Thread: What made you successful @ FX

Just hoping to start a new thread which might give some folks inspiration when the marked is destroying your account or mood.

Would appreciate even some stories where you saw the light so clearly after months of fruions/practicing using all the Foreign Exchange market

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So it all boils down to THIS:

What made you successful @ trading (FX)
Stories from the FX experience which might inspire someone here atnigeriaforextrading I know we got alot of stories if we could get some from a few of these traders in here,we'd be pleased to examine them.

Hilmy is right, success is a matter of perspective. . Some people are happy netting 30% and making 2 high probability trades and month some people will need to make 10 percent. Some people are happy trading less, some people will need to exchange everyday and keep themselves at the market. And the thing that is wonderful isn't among those approaches. I think most new traders myself included when I first started, it was hard for me to determine what sort of a trader I am, am I a scalper, position trader, long term investor?? And when I began to test out with many procedures and believed I was a particular type, I discovered coping with cash management and risk caused me to think as to exactly what sort of a trader I am. . It takes a while I think to know yourself, and to know what you are going to be content with and exactly what you consider being successful and then you gear a system to attempt emulate your own expectations. .
As far as what makes me successful, I tried to think that another way, what makes me not successful, coming to trading, I always read that people always blow their very first account, and then a couple more until they get the hang of it. So my first goal was to learn about currency trading, not to attempt to create $300 a day. I looked at my first trading funds of $5000 as my vehicle to learn FX. I wanted to dedie myself into studying the market and my emotions linked to the markets. Igrok said it best when he said that the money on a FX traders account is like a tool to make the trader his/her money. Just how a carpenter has his arsenal together with his hammers and wrenches which empowers him to make money in his craft, a trader has his cash in the brokerage account and is his instrument and should be safeguarded at all cost. . Once I realized that, I felt I was on the right track and am happy at my current position in my hierarchy of FX stages.

Originally Posted by ;

I stopped trying to pick tops and bottoms of tendencies!

Rather I surfed the TREND WAVE - even though I need to work on my entry points, I found the market will gradually go in my direction for some fairly great $$.

DON'T FIGHT THE TREND ! Sit back and revel in the trend ride! Nearly every day, FX tendencies.

Properly said

the mt4 edition of cot analysis worked for me such as magical, simply follow the trend.

Keeping in line with what has been written here, I leave you all with a different Livermore quote (bold is mine):

”With me I must back my remarks with my money. My losses have instructed me that until I am sure I shall not have to escape, I must not start to progress. But if I can't progress I do not move. I don't imply a man shouldn't restrict his losses when he is incorrect. He should. But that shouldn't breed indecision. All my life I have made errors, but in money I have gained experience and accumulated a lot of valuable don'ts. I have been flat broke several times, but my loss hasn't been a total loss. I wouldn't be here. I always knew I wouldn't make the same mistake another time and I would have another chance. I believed in myself. A man must believe in himself and his decision if he hopes to earn a living at this game.”

Originally Posted by ;

DON'T FIGHT THE TREND ! Settle back and enjoy the trend ride! FX tendencies every day.

Except for many mondays, tuesdays, wednesdays, thursdays and fridays...

Other than that it tendencies almost every day!

Originally Posted by ;

My turning point came when I began to understand what reasonable goals were. I had the misfortune of tripling my account immediately until I knew much of anything about Forex. From then on I could not be satisfied with anything less. That cost me several months of trading and losses that are spectacular.
Once I gave up attempting to duplie that ancient fluke things got better. And when I heard it is okay not to have a position open things got however.

Reasonable goals, says billflet. I'd really like to know the statistic in percent of each new trader who would like to x3 x4 x10 he's/her account in a month!
With no understanding of this market of course.

Reasonable goals on our listing

I have been involved in Currency Market for two years and was fortunate enough to have had a lot of free time in my first year to examine. nigeriaforextradingwas my main source of advice although I read novels. I did little trading and spent most of my first year. Good thing too. I dropped about 30% of my account just trading occassionally.

For the most part, I looked at virtually all the systems onnigeriaforextradingand backtested those who may be backtested. After looking at so many systems I began to see how stop losses, trailing stops and take profits affected the profitability of a system. Slowly, I started forming my own system which:
1. Was based on probabilities
2. Could be tested for many years
3. Encompassed tens of thousands of test trades
4. Worked in all sorts of markets

consequently, through perserverence and imagination, I have been able to trade profitably in 2007 using a system which has a 54% gain percentage. It is not very exciting but I have a lot of confidence in it.

During my first year, I spent a few hours a day, everyday, learning Currency Market. It takes an incredible amount of time to acquire any view. I would have never made it forum.

Books and articles aid, but you will soon discover that nothing other then clinic will get you there. Devotion and time will lead you to notice patterns that the most successful find.

Originally Posted by ;

Books and articles help, however you will soon discover that nothing other the clinic will get you there. Time and dediion will lead one to detect patterns that just the successful find.

I have got to agree with this. . .baby

was the secret for me...I flapped about for 12 months blowing off accounts until I decided to be patient. .

Suddenly I started choosing good entrances and letting winners run.

That was it for me. . .baby. .

Originally Posted by ;

I have been involved in forex for two years and was fortunate enough to have experienced a lot of free time in my very first year to research. I read several novels butnigeriaforextradingwas my main source of information. I spent most of my year in system growth manner and did very little trading. Very good thing too. I dropped about 30% of my account just trading occassionally.

For the most part, I looked at virtually all of the systems onnigeriaforextradingand backtested the ones who could be backtested. After looking at many systems I began to observe prevent losses, trailing stops and take profits changed the profitability of a system. Slowly, I started forming my own system that:
1. Was based on probabilities
2. Could be tested for several years
3. Encompassed tens of thousands of evaluation trades
4. Worked in all sorts of markets

consequently, through perserverence and imagination, I have been able to trade profitably in 2007 using a system that has a 54% win percentage. It's not very exciting but I have a lot of confidence in it on the long term.

Within my first yearI spent a few hours a day, everyday, learning forex. It requires an incredible amount of time to get any perspective in any way. I would have never made it without forum.

Hard work is required, as you say above. No shortcuts (signal service etc) gonna make you effective unless you dedie any blood, sweat and tears this