Need some information | FOREX Trading

[Baku85]

Really? Based on what? Your feelings? The fact that you couldn't? There are thousands probably millions of traders all making money "scalping" or taking small bites at the market. To say they will all eventually lose is ludicrous and based on nothing.

And its matter of time machines will do it better then them. Machines will do strategy in 100%, without emotions, or going to toilet.
This is my opinion, I can of course be wrong

Yes, really. Why not? Because you haven't done it? Because you've never seen anyone do it? Is that the extent of the evidence upon which you base your disbelief? A bit poor.

Also, you should read what I wrote a little more carefully and not just look at the one hundred million dollar example and balk insultingly just because it's a big number. There are just as many people who don't believe that making $1,000 is not possible. Just because someone thinks it's too good to be true doesn't make it false. It just means they have to lift what they think is too good. I've done plenty of impossible things in my 50 years on this earth and the only thing that made them impossible is that humans said they were "impossible". I did them anyway. There are plenty of 4 minute miles.

If people think the Forex market won't deliver you millions you're sadly mistaken. Sorry. It's not only possible it happens daily. Doubts don't make it untrue. I've personally made tens of thousands of dollars in just a few minutes and personally witnessed many multi million dollar (profit) trades. If it doesn't suit you that's fine but to discourage others just because you failed isn't very cool. Caution, warn, advise and tell us about your experiences - that's fine. But don't mock based solely on your experiences alone. It isn't helpful and really only achieves one thing.

Maybe you are right - btw. whats you last year ROI in % ?

I think I agree with this. I always advise to start with small amounts and compound to the larger amounts.

Well for this my post coming to, look at my story I had strategy making 1-2% in year, which is not good. But what I wanted to say by this is that I have checked this before putting money into. Who knows maybe he will do even 15% yearly or 150%. Checking on backtesting before believe in stories about easy money.

 

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[V8Bill]

And its matter of time machines will do it better then them. Machines will do strategy in 100%,

Can't wait! I'll be the first to buy one.

Maybe you are right - btw. whats you last year ROI in % ?

None of your god damn business. I'm not selling anything here. It's irrelevant. Was I a full time trader all of last year or part of it? Did I use Forex to make some money to spend on other things? Did I make money or lose money? Which day? Which week? Which month? Which hour? Which minute? Asking such an inane question lowers you to the level of a scoundrel mischief maker who's run out of argument.

Who knows maybe he will do even 15% yearly

I did 15% on Tuesday, 32% last Wednesday and 65% on Thursday. Means nothing without context. Anyone who doesn't believe you can make thousands of percent return in the forex market in a year doesn't know the forex market and is a dabbler at best. Ask serious questions and you'll get serious answers.

 

[Baku85]

Can't wait! I'll be the first to buy one.

Come on, doing trades based only on graph can be easily replaced by machine..
Doing trades based on informations rather not.

None of your god damn business. I'm not selling anything here. It's irrelevant. Was I a full time trader all of last year or part of it? Did I use Forex to make some money to spend on other things? Did I make money or lose money? Which day? Which week? Which month? Which hour? Which minute? Asking such an inane question lowers you to the level of a scoundrel mischief maker who's run out of argument.

omg man, why you so overreacted ? I only wanted to help this guy before loosing his money.
Many ppl over internet are claiming they have earned much money on forex, many of them works for brokers etc.
I wanted give this guy only advice, to CHECK.

yes its not my business , but you said about earning 1000$ so I thought question about ROI is not so bad.

I did 15% on Tuesday, 32% last Wednesday and 65% on Thursday. Means nothing without context. Anyone who doesn't believe you can make thousands of percent return in the forex market in a year doesn't know the forex market and is a dabbler at best. Ask serious questions and you'll get serious answers.

Btw. its difference by having ROI 50% in week vs year.

Do you think its wise to believe someone on internet forum that he is earning good money on forex, and put own money there ?
In my opinion not, Im not saying you are not doing, if you are than great, all the best, really. I did not wanted to attack you man.

My goal of post was to open thinking to this guy, to check everything by him self, use some backtesting methods. I dont care if you earn 10%, 100%.
My post was to this guy, and please stop overreacting.

I did not wanted to be rude, sorry if you got it this way.

 

[V8Bill]

Ok fair enough but I'm not really just "some guy on the internet" I have a little reputation here and have written many times on stock market. If he does his research into who's talking it'll give him a little confidence. Your question about "so how much have you earned last year" came across as hands on hips tongue poking out. What I earn is irrelevant unless I'm trying to sell something which I'm not. I'm sharing my real experience and beliefs based on my own real trades and thousands of hours of trading and screen time. Tens of thousands if we go back to when I started in 2004.

Also, I'm deadly serious about the machines. I can't wait and I'll be buying a full trading machine as soon as it's been proven reliable and I can program it with reliability and my own personal goals in mind. I've tried many EAs and some do well and some don't. I'm actually using half a machine right now and doing quite well. Parameters still have to be entered each morning but I have a good conservative operator with many years experience assisting me. Machines don't have emotions (as you pointed out) and can act much faster than mere humans. That's why I can't wait for a decent trading machine to be invented that suits my style.

I'll stop "over" reacting when you stop thinly veiled casting aspersions. I've dealt with hundreds of hecklers who's personal failures prevent them from believing any claims, projections or ideas that are bigger than they can comprehend. I've had the "so how much did YOU earn [insert time period]?" many times. It rarely comes from a good place. I can hold my own and if I'm not selling anything I don't have to prove anything. Everything I've said in this thread can be checked in a few minutes with a calculator and a live day chart. I presume the OP will do exactly that.

 

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[Baku85]

@V8Bill
As i said, my intention was not to offend you, Im sorry that my posts were not clear in this and you could get this in this way.

Good luck. It can be done but you have to like doing it and you have to know why and how to size your trades. As a guide; when you're consistent you can often trade 1 lot per $1,000 at 500:1 leverage which sadly you can't get in the U.S. because your government wants to protect you from yourself but for the rest of us out here it's the norm. As for which broker to use (they're actually called dealers not brokers) I can't advise unless you're an Australia in which case I'd suggest IC Markets. There are a few dealers who'll accept US traders and offer 500:1 leverage - look around and believe in yourself. You can do it.

Btw. are you not scared that you inverst 1$, of course you can get 500$, but end with -500$, or thats why you play in M1/M5 because of not big changes in this time period.

 

[V8Bill]

It's all good. It's a pretty emotive subject (wealth and freedom) so I'm used to being attacked for the extraordinary things I say, do and expect.

No, that's not how I trade. I look for just 100-200 points a day and that's enough to get me what I want. It's the dynamic sizing that does all the heavy lifting. Many traders can find just a dozen pips a day. I just use them differently so they have more power. I never look to take $1 to $500 in one trade or one day or even one year. I have doubled my account many times in a single day but that was more good luck than good than anything else. I trade in a normal way for the most part. I limit my losses and if I have a bad losing day I make it up with a string of wins just like anyone else does.

It only takes a few minutes (sometimes an hour or two) to make the pips I need. I take what is possible and done every day and give it a new power so I'm not really doing anything extraordinary but rather using it in an extraordinary way.

 

[Baku85]

Well it started making clear to me. Probably I will have to check it, still have got sentiment for this area.

 

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[Rabelo]

Whatever you do, in my 2 cent opinion, never use indicators, i have been trading Forex for 3 years and my advice would be , start to learn PRICE. any market with buyers and sellers, price is what matters.study price action never put an indicator on your charts.

 

[Rabelo]

and oh yeah, you probably gonna want to delete smaller time frames from your MT4..NEVER use those. Use 1H, 4H,DAILY,WEEKLY AND MONTHLY

 

[ALC]

Thanks for your answers guys, i will surely have a look at everything asap, been busy contacting/meeting everyone for my business.
I really think his way of trading and compounding wins is possible, but only is you're good enough to win 2-3 times a day, but if you lose 2 trades in a row, than you might have to double your effort to get to the point you were before losing money.(normal)

@Rabelo Why ? I use all of them but it depend if you're looking for short term or long term trade. For short term trade i will look at all of them but only taking my decision with M1/M5.

I think using indicators are a great way to see where the trend is going, but maybe i'm wrong ?

 

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[V8Bill]

and oh yeah, you probably gonna want to delete smaller time frames from your MT4..NEVER use those. Use 1H, 4H,DAILY,WEEKLY AND MONTHLY

I rarely look at the longer time frames (maybe the 1 hour occasionally) but I do all my trading on the M1 and M5. In and out - all done. But what matters in the end is the results. If you can make tiny trades go a very long way then you might get ok results leaving your trades on for such long periods of times but all the big fast money is made in the shorter time frames in my experience. Then again, I'd never ever leave a trade on overnight or if I'm not sitting watching it and I never use stop losses. Still, I'm open to being convinced - especially if the results are overall better over a week but if I have to wait a month for a tiny weeny little trade to come back with a 1% return that's still better than leaving it in the bank I suppose but not for me. I have much more work I need my money to do.

 

[Baku85]

@V8Bill - I know you wont ofc share your strategy. But what Ive read in this thread, you dont set your SL and use high leverage right ?
It sounds damn risky I assume no SL to avoid some situations like one big buy/sell after which after is not going, and you are before screen anyway all the time, bit this big leverage interest me. You must have some strategy which have very good signals right?

 

[ALC]

@V8Bill - I know you wont ofc share your strategy. But what Ive read in this thread, you dont set your SL and use high leverage right ?
It sounds damn risky I assume no SL to avoid some situations like one big buy/sell after which after is not going, and you are before screen anyway all the time, bit this big leverage interest me. You must have some strategy which have very good signals right?

I don't see many people being lucky with trading that's what scares me, but trading is very interesting

 

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[V8Bill]

@V8Bill - I know you wont ofc share your strategy. But what Ive read in this thread, you dont set your SL and use high leverage right ?
It sounds damn risky I assume no SL to avoid some situations like one big buy/sell after which after is not going, and you are before screen anyway all the time, bit this big leverage interest me. You must have some strategy which have very good signals right?

It is risky and yes I use 500:1 leverage. All trading is risky to some degree. Stop losses have their place and I sometimes set one but very far away so I'm not totally wiped out by a freak wave but that very rarely happens in my experience and these waves tend to generally be somewhat predictable at news events.

One example was when some lunatic decided to fire a missile over Japan but that was a wave that happened over many candles and given that I trade super short term I saw something happening and we pulled out within our parameters although it went against us. **it happens. It's gambling and unexpected things can happen. But stop losses make more money for the dealers than they save the traders. If I was to rely on stop losses it would mean I wasn't confident of my trade which also means I probably shouldn't be in one.

But you're right, as I mentioned earlier, these days I'm mostly (cautiously) using other people's signals or I have traders trading for me. Traders I use have very high success rates and they trade my money for a share in the profits. We've been doing quite well lately but ask me to explain their system and I would have a very hard time. I don't really need to know. All I want to see is blue numbers on the app. I wish I could be more help.

 

[Baku85]

More clear - thanks

 

[ALC]

So are you trading by your own mainly or are these traders doing it for you?

 

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[loop101]

Hi,

I've been very interested about Trading currencies / cryptocurrencies and FOREX for months, training with a demo account but not regularly but i'm curious about the subject.

I got some questions for those who are actually trading and are successful in this domain :

- To make good profit, do i need trading with hundreds to gets thousands or i must put thousands to get thousands ? (Making 40k per year would be a good thing and then growing slowly but surely the account)
- Can you do Forex Trading for a living ? I love the idea of working at home and make the same amount that i'm currently doing or even more.

-Do you got some recommandations before starting ? (Books, websites, stories...)

In 2 weeks i will sign a contract to open my own coffee shop, so i would like to know if Trading can be done as a side hustle or it take too much time ?

If some of you got some better ideas of what doing of 50k euros don't hesitate. (cars industry, real estate, investment...)

Thanks !

How are you going to know if someone is actually trading and/or successful trading Forex? If you interact with other traders long enough, you will find 99% have no idea what they are doing, while being certain that they do.

It's simple to make a system that consistently earns money 9 out of ten 10 days, but goes bust every 10th day on average. A system like that can be changed to go bust ever 100 days, or every 1,000 days. There are tons of systems that do exactly that. Someone may think they know what they are doing because they made money 8 out of 10 years, but be totally unaware they are using a system that goes bust about every 10 years. That person will have all kinds of "great advice" for you. Grid-traders, carry-traders, etc all regularly go bust.

I've seen about a dozen "once-in-a-life-time" events happen that rocked the markets. I've seen everything from the 87 crash, fall of the Soviet Union, F*cking Bank of Japan of currency interventions, banking collapses, etc. Somehow I missed being in the Swiss Franc debacles. None of theses events were "seen coming", or they wouldn't have rocked the markets.

Every market participant has one advantage in the market. If you don't know what yours is, then you don't have any advantage. Your advantage as an amateur is - you don't have to be in the market. So whatever system you are using, needs to take advantage of that. If you are using a system that is "always in" the market, you have given up your advantage.

My advice is to bet on yourself. Bet on things you can control. If you *really* want to trade, without becoming a quant, maybe look at the "3 Ducks" guy on Babypips.

 

[loop101]

A note about trading systems. There are no trading systems that work or do not work. There are also no trading systems that are currently working, or are not currently working.

There are trading systems that are either currently working or not currently working, for you. This is why famed trend-trader Ed Seykota focuses on Fred:

"Everyone has a Fred, and all the Freds connect together. Under Fred is the primary communication network that connects all the Freds. Fred instinctively knows if another Fred appears to be a good ally, in creating a drama to help communicate a PW experience to CM. When Freds recognize each other as useful to each other in this way, we feel "chemistry." People from abusive childhoods typically find an irresistibly strong visceral attraction for an abuser, and may even select one for a mate."

How other professional traders see Ed Seykota:

Seykota is focused on a trader's emotions. He mastered the technical aspects of trading in the early 70s, when he invented systems trading. He gives away his systems on his site. My point being, don't really listen to me, or anyone else, about what is possible. If something is working for you, then it is working for you. If someone says something does or does not work, they don't know what they are talking about. Just be aware of the odds at work in the game you are playing.

 

[bringitnow28329]

It is risky and yes I use 500:1 leverage. All trading is risky to some degree. Stop losses have their place and I sometimes set one but very far away so I'm not totally wiped out by a freak wave but that very rarely happens in my experience and these waves tend to generally be somewhat predictable at news events.

One example was when some lunatic decided to fire a missile over Japan but that was a wave that happened over many candles and given that I trade super short term I saw something happening and we pulled out within our parameters although it went against us. **it happens. It's gambling and unexpected things can happen. But stop losses make more money for the dealers than they save the traders. If I was to rely on stop losses it would mean I wasn't confident of my trade which also means I probably shouldn't be in one.

But you're right, as I mentioned earlier, these days I'm mostly (cautiously) using other people's signals or I have traders trading for me. Traders I use have very high success rates and they trade my money for a share in the profits. We've been doing quite well lately but ask me to explain their system and I would have a very hard time. I don't really need to know. All I want to see is blue numbers on the app. I wish I could be more help.

You don't use stop losses most of the time and you trade 500:1 leverage. That is two pieces of information which should make every person run as far away from what you say... It's funny how a person can go online and talk nonsense about anything and have a group of people believe their bs.

 

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[bringitnow28329]

Whatever you do, in my 2 cent opinion, never use indicators, i have been trading Forex for 3 years and my advice would be , start to learn PRICE. any market with buyers and sellers, price is what matters.study price action never put an indicator on your charts.

I've been trading full time since 2002. I use indicators, but not in the way that the technical analysis books say you should. All these oscillators are useless for the most part but statistical indicators can be very useful and they have allowed me to earn a living in the market.

 

[ALC]

I've been trading full time since 2002. I use indicators, but not in the way that the technical analysis books say you should. All these oscillators are useless for the most part but statistical indicators can be very useful and they have allowed me to earn a living in the market.

I think the only solution to make an opinion of everything we've said from the beginning is to start Trading and use every strategies i can find online and try different techniques.

 

[Baku85]

Well for me 1:500 leverage + no/big stop loss at first sound crazy also, but it have some sense.
Trading on M1:M5 has less chances for HUGE changes than on H4,D.
It sounds crazy but have some logic in it

 

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[V8Bill]

You don't use stop losses most of the time and you trade 500:1 leverage. That is two pieces of information which should make every person run as far away from what you say... It's funny how a person can go online and talk nonsense about anything and have a group of people believe their bs.

I was just thinking the same thing.

 

[V8Bill]

I think it's just as crazy to get up and walk away from a trade and rely on stop losses to do your thinking for you. That, to me, says you have no idea what you're doing and just rolling dice and playing the odds. I sit and make decisions on the fly every second based on many different aspects. To me that means more control, not less.

 

[loop101]

I think it's just as crazy to get up and walk away from a trade and rely on stop losses to do your thinking for you. That, to me, says you have no idea what you're doing and just rolling dice and playing the odds. I sit and make decisions on the fly every second based on many different aspects. To me that means more control, not less.

What do you when you lose your internet connection while watching a trade? I mean completely lose access to the internet, for hours or days.

 

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[loop101]

I've been trading full time since 2002. I use indicators, but not in the way that the technical analysis books say you should. All these oscillators are useless for the most part but statistical indicators can be very useful and they have allowed me to earn a living in the market.

It sounds like you are doing well. What type of trading do you do? Scalping, day-trading, swing, or position trade?

 

[bringitnow28329]

It sounds like you are doing well. What type of trading do you do? Scalping, day-trading, swing, or position trade?

I day trade mainly and do short term swing trading 1-3 days.

 

[loop101]

I don't see many people being lucky with trading that's what scares me, but trading is very interesting

Anything that is easy to get in to, is easy to lose money at. That is part of the design. Forex brokers make their money how, and from whom? You should answer that before you open an account.

 

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[V8Bill]

What do you when you lose your internet connection while watching a trade? I mean completely lose access to the internet, for hours or days.

I have my phone connected as a battery and internet backup back up. I also have my laptop as a second batter backup. If that fails I'll call it through. If the phone and all power fails there's been a nuclear explosion nearby and the last thing I have to worry about is my trade.

 

[bringitnow28329]

What do you when you lose your internet connection while watching a trade? I mean completely lose access to the internet, for hours or days.

I have access to my trading platform on my phone. I also use a battery backup unit . Otherwise call the broker and have them liquidate positions.