Trading FOREX for a living - my strategy
- Thread starter doktor3
- Start date
I know some sucessfull traders personally...and that were their advice. About the forum you are right...only those who show live statement can be taken seriously.that's how I started out. I was trading what I had known for years wheat corn and beans with real money losing my ass.
But over in my paper account I was trading forex which was completely new to me and had never traded and noticed it was consistently making money.
So one day I just closed out the commodites and put on the forex at about the quarter of the size I had been trading in paper just to make sure.
Almost the very first day I hit an intervention on the right side, which put me up so much I never had to worry about losses again.
And I've never looked back. Forex has been very good to me, I still check, but for the most part I have lost all interest in index futures and beans and grains.
Forex is a very good place for a beginner to start out. They let you get away with a lot of mistakes you would get nailed on in soybeans.
I would be doing even better if I spent more time in paper. Not sure why people are so down on paper. To me it is the most valuable tool in my tool box.
But over in my paper account I was trading forex which was completely new to me and had never traded and noticed it was consistently making money.
So one day I just closed out the commodites and put on the forex at about the quarter of the size I had been trading in paper just to make sure.
Almost the very first day I hit an intervention on the right side, which put me up so much I never had to worry about losses again.
And I've never looked back. Forex has been very good to me, I still check, but for the most part I have lost all interest in index futures and beans and grains.
Forex is a very good place for a beginner to start out. They let you get away with a lot of mistakes you would get nailed on in soybeans.
I would be doing even better if I spent more time in paper. Not sure why people are so down on paper. To me it is the most valuable tool in my tool box.
https://www.myfxbook.com/portfolio/doktor3/409328
Here is my fxbook if anyone wants to follow.
But only follow from 28 september onwards...i started trading 2 weeks prior to that on this account however that was another strategy so it doesnt really fit into this.
Here is my fxbook if anyone wants to follow.
But only follow from 28 september onwards...i started trading 2 weeks prior to that on this account however that was another strategy so it doesnt really fit into this.
If you change the risk for same position size, you may not achieve the same results.
If you have a profitable strategy as you demonstrated to yourself via your demo acct and your goal is to maintain steady consistent growth, wouldn't it be more reasonable to reduce position size and maintain same [risk] stop/target's?
Maintaining same position size and reducing risk i.e. tightening stops is not what you demo'd and can change your strategy considerably. It can quite conceivably turn a winning strategy into a losing one.
It may only be semantics, and when you refer to "risk", you meant to keep all trade setup parameters consistent and only change position size.
I would pobably still be losing my ass in beans
the point is, for some of us, time spent in paper can be very valuable
I suppose it depends on your strategy, but for me, it is much easier to read the market if I watch it in paper for a while
I'm very rarely flat, but in almost every case I would have made a better entry if I had stayed flat a little longer and spent more time getting re acclimated in paper.
Like the man said, "You can observe a lot just by watching."