4xtrader2

I've traded forex for the last 7 years but didn't become profitable until last year. By the end of last year I ended up with 9.8% Month over Month for a total of 119% gain for the year. So far this year I am ahead by 13.8%. I heard that a good stock trader will do 20% per year but a good forex trader can do 20% per month. I think with perseverance and dedication you can attain that goal. Start small, reinvest your profits, capitalize your account, and plan to spend a lot of time assessing your performance and the market. That will be the key to your success.

I just saw this thread and wanted to share my experience. I have been trading for almost 10 years while working a day job but haven't been successful until I decided to create a trading strategy that specifically addresses the issue of sustainability in my absence. In other words the strategy must work while you are working, sleeping, and not at the computer watching the market. I first started formulating this strategy almost 5 years ago and have refined it until last year when I finally became consistent at it. However, it has taken me literally thousands of hours of research and testing in both demo and live markets. It isn't easy but it is doable. You can also create a successful strategy to do the same but be prepared to spend a significant amount of time defining it and refining it. Basically the strategy you decide to build must address the issues of what to do when the market moves (for and against you). Your strategy must address how you enter trades and how you get out when you reach your profit target or stop loss. It must take into account when the market abruptly or temporarily moves against you. You must also address what is the risk you are willing to accept. You must never assume that the market will go the direction you expect. More often than not, the market will not do what you expect it to do. Observe and respond to what you see, not what you hope will happen. My strategy is a moving average crossover strategy using multiple timeframes and entry/exit points. I trade the forex spot market and currently make more than my day job. But it has come at a price of working nights and weekends analyzing my performance, my personal behavior, and most of all the market. The keys to success will be perseverance, hard work, and being honest with yourself. No one can hand you the Holy Grail; you will have to work for it.

The Subtle Trap of Trading: Why So Many Smart People Don't Make Money Trading, And How To Get On The Right Track In Less Than Two Hours - Brian McAboy It seems like most trading books are advertisements for the author's other products. In this case, the book while originally was a stand-alone, it is now the leader to the author's other products. :hmpf: The book is also horribly overpriced for the content. That said, Brian does a good job of identifying 39 mistakes that traders make. However, his "solution" for each one lacks significant depth. This may be because his primary focus is admittedly on process and learning systems and his forte is not actually trading or correcting behavioral issues in humans. If a person does an honest self-evaluation of their trading habits they can identify many of the same mistakes that Brian comes up with. The hard part for any trader is to then find solid ways to correct the mistakes and make the corrections habit. This is where the book fails miserably. The reviews on Amazon.com give this book 5 stars. I believe that is overrated by at least 2 stars because of the lack of depth to correcting the mistakes identified. :thumbs down: