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How did you find success?

  • #101
  • Mar 14, 2018 10:27am Mar 14, 2018 10:27am
Every newbie in forex trading are bound to ask this question: "How will i get success" after 3-4 months. Its so obvious. In the beginning forex seems too easy however, suddenly after 2-3 months its getting harder & harder, and eventually it doesn't make any sense at all.

Forex starting to look like "Totally Random"

Answer is: Yes, Its random

Why? because, when you don't know what going to happen. When NO ONE knows what going to happen? It is random that time.

Now, question is: How can we success in this random market?

Answer is: Practice, Practice & Practice... & testing, testing & testing... & eventually you will find a system that will work in the long run.

One advise to newbie forex traders.

Don't go for quick pips or quick gains. You may win or gain huge amounts of profits in short run however, in the long run, you will lose all of your accounts.

So, focus on long run trading, gain a little but keep it & move on.

Let me give you one instance....

Mr X earn 300% ROE in 1st month... then 100% ROE in 2nd month... then 150% ROE in 3rd month. However on 4th month he blow up his entire account.
Result: After 4 months all is gone!!

Mr Y earn 2% ROE in 1st month... then -3% ROE in 2nd month... & keep going in like this... after 1 year his total ROE is only 10%
Result: after 1 year 110% equity!!

Now, take a look & ask yourself.

Always remember this: "In forex it doesn't matter how fast you can run, rather all it does matter how long you can survive"

My gift to newbie & forex expert traders: Black Obsidian | A Master of Forex EA
It is the dust where you came from & it is the dust where you shall return
  • #102
  • Mar 14, 2018 10:48am Mar 14, 2018 10:48am
Quoting havo
{quote} Variables?? easy Random sized candles (main problem with time based charts) Random places in the chart to look for entrys (Faulty Technical analisys) Random trigger/entry patterns (trigger pattern NOT defined) Random SL/TP targets (ok, sometimes IF you catch a runner you could move the TP, but that SHOULD NOT be your main goal) Just to name a few ... ALWAYS remember: you are putting money on the line !! be as constant and specific/mechanic as you can be and "delete" any variable that could work against you !! that was the main "motivator"...
Thank you so much for the detailed explanation.
As for whether I can do it...I don't know. I know I'd certainly try.
  • #103
  • Mar 16, 2018 1:37am Mar 16, 2018 1:37am
If someone is going through the bad patch of the Forex trading then he should stop trading for a while and start working on the Demo account. It will help him to build a good strategy and gain some confidence. It surely will help you to come back on routine.
  • #104
  • Mar 16, 2018 1:53am Mar 16, 2018 1:53am
Quoting GeorgeBaile
{quote} I really appreciate your contribution! Really, there is no shortcut way of success! It takes such a long time to understand the market principles! I have almost 5+ years trading experience but till now I have to learn more, that’s the reality.
I'm at 4 years and finally starting to scratch the surface layer of price structure (information that really matters) now I understand why for most people it takes 5 to 10 years to master "the art of trading". What I have understood as of late is that you have to reduce the variables to few that makes 100% sense to you and keep up the repetition on demo or on live with small lots again and again. This is the only way to deduce the usual time 5-10years to dance along with market moves, but you can't do it below 5 years I think 10 years may sound a little too much for some of you, like I said my suggestion reduce the variables work up on your bread and butter variable. While I may have found the method for me I'm learning something new about it every single day and keep mastering my craft don't think it'll ever end because everyday is slightly different variation of what had occurred a week or a month ago patterns and the context are never 100% exactly the same which is the sole reason why trading is extremely challenging so reducing the variable made perfect sense for me. I'm going to admit it I can't trade every move I don't recognize every move. Trading decision should be made based upon accumulation of past observations never should be a guess.
...
  • #105
  • Mar 19, 2018 7:40pm Mar 19, 2018 7:40pm
Not sure what works to keep me from blowing up... Been trading since last September and i just blew my 5th account last night...Now down $500 total...I almost always get direction right, i can use all time frames, scalp like a god but when price goes strongly against me i always get angry and keep adding to the trade until busto...I just feel like i'm being bullied or something and refuse to take my stops...I use high leverage but that is not really a good excuse...That's sort of like blaming the gun instead of the idiot who chooses to shoot people...Thank god i'm smart enough to only put 50 bucks at a time in the account i guess...I thought i was past this point of blowing up but it seems i was wrong...So here i am starting over again ):
  • #106
  • Mar 20, 2018 5:46am Mar 20, 2018 5:46am
Success in Forex is open secret for all kinds of traders but it’s not easy to get, because 95% traders become loser from here due to lack of good knowledge and experience. if we want to ensure good knowledge first of all we have to be patience. Otherwise success will not come out at all.
  • #107
  • May 8, 2018 9:08am May 8, 2018 9:08am
i am not ignoring the patience that you have explained about. by the way, even though so many of us always consider Fx as a great task but within very short term there is a chance to become successful if you have just one powerful trading strategy with real MM.
  • #108
  • May 9, 2018 4:13am May 9, 2018 4:13am
Success is found only through FAILURE.
REPEATED FAILURE.
Over and over again.

At that point of time,
about 9,996 gave it all up.
9,996 on every 10,000.
Maadik Hugiis. IQ 69.
  • #109
  • May 9, 2018 5:07am May 9, 2018 5:07am
Hi Since this thread is about how did I found success so i will share some of my insights here as well.

Firstly i completely deleted all my customly created indicators from the chart and removed all those stuffs.
After that I started studying the price only.Soon i realised that there is something More than meets the eye.

After continuously studying the price for 2 to 3 years i discovered some of the hidden gems and principles which all the markets were following regularly and to describe that in words means i found a self similar pattern which repeated all the time in all the markets and in every time frame which was my first eureka moment.

The pattern which i found is hidden in a plain sight.Its like unfolding of order from chaos.

So thats how i started making big profits regularly by following the natural laws of the markets.
No one ever Discovered anything new by colouring inside the lines.
  • #110
  • May 9, 2018 7:30am May 9, 2018 7:30am
Not fully found yet, but following the events and predicting the possible consequences is a great key for the door of success
  • #111
  • May 9, 2018 9:26am May 9, 2018 9:26am
Quoting MitchellMcC
Success in Forex is open secret for all kinds of traders but it’s not easy to get, because 95% traders become loser from here due to lack of good knowledge and experience. if we want to ensure good knowledge first of all we have to be patience. Otherwise success will not come out at all.
Patience is a part of successful trading, but besides patience of course first of all you have to make sure real practice in demo or micro.
  • #112
  • Jul 25, 2018 2:51pm Jul 25, 2018 2:51pm
Quoting Hdhorda4
Hi Since this thread is about how did I found success so i will share some of my insights here as well. Firstly i completely deleted all my customly created indicators from the chart and removed all those stuffs. After that I started studying the price only.Soon i realised that there is something More than meets the eye. After continuously studying the price for 2 to 3 years i discovered some of the hidden gems and principles which all the markets were following regularly and to describe that in words means i found a self similar pattern which repeated...

Do so you mind helping me and set me on the right path? Thanks
  • #113
  • Jul 25, 2018 4:07pm Jul 25, 2018 4:07pm
What you are reading here are people's beliefs of what will make them success regardless of their goals.
I would say that taking responsibility for your trading is the biggest and most important factor.
  • #114
  • Jul 31, 2018 2:21am Jul 31, 2018 2:21am
I believe I am still learning till I can give a definite answer to that . But based on my experience so far and seeing others as well, I think success in forex comes to those who are mentally strong enough to persevere through the ups and downs of forex markets. In here you should never underestimate the power of patience and discipline. Be alert and open minded! And put on a practical and positive outlook. Keep unrealistic expectations at bay. But most important of all - always analyse your mistakes and learn from them!
  • #115
  • Jul 31, 2018 10:17am Jul 31, 2018 10:17am
Quoting Drew-pips1
I believe I am still learning till I can give a definite answer to that . But based on my experience so far and seeing others as well, I think success in forex comes to those who are mentally strong enough to persevere through the ups and downs of forex markets. In here you should never underestimate the power of patience and discipline. Be alert and open minded! And put on a practical and positive outlook. Keep unrealistic expectations at bay. But most important of all - always analyse your mistakes and learn from them!
That's great advice and I fully agree. One should be open-minded and disciplined, and eager to learn. There's no other wat to advance.
  • #116
  • Aug 1, 2018 2:59am Aug 1, 2018 2:59am
It is the fact that the success ratio is very less in the forex world. But to getting success is not impossible in the FX but for sure it is little hard. Learning attitude, patience, consistent efforts, discipline are few things which are required to maintain. and also success is not a destination, it is a long and never ending journey till the time you don't quit trading.
  • #117
  • Aug 3, 2018 4:30am Aug 3, 2018 4:30am
Quoting GoFast2018
I started participating in conversations and sharing my traders with other traders on Twitter and Discord. Trading can be lonely, so find a community!
That's cool but don't get into wrong kinds of groups. I was reminded the popular words which you can take it figuratively "bad company corrupts good character". In trading words, bad groups can corrupt good trading.
  • #118
  • Aug 8, 2018 1:42am Aug 8, 2018 1:42am
Only failures find success. I believe everybody did the stupid mistake in the beginning. But if you do not find it as your weakness or failure, you're not going to success as well. Because learning mistake is what makes them stronger in knowledge, or access to new skills (if they didn't stop). Just kick off greed and overconfident from your life.
  • #119
  • Aug 8, 2018 8:27am Aug 8, 2018 8:27am
Quoting 1to9
I am hoping to become a successful trader. I am not looking to become rich but it would be nice to be able to make extra moolah. To those who doing that now please can you give some advice so that us struggling rookies can benefit from your experiences.
A successful trader must be able to describe his trading method in 5 simple sentences followed by 3 simple steps on how to execute or initiate the trade based on his trading plan. You will mostly find only trading methods here in FF but not the execution plan to trade those methods. Trading plans must incorporate a robust RRR of minimum 1:2 with 60% winrate in order to sustain and survive long term profitability. There are many methods here which can make money but unable to maintain and sustain continuing profitability due to poor RR management especially during adverse trading conditions. Risks must be managed so that it is never greater than rewards. There are also methods here manipulating position sizings to circumvent risks management but those methods are extremely intricate and unstable and therefore rendered them unreliable. It can only be exploited to optimise profits only if basic mm is already in place.
This is my views garnered from many years of trading experience. It's better to be called stupid as long as you don't lose the money you cant afford to lose. There are huge numbers of pitfalls in this forum so be very careful with your money.

Cheers
  • #120
  • Aug 9, 2018 1:11am Aug 9, 2018 1:11am
Experience is the best teacher.IMO you just have to loss enough capital that will lead you to doing things the right way.
What Goes Around Comes Around
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