How I trade forex and make a profit.

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Where's TraderAllen,
 

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I believe I am the most transparent trader above almost everyone that posts on forums. Exactly how I trade can be found on my website/Journal. I make videos on YouTube for everyone to see including live trade so everyone can see exactly what I do both good and bad. The most recent of which shows to massively losing trades and how I had to turn it around. For those that use twitter I have started placing my trades for them to see sometimes within a minute of closing the trade. (Twitter I I go through the trouble to just because one person asked to see my trades faster so they can compare my trading to this easier). I do all this for two reasons number one, talking about what I do keep me focused on my trade plan and two I like to help other people, kind of like payback for those that have helped me.

I don't use FX book or anything else to track what I do. I don't come on here to try to sell anyone anything nor try to convince people that what I do is the only way for the holy Grail. Therefore I have nothing to prove to anyone. I'm not going to go out and waste any time or effort trying to create such account anywhere. Why, because is not in my trade plan. In my trade plan works great just the way it is if I were to try to create a tracking account that act alone would alter my thought process on my trading as I would now instead of trading for profit I would be trading to make my account look good. I'm not about to change one thing about my trade plan.

patong, I trade a position size based on account risk. I do not deviate this plan one bit. I have talked about increasing my position sizes with my wife because there's many ways I could do it. I could just up the amount that I risk. I have extra cash sitting on the sidelines and in my wealth building account I could easily throw in to this FX account so I could trading larger position size without increasing my account risk. She in her wisdom reminds me to "stick to the plan the plan works" a big part of trading psychological and controlling fear and greed something every trader has to fight everyday.

You ask the question'where did I go?" I'm always here and on many other forums and chat rooms. I'm always ready to talk about trading. But on this thread all people want to is complain about my results and argue. That to me is a distraction and creates negativity in my thought process. When I created this thread because I didn't want to hijack another thread I thought it would of been a good idea. Instead of interest in how I trade on got was crap. This created one of my worst trading weeks ever as I found myself having to not talk about what I do but defend what I do.

There are people that read this forum that I see face-to-face and work with everyday. They watched me trade and take trades with me. If someone were really interested in learning what I do or just talking about trading, I have no problem giving them my Skype name so we can talk in real time during the trading day. Mind you I am no guru, I am a difficult every aspiring trader here. I fight fear and greed and make mistakes daily. What makes me different as I have a trading methodology that is profitable for me. There is no guarantee that what I do would work for anyone else. I trade the FPAS method modified to fit my personality.

In closing I'd be happy to see this thread just die off to wherever threads go. Then have any more debate over results. My results are not your results therefore discussing them has no value to any of you. So talk about trading or just let this thread die. Good trading to all. Allen

PS. Imagine where I would be if I would've demanded BOB VOLMAN the creator of the basis of my trade plan show me his results, I could have demanded to no avail that he prove to me that his FPAS writings would make me money. I can tell you where would be. I would most likely still be breakeven in my Forex trading. Instead I molded his teachings to fit me and the now on the slow process to financial freedom.
 
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I am out of the loop, as far as OP is concerned ( aren't I always! :D), but has he, actually, tried to flog anything to anyone? If not---what's the problem?

As far as showing his statements are concerned, I have seen some rare examples on this site, but it is not normal. In any case, I have never been interested in looking at other people's numbers. Why?
 
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Traderallen said:
I believe I am the most transparent trader above almost everyone that posts on forums. Exactly how I trade can be found on my website/Journal. I make videos on YouTube for everyone to see including live trade so everyone can see exactly what I do both good and bad. The most recent of which shows to massively losing trades and how I had to turn it around. For those that use twitter I have started placing my trades for them to see sometimes within a minute of closing the trade. (Twitter I I go through the trouble to just because one person asked to see my trades faster so they can compare my trading to this easier). I do all this for two reasons number one, talking about what I do keep me focused on my trade plan and two I like to help other people, kind of like payback for those that have helped me.

I don't use FX book or anything else to track what I do. I don't come on here to try to sell anyone anything nor try to convince people that what I do is the only way for the holy Grail. Therefore I have nothing to prove to anyone. I'm not going to go out and waste any time or effort trying to create such account anywhere. Why, because is not in my trade plan. In my trade plan works great just the way it is if I were to try to create a tracking account that act alone would alter my thought process on my trading as I would now instead of trading for profit I would be trading to make my account look good. I'm not about to change one thing about my trade plan.

patong, I trade a position size based on account risk. I do not deviate this plan one bit. I have talked about increasing my position sizes with my wife because there's many ways I could do it. I could just up the amount that I risk. I have extra cash sitting on the sidelines and in my wealth building account I could easily throw in to this FX account so I could trading larger position size without increasing my account risk. She in her wisdom reminds me to "stick to the plan the plan works" a big part of trading psychological and controlling fear and greed something every trader has to fight everyday.

You ask the question'where did I go?" I'm always here and on many other forums and chat rooms. I'm always ready to talk about trading. But on this thread all people want to is complain about my results and argue. That to me is a distraction and creates negativity in my thought process. When I created this thread because I didn't want to hijack another thread I thought it would of been a good idea. Instead of interest in how I trade on got was crap. This created one of my worst trading weeks ever as I found myself having to not talk about what I do but defend what I do.

There are people that read this forum that I see face-to-face and work with everyday. They watched me trade and take trades with me. If someone were really interested in learning what I do or just talking about trading, I have no problem giving them my Skype name so we can talk in real time during the trading day. Mind you I am no guru, I am a difficult every aspiring trader here. I fight fear and greed and make mistakes daily. What makes me different as I have a trading methodology that is profitable for me. There is no guarantee that what I do would work for anyone else. I trade the FPAS method modified to fit my personality.

In closing I'd be happy to see this thread just die off to wherever threads go. Then have any more debate over results. My results are not your results therefore discussing them has no value to any of you. So talk about trading or just let this thread die. Good trading to all. Allen

PS. Imagine where I would be if I would've demanded BOB VOLMAN the creator of the basis of my trade plan show me his results, I could have demanded to no avail that he prove to me that his FPAS writings would make me money. I can tell you where would be. I would most likely still be breakeven in my Forex trading. Instead I molded his teachings to fit me and the now on the slow process to financial freedom.
Click to expand...

No point going over the numbers again. Refer to this post.

http://www.trade2win.com/boards/forex/185820-how-i-trade-forex-make-profit-3.html
 
Traderallen said:
I believe I am the most transparent trader above almost everyone that posts on forums. Exactly how I trade can be found on my website/Journal. I make videos on YouTube for everyone to see including live trade so everyone can see exactly what I do both good and bad. The most recent of which shows to massively losing trades and how I had to turn it around. For those that use twitter I have started placing my trades for them to see sometimes within a minute of closing the trade. (Twitter I I go through the trouble to just because one person asked to see my trades faster so they can compare my trading to this easier). I do all this for two reasons number one, talking about what I do keep me focused on my trade plan and two I like to help other people, kind of like payback for those that have helped me.

I don't use FX book or anything else to track what I do. I don't come on here to try to sell anyone anything nor try to convince people that what I do is the only way for the holy Grail. Therefore I have nothing to prove to anyone. I'm not going to go out and waste any time or effort trying to create such account anywhere. Why, because is not in my trade plan. In my trade plan works great just the way it is if I were to try to create a tracking account that act alone would alter my thought process on my trading as I would now instead of trading for profit I would be trading to make my account look good. I'm not about to change one thing about my trade plan.

patong, I trade a position size based on account risk. I do not deviate this plan one bit. I have talked about increasing my position sizes with my wife because there's many ways I could do it. I could just up the amount that I risk. I have extra cash sitting on the sidelines and in my wealth building account I could easily throw in to this FX account so I could trading larger position size without increasing my account risk. She in her wisdom reminds me to "stick to the plan the plan works" a big part of trading psychological and controlling fear and greed something every trader has to fight everyday.

You ask the question'where did I go?" I'm always here and on many other forums and chat rooms. I'm always ready to talk about trading. But on this thread all people want to is complain about my results and argue. That to me is a distraction and creates negativity in my thought process. When I created this thread because I didn't want to hijack another thread I thought it would of been a good idea. Instead of interest in how I trade on got was crap. This created one of my worst trading weeks ever as I found myself having to not talk about what I do but defend what I do.

There are people that read this forum that I see face-to-face and work with everyday. They watched me trade and take trades with me. If someone were really interested in learning what I do or just talking about trading, I have no problem giving them my Skype name so we can talk in real time during the trading day. Mind you I am no guru, I am a difficult every aspiring trader here. I fight fear and greed and make mistakes daily. What makes me different as I have a trading methodology that is profitable for me. There is no guarantee that what I do would work for anyone else. I trade the FPAS method modified to fit my personality.

In closing I'd be happy to see this thread just die off to wherever threads go. Then have any more debate over results. My results are not your results therefore discussing them has no value to any of you. So talk about trading or just let this thread die. Good trading to all. Allen

PS. Imagine where I would be if I would've demanded BOB VOLMAN the creator of the basis of my trade plan show me his results, I could have demanded to no avail that he prove to me that his FPAS writings would make me money. I can tell you where would be. I would most likely still be breakeven in my Forex trading. Instead I molded his teachings to fit me and the now on the slow process to financial freedom.
Click to expand...

Copied from post #21.

No point reinventing the wheel.

For the sake of argument, let's say he has a $5,000 account and risks 2% on each trade. In other words, he loses an average of -$100 on the 15 losing trades, totalling -$1,500. On the plus side, he wins an average of +$800 on the 135 winning trades, totalling +$108,000. This gives him a gross profit of +$106,500. On a $5,000 account, this represents growth of 2,130% which, by anyone's standards, is nothing short of stellar.

Even if one goes ultra conservative and assumes he only risks 0.5% on each trade, the results are still amazing. In other words, he loses an average of -$25 on the 15 losing trades, totalling -$375.00. On the plus side, he wins an average of +$200 on the 135 winning trades, totalling +$27,000. This gives him a gross profit of +$26,625, which equates to an account growth of 532.5 %. If one assumes that the 150 trades represent a full year's trading and he re-invests his winnings (i.e. compounds on an annual basis only), he will be a multi-millionaire by the end of year four.

If Traderallen can do it, fair play to him but, for the reasons given in my previous post, he needs to back up his claims to silence his sceptics, or be prepared for a bit of gentle ribbing. Unfortunately, the fact that he appears to have quit T2W without offering any kind of explanation, suggests that not everything is quite as he would have us all believe.

Patong suggests TraderAllan gets a copy trade software and we can all subscribe and copy Traderallens trades. We can even set our risk and position sizes relevant to ones own account size. This way Traderallen will make a subscription fee and we will all become wealthy on Traderallens exceptional results. Its a win/win.
 
Alright patong, just for you and don't show anyone else. This is the best you are going to get. As you know I primarily trade using Ninjatrader which does not link to myfxbook (at least i don't think so) so you will have to settle for my second account that I use with MT4. Now note I did not start using my MT4 account with my FPAS method in till March 2014 and you'll see that on the graph. I trade both accounts now as a way to boost my profit. but most of my trades are still only ninjatrader. Still not as impressive as my Ninja account but not bad.

myfxbook.PNG

myfxbook1.PNG

I did not know till today that MB was added to the broker list.
 
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Splitlink said:
I am out of the loop, as far as OP is concerned ( aren't I always! :D), but has he, actually, tried to flog anything to anyone? If not---what's the problem?
Click to expand...
Hi Split',
This is a good question and deserves an answer. I've outlined some of the issues regarding Traderallen's claims in a number of posts earlier in the thread. The last two paragraphs of this post summarise the main points - as far as I'm concerned at least.

When someone claims to make exceptional returns and is active across a variety of trading forums and other social media then, 99% of the time, sales of trading products or services is usually the reason why. Traderallen may be the exception to the rule and be posting for the reasons he claims. I don't know and I don't really care. What I do know - and do care about - are the many newbies who might be reading his posts. For them, T2W should be a safe haven from all the hype and nonsense that litters the net, a place where they can get a true insight into what trading is really all about. Having their already ridiculous pie in the sky fantasies fuelled further isn't in their best interests or in keeping with the objectives of the site. That's 'the problem'.
Tim.
 
But that's why have a problem with you Tim. Because instead of checking and finding out that I'm just an honest freaking traitor trying to help people you automatically want to slam me in a public forum. Any other honest trader that is profitable that can watch and see what you all done to me would never post on this forum. you could have easily p.m. me for verification I would've been willing to give you my phone number and talk to you personally. I'm a private person and don't like sharing my personal financial status with other people still I do my best to be as transparent as I can. I am exactly the kind of trader that aspiring traders need to talk to you because I give them my honest opinion about the hard work and dedication that it takes to make money in the markets. I make excellent profit in the markets and I do so without any programs robots indicators nothing just a naked chart. None of those gimmicks are needed. I'm totally disgusted with this thread and my treatment I received for just being honest.
 
timsk said:
Hi Split',
This is a good question and deserves an answer. I've outlined some of the issues regarding Traderallen's claims in a number of posts earlier in the thread. The last two paragraphs of this post summarise the main points - as far as I'm concerned at least.

When someone claims to make exceptional returns and is active across a variety of trading forums and other social media then, 99% of the time, sales of trading products or services is usually the reason why. Traderallen may be the exception to the rule and be posting for the reasons he claims. I don't know and I don't really care. What I do know - and do care about - are the many newbies who might be reading his posts. For them, T2W should be a safe haven from all the hype and nonsense that litters the net, a place where they can get a true insight into what trading is really all about. Having their already ridiculous pie in the sky fantasies fuelled further isn't in their best interests or in keeping with the objectives of the site. That's 'the problem'.
Tim.
Click to expand...

Hi Tim

I think that is a very good point

I actually have no problem with Traderallen's win ratio - even though its exceptionally high - but I really don't think he will be able to maintain it over 500 or 1000+ trades - but even then if it drops to 75% win ratio - its still very very good.

This is why I am a big advocate of making sure all newbie trader understand retail forex trading should be looked upon as completely different -as I say "chalk and cheese" to institutional / Bank / Commercial type of investment trading.

We have 2 camps

One camp think if the "trade" only make 40 -70% annual returns - and they look upon it as good - well then any retail trader - claiming to make 150 - 300% +per annum - must be completely lying etc and a con artist

However the facts show this is not the case.

The "trade" might be using capital of multi millions and stakes under 0 1% and so 50% per year on say $500 million is very good

Meanwhile a retail trader is bound to take more risks - as they know it is gambling - and so could risk losing all their capital . No Bank will look at that an so they have to be extra cautious.

Result - 100% per month or quarter results are definitely achievable - even on stakes under 3-5% and I for one agree that newbies should stay under 2% stake size - and not even think of 5% stakes

Next confusion - compounding

Normal retail traders cannot keep compounding - its ridiculous to think they can - and the idea of taking $10k to say $500k or $1 million within 2-4 yrs is really beyond the possibilities of 99.5% of all retail traders - simply because their money psychology will not be able to handle losing say $10k on one trade.

Yes - if you are already worth a few million - you might be able to handle large losses and large wins - but how many multi millionaires start off retail trading FX??

The fact that my son can do 200+ "keepy uppies" with a football quite easily - and I have difficulty making over 20 - shows who's practiced the skill the most

Similar if a Intraday scalper as win ratio's of over 75 -80%+ it's mainly because he practiced a lot and improved his skill level at following PA.This ratio should be calculated with all trades closed - ie non left open - and the stop level needs not to be way out of sync with the wins

Normally this takes a few years and many thousands of hours studying charts etc etc to achieve

All new traders should realise - they cannot go from zero to hero in 3 months - more than likely it will take 3 years plus - but then when it does start to click more and they do understand all the other important elements of trading - ie money management and strong mindset - then the returns on their $5 -10k capital account should be far greater than just 40 -70% per annum

Regards


F
 
My point of yiew is that both examples ie, TraderAllen and f, have emphasised the difficulties that newbies face when getting involved with trading. It is difficult and the porcentage rate for failures is very high. What other warnings are necessary to anyone who has read threads on this site for even a short length of time? A fool and his money are soon parted.

That said, these posters, however boastful they may be, must be caught in the act of enticing the unwary into parting with money, in some way. If it is not possible, then they should be able to get along with their threads, attracting those followers who are interested in the subject.

Bah! This is, just the opinion of someone who has been around the block a few times and is not meant to offend anyone.
 
Hi Allen,
I've explained all this in detail before, but it's clear to me that you've missed the central point of what I've been saying, so I'll try one more time. If that's my fault for not explaining the situation clearly enough, I apologise.
Traderallen said:
But that's why have a problem with you Tim. . .
Click to expand...
I'm sorry you have a problem with me, Allen. I don't have any problem with you at all, just with some of the things in some of your posts.

Traderallen said:
. . .Because instead of checking and finding out that I'm just an honest freaking traitor trying to help people you automatically want to slam me in a public forum. Any other honest trader that is profitable that can watch and see what you all done to me would never post on this forum. . .
Click to expand...
Please understand this core point: you've no need to convince me of anything! You're audience isn't me - it's the wider membership - most of whom are gullible newbies who desperately want to believe they can make big money from trading. Whether you're as honest as the day is long or as crooked as they come - makes no difference to me - or to the point I'm making. Therefore, I have no interest in trying to find out where you fall between those two extremes. For the sake of argument, let's say I'm totally convinced by everything you say and I believe you're the real deal. That doesn't change the fact that your success and profit ratios are waaaaaaaaay higher than any other trader I've ever encountered on T2W or elsewhere. Be that as it may, let's suppose it's true. The other fact that remains unchanged is that newbies are highly unlikely to achieve results anywhere near as good as yours. Nothing like! And it's how your posts are perceived by newbies that concerns me, as threads like yours may give them false hope. Please tell me you understand that very basic point?

Traderallen said:
. . . you could have easily p.m. me for verification I would've been willing to give you my phone number and talk to you personally. I'm a private person and don't like sharing my personal financial status with other people still I do my best to be as transparent as I can. . .
Click to expand...
You don't have to give your personal details to anyone - least of all to me. As I've said above, it makes no odds to me whether you're as transparent as glass or as opaque as a very opaque opaque thing. In some senses, the latter is preferable, as newbies are less likely to get all excited thinking they can replicate your success.

Traderallen said:
. . . I am exactly the kind of trader that aspiring traders need to talk to you because I give them my honest opinion about the hard work and dedication that it takes to make money in the markets. I make excellent profit in the markets and I do so without any programs robots indicators nothing just a naked chart. None of those gimmicks are needed. I'm totally disgusted with this thread and my treatment I received for just being honest.
Click to expand...
I have made a point of saying in an earlier post that much of what you say is absolutely fine and I have no objection to it. Indeed, I'm sure there's a lot of common ground about which we both agree. Unfortunately, that's not what most subscribers to your thread will focus on. If you're going to make extraordinary claims - and you have - then you must expect members to pick up on them and to question them. That's only natural and it's what T2W exists for. I've gone out of my way to explain - politely and courteously - the issues I have with some of your comments, so there's really no reason at all for you to be 'disgusted'. Indeed, there are those who will assume that if you really are as honest as you claim, then you would have acknowledged and addressed the points made by me and many others to this thread - rather than try to refute them.

Lastly, to return your invitation to get in touch, if there's anything I've said that you don't understand or want further clarification about, I'm very happy to talk the issue through with you on Skype to any level of detail you require. Just let me know and I'll PM you my address.
Tim.
 
Splitlink said:
. . .That said, these posters, however boastful they may be, must be caught in the act of enticing the unwary into parting with money, in some way. If it is not possible, then they should be able to get along with their threads, attracting those followers who are interested in the subject. . .
Click to expand...
Split',
Just to be crystal clear, I'm all in favour of this too, just so long as they don't "attract those followers who are interested in the subject" by making the most extraordinary claims about profits (irrespective of how true they may be), that virtually no one else has a snowball's chance in hell of replicating.
Tim.
 
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