Trading for a living! - page 8
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Hi.
If you have great system ...you're more than trading for living
Thanks for the priviledge to be among this forum, I,m also using this opportunity to say hi to other members in the forum.Please, how do I profit from MT4 trading platfom,especially in trading news.usaba70
The Best Ea
Hi jgerousis, did you forward test your "Forex Killer System"?
Yes. It is a robust system, I would say. but unfortunately I cannot post the results on my sit because the results are simply unauditable. There is no way in such a system were you can go back to your chart and confirm orders and results.
Putting unauditable results on my site will simply make it untrustable.
The only way to test such system is to put it on demo yourself. For me, I only take high probabilty trades and filter all those trades which the system does not give high percentage on. Till now I had great success in that.
The SCS Trio, spreads, comissions, and slippage is a very important factor in day trading forex success.
Forex is a very difficult market, and in order to beat that market, or to make consistent profit, you need to overcome several factors. The SCS Trio constitute a large part of the edge that works against any trader. Let us discuss each element of this Trio to see how it works against us and how to overcome its effect.
Spreads: Spreads are the cost of entering a trade. Although this is inevitable in spot forex, yet it is amount, which is varibale from broker to broker, can help us make more profits.
Consider you have a system which had the following stats: Total Pips per month:+30. Total Positions taken:66, etc...
Looking at the stats above, had the broker above given youa better spread for the 66 positions you took and closed in that month, say less 1 pip only, you would have saved a 66 pip. Thus your overall results would have been +99 instead of +30. Sometimes, a loss balance at end of month can be turned into a breakeven or a profit by saving pips on spread.
Comissions: The same applies on comissions. One friend of mine in 2000, opened a trading account with a company who used to charge 50USD for a very whole position taken, and anothe $50 for every position closes. That was a $100 for the life cycle of each position. His account was $10,000. During that year, he opened and closed the number of arounf 120 positions (an average of 10 positions each month). At year end, he has blown his account.
After I saw him distressed, I went and explained to him why he blew his account. He started to blame the market and traders, and the dollar and the euro. I told him no. It is your boker who caused this.
I made some quick math, had he paid 0 comissions on his trades which he made, he would have had $12,000 in his balance now (a profit of $2000 over his initial balance!!!). He was astonished!!!!!
Slippage: Now slippage is another story. I would prefer not to open a position at all, than to pay a heavy price for opening it because of slippage. This takes us back to part one, which is spread. As simple as that, slippage increases the cost of our trades, as if we are paying a very large spread.
Regards
Yanni
Why are we all talking about unnecessary things like spread, comision, we stilll have many brokers to choose. All brokers have their own rules that can change anytime especially when the markets trending. Let's talk about system..
Nic
Why are we all talking about unnecessary things like spread, comision, we stilll have many brokers to choose. All brokers have their own rules that can change anytime especially when the markets trending. Let's talk about system.. Nic
No it is very important to talk about spreads, comissions and slippage. Even if we talk about system, and find the best system, if you do not know how to choose your broker with relevancy to SCS Trio, the best system will fail!
The 5 cent delimna
The last time while I were on my way to forex seminar, I stopped to buy a souvlaki from the shop at the corner, near my appartment. When I put my hand in my pocket to get out money, a 5 euro cents fell from my pocket. While I do not like to throw money, I stopped for one minute to decide whether to pick it up or not. Here is the delimna. Should I bend down to pick up the five cents, and risk losing the only button holding my pants, and spend all the seminar holding my pants with my hands, or forget the 5 euro cents and let it go?
This what happens with forex. You enter a position, lose some money. What do you do? Let them go, close the position, and continue with your trading tomnorrow? or keep holding the position and increase your position size and risk losing everything, just because you do not want to lose a small amount?
I have learned a lesson that everyone must know: Losses are part of the game, accept them.
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Thanks to share tips regarding trading for a living. I think, only few people are able to make money for living through trading as it needs big amount to start trading for big profit. As there is high risk so traders are not interested to invest huge amount in starting.