hardest part in life and not submitting to the success wheel.

Sent from my SM-N9005 using Tapatalk

 

[samwise]

So much about this thread is giving me a headache.

People are chiming in to help you, but you always just have a one-line answer to dismiss them.

When asked "What is different from the last 9 years?":

Ok, but seriously. What is going to make this different.



Grit? Are you trying to say you can just try harder when you trade? It would be one thing if this were a business and you could put in extra hours, study competitors, whatever... but study after study shows that short-term trading is a losing game.

THEN this dude proves to us that a business is a losing proposition because he has a failed PUA business. Dude. Isn't it possible that your business just has some flaws in it and THAT'S why you weren't making money? PUA stuff can sell (not that I'd touch that business with a 10ft pole since it's not 2003 anymore), but judging by this thread, I'm guessing there were steps missing in your marketing plan.



1) Bullshit.
2) THEN GO TALK TO THESE PEOPLE! If you have a friend who really is making $500k/mo trading currencies, then--holy F*cking shit--talk to that guy over a coffee rather than posting to us nitwits on a forum. If you truly know people doing this (again: bullshit) then bend over backwards to help them with something (anything!) so you can maybe get a 10 minute conversation with them a month down the road. That would be more worth your while than "grit" or "trying harder" to figure it out for yourself.

THEN the dude threatens to report someone who was giving him a really long and well thought out answer. What would you report him for? Disagreeing with you?

Ok, I'm going to stop being a jerk and just leave with this:

Many years ago when I was a student in Electrical Engineering school, we needed a dataset that was perfectly random to overlay a carrier signal on. The idea was that we were testing a noise-filtering system to clean up low-voltage data signals and see if we could eliminate the crazy random noise we added. Did we use a random number generator from a computer? No, because that's not truly random since it's just an overly-complex algorithm that runs based on a "seed" fed to it (an integer 0-9).

What did we use instead? A day's worth of price fluctuations in currency markets. 100% not kidding. It's more random than the rand() function in a computer.

Sent from my Computer using My Fingers

100% agreed

If you’ve been trading for ten years and are yet to make an on-going profit it might well be useful to take a look at what you’re doing wrong?


What training have you done? I’ve heard good things about Siam Kidd’s course but not pursued it myself as Forex would be a distraction at the moment.


Sam

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Datingafter35]

100% agreed

If you’ve been trading for ten years and are yet to make an on-going profit it might well be useful to take a look at what you’re doing wrong?


What training have you done? I’ve heard good things about Siam Kidd’s course but not pursued it myself as Forex would be a distraction at the moment.


Sam

Thanks.

Sent from my SM-N9005 using Tapatalk

 

[jesseissorude]

I guess that's how life is. Taking the hardest part in life and not submitting to the success wheel.

What? Dude, you just did the EXACT same thing I was talking about. That sentence doesn't even make sense.

You didn't even mention anything about my advice to get coffee with your $100k-500k/day buddies. Just admit to yourself that you aren't here for advice/accountability, you are here to put on a show and share screenshots so you can fish for pats on the back and feel like you are making good decisions.

Just understand what you are doing: You have a belief and are ignoring anyone who presents something you might disagree with.

I am a big fan of going against the majority. I think in the vast majority of cases that's the only wise option. However, when one makes a decision to go against the majority, it's because everyone else is making emotional decisions as a group, and one has been able to detach himself from that, really examine the situation, and make a rational decision.

You are doing the opposite here. You are making the decisions to trade daily based on emotion, not by stepping out of the situation and seeking out external information.

You are not being "fastlane." You've just created a really crappy full-time job for yourself that is paying you less than a few dollars a day (on days you are up).

 

[Datingafter35]

Never updated. Because what I make are pennies. I was lucky on one pair but I was relentless on another.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Datingafter35]

Updated. Recently attended a talk in Singapore by a below 30 millionaire stock trader.

He shared how trading fits into the lifestyle he wants instead of trading to make a living.

So my recent result have garner me a better risk to reward ratio. Given the fact I do lost recovery which greatly exposed my capital in return for a ego blinding fact to not accept losses.


I too am experiencing with trading only daily time frame and my recent read with Connors research have enlighten some facts and statistics about standing on the edge.

Haha.

Sent from my SM-N9005 using Tapatalk