Has anyone traded at the forex market and made money?

[anestelen]

Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.

 

[Tenapenny]

Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.

There's plenty of threads to view if you search. Here's a couple to be going on with.

http://www.trade2win.com/boards/forex-strategies-systems/26464-3-ducks-trading-system.html

http://www.trade2win.com/boards/for...55-phil-newtons-range-break-out-strategy.html

 

[everyonerich]

just want to let you know it took me at least 2 years of learning before seeing any money. until today.. im still very careful with my own money management

 

[Windowsill]

Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.

I geuss you wanted to know by lunch time so you could make the fortune in the afternoon.

 

[£10kLoser]

I have a client who claims to make a minimum $50,000 a month from Forex.

I've no reason to doubt him...

Personally, I prefer to trade other things. Forex is hyped up to be the THING and everybody wants to trade it!

 

[Black Swan]

Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.

Yes thanks, I *win* nearly every day and the days I don't win are the days I don't engage with the market. As for sharing no thanks, nothing in it for me... Do like the rest of us; blood, sweat and plenty of tears...

 

[zupcon]

Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.

If you can give me one good reason why I should, then I promise I will.

 

[fxtrader85]

You won't last long with questions like that. You've seen the systems offering riches beyond your wildest dreams with only a little bit of investment capital and you think it's that easy, it's not...

READ, READ AND READ!! The thing that's so great about forex, trading full stop for that matter, isthe unlimited amount of information floating around about it. It's everywhere, websites, internet forums, trading sites etc. You don't have to have gone to Harvard and studied finance to become a successful trader, it's about finding a system that suits YOU, maybe tweaking it to your own particular preferences (whilst trading on a demo account or using penny shares of course), and then realising the sky is the limit. Think outside the box...

P.s. I'm in no way a master trader, I too am a newbie trying to find my way. But questions such as the one you've posed display an immaturity that shouldn't be present in ANY trader, existing or prospective. It's not a quick buck, it might be for some who master it really quickly and have a natural aptitude for trading, but most of us have to learn and train, and READ, READ and READ some more

I wish you well in your journey

 

[Longbond]

Has anyone of you ever traded at the forex market and won trading currencies. If yes, then please share your trading techniques with others, so we can learn something from you.

Here's my advice after trading for 15 years. Read everything you can get hold of. Try every technique that sounds promising. Don't pay big bucks to go to seminars or to purchase expensive software or books. Reduce all your learned experiences and best techniques to produce a plan that includes an entry, a close for profit, and a close to stop uncontrolled loss BEFORE each trade is placed. Back test your plan on at least two years of data. If your plan makes money, open a micro or a mini account and trade live.

 

[RoryP]

There's plenty of threads to view if you search. Here's a couple to be going on with.

http://www.trade2win.com/boards/forex-strategies-systems/26464-3-ducks-trading-system.html

http://www.trade2win.com/boards/for...55-phil-newtons-range-break-out-strategy.html

I use a combination of these two strategies. Great technical and fundamental logic behind them both which IMO makes a great system.

Start there, also search out the james 16 and Jacko threads on forex factory.

 

[RoryP]

You won't last long with questions like that. You've seen the systems offering riches beyond your wildest dreams with only a little bit of investment capital and you think it's that easy, it's not...

READ, READ AND READ!! The thing that's so great about forex, trading full stop for that matter, isthe unlimited amount of information floating around about it. It's everywhere, websites, internet forums, trading sites etc. You don't have to have gone to Harvard and studied finance to become a successful trader, it's about finding a system that suits YOU, maybe tweaking it to your own particular preferences (whilst trading on a demo account or using penny shares of course), and then realising the sky is the limit. Think outside the box...

P.s. I'm in no way a master trader, I too am a newbie trying to find my way. But questions such as the one you've posed display an immaturity that shouldn't be present in ANY trader, existing or prospective. It's not a quick buck, it might be for some who master it really quickly and have a natural aptitude for trading, but most of us have to learn and train, and READ, READ and READ some more

I wish you well in your journey

I agree with this however there is no substitute for chart time. Learning all of the theory under the sun still wont prepare you for trading. You have to see it to be in it, if you havnt spent hundreds, or thousands, of hours watching price action then you wil not be successfull in the long run.

Forex Tester - this program has helped me to really study the currency markets practically and in depth without risking a penny. Read the threads mentioned above, buy this program and start learning to see s & r levels, pinbars, fib retracements etc develop. Honestly chap, when it clicks, it all clicks.

Best of luck on your journey.

R

 

[TraderNumber7]

Yes - it is possible to derive long-term profitability by trading the currency markets. The primary reason why newbies to this particular market lose in such high percentages, has everything to do with: a) The failure to study the market and the data that it generates and b) Their misunderstanding of how to correctly apply Leverage and Money Management against what they learned about the data the market has to offer.

Then come the excuses and the failed attempts at solving the problem. Namely, people who slam FX after having lost their money, while never attending to "A" and "B" above. Then comes the Government. Namely, the proposed CFTC Ruling that all Retail Traders be limited to 10:1 leverage - or similar attempts to Regulate Success. Then comes the Bucket Shop Spread Manipulating FX Intermediaries (mostly taking the form of a 'Broker') who use their Dealing Desks to milk the Uneducated Newbie Trader in ways that include widening of the spread near stop levels - all the way to blocking traders from being able to log-in to their accounts - and every other dirty trick in the book.

Unethical Intermediaries. Uneducated Traders. Unwise Bureaucracies. These are the three giants to overcome, if you you plan to be a long-term successful Retail trader of the Forex. It can be done. It is being done. But, you must first be aware that the problem even exists, before you can solve it.

1) Educate yourself about what drives this market.

The best traders in this business are Pattern Traders. Why? Two reasons: a) There are virtually an unlimited number of trade-worthy patterns that have yet to be discovered. b) Discovery of your OWN trade-worthy patterns makes them unique and less vulnerable to broad or generalized attack by Retail Intermediaries using tactics designed to target those using most conventional trading techniques. Some of the best patterns, have yet to be discovered. You Educate yourself by studying the Price Behavior (market data) and learning what patterns repeat, why they repeat and when they have the highest probability for repeating.

2) Hunt for a reliable Retail Intermediary.

Unless you have $25 Million, you won't be able to open an account with Deutsche Bank and start trading on their AutobahnFX platform and truly engage the Interbank market directly. Unless you can open an account with Barclays at between $300k to $1 Million, you won't be able to use their BARX FX platform. You need millions to open up accounts at UBS, USBC and Standard Chartered Bank, as well - all for the privilege of trading directly with the Interbank system. Therefore, before you become highly successful in this business, you must learn how to cut your teeth at the Retail level which means finding yourself a least of squares Broker or Intermediary with a good platform and No Dealing Desk Intervention. They do exist, but they are definitely in the vast minority.

3) Create a repeatable Edge and stick to it.

Whatever you do to determine when to enter the market, you must do so with an Edge that few others have or know about. This requires homework on the data. Your Edge is what keeps you ahead of the crowd and better than the average 60% win rate. A good Edge will place you in the 80% win rate category and the best Edges out there will place you into the 90+% accuracy rate.

4) Exhibit Discipline within a Systematic Approach.

Trading without discipline is exactly like driving while drunk. You stand no more than a 50% chance of success. Execute discipline while implementing the Edge in number 3 above, that you developed as a direct result of your Education in number 1 above. Everybody is a Systems Trader even those who think they trade purely on Fundamentals. If you trade on Fundamentals, then your "system" is to trade "with fundamentals," it is just that simple. You systematically use Fundamentals to execute trades - that's still a system. So, don't let anybody tell you that just because you don't have a PhD.D in Applied Mathematics and are not an Object Oriented programmer, that you somehow are not a systems trader. Any rule that you apply to trade execution and/or trade logic - is by definition, a Trading System. It can be manual or it can be automated, but it is still a systematic approach to trading based on decision making and decision making is nothing more than a set of protocols which is nothing more than a system.

Once you truly learn these lessons, then you'll be browsing these types of forums looking to share this same or similar advice to other people asking the question: Who is making money trading the currency markets?

Answer: People that have learned these lessons.

TradeSMART. :smart:

 

[TraderNumber7]

I use a combination of these two strategies. Great technical and fundamental logic behind them both which IMO makes a great system.

Start there, also search out the james 16 and Jacko threads on forex factory.

Jacko? I watched him go virtually broke on the FXCM site a couple of years ago, is he still around? [of, course - we could be talking about two entirely different Jaco aliases, no doubt]

 

[DionysusToast]

There are 2 theories you may want to consider

Theory 1:

Find a 'pattern'/indicator/price action set up. Look for that set up over and over and over again and trade it every time it occurs. Apart from the initial work on finding the pattern, there is no decision making required on your behalf. If you fail, it is for psychological reasons. You can apply your pattern in all markets because probability is on your side.

Theory 2:

Theory 1 is bullsh1t but is the most commonly held belief amongst people who are actually not making any money but claim to be. Turn off the internet and find out what drives prices.

 

[TraderNumber7]

Turn off the internet and find out what drives prices.

What drives price is contained within the data. Mathematically: the Domain called Driver contains Price Action. Mathematically: Price Action cannot exist outside of the Domain that created it. Such a silly notion would be considered Non-Causal for Price Action and since Fred Hoyle was dead wrong (Steady State Theory is not plausible), the dominant thought of the day is that all things must have a Causality except for those things that are Infinite.

Thus, the market is NOT infinite and therefore, MUST have Causality.

Bingo - just like that, the notion that price has no structure, when price action is causal of structure (lol!) is exposed for what it is; a total misunderstanding about what truly drives price.

The data contains the driver. Not the other way around. Price has no choice but to move in one of three (3) directions across one binding dimension: Up/Time, Down/Time or Horizontal/Time. Thus, "price" must have boundary layers defined by Magnitude and Time. Both Magnitude and Time, give price its Structure.

Therefore, P(t) ~ Height(sub-p) * Length(sub-p)/t, alas: the Price Structure.

Now, the smart trader is only concerned with the location P(t) within the structure, the condition of the structure itself and the probability for P(t) to move to another location within the structure.

Accurately calculate the trend, combine that trend with the current location of P(t) within the structure; wait [patiently] for high probability P(t) launch points where P(t) - Trend = Price Structure Stabilization and Bingo - you get very high probability trades on a consistent basis by understanding that Patterns do exist and they do repeat.

 

[TraderNumber7]

Patterns don't have to repeat infinitely and contiguously along the dimension of "t" in order for them to exist. And, their non-contiguous and finite existence along the dimension of "t" is in no way indicative of their likewise, non-existence.

The question is one of Detection of the Emergence of Pattern within the market. That's the first step. Once you have an Edge to Detect (or, better put: An Edge Detector) then all you need to know is whether or not that Edge is positioned in a high probability configuration for the desired outcome. If so, trade it - if not, pass and wait [patiently] for the next cycle to Emerge revealing the "next" Edge.

In this way you do two things:

a) You trade the markets with insight that the vast majority don't have.

b) By doing so, you improve your Edge, by mathematical definition - as long as that Edge has proven historiographical (empirical) evidence that shows its accuracy.


We are ALL Technical Traders - even the Fundamentalists. Protocol = Technical. And, I don't know of a single successful trader that trades with zero absolute Protocol. Everyone trades with a Box. Some Boxes are really Black, while other are more Gray. Still, some Boxes are Blue, or Orange, or Red or Pink. Yet, no one trades the markets without some kind of rational protocol for doing so and thus, trades within a set of logical parameters - aka - Protocols.

So, the only question is: What color is the Box you trade with, along the spectral range.

Saying: "I'm not a technical trader," is tantamount to saying: "I'm not a trader at all." And, all Traders look for an Analog (pattern) to trade. One must have an Analog to trade. Without an Analog, one has no Comparative point of reference - which means that trading absent an Analog (Pattern) is the same as trading for no reason at all.

So, exactly how many Analogs does your Box contain. That's the real question.

 

[DionysusToast]

To be honest, it's hard to know where to start with your argument as it makes huge leaps of faith. You sound like an engineer and therin lies your problem - The markets are not a problem with a mathematical solution.

Patterns repeat unless they fail. The same applies to support & resistance and trendlines - they work, except where they don't. Using them without context of how they got created has only one outcome - loss of funds.

Take a stock price that got attracted to a particular option strike price near expiration time. TA traders will call that either support or resistance because they will be ignorant of the options.The CONTEXT of the price stabilisation is what is important, not the chart.

If you take such a 1 dimensional view of the market and see it as a mathematical nut to be cracked, you will believe you are making progress as you learn/try new versions of the 1 dimensional approach. It is only when you look at other dimensions that you will actually be expanding the basis of your trading decisions.

 

[TraderNumber7]

To be honest, it's hard to know where to start with your argument as it makes huge leaps of faith. You sound like an engineer and therin lies your problem - The markets are not a problem with a mathematical solution.

Aerospace Science, Mathematics and Engineering, to be precise.

Not a problem with a mathematical solution? LOL, now that was funny - you made me chuckle just a bit, like Santa just before Christmas. Of course, you can apply mathematics to solve problems, how do you think solved the difficult problems of Space Flight and the more difficult problem of Re-Entry. Are those not difficult problems to solve. Oh, but you say - those problems have fixed constants and fairly known variables, so those are easy to solve. To that I would retort: Not when we first solved them!

You see, the problem with the Newbie, is that they (just like all of us did when we were Newbies in this business) are on the Grail Quest for capturing every single pip on your side AND my side of the Atlantic Ocean. All Newbies have to progress through this stage of development and reality-check, before graduating into a more reasonable realm, where capturing just a fraction of the ATR (as an example of just one trade-worthy parameter) while using good Money Management, is seen as "successful." And, that brings me to a more advanced (more experienced) point.

The key is not in capturing all pips for each P(t). The key is trading with a Purpose. Let me repeat that: Trade with a Purpose in mind. That means [first] figuring out why you are here and not selling Encyclopedias, in the first place. There is nothing wrong with selling Encyclopedias, nothing at all, but can the revenue from selling them leverage your ultimate goal (Purpose) - is the question. The Newbie must [first] figure out whether or not this business has the Revenue Potential to fulfill their Purpose. That means, establishing a Financial Goal and then asking the intelligent question: Does the Forex contain the capacity to help me leverage my goal?

If the answer is no, then go sell Encyclopedias - or do something else that contains the capacity. But, if the answer is yes, then the next question looms: What time-frame would I be comfortable with before achieving my Goal? This is an extremely important question that Newbies simply fail (about 90% of the time) to ask themselves. Why is this important? Because, if the Forex can leverage the Newbies goal, but over a time-frame that is 'X' times longer than the Newbie desires or needs, then even though the Forex contains the "capacity" it does not arrive at the goal in the time necessary. In such a case, go sell Encyclopedias or something else that meets both requirements.

If both requirements are met, then the next question looms: What number of pips over what period of time, enables me to reach my stated goals AND how many times can I fail across the total range of P(t)'s available AND at what magnitude of loss per P(t)? Again, these are questions that Newbies hardly ever ask themselves and failure to ask these questions is part of the reason why so many of them end up in the 90+% who don't make it long-term. Why is this question so important?

This question is pivotal to everything else the Newbie does from that point forward. Because at the heart of this question is the matter of Risk Mitigation. You see, most Newbies don't give a rats tail about Risk Mitigation. All they care about is Net Profits. What the Newbie needs to understand [first] is: How much can I stand to lose on each trade based on my stated goal? This is called, working the problem backwards.

Once the Newbie understands what they can lose, THEN the Newbie is armed with information that is extremely valuable to them during the rest of their Trade System Development Career. Why? Because any Indicator, System, Strategy, Tactic, FunctionCall, Method, Wet Dream or Hot New Idea, will be cast against the litmus-test of Risk Mitigation. If their new bright idea fails the litmus-test of Risk Mitigation, then that idea won't make it into the final Protocol and thus, never be able to negatively impact their trading.

This axiom establishes the framework for virtually guaranteeing success as a Trader. NOT because you are tilling or rolling the dice for a million pips per trade, but because you have systematically uncovered the target pip level that needs to be accumulated for each P(t).

Everything else you do as a Trader in developing your system, honed in finding (locating) a Delta in price action that enables the extraction of "X" pips per P(t). The bigger the Delta between two prices AND the higher signal's probability for Probing that Delta up to 100% of its full range (DeltaMax) the higher the overall probability for striking "X" pips per P(t). The smart trader simply finds these Delta driven structures and then reduces "X" to to synthetically increase target accuracy.

But, you can't see any of this coming (can you) when you don't believe or fully understand that Price indeed has Structural Patterns that do repeat.

Patterns repeat unless they fail.

Except those patterns that are Delta based. And, that is the secret. Everybody is out there looking at Traditional Technical Indicators and that is why such a high percentage of them fail. An average by definition, lags the market. A pattern based on a lagging indicator, has just increased its probability for failure, geometrically, even if the internal relevance is small. Contrarily, a pattern based on Price Delta, is virtually guaranteed and increases the probability for success geometrically.

Delta -vs Average. Are you a Average Trader, or a Delta Trader. I'm Delta, lol! Because I know that Delta's are the ONLY technical indicators in the market that are truly Predictive at the core. Why? Because Price has Structure. What gives Price its Structure? The Delta. LOL!

Therefore, as a trader, I'm not interested in averages. I am only interested in those things that I know MUST happen next. And, the ONLY thing that must happen "next" in the market, is for the market to generate a New Price Delta.

If you take such a 1 dimensional view of the market and see it as a mathematical nut to be cracked, you will believe you are making progress as you learn/try new versions of the 1 dimensional approach. It is only when you look at other dimensions that you will actually be expanding the basis of your trading decisions.

There is no Dimension of price that exists outside of the Delta. Without Delta, there is zero price action. Therefore, I don't care what instantiated the Delta, but I do care whether or not the Delta Properties exhibit a tolerance for repeatability. All Fundamental and Technical Analysis is contained within the Delta. Every financial market on earth exists because of the Delta. The Price Delta is the 8,000 lb. Gorilla sitting in the middle of the room, wearing a loud green neon bra and underwear, that precious few people even know exists.

Trade against the dominant Delta, and you lose, 100% of the time. Thus, the key is to locate as many Delta Patterns that you can [as your first step] that have high sustainability (high integrity deltas). The 'next step' (a more advanced step) is to then locate the Inter-Delta Patterns that connect one Delta to another. THAT is where your trading accuracy begins to approach the 90+% and that is when you graduate from Novice to Expert/Professional Trader.

The name of the game (for me) is called: High Fidelity Delta Pattern Matching - or HFDM Trading.

Why? Because there can be no movement of Price, absent the creation of the Delta. Thus, ALL price action leaves a Delta Signature in its wake - every single time.

Trade the Signature and NOT the Signal. Then you graduate.

TradeSMART. :smart:

 

[DionysusToast]

Aerospace Science, Mathematics and Engineering, to be precise.

Not a problem with a mathematical solution? LOL, now that was funny - you made me chuckle just a bit, like Santa just before Christmas. Of course, you can apply mathematics to solve problems, how do you think solved the difficult problems of Space Flight and the more difficult problem of Re-Entry. Are those not difficult problems to solve. Oh, but you say - those problems have fixed constants and fairly known variables, so those are easy to solve. To that I would retort: Not when we first solved them!

Your is the typical response of an engineer. You CAN of course use math to resolve problems.

The problem you are attempting to resolve - i.e. trading, is not a problem with a mathematical solution.

You could of course, resolve the argument with a simple show of your skills. Perhaps make 10 live calls and see how good your theory transfers to practice.

Of course, it's much easier to sell the theory than to trade it which is why so many people sell TA and so few profit from it.

 

[zupcon]

The problem you are attempting to resolve - i.e. trading, is not a problem with a mathematical solution.

Actually, it is a problem with a statistical solution, and you've just been given a step by step methodology to solving it should you wish to go down the mechnical strategy route.