Truth and wisdom of Forex trading: traders talking about own experience
My friends, you’ve been listening to me quite long (and I will continue my dark mission), but today you have a chance to hear what other traders have to say. Today I’ve got a great feedback from a trader, who works his way to success. I’m glad to share it with you:
“Well, this is by far most amusing TRUTHFUL site about Forex. I’ve discovered Forex a little over a year ago now, have spent lots of time learning, researching and trading on demo… I also lost some real money being confident that after 3 months of demo I can make money on Forex… what a noob… :-)
I’d like to share what little Forex wisdom I have accumulated. First of, listen to Dark Lord – do not buy anything! No classes, no seminars, no books, no systems, NOTHING! Every bit of Forex theory you can find on web for free, you just need to dig a bit. And by a bit I mean at least a month, you won’t find the good stuff right away and there is so much information out there you’ll need a long time to read it all.
Next, open demo account with whichever broker, doesn’t really matter, you have to just learn basics of trading, setting up charts, learning about mechanics – stops, limits, trendlines, indicators. Try everything the software has.
Then, start training discipline. You will not make money on Forex without ironclad discipline. You need to make a system and stick to it without exceptions. You need to erase emotions from your trading. It must all be math. You must be a machine. Trading must not be FUN. No work is fun. And successful Forex trader is a worker.
Before you invest your money, test your system. Enter 50 trades under your rules, each time entering only if all rules are observed and keep track of each trade. In the end, calculate your success rate. If you are breaking even or losing, systems sucks, improve it and enter another 50 trades ALL of which have been executed based upon new set of rules over and over again. Once you make good profit over 50 trades (and believe me, 100 would be better), then you are ready to invest real money and make your fortune. You will NOT be successful trader before you have a system that in the long run makes more winning trades than losers. And be warned, it may take you couple of years to find a system that will create more winners than losers based on same set of rules over and over again. Most people don’t have the discipline to test, test, test and then test some more to get the winning system.
That’s the reason you get 10% successful traders (I personally believe that number to be even lower) and a bunch of losers. Anybody who doesn’t have impressive self-discipline will fail at Forex.
I’m far from being a disciplined man but I’m working on it because I hate going to work more than anything and I will improve myself and my Forex system until I become good enough to be a winner. Doing Forex properly – with discipline and unflinching determination – is HARD. If you are after easy money, buy lottery ticket and start praying, Forex is not for you.
Anyhow, really good job Dark Lord, keep on spreading the truth. :-) “
20 Comments to this post
Discussion Area - Leave a Comment
You must be logged in to post a comment.
Wow, I’m being quoted by a Dark Lord of Forex… quite an honor :-)
Since posting this comment I’ve read some more of the texts here and it’s all very educational, smart people that visit this site will learn a lot about the right way to trade. But then again, I think with Forex learning never stops :-)
both of you rock! -noob
Ozonkwo ejike richard.
i need a good forex system that can make money
Folks looking for sytems that work two places to start. YouTube there is a Rockwell trading he will show you a very simple objective system that works for free. You can watch them trade this simple method live for one week for $1. And no I don’t know the guy however, we use the same charting platform. He occassionally has free webinars and I attended one. Second place is the yearly Robbins World Cup Trading Championship there are some people that place year after year. Some of them might teach people to trade but, you will definitely need to pay them for their time. If you learn from the right person you will learn to see crashes and rallies prior to them occuring in all markets.(ie. stocks, forex and futures). And truth be told the larger the time frame the easier it gets. The system you learn should be objective. In other words if you and your friend look at a chart you should see the exact same thing and trade it the exact same way. The ideal system needs to incorporate the following:
1) multiple positions
2) a stop loss that is based on the range of the market you are trading
3) a profit target again based on the range of the market
4) a profit maximization strategy take some money off the table once your first target is hit and use trailing stops with remaining positions
5) if you are lucky you will have the second position hit the second profit target(if the trailing stop wasn’t hit first) and after that if you have another position with a third target let that puppy fly after it hits the target trail giving the market enough room to move in your favor. The idea is that 80-90% of your money will be from a small amount of trades. A trading system should have a performance summary based on live money not just backtesting.
Hi, please wats a traling stop can u explain more on it?
Trailing stop is a moving stop. While with a regular fixed stop you only protect your account against losses, with a trailing stop you have an option to guard your profits as well. How it works?
It can be automated (done by your trading platform) or manual (executed by a trader). Basically what you do: as the market moves in your favor, you bring the stop a bit closer to your entry level, shortening the risks. As the market retraces back against you, the stop is held still.
In such way, with every market advance in your favor, you continue moving(trailing) the stop till it reaches breakeven point (the point at which you bought a currency pair).
As your profits grows, your trailing stop advances over the entry point and at that moment becomes a guardian of your profits: should the market reverse, it’ll hit that trailing stop and lock the profits that were secured beyond the trailing stop.
Ok I am a guy who had it all. a million dollar company, several homes, and an early retirement (at 44) Then my world crumbled. Recent legislation passed ended my industry, and divorce after 18 years along with the California methods of rewarding a stay at home wife with everything left, has left me with less than I had when I left college. Not looking for tyears from everyone, just wanted to describe my seriousness in considering this business. What I do have left is my credit rating. I have access to a small credit liine and want to hire a successful trader to be my personal coach. I want us to share risk and I’ll share my reward for the priviledge of being taught by a winner. Any interest? My email is tim93619(at)gmail.com I only have one shot for a comeback, so no salesmen looking to get me in your “downline”… This is my lifeline. Thanks
Be careful to not burn the rest of money in Forex. It is a murky water for a new investor, watch it and don’t allow anyone to drag you into this trading business unless you’re really talking to an expert.
I’m an individual trader and I carry responsibility for my own account, at the same time I firmly believe I have no rights to tell other people what to do with their investment portfolios.
If you are serious about this Forex business, get an ECN Forex broker (be sure the company is well standing, reputable and REGULATED), talk to a professional there and open a managed Forex account. A good brokerage company also offers training for their VIP clients. You’ll be in good hands.
well here is my personal short story I learned about forex few years ago start playing with demo account, was so excited about it jumped into real account lost 5k in 3 months, end of story.
At this point stopped doing demo, bought few books and start watching market without any trading at the beginning. Now I’m back in real account for about a year start with 15k and doubled my account within last year, this is mile stone for me because one of my goals/strategy was that I will not increase my position sizes until I double my account, so now I’m ready to do so.
I think one of my strength is that I’m not attached to my money so I’m not sweating and my blood pressure isn’t going up when market is going against me I think this is a good thing because I’m not making decisions because I’m stressed out in any case what I’m wondering is somewhere in one of your comments you mentioned you are making couple thousands a month but not enough to live of it. How this is possible? If you or anyone belongs to those 5% of people who actually can make money of forex long run how come you making same or close to same amour every month, just asking because I would think once your account double you would want to increase size of positions, when it double again you would do the same thing that way your investment is returning lot more over the time of successful trading… No offense just curious
BTW nice website I like it a lot and it always makes me laugh because it reminds me my first touch with forex market where I jumped into this water without even thinking I haven’t learned to swim.
Thank you, my friend.
I don’t remember where I made the statement about the monthly income.. hah.. very generous revelation don’t you think?… but I can say, I did it on purpose.
You see, I don’t want to create additional illusions around Forex trading, there are lots of them created already. I named a realistic target - an achievable goal without risks, stresses and anything in between. I’m happily achieving this target every month.
Talking about those 5% of pro traders… When I look in the mirror (imagine only what I see there… mwwhaha..mhh), ok, let’s be serious, I see a normal person, not the one with square pale and tired face who is managing thousands and millions in risks in Forex, no.
Forex will eat your arms and shorts one unfortunate day, if you allow it to get deep into your pockets.
I love trading, but I have a thick-fat-barblock line between what’s pleasant and profitable AND what’s damn stressful and risky.
Everyone chooses how much he needs from Forex.
Good luck! Be on the profitable side, but have a life too.
Doing a great job for us, but what about the scalping and swing trading?
I know I’ve promised that long ago.
I don’t want to promise that again. So far, I’m too busy to sit here in my Dark Kingdom. When I come home for vacation, I’ll do what I promised centuries ago…
i like the way you brake the truth about forex i really want to start forex if possible next month but i can not even understand how to buy and sell currency on a chart please what to you think i should do
Youtube.com is a great place to get live answers and examples.
Here we go:
Hi I just registered to this devoted place forexdarkside.com . I need to ask for your opinion.
Can you tell me please do you make money with forex and if yes what forex agent do you use?
Do you know of some recommended ones?
Thanks in advance for your answers.
P.S. Sorry if I have posted to wrong category this but as you can see I am new here.
I wish you all the best forexdarkside.com :)
Hello all. Id like to share a very quick story of experience with you. I’ve been trading for just about 5 mos now, but my first month was the most exciting and extremely successful, sort of.
Believe it or not, I did make quite a living for that short time. 16,000.00 in less than 25 days, really. Then one fine day shortly after, I lost almost my entire account (which was more than twice that) to long positions when the USD took that great big dive. There went about 30,000.00. …yea, it hurt like you can imagine.
When I started, I built myself a ’system’ and added a nice hardware system to it with multiple monitors to make it easier. Worked like a charm. Used lots of discipline. What really killed me was one huge word. Pride. I wasn’t using stops the way I should have and a couple of long positions had me past the point of no return in the name of pride and the market finished me off.
I guess all I can offer is this so far: computer monitors are cheap these days. Do yourself a favor and spend a few hundred or so to make many more profits in less time from more visible opportunities in charting software, and then, separate that pride from logic, and use that discipline like there’s no tomorow. My hardware investment was paid for in a few hours, literally.
So far, I’ve been able to recoup half of that tragic loss, in tiny (very tiny) steps and some how less luck than before. But these days the market is so skiddish it’s really not as easy as it was only a short time ago. I’ll add, I was also more naive by far obviously, and flying on a lucky magic carpet. But. Regardless, I WILL come back. I’m redefining the word ‘drive’. I guess my pride won’t let me give up.
…pray for me please?? :). …and go build yourself a great discipline system coupled with some hardware . It’s VERY possible to make a living in Forex, if you follow your head and not your emotions.
Good luck!
We Dark Lord, I posted something here August of last year, 2009. I thought I would give your readers an update. Since August, here is what I have done, and BOY has it cost me a bundle…… If I can save others from this wild ride of FOREX marketing, I will rest in peace! LOL
I have spent approxiamtely $4000 in buying every popular trading robot on the market. I paid a professional to make sure they were installed and using the best possible settings (which I paid extra for after the robot purchase)… the rusult was a loss of approximately $17,000.00,
I have signed up for one on one Coaching with CNBC Analysist who was supposed to be the GURU in this market. I lost $6500 from thr training and another $9000 from trades during this time.
Determined, now that I have a significant investment in this new career ( continue to hope) and felt like I have definately learned some things that have made me a better trader, I found an individual in Equador who was gladly giving free trades daily…. I followed his trades each day and was amazed…. EVERY trade has been a winning trade. TIS guys was no sales pitch, I could follow his success as it happened!
Well next week I am flying to Ecuador to spend ten days learning his amazing talent. Surprisingly, he does not use alot of technology. I am like one of the other posters here, I have a room set up that looks like I could launch missles somewhere… lol But his methods are simple, and he always recommends low leverage and stop losses no more than 30 pips from open.
I am so impressed with this guy, and I have seen first hand how many con-artist, marketing rip offs, and just slimy people therte are giving this industry a black eye, I am going to try and open an online school with this guy in Ecuador in hopes we can hellp anyone make a living in FOREX.
This posting is not mean to be a sales picth in any way, just letting you all know if you still need help in a month or so, I may be able to help people now insted of looking for help!
Cheers to all my fellow forex warriors~
TIM forextimm(at)gmail.com
is this still live all posts seem to be more then a year old