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Successful traders are very, very rare to find

  • #41
  • Nov 28, 2017 1:57pm Nov 28, 2017 1:57pm
Quoting Inceptionist
Successful traders are realistic, humble and balanced. They're truly a rare breed. I can't even remember the last time I met a realistic, humble and emotionally balanced person. Maybe you'll find one for every 100 people you meet in your life.
You couldn't put it better.
When you see it, BET big.
  • #42
  • Nov 28, 2017 1:59pm Nov 28, 2017 1:59pm
Quoting Rennaissance
{quote} You couldn't put it better.
1 in 1k I would bet.
  • #43
  • Nov 28, 2017 2:03pm Nov 28, 2017 2:03pm
Quoting Rennaissance
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
You could try Barclay Hedge https://www.barclayhedge.com/
  • #44
  • Nov 28, 2017 2:18pm Nov 28, 2017 2:18pm
my definition of sucessful trader

TE with consistent gains over 5 years. TE came out in 2011. anybody?
  • #45
  • Nov 28, 2017 2:27pm Nov 28, 2017 2:27pm
Quoting Rennaissance
{quote} Yeah achievable, but hard to find. If I found a system like that I will leverage 4x more and get 80% with 20% draw down.
Moving more in that direction will start ensuring that account won't be successful longterm. I would say 5% is pretty much as high as you want to go, and definitely never as high as 10% But if you have a small, let's say a $500 disposable account then yesss!! People blow more than that at a restaurant or gambling in Las Vegas.
Here's Tom with the weather.
  • #46
  • Nov 28, 2017 3:17pm Nov 28, 2017 3:17pm
Quoting OHLC
{quote} Not your buddy but I did use 20% as a statistic because I'm using nothing but publicly available information and resources. I think 20% per month with a less than 5% DD is reasonable because I'm not doing anything others couldn't figure out. If 20% seems so shocking, it's because you aren't there yet. When you get there, you would also say 20% is just about the right for low stress trading. I could push my trading lot when trading several pairs but I prefer to keep DD less than 5%, usually it's around 1% to 2%. You're from Belgium so imagine...
Like I said I'm sure people can do it and if you can then that's amazing. Feel free to share the knowledge on how you did it.
However 20% shouldn't be used as the standard for being a good trader.

3-5% per month on average is very good already and should be considered being a good trader.
  • #47
  • Nov 28, 2017 5:42pm Nov 28, 2017 5:42pm
Quoting Rennaissance
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
You know a truly successful trader when you see him trade.
  • #48
  • Nov 28, 2017 5:46pm Nov 28, 2017 5:46pm
Quoting AntiVi
{quote} You see a lot of people struggle when it comes to money, where I live rent costs 1000eur for a shitty apartment and considering the fact that a lot of people only make 1200-1600eur a month https://www.youtube.com/watch?v=OYxEBxmZEUo
going out on your own seems to be the only way out of "slavery aka capitalism" unless you have some kind of special talent <singing, sports, dancing etc>
...
  • #49
  • Nov 28, 2017 5:54pm Nov 28, 2017 5:54pm
Quoting skyway
{quote} You know a truly successful trader when you see him trade.
You know a truly successful trader when you don't see him on FF. If you do see him on FF, they never tell about their gains because they have zero reason for doing so.
Here's Tom with the weather.
  • #50
  • Nov 28, 2017 7:01pm Nov 28, 2017 7:01pm
Quoting hilmy83
my definition of sucessful trader TE with consistent gains over 5 years. TE came out in 2011. anybody?
Believe me, a TE on here on myfxbook is more hassle than it's worth.
  • #51
  • Nov 28, 2017 9:21pm Nov 28, 2017 9:21pm
Quoting Piquant
{quote} going out on your own seems to be the only way out of "slavery aka capitalism" unless you have some kind of special talent <singing, sports, dancing etc>
Yeah true freedom is working for yourself and you must be talented to work on your own. Until you can live off your talents slavery is the only way to eat.
When you see it, BET big.
  • #52
  • Nov 28, 2017 9:23pm Nov 28, 2017 9:23pm
Quoting OHLC
{quote} You know a truly successful trader when you don't see him on FF. If you do see him on FF, they never tell about their gains because they have zero reason for doing so.
I agree they don't tell about their gains, but I think there are successful traders here. Not of the caliber of a George soros or Michael Marcus. But traders slowly building their accounts in thousands of dollars. Big guns don't have time, they have lot of positions they constantly manage, and the inconvenience of size.
When you see it, BET big.
  • #53
  • Nov 28, 2017 9:41pm Nov 28, 2017 9:41pm
Yeah, It is very hard to become a successful trader, you need to have lots and lots of knowledge and experience and skills to survive in the Forex Market.
  • #54
  • Edited 1:42am Nov 29, 2017 1:31am | Edited 1:42am
I'm sorry I don't understand this stuff about showing your TE. You think guys on the floor showed their statements to each other? Guys talked about how much they where up or down, maybe for the day or week,but in general terms, and only to people they were tight with.No one walk walked into the bar and said, oh I made 6% today....or I made 100k, or whatever...

In fact most guys down played what they made...


Successful traders, well you could tell that by what kind of size a guy traded in relation to how long he had been down there for.....that gave you a general idea, I mean if a guy had been down there for 10 years, and was trading two lots, well, he wasn't killing it....


Now your gonna say, well we cant see what size everyone on FF is trading.....well thems the breaks....
Look Sharp/Trade Tight
  • #55
  • Nov 29, 2017 1:41am Nov 29, 2017 1:41am
Quoting PayTheLimit
I'm sorry I don't understand this stuff about showing your TE. You think guys on the floor showed their statements to each other? Guys talked about how much they where up or down, maybe for the day or week,but in general terms, and only to people they were tight with.No one walk walked into the bar and said, oh I made 6% today....or I made 100k, or whatever... In fact most guys down played what they made... Successful traders, well you could tell that by what kind of size a guy traded in relation to how long he had been down there for.....that gave...
The forum does provide some anonymity but I agree that in real life at a bar or something, LOL yes, I'd be like What's farrex? Ya need veefee and computer??
Here's Tom with the weather.
  • #56
  • Nov 29, 2017 1:46am Nov 29, 2017 1:46am
Look, if you pay attention to people on here, you get a general idea who's trading size, and who's doing alright....but that's in the cases where you get to know a guy a bit, and follow him for a while...
Look Sharp/Trade Tight
  • #57
  • Nov 29, 2017 2:41am Nov 29, 2017 2:41am
Quoting Rennaissance
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?
Why would a successful trader post on a forum in the first place? What's in it for him?

I am a skilled person in my full time job, do I go on forums to discuss my work, no I don't. Out of interest I visited a forum relating to my trade, and guess what? It was full of amateurs asking stupid questions, getting the answers and then just asking the same questions again!

By the way, most of the professionals on the site are self-employed looking for work of the amateurs!
  • #58
  • Nov 29, 2017 3:02am Nov 29, 2017 3:02am
Quoting DemoForever
{quote} Why would a successful trader post on a forum in the first place? What's in it for him? I am a skilled person in my full time job, do I go on forums to discuss my work, no I don't. Out of interest I visited a forum relating to my trade, and guess what? It was full of amateurs asking stupid questions, getting the answers and then just asking the same questions again! By the way, most of the professionals on the site are self-employed looking for work of the amateurs!
I'd say because retail trading is unlike a typical job. In a typical job you have human contact. In retail trading, this is the most human contact you get to have. Isn't it a basic human need to just be heard? This seems common sense. Obviously there is a need for retail traders at our level, otherwise no one would post on forums.
Here's Tom with the weather.
  • #59
  • Nov 29, 2017 3:15am Nov 29, 2017 3:15am
Quoting GodfatherSam
Yeah, It is very hard to become a successful trader, you need to have lots and lots of knowledge and experience and skills to survive in the Forex Market.
Above all this, one has to have enough money. Making 10k a month attracts almost all of us. 1 mil with low leverage like 4:1 with almost any public strategy in use... and here you go...
Maadik Hugiis. IQ 69.
  • #60
  • Nov 29, 2017 4:29am Nov 29, 2017 4:29am
Quoting OHLC
{quote} I'd say because retail trading is unlike a typical job. In a typical job you have human contact. In retail trading, this is the most human contact you get to have. Isn't it a basic human need to just be heard? This seems common sense. Obviously there is a need for retail traders at our level, otherwise no one would post on forums.
My point is the chances of finding a successful trader(who makes a living year on year from it) are very slim. And even if you do find one don't expect to get the information you need for free!
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