3 months trading Forex

[FARSH]

Hi Guys,.

I just found this site and I wanted to know if I'm just lucky or I'm doing something right. lol I started trading the Forex market 3 months ago and I'm already up 500%.

I realize that I range trade, I see the price always goes back to the same price after 1 or 2 days sometimes it takes a week. I also learned not get nervous and close my lots if the trade is not going my way, I know at some point it will go my way.

So is this the right strategy? Are there softwares out there to that can help me with the range trading as well?

Just to let you know I been trading stocks for 11 years but nothing is as close as the Forex market where you can make a one year salary in 30 minutes.

 

[Trader333]

....nothing is as close as the Forex market where you can make a one year salary in 30 minutes.

Or lose one years salary in the same 30 minutes as well.



Paul

 

[FARSH]

True that.

 

[westernforce]

500% in 3 months on a $100 acount would not be too difficult, as I'm sure you know.
A beginner with some luck may achieve that (you been trading 11 years so that doesn't count)

500% in 3 months on a $1000 000 account and then that's a different story. That would require some skill to say the least.

So to evaluate your luck / skill ratio:
Account size (don't answer that)
Plan - Did you stick to it, or just take random trades, which would equate to luck. Did you stick to the plans MM rules etc

if the acc size is there, and the plan is traded, then the skill level must be there to achieve those results

 

[shadowninja]

What would your account size be if you got 3 losses in a row?

 

[FARSH]

500% in 3 months on a $100 acount would not be too difficult, as I'm sure you know.
A beginner with some luck may achieve that (you been trading 11 years so that doesn't count)

500% in 3 months on a $1000 000 account and then that's a different story. That would require some skill to say the least.

So to evaluate your luck / skill ratio:
Account size (don't answer that)
Plan - Did you stick to it, or just take random trades, which would equate to luck. Did you stick to the plans MM rules etc

if the acc size is there, and the plan is traded, then the skill level must be there to achieve those results

I started in a mini account with $2000 and one thing I learned is not get emotional or else you get wiped out.

 

[FARSH]

what I did was just concentrate on one or two pairs instead of going all over the place and getting confused. I just watched them and see how they behaved on news and what their range were and went from there.

 

[shadowninja]

Definitely worthwhile sticking to a couple of pairs or even just one pair as an amateur. I know pros have 500 screens and 2000 instruments but they're pros.

 

[FXSCALPER2]

If you have an exit strategy that makes sure you don't get hurt ona few losses, keep doing what you are doing. No one knows anything so you should be ok.

 

[FARSH]

My exit strategy is that when the currency goes against me it will eventually come back to the price range I want to exit.

 

[A Dashing Blade]

My exit strategy is that when the currency goes against me it will eventually come back to the price range I want to exit.

Guffaw! :whistling

 

[Mikeyfx]

My exit strategy is that when the currency goes against me it will eventually come back to the price range I want to exit.

Hmmmm

 

[littleian28]

Your Exit Strategy Is Exactly The Same As The Famous Hedge Fund Who Were Involved In Russian Governement Bonds..

In My View Your Just A Lucky Punter Who Will Get Burned..... Sorry To Say

 

[montpro]

I tried that strategy, made a packet, got cocky and then lost big BIG bucks !!!!

I now trade with a proper strategy, written money management rules and the odd hedged bet (seems to be working so far)