To be successful... cut out the noise
Hey don't know how long this thread will last. But I just want to say to be successful in Forex the golden ticket is totally cut out all the noise. I think this is my 10th or 11th year doing this.
I've probably experienced every emotion, every system & EA out there.
Forex is probably the most simple thing to do once you realise it & it clicks in your head. Yet the journey that people go through is incredible.
Truly fascinates me reading some posts...
30/12/19: I'll be setting my trade explorer to private on FF during live trading, however I'll have one connected on myfx, reason being I don't want people just to copy my trades blind. I'm not sure but I think you can see the on going trades, once a trade is closed I'll make it public again.
People follow people with no solid proof of what that actual person is saying. Why do people do this? I think it's because the follower is getting hope from the teacher? Worst thing is people actually try this with hard earned money...
It's truly incredible.
What confuses me is why do people put so many indicators on charts? What is the actual indicator telling them? Do they even know? Or do they think they know & it's giving them an edge? I see some charts with about 10 indicators on, I need to take 2 tablets after just looking at them, gosh...
Here's a good piece about cutting out the noise: https://www.thistradinglife.com/post/minimalist-trading
I'm sure that there are a lot of successful traders who use indicators, but no indicators for me... ;-)
Hey, now this is such a great little article to read dear ChilledT, I wish more traders would go this way. But as we know it will never happen this way, I think everyone is looking for an indicator that will give them some sort of edge.
The simple fact is, every indicator is giving you information about what has happened in the past. You take it with a pinch of salt . When you start out in Forex, this is all you are looking for, you are looking for a magical indicator.
I guess it is part of the journey, part of the cycle. I feel so many of them clear out peoples accounts, they are going purely of what the indicator is saying.
You haven't defined what you mean by 'noise.' Neither have you discussed 'how to cut out the noise.'
Good points there, mate. Whatever causes confusion in your market analysis and reading of the markets should be removed. Go for simplicity, meaningfulness and efficiency in your trading approach, system and strategies. But realize that simplicity comes with experience.
There are only 2 things that matter to in trading Forex.
Like the thread buddy.
Been trading for 6 years and I started getting progress when I stopped using indicators. My progress actually was breaking even month after month.. Then I realized that my analysing skills were good... but the problem was the noise. Now, I refer to noise as the one inside my head...
Greediness, and not being able to be patient.. like .. really patient enough to realize everytime I take a trade if I am taking it because the market is giving me the opportunity to make some cash, or taking the trade because I see what I want to see on the chart.
Something clicked in my head and started asking to myself everytime I wanted to pull the trigger: "Is this trade really worth my money?" "Am I 100% sure of this trade"?? "Am I taking it because I am thinking about the new car I want to buy???" ...
If there was even one small thing that make me doubt of it, then I wouldn't take it... I would just wait for the most obvious opportunity my eyes can spot even if I miss many opportunities.
This really helped me controlling my emotions, which is the most important thing to become profitable... at least for me. It has been almost 6 months now that I have been consistant with my profits. I am gonna start 2020 risking 2% each trade instead of 1% because I am feeling good.
I do a multi timeframe analysis from Monthly, down to D1, even 4H to pull the trigger.. I take 4-5 trades a month.. First time in years I feel so confident about my trading... The less you trade, the better, at least for me.
But I would advice to anyone who wants to profit to ask themselves the same questions everytime you want to take a trade... Just take a trade because you want to become profitable, and not because you want to be right with your analysis..
People have big dreams, and you need big dreams, but you have to be realistic. Can you actually cope, are you mentally prepared. If you went from earning £1500 to £3500 a month in a short time? People will say yeah no problem, but only over time will you be able to cope.
I personally would never use M1, or anything along them time frames. But it might work for some people, I don't know.
What is being a trader actually mean? I think a lot of people have this dream that they want to make millions like a city trader.
The biggest difference is a city trader does not trade his or her own money. The emotions are totally different to what me or you will go through.
I read somewhere many years ago a city trader only makes a few % a month. Now just put that into perspective. A few percent of many millions of pounds, which is not your money, it's the banks money, and getting a small percentage of that as a bonus, is in fact a lot of money.
If you want to be like this, make the money a city trader makes, you need some serious money in your account without the emotions you go through.
People looking to make 20-30%+ a month or week is just not going to happen. You might have a good run, but try doing it over a few years. I myself have had a few months where I have a good run. But it's just a bonus.
I hope this makes sense
I do a top down anaylisis from Monthly, then Weekly, and then taking confirmation on a trade on Daily, sometimes 4 Hour. That's the lowest I can go.
Yeah, being realistic is difficult when you have big dreams. You have to be mentally prepared when taking a position in the market and not just for the sake of being in a trade and becoming a "trader". I have to admit, it is very addictive, the adrenaline of being in a trade.. it's like a necessity, like a drug.. If you can't manage this compulsive behavor.. then it's gonna be hard for you.
In my experience, overtrading because of greediness, anxiety, not patient enough, is the N°1 obstacle for becoming profitable, at least for me. I see a lot of threads talking about indicators, so many indicators, setups, strategies, theories... But the concept of Psychology in trading, not so many... and how important this is.
Of course, my success is not from long ago... but for the first time in years I had a breakthrough. Before, I used to profit some months but not confident if I was going to mantain that.. But now I feel much better, applying same mental hacks for my greediness every trade I take.
I wrote this on another thread
The things I care about
Two things matter to me. These are the only figures I look at initially
Very true over trading or just being in a trade just to convince yourself you're doing something happens just to often...
It's kind of like being a busy fool. You run around doing lots of things at once, yet achieve nothing. In this case I see many people in many threads talking about trades etc. Putting in so many trades over a small/medium period of time. Yet at the end of it they make absolutely nothing. In your mind you're thinking in doing so much, I'm reading, studying, putting on all these trades. Yet I'm not winning.
Something I wrote yesterday
Another quick thing that kinda of annoys me is that if you're going to show people a system or try to teach people. Then why not use a trade explorer or a 3rd party to verify what you're trying to teach?
Or am I being silly???
I understand people might be private about showing how much money they are trading etc but you're posting to show people a system no? No one is asking to show you money values, you can show just percentage right??
You have a brilliant system, you have a brilliant indicator, you have a brilliant idea...
OK put it on a live account, trade it in a real life situation, gather the results, then post it. I kinda feel people just get led on.
I know people will jump on this & try and say to me they need to prove nothing, ok that's fine & your opinion. My opinion is different. It's like you're going to apply for a job to manage a top football team, you tell the fans your going to win the Premiership title, you're going to win 3 trophies, you tell the board you're going to bring the club a lot of money. First thing the board will say is, what experience have you got to make such claims, show me the hard facts as to what you've done. If you can't prove what you're saying, then you're guess is as good as mine what will happen to you.
How can you be successful if you're learning the ideas of a person who is unwilling to show you actual real life results.
Good points but do you have any results to prove what you're saying??
1/5m charts? Good luck to anyone using this time frame. We can all probably Google a million names & strategies & systems, but it means nothing unless you have an ability to apply this.
Yes you'll need a huge account to get rich, but is everyone doing this to get rich or to supplement an income or even to replace an income or job they are doing now?
Where did he go after posting the post?? Tut
Happy Christmas guys....
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