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Old 02-09-2007, 10:09 PM
Sniper Sniper is offline
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Re: How You Make Money Trading Forex

First I believe for one to be successful in forex you should go swing trading or better position trading. Intraday is really challenging. I am not saying it can't be done. Just that it's more difficult than traders thing.

Secondly, I suggest you stay focus more on your strategy rather than how much you will make. Although I have a fixed profit target, I don't "squeeze" the market . I mean, nobody knows what the market is going to do next. Most of the time I reach my target but I know for a fact that one particular day market could reverse on my position and stop me out. It's a crude reality many traders won't accept and therefore they are in a constant search of a system that will spit money everytime they place a trade. It doesn't exist my friend.

If you have your mind of growing rich on forex or any other market, you're heading down the wrong direction. Possible? yes but don't set you mind on that. It will ruin you.

If you have a system in place, stick to it no matter what. If is not working out for you, better to look for advice. There's an abundance of free information on the web.

There's plenty of experienced players in this very forum. My suggestion is why don't you bring your strategy to the table, to see how feasible it is.

On what you are saying, I believe you have an "overload" of information. Sometimes we need to put that aside and get our feet on the water. Maybe you're in the"search" of a system that puts you in the profit way. I say it's possible my friend. But I think you must lower your gear a little and come down to earth. Simplify things.

Losing is an inherited part of this game. Sometimes you will lose. Maybe more than once in a row. But at the end of the month, you will have more winers than losers. That's the core of trading my friend, at least on my experience.

Let me tell you a short story

I got shot in the leg during the gulf war. My company commander took me out of the front and put me on the statistics division. When I got my discharge, I work for a little while running stats for a hedge fund company. After a while I visualize that I can be self-employed trading. But I realized that if I truly want to get my edge on the markets, the best I can do is to run stats , back and forth in order to look what system/strategy will be more consistent. After two years, I finally found what I was looking for.

Nowadays there's good people outhere willing to help at no charge. I mean, it's good to buy books and everything but I won't pay 2-3k to anyone to teach me how to trade. That's insane.

Another thing some traders won't accept is this: You can buy all the books, read all articles , even buy expensive seminars etc, but ultimately trading comes down to grabbing your own edge, your own unique perspective on the market, and nobody else's. Very much like a fingerprint. I mean, of course is good to read stuff about successful traders, but just in the light of shaping your system, which as I said it's your edge, your little baby. That's why I will never pay a single penny to any of these so-called "guru's"

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