Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Neural Networks: Myths And Reality 19 replies

Trading Myths and Some Forex Math 337 replies

Magix, Martingales, and Market Myths 89 replies

Dispelling Some Myths on Trading Practices 23 replies

Trading Myths 35 replies

Attachments: Myths and Legends
Exit Attachments

Myths and Legends

Quoting strada
10 Pips A Day Forex Trading System

The method outlined on the blog is unadulterated BAGOVINO, introduce here in FF on 30th August 2006.
Hope no-one has paid for it, everything is here on FF.
regards, strada.
Yes no one must pay for anything .
i learnt to trade FX from babypips and from forex factory.
everything is free hehe thats how i roll
Attached Image
X-man the legendary conqueror of markets
Quoting X-Man;6349481

[/B
We are in a risky business yet we look for the most safety in this business.Thats why risking 2.5% a trade may seem dangerous to soem while normal to others
X-Man, 2.5%. It's nothing really is it, it should be safe, it shouldn't be a worry, it shouldn't be a disaster if the trade goes to the full loss or indeed the next 2 or 3. But what i don't understand is how people appear to be constantly "blowing" accounts, indeed there are many that will tell us we can't become successful traders until we have done this. To me this is madness.

As someone mentioned earlier, people can get too hung up on MM, especially R:R. However, anyone that is trading with some basic common money sense should never reach a burn out on their account, if they get anywhere close to half way there you would think they'd realise - this ain't working too well!!

As far as "secrets" to profitable trading, there aren't any. Trading is like any other business or job of work, if we want to be good at it we have to put some time into it. Sure we ask questions of others but to get a good grounding and understanding we have to do our own analysis, testing etc. We need to know the strengths and weaknesses, the success and failure possibilities, the potential P/L, long term probabilities, psychological suitability etc. That involves a lot of work, time and effort. Nobody gains real confidence in a system/method from a few good trades, this only comes from a full and comprehensive understanding of their chosen method which results in belief which will lead to confidence, consistency and discipline etc.

I think you've proved this clearly with your own thread.

regards, starda.
Quoting jibjib210
Very interesting thread. I just turned 18 in my first year of university and have been trading forex for around 2 years now. I myself wish to not even enter the rat race but hopefully find the holy grail before i graduate.

As for the question whether a secret formula does exist I'd say yes and no. I mean all systems are profitable depending on the extent to which the trader can follow it. However clearly not every system suits everybody and that comes down to the secret formula on how you tweak the system and make it work for you.

And by that...
Yes buddy
the secret formula and holy grail is within us. we have to find something that works for us and then master is so well that we will know more or less what will happen at almost every move.
Find what works for you.
Dont just be a pure follower.
why do we want to trade in the first place?
because we want to get out of that everyday rat race and become finanicially independant right?
we are choosing not to follower we are choosing to take our own path.
we have to just follow some good traders to a certain extent and adapt their methods and teachings to what we are comfortable.
X-man the legendary conqueror of markets
Quoting Lavashak
The secret is: DISCIPLINE.
Discipline to follow ONE system.
Even trading based on flip a coin will be successful IF we have discipline.
Impossible for many to have it, specially in trading.
I believe it based on my years in trading experiences.
LOL when i started my first thread i aslo wanted to do an experiment with a coin startegy is forex.
like we flip a coin and take a trade based on that LOL
that would have a 50% win rate i am guessing.

Why is trading hard when you have a 50/50 chance of winning at any giving moment?
cos theres 2 options right. buy or sell.
the next part is holding onto that trade . this is where discipline comes in .
hold onto the trade until the market tells us otherwise. thats the source of failure.
thats where 90%/95% of us are failing.
X-man the legendary conqueror of markets
Quoting strada
X-Man, 2.5%. It's nothing really is it, it should be safe, it shouldn't be a worry, it shouldn't be a disaster if the trade goes to the full loss or indeed the next 2 or 3. But what i don't understand is how people appear to be constantly "blowing" accounts, indeed there are many that will tell us we can't become successful traders until we have done this. To me this is madness.

As someone mentioned earlier, people can get too hung up on MM, especially R:R. However, anyone that is trading with some basic common money sense should never reach...
Buddy i know what you mean when people say they blew many accounts.
So far i didnt blow not 1 , im a lucky bugger. At one time i did lose about 30% of my account before becoming really discilpine.
I learnt alot of valuable lessons on my way and i now there will be many more lessons for me to learn.

If we are blowing accounts that means we trying to gamble our accounts.
I know soe guys here trade like they in a casino playing poker. they see a signal and risk 20% to 50% . They say go big or go home.
If we adopt a risk of 3% a less for each trade we will come to know what is working and what isnt before we lose 50%.
When i say that we must find what is working and whats not working we must have a trade plan that we follow strictly.
if we start changing rules while the trade is open then thats not following the trade plan.
We must follow it no matter what . thats how we came up with the trade plan in the first place.
if we dont have a trade plan then we should have one .
Stick to it and follow it no matter how stormy it gets.
We humans want to tweak the trade plan after every losing trade.
what is that telling you already ? thats already telling us we want the holy grail.
we must make our enemy (losses ) our friend
X-man the legendary conqueror of markets
  • Post #66
  • Quote
  • Edited at 6:02am Jan 9, 2013 5:46am | Edited at 6:02am
Quoting X-Man
Yes buddy
the secret formula and holy grail is within us. we have to find something that works for us and then master is so well that we will know more or less what will happen at almost every move.
Find what works for you.
Dont just be a pure follower.
why do we want to trade in the first place?
because we want to get out of that everyday rat race and become finanicially independant right?
we are choosing not to follower we are choosing to take our own path.
we have to just follow some good traders to a certain extent and adapt their...
The Secret Ingredient:
http://youtu.be/gsITSvL__do
Quoting Xhale12
I'd say repeating patterns and or when the big boys are buying/selling. Sounds simple, but once you can do that, your on your way.
exactly
we should look for something that happens everyday or every second day or even 3 out of 5 times a week.
then what?

we ONLY trade that.

did the guys in FX make millions by trading any random move? ABSOLUTELY NOT!!!!!

they found something that happens ALL THE TIME and they traded it.
ofcoz they lost now and then but they traded it coz they new more or less what will happen when they see that things happening.
We as noobs we try to trade every move we see.
we see a 100 pip move we say dam i shouldve taken that. The question is take it how exactly? LOL we dont know how to take it but still say ya we shouldve have taken it.
Thos millionairs or cosistent traders will ONLY trade what they know. they will never trade random moves that they didnt see before no matter how big the move will be. Its like looking at a pile of stones and picking the diamonds and not just any stone.
and if we did take it where would we exit if it didnt work out? If we say argh we will see what happens. we will find an exit while we in a trade then you in for a shock .
we must know already where we would exit before entering.
exit strategy must be a rule set in stone
some of us we in a long trade , we get so scared that we exit on the first red candle . then when we exit we see it gaining more momentum in our favor if we were in that trade.

Think guys think. forex gets really easy when you look for your moves that you see happening all the time and not any move
then after that you set entry and exit rules towards those moves we see.
if you want o make it big. this is how you do it.
X-man the legendary conqueror of markets
Quoting fxdivergence
http://youtu.be/gsITSvL__do
Inserted Code
<iframe width="560" height="315" src="http://www.youtube.com/embed/gsITSvL__do" frameborder="0" allowfullscreen></iframe>
hahaha buddy
this is exactly what i am rambling on about.
you just put it in a simple video.
When our hands are closed or whenever something is closed we will think there is something inside.

"the best of secrets are the secrets kept in plain sight"
Attached Image (click to enlarge)
Click to Enlarge Name: 01.png Size: 105 KB
X-man the legendary conqueror of markets
  •  rayzeel
  • | Joined Nov 2008 | Status: Automated/DiscretionaryTrader/Coder | 37 Posts
Experiment with coin flip was made in one of the Polish forex forum. The scores oscilated around 0 and in long rund going lower due to transaction costs. You are not having 50/50 chances. You have bigger chance to faile because the spread and other cost like swaps... This small thing making big difference. I know that You are smart enough but I know that most people don't get it... Its like zero in roulette circle. Some time ago I found a reason why most of people losing money. It is simply lack of patience and nothing else! This is a business of waiting like most of other businesses. Imegaine that you want to sell some good. Client coming and wanting lower price for it. You can agree to have money now or wait some time for another client which pays you yours price. Of course there are alternative costs always. Another opportunity or so... You cant win always like in other businesses you possibly could be forced to take a loss. The difference on market is that you have an option to get a loss now or risk losing more instead having no loss. I have red a book (Jason Zweig is an author... english title should be like Your brain, Your money) saing that peoples are likely to take more risk to have no loss instead taking one fixed loss even if probability is not for their favor. And the same book saing that peoples are likely to take small profits rather than waiting for bigger one. I think this clearly showing why most of us losing money. Not only on market but also in conventional businesses. Im an automated systems developer and even on this ground there is high impact of psychology forcing to do some moves against the rules. Sometimes I have a felling to close whole trades against the rules just for booking actual profit. Im not doing this because I know if I once do that I will doing this over and over... Good I know that cutting profits and running losses is fastest way to disaster
Cheers!
Quoting X-Man
Yes buddy
the secret formula and holy grail is within us. we have to find something that works for us and then master is so well that we will know more or less what will happen at almost every move.
Find what works for you.
Dont just be a pure follower.
why do we want to trade in the first place?
because we want to get out of that everyday rat race and become finanicially independant right?
we are choosing not to follower we are choosing to take our own path.
we have to just follow some good traders to a certain extent and adapt their...
Thank you for this thread, it's awesome! I completely agree with you- there is only one method to live off trading: generate consistent returns on whatever capital it is you’re managing.
Quoting X-Man
Yes buddy you are right about that.
We must surround oursleves with positivity which makes it all possible.

The mind is our only tool . yes. how many of us try to take our mind to new levels.
If we do that you will know that there are no limits at all.
I love this story....

"Bruce [Lee] had me up to three miles a day, really at a good pace. We’d run the three miles in twenty-one or twenty-two minutes. Just under eight minutes a mile [Note: when running on his own in 1968, Lee would get his time down to six-and-a half minutes per mile]. So this morning he said to me “We’re going to go five.” I said, “Bruce, I can’t go five. I’m a helluva lot older than you are, and I can’t do five.” He said, “When we get to three, we’ll shift gears and it’s only two more and you’ll do it.” I said “Okay, hell, I’ll go for it.” So we get to three, we go into the fourth mile and I’m okay for three or four minutes, and then I really begin to give out. I’m tired, my heart’s pounding, I can’t go any more and so I say to him, “Bruce if I run any more,” –and we’re still running-”if I run any more I’m liable to have a heart attack and die.” He said, “Then die.” It made me so mad that I went the full five miles. Afterward I went to the shower and then I wanted to talk to him about it. I said, you know, “Why did you say that?” He said, “Because you might as well be dead. Seriously, if you always put limits on what you can do, physical or anything else, it’ll spread over into the rest of your life. It’ll spread into your work, into your morality, into your entire being. There are no limits. There are plateaus, but you must not stay there, you must go beyond them. If it kills you, it kills you. A man must constantly exceed his level."
What is any ocean but a multitude of drops?
Random thoughts about trading


'Principles of the Path ATTENTION, DIRECTION, DESTINATION
Whether you know it or not, the principle of the path is working in your life. This simple, yet powerful principle explains why many people end up so far from where they thought their life was heading. Understanding it can get you back on track and help you avoid making misguided decisions in every area of life
Many people live disconnected lives, not understanding how their choices and actions affect their direction in life. Break the habit of viewing individual decisions and events as isolated occurrences, and then wondering, "how did I get here?" Prudent people ask "the best question, ever: 'In light of my past experience, and my future hopes, what's the wise thing to do?


Trading in the Zone
“Remember our definition of a winning attitude: a positive expectation of your efforts with
an acceptance that whatever results you get are a perfect reflection of your level of development and
what you need to learn to do better.
Each trade is simply an edge with a probable outcome, and statistically independent of every other trade.
If you perceive the endless stream of opportunities to enter and exit trades without self-criticism and
regret, then you will be in the best frame of mind to act in your own best interest and learn from your
experiences.
Accept risk. Fear immobilizes. Losing trades are a “cost of business” expense.
Predetermine risk; first through lot size, finally through stop loss setting.
Accept responsibility for the outcome. Create discipline.”


In this world of “instant gratification” we all want everything faster. Faster computers, transportation, DSL, phones, (money) etc. Some things still require patience and delayed gratification. Trading is one of those things.


Scalping for 10 or 15 pips a day might be great for a while. But the “enemy” is greater than you. While you grow weary ; the market begins each day with renewed vigor.
Over time, it's better to try and see the bigger picture.


Everything is right but it's all wrong. If you could wake up everyday, grab your 10 pips and forget about it until the next day, you could live happily ever after.


Therefore, ALWAYS do your own thing and NEVER follow the herd.

For most people, the fear of losing money is greater than their desire to make money.


Attached Image
When the Joker is in the deck.. fear not and play it well
Oh... a little something else especially for US traders. STOP WHINING. Your broker didn't do it.
This is also the "age of entitlement" and we think that if we're not making money it must be someone's fault. Take Responsibility. YOU did it. No one owes you a damn thing.

Also, according to some sources there is a move to get Barney Frank in the Senate. If that happens US traders are going to be even more screwed than they have already been.

Tough love

SoB
When the Joker is in the deck.. fear not and play it well
Myths and Legends
By definition ==> not real.
Or should I say NOT REAL
Quoting Mingary
Myths and Legends
By definition ==> not real.
Or should I say NOT REAL
I believe you should (say that, that is).

best
When the Joker is in the deck.. fear not and play it well
This probably doesn't belong on a trading forum. Still. x-man said "thoughts" and politics are a part of trading. So......

"In an election year
They'll round up a few druggies
Call it a major bust
Arrest a few hookers
who terrorized thru lust

In an election year
they beg, plead and promise
for donations of cash
They'll solve all your problems
Claim to destroy every illegal stash

In an election year
The President is chirping, the Governor sings
the Senator sends junk mail to promise you
answers with wings
(the Sheriff just waves as he cleans the jail)
They've forgot about freedom, forgotten us all
never read the Constitution, just claim to love god

Say anything to get elected but let America fall
You call them your leaders, I find that odd.

But when it's all over, it will stay just the same
except the taxpayer gets poorer
As the Politician gains fame

We may never learn but may regret
We elect every politician who's just a hypocrite
When the Joker is in the deck.. fear not and play it well
Knowing.... "their are many battles ahead"
Courage.. "many battles are lost"
Persistence... "don't dream that it's over"

Attitude... "they" won't win

http://www.youtube.com/watch?feature...BwAYIxUso&NR=1
When the Joker is in the deck.. fear not and play it well
Yo X-man nice to see you are still willing to share and contribute your knowledge & experience here.
the person speaking is eric thomas a motivational speaker. I have watched this countless times and personally beleive he is the best one. he has quite a few youtube videos. definetly worth a watch, there is also a part 2 version of this video

http://youtu.be/lsSC2vx7zFQ

zander


Note, i dont know how to embed the video lol
Quoting zander2034
the person speaking is eric thomas a motivational speaker. I have watched this countless times and personally beleive he is the best one. he has quite a few youtube videos. definetly worth a watch, there is also a part 2 version of this video

http://youtu.be/lsSC2vx7zFQ

zander


Note, i dont know how to embed the video lol
Thanks Zander for the video. Every newbie should watch this.

So according to Eric Thomas: WHEN YOU WANT TO BE A GOOD TRADER AS BAD AS YOU WANT TO BREATHE, THEN YOU WILL BE SUCCESSFUL.

To embed a video just copy the string from the youtube address bar and paste it in your message.
0 traders viewing now