Multi-part rant-
-outapips-
I genuinely thank you for being brave enough to ask this question the way you did, and taking the trades you did. If anyone has asked this question before in the FF forum, I didn't see it -- (much like the sound I hear when a tree falls in the woods when I am not there).
In answer to your question, I didn't take the offending trades, but easily could have. You'll figure out the rest of my answer from the dialogue below.
-outapips-
Any negativity expressed here is NOT directed at you in any way, and I thank you for bringing up some material that needed to be said. In reality much of what I will say has been said, by various people, various times; but maybe not in application to something that works so well....
There will, no doubt, be those who will recognize themselves when this is read. (Also, thanks in advance to Dr. Phil for some coming "get it" remarks.)
Wikipedia, which is becoming the virtual source of most information that is close to trustworthy for us in cyberworld states this under the definition of TRADER:
In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives. Traders are either professionals working in a financial institution or a corporation, .... or speculators. They buy and sell financial instruments traded in the stock markets, derivatives markets and commodity markets.
Forex is a derivative market.
Nowhere is there a definition of trader where traders are those people who buy and sell without losses.
Losses are an integral part of trading, and those who spend most of their thought processes trying to figure out how to trade with the fewest losses, don't "get it".
I know that some reading this will think I am over-reacting about the question of losses and loss taking, when in reality no one seems to take the concept of losing regularly as customary.
Until you learn how to lose, you cannot win, long term, as a trader.
Take your losses for God's (and yours and your family's) sake, and then forget them. Get past them, recognize that they will happen a lot and learn to handle the one thing you are in complete control of.
How much risk you take and the size of losses you take. Then the only thing you will be left with will be profits.
What a problem!!!
When I started trading in futures you had a fairly good idea (but not perfect by any means) of how much risk you were taking on trades until you came to a day when you put on a trade and there was an air pocket where there was no trade for dozens or 50 or 100 ticks when some big news hit the market and funds gobbled up all the offered contracts. If you were a slow pit guy you "died" that day if you had too much size on.
We all have it so good today trading forex.
I'm so tempted not to even finish this post after getting this far. Why bother? Maybe most of you all need to "die" financially a few times to give you what it really takes to trade right. (I decided to finish. Lucky you!)
If you can't see the advantages you all have and the opportunities to cut your risk to virtually nothing (pennies a pip if you wish), and the right to hold on to your winners almost forever if you want...!
What is everybody's problem? Don't you know that only losers get so freaked about having losses???? Losses are just losses. Make sure they are smaller than your winners, in aggregate, and you're home free. I suppress more frustration at this stupidity than you can imagine. Your mental state of trading is KEY.
So, unknowingly risking long-term trading relationships, I bothered to help some deserving,--- at least I thought so in the state of mind I was then---struggling traders by showing people a way through the curtain, by showing them DIBS.
Officially, it was a mistake. The deserving who "get it", will get the benefit, and for that small group, I am happy.
It is the attitude of most forum members that offends me most. Probably because it is a "loser" attitude. Trading is about proving concepts and practical application. The scientific method is the most valuable tool we need.
Did no one go to any form of school before they came to the FF forum?
I feel extremely comfortable in stating that most of you don't anywhere deserve DIBS. Because most of you believe that perfection needs to be changed. Try taking 100 trades (at a penny a pip even) before you pass judgement on how it should be improved.... Ego has no place in trading methodologies.
I didn't invent DIBS. Do I care? No.
It's like being given a Porche 911 and before you even drive it a block, you say, "I think the engine would be faster if I drained the oil and replaced it with water. That heavy oil is too sticky." Good luck on that. (Second thanks to Dr. Phil.)
I don't even care if you want to modify any method so it fits your schedule or situation. But the vast majority of you reading this don't anywhere know what you don't know yet. And you can't be bothered to ....
I would be very remiss if I didn't include something about the responses I've received because of DIBS---
Beside all the people who write me wanting me to explain how to eliminate more losses with the DIBS method and ....
They "want this" and "want that" and "could you explain it in detail in a way I can understand, and English is my second language...." And, "I'm a good and deserving person so you should want to help me." "God will bless you if you help me...." Literally hundreds of pleas for me to spend my precious time to make it possible for THEM to be successful traders.
BTW: I have a great relationship with God and he never mentioned you.
Did they include a name or phone number? Less than 2% as of today.
Have any idea how much time writing an email to someone takes? It is the most inefficient form of personal communication used today (outside of text messaging from your phone, which is ridiculous!). Check around with time mangement people. The ones you pay for. It is great for spreading notes to 10,000 different people simultaneously, but sucks for personal communication.
Email is great for people whose time isn't that valuable yet. For people who are busy doing something, it is a waste of our time.
Every message or email I replied to, except for the longer responses; cost me the equivalent of $100 in time based on what I earn a day. I thought, maybe it'll be appreciated, and I will be able to help someone as frustrated as I was when I got going.
Then, it finally came back to me.
When I began, I struggled and spent tons of money, didn't complain to anyone (no one believed in me but me anyway) and didn't beg either. I offered real value for the value I needed to acquire.
I borrowed money to trade, borrowed money to pay for training. I did everything I had to do to succeed.
Now you can do it!
Anyone who doesn't realize that time really is money, when you are dealing in a business based on money; doesn't "get it".
Hundreds have written me-- seriously expecting me to just give them the product of more than a decade of concerted effort, 18 hours a day-- because they think they deserve and I have so much. My answer:
Read Atlas Shrugged. Again, if you didn't get it the first time.
I needed information about foreign markets early in my career and I hired an interpreter for 2 weeks so I could get the information I needed from a foreign concern. I profited handsomely because of MY WORK, MY EFFORT, MY MONEY and I didn't beg them to help me or expect something for nothing.
I understand people wanting and needing assistance. I've helped many in the past. And will in the future, maybe. When I feel it won't be such a waste of time.
To be fair, a small number of emails offered to attempt to compensate me in some way. I did appreciate that, and have the belief that they will probably succeed in this business eventually.
For those who don't "get it", I will make clear that trading forex is a business about MONEY.
When you make money from trading, you will use it to improve your lot and your family's lot in life. That is as it should be.
If you want to give it to a charity in my name (as was one suggestion--thanks a bunch!!!) as compensation for my personal training, check with Gates!
Simple Recommendation: Respect your own capital and that of others and those who have talents you may require.
This entire response was initiated due to the concept of preventing losses.
I found out early in trading successfully that, "Your first loss is your best loss." If you don't know what that means, respectfully, look it up!
I'm cutting my losses.
Best wishes to those who "get it". I'm glad for the few great people who responded with true appreciation for the help rendered. And thanks to the genuine posters and those who wrote me who really are willing to do what it takes to become a trader. It gives me encouragement that there is some future potential out there. I will meet you on the field of battle.
Goodbye.
-PeterCrowns-
dear PeterCrowns,
what a great artical for us. thank you very much.
what a pile of crap. The market can reverse direction as often as it will continue. This is worthless. And his incesant emphasis on how "you are in control of success, not the market." What a fallacy.
