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A guy I knew a few years ago could ride a unicycle whilst juggling 6 oranges . He said it was easy - although he admitted he had been riding unicyles for many years from when he was a teenager.

I tried it in 2 stages - first of all trying to ride a unicycle - that was very difficult and although I did manage to stay on a few times - I could not even juggle 2 oranges at the same time - even though I could juggle 4 or more when I was just focusing and concentrating on just that part and not trying to unicycle.

I tried to do it many times over several weeks - but felt not confident after a few falls - so it beat me 

It reminds me of FX trading - yes so many say its just so simple - you buy when price is low and then sell when its high - and rinse and repeat every day or week or when ever.

The theory is easy  ( joke) everyday markets move and you just find a trend and "ride" it for 30 mins - or 3 hrs or even 3 days etc etc

We all know we will never be 100% Accurate with 100% win rate over 100's or 1000's of trades - but as long as your winning pips and money - add up to a lot more than your losing pips and money - then "Bingo" you are successful winning FX trader.

Trouble is - if you only take say 20 trades in a year and say 12 win and 8 lose and you make £500 every win and only lose £300 every loss - then you can count yourself as a successful trader with a winning strategy. Then you  find out in year 2 - again 20 trades - but this time only 6 winners and 14 losses - with 5 losses over £500 and then all your gains of year 1 are wiped out in year 2.

Why is this ? 

After all every trade you took on the second week of the month on a Tuesday won 80% of the time in year 1 - but in year 2  the 9 trades you took on the second Tuesday of the month all LOST  - and yet your set ups said the same - they should have won ?

So what do you do ?

Try another strategy - after all Trading is simple - there are loads of successful winning methods ??

OR - Is this true ?

You have spent all that time - and were's it got you ??

Why are you bothering ? what make you different to the 85 -90% of all traders over the last decade who have failed ??

When I started over 14 yrs ago now - I was different to your average new FX trader

For a start - I was semi retired - money was not really a problem and I had hours and hours of spare time every week to "problem solve"

I had a lot of experience behind me - ie both in education and in business - I was a "winner" in life - very competitive - loved overcoming problems - finding "edges" both in business and in sport. I thought I would crack FX trading success easy within 2 years 

Did it all go to plan ??

Absolutely 100% -  NO - after 3 years I nearly gave up - it took me 5 years to go full time - and it was after year 6 that I felt I could " hack it" and be consistent and make money on an ongoing basis 

Why - after all It's simple and easy ??

Maybe if you asked the 85 or 90% of all traders who really just stopped and gave up after a year or two or even after 5 yrs - I am sure most would say - it beat me -its nearly impossible to make money out of FX trading consistently - I might be up several thousand pounds one month and then 2 months later its all gone - etc etc.

What I will say - it does get easier after many many thousands of trades and after you accept that even with a 70-% win record - you can still have 7+ losing consecutive trades and that unless you can control all your emotions and maybe be cold and calculated etc etc then it might not be for you.

Its a bit like a "drug" - you are so nearly there and things are going so well - and then it kicks you hard - in between your legs and it really hurts :-))

Who's in control ? - the market - you and your brain - or you and your emotions ? 

I felt whilst learning - I had a good "edge" that helped me - and that was from experience in business and life

Basically - I did not trust or believe anyone and looked upon every vendor as devious - along with the Finance and Banking Industry being the most crooked and having the most clever cheating bar stewards possible. Yes I spent money on a few courses - and they really were a waste of time - but nobody over a decade ago was saying 85% + of all traders fail - they basically sold it as anyone with average intelligence and a few months or years can get there.

So many methods might work for a few months - or even years and then totally fail for a year or two and then become successful again

I wanted a method that worked everyday - in any market conditions  - and yes as far as I am concerned - I achieved it after many years and with the help of a few other experienced traders  - one of them being Sir Gissachance - who as you know as been trading for many decades.

When you do get there - is it all worthwhile ??

Absolutely 100% - YES

You can be one of those 10 or 15% of the worldwide FX traders who does really get there - or in Forexmospherians case the top 5% of retail FX traders around the world

It will not be all plain sailing - it's really all down to you and how much you want it and what you are prepared to go through to get there

Am I making millions of dollars or pounds a year working from home now ?

Unfortunately - NO - too much stress and pressure now at my age ( nearly 63) to do that - but after the 15+ years I was in business at senior Director level - I have had many weeks trading were I have earned more than I did in a full month - and one quarter when I nearly achieved a Full years salary equivalent as Sales Director at one business I was involved - and at that time my company car was a Porsche 911 Carrera 2  ( yes great job - but was like 50 -70 hrs of hard stressful work - every week )

I am back semi retired again now - and only trading 2 - 3 days a week over the summer months  - but I am already missing it some weeks - thinking its great to be totally your own boss - I reckon after September I will go back to 4 days a week as well as training some more new Forexmospherians 

I love a challenge - Do You ?

Good Trading

FXCoalface
Forex Trader,
Previous Contributor: FXstreet, T2W, Forexmosgate, Forexmospherians.com
Currencies: Various: Intraday, Scalp,
Senior Technical Market Analysis

Comments

  • thanks ,been here just a hour and have fell in love with this site ,thanks for your post and great uplifting feeling it gives me,,

  • Hi crybaby this a super post by Peter and he is featured on this video link  http://www.forexmospherians.com/forex-video-corner/forex-best-award... when we all traded at Forexstreet. 10.52 is where Peter is interviewed and recieves his Award, Fxcoalface is still one of the best fx traders on the net. Holmes

    FXStreet.com Forex Best Awards 2013
    Reactions of the Forex Best Awards 2013 Winners. Music: Des oursins dans l'oesophage - INSTRUMENTAL VERSION by Löhstana David http://www.jamendo.com/…
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"Keep a Record of the Business or Currency Pair Traded. Reasons why the Trade was taken. When was the Exit. How and why the Trade turned out the way it did"

"It's my pleasure to be part of this forum, which is always different than other places & with a friendly environment. Glad to be in this team"

"Yes, the truth requires neither our belief nor understanding. However to harness truth and apply it for our benefit we must at a minimum allow that it is possible".

"We all know we will never be 100% Accurate with 100% win rate over 100's or 1000's of trades - but as long as your winning pips and money - add up to a lot more than your losing pips and money - then "Bingo" you are successful winning FX trader"

"I figured this was a legitimate break, so I went on the hunt for evidence, so here in succession is the list of clues I used to make my decision:

Rejection of market and weekly pivot at ema confluence.

Complete and broken head and shoulders on 1hr time frame.

Broadening formation on daily with test and rejection of 200 day ma

Bull hinge on daily and Renko stochastic.

Positive momentum on 5min, 1hr, 4hr and daily chart"

"Remember that all models are wrong; the practical question is how wrong do they have to be to not be useful" - George E. P. Box

"Sometimes You Win,

Sometimes you Learn".

"Forex Market analysis relies on two types of analysis much like Stock Markets:

Technical Forex Market Analysis views the data on a chart and considers that the News and Data is built into the Price already (economic, political, social, sentimental and psychological). Various tools and indicators will be used by technical traders, for instance MACD, Bollinger Bands, Moving Averages and more.

Fundamental Forex Market Analysis also uses indicators, for instance reports, Gross Domestic Production (GDP), Retail sales, Consumer spending, Industrial Production, Consumer Price Index, Commodities, Economic Calendars, Balance of Trade levels which could identify Trends between other Nations and more."

"Short rapid bursts and quick glimpses of an entry, trigger activated, trail in place and exit strategy and plan already set. Within a blink of an eye, instinctively the buy/sell button is pushed. The hammer falls and clanks decisively, echoing, sparking, like steel upon steel and the trade is executed. A Traders heart beats on with perfect set up, closely aligned with strict parameters, ready to continue the attack or recoil on a wire. Wrap the profit and then stand down, ready for the next hunt"

"When we are talking about sentiment it is very hard to say that this sentiment will prevail another 6, 9, 13 hours. Sentiment is not a constant line. Main trend is bearish, tech picture on daily is bearish, even intraday neutral. Nobody restrict to play long eur short usd position with the target at 1.12 or even 1.1361, this is every traders individual choice as always"

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And God wold graunt me my prayer,
A child ayene I wold I were.
Fore pride in herte he hatis all one;
Worchip ne reuerens kepis he non;
Ne he is wroþ with no mon;
In charete is alle his chere.
light on you all
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