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zac510
4,955 posts
75 months
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Great story so far, you have definitely seen a lot of different sides of it all already. It's a shame that in sharing the tales of your journey on a forum you have to subject yourself to a barrage of negativity and discouragement from other forum goers, occasionally thinly veiled as knowledge. I really do wish you the best in your journey. I know exactly how hard it is myself as I'm doing it too.
"I have noticed that everyone who ever told me that the markets are efficient is poor." Larry Hite
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Hoofy
47,837 posts
151 months
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zac510 said: It's a shame that in sharing the tales of your journey on a forum you have to subject yourself to a barrage of negativity and discouragement from other forum goers, Apart from NorthernBoy, who else is being negative and discouraging?
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La Liga
758 posts
25 months
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What's your motive for doing this? Accountability or other? Either way good luck.
I fail to see the relevance of efficiency for technical trading. Technical analysis, in whatever form, is fundamentally pattern recognition of collective human behaviour. Patterns that repeat time after time. It's not that hard to find a methodology, that if executed correctly, results in more winners than losers. What makes or breaks traders is their psychology and thinking like traders. You'll never ever find someone ask a question about your psychology and what you are doing to master yourself. It's always, "what indicators are you using?" - how many people on this topic have spoken about indicators and strategies compared to psychology? That reflects the true nature of why so many people fail. They give 10% of the importance 90% of the attention.
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zac510
4,955 posts
75 months
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Hoofy said: Apart from NorthernBoy, who else is being negative and discouraging? I'm not going to name names, it will distract from the good intention of this thread with.. negativity! 
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Hoofy
47,837 posts
151 months
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zac510 said: I'm not going to name names, it will distract from the good intention of this thread with.. negativity! Um. Right. Well, personally, I encourage anyone to try but act cautiously. I see too many beginners go kerazy at the start. Or even in the middle. They think they have an idea and due to frustration, impatience etc go in big when really they should have been using a demo account.
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Mr fox
Original Poster
279 posts
20 months
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Aud short@0.9959 12 pip sl.
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Mr fox
Original Poster
279 posts
20 months
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AUD
SL moved to break even point, now no stress in trade. target is minimum of 20 pips, but may let it run longer if market conditions allow.
Stop triggered so out for zero.
AUD long if 0.9966 is breached.
Taken again when level broken. Aud short@0.9959
out for 18 pips@£100/pip.
Not bad for 1hrs work.
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vetrof
672 posts
42 months
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Good luck Mr Fox. I'll be watching with interest. I dabbled with Forex a couple of years ago after gaining the most superficial level of knowledge. In my first couple of days I was up 25% and was lulled into a false sense of confidence. Needless to say I got carried away. Too many open trades, moving my stop/losses instead of taking profit, etc. Inevitably I ended up losing my money. The earlier poster who mentioned psychology is spot on.I am currently rereading http://www.babypips.com/school/ and will start demo trading shortly. What trader/trading platform are you using? What charts/indicators are ou using?
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Mr fox
Original Poster
279 posts
20 months
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vetrof said: Good luck Mr Fox. I'll be watching with interest. I dabbled with Forex a couple of years ago after gaining the most superficial level of knowledge. In my first couple of days I was up 25% and was lulled into a false sense of confidence. Needless to say I got carried away. Too many open trades, moving my stop/losses instead of taking profit, etc. Inevitably I ended up losing my money. The earlier poster who mentioned psychology is spot on.I am currently rereading http://www.babypips.com/school/ and will start demo trading shortly. What trader/trading platform are you using? What charts/indicators are ou using? La Liga is 100% right. I'm using FXCM, as a broker through E-signal, and the only indicator I'm using is a horizontal line.
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vetrof
672 posts
42 months
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I'm confused. Not sure what 'horizontal line' is. When/how do you decide to enter a trade?
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Mr fox
Original Poster
279 posts
20 months
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vetrof said: I'm confused. Not sure what 'horizontal line' is. When/how do you decide to enter a trade? I have specific rules that I "MUST" follow for a high probability trade. if all the boxes are ticked then I take the trade, if not, then I move onto another currency pair.
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vetrof
672 posts
42 months
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OK, I see. Without going into your specifics, do you want to let us know the rules? Are they technical analysis based? Which in particular? etc. Just interested. Not trying to get you to give up your specifics.
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Mr fox
Original Poster
279 posts
20 months
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vetrof said: OK, I see. Without going into your specifics, do you want to let us know the rules? Are they technical analysis based? Which in particular? etc. Just interested. Not trying to get you to give up your specifics. With all due respect, as this is not my system or rules please excuse me if I dont divulge what "rules" I am following, as I dont have permission from the person whom taught me. Yes they are all technical based. Regards Mr Fox.
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Mr fox
Original Poster
279 posts
20 months
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Possible good short forming on EUR/JPY if 102 is broken, but one has to show caution around whole numbers.
long on NZD now at 0.7651, medium risk will just try and scalp a few pips.
Out of NZD at 7.7 pips.
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mx stu
594 posts
92 months
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Looking like a good start to the day.
Not that I doubt what you are doing for a minute, but rather than editing posts could you make new posts otherwise it would easy for someone to claim you are deleting bad trades or amending your numbers to make it look like you are winning.
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Mr fox
Original Poster
279 posts
20 months
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mx stu said: Looking like a good start to the day.
Not that I doubt what you are doing for a minute, but rather than editing posts could you make new posts otherwise it would easy for someone to claim you are deleting bad trades or amending your numbers to make it look like you are winning. Actually that would be a lot easier for me aswell, but the reason why I edited was so I could keep each trade clumped together, but as you have advised I will just make new posts. Regards Mr Fox.
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Mr fox
Original Poster
279 posts
20 months
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AM results
AUD 18 - 1.8(spread)
NZD 7.7- 1.5(spread)
22.4 pips.
Time to call it a day for AM, will come back at 12 for US session.
Have put orders in for
GBP in at 1588 SL 35 pips T 35 pips.
EUR/JPY in at 102 SL 30 pips T 30 pips.
both at £30/pip
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R11ysf
1,301 posts
51 months
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Mattt said: Bit of a strange tale!! +1,000!! The story reads very strangely, almost like an advertorial for the Zen Master you encountered. A few things I'll point out for any people who find themselves in a position similar to yours in the future: Anyone who charges thousands of pounds for trading courses is a con at best and fraudulent at worst. There are plenty of reputable companies out there who do a trading course with the intention of backing you and making money from a cut of your profits and round turn fees. They invest in you and WANT you to SUCCEED. Charging you 20k to "learn" how to trade is a joke and just a pure rip off as once they have the cheque signed where is any more revenue for them? They'd probably prefer if your trading took a nose dive so you would need a refresher course! That £20k would be exponentially better invested by trading actively on small size in a professional environment and learning from your mistakes. Secondly you CAN NOT learn to trade in 5 days regardless of what any shaolin monk tells you. If it was that easy then why would anyone do any other job in the world. £26k in 3 hours - yeah I think most people who earn that for a year's work would give someone £5k to learn how to do it in 1 week! Trading takes years to learn properly and one of the things anyone who has traded successfully for a number of years is that your "model" is constantly adapting. 12 months backtesting? Yeah seems fine but you have to think of all of the changing factors over time and how they create different conditions. Liquidity crisis, banking crisis, sovereign crisis, they all effect markets differently and so models are always tweaked and continually improved to adjust. There are trades you will do now that will be disastrous in a year's time. There are trades that will make you loads of money in a year's time that you haven't even thought of yet. Adapting is the only way to survive. I wish you the best of luck but I think you will learn more trading in a few months than you will from any of these teachers. I would also look at other markets too as I know hundreds successful and not so successful traders and have never met a single one who made consistent money in outright currencies.
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Mr fox
Original Poster
279 posts
20 months
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R11ysf said: Mattt said: Bit of a strange tale!! +1,000!! The story reads very strangely, almost like an advertorial for the Zen Master you encountered. A few things I'll point out for any people who find themselves in a position similar to yours in the future: Anyone who charges thousands of pounds for trading courses is a con at best and fraudulent at worst. There are plenty of reputable companies out there who do a trading course with the intention of backing you and making money from a cut of your profits and round turn fees. They invest in you and WANT you to SUCCEED. Charging you 20k to "learn" how to trade is a joke and just a pure rip off as once they have the cheque signed where is any more revenue for them? They'd probably prefer if your trading took a nose dive so you would need a refresher course! That £20k would be exponentially better invested by trading actively on small size in a professional environment and learning from your mistakes. Secondly you CAN NOT learn to trade in 5 days regardless of what any shaolin monk tells you. If it was that easy then why would anyone do any other job in the world. £26k in 3 hours - yeah I think most people who earn that for a year's work would give someone £5k to learn how to do it in 1 week! Trading takes years to learn properly and one of the things anyone who has traded successfully for a number of years is that your "model" is constantly adapting. 12 months backtesting? Yeah seems fine but you have to think of all of the changing factors over time and how they create different conditions. Liquidity crisis, banking crisis, sovereign crisis, they all effect markets differently and so models are always tweaked and continually improved to adjust. There are trades you will do now that will be disastrous in a year's time. There are trades that will make you loads of money in a year's time that you haven't even thought of yet. Adapting is the only way to survive. I wish you the best of luck but I think you will learn more trading in a few months than you will from any of these teachers. I would also look at other markets too as I know hundreds successful and not so successful traders and have never met a single one who made consistent money in outright currencies. Thank you for your insight. Yes your right. I did pay a lot of money, and in most cases I was ripped off, but since there was no one to tell me what worked, and what didnt I had to learn the hard way. I wasnt born with a silver spoon in my mouth, but was taught that hard work, and persistance pays off. This "model" or "system" is not the holy grail of some sort of majicical trading, but deals a lot in psychology, and things it is quite easy to over look. I could fall flat on my face, or naturally do well at this, and all I can do is give it my best shot, but what ever happens obviously you'll agree lessons will be learnt by me, and many others. Regards Mr Fox.
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205alive
622 posts
45 months
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This thread is now in my small collection of bookmarks and while I can't offer anything other than interest, support and envy - very best of luck Mr. Fox and keep the updates coming.
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