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  • Trading Is A Journey in Self-Discovery

    From fxtechstrategy.com

    Read Full Story at fxtechstrategy.com

    I know a trader, let’s call him Leon. He day trades Futures. He has been actively trading for several years. His profits are erratic and undependable, often going dramatically up and down in the same session. When Leon is making money his confidence soars and he feels like he is a power trader. On the other hand, when he loses money, which is more times than he cares to admit, he feels like a failure, a loser and stupid. For quite some time Leon has wondered why he can’t be consistently successful, and why his drawdowns tend to be much larger than his profits. He wonders this even though he has no Business ... (full story)

    • Mingary

      698 posts
    • Dear OTA, how is this different than the ups and down of being a plumber, a factory worker or a lawer .... etc..?
    • Dec 30, 2012 12:17pm | Edited at 12:35pm
    • #2
    • Quote

    • johnel

      337 posts
    • Definitely not...the capital market is not a place of self-discovery.
      First, discover yourself and then begins to trade.
      If you do vice versa or at the same time, will be a very expensive lesson.

    • Silat50
      Silat50's Avatar

      351 posts
    • Quoting Mingary
      Dear OTA, how is this different than the ups and down of being a plumber, a factory worker or a lawer .... etc..?
      tHE ARTICLE STARTING THIS THREAD IS CRAP! Everyone likes to make us believe that our trading destiny is in our hands...and minds. Im trading 15 years and I can tell you that it is absolute nonsense to give psychology that much weight. Why? If you have a winning edge/system ,you will likely find a way to milk it and be profitable no matter how bad your attitude is....it will just take longer. But without knowing how to get an edge over the elephants, the hedge funds, the guys with PHD's in mathematics and computer science and more geniuses than we can count, all the positive thinking in the world wont get you squat. In fact it will break your spirit.

      Try this story....here is a man called Trader Joe. TJ for short. He waits patiently until his bankroll is sufficiently large enough to withstand any drawdown and he uses pristine money management. However because he thinks money management and psychology are 90% ofg the game...he doesnt know why he is losing every single week. I can tell you without even asking what system or method(s) he uses. HE HAS NO CONSISTANT EDGE!

      One of the guys in trading wizards said..If your system cannot be written on the back of an envelope and understood by a 15 year old, its too complicated. Now what do you guys think?

    • Loadedgun

        2,914 posts
    • Quoting Silat50
      One of the guys in trading wizards said..If your system cannot be written on the back of an envelope and understood by a 15 year old, its too complicated. Now what do you guys think?
      I think he is right - and my approach is based completely and absolutely on chaos mathematics (or NLS) and fractal geometry. My setup merely calculates and indicates to me when price has attained a rate. A single number (a chaotic variable though) and that is all I need to know about price - however if you saw my screen setup for calculating that single number (which a 15 year old can understand) you will appreciate why it has taken me two years to setup the rig.

    • Loadedgun

        2,914 posts
    • BTW I think this article should be ignored really - it sounds more like a pitch for your custom than anything you do not know and or are not trying to do something about. I would agree though that a lot of what it says are true. However, I doubt that there is a standard solution so I am hard put to see how OTA can really sort out the individual. I think becoming a trader follows an evolutionary path and that the path itself is needed to ensure the outcome.

      Best wishes for the new year to all.

    • Patience
      Patience's Avatar

        5,498 posts
    • Quoting Mingary
      Dear OTA, how is this different than the ups and down of being a plumber, a factory worker or a lawer .... etc..?
      You generally get paid no matter how crap you are as a plumber, factory worker or lawyer.

    • Loadedgun

        2,914 posts
    • Quoting Patience
      You generally get paid no matter how crap you are as a plumber, factory worker or lawyer.
      low somewhat irregular income if you are really crap though (unless it is a government job of course).

    • CoolJL

      291 posts
    • You put anyone under a stressful condition and they'll begin to find out about themselves they didn't know about. If trading is your only source of income then, yeah, you are gonna have a journey and a half, during your first few years.

      Then again, you could be a fantastic programmer and have fully automated system working for you then, well, it would be a different story.

    • Loadedgun

        2,914 posts
    • Quoting CoolJL
      You put anyone under a stressful condition and they'll begin to find out about themselves they didn't know about. If trading is your only source of income then, yeah, you are gonna have a journey and a half, during your first few years.

      Then again, you could be a fantastic programmer and have fully automated system working for you then, well, it would be a different story.
      Fully automated system? That is new.

    • CoolJL

      291 posts
    • Quoting Loadedgun
      Fully automated system? That is new.
      I'm just imagining it to be honest. Or wishing it.

    • pip_trader
      pip_trader's Avatar

      635 posts
    • Self-discovery starts with a load of peyote and 4 days in the desert.

    • TraderJoe
      TraderJoe's Avatar

        516 posts
    • Well I can tell you for sure that's not how I trade. LOOOOL
      But I agree with your premise. The truth is exactly like you say, if you can't sit down with a 12 yr old and show them how to make money on a napkin in about 10 minutes of time then your system is too complicated. So we agree!

      TJ

      Quoting Silat50
      tHE ARTICLE STARTING THIS THREAD IS CRAP! Everyone likes to make us believe that our trading destiny is in our hands...and minds. Im trading 15 years and I can tell you that it is absolute nonsense to give psychology that much weight. Why? If you have a winning edge/system ,you will likely find a way to milk it and be profitable no matter how bad your attitude is....it will just take longer. But without knowing how to get an edge over the elephants, the hedge funds, the guys with PHD's in mathematics and computer science and more geniuses than we...

    • Guest

      IP XXX.XXX.17.124
    • agree 100% with article... most will need to travel down the road of self discovery before they achieve success in the markets.

    • Guest

      IP XXX.XXX.220.209
    • Quoting Guest
      agree 100% with article... most will need to travel down the road of self discovery before they achieve success in the markets.
      Keep travelling on this road my friend. I can guarantee you that the further you travel, the more you realize that this is not what you want and you wish that you have take heed warnings from those that criticize this article or anything similar to it. This is not an insult or sarcasm. I mean well but it's all up to you.

    • reldas

      21 posts
    • I have a clear simple system based on the core strategy of OTA. It is written in my clear handwriting on a 4x3 card and sits at the top of my screen. I have it imprinted in my brain very clearly If the setup is not there then I wait until it is.
      My mental approach is very disciplined methodical and clear. I have studied the Professional Forex Traders course with OTA in St Albans and now go once a month(100 miles each way journey)to meet with traders, see a professional trader critique actual trades of the graduate members etc Very valuable comunity.
      It is the best investment I ever made. Trading is very simple. Doing it requires a massive mental discipline in this world of chaos and information overload.
      Don Dawson makes some very good points.
      Have a plan, clear and simple, stick to it, never ever quit.
      "The journey to excellence is a solitary one" Amy Winehouse at Dingle Festival, such a powerful observation.
      Happy and positive trading for 2013

    • Squeeze
      Squeeze's Avatar

      654 posts
    • I'd agree, it's part of that series of pseudo trading nonsense that mentors regurgitate, in fact I'm sure I've read something v similar from them before, perhaps they just recycle old articles. The mind has to be in the right place to trade and it can't be without a secure pot of money from which to trade and a belief in your edge. So in order to obtain the capital, be fully commited and sure of your edge you'll need the right amount of experience. A tricky set of factors for most to put in place. Are traders born and not made? They're made by a set of circumstances that they're born into?

      Quoting Loadedgun
      BTW I think this article should be ignored really - it sounds more like a pitch for your custom than anything you do not know and or are not trying to do something about. I would agree though that a lot of what it says are true. However, I doubt that there is a standard solution so I am hard put to see how OTA can really sort out the individual. I think becoming a trader follows an evolutionary path and that the path itself is needed to ensure the outcome.

      Best wishes for the new year to all.

    • Squeeze
      Squeeze's Avatar

      654 posts
    • This winners mindset is over egged. It's a suggestion that sports jocks used to crashing through a scrum can win at trading. Unless you're sufficiently capitalised you'll never win and the majority are not and don't. It's a rare bird of prey who quits job after testing his winning strat, has 50 grand to play with as spec capital who then keeps doubling up his yearly returns year after year but that's the image these training courses sell. The majority of these mentors have shocking reps, they don't even talk the talk well and have never walked the walk

      Quoting reldas
      I have a clear simple system based on the core strategy of OTA. It is written in my clear handwriting on a 4x3 card and sits at the top of my screen. I have it imprinted in my brain very clearly If the setup is not there then I wait until it is.
      My mental approach is very disciplined methodical and clear. I have studied the Professional Forex Traders course with OTA in St Albans and now go once a month(100 miles each way journey)to meet with traders, see a professional trader critique actual trades of the graduate members etc Very valuable comunity.
      It...

    • Mingary

      698 posts
    • OTA is looking for recruits again. On that basis alone, this article should be ignored.

    • Trout
      Trout's Avatar

        499 posts
    • Trading is a journey where you learn to wait for weak traders to capitulate before taking your position. The trip will be easier if you understand that if someone -- a strategist, journalist or blogger-- is not a market participant -- investor or trader -- then their analysis or opinions are inconsequential.

    • TraderJoe
      TraderJoe's Avatar

        516 posts
    • Well ok. I just read the post. What a bunch of jibberish crap!
      I believe this is a person that has finally become self aware that he'll never be able to trade successfuly lol.

      Ok back in my hole....

      TJ

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