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-   -   Can YOU make money as a trader? (https://www.forexfactory.com/showthread.php?t=734507)

billytt Mar 2, 2018 2:36am | Post# 761

{quote} Try trading the weekly charts.... Learn to Swing or Take a Position...... Use very low leverage.... Cut your losses and let the profits run..... Now move through Daily, 4 Hourly to Hourly.... Always respecting the higher time frame trends... No more gambling.......

DO NOT USE LEVERAGE AT ALL, start small and accumulate......

billytt Mar 2, 2018 2:37am | Post# 762

{quote} I think you should start a new thread titled ''Can you make money as a trader and prove it " The only downside is not many will post there .... Hehe Cheers GS
Hi, it is very easy to prove anything online, a lot of the good scammers do it, the bad scammers are easier to find.

billytt Mar 2, 2018 2:39am | Post# 763

{quote} I really do not understand these Suicide people it's like a cult. They get brainwashed and seem to forget there was a sign for them posted on the agreement that said you can lose more than you invested. Can't claim you can't read the sign with a picture of a shark on it. {image} If you are going to swim with the sharks, you better have a suit that protects you (a great trading system) or better yet a shark cage (low leverage).
OR get the wife to enter into the water, lol....

Hope you are ok bud...

billytt Mar 2, 2018 2:41am | Post# 764

[quote=jmn5611;10832000]
{quote} I used to know a couple back in the day.
lol,, i know them too yaaaaaaaaaaay

genghistar Mar 2, 2018 2:48am | Post# 765

{quote} Hi, it is very easy to prove anything online, a lot of the good scammers do it, the bad scammers are easier to find.
Agreed... at least it is the entry level requirement but I will only be convinced if they made live trade calls complete with sl and tp level which I often call for but none have obliged so far. Hehe

Cheers
GS

billytt Mar 2, 2018 3:01am | Post# 766

{quote} Agreed... at least it is the entry level requirement but I will only be convinced if they made live trade calls complete with sl and tp level which I often call for but none have obliged so far. Hehe Cheers GS
ok, i will trade the break off this 08-00 15 min bar, and close it with +5 .

if it fails i will counter until next trade... Hopefully i will have a decent range to play with...

Trade well

billytt Mar 2, 2018 3:02am | Post# 767

[quote=dkrock;10832432]I am always a bit shocked when someone calls themselves a "trader", yet says indicators do not work. It instantly makes you appear ignorant. No offense to anyone. ig∑no∑rant ˈiɡnərənt/adjective -- lacking knowledge or awareness in general; uneducated or unsophisticated. The vast majority of indicators are written against "ticks", which means, if the bid/ask line moves, so does the indicator. That cannot be defined as "lag". Nearly every business in the world uses business analytics to accumulate costs/profits so they can determine pricing and forecast future requirements. They track costs and sales in order to create a profit/loss line to know the health of the company and find areas to improve. They develop equations against workload factors to project growth/reducti

Hi, indies can work. It depends on how often and the time they are used. and they must be used correctly..

armyda Mar 2, 2018 3:23am | Post# 768

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billytt Mar 2, 2018 3:50am | Post# 769

{quote} Indicators require work. It takes more than just singing in the shower, lol, so that is why they are rarely used. First, you have to want to use them. Second, you have to develop them to fit your business plan. Most Wall Street traders are actually salesmen and know little, or nothing, about how to trade. Yet their art projects look cool and fool most people into thinking that is how to trade. Nope. That is how Wall Street salesmen pretend to trade. They make money on commissions, not results. That is why they focus on fundamentals, lol,...
agreed,,, My friend owns/runs a company and does exactly that .
He shows what he does with crazy colourful charts but doesn't actually use them..
He can trade though as he uses my method.

armyda Mar 2, 2018 4:09am | Post# 770

{quote} agreed,,, My friend owns/runs a company and does exactly that . He shows what he does with crazy colourful charts but doesn't actually use them.. He can trade though as he uses my method.
My chart is real like my real account
https://www.myfxbook.com/portfolio/armyda/2432000

armyda Mar 2, 2018 4:35am | Post# 771

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Shabs19 Mar 2, 2018 4:49am | Post# 772

{quote} This makes sports betting in New Zealand a negative expectancy game, even if results are not synthetically fixed, and hence it doesn't necessarily offer any more promise to the unsuspecting punter than forex does.
All markets can be fixed to some degree against the punter.

http://www.independent.co.uk/sport/f...-a8230536.html

Shabs19 Mar 2, 2018 4:54am | Post# 773

{quote} I really do not understand these Suicide people it's like a cult. They get brainwashed and seem to forget there was a sign for them posted on the agreement that said you can lose more than you invested. Can't claim you can't read the sign with a picture of a shark on it. {image} If you are going to swim with the sharks, you better have a suit that protects you (a great trading system) or better yet a shark cage (low leverage).
When do you get out of the water ?
When you have lost an arm or a leg or the shirt off your back ?

M3d Mar 2, 2018 5:07am | Post# 774

{quote} When do you get out of the water ? When you have lost an arm or a leg or the shirt off your back ?
hehe yeah, this guy must be on a suicide mission : )

Artcool Mar 2, 2018 8:46am | Post# 775

{quote} hehe yeah, this guy must be on a suicide mission : )
Not for him. He just got an agenda. ''Look, go in the water, trust me, don't listen to the naysayers, I will teach you how to beat the sharks for a small fee. My template would beat all those sharks. I do it every day. But I cannot go in the water with you today. I forgot my swimshort.''

Shabs19 Mar 2, 2018 9:07am | Post# 776

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Shabs19 Mar 2, 2018 9:28am | Post# 777

Apologise for copy & paste, but this is a good article:

This is the Mindset of a Successful Trader
March 19, 2009 by Bennett McDowell

Your psychology and beliefs will be a major determining factor in your trading results. Consider this example, where the same successful trading approach is used by a hundred traders and usually no two of them will trade it exactly the same way. Why? Because each trader has a unique belief system, and their beliefs will determine their trading style and their trading results. That is why even with a profitable and proven trading approach, many traders will fail. They do not have the proper belief system to enable them to trade well. In other words, they lack “The Trader’s Mindset.”
When you encounter psychological issues it is best to recognize the issues, just be aware of them and don’t deny they exist. In order to “fix” psychological issues, we must first become aware of the issues that are causing the problems in order to heal. This is much of what psychoanalysis is all about. The psychologist or psycho- therapist tries to get the patient first to recognize issues that are causing their problems. The patient must believe that these issues are causing the problem in order for the patient to heal. The reason this process can take so long, perhaps even years, is because the patient needs to not only recognize their problems, but must accept that there truly is a problem. They must take responsibility for their problems to heal. As traders, we must take responsibility for our trading results in order to make changes and be profitable.
Success in trading is a direct result of a sound trading system, sound money management, proper capitalization, and sound psychology. All of these must be in sync to be successful in your trading. The only area where you may need additional help once you have mastered your trading skills is your psychology.
Mastering your psychology is an ongoing process that really never ends. To master your psychology to be a profitable trader can take time, and the amount of time will be different for each trader.
Here is a list of common psychological trading issues and their causes:

  1. Fear Of Being Stopped Out Or Fear Of Taking A Loss: The usual reason for this is that the trader fears failure and feels like he or she cannot take another loss. The trader’s ego is at stake.

  1. Getting Out Of Trades Too Early: Relieving anxiety by closing a position. Fear of position reversing and then feeling let down. Need for instant gratification.

  1. Adding On To A Losing Position (Doubling Down): Not wanting to admit your trade is wrong. Hoping it will come back. Again, ego is at stake.

  1. Wishing And Hoping: Not wanting to take control or take responsibility for the trade. Inability to accept the present reality of the market place.

  1. Compulsive Trading: Drawn to the excitement of the markets. Addiction and Gambling issues are present. Needing to feel you are in the game.

  1. Anger After A Losing Trade: The feeling of being a victim of the markets. Unrealistic expectations. Caring too much about a specific trade. Tying your self-worth to your success in the markets. Needing approval from the markets.

  1. Excessive Joy After A Winning Trade: Tying your self-worth to the markets. Feeling unrealistically “in control” of the markets.

  1. Limiting Profits: You don’t deserve to be successful. You don’t deserve money or profits. Usually psychological issues such as poor self-esteem.

  1. Not Following Your Proven Trading System: You don’t believe it really works. You did not test it well. It does not match your personality. You want more excitement in your trading. You don’t trust your own ability to choose a successful system.

  1. Over Thinking The Trade, Second Guessing Your Trading Signals: Fear of loss or being wrong. Wanting a sure thing where sure things don’t exist. Not understanding that loss is a part of trading and the outcome of each trade is unknown. Not accepting there is risk in trading. Not accepting the unknown.

  1. Not Trading The Correct Position Size: Dreaming the trade will be only profitable. Not fully recognizing the risk and not understanding the importance of money management. Refusing to take responsibility for managing your risk.

  1. Trading Too Much: Need to conquer the market. Greed. Trying to get even with the market for a previous loss. The excitement of trading (similar to Compulsive Trading).

  1. Afraid To Trade: No trading system in place. Not comfortable with risk and the unknown. Fear of total loss. Fear of ridicule. Need for control. Fear of another loss. No trust in your trading.

  1. Irritable after the Trading Day: Emotional roller coaster due to¬ anger, fear, and greed. Putting too much attention on trading results and not enough on the process and learning the skill of trading. Focusing on the money too much. Unrealistic trading expectations.

  1. Trading With Money You Cannot Afford To Lose Or Trading With Borrowed Money: Last hope at success. Trying to be successful at something. Fear of losing your chance at opportunity. No discipline. Greed. Desperation.

These are by no means all the psychological issues, but these are the most common. They usually center on the fact that for one reason or another, the trader is not following their chosen trading approach or system. And instead prefers to wing it or trade their emotions which in trading will always get you in trouble.
Our goal as traders in regards to psychology is to maintain an even keel so to speak when trading. Our winning trades and losing trades should not affect us. Obviously we are trading better when we are winning, but emotionally we should strive to maintain an even balance emotionally in regards to our wins and our losses.

Bennett A. McDowell, founder of TradersCoach, began his financial career on Wall Street in 1984, and later became a Registered Securities Broker and Financial Advisor for Prudential Securities and Morgan Stanley. Bennett is considered an expert in technical analysis; he frequently lectures and recently authored the bestselling book The ART of Trading.


newbegger Mar 2, 2018 10:27am | Post# 778

{quote} You wouldn't wait for the DMI to cross? Just asking.
I have found Asia session is mostly consolidation so you have to trade small and usually trade the bounce. I was already trading against the 4 hour trend so was a risky trade. I lost money on that one but "I'll get the next one"

Famous last words, lol.

Soon as Artcool starts sending me that small fee he keeps talking about, I'll be on Easy St.

jmn5611 Mar 2, 2018 10:29am | Post# 779

Apologise for copy & paste, but this is a good article: This is the Mindset of a Successful Trader March 19, 2009 by Bennett McDowell Your psychology and beliefs will be a major determining factor in your trading results. Consider this example, where the same successful trading approach is used by a hundred traders and usually no two of them will trade it exactly the same way. Why? Because each trader has a unique belief system, and their beliefs will determine their trading style...
Yup. Ego kills. You can see the desperation of the ego driven posts here. INSISTING that every trader who trades FX is a deluded fool. A FOOL! That is called being emotionally invested in an outcome. They want to ease their own pain by dragging us into the fire with them. No thanks.

jmn5611 Mar 2, 2018 10:30am | Post# 780

{quote} I have found Asia session is mostly consolidation so you have to trade small and usually trade the bounce. I was already trading against to 4 hour trend so was a risky trade. I lost money on that one but "I'll get the next one" Famous last words, lol.
You were smart enough to reduce size and recognize a low probability trade. That alone helps the newbies.

{quote} DO NOT USE LEVERAGE AT ALL, start small and accumulate......
Bam! Now, newbies, go check out that thread, and remember, NO leverage. Be patient. If you can't be bothered waiting for the London Open, there is Pivot trading. If you can't be bothered waiting for the pivots, there is HOLO trading, if you can't be bothered with that, there is PA trading at D1, or W1, or MN. No real interest in that as most folks want to be rich at 25.


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