AlexanderCollins
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A daily loss limit works well but I would suggest to use 1,2 or 3 strike out rule. It helps to limit the loses and limits the number of trades during "unfriendly" market conditions. I am using it since years and it works great for me.
Forexmospherian
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Well, yes, but even then "past performance is no guarantee of future success" as they keep warning us. There's many a red hot trader gone lukewarm or worse
With boards like this you either take the view that everyone lies through their teeth all the time (probably the safest view) or you try to determine whether what people say hangs together. Screen shots are helpful in that, albeit that they don't "prove" anything.
Hi Jon
I think you have made a very good point there about the comment - past performance is no guarantee of future success
I think in reality it can be be used in so many different "fields" of business and even sport - for example if you are a Manchester United football fan - after winning the Premier league last year - and for many previous years - a few management changes etc - and the team is struggling at the moment to even make the top 6 - never mind win it ;-((
In my own particular case, I have always been worried that after using my own tried and trusted way to fx trade - I would suffer as all the market conditions change and go from having some great profits to just small profits or even at worse break even
We have see it happen with so many others in the trading industries - large hedge funds with 5 yrs+ of great returns - suddenly having a really bad year or two.
Well I am pleased to inform all retail traders - that if you end up getting to become an experienced proficient intraday scalper / short term trader - then no matter what happens to the market movements - you should still be able to make money consistently.
It really does not matter if the movements change and we see loads of ranging rather than nice 300 - 2000+ pip trends. Markets will always move whilst there is money to be made from them and its just adjusting and fine tuning to changes
Only if brokers all suddenly quadrupled their spreads or costs might I really worry - but if they did - they would go out of business very quickly.
In the UK - as long as over 70% of all traders lose - spread-betting is classified as gambling and so as tax free status.
In reality its probably 85 -95% of all fx traders who don't make money week in week out over say 48 weeks of the year . The commercial financial industry certainly don't want 25 -40% of all traders consistently profitable - but its not in their favour to let newbies know only really 5 -10% of less might make it - as how would they encourage thousands every few months to give it a go ?
Traders and commercial funds who do speculate over days and weeks and longer are really fortune telling - or guessing - so therefore you can never have 75% + win ratios over hundreds or thousands of trades - but short term trading is just a total different ball game and therefore properly managed - adjusted and fine tuned - results will always be more consistent than longer term
During the last 4 /5 years I constantly fine tune and adjust my timings and try to adapt to all the new tricks the markets try to fool the "static and fixed" traders in this highly dynamic "game"
I therefore feel - barring ill health or new rules and regulations - I will remain consistent and profitable - OK if I cannot make 400% pa on under $100k per annum - I might have to settle on 250% on $190k - or to be honest - I would prefer just 50% per annum trading $10million of my own money - ( yes - well you have to have targets in life
)Can I see myself having a losing week or month ( barring a massive black swan event) - trading at least 5 hrs a day full time in this next year -
NO WAY
Have a great weekend
Regards
F
S
sonofcablemonster
Ok why are you selling signals for $189. Real traders don't sell signals.
GvTY
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Yorkshire Terrier
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Hi Jon
I think you have made a very good point there about the comment - past performance is no guarantee of future success
I think in reality it can be be used in so many different "fields" of business and even sport - for example if you are a Manchester United football fan - after winning the Premier league last year - and for many previous years - a few management changes etc - and the team is struggling at the moment to even make the top 6 - never mind win it ;-((
In my own particular case, I have always been worried that after using my own tried and trusted way to fx trade - I would suffer as all the market conditions change and go from having some great profits to just small profits or even at worse break even
We have see it happen with so many others in the trading industries - large hedge funds with 5 yrs+ of great returns - suddenly having a really bad year or two.
Well I am pleased to inform all retail traders - that if you end up getting to become an experienced proficient intraday scalper / short term trader - then no matter what happens to the market movements - you should still be able to make money consistently.
It really does not matter if the movements change and we see loads of ranging rather than nice 300 - 2000+ pip trends. Markets will always move whilst there is money to be made from them and its just adjusting and fine tuning to changes
Only if brokers all suddenly quadrupled their spreads or costs might I really worry - but if they did - they would go out of business very quickly.
In the UK - as long as over 70% of all traders lose - spread-betting is classified as gambling and so as tax free status.
In reality its probably 85 -95% of all fx traders who don't make money week in week out over say 48 weeks of the year . The commercial financial industry certainly don't want 25 -40% of all traders consistently profitable - but its not in their favour to let newbies know only really 5 -10% of less might make it - as how would they encourage thousands every few months to give it a go ?
Traders and commercial funds who do speculate over days and weeks and longer are really fortune telling - or guessing - so therefore you can never have 75% + win ratios over hundreds or thousands of trades - but short term trading is just a total different ball game and therefore properly managed - adjusted and fine tuned - results will always be more consistent than longer term
During the last 4 /5 years I constantly fine tune and adjust my timings and try to adapt to all the new tricks the markets try to fool the "static and fixed" traders in this highly dynamic "game"
I therefore feel - barring ill health or new rules and regulations - I will remain consistent and profitable - OK if I cannot make 400% pa on under $100k per annum - I might have to settle on 250% on $190k - or to be honest - I would prefer just 50% per annum trading $10million of my own money - ( yes - well you have to have targets in life
Can I see myself having a losing week or month ( barring a massive black swan event) - trading at least 5 hrs a day full time in this next year -
NO WAY
Have a great weekend
Regards
F
Nice post Forexmospherian have a good one. Y.T
tar
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One man's trash is another man's treasure.
barjon
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Hi Jon
I think you have made a very good point there about the comment - past performance is no guarantee of future success
I think in reality it can be be used in so many different "fields" of business and even sport - for example if you are a Manchester United football fan - after winning the Premier league last year - and for many previous years - a few management changes etc - and the team is struggling at the moment to even make the top 6 - never mind win it ;-((
In my own particular case, I have always been worried that after using my own tried and trusted way to fx trade - I would suffer as all the market conditions change and go from having some great profits to just small profits or even at worse break even
We have see it happen with so many others in the trading industries - large hedge funds with 5 yrs+ of great returns - suddenly having a really bad year or two.
Well I am pleased to inform all retail traders - that if you end up getting to become an experienced proficient intraday scalper / short term trader - then no matter what happens to the market movements - you should still be able to make money consistently.
It really does not matter if the movements change and we see loads of ranging rather than nice 300 - 2000+ pip trends. Markets will always move whilst there is money to be made from them and its just adjusting and fine tuning to changes
Only if brokers all suddenly quadrupled their spreads or costs might I really worry - but if they did - they would go out of business very quickly.
In the UK - as long as over 70% of all traders lose - spread-betting is classified as gambling and so as tax free status.
In reality its probably 85 -95% of all fx traders who don't make money week in week out over say 48 weeks of the year . The commercial financial industry certainly don't want 25 -40% of all traders consistently profitable - but its not in their favour to let newbies know only really 5 -10% of less might make it - as how would they encourage thousands every few months to give it a go ?
Traders and commercial funds who do speculate over days and weeks and longer are really fortune telling - or guessing - so therefore you can never have 75% + win ratios over hundreds or thousands of trades - but short term trading is just a total different ball game and therefore properly managed - adjusted and fine tuned - results will always be more consistent than longer term
During the last 4 /5 years I constantly fine tune and adjust my timings and try to adapt to all the new tricks the markets try to fool the "static and fixed" traders in this highly dynamic "game"
I therefore feel - barring ill health or new rules and regulations - I will remain consistent and profitable - OK if I cannot make 400% pa on under $100k per annum - I might have to settle on 250% on $190k - or to be honest - I would prefer just 50% per annum trading $10million of my own money - ( yes - well you have to have targets in life
Can I see myself having a losing week or month ( barring a massive black swan event) - trading at least 5 hrs a day full time in this next year -
NO WAY
Have a great weekend
Regards
F
mornin' fxm
What with all your apparent activity on other sites, facebook, twitter, videos etc I'm surprised that you have any time left for trading
I'm not sure that I agree with you that day trading will always be more consistent than longer term given my experience that my "active investor" wife has often done better than me when we tot up at the end of the year
. In terms of £ earned per hour she's always streets ahead.Day trading is seducing, but it's probably comparable to F1 in motor sport and you've got to be a damn good driver to avoid disaster. It's no surprise that most SB platforms will default to a M5 time frame - they know where their bread is buttered
Forexmospherian
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mornin' fxm
What with all your apparent activity on other sites, facebook, twitter, videos etc I'm surprised that you have any time left for trading
I'm not sure that I agree with you that day trading will always be more consistent than longer term given my experience that my "active investor" wife has often done better than me when we tot up at the end of the year
Day trading is seducing, but it's probably comparable to F1 in motor sport and you've got to be a damn good driver to avoid disaster. It's no surprise that most SB platforms will default to a M5 time frame - they know where their bread is buttered
Hi Jon
You opening reply is very interesting ;-)
I am not on Twitter or Facebook - I have never ever made even one tweet on twitter and no comments on Facebook and never made any video on You Tube (except one that FXstreet featured me in their annual awards)
Yes there is a group named Forexmosphere or Forexmospeherians and I am a member - but as of this last 4 months I have only ever commented on this Forum - no others at all. Whether that remains the same in the next 4 months - i don't know - but so far I have enjoyed myself here as there are many interesting characters - both good and bad.
For a start - I am a FX full time retail trader - but normally less than 4 -6 hrs a day is actually spent opening and closing trades. Loads of times for comments etc left ;-)
Being FT immediately places me in what under 20% of all retail traders - or could it be as high as just 10% of all fx retail traders - I don't know but would love to find out as the 80 -90% of traders who are part time will need anything from 3 to 10 yrs to get to a proficient level - that's if they ever get there.
As you are fully aware - the commercial financial industry is just full of very clever people - many who maybe perfectly honourable and full of integrity - but unfortunately these guys do not normally get to the top and so are not maybe the ones who create all the "smoke screens" and rubbish the retailer end up believing
A really good intraday retail FX trader will trounce any other type of FX retail trader
FACT
Accuracy will be higher - RR's far better - far more trades etc etc - so a good intraday will achieve in a month what a average swing or investor type trader will take 3- 6 months to get near.
(That is in the currency market - I have not got a clue with stocks and shares etc- not my ballgame)
If we move to multi million pound accounts - its another different ballgame - simply because you can't do the same things as you can with accounts under say quarter of a million - (the market would interfere and make it difficult)
The problem is - too get to be a really good retail day trader is a long road - and not many continue with the journey long enough to get there
Some one commented only last week of a trader who had been trading 27 yrs and was still not consistently profitable - and I know my self 2 part time traders who have gone over 7 and 9 yrs - and not got there and so have given up
Of course the commercial industry know that and as you say defaulting to a 5 min chart is misleading. Yes get the newbies trading intraday and they know 99% will lose money - as they will just not have the experience and knowledge of what's actually happening
A 5 min chart is just too slow and lagging for an experienced scalper - 10 second tick chart is much better - (and after time that even seems so slow
When you find a 10 second tick chart is slow, boring and fairly predictable - that's when you know you are finally there and you can then "milk the market"
Its just such a shame so many members here don't think its possible - I can imagine those were the guys in their former lives in the pre 17th centuries saying
"Of course the world if flat - its been like that for centuries" lol
Regards
F
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barjon
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Apologies, then - I just googled your nickname and came across it all.
Forexmospherian
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That's no problem Jon - It does show though how all of us at times get wrong info etc from the web etc and off course from forum sites.
Saying that - they are also so useful - if you can check out and confirm the info you read then its go to be looked upon as educational
I remember reading that brokers and the trade wanted newbie traders to try day trading and scalping - simply because they knew they would lose more than they win - and then think - OK - not doing that again - I will stay with the 4 hr and daily / weekly and do swing and position trading - after all that's how the pro's do it ;-)
So really the perfect type of trader to start short term intraday trading is one with 2 -5 yrs behind them of swing trading
They will have enough knowledge of the basics etc etc - and then if they tackle scalping or short term properly - after another year or two - they will then crack it and go on to success.
Unfortunately however - after 2 to 5 years of swing / position trading most FX retailers just give up - and get another life - instead of finishing that "journey" with a different method
Will this "churn" cycle be sustainable for another decade ?
Regards
F
Forexmospherian
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What is "10 second tick chart"? !0 seconds or 10 ticks ? Can not be both , either time or number of ticks . Or how many ticks in 10 seconds regardless of price? Pretty confusing. Who has that bizarre thing?[/QUOTE]
Hi tdezo
Certain platforms - such as Intellicharts, Oanda and even Alpari I think give you a choice of time on your tick chart
So for example if you use 1 minute chart - you have price movements that you see within the minute - but your candle or bar or line chart only then recalculates every 1 minute - ie you get a new bar or candle appear.
With a time tick chart - you can have the choice of a 5 second - 10 second or 30 second tick chart. You then see the actual price movements every 5 - 10 - 30 seconds - according to your time setting - allow you to get HH's or LL's and a price structure reading far quicker than on a 1 minute chart
For pure scalping a 5 or 10 second tick line chart enables you to read PA quicker than 1 minute - you suffer less lag and you maybe can enter 20 -30 seconds quicker
With a 10 tick chart its slighty different - ie 10 ticks per minute - so in theory a tick change every 6 seconds
For me - I have found that for pure scalping using a 5 / 10 second tick chart compared to a 1 or 3 min chart can give me an edge of anything from 0 5 pips to a full 3 pips compared with the 3 min chart
Therefore on just 10 trades a day - this can add up to and extra 5 to 30 pips a day - as well as saving on bad trades - as you can see to get out earlier
The "devil is in the detail" - you never look at and extra pip as being significant - but over say 200 days in a year on just say an extra 3 pip positive improvement a day - that's 600 pips
600 pips on 1 lot is $6000
For experienced retail traders -who should be on minimum a 2 lots ( OK I am a chicken and will not go over 10 lots a pip with my own money nowadays ) then with a reasonable 3 lots - 600 pips is $18k extra per annum
Start improving your "coalface" readings and improve your eye to brain to hand co-ordinations - its well worth it
Also attached a LR 10 second tick chart -
Attachments
S
sonofcablemonster
Good investigation DJ. Horrible isnt it when real traders who actually have dedicated serious time and energy post up statements and then these fraudsters (thats what they are) try and dupe the gullable into parting with $99 or whatever it is this week. As you well know real traders are concerned with slowly scaling up as trading 5 to 10 contracts you can make some serious life changing income. Its a real scummy industry isnt it.
GTTY
fx turtle
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A verifiable record is something that you said you made and verified by a third party. That's it. The details is there for you to perform DUE DILIGENCE.
I do not even advertise my signals here as this is not the proper forum to do it, but it is you who brought it up.
Bottom line, is my equity increasing? You know the answer to that. Are you comfortable with the trading history? Only you who can answer to that.
Cheers,
FxTurtle
I do not even advertise my signals here as this is not the proper forum to do it, but it is you who brought it up.
Bottom line, is my equity increasing? You know the answer to that. Are you comfortable with the trading history? Only you who can answer to that.
Cheers,
FxTurtle
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tar
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And all that information is taken from the track record , that's the whole idea ...
fx turtle
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If you think i'm not a real trader, then so be it. I don't have to prove to anyone that I am, let result speak for itself.
My total deposit is 187.91 + 135.16 = 323.07. The small deposit amounts are rebates from the broker, so it is not part of my deposited funds. The total balance/equity is 594.97. My math tells me that my current balance/equity is higher than my deposit and it is even higher if you include the rebates, so you tell me if it is increasing or decreasing.
Here are my other accounts:
Moderate turtle -
The goal of this account is between 30 to 60% annually.
This account is on custom date due to multiple strategies running in the account prior to July 26th. Evaluate performance for the next 12 months starting July 26,2013.
Conservative Turtle - The goal of this account is between 15% to 30% annually.
The three accounts are 90% similar, difference is position size relative to equity and exit strategies.
All account balances are now public for complete transparency.
Cheers,
FxTurtle
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S
sonofcablemonster
You sir are a crook. There is a reason why pros use sharpe ratios. It doesnt matter how much you have made if you risked a tonne more for a coin flip. Even the sharpe ratio can be fiddled with intra period martingaling. You are stealing from people who dont understand what they are doing, same crime as door knockers who take advantage of old vulnerable people.
fx turtle
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fx turtle
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First, I do not want to answer question about my signal here as I stated before, this is not the proper forum. You can post your question in the correct forum and I will answer it. Use Google to find where it is.
Second, please enlighten me where I made a claim that is misleading. Myfxbook performance is there for you to dissect as you want, but I never made a claim or statement that is fraudulent, if I did show me. I merely show how my account performed over 6 months.
Third, the reason why most signal copiers fail is because they they not practice proper risk management. Signal providers only PROVIDE signals, NOT risk management side. As a follower, you are RESPONSIBLE for the risk management side of things as you see fit.
Lastly, when did this thread became about me? I merely posted here and I NEVER mentioned my signal and someone brought it up.
Cheers,
Fxturtle
