Comments on: 5 Phases of a Forex Trader

By: Forex Links for the Weekend | Forex Crunch

Forex Links for the Weekend | Forex Crunch — Fri, 14 Aug 2009 11:02:25 +0000

[...] Marc, a new blogger that I’ve discovered recently, talks about the 5 phases a forex trader goes through. [...]

By: alx

alx — Mon, 18 May 2009 18:00:44 +0000

If I read this three months ago…
Anyway, I would most probably not listen – I was like a mad racing car doing hundreds pips a day only to crash at high velocity when trends stalled…
Good thing I survived and immediately started to ask why, why, why?
And think. This was was long&painful. But finally I have my results

I like this part: “You realize that its actually possible to make money with a simple moving average…”
Indeed, I took out of my trash the simplest and easiest strategy I had bought (shame on me – it’s so simple I could do it by myself) at the very beginning. And the strategy works best for me if properly used! No matter trending or sideways, just adjust to the market conditions. Not a Holly Grail, just a Tool.
I only had to make a long journey to learn the oceans. Now it’s like sailing: just adjust your ships and sails properly and make sure you know where you’re going and where is your nearest shelter

By: alx

alx — Wed, 13 May 2009 22:09:23 +0000

Finally, a breakout!

I’m starting to get over 55% accuracy daily without all the automatic toys, tons of analysis and all the mess I used to use. Rules are simple: Just follow the market – no more guesswork. Market time, price movement, momentum, volume. Just like 1,2,3. One set for trending market, other for sideways.
Still poor Risk/Reward but this is something to master in the second step – still a lot of work ahead
After loosing for two weeks, I was just about to give up but I said to myself: “If you give it up, you have no more choices but go to work everyday till retirement and forget about big plans, forget about future. You are not the worst trader, it’s not about bad luck. It’s about bad methods and habits. If others can, I can do it too. Hard to learn? Then learn hard until you skill it as car driving”. I hope I will come to that level one day…

And the last but not least: I just learned Forex is the one of most difficult market: spreads, noise, sluggish price movement, sudden spikes up and down. Much more order on futures and you don’t have to collect pips to get good profits. Just couple of trades, couple of points per trade and you’re done

By: Marc

Marc — Mon, 11 May 2009 14:12:30 +0000

To “know” it doesn’t mean that you are doing it ! I had the same problem. I knew what to do, but still was losing money. The reason in my case ? I wasn’t following the rules. Discipline, discipline, discipline is the secret to forex success, combined with aiming for small, consistant gains.

By: alx

alx — Sat, 09 May 2009 19:02:00 +0000

Great.
I know this all. Yet I still cannot turn it into successful trading. Why?

By: Greg

Greg — Wed, 06 May 2009 22:46:22 +0000

Very enlivening post. With the wide array of advise out there this is perhaps a sobering description. What I learned is that it is a longer journey than I thought. So I had better adjust my thinking accordingly. I wish that there were more straight talk like this.

By: Khalif

Khalif — Sun, 03 May 2009 15:58:45 +0000

I think this is very good advice. As a new trader I’ve found that you have to learn how to except losses and keep strategies…Journey…I say adventure..LOL…Emotional roller coaster until you understand that you can be wrong. Thanks for the insight.

By: Guy

Guy — Sun, 26 Apr 2009 01:09:15 +0000

Awesome thoughts! I have to say I been through each stage and its easy to look at others now (After what I have learned) and see what stage their trading is in. Its ridiculous! Trading is very hard work until you can master every step. Its a process and journey. Are you up for the Task? Are you a FX Trader?

Guy