Becoming a successful forex trader

This is a discussion on Becoming a successful forex trader within the Forex forums, part of the Markets category; Originally Posted by oilfxpro Zupcon The indicator I use is not the same indicator used in the above test.The indicator ...

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Old Mar 15, 2008, 4:38pm   #65
 
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Quote:
Originally Posted by oilfxpro View Post
Zupcon

The indicator I use is not the same indicator used in the above test.The indicator used in the above test is called rsioma.

The indicator I use ( which no body else has) and which is successful for me is calledTHE OILFXPRO RSIOMA .i do not offer this or my new multifunctional /predictive forex indicator for sale.

OILFXPRO
I hate to break the news to you, but simply renaming an indicator does not alter the way in which it works
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Old Mar 15, 2008, 4:43pm   #66
Joined Nov 2007
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Originally Posted by zupcon View Post
I hate to break the news to you, but simply renaming an indicator does not alter the way in which it works
Zupcon

I gave u an honest answer and since your levels and arguments are those of the 95% club.I will repeat what I posted before

Avoid all these idiots on message boards who have a following of idiots


OILFXPRO
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Old Mar 15, 2008, 5:42pm   #67
 
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Hello Fellas,

I am so embarrased and forced to do these, I have been trading for few months now which I was making a good profit, I trade with marketiva, But it was unfortunately that for the past few weeks I have been losing so much on every order that I placed. I dont have any job for now and I have decided to trade (forex) in the mean time till I have a new job. I am afraid I might go bankruptcy. A friend of mine advice me to download MT4 and use there indicators, But still its not cutting it for me, so much indicator to figure out.

I huge anyone that could give a word of advice on how to be a winner or a nice software indicator that will indicate when to buy/sell. although I have seen some and try them but still all resulting in the same thing. I have a strong believe in these business and these is why I keep pushing harder and hope that I could definatly fixed it right. I will be looking forward to hear from anyone that cares to be a brothers keeper. Thanks
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Old Mar 15, 2008, 5:56pm   #68
Joined Nov 2007
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Quote:
Originally Posted by mp6140 View Post
================================================== =======

Technical analysis IS the FOREMOST decision maker in the forex business, and can be proven repeatedly to be correct. "Events" make the short term moves, either up or down, BUT then look at a chart a day or two later and SEE THAT THE PRICE HAS RETURNED ALMOST TO THE PENNY TO WHERE IT DIVERGED, AND IS NOW CONTINUING IN THE ORIGINAL TREND DIRECTION, AS IF THERE WAS NOTHING IN THE ROAD BUT A HICCUP OR A SPEED BUMP !

If its all fundamentals, why can so many predict what the price will be a week or two down the road from using the daily, weekly and monthly charts ? And HOW COME thats where the prices hit !!!


mp
If technical anylysis is king ,then why does the same technical set ups produce two opposiote/different outcomes?

I suggest u provide some evidence of 100 cases where same set ups using technical anylysis provided the same result.

If u test systems on trade station using the same technical set ups ,why do u get 50 different types of results with same set ups?

I stated before

Technical, Fundamental
and Relational Analysis
Another whopper of a lie is that the forex market is ideal for technical analysis. It is the least suitable of all the major markets for technical analysis. Don't fall for this marketing wizardry. It is very easy to concoct 1-2-3-you're-rich technical trading systems with fancy names. The people that know, the people who made real money in forex long before you and I joined the queue, simply used the most basic technical analysis in conjunction with fundamental and other types of analysis. I call this relational analysis. This is one of the main keys to success in the forex market.


OILFXPRO
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Old Mar 15, 2008, 7:24pm   #69
Joined Nov 2007
oilfxpro started this thread Hi

I will give you the example of a signal seller who went to forums to find customers.

He introduced himself as a professional trader and went to FF ,T2W ,Strategy builder and tsd plus many other forums.He started with hull moving averages and demo accounts on whc.

He convinced everbody that his moving average system without specific rules was a winner.Six months down the line he was looking and testing another system using technical anylysis,three months later he is using yet another system using technical anylysis.Every moment in his career he is looking for another system.

He is actually not a professional trader but just an amateur signal seller.He now runs a signal service at forexTSD

Reasoning:His systems were not working and he kept looking from system to system

Soon he will be looking for another technical anylysis based system

His only intention of claiming to be a professional trader and having a system was to become signal GURU

.If he was a professional trader he would not be hanging around 10 forums trying to promote his signal services with false representations

I do not want to name the person or show proof.Let him earn his living.

oilfxpro
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Old Mar 15, 2008, 10:24pm   #70
Joined Oct 2006
Quote:
Originally Posted by oilfxpro View Post
If technical anylysis is king ,then why does the same technical set ups produce two opposiote/different outcomes?

hey, i could tell you word for word and move for move how i trade (which is really only support and resistance) and you could easily blow it --- how do I know, although TWO completely opposite results -- think thats a tad bit of stretching ! Of course, you can go directly to my answer concerning tradestation and read what I and a heck of a lot of others think of backtesting !

I suggest u provide some evidence of 100 cases where same set ups using technical anylysis provided the same result.

well pilgrim, OK --- attached chart should say something --- i just happened to grab one, but if you want I'll attach 100 others, although after 25 or so you should start getting tired ! Since you spoke of the DAILY charts, I picked one of those which is EURUSD going back two years ---- May I ask what is so hard about trading this chart for profits, even while completely ignoring the fundamentals ?

OK, just to show its not a one trick pony, I decided to attach another (albeit a more overlay filled chart) to show how methodical currencies arre about moving --- its a little harder to read than the other, but just look at the channels, the red and blue dots which tell you where to enter and exit and the strong trend --- this chart was moved by fundamentals, but so easily traded using technicals that it was a sheer joy !

Can you not see that the currencies bounce from the bottom LRC channel line and then strive to hit the TOP line, where it then reverses the process and heads back down ? WHAT HAS THIS GOT TO DO WITH FUNDAMENTALS ----- NOTHING !!

Now if you realize, as you can see in the H4 chart, FOREX BEHAVES EXACTLY THE SAME WAY INTRADAY as it does on the daily, weekly or monthly chart, NO MATTER WHAT FUNDAMENTALS COME ALONG BECAUSE THATS THE WAY THE BANKS WANT IT !!!!!!!

Where the trend is completely understandable, the tp points are spelled out so a baby can figure them and every move is laid out for you to simply follow --- the only thing easier might be the Heiken - Ashi charts, which have made a whole lot of people a whole lot of money.

Fundamentals move the market FOR A VERY SHORT PERIOD OF TIME, like a day or so, BUT Forex ALWAYS returns to trend, even though it will move up and down within its trend lines, offering a decent trader the opportunities to go long or short as the case may be. Although I use indicators on these charts, one could actually trade without them, as you can see !


If u test systems on trade station using the same technical set ups ,why do u get 50 different types of results with same set ups?

cause trade station bites the big one and backtesting has been proven to be of not much worth in this world !!

I stated before
Technical, Fundamental
and Relational Analysis
Another whopper of a lie is that the forex market is ideal for technical analysis. It is the least suitable of all the major markets for technical analysis. Don't fall for this marketing wizardry. It is very easy to concoct 1-2-3-you're-rich technical trading systems with fancy names. The people that know, the people who made real money in forex long before you and I joined the queue, simply used the most basic technical analysis in conjunction with fundamental and other types of analysis. I call this relational analysis. This is one of the main keys to success in the forex market.

the words "quantatative analysis" seems to be all the rage now ---- its simply a combo of technical and fundamental designed to leave everyone happy, BUT look at the attached chart and you can see how on a normal day I put away 350 pips or so, AND that doesnt count the hedge trade either !

note that Ive never constructed a fancy "system", but simply teach the absolute realities of the market -- its intraday reversals, support and resistance and what the banks and mm's are looking for and how they trade the markets, not a pile of stuff that "should" work, but rarely does.

Youve seen my statements --- youve seen how i hit every tp point at the exact reversal point for that timeframe --- DO YOU THINK THAT HAPPENS BECAUSE OF NEWS or some good luck given me by the gods of trading ????? iT HAPPENS BECAUSE THE TECHNICALS TELL ME WHAT TO DO AND WHEN TO DO IT, NOTHING MORE AND NOTHING LESS, and when i stick to the rules of the market, and not mine or others, I simply accumulate money (accumulating pips doesnt pay the bills !) !

It is an impossibility for fundamentals to be king in the forex market because no one can fortell what will happen down the road, but tech analysis presents a roadmap and simply looking at the map, one can tell where tops and bottoms lie, and knowing where the tops and bottoms lie, one can have a very interesting time watching as the female side of the world gets suntans !

quite honestly, single handidly, youre spouting some strong hogwash on this site, and ITS TIME TO STEER SOME OF THE NEWBS BACK TO A STRAIGHT LINE !

You know me oil, and you know how and what i teach ---- only reality, not discussions of "how many angels can dance on a "buy" button !", which is why there are a lot of newbs now MAKING money and not losing it !
enjoy and trade well

mp
Attached Thumbnails
eurusd-oil.jpg   uj-peek.jpg  

Last edited by mp6140; Mar 15, 2008 at 11:48pm.
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Old Mar 15, 2008, 11:52pm   #71
Joined Oct 2006
MP -- renaming an indicator

Quote:
Originally Posted by zupcon View Post
I hate to break the news to you, but simply renaming an indicator does not alter the way in which it works
While I certainly cant disagree with you on this subject, I have found that re-naming a woman can sometimes alter her methods and mannerisms tremendously.

take a Barbara and name her Martinique, or a Susan and name her Selisia and see what happens.

one cannot backtest this theory, but I leave it to you to forward test and see how it works for you !

I think you shall like it tremendously

enjoy and enjoy well

mp
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Old Mar 16, 2008, 7:43am   #72
Joined Nov 2007
oilfxpro started this thread
Quote:
Originally Posted by mp6140 View Post
enjoy and trade well

mp
M P

Your posts argue for either technical anylysis to be king or fundamental anylysis .It is quite clear you are making a strong case for only one type of anylysis to exist.

The case I am making is both fundamental and technical anylysis for forex to be used in conjunction with each other.

I read about real forex traders and they only trade 4 to 5 times a year AND THEY WORK FOR BANKS , unlike the new generation of forex traders who want the forex roulette to turn every minute.
Bill Lipschult traded mainly on fundamental anylysis and he is the only well known succesful forex traders
http://www.trade2win.com/boards/fore...tml#post403855

.

All these t/a charts look great after the event ,I wish they did before the event.

There are many traders on this forum who agree to my views on both types of anylysis to be used.By fundamentals I am reffering to any activity that will lead to a change in interest rates.
http://www.trade2win.com/boards/fore...tml#post405862

Today the euro/usd is trading at 1.57 and not 1.20 due to fundamental reasons .The yen is trading at 99instead of 122 because of INTEREST RATES AND FUNDAMENTALS
http://www.trade2win.com/boards/fore...tml#post403347

The Japanese Yen trades at a discount and is undervalued due to INTEREST RATES AND YIELDS , despite having cash surpluses and trade surpluses.It is all about fundamentals and interest rates

It is time to cut the real HOGWASH!

Maybe u all want to follow your new technical analysis wizard MP AND oilfxpro is talking hogwash.All the signal sellers are great sending 5 signals a day cause they have better prediction methhods than MP , you should all buy these signals to trade 5 times a day.The GREAT NEW MARKET WIZARD IS HERE ON THIS BOARD ,MR MP is how hanging around free message boards.FANTASTIC
http://www.trade2win.com/boards/fore...tml#post403849


I see you on many message boards TSD ,Fisherman and here AND MAYBE OTHERS.Are your intentions the same as this signal seller?
http://www.trade2win.com/boards/fore...tml#post405997

O K New traders ..........all the new forex wizards AND GURUS are here ....follow them .All the real traders are now hanging around message boards!soon they will be offering some training education and signal services.The word teach has been spelt out of MP many times,go u found a new teacher /educator,MP is going to teach how to make 1600 % per year.It still amazes me every time I search "forex trading" or "forex training" to see all the new forex trading "experts" out there. Another day, another expert, all vying to reach the top of the heap. And each one has got ANOTHER easy money-making forex trading system.
http://www.trade2win.com/boards/fore...tml#post405963


I have never stated that u can not make a living from trading either technical or fundamental anylysis on their own.Well known traders use both types of anylysis.Go read a free review from a known trader using both
Trading Currency Cross Rates - Google Book Search


OILFXPRO

Last edited by oilfxpro; Mar 16, 2008 at 10:02am.
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