What's your experience with Forex?

AnalAbscess wrote:
short bald ugly wrote:Go online try babypips.com and learn about all the technical and fundamentals.

Open a demo account with an online platform and prove that yourself that you can make money from it.

Then open a live account if you have at least $5000.00 of money and start off by trading small lots at a time.

When you start being profitable with small size trades, and you are sure your method wins you more trades than loses, up your trading lot size, but never trade more than about 2% of your full account size.

Actually, that is great advise and very similar to what the other person gave me. Very close. Since you both claim you are making money off it, I am starting to believe it is doable if you are disciplined enough.


Yes, it definitely is.

There are plenty of different ways to trade profitably, just find a few methods that work well for you and stick to them. It can be done.
5'6" manlet
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41 years old
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Socially outcasted my entire life

AnalAbscess wrote:
mustang19 wrote:

Yes. But like I said, real estate is far better than anything else because will never stop needing houses.

Most of the dirty work can be contracted out.

http://realestateinyourtwenties.com/blog/262/

WTF? Where is that info coming from? In my region there are plenty of spare apartments for sale that end up being empty. Plenty of projects went bust. Population is reducing. People aren't rich, prices are increasing, but salaries are increasing more slowly. These people can barely afford an apartment, why the hell would they need a house? It's a luxury for those that already own an apartment. Have you succeeded with real estate investments? What are you basing your claims on? There is no rule that says people will never stop needing houses. People die and inherit their patents homes you know. People don't live forever. Maybe in Japan and India they will need, but not where I live.


Well you live in Greece or Afghanistan and should move to a city with a better market.

PervertedGrandpa wrote:Don't bother with forex. Do you really think a basementcel has a chance of beating the top multi-million dollar execs on wal-street? Redpill: if you try forex, you're going to lose money.

How can you be so sure about it? Or are you saying what other people who haven't tried, but heard the news report on high frequency trading are saying?

Well you live in Greece or Afghanistan and should move to a city with a better market.

I already live in country's capital. I'm not confident about finding good properties here, I don't have the necessary skills. Furthermore, it's an expensive lesson if you get it wrong, much more expensive than stocks, futures or forex. More expensive than Bitcoin even.

If you start with $5k, you only need to double your account 8 times to get to $1m. Which should take 1-2 years depending on your performance.

This is BS. If you get 3-5% returns per month from your account, it's already GOOD. It's a slow race. You win by learning the trade excellently, then putting more in, bit by bit and letting compounding do it's magic. Theoretically, a good trader that can make consistent 5% gains per month, can, starting with 100k$, end up with a million 5 years down the line, which is good enough for me. I am not expecting unrealistic profits, I won't do risky trades. All of the guys who try that shit get burned badly.

I guess i could write up a detailed summary of how im personally doing it. When i get a chance ill post it under my own thread. Goodluck bro and were all gonna make it. Investment is paying for my surgeries

Could you please write a summary and help fellow incels? You can post link in this thread or PM me as well, please?
Last edited by AnalAbscess on Sat Nov 22, 2014 1:31 pm, edited 2 times in total.

The best way to test your performance is with an Ea, so start learning on how to program and test the strategies, sadly a lot of people are trading and some are making money on pure luck, i tested different strategies myself, making thousands of trades in like 10 years of testing, all losing strategies on the long term, but i would be gladly interested to team up with someone willing to make it, not because i make money from it, but because a team is better than one brain.

Worthless Trash wrote:The best way to test your performance is with an Ea, so start learning on how to program and test the strategies, sadly a lot of people are trading and some are making money on pure luck, i tested different strategies myself, making thousands of trades in like 10 years of testing, all losing strategies on the long term, but i would be gladly interested to team up with someone willing to make it, not because i make money from it, but because a team is better than one brain.

Maybe, I'll let you know once I get trough the basics and spend 6 months paper trading. Currently, I'm mega noob with forex.

AnalAbscess wrote:
If you start with $5k, you only need to double your account 8 times to get to $1m. Which should take 1-2 years depending on your performance.

This is BS. If you get 3-5% returns per month from your account, it's already GOOD. It's a slow race. You win by learning the trade excellently, then putting more in, bit by bit and letting compounding do it's magic. Theoretically, a good trader that can make consistent 5% gains per month, can, starting with 100k$, end up with a million 5 years down the line, which is good enough for me. I am not expecting unrealistic profits, I won't do risky trades. All of the guys who try that shit get burned badly.


BS?

No. 3-5% per month is not 'good'. It's fairly average.

This is a rough plan for how you can do it. Many have done it before in shorter times, but I think this time frame is more conservative with little drawdown.

Start = 5000, End = 1,000,000

At R:R = 3:1
10% equity (60 TP - 20 SL), Risk = 2%, Reward = 6%
20% equity (30 TP - 10 SL), Risk = 2%, Reward = 6%

~ 30% per month or +280 net pips/month

If 50% of trades are successful, you need 270 trades

At 14 trades per months, you need ~ 20 months

Worthless Trash wrote:The best way to test your performance is with an Ea, so start learning on how to program and test the strategies, sadly a lot of people are trading and some are making money on pure luck, i tested different strategies myself, making thousands of trades in like 10 years of testing, all losing strategies on the long term, but i would be gladly interested to team up with someone willing to make it, not because i make money from it, but because a team is better than one brain.


Did you backtest the forex market? Pfft, lol. You'll never get any meaningful strategy on the long term, especially in a volatile market like currency. It's impossible to find inefficiencies lasting months, let alone years. High-frequency traders make tons of money through pricing inefficiencies lasting micro-seconds, and even then it misses frequently.

Then how are you supposed to make money if you don't find any pattern? Or if every pattern works short term and is self-fixing?

Pip-Boy 3000 wrote:
AnalAbscess wrote:
This is BS. If you get 3-5% returns per month from your account, it's already GOOD. It's a slow race. You win by learning the trade excellently, then putting more in, bit by bit and letting compounding do it's magic. Theoretically, a good trader that can make consistent 5% gains per month, can, starting with 100k$, end up with a million 5 years down the line, which is good enough for me. I am not expecting unrealistic profits, I won't do risky trades. All of the guys who try that shit get burned badly.


BS?

No. 3-5% per month is not 'good'. It's fairly average.

This is a rough plan for how you can do it. Many have done it before in shorter times, but I think this time frame is more conservative with little drawdown.

Start = 5000, End = 1,000,000

At R:R = 3:1
10% equity (60 TP - 20 SL), Risk = 2%, Reward = 6%
20% equity (30 TP - 10 SL), Risk = 2%, Reward = 6%

~ 30% per month or +280 net pips/month

If 50% of trades are successful, you need 270 trades

At 14 trades per months, you need ~ 20 months

Worthless Trash wrote:The best way to test your performance is with an Ea, so start learning on how to program and test the strategies, sadly a lot of people are trading and some are making money on pure luck, i tested different strategies myself, making thousands of trades in like 10 years of testing, all losing strategies on the long term, but i would be gladly interested to team up with someone willing to make it, not because i make money from it, but because a team is better than one brain.


Did you backtest the forex market? Pfft, lol. You'll never get any meaningful strategy on the long term, especially in a volatile market like currency. It's impossible to find inefficiencies lasting months, let alone years. High-frequency traders make tons of money through pricing inefficiencies lasting micro-seconds, and even then it misses frequently.

You sound like someone with unrealistic expectations who loses everything in Forex. What experience do you have with it? Have you become a millionaire yet?

AnalAbscess wrote:You sound like someone with unrealistic expectations who loses everything in Forex. What experience do you have with it? Have you become a millionaire yet?


No live trading yet, but years of paper money. Looking to get save some cash and have free time to start trading properly.

Nothing unrealistic about it. 250-300 pips a month is conservative. Pairs make 50-200 pip moves a day.

Worthless Trash wrote:Then how are you supposed to make money if you don't find any pattern? Or if every pattern works short term and is self-fixing?


It's about technical analysis that explains market dynamics. There has to be subjectivity from the trader, and spot on execution. There is no such thing as a working long term strategy. Price action, fundamentals, arbitrageurs, volume, these are variables that are constantly changing, and very difficult to build in a trading model accurately.

Pip-Boy 3000 wrote:
AnalAbscess wrote:You sound like someone with unrealistic expectations who loses everything in Forex. What experience do you have with it? Have you become a millionaire yet?


No live trading yet, but years of paper money. Looking to get save some cash and have free time to start trading properly.

Nothing unrealistic about it. 250-300 pips a month is conservative. Pairs make 50-200 pip moves a day.

Worthless Trash wrote:Then how are you supposed to make money if you don't find any pattern? Or if every pattern works short term and is self-fixing?


It's about technical analysis that explains market dynamics. There has to be subjectivity from the trader, and spot on execution. There is no such thing as a working long term strategy. Price action, fundamentals, arbitrageurs, volume, these are variables that are constantly changing, and very difficult to build in a trading model accurately.

So, have you became a millionaire on paper with your strategy?

AnalAbscess wrote:So, have you became a millionaire on paper with your strategy?


I start with 100k, I usually turn over the account when I double. But I reached ~500k before in less than a month.

Anyway, I'd never use that amount of leverage with real money, it would be a lot slower, and doubling should take 2-3 months.

Pip-Boy 3000 wrote:
AnalAbscess wrote:So, have you became a millionaire on paper with your strategy?


I start with 100k, I usually turn over the account when I double. But I reached ~500k before in less than a month.

Anyway, I'd never use that amount of leverage with real money, it would be a lot slower, and doubling should take 2-3 months.

The thing is, many guys reach 500k in less than a month, but they do blow that and more in 3 months. You have to have consistent profits for 1+ year, so you experience all market situations. Am I not right here?

Are you sure you will be able to trade in a disciplined manner with 100k$ of REAL YOUR MONEY. The money you have saved up for so long?

Trading with 10k$ won't give me heart palpitations, but 100k surely will. If you were able to turn it into 500k, the risk must be immense and you can easily lose that money.

I don't think that he starts with 100k if his stats are real there's no reason in the world to save money and start with 100k.
But yeah, it's not about doubling up in a month, but being profitable in the long term.

Anyway, pip, do you think you can train your skills with a simulator using past data or are we forced to get slow experience in real time?

We should really have a finance board and focus our energy on posting more there and trying to make money instead of obsessing about maxilla's. As incels, getting rich is mandatory for us.

AnalAbscess wrote:
Pip-Boy 3000 wrote:
I start with 100k, I usually turn over the account when I double. But I reached ~500k before in less than a month.

Anyway, I'd never use that amount of leverage with real money, it would be a lot slower, and doubling should take 2-3 months.

The thing is, many guys reach 500k in less than a month, but they do blow that and more in 3 months. You have to have consistent profits for 1+ year, so you experience all market situations. Am I not right here?

Are you sure you will be able to trade in a disciplined manner with 100k$ of REAL YOUR MONEY. The money you have saved up for so long?

Trading with 10k$ won't give me heart palpitations, but 100k surely will. If you were able to turn it into 500k, the risk must be immense and you can easily lose that money.


I won't start by $100k, it's a demo account and you can set the starting capital to whatever amount you like. I was giving it as an example of 500% return in two weeks.

Of course on a real account, I'd start with 5k, and never risk more than 2% on any trade, with a reward TP around 6% at start. The orders can change depending on the trade, like setting trailing stops past the 6% cap, and moving the bar higher.

Worthless Trash wrote:I don't think that he starts with 100k if his stats are real there's no reason in the world to save money and start with 100k.
But yeah, it's not about doubling up in a month, but being profitable in the long term.

Anyway, pip, do you think you can train your skills with a simulator using past data or are we forced to get slow experience in real time?


Of course, making consistent profits in the long run is the key to winning the game. Let the magic of compounding interest do the work.

You shouldn't use simulators for past data, I don't think a rigid system would be successful because there are a ton of variables that enter the charts, and it would be almost impossible finding any exploits on the long run. Just trade with the basic TA tools, like support/resistance, supply/demand, price action, trends, reversal/continuation patterns, harmonic ratios, moving averages, and indicators.

This is not to say you shouldn't have a system. But it should be broad enough to adapt to changing market conditions, a system works, until it doesn't. Constantly updating them is necessary, but usually not worth the trouble for most people.

Pip-Boy 3000 wrote:
AnalAbscess wrote:The thing is, many guys reach 500k in less than a month, but they do blow that and more in 3 months. You have to have consistent profits for 1+ year, so you experience all market situations. Am I not right here?

Are you sure you will be able to trade in a disciplined manner with 100k$ of REAL YOUR MONEY. The money you have saved up for so long?

Trading with 10k$ won't give me heart palpitations, but 100k surely will. If you were able to turn it into 500k, the risk must be immense and you can easily lose that money.


I won't start by $100k, it's a demo account and you can set the starting capital to whatever amount you like. I was giving it as an example of 500% return in two weeks.

Of course on a real account, I'd start with 5k, and never risk more than 2% on any trade, with a reward TP around 6% at start. The orders can change depending on the trade, like setting trailing stops past the 6% cap, and moving the bar higher.

Worthless Trash wrote:I don't think that he starts with 100k if his stats are real there's no reason in the world to save money and start with 100k.
But yeah, it's not about doubling up in a month, but being profitable in the long term.

Anyway, pip, do you think you can train your skills with a simulator using past data or are we forced to get slow experience in real time?


Of course, making consistent profits in the long run is the key to winning the game. Let the magic of compounding interest do the work.

You shouldn't use simulators for past data, I don't think a rigid system would be successful because there are a ton of variables that enter the charts, and it would be almost impossible finding any exploits on the long run. Just trade with the basic TA tools, like support/resistance, supply/demand, price action, trends, reversal/continuation patterns, harmonic ratios, moving averages, and indicators.

This is not to say you shouldn't have a system. But it should be broad enough to adapt to changing market conditions, a system works, until it doesn't. Constantly updating them is necessary, but usually not worth the trouble for most people.

Could you tell us more about the strategy you us?

By simulator i mean a tool that let's you trade past data like if it was real time,
but still support/resistance, trends, armonics are all patterns that are programmable, even market condictions, i don't really understand the subjective aspect that you talk about, from where shoud a user take this subjective aspect.

I'm not criticizing, i'm curious.

AnalAbscess wrote:
Pip-Boy 3000 wrote:
I won't start by $100k, it's a demo account and you can set the starting capital to whatever amount you like. I was giving it as an example of 500% return in two weeks.

Of course on a real account, I'd start with 5k, and never risk more than 2% on any trade, with a reward TP around 6% at start. The orders can change depending on the trade, like setting trailing stops past the 6% cap, and moving the bar higher.



Of course, making consistent profits in the long run is the key to winning the game. Let the magic of compounding interest do the work.

You shouldn't use simulators for past data, I don't think a rigid system would be successful because there are a ton of variables that enter the charts, and it would be almost impossible finding any exploits on the long run. Just trade with the basic TA tools, like support/resistance, supply/demand, price action, trends, reversal/continuation patterns, harmonic ratios, moving averages, and indicators.

This is not to say you shouldn't have a system. But it should be broad enough to adapt to changing market conditions, a system works, until it doesn't. Constantly updating them is necessary, but usually not worth the trouble for most people.

Could you tell us more about the strategy you us?


I haven't made up a system yet. I've used a couple of different ones in the past. In the end, it depends completely on the user. A strategy that works for me, does not mean it will work for you. The most important thing in your setups is money management. You can make money with no plan and good MM, but you will always blow your account with an excellent technical system and no MM. You should make up a system that you're most comfortable with, and understand thoroughly. My trading style is much more improvised, I use different tools depending on the chart, and trade based on odds through confluence. The more confluence there is on a setup, the higher I believe the odds of my success, and the higher bets I place.

Some of my favourites are channel trends, contracting volatility patterns (triangles, cup and handle..), harmonic ratio trading, cross checking pair charts, and most importantly, support and resistance levels. I usually trade on big intraday moves, so I look mostly for breakouts and contracting volatility. If it hits, I get my 60 pips in a couple of hours, if it misses, I lose 2% of the trade in a confirmation reversal movement. It's very important to place your stop losses in a position that both, minimizes drawdown of capital, and certainly invalidates your setup. For example, if I have a setup on EUR/USD to move up 100 pips soon, I don't want to be stopped out on a small correction downward, then a shooting up of 100 pips. I would have missed my setup with bad execution and money management.

Worthless Trash wrote:By simulator i mean a tool that let's you trade past data like if it was real time,
but still support/resistance, trends, armonics are all patterns that are programmable, even market condictions, i don't really understand the subjective aspect that you talk about, from where shoud a user take this subjective aspect.

I'm not criticizing, i'm curious.


It's called backtesting. I don't believe in automated trading, because it's so difficult to get one up and working. Even then, chances of finding a hole in the charts that spans years is impossible. Your best bet is constantly backtesting recent periods, and updating the model/program to adapt to arbitrage. The time and effort it takes is most likely not worth it.

Subjective in the sense that you don't mindlessly trade just because RSI shows oversold, or the MACD shows a cross-over. It's more complicated than that, and a subjective analysis from the trader should control for risk and reward of the position depending on variables not captured in programs, like a FOMC meeting, or a political event, that can cause high volatility.

AnalAbscess wrote:
short bald ugly wrote:Go online try babypips.com and learn about all the technical and fundamentals.

Open a demo account with an online platform and prove that yourself that you can make money from it.

Then open a live account if you have at least $5000.00 of money and start off by trading small lots at a time.

When you start being profitable with small size trades, and you are sure your method wins you more trades than loses, up your trading lot size, but never trade more than about 2% of your full account size.

Actually, that is great advise and very similar to what the other person gave me. Very close. Since you both claim you are making money off it, I am starting to believe it is doable if you are disciplined enough.






number one rule. and you'll thank me for this

is NEVER believe anyone is making money without them showing you a myfxbook or an equivlanet 3rd party verification

if these guys are making money ...they will not object to showing you a myfxbook. if they offer some weak excuse as to why they can't show you a myfxbook they are likely bullshitting you. the majority of people claiming to make money are lying or severely bending the truth. they have had one or two "lucky" months ...but over the period they have been trading are still in the red.
Last edited by OSTB on Sat Nov 22, 2014 11:26 am, edited 1 time in total.
mrz wrote:Those who argue against me are invariably religiously delusional with propaganda, or otherwise they are simply sociopaths, those are the only two possible reasons that anyone would argue against me.

I know in what kind of sense, the thing is i don't know what else there could be, i understand risk control taking into account other variables and probabilities, but i don't understand how someones trade subjectively, do you mean that it becomes second nature after a lot of practice and he doesn't know how he does it but he just does it? That's the subjective part?

Worthless Trash wrote:I know in what kind of sense, the thing is i don't know what else there could be, i understand risk control taking into account other variables and probabilities, but i don't understand how someones trade subjectively, do you mean that it becomes second nature after a lot of practice and he doesn't know how he does it but he just does it? That's the subjective part?


No, I mean subjectivity in decision making. A pair might have little confirmation from patterns and indicators, or different ones altogether. I have a much more broad perception of a chart than a machine. I can adapt my position size and timing fit for my risk preferences, it doesn't have to be the same trade every time. Improvisation, execution, timing, news, these are all subjective. Does this make more sense?

OSTB wrote:
AnalAbscess wrote:Actually, that is great advise and very similar to what the other person gave me. Very close. Since you both claim you are making money off it, I am starting to believe it is doable if you are disciplined enough.

Usually I trust people who are not trying to sell me shit. Like these guys - why would they lie?




number one rule. and you'll thank me for this

is NEVER believe anyone is making money without them showing you a myfxbook or an equivlanet 3rd party verification

if these guys are making money ...they will not object to showing you a myfxbook. if they offer some weak excuse as to why they can't show you a myfxbook they are likely bullshitting you. the majority of people claiming to make money are lying or severely bending the truth. they have had one or two "lucky" months ...but over the period they have been trading are still in the red.

AnalAbscess wrote:Usually I trust people who are not trying to sell me shit. Like these guys - why would they lie?




the same reason why 70% of this forum claims to be 6ft +

the same reason why people here who have been to the gym just two or three times in their life claim to be benching above their own bodyweight



go on, ask these guys in this topic to show you a myfxbook.

go on. i dare ya

Pip-Boy 3000 wrote:
Worthless Trash wrote:I know in what kind of sense, the thing is i don't know what else there could be, i understand risk control taking into account other variables and probabilities, but i don't understand how someones trade subjectively, do you mean that it becomes second nature after a lot of practice and he doesn't know how he does it but he just does it? That's the subjective part?


No, I mean subjectivity in decision making. A pair might have little confirmation from patterns and indicators, or different ones altogether. I have a much more broad perception of a chart than a machine. I can adapt my position size and timing fit for my risk preferences, it doesn't have to be the same trade every time. Improvisation, execution, timing, news, these are all subjective. Does this make more sense?


Ah, so you just meant being more flexible and more complex, the thing is that all these things are programmable, the advantage is that if all this flexibility and complexity works it's much better done by a machine than by a human, a machine has the advatage of precision, discipline and importanty it can test if the strategy works long term.
If there's nothing truly subjective like going by istinct it's all programmable. Not saying it's simple obviously.

OSTB wrote:
AnalAbscess wrote:Usually I trust people who are not trying to sell me shit. Like these guys - why would they lie?




the same reason why 70% of this forum claims to be 6ft +

the same reason why people here who have been to the gym just two or three times in their life claim to be benching above their own bodyweight



go on, ask these guys in this topic to show you a myfxbook.

go on. i dare ya

Guys, show your myfxbook accounts please.

Worthless Trash wrote:Ah, so you just meant being more flexible and more complex, the thing is that all these things are programmable, the advantage is that if all this flexibility and complexity works it's much better done by a machine than by a human, a machine has the advatage of precision, discipline and importanty it can test if the strategy works long term. If there's nothing truly subjective like going by istinct it's all programmable. Not saying it's simple obviously.


You're right, all of this is programmable. But the more complex your automated program is, the easier it is to make errors. If you really break it down, there are tons of variables affecting currency movements, from central bank activity, all the way down to that local glass producer hedging against fx movements. Measures of volatility can be controlled for by using standard deviations of recent movements, and adjusting accordingly to scale down position size. There are hundreds of ways to come up with a system. But the problem is, it has to be broad enough to work consistently on the long term. And by being broad enough, it won't capture much profit. A more intricate system working on pricing inefficiencies are only available to private programmers and quants, but even then, these exploits are arbitraged away over time. As a simple example, a system buying on RSI, STOCH, and PP showing oversold and selling on overbought might work for some periods, and flunk in others. There is no set rules, and this is where systems come at a disadvantage, because they fail to adapt and make decisions. Market psychology is also big, confidence and humbleness are key traits for a successful trader. Studies have shown that men who had high serum testosterone in a particular morning made almost three times as much profits trading than other men. Being more aggressive can make you more money, but there is also more risk involved.

Given the number of traders in financial markets, the laws of probability would suggest that a fairly large number are going to beat the market consistently over long periods, not because of their investment strategies but because they are lucky. It would not, however, be consistent if a disproportionately large number of these traders used the same investment strategy. So not only your system has to be exclusive, you need to make sure that the luck factor is minimized during any successful backtesting, something difficult to derive. Or else, you aren't really capitalizing on mispricing.

I for one, believe that trading is most of the time, pure luck, with only a slight edge based on technicals, because they serve as a self-fulfilling prophecy to many traders looking at the same charts. What makes you or breaks you in the end, is money management.

Can you say that it's basically a grind? You make lots of trades with small sums, getting that little advantage that solid money management, discipline and technical analysis can give you?

So in long term, you simply have to win more trades than you lose.

And if you keep doing this for long enough, you will be profiting.

Most people fail here by either risking too much, not sticking to plan and being emotional or not having good money management.

Am I right?

AnalAbscess wrote:Can you say that it's basically a grind? You make lots of trades with small sums, getting that little advantage that solid money management, discipline and technical analysis can give you?

So in long term, you simply have to win more trades than you lose.

And if you keep doing this for long enough, you will be profiting.

Most people fail here by either risking too much, not sticking to plan and being emotional or not having good money management.

Am I right?


That's one way of successful trading.

I know traders who have more losing trades than profitable ones. The only difference is they win big, but know how to have small losses only.
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