How I got rich (By request of a few members)

[OfficeSpace]

I am just good at it, not everybody has the head and dedication for FOREX.

I set myself a few rules which I stuck by at any cost, discipline was the key my success most people fail not because of the market but because they are undisciplined. I cannot stress enough the importance of discipline and you can NEVER let emotion get in the way.

Most people lose 20 pips they get angry and make a stupid investment to get revenge on the market and they lose everything.

Here are the rules that kept me on track and made me successful when 90% of others failed.

-Trade only one or two currencies, if those currencies don’t move for the day don’t put your money in other currencies. If there is no movement in your two main currencies don’t trade for the day.

-Keep a trader journal so you can learn from your mistakes

-The pas does not equal the future; historical trend information is not solid proof of where a price will go tomorrow

-Stop orders are there to protect my money and once that are set they should NEVER be moved down only up to trail your profits.

-If you lose your first 3 trades of the day, turn off your computer and start again tomorrow.

-Never bet more than 2% of your equity or 10-20% if you are just starting with 1-2k.

-Never let emotion take control of your trading, the perfect trader has no emotion when he trades.

-If you do find yourself getting emotional whilst trading turn off your computer and go do something to relax.

-Never go against what your trading plan says (mine says cut losses of at 20-30 pips and only buy when all indicators are saying the same thing.)

-Don’t be greedy if you mange to make anything over 10pips that is already a 10% profit of your investment and it is more than enough.

-Always set stop orders

There are probably a few more but thats all I can recall now

That is all some excellent advice! Great stuff man!

 

[Bible_Belt]

This is similar to what I was taught as a pro trader, and yes, it is good advice.

Do you enter your stop order ahead of time as a limit order, or do you wait until it trades at that price and pull the trigger yourself?

 

[OfficeSpace]

This is similar to what I was taught as a pro trader, and yes, it is good advice.

Do you enter your stop order ahead of time as a limit order, or do you wait until it trades at that price and pull the trigger yourself?

I know in my case I set a stop ahead of time as a limit order because the FOREX can drop SO FAST and really quickly you can be in some deep ****.

 

[Bible_Belt]

I am always suspicious of automated anything. Is it like the stock market where a print at your limit price triggers your order? Does it trade in a fluctuating range? It's frustrating to get stopped out, and then later look at a chart and feel like it did not really trade through the point where you set the stop. This relates to the post from AF that I posted earlier. The broker has an incentive to hit stop orders prematurely, especially in a choppy market.

Are there 'market' orders or do you always take the offer and hit the bid?

 

[AngelusPUA]

I set it ahead of time if anybody was watching yesterday GBP/USD basically did a 100 pip turn around in a 5 min candle if I didn't have a stop order I would have lost around 20k.

I have never had a problem with stops they always hit when they are meant to hit.

I basically make a market order and then I immediately set a stop order 20-30 pips down depending on the market’s current state and what currency I'm trading and I watch it. As my currency rises into profit areas I will bring the stop order a little higher following it. I read your post but In my experience stop orders have never triggered prematurely I’m not ruling it out but as far as I know GFT has never screwed me over like that.

 

[Bible_Belt]

But if you were there watching every print, does it make a difference if you entered the order earlier?

Is there some sort of organized time-priority queue of orders? It works that way in the stock market due to the extensive regulation, but I doubt that the forex brokers have similar obligations under their rules.

 

[arglebargle]

Thanks for the response Angelus.

I played around with a FX simulator 3-4 years ago in college. All I did was look at the graphs and tried to ride the trends and get out after I made a small profit. I was doing good, until I got bored/greedy and lost everything in one trade.

At a logical level, I convinced myself it was a waste of my time and stopped. Surely, to come out ahead at FX a person would need to be an expert in economics, be a mathematical genius and come up with complex models, etc.

Now, it's very tempting to try my hand at FX after reading your story.

I understand FX short-term market fluxuations is highly related to human behavior and emotions rather than the true values of the currencies. Assuming this is true, then a person ignornant of economics, the market, world politics, etc, could concievably be able to make money if they could somehow inutitively understand the social dynamics of the FX currency trends. And exploiting the social dynamics of FX is the only way I could see myself being successful in the FX market. Does anyone agree with this?

For example, so lets say hypothetically, it's widely believe a tsunami off the coast of japan will decrease the value of the yen. Whether or not this is true or not doesn't matter, all that matters is people believe it and they will sell off the yen. A person could realize this and when they see the yen being sold, they could jump in and jump out quick and make a small profit. Now it doesn't matter if the value of the yen decreased or not in the long run. You weren't making your decisions to buy or sell based on if the yen would actually devalue, you made your decisions based on how people would predictably react, thus your risk would be reduced because it's simpler to predict social trends rather than predict the multiple of factors that determine a currencies true value.

 

[SamePendo]

You can start with 2k American, I advise you learn about Forex study it than invest 2k you are from America right?

I'm taking baby steps learning from the site you gave, so I haven't read all the thread but I will once I finish. Thankyou for all the info.

I'm from Mexico.

 

[Krassus]

Sorry guys, but he's a fake.

He has another account on this board that he hasn't used for a year. Look up "angelus." On that account, he claims to be five years older than he currently says he is. He registered the same two accounts on WSA as well, pic here:

[link deleted for privacy]

Note how both of the emails have his name listed as Nick/Nicolas, and he claims to be named Tony. Also, check out one of his FRs, where he tells the girl his name is Levi.

He just got banned from WSA. Click the pic below for a better list of reasons as to why:

http://img207.imageshack.us/img207/669/2bu9.jpg

Sorry guys. End of story. Please notify the admin here so that he may take the appropriate actions.

P.S. I just realized that he has posted nearly 600 messages here in under a month. My god. Angelus, please seek professional help.

 

[OfficeSpace]

Sorry guys, but he's a fake.

He has another account on this board that he hasn't used for a year. Look up "angelus." On that account, he claims to be five years older than he currently says he is. He registered the same two accounts on WSA as well, pic here:

[deleted]

He just got banned from WSA. Click the pic below for a better list of reasons as to why:

http://img207.imageshack.us/img207/669/2bu9.jpg

Sorry guys. End of story. Please notify the admin here so that he may take the appropriate actions.

I feel kinda bad to be one of the guys he conned into believing his story, becuase I honestly believed the guy... Thanks Kraussus for sharing!

 

[AngelusPUA]

Angelus is somebody else............... it is a popular name from the Buffy TV series.

 

[Krassus]

Angelus is somebody else............... it is a popular name from the Buffy TV series.

Right, that's why you registered BOTH usernames on WSA. Perhaps you'd like to explain why your IP traces back to an AUSTRALIAN DSL line that is ONLY available locally, while you claim to be in SPAIN? Sorry. Better luck next time.

BTW, are you sure your other account isn't Sapiens? Because he also claimed to have just bought "a villa in Spain," after having sold his "many companies" at the ripe old age of what, 23? You two sounds awfully similar.

 

[AngelusPUA]

It's just a pseudonym is your name Krassus?

I also have a static IP so wherever I am in the world I am connected to my Australian intente provider by a sattelite conection.

 

[Taviii]

Sorry guys, but he's a fake.

He has another account on this board that he hasn't used for a year. Look up "angelus." On that account, he claims to be five years older than he currently says he is. He registered the same two accounts on WSA as well, pic here:

[deleted]

Note how both of the emails have his name listed as Nick/Nicolas, and he claims to be named Tony. Also, check out one of his FRs, where he tells the girl his name is Levi.

He just got banned from WSA. Click the pic below for a better list of reasons as to why:

http://img207.imageshack.us/img207/669/2bu9.jpg

Sorry guys. End of story. Please notify the admin here so that he may take the appropriate actions.

P.S. I just realized that he has posted nearly 600 messages here in under a month. My god. Angelus, please seek professional help.

Hey whats with the WSA forum? Can you give us the url to it?

 

[AngelusPUA]

Also I registerd with 2 accounts because my main email was full and I never got the confirmation email. You will notice one account (AngelusPUA) was never confirmed open.

I have a satelite connection........ I am connected anywhere in the world through my IP which is static.

 

[Krassus]

Hey whats with the WSA forum? Can you give us the url to it?

Link in my sig.

 

[OfficeSpace]

Also I registerd with 2 accounts because my main email was full and I never got the confirmation email. You will notice one account (AngelusPUA) was never confirmed open.

I have a satelite connection........ I am connected anywhere in the world through my IP which is static.

You bring your satellite equipment with you when you travel?

 

[AngelusPUA]

Krassus I don't care what you say or do, I will not demean myself by taking picture and proving to you who I am. I have done nothing but help people here and never asked for anything in return. I wrote out trading plans for people wasting my time and you call me a fake.

I was asked to post how I hot rich by people and I have wrote personal trading plans and spent hours of my time helping people for free. Services that any broker would charge thousands for.

 

[Krassus]

Also I registerd with 2 accounts because my main email was full and I never got the confirmation email. You will notice one account (AngelusPUA) was never confirmed open.

I have a satelite connection........ I am connected anywhere in the world through my IP which is static.

Listen, i don't think that anything short of a picture of your villa with your hand holding up a sign that says "hello sosuave" is gonna make people believe you, and since you're not gonna post that because there IS no villa... well then. Sorry dude, please do consider getting counselling or something. This can't be normal. Best of luck.

 

[OfficeSpace]

I was asked to post how I hot rich by people

Who asked you? hehe