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On average, 80% of retail FX traders lose money. Is there anyone successful here that can show me their stratagy?

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@johnt4917,

I would be surprised if anyone shared their trading strategy with you on IG Community. I do not trade FX so I am afraid I cannot assist you. 

There are many that claim to trade FX or give the impression that they may with the amount of knowledge they supposedly have. They will write very technical posts, post charts, write very intelligent and complex posts but I doubt they will share their FX trading strategy with you or anyone on the IG Community.

I think one of the reasons could be that then they could be judged on how good or bad they are. Others could adopt their strategy and if it made them more losses than profits, their credibility would be seriously questioned. Another factor could be that they are greedy and selfish or just simply they are not very profitable hence do not want to share. It does not matter as many including myself may well fall into one of these categories so I do not have a problem with it but I just thought I would articulate this so that you so not get your hopes and wait for too long!

Best of luck with your question and I hope you get an answer that can help you and show you and others on IG Community if posters really do have credible and effective trading strategies for FX that is constantly profitable but I am not holding my breath for any kindness or sharing on this specific matter.

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11 hours ago, TrendFollower said:

I do not trade FX so I am afraid I cannot assist you. 

That's no excuse @TrendFollower, tell us which one of the reasons you list below applies to you and your 'secret' strategy?

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@Caseynotes,

There you are again. You just cannot leave me alone.

I have no secret strategy and I follow trend following principles which you all can see on the internet. Yes I tweak them to follow my personality and mindset. I also adapt them to suit my risk tolerance and objectives. I trade mainly Commodities and Cryptocurrencies but will trade indices and shares if the opportunities are identified. I tend to invest more in shares than trade them.

Anyway you are the Super Contributor that has the most points and the mosts posts. Why don't you tell everyone on the IG Community as you have traded FX in the past and are possibly trading FX currently. That is what the question is in relation to. 

You replied to John first and totally sidestepped his question and just side-tracked him into information mode which you are the master of doing. I have to hold my hands up. You can give information all day and all night.

What is your excuse as you trade FX or have traded FX in the past. Also the initial question was anyone successful. You have already decided that I am not successful and I do not know what I am writing about so I would not apply to this. 😂😁 However, you the all mighty surely must be successful so go on share you successful and profitable trading strategy on FX with John and the IG Community. 

I know and everyone else knows on IG Community that you are not going to share this because as soon as you do there will be some who will try and apply it to FX trading and if it is not successful and profitable then that is your credibility gone out of the window. Then you can phone a friend in 'Crypto Cred' or ask the audience that reads your material for advice. 🤣

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A quote from @TrendFollower,  "My serious trading (the part I keep to myself - secret) 😉 is Commodities and Cryptocurrencies both 'long' and 'short' using trend following principles with my own tweaks based on my own experience."

So you can't decide if you have a secret strategy or not, but what about the newbies who, as Mcg said, 'are losing money' because of your amateur advice, you don't seem to care.

As I've said in the past I've spent years developing a system, if everybody did it it would cease to work, you can't trade so you spend all your efforts trying to get others to show you how, keep wasting your time but please stop pretending. 

 

 

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This has been something I've posted before, so sorry to the longer term Community members who may have already seen it, however it's something which I think is very interesting - and it directly addresses your point on 'the 80%'.

Put simply, the best method to a successful outcome is to have a trading plan where you know your win to loss ratio going into a trade, you run your wins and cut your losses. 

This obviously should be taken as a parallel piece of advise and runs with the actual trade strategy itself. 

 

The 81% number is a top level statistic which I don't really think shows the ins and outs of client trade activity. If you want to use statistics and data then you need to dig much deeper into the numbers and in my personal opinion people shouldn't take these headline numbers as facts without substantiating them first. 

I've linked to a couple of insights we do have, noticeably which show analysis of 43 million trades, to show that actually on average on a per trade basis clients are winning more than 50% of their trades. If you were to take EURUSD for example a whopping 61% of trades are actually profitable - i.e. the client is winning their trade - and on average they book 48 pips. This means that only 39% of trades which clients took on EURUSD were loss making. The issue is clients on average hold their losing trades longer - in this study for about 83 pips.  

Each person needs to make their own trade plan, but the data is pretty sturdy. Another important point on the 43 million live trades analysis is that traders who upheld a 1 for 1 risk reward trade ratio had a better than half chance of being profitable after 12 months. Specifically 53%. Those who didn't have that 1 to 1 only had a 17% chance of being profitable after 12 months. 

The data therefore suggests that account profitability is wholly down to a client sticking to a trading plan over a longer period of time. 

2019-02-08 13_28_51-Why Do Many Forex Traders Lose Money_ Here is the Number 1 Mistake.png

Daily FX Article: https://www.dailyfx.com/forex/fundamental/article/special_report/2015/06/25/what-is-the-number-one-mistake-forex-traders-make.html 

Again, in my opinion for any serious trader this podcast could very well be the most important 8 minute podcast they could listen to: Listen to How To Trade Well: Avoiding the #1 Mistake Traders Make from Trading Global Markets Decoded in Podcasts >> https://itunes.apple.com/gb/podcast/trading-global-markets-decoded/id1440995971?mt=2&i=1000423861432

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@Caseynotes,

Again you side step and deflect rather than answering a question. Spending years developing a system means nothing. It does not mean you are successful or profitable. 

If I cannot trade then I have certainly seen nothing from you to suggest you can either. Yes I admit that I keep my trading system to myself as maybe there is a bit of selfishness in me. Also in my system it does incur losses and losing trades. My aim to make sure my winners make greater profits than my losing trades even though there are times and years when my number of losses are higher than my number of winners. It is the total profit at the end of it which is important to me. I accept that is not for everyone which is fine.

What an excuse, if everybody applied your system then it would cease to work! LOL we could all say that. You suggest I am pretending! If you were genuinely that good a trader then you would not spend so much time on IG Community posting posts after posts. You would be spending your millions or billions on a private island. Or maybe you could sell your trading system for lots of money to hedge funds or institutions? 

You always deflect back to me with the sole aim of belittling me. For the record, I am not an expert trader but then again what evidence is there that you are any better, more profitable or successful than me?

Who is losing money following my advice? First of all I have only ever made potential trading suggestions and shared ideas. I have not forced anyone to follow my advice. It is up to them to make an informed decision. You have no evidence. Also losses are part of trading and sometimes you make a trading decision and make a loss. At least I share trading ideas even if they end up being a losing trade. You are too scared to even do so. When will you understand that when any of us place a trade there is always the potential for making a loss. One should embrace losses and learn from them. You are behaving as if it is a crime making losses. It is part of trading but obviously you do not make losses because you most probably do not trade.

Can we just avoid each other? Life is too short. When I agree with you I do actually acknowledge and credit you in my posts and I did so earlier this week but for you I think you get a satisfaction out of belittling me.

If we both avoid commenting on each other’s post then we both will be a lot happier and can carrying on sharing and discussing on the IG Community which hopefully others can benefit from. 

 

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@TrendFollower @Caseynotes

You have both offered considerable and sound advice on another thread 'Is SB for fools'.  I'm knew to this whole thing, but not new to life and ourselves as people.  I had no idea there was such a bad energy between you too, but it is sad to witness on a Public Trading Forum.  Whatever has come between you I suggest you talk privately to work it out.  There are enough keyboard warriors on FB and Twitter to bring it here too.

Nothing is Fact, everything is opinion.  Ego is at play here.  We all need to keep it in check.  We all lose if we can't communicate effectively.

i wonder if we can place a bet on you both and create a chart?

Peace out people.  Keep the advice coming, but leave the negative energies in the schoolyard.

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@TrendFollower,  same stuff over and over again, veiled denouncement of specific people for not 'reveling all' and making up derogatory reasons why that may be and all because you are so desperate to find the grail. When that person defends them self you respond with more bs and finish off with 'oh let's forgive and forget', until the next time when you start it all over again. Desperate.

I know you don't get it but it does take years of accumulated learning, do you really believe that can be packaged so as a learner can just pick it up and be successful straight away, really? A lot of the learned skills are just not transferable, people have to go through the learning process themselves and in fact you are doing them a better service by pointing the way. Better that than dishing out garbage.  

 

 

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This argument is as old as time itself. There is no right answer. 

Time, Discipline and proper money management are the three big things for me. It's took me almost a decade to become profitable. I know what my turning points were and what certainly helped with me. The two biggest helps were the Naked Trader and Stockopedia. 

Worth it though. Fascinating Subject if you get into it, Not just a get rich quick scheme. Albeit a shameless plug I release some of my trading algorithms I have played about with for free so people can take them, use them, change them and do what they like with them. You'll find them all over if you go looking. I also post regularly under different names over on the Reddit investment boards. 

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@Caseynotes,

Can we please agree to avoid commenting on each others posts and just keep the peace as others have suggested. They are absolutely right. There is no need for this. You post what you want to and I shall post what I want to and lets just avoid commenting on each others post. 

If you do not agree to this then you are helping to make things worse rather than trying to improve things. Both of our time is better spent improving the experience on IG Community. Let us use our energy in a positive way rather than bring negativity to the IG Community. We both have been on here many years, started many threads and posted many posts. We have received many likes. Let us keep our high standard and not get involved in belittling each other.

There is no right answer or trading system that suits all. Let us accept that our views, trading style and methodologies are different and even if you cannot respect my trading style then do not judge on a few trading suggestions and potential ideas as you simply know nothing about me and my background.

All the best, no hard feelings and let us agree to not comment on each others posts. Om Shanti Shanti Shanti 🙏 

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@Caseynotes,

I am trying to keep the peace. Why can you not leave it. Please do not reply and just refrain from insulting me. It is a form of bullying which I do not wish to partake in. Just stop and do not reply to this post. 

I SHALL NOT BE REPSONDING TO ANY OF YOUR POSTS AND SO PLEASE DO NOT INCLUDE ME IN THEM. 

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@TrendFollower,  I repeat from my previous post you never read before responding to it, same stuff over and over again, you can't help yourself, I'd give it a few days before you start up on the same theme all over again for what must be the  20th time. Desperate. 

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I think IG are obligated to show that 76% statistic by the regulators.  As pointed out in James' post, It's quite ambiguous.  I mean, every trader will lose money at some point.  Does this mean that 24% of retail clients never lose any money, or does it mean that they are net losers over a period of 12 months?  And if so how much money are they losing?

I mean, what makes anyone think that they can make a living out of something like this?  Why would someone think that they can 'make a living' out of playing poker?  (Some do.)

These guys who claim to make huge amounts of money trading, they will charge you $200 a month just to be a member of their forum.  Make of this what you will, but I liken it to Scientology in the sense that you pay a lot of money to be in an exclusive club, but the personal benefits to you are not clear.  

Imagine if you made super-duper profits from trading every month.  What would you do - take more vacations and retreat into private and family life, or spend all your time giving speeches, seminars and posting trade tips on a forum for cash to new traders?  Be ultra cautious.

 

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Thank you to all of your for your comments. I guess in the end it is time and practice? It has made me wonder if anyone actually does make money, apart from theBanks?

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Posted (edited)

I totally recommend using the demo platform with a small amount of funds (to make it representative of what you'd commit to your live account).  I personally was too impatient and didn't demo enough before jumping in and I lost a lot, making dumb decisions.  Every day I still question if I am dumb for keeping on doing this ... quite a lifestyle!

Edited by dmedin

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@johnt4917 and @nit2wynit,

I think @dmedin makes a valid point. There are enough good books out there in relation to trading that means if time, effort and dedication are applied then a lot of knowledge can be acquired. As they say 'Knowledge is Power'

Experience will only come with actual trading but one needs to acquire knowledge first and this can only come initially with reading and research.

If one can network with real people who are traders then this can add significant value. When I mean network then I do not mean someone on the IG Community but real people in front of you. The reason why I say that is that no one on the IG Community knows the other so no one really knows if anyone is successful or profitable. Anyone can post including myself on IG Community but that does not make us experts or successful and profitable traders. One must be careful as just following anyone on IG Community (and I include myself in that) presents a risk, especially if those who you are following are just telling you something they have read on the internet and rehashing it back on the IG Community as their own analysis. 

In my personal opinion, a very successful trader, who is very profitable, would not be spending many hours on the IG Community. We all only have 24 hours no matter how successful or unsuccessful we are. Can a trader who is really that good justify spending a long time on IG Community? So the inference one can make is that I am not a very successful trader who is very profitable! LOL. 😂 I do spend quite a bit of time on the IG Community and maybe I could better spend that time really improving and fine tuning my trading activities.

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As a new, learner trader one of the most important things you need to learn real quick is to be able to spot bs because there is a ton of it about, there always is when there is the perception of quick and easy money. If you can't spot it soon enough you will not only be stepping in it you will be swallowing it and in the misdirection your little account will be gone. Sometimes it's from scammers, sometimes it from fools who just want to look big, doesn't matter, if you are side tracked by it you are lost and that's another account gone.

Here you've got someone trying to convince you that you can't be a successful trader if you spend time on social media or on forums, are you sure that sounds right? Wasn't it the case a few years back when a load of bank traders were up in court for whatever, that the main evidence against them was from their social media transcripts, they were on it all day every day. Twitter instagram stocktwits, it's constant, how can that be. It can be because once you've done your couple of hours prep in the morning the rest of the day you are sat waiting for price to come to you. But of course an amateur wouldn't know that.

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Sure you can get better from coming on here and discussing with other traders.  You're not going to become an instantly rich successful trader by signing up to a $200 a month forum run by a superstar trader though.  Unless you are just intending to mirror someone else's trades, I guess?

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Beware of instagram, that's where the scammers currently congregate because on instagram you can delete unfavourable messages.

I know some have benefited from a hiring a mentor for a couple of months, I'm unsure about signal providers (mirror trades) other than the majority are scammers (on instagram), there must be some good ones, I do know one with a good track record but it's only one trade every couple of weeks and the stops are massive.

But it's a mine field out there, by agreeing to participate you have shown the money and there are many waiting to take it from you, your broker is the least of your worries.

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2 hours ago, TrendFollower said:

@dmedin,

eToro offer Mirror Trading opportunities.

God no one should do that at all... that’s such an aweful concept. Would not recommend.

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I read a quote a while back that said something like

”no ones story of becoming successful started with them sitting down to read a book on how to become successful”

in my opinion all these self help books and systems and starategies are more or less **** and only there to sell (or in this day and age subscribe to to get views for ad revenue etc) to those who as in a desperate quick fix bid to get rich or be better. 

I get this may be an unpopular opinion but maybe hear me out.

You can only learn by doing. 

Start small. Learn the game. 

Only use guaranteed stops when trading leverage and yes, you’ll need more to deposit in some instances but you’re trading at 20:1 ffs. Even the banks and the worlds most successful full time traders don’t usually leverage themselves up that much. 

Trading is hard enough. Trading using a complex product likespreadbettingor CFDs is another level. Learn the ins and outs because I assure you there will always be moreto know. 

You do not learn on a demo account! People think they’re using it to perfect their system but it’s absolutely USELESS. The demo accountshould be for testing functionality NOT strategy. It takes away all forms of psychological impact. 

Seriously don’t use demo to test strategy. Use fractions of a trade size but it MUST be on live. Understand you’ll maybe lose £x but keep that figure as the cost of learning. You’re using gauramteed stops too right ;) so there’s a limited downside.

Succes only comes from failure, evaluation and reflection, and a new attempt. Why did the trade lose? Were you following the technicals and the fundamentals kicked it into touch but you moved your lines about to fit your original convictions? You need to monitor these things. 

 

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3 hours ago, TrendFollower said:

@dmedin,

eToro offer Mirror Trading opportunities.

A post from 2018, the text covers my observations while the link covers the opportunities for broker manipulation and malpractice of mirror trading.

 

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I do not use EToro mirror trading and never have but am aware they offer it. Mirror trading is not something that I am interested in but they aggressively marketed this for Cryptocurrencies a while back. I

I agree with a lot of the comments from @PandaFace. There is nothing like trading in a live account with real money. Trading is very difficult and learning to cope with and accept losses is an area where a lot of traders struggle and eventually give up after losing a lot of money.

There is no substitute for hard work and following markets and price action carefully. Using fundamental analysis and linking it to technical analysis to really understand what’s happening is crucial to any trading strategy adopted.

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Well I do recommend reading 'Technical analysis of the financial markets' by John J. Murphy.  It's old (1999) and you can get a second hand copy so it's not as if he will get much money from you.  :P

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TA books are all good, not much changes, here's a look at a H&S failure pattern from 1936 from Technical Analysis of Stocks Trends. Edwards and Magee.

image.png.2e474712691b209f7ae8665dfa28f1de.png

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