4 Ways To Speed Up Your Trading Success....

SpotOnForex

Newbie
9 0
Sometimes the learning process of trading forex can be tedious and long winded. There are however a few things you can do to speed up the process.


Number 1: Try Scalping

When I first started out in forex, the word 'scalping' was a bit of a dirty word. I was taught moving average crossovers, bollinger bands and other techniques that entailed waiting on daily candles to do their thing.

Trading longer time frames is great, you do need to know what price is doing on the macro scales to find directional bias/ support and resistance levels. That being said the forex market does work on a fractal scale, meaning, there are patterns of self-similarity on all time frames. So while you are waiting for a daily signal at a particular level to occur you can certainly take advantage of a multitude of trading opportunities intraday.

Because you can be take several positions per day scalping, you get a handle on many aspects of trading a lot quicker.

I highly recommend adding a scalping system to your bag of tricks. The high frequency of setups (5 – 20 + per week) allows you to engage in the markets a lot more, hence speeding up your experience in managing positions and really paying attention to the smaller intricacies of price action. You also are able to discover your unique emotional and psychological profile as a trader. Another critical part of the learning process.


Number 2: Back-test

Back testing is not just a good idea it is ultimately crucial to your trading success. It doesn’t matter if you have bought the best trading system in the world and it makes the creator millions of dollars each day. It’s not your system, so it’s not going to work for you the way it work s for him/her. You can however back test it, break it down, and tweak it to your own personal style of entry, risk and trade management etc.

I cannot emphasize enough how important this process is. If not only to confirm your hunch (or the sales pitch when you bought it) that is does in fact work, but why does it work? What is the maximum drawdown period? What currency pair(s) does it work best on? How will YOU manage the position if it goes against you? How will you manage it if it goes into profit? When will you bank profits? When will you close the remainder of the position? what about your stop?

I think you get my drift, this really is where the magic of trading forex starts to happen, so get in there and do the hard yards.

More info on Back testing : Click Here


Number 3: Trade live

There is only so long you can sit on the side lines trading paper money, before you need to bite the bullet and trade with real money.

“Speculators who trade imaginary money are no different from a crack shot in a pistol range. How would such a crack shot do in a duel, facing an opponent’s loaded pistol? That is when fear raises its ominous head, nerves fray and split, resolve is challenged and reason fled”
Jesse Livermore
-The greatest stock trader of all time -

Although I do strongly recommend that you demo for the period of time, you do need to back test various theories or strategies (whether purchased or better yet, your own). Trading live will allow you to develop the psychological side of your trading. Having real money on the line can toy with your emotions. It can have you making fear based, illogical and emotional decisions. Having these experiences will allow you to begin exercising discipline and controlling your emotions when trading. Making mistakes is part of the process of becoming a trader.

I do advise you only risk what you can afford to lose and have a sound risk model before engaging the market.


4. Invest in yourself

If you have already done a course in forex, and you are still unsure exactly what needs to be done to become successful in this game, then maybe consider revising it or even doing another one. Sometimes you don’t get all the answers you seek from just one mind or one point of view.

I personally have sat through 4 full length courses, with 4 different coaches. Some of the information overlapped, but a lot of it was very new. The last one I did brought everything together for me. Get as much information as you can from as many different sources as possible! No coach or training institution is the be all and end all of trading forex. If they claim to be…. Think about moving on!

Well guys and girls, I hope I have given you some ideas on how to speed up the learning process in forex. Remember trading is not a skill, but a discipline. So work on developing mind-set as well as your skill set.

Good luck with your trading

Ben McInerney


ps. I’d love to hear everyone’s thoughts on the above :)
 
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DowJones

Experienced member
1,073 391
Sometimes the learning process of trading forex can be tedious and long winded. There are however a few things you can do to speed up the process. ...
Ben McInerney


ps. I’d love to hear everyone’s thoughts on the above :)

OK, I'll bite... please note that I'm now on my best behaviour so cannot front-load this reply with my usual expletives...

How to say it? I think the above article reads like typical junk retail literature, that has little basis in reality, more than a few factual errors and plenty of blanket, unsubstantiated statements. Let's examine a few:
1. "the forex market does work on a fractal scale" - can you provide proof?
2. I doubt many scalpers would consider 5-20 setups a week to be indicative of a scalping method
3. "It doesn’t matter if you have bought the best trading system in the world and it makes the creator millions of dollars each day. It’s not your system, so it’s not going to work for you" - rofl tell that to a quant.
4. "You can however back test it, break it down, and tweak it to your own personal style of entry, risk and trade management etc" - you are kidding me right?
5. Jesse Livermore was not a stock broker.
6. "If you have already done a course in forex, and you are still unsure exactly what needs to be done to become successful in this game, then maybe consider revising it or even doing another one". - ah here we are... you as a vendor advise people to do more courses... hahahaha why am I not surprised?

(n)
 
Last edited by a moderator:

SpotOnForex

Newbie
9 0
OK, I'll bite... please note that I'm now on my best behaviour so cannot front-load this reply with my usual expletives...

How to say it? I think the above article reads like typical junk retail literature, that has little basis in reality, more than a few factual errors and plenty of blanket, unsubstantiated statements. Let's examine a few:
1. "the forex market does work on a fractal scale" - can you provide proof?
2. I doubt many scalpers would consider 5-20 setups a week to be indicative of a scalping method
3. "It doesn’t matter if you have bought the best trading system in the world and it makes the creator millions of dollars each day. It’s not your system, so it’s not going to work for you" - rofl tell that to a quant.
4. "You can however back test it, break it down, and tweak it to your own personal style of entry, risk and trade management etc" - you are kidding me right?
5. Jesse Livermore was not a stock broker.
6. "If you have already done a course in forex, and you are still unsure exactly what needs to be done to become successful in this game, then maybe consider revising it or even doing another one". - ah here we are... you as a vendor advise people to do more courses... hahahaha why am I not surprised?

(n)

Ha-ha wooowww… the notorious pessimist strikes again…..That didn’t take long!!
(If this is you being nice, I’d hate to be on your bad site)

Let’s take it from the top shall we Mr. Jones

1. Google the word fractal - it’s a pattern of self-similarity that repeats itself on every scale. Now go to your charts. Look at a H4 chart and then a M5 chart…. See any similarities?
2. I wasn’t aware there were rules??… Must not have got the memo? I trade between 1 & 3 trade a day scalping 10 – 30 pips out of the market. Notice the (+) after 20.
3. Not sure I follow sorry…. But as long as you’re enjoying yourself 
4. Aaarrrr you’ll have to explain your issue with this one???... moving on
5. Got me!!!! He’s a trader!!. Cheers for picking that typo. I must correct that.
6. Yes I offer a course. Great right! But nobody is saying go with mine….. there are plenty of great ones out there. I’m a forex coach and I actually still have a coach of my own. I actually have a ton of free stuff and love coming on forums and sharing wisdom and helping where I can.

I can’t say I have met anyone who claims to know it all when it comes to trading. Even the top athletes like No.1 tennis player Rafael Nadal gets coaching every day. I don’t think the learning process ever stops. I remember Greg Norman in his prime saying he’s is always trying to shave a few strokes off his game!

Anyway….Good to see the Forex Police out in force Dow Jones

Good Luck with your trading

Ben
 

DowJones

Experienced member
1,073 391
Ha-ha wooowww… the notorious pessimist strikes again…..That didn’t take long!!
(If this is you being nice, I’d hate to be on your bad site)

Let’s take it from the top shall we Mr. Jones

1. Google the word fractal - it’s a pattern of self-similarity that repeats itself on every scale. Now go to your charts. Look at a H4 chart and then a M5 chart…. See any similarities?
2. I wasn’t aware there were rules??… Must not have got the memo? I trade between 1 & 3 trade a day scalping 10 – 30 pips out of the market. Notice the (+) after 20.
3. Not sure I follow sorry…. But as long as you’re enjoying yourself 
4. Aaarrrr you’ll have to explain your issue with this one???... moving on
5. Got me!!!! He’s a trader!!. Cheers for picking that typo. I must correct that.
6. Yes I offer a course. Great right! But nobody is saying go with mine….. there are plenty of great ones out there. I’m a forex coach and I actually still have a coach of my own. I actually have a ton of free stuff and love coming on forums and sharing wisdom and helping where I can.

I can’t say I have met anyone who claims to know it all when it comes to trading. Even the top athletes like No.1 tennis player Rafael Nadal gets coaching every day. I don’t think the learning process ever stops. I remember Greg Norman in his prime saying he’s is always trying to shave a few strokes off his game!

Anyway….Good to see the Forex Police out in force Dow Jones

Good Luck with your trading

Ben

Oh good... I do so enjoy showing up vendors... we all know the phrase "Those who can, do; those who can't, teach" eh? Anyway, onwards to your post...

1. Thank you for your condescension, I'm fully aware of the word 'fractal', it's meaning and the property of 'self-similarity'. However, you have avoided my question. Eye-balling a H4 and M5 chart of a random FX pair does not provide quantitative proof that FX markets exhibit self-similarity in price-structure. Would you care to try again?
2. According to your definition, each of your 1-3 "scalp" trades captures 25%-50% of the current ADR of most FX majors. In essence then, you're claiming to capture almost 100% of the daily move in an FX major in a few scalp trades. Unlikely at best, and again, not what most real traders would call scalping. Would love to see you post some trade statements showing us these amazing trades though - maybe in your next post?
3. Most institutional systems (i.e. the best ones in the world) are quantitative, so why would they need to be tweaked to one's own personal style? Surely you know all this being a "forex coach" lol.
4. If you didn't get point 3, you won't get this... let's move on... ;)
5. He was a trader, he passed away in 1940.
6. In the nicest possible way, your knowledge of FX and trading appears quite limited, so I'm happy that you found those trading courses useful and can understand why you might want to do more. However unfortunately for others aspiring to learn, they should know that most retail trading courses are full of useless information, errors and half-truths - and most people teaching are no better.

Have a great evening - I think we're gonna become such great friends :)
 

SpotOnForex

Newbie
9 0
Oh good... I do so enjoy showing up vendors... we all know the phrase "Those who can, do; those who can't, teach" eh? Anyway, onwards to your post...

1. Thank you for your condescension, I'm fully aware of the word 'fractal', it's meaning and the property of 'self-similarity'. However, you have avoided my question. Eye-balling a H4 and M5 chart of a random FX pair does not provide quantitative proof that FX markets exhibit self-similarity in price-structure. Would you care to try again?
2. According to your definition, each of your 1-3 "scalp" trades captures 25%-50% of the current ADR of most FX majors. In essence then, you're claiming to capture almost 100% of the daily move in an FX major in a few scalp trades. Unlikely at best, and again, not what most real traders would call scalping. Would love to see you post some trade statements showing us these amazing trades though - maybe in your next post?
3. Most institutional systems (i.e. the best ones in the world) are quantitative, so why would they need to be tweaked to one's own personal style? Surely you know all this being a "forex coach" lol.
4. If you didn't get point 3, you won't get this... let's move on... ;)
5. He was a trader, he passed away in 1940.
6. In the nicest possible way, your knowledge of FX and trading appears quite limited, so I'm happy that you found those trading courses useful and can understand why you might want to do more. However unfortunately for others aspiring to learn, they should know that most retail trading courses are full of useless information, errors and half-truths - and most people teaching are no better.

Have a great evening - I think we're gonna become such great friends :)


You've really "shown me up" champ. well done!..... brrt

This could go back and forth for a while, but you seem to have your mind made up on various aspects of trading and that's fine. But remember when trading ... "leave your ego at the door". Maybe there should be a similar saying for forums!

your point of: "Those who can, do; those who can't, teach". It's true, there are a ton of examples of people that have failed at trading and turn to teaching. Though there are plenty that trade well and teach.

Take my long time mentor Chris Lori. I am so grateful the man takes time out of his trading life to teach. I would not be the trader I am today without him. My hope is to contribute as much to trading through mentoring as Chris has over the years.

I have also included a link to a youtube vid above (original post) talking about backtesting. hope this helps!

Check out my youtube channel to see a couple live trades. Channel is new so only a couple of trade up there so far, but more coming shortly.

Head and shoulders trade

all the best
 

DowJones

Experienced member
1,073 391
You've really "shown me up" champ. well done!..... brrt

This could go back and forth for a while, but you seem to have your mind made up on various aspects of trading and that's fine. But remember when trading ... "leave your ego at the door". Maybe there should be a similar saying for forums!

all the best

ROFL - Let's take an honest look at the situation: you come here as a "teacher/coach", post some info on how to trade, I ask you some simple questions, you fail to answer them and I have an ego problem? :LOL:

Let me ask you one simple thing - why is it so hard to answer those questions? Why do you keep evading them?

This isn't about your opinion vs mine. It's about not misleading people.

It's easy to make blanket statements and quote half-truths, and then keep changing the topic, however this doesn't help you or any of the people you're trying to teach does it?

Actually, it harms people who are new and genuinely trying to learn. I hope you're able to prove me wrong, show everyone what a fantastic trader you are, post your results here and help lots of beginners. However as things stand, I won't be holding my breath...

(n)
 

SpotOnForex

Newbie
9 0
Dios Mio

ROFL - Let's take an honest look at the situation: you come here as a "teacher/coach", post some info on how to trade, I ask you some simple questions, you fail to answer them and I have an ego problem? :LOL:

Let me ask you one simple thing - why is it so hard to answer those questions? Why do you keep evading them?

This isn't about your opinion vs mine. It's about not misleading people.

It's easy to make blanket statements and quote half-truths, and then keep changing the topic, however this doesn't help you or any of the people you're trying to teach does it?

Actually, it harms people who are new and genuinely trying to learn. I hope you're able to prove me wrong, show everyone what a fantastic trader you are, post your results here and help lots of beginners. However as things stand, I won't be holding my breath...

(n)

Dow Jones,

Again we could carry on, but I took the liberty of looking at a few of your post and comments to others on this here forum. There seems to be a common theme. I was confused for a moment, but then I noticed the union jack next to your posts..... it's all suddenly clear!

(Never mind, I'm sure you guys will win back the ashes from us next try! no need to be bitter.)

I'm have not yet seen a post or comment from you across this forum that doesn't end in you offending someone, let alone actually being helpful at all.

Keep up the good work........whatever it is that you are tying to achieve?
 

Forexmospherian

Legendary member
39,928 3,300
Hi SpotonForex

OK - I am another Brit - and ....... an expert retail FX scalper ( yes 11 yrs plus - nearly 7 yrs full time and over 15k live trades)

DJ does know what he is on about

Check out his thread -
http://www.trade2win.com/boards/forex/182314-fx-day-trading.html

I might not agree with all he says - BUT he is an excellent trader and can "talk the talk" as well as "walk the walk"

I think what frustrates him the most is very few tutors / vendors / guru's or mentor really say whats needed to be said to all newbie traders - ie

Trading for a consistent profit is extremely difficult and will take most newbie traders - 3- 7 years to get to a decent level and maybe even 7 yrs plus before it all starts to click

If I had known that when I started - i would never have continued - but i suppose I was lucky - i was semi- retired at time and money on my side and loved a challenge.

We all know maybe 5 out of 10 new traders should not even bother - they are just not suitable and its not all due to IQ or intelligence - but really they need mental toughness - a positive attitude - a capacity for hard long study as well as patience and used to be earning only on performance.

In fact if you want an easy steady income with no stress - forget it

But if you are used to commission only rewards - can read and cut through all the Bu**sh** - then over time - you have a chance.

This really should be like the warning - as you find on a cigarette packet

No Trading cannot kill ( normally) but it can easily easily do your mind in and send you bonkers (lol)

But when you finally get there and start earning ( not the silly 30 -50% per annum returns) but the 20 -50% per month ( non compounding) gains on decent capital - ie $50 -$100k ) then it all becomes worth while

Talking about speeding up your learning - some part timers take 10 years and even some full timers need 4+ years and then once you are there - you are in that top 15% who should be able to make a decent living out the "game"

And with regards to coaching - yes at the top of your sport or game its needed - but unfortunately for most newbies - its the blind leading the blind stuff - such a shame

Anyway good entertainment and i wish you good trading

Regards


F
 

DowJones

Experienced member
1,073 391
Dow Jones,

Again we could carry on, but I took the liberty of looking at a few of your post and comments to others on this here forum. There seems to be a common theme. I was confused for a moment, but then I noticed the union jack next to your posts..... it's all suddenly clear!

(Never mind, I'm sure you guys will win back the ashes from us next try! no need to be bitter.)

I'm have not yet seen a post or comment from you across this forum that doesn't end in you offending someone, let alone actually being helpful at all.

Keep up the good work........whatever it is that you are tying to achieve?

You're right I am harsh - but most (not all, but most) of the people my harsh words are aimed at deserve it. Why? because they are often misleading others, selling rubbish, scamming or suchlike. As I've said repeatedly, the retail trading industry is not that well regulated and has many undesirable elements.

Anyway, you've chosen to avoid all my questions or post any proof that you can walk the walk, so I agree that we may as well end this here.
 

lexcorp

Experienced member
1,250 298
Hi SpotonForex

OK - I am another Brit - and ....... an expert retail FX scalper ( yes 11 yrs plus - nearly 7 yrs full time and over 15k live trades)

F

:cheesy: (y)
 

DowJones

Experienced member
1,073 391
...DJ does know what he is on about...

I might not agree with all he says - BUT he is an excellent trader and can "talk the talk" as well as "walk the walk"...

I think what frustrates him the most is very few tutors / vendors / guru's or mentor really say whats needed to be said to all newbie traders - ie

Trading for a consistent profit is extremely difficult
and will take most newbie traders - 3- 7 years to get to a decent level and maybe even 7 yrs plus before it all starts to click

If I had known that when I started - i would never have continued - but i suppose I was lucky - i was semi- retired at time and money on my side and loved a challenge.

We all know maybe 5 out of 10 new traders should not even bother - they are just not suitable and its not all due to IQ or intelligence - but really they need mental toughness - a positive attitude - a capacity for hard long study as well as patience and used to be earning only on performance.

In fact if you want an easy steady income with no stress - forget it

But if you are used to commission only rewards - can read and cut through all the Bu**sh** - then over time - you have a chance.

This really should be like the warning - as you find on a cigarette packet

F

F, Thank you, nicely put.
Yes, as you say, the bs prevalent in this industry is what frustrates me.
 

SpotOnForex

Newbie
9 0
Hi SpotonForex

OK - I am another Brit - and ....... an expert retail FX scalper ( yes 11 yrs plus - nearly 7 yrs full time and over 15k live trades)

DJ does know what he is on about

Check out his thread -
http://www.trade2win.com/boards/forex/182314-fx-day-trading.html

I might not agree with all he says - BUT he is an excellent trader and can "talk the talk" as well as "walk the walk"

I think what frustrates him the most is very few tutors / vendors / guru's or mentor really say whats needed to be said to all newbie traders - ie

Trading for a consistent profit is extremely difficult and will take most newbie traders - 3- 7 years to get to a decent level and maybe even 7 yrs plus before it all starts to click

If I had known that when I started - i would never have continued - but i suppose I was lucky - i was semi- retired at time and money on my side and loved a challenge.

We all know maybe 5 out of 10 new traders should not even bother - they are just not suitable and its not all due to IQ or intelligence - but really they need mental toughness - a positive attitude - a capacity for hard long study as well as patience and used to be earning only on performance.

In fact if you want an easy steady income with no stress - forget it

But if you are used to commission only rewards - can read and cut through all the Bu**sh** - then over time - you have a chance.

This really should be like the warning - as you find on a cigarette packet

No Trading cannot kill ( normally) but it can easily easily do your mind in and send you bonkers (lol)

But when you finally get there and start earning ( not the silly 30 -50% per annum returns) but the 20 -50% per month ( non compounding) gains on decent capital - ie $50 -$100k ) then it all becomes worth while

Talking about speeding up your learning - some part timers take 10 years and even some full timers need 4+ years and then once you are there - you are in that top 15% who should be able to make a decent living out the "game"

And with regards to coaching - yes at the top of your sport or game its needed - but unfortunately for most newbies - its the blind leading the blind stuff - such a shame

Anyway good entertainment and i wish you good trading

Regards


F

I couldn’t agree more, this industry is filled with coaches and training centers that don’t really care if anyone succeeds or not. They are in it for the money and probably can’t trade themselves. That’s a fact!
I have noticed the word coach, trainer etc on forex forums in general is met by a barrage of negativity.

I myself was a victim of a very well-known British forex education company back in early ‘09.(they still operate “Kno*****2Act***”) I paid 4,000AUD to get shown what a candle was, what a moving average was and that about it. If this MA crosses that MA then sell? If I wanted to learn about support and resistance I could pay another 20,000 and they would show me??

Fast forward and I’m now a price action trader, and use 3 main strategies to bank consistent pips. Like you my first few years were tough. I was trying to follow strategies, reading books, researching forums etc.
For me, when I took time out from “trying to trade” and spent the time to really learn the intricate price patterns & price behaviors on a deep level, and take some of these pre-learned “strategies” or methodology and apply them in a way that was unique to my own psychological profile, my trading begun to improve out of site.

The 4 ways I mention in the post are a genuine attempt on my behalf to give some of the green horn traders some ideas on what they may do to improve their trading. Everyone has their ideas on this, because we have all walked a different path.

There are several ways to skin a cat and as you well know there are countless ways to trade the forex market. DJ does seem to have a handle on trading, and that great!

I came here to share some insights from my own journey and maybe learn a thing or two myself, no more no less.

All the best
 
 
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