Successful traders are very, very rare to find

Turns out this guy never traded currencies as far as I know. Only equities. I don't blame him for not averaging equities. The commission costs in equities were so high in the 80'sand 90's that it wouldn't make sense to do it. That's why I left equities for FX.

So, basically, his assertion about losers averaging losers concerns equities. Nothing to do with us here trading FX.

Get one of the richest men on the planet to get in touch with you?

So you can show him your hilarious cartoons?

im confused

Thanks for liking my cartoons. If he has any sense of humour, I think he will appreciate them too.

No longer required. He is not into FX and his his equities expertise aren't really helpful to him since fx is not ruled by corrupt brokers and brokerage firms and promoters and inside trading and boys clubs of all sorts.

This forum is not a place to find traders. Better to join a club and meet up with fellow traders.

Typically, if you say you are successful, you get the following responses

"Show me a TE." or
"What are you selling?" or
"You are a scammer." or
It cannot be done.

What reason would they have to reveal anything? Most traders have no ego left, it's gone and have no need for an atta'boy (or atta'girl).

So why bother to light the fire for the suicide and forex crowd to come and toast marshmallows

It’s funny that’s your only contribution to the forum.

If you don’t actually know anything about Tudor it’s probably best not to assume things.

best of luck in your trading improvement

Interesting BTW I though your signature indicates your RR level Anyway, have any idea what CLUB would that be? And what makes you think it is anything different at a club... It might be worst if you meet with some IB people that think they are trading and in reality they are just providing liquidity and/or filling orders... The last time I had a chance to see what they talked about I couldn't last 5minutes, literally.. Their suits alone and as..kissing "smile" let me know that they have no clue what they are talking about... The hardest mofos I met were low profile af... I mean, there were rumours they have crazy money but you could not pin-point it...apart of some signs/clues... Also find this article interesting, talks about INVERSE chart of image vs performace https://news.efinancialcareers.com/u...de-hedge-funds

Find this funny in particular:
"This is why in the world of hedge funds, the worse you dress, the more successful you are. If you see people at a hedge fund dressed in suits, they are at the lowest rung."
"So if you're interviewing at a hedge fund and you see somebody in a suit, ignore them because they can't do anything for you. But if you see a person walking around in shorts or sweat pants, be really nice to them. Because if they can pull off that look at a hedge fund, there's a good chance he/she owns the place"

I may add that some of the traditonaly "sucessfull" people wouldn't last 2 minutes in REAL trading (this is what market would do to them) world because they have spent all their life as you call it.. being atta'boy, brownowsing, stabbing in the back, ratting people, memorising some nonsense, getting good grades, getting some praise for being whatever... In trading nothing matters but PERFORMANCE... And those people that I have described can not stand someone "lower" than them (in their inner scale) earning more... Because they were re-conditioning themselves for all their life that better grades, more/better school, good boy, more money... that is btw true in their professions but in trading... it is more like this... Noone cares if you make money while having a lap dance... And you get canned if you have all schools known to man and can't deliver what really counts... ALPHA

BTW don't get me wrong, it is best to have everything, as much school/knowledge as you can AND having what other skills/personality it takes to being a top trader... But having just something that can be rather easily replicated by rather average man... can not be ALPHA right... And some do not get that...
Also "hard work" is crap... Market does not care how hard you worked... Either j.offed life in front of comp, lost hair in front of books, sucking or f... you name it..
Market does not care... Some things MIGHT corellate (no one knows for sure), some don't and some APPEAR to be... What markets care is if you get the PRICES (aka FUTURE) correct or not... And some money management, harvest technique does not hurt but that can be outsourced rather easily if one knows what he/she is good at and what not... But the JUICE is PRICE PREDICTION... in one form or the other, the rest is garbage and even SOFTWARE can do it... let alone some replicators, repetitioners, good boys...

I am afraid of Keyser Söze guys Those suits are only good for info... but that is not trading anyway (direct link to time=2m42s)

I don't really care about a 30 or 40 year old photo of some guy involved in equities dissing averaging. I don't even know why that kind of rubbish sips into FX. If you are astound by your celebrity equity billionaire, go knock yourself out. He hasn't contributed anything to this forum or to FX trading. We are not here to score points for forum contribution either. Anyone on this forum takes whatever they want from it and give whatever they want. If you want changes such as browny point scores or equities information. drop Twee a line and make your case.

nah just pointing out you’re talking shit about someone who has objectively proven to be successful in equities and commodities (hopefully this is enough exposure for you) while not providing anything of substance.

if this is normal for you, carry on

Yes, I don't give a crap about that guy's opinion or any other celebs.
Carrying on.

"Anyway, have any idea what CLUB would that be?"

Sorry my bad. I should have specified trading club. Any trading group does not have to be forex as the same principles apply to stocks, bonds, soy bean, etc. Try googling that for where you live if you are interested. As for what makes me think it's different, I have had meetup with fellow traders. It is different, FWIW.

Best wishes!

Of course, they are! But no doubt, a number of traders are losing their money in Forex! Because, they invested too early!

Hi...
sorry I did not mean to patronize
1. learn the entry strategies that are easiest for you to master and have the correct 90% short position
2. set a plan entry
3. provide validation before entry as positive confirmation
4. Do not open position if it is not in accordance with the 3 points above
5. In order not to be defeated by emotions, invest your time to make the 4 points above into a script / Expert Advisor that you believe is the truth of the position entry rules.

https://drive.google.com/open?id=1rw...I7wVo4dOIgdSMW
please do the back test as long as you want.

hopefully can be a material for the development of each other's abilities

Regards

If this isn't the place to find traders then where is the right place? I recently joined thinking that I can find other like minded individuals. Would like to be part of a group of FX traders:X

Here we are, community in the same business and sharing thoughts and experiences

As in any field, everyone can't become super professional. And trading is no exception. That's why it's quite natural that the main category of traders has low or average income, and only a small part of them earn a large percentage or amounts, which really cause delight. It is a shame that many people see only these results, and do not understand what path this or that person had to take in order to earn so much. Few people are ready to spend a lot of time on market analysis and trading itself, few people can sacrifice some pleasure for a profitable trade. And everyone wants to earn a lot. I resent every time I see envy about it. If you want to, get used to working as well.

I'm not a troll, I always find it hard to gauge 'tone' on the internet...but what statistics are you drawing this 20% per month?


I've seen these numbers...but it's on smaller accounts, and DD is about 40-50%.

Best account i've been able to find was this manually traded one.. about 2 Million account and he's consistent ALMOST every month. Makes on average around 10% with 20% DD....

https://www.myfxbook.com/members/Ant...y-wins/2743953


I'm sure there are a handful of people making that kind of bank (without insider trading) but super rare, and in the long run...I don't think it's possible. Unless they can't dissociate between trading 1 lot and 1000 lots positions, then they'd be some weird savant autistic trader who has to turn his computer on/off 4 times every other 3 days...kinda smart.

Forums i'm watching for day trading...

Trading Ideas
The Swamp
Cable Update(GBPUSD)

but to be honest, some days I don't even look because it can get pretty 'noisy'. Some good traders though in those groups... and if you're looking to just ...not feel lonely while trading. Any group here will do. If you're looking to learn....that's a whole other beast and discussion on its own.

If you're new (as am I), this is my experience...and what I would recommend. Research as much as you can off the internet. DON"T buy into a group, waste of money...might save you time...but it's a crap shoot on whether they actually know wtf they're actually talking about...if you're new, they could tell you that GBPUSD correlates with the fucking moon cycles and you'd probably believe them....

One suggestion I found very helpful for myself is to rip apart MyFXbook accounts with 5 years + of trading activity...I mean tearing apart their stats, just to get a gauge...I've even reached out to some for further tips/readings/resources...... I personally find that it's best to learn on your own and find out how you fit into the markets..


If you're new (as am I), this is my experience...and what I would recommend. Research as much as you can off the internet. DON"T buy into a group, waste of money...might save you time...but it's a crap shoot on whether they actually know wtf they're actually talking about...if you're new, they could tell you that GBPUSD correlates with the fucking moon cycles and you'd probably believe them....

What we might agree, assuming you are talking about gambling here basically.. is that
It is possible to get MAD MONEY in this game even if one would argue that it is (pure) gambling... IF we add one important/critical parameter to the mix...
And that is Know when to PULL OUT I have seen MANY successful traders, trading system or whatever... and the one that KEPT the success (meaning PROFITS)... were the ones that knew when to STOP... The rest traded it BACK... I am sure you know many stories like this in poker, casino or whatever... I am not saying trading is gambling but I am saying that even if is... it is possible to be successful if you know what you don't know and pull at number...

Also I assume you are talking about REAL trading, not liquidity providing, filling orders.. Many mix the real trading to the big-numbers "rolling" that is not trading at all... Once you have large enough money you have control and much less, if any, trading (meaning price prediction) is needed...

Assuming you mean 100USD->1mio+ trading.. for private/natural person... Some found an edge, the smart ones pulled out in time, the other ones though it would last forever, they adjusted FIX costs, lifestyle to VAR income.. and when VAR fell below FIX.. it went into spiral very quickly

So I believe it is important to have a number and always be humble about the unknown... The cocky ones fall sooner or later no matter the current success...

I believe the sweet spot is to park (partial) profits in something more "stable" while still trading with the rest of course
Real traders never stop, they might change the form/table/game/market however...
My dream is to someday be able to afford (to be happy with) just - but hopefully rather highly-"certain" (with) 100%/year return and living comfortably

Just my 2 man...

So true.

They used to be out there with more frequency, but got tired of showing up at online trading communities where there was precious little trading, near zero community and a whole lot of foolishness cloaked as "getting it done." That's why I stopped regular participation years ago. Now, I just drop in every few years for kicks and giggles if/when I have the time or am in the mood.

I think the nature of the pure retail side is not conducive to producing quality Traders. I think far too many retail Traders don't have the level of commitment, singular focus and perpetual drive to make trading work for them long term. I think too many come into the business looking for something to be easy up front or handed to them on a silver platter. I think too many retailers come into the industry with the wrong attitude, wrong disposition and inherently the wrong expectation when they have not earned the right to have a positive expectation yet.

Getting to the point where trading becomes easy, continuously profitable and systematically approachable takes a tremendous amount of hard ass work and most people just do not have the level of worth ethic necessary to make that a reality for themselves.

I have an old saying: Trading is extremely hard to make extremely easy.

I used to want to help the newbie until I finally realized that I can't. The newbie has to want to help him/her self and be willing to make the sacrifice of time, energy and effort until they finish the job right - and the have to be willing to accept the cold hard fact that getting the job done right and becoming someone who can actually grow capital as opposed to merely "trading" could take in excess of a decade of difficult, yet very important work on developing their skill, knowledge and expertise.

You will know when you have acquired the right level of skill, knowledge and expertise when you consistently grow capital, graduate from retail bucket shop hell and do it without emotional instability at the heart of every trade taken. When you trade without fear and your results match your expectations more than they do not, then you will know that you have crossed over to the other side.

If you are constantly feeling fear, not experiencing routine results that match positive expectancy a majority of the time and constantly changing your approach in search of "consistency," then you don't yet have the skill, knowledge and expertise to reach the other side. That does not mean you should give up or quit. It means that more work is required before graduation.

This is a Merit based business. It is one of the precious few business models that I can think of where real merit defines the vast majority of your success. Market Patterns do exist. Market Patterns do repeat and Market Patterns do persist. It is up to the individual Trader to find them and then learn how to exploit them when they emerge. Whether you do it by developing your own trading technology that makes the decision for you, or you get it done by purely visualizing market behavior with your naked eyes on a chart, the only thing that matters at the end of the trade is whether or not you are consistently profitable enough to grow capital. Bottom line. Everything else and anything else is BS.

You'll know a truly successful Trader by the advice they give and the manner in which they give it. What they say will either be true or false. There will be no middle ground in their advice and you will be able to take what they say to the bank - literally. There is a ton of BS out there now on YouTube and the rest of the Internet. When I was cutting my teeth in this business, there were no YouTube "Trading Channels" selling everything from 3-Day Boot Camps to "The Only DVD You Will Ever Need." Real Traders were on Real Forums sharing Real Ideas that when applied correctly worked more than they did not work. That was then. Today, things are quite different.

Today, there are Online Charlatans under every mouse click. Everybody has a DVD to sell you. Everybody has a Chat Room to sell you. Everybody has an EA that will make you rich beyond your wildest dreams. My advice? If you are a Nube, watch these two videos in the order in which they appear here:

1)

2)

In the first video, you are told the truth about the Retail Bucket Shop Business. From that truth, you need to understand the importance of graduating from Retail Hell and why the tools and skills you develop for doing so, will make trading with a pure Agency Only Broker far more easy once you get there. In the second video, you are told the truth about what good Technical Analysis can do for your trading from someone who knows the truth by way of enormous research and development on the subject matter. From this truth, you need to understand that good TA can work, if and when you develop it and learn how to properly implement it into your own trading.

You cut your teeth with Retail Bucket Shops. You grow real wealth with a Prime of Prime Broker, or an AOB with genuine PoP liquidity. You learn the business of trading first and then you grow your business. So many have this ass backwards. They are trying to grow a trading account without ever truly learning the Art, Science and Business of Trading. That's putting the cart well ahead of the horse.

The very first lesson for someone seeking to develop skill, knowledge and expertise in the business of trading, is how and where to position their capital in the market such that risk is maximally reduced. Risk Mitigation is the first most important lesson the new Trader needs to learn. Learning this lesson first makes all the other lessons that come after it far more comprehensive and far more meaningful. What are these lessons:

- Timing
- Direction
- Magnitude
- Probability

No one in the business of trading remains in the business of trading for long when they ignore these four principles. If one is trying to engage in Directional Trading without first accounting for these four principles, then one might as well not be trading at all. No consistent trading can be accomplished long term without accounting for each one of these elements in every single "Directional" trade you make. I distinguish Directional Trading from Non-Directional Trading as they are not the same. Non-Directional Trading only requires Timing and Magnitude, but that's a different kind of trading approach.

Whatever technique you bring to trading, you must have some kind of way to accurately account for these four requirements in order to maximally mitigate risk prior to entry. All four of these principles go to the heart of Risk Mitigation. The vast majority of your intellectual development as a Trader, should be in the Art and Science of Risk Mitigation. The degree and extent to which you accurately account for and mitigate risk is the same degree to which you increase the probability of a successful trade outcome.

No matter what methods you use for mitigating risk, all good trading approaches include a study and analysis of historical Maximum Favorable Extension and Maximum Adverse Extension of every type of trade trigger you intend to use. Knowing the empirical and historical data derived from MFE/MAE analysis of the trade triggers you use is the catalyst for the efficient optimization of your trading approach - whether Technical or Fundamental - it does not matter. No serious Trader risks real capital without understanding the data driven historicity of the MFE/MAE potential impact on their trade decision. To do so would be pure gambling and rank speculation - not Trading. This is how one develops insight into what their Expectancy Model should look like from the inside out.

A lot more can be said for why successful Traders no longer spend much time in online forums anymore. I've given a primer on why and a few pointers for the new guys on what to expect and how to approach the goal of becoming a successful Trader long term.

Excursion.

Maximum Favorable Extension is what my girlfriend is a fan of, whereas Maximum Adverse Extension is prison-talk.