Do you need to make millions to be a successful FX trader or is being able to pay the bills and have money left over for the finer things in life enough for you? High spread brokers time is ending. Just be aware patterns and trading habits change very, very regulary, so be prepared to adapt your strategy to this. Define Your Trading Edge What is it that makes you have a positive expectancy trading method? How he performs from here is up to him and how much he wants to engage his level of discomfort and discipline. Great comment John, I agree
Jun 18, · Currently, i would say some time in I plan to go full time, trade for a living but the only catch is I earn $k in my day job so I have to work out wether being able to trade whilst retaining a full time is a more sustainable.
Over 7 years of trading, I've took part in many contests, including at RoboForex. I won a lot of times. Mostly, these wins were accidental, because to win the contest you must risk more than in usual trading. I often withdrew the profit I received when trading using prize funds, but the prize sum itself — no, I lost it sooner or later.
I think that for any serious trading on real accounts you must use your own funds. Do you often consider other traders' opinions? I socialize on specialized forums quite actively. It very interesting for me to discuss and hold my own. But I never consider any opinions. I do everything by myself. No, I've never used them and I'm not going to.
I think that no expert advisor is able to adjust to the market situation that is constantly changing. It's better when you control everything by yourself. From my personal experience I can tell only one thing: Sometimes one month can cover years of failures and losses. And I think one must find a lot of time for trading you one wants to be successful in it. I just let chips fall where they may. There were no worries.
And the more my deposit was, the fewer emotions i had. From the very beginning, I was dreaming of earning on Forex to buy some kind of a car. Well, my dream has come true laughing. I al;so firmly believe that I will become the best trader in the world, you may laugh or sneer, but I honestly do.
After that, the sky really is the limit. As a newbie in forex trading, I aim to make consistent profits from my forex trading but have stumbled and fell many times along the way thus losing money instead of making money. After reading your article, I am aware of my mistakes and would definitely apply the idea of having a trade plan with proper risk reward ratio and also using price action to trade instead of all those lagging indicators.
Very interesting article indeed! I should have taken your course before I open live account, and now I have to save money if I want to get your course and trade live again. Thanks Nial its articles like this which make all the difference to novice traders like me. Thanks for sharing all your wisdom and guidance.
Very good article, I can finally see risk to reward alot better now since I found you. Letting the market do the work and not biting your fingernails on each trade is a breath of fresh air. To all newbie like myself stay on it. Great article and your site and course is the best investment I have done. Nial, Thanks for a great article that gives hope to many who may have been disillusioned into thinking they cannot make it. This ties up some loose ends from a handful of other articles and gives a big picture with some real clarity.
Hi Nial been trading a small account for four months now,three months profitable. Feel like i am starting to turn that corner since i bought your course, thank you again for all your help. As I have learnt, when trading price action with a trading plan, my risk reward ratio equals profit. When I consistantly profit, my natural reaction is to increase my risk reward ratio.
As a consequence my emotions end up driving the temptation to over trade because of my confidence. When I experience loss I rethink my strategy and remove my emotion and go back to my trading plan. As always your words of wisdom is confirmation of my own process. Thank you Nial, I have learnt so much from your lessons. Risk reward is so important in fx trading. Thank you for putting so much energy to provide articles, videos, daily Commentry.
This learntotadethemarket membership is great value for money. Personally, I went back to trading after not trading for a couple of years and reeducated myself on the markets. I doubled my account in 2 weeks with what you taught me and I added some of my own analysis to my trades. Nial, Your simple approach to trading is the only thing that I have found to be successful over an extended period of time.
Thanks for guiding those that are willing to learn. Thank you for a directional change in my thinking. It takes the sting out of forex for me. This coming June I will be two years in fx and realize that I am still on page one, first paragraph.
Thanks Nial, A great article,a good real lesson. For some time, I am loosing money again and again with out any control,but I admit myself that my reaction to the market is like a gambler,no princple,no patience,rule or any plan. I will be successful in trading,but I have to change these bad habits and for ever. Either stick to the rules or forget the trading. That is the promise. Thanks Nial for openning my eyes so many times and this will be the last time.
I really enjoyed this article,a very valuable lesson. The stuff you come up with this time is just shut in 10!!! So true,simply having a solid education in an effective trading strategy and truly mastering it greatly increases your chances of making money. Great stuff Nial — price action seems to be the way to go — been enjoying your videos — but this information on win loss ratio is really and eye-opener — thanks so much. Hi Nial, Its true that ratio of risk and reward give probilitas more constant and more profit than loos.
And entry with price action is needed to make this. I quite appreciate your points. The write up is highly informative. I realise u can never be successful as forex trader without good money management call it risk management. The reason I chose to learn from Nial is his ability to demonstrate sound logic which is core skill in money management. His capability to clearly distinguish between self and mind is in truth applied spiritual philosophy at its best.
Nial has enforced in his earlier videos that we must watch for what the instituitions will do at confluent levels. Their game plan revolves around lucking obvious stop loss points and then allow the market to move in the favoured direction. This happens now and then, i have been nicked so many times, which prompts me to set my SL even higher…..
What can I say but wow! Thanks again Nial for another valuable lesson. The table states we are trying to demonstrate. Great article; gave me food for thoughts. Btw, still waiting for my login details. Would be nice b4 the weekend where I have more time to study. Hi Nial, Another great article.
It is great to see real comments on real action. There is nothing better then someone bringing you back to reality.
Sadly too few beginners are willing to put in the effort — at least in my part of the world S-E Asia. A big part if not the biggest of the participants in the forex market are entrepreneurs and governments buying foreign products. They must change their own currency into the foreign currency to pay the bills.
They are never loser and buy from the winners! The thing to remember is.. Take for example an Australian exporter selling to the USA. He is selling things in USD.. Hedging currency is also a risky business for these large players, and many get caught. The larger players in the fx market can still win and lose..
We are talking about what it takes to make 1 R.. I like your approach to trading. It makes sense and enables profit. Hi Nial, a big thank you for this valuable information. This is an encouragement for us new traders and gives us a new positive thinking which is different from what we were previuosly taught almost every where on the internet.
Thanks you are a blessing to us…. A lot of what you say hits the mark in my situation. I am planning to start trading for real in So to become a Profitable Trader as you mentioned in your article will be considered a success for me.
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Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. Unfortunately, the entire business model of the retail forex sector was gray and quite unclear to me as a newcomer, and FXOpen was no exception in this respect.
Still I managed to establish some valuable contacts during this period in which I was viewed as a potential client. While a totally innovative system of trading in retail forex was undergoing its new phase of development, I began to work with some of the range of relatively large and regulated companies.
I have a lot of memories associated with this period. A real war was unleashed between specially designed anti-manipulative algorithms on one hand, and chief dealers putting a spoke in the wheel, on the other hand. In the end, the algorithms used to win rather quickly.
Under these circumstances the broker usually forced the trader to stop trading and withdraw the profits. It became clear to me that the so-called notable forex regulators served as a mere front for what was becoming clear to me as the business model of a shadow banking system in which non-regulated companies were as good as the regulated ones.
As a result, having tried my hand in various organizations within this sector, I gave up trading for quite a while. I took up publishing my own market research in forums instead.
It was valuable experience but somewhat disappointing. It was not entirely my fault. My broker was also to blame for some technical problems, which were solved successfully a few months later.
As for me, I also made some progress — I worked out an algorithm for an Expert Adviser. Loopholes and bugs were detected and fixed by their support department. I would have never made such achievements without the help of the technical support team, to which I extend my thanks.
Spotting market inefficiencies and trading on them. Statistics, confidence intervals and many other factors are of great importance here. That is why the number of trades per day may exceed , while the number of trading orders can be well over , Here we are not talking about high-frequency trading. However such trading specifics entail certain restrictions imposed by the MT4 platform.
Personally, I take the advantage of placing orders in Level II thus being able to affect the price directly. That is the reason why I prefer Limit Orders in my trading. In this case I can act as a kind of institutional market maker, offering better prices compared to those set by banks.
I just react rapidly and grab ECN liquidity, directly bypassing sluggish intermediaries such as trading platforms. It gives me a chance to take the best possible orders form the STP without negative slippage. At the same time it provides an opportunity to compensate for a substantial part of commission through the frequent positive slippage.
In this process, everything is tuned to maximize fill rate and minimize trading costs. So, I tend to use not only the standard bid history when searching for market inefficiencies, but the ask history too.
Fortunately, this functionality is provided by the broker in their MT4 trading platform. Almost every algo trader arrives at the point of creating personal research and trading infrastructure, which includes collection and storage of market data, back testing, visualization and logging of numerous trading parameters and so on.
You are actually reinventing the wheel and developing a tool that could be universal for all algo traders and their trading styles. If you have the infrastructure, you can dedicate most of the time to different research and analysis.
Everyone has his own methods and tools of how and where to dig and delve and where not to. As a rule, an algo trader makes himself a hostage to his own strategies and ideas which are hard to digress from or abandon. That is why it is always worth expanding horizons by learning new visions of the market and approaches to trading as a whole. Certain currency pairs are closely related in forex, therefore there is not one specific answer to this question.
Any currency pair can be traded by means of two other pairs. There is as well an opportunity to trade currencies not only in pairs but in units of three or four. That is why it would be more precise to say that the whole trading must be based on synthetic currency.
I have posted on forums regarding this issue.
Success Story of a Part Time Forex Trader
And while I’d like to share all our forex success stories, we’ll share a few to start the year on a good note and hopefully inspire you. #1 Getting Funded $K after 8 Months Harkanwalpreet Singh joined 2ndskiesforex in December A new Forex article was added to my collection today. Hearing another success story of the Forex trader might as old to some people, as motivating to others. I think this one will be at least useful to many Forex . CopyFX blog presents a new column, which is called "Stories of success". The column will tell you about successful traders, who managed to earn good deals of money on Forex, and about those, whose trading operations helped them to achieve their goals.