Hi.
I thought I'd put together a thread containing snippets of wisdom I've come across whilst researching this Forex trading game — everything from grand, sweeping insights... to useful MT4 code.
What is a 'proto-truth'? Well all truths are, strictly speaking, proto-truths: something that stands for the truth until a 'better' truth is found to replace it; a piece of wisdom we employ because it's all we have. A truth that we are prepared to update when the right candidate presents itself.
Right now, I'm trading on the following proto-truths:
1. Only the study and reaction to price action (candle charts) can truly generate sustained and worthwhile profits.
2. Using proper Money Management is painful and counter-instinctive.
3. Not using Money Management is more painful by a factor of several thousand.
4. I am lured by fresh 'systems' with big promises more easily than I care to admit. The promise of a Holy Grail will always be an effective carrot to this donkey.
5. There is no Holy Grail.
6. There has to be a Holy Grail.
7. I only need to make 50 pips a day to achieve my goals.
8. I just can't pull the trigger at 50 pips...
9. Why didn't I pull the trigger when I had 50 pips.
10. I must let my profits run.
11. I must cut my losses short.
12. I must always get the last two the wrong way round.
13. Entry signals are always obvious on yesterday's chart.
14. If there is doubt, there is no doubt.
15. Price will only bounce back to negate your losses after you've closed your position in full.
16. Everyone else trading in the world has it in for you.
17. The market is an ocean. It has no idea that I exist.
18. Some people, somewhere, do know what the market's going to do next. Because they know how we, the herd, will react to good/bad news.
19. Trading 'live' is NOT the same as trading 'demo'.
20. Profit is only profit when you've withdrawn it from your broker's back pocket.
There. That's 20.
I thought I'd put together a thread containing snippets of wisdom I've come across whilst researching this Forex trading game — everything from grand, sweeping insights... to useful MT4 code.
What is a 'proto-truth'? Well all truths are, strictly speaking, proto-truths: something that stands for the truth until a 'better' truth is found to replace it; a piece of wisdom we employ because it's all we have. A truth that we are prepared to update when the right candidate presents itself.
Right now, I'm trading on the following proto-truths:
1. Only the study and reaction to price action (candle charts) can truly generate sustained and worthwhile profits.
2. Using proper Money Management is painful and counter-instinctive.
3. Not using Money Management is more painful by a factor of several thousand.
4. I am lured by fresh 'systems' with big promises more easily than I care to admit. The promise of a Holy Grail will always be an effective carrot to this donkey.
5. There is no Holy Grail.
6. There has to be a Holy Grail.
7. I only need to make 50 pips a day to achieve my goals.
8. I just can't pull the trigger at 50 pips...
9. Why didn't I pull the trigger when I had 50 pips.
10. I must let my profits run.
11. I must cut my losses short.
12. I must always get the last two the wrong way round.
13. Entry signals are always obvious on yesterday's chart.
14. If there is doubt, there is no doubt.
15. Price will only bounce back to negate your losses after you've closed your position in full.
16. Everyone else trading in the world has it in for you.
17. The market is an ocean. It has no idea that I exist.
18. Some people, somewhere, do know what the market's going to do next. Because they know how we, the herd, will react to good/bad news.
19. Trading 'live' is NOT the same as trading 'demo'.
20. Profit is only profit when you've withdrawn it from your broker's back pocket.
There. That's 20.