What would you do if you had to start over? | Forex Factory

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What would you do if you had to start over?

  • #1
  • First Post: Nov 24, 2017 6:14am Nov 24, 2017 6:14am
I just came across this on my Facebook feed.

I started in post dotcom bubble. 10 years later. I've spent $30k and nothing to show for.

But I've accumulated a library of resources, knowledge and experience.

I'm thinking if I should move on.

What about you. What have you accomplished?

What will you tell your younger self?
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You're going to pay a price for every bloody thing you do and don't do
  • #2
  • Nov 24, 2017 8:21am Nov 24, 2017 8:21am
I would tell my younger self not to be trusting. Not to take things people told me at face value. That advice applies both to trading and to life in general, because one of my biggest flaws as a person has always been naivete and I have suffered some painful consequences in result of that flaw.
  • #3
  • Nov 24, 2017 10:08am Nov 24, 2017 10:08am
Quoting newbietofx
I just came across this on my Facebook feed. I started in post dotcom bubble. 10 years later. I've spent $30k and nothing to show for. But I've accumulated a library of resources, knowledge and experience. I'm thinking if I should move on. What about you. What have you accomplished? What will you tell your younger self? {image}
jesus christ... 30k ?

well I would do the same thing but with less money... rinse and repeat
  • #4
  • Nov 24, 2017 12:02pm Nov 24, 2017 12:02pm
I would kill myself. lol. I cannot go through the same once again.. I have been trading for about 9 years and so much hours I have wasted focusing on wrong things. Not that I am a SUPER trader right now. But seriously, the kind of bullshit that has travelled through my brain is impossible to handle for a second time. Probably 1% of the information that I have gathered through the years has been of any use to me, and still something has to come from inside the box.. The other 99% has just been digging on wrong paths. And that has been thousands of hours. Really sad. If there was someone to guide me properly and with good intentions, someone that is seasoned experiened trader, I could probably learn everything that I know now for about 1 month. Everything else is just practicing dealing with live money, which comes slower but still not that much compared to the whole journey..
Bad news is, I still need to learn a lot of things. And by the way it looks and the quality of (mis)information on the internet and the access to it, probably another decade will pass until I am a completed trader. Or may never happen, who knows..
  • #5
  • Nov 24, 2017 12:13pm Nov 24, 2017 12:13pm
Spend it all on booze and girls.
  • #6
  • Nov 24, 2017 12:14pm Nov 24, 2017 12:14pm
Quoting Mingary
Spend it all on booze and girls.

you're a pessimist ming, booze and girls will not work either.
  • #7
  • Nov 24, 2017 12:17pm Nov 24, 2017 12:17pm
Quoting HeyYou
{quote} you're a pessimist ming, booze and girls will not work either.
What will not work ?

Ok then, sell the laptop AND THEN spend it all on booze and girls ':
  • #8
  • Nov 24, 2017 12:17pm Nov 24, 2017 12:17pm
Quoting Mingary
{quote} What will not work ? Ok then, sell the laptop AND THEN spend it all on booze and girls ':
nothing ming, nothing... for a pessimist such as yourself
  • #9
  • Edited 1:18pm Nov 24, 2017 12:29pm | Edited 1:18pm
Quoting HeyYou
{quote} nothing ming, nothing... for a pessimist such as yourself
btw, I mean that nothing works for you. now you say spend 30k on girls, IMO that will not give you anything, because apparently you waste time in doing things that you don't like (eg. trading).
  • #10
  • Nov 24, 2017 12:41pm Nov 24, 2017 12:41pm
Quoting feline207
I would kill myself. lol. I cannot go through the same once again.. I have been trading for about 9 years and so much hours I have wasted focusing on wrong things. Not that I am a SUPER trader right now. But seriously, the kind of bullshit that has travelled through my brain is impossible to handle for a second time. Probably 1% of the information that I have gathered through the years has been of any use to me, and still something has to come from inside the box.. The other 99% has just been digging on wrong paths. And that has been thousands of...
just find some good pamm accounts and split your investment among them. It seems that you can discern between a dream and reality so just find some good managers out there.
  • #11
  • Nov 24, 2017 4:49pm Nov 24, 2017 4:49pm
Quoting feline207
I would kill myself. lol. I cannot go through the same once again.. I have been trading for about 9 years and so much hours I have wasted focusing on wrong things. Not that I am a SUPER trader right now. But seriously, the kind of bullshit that has travelled through my brain is impossible to handle for a second time. Probably 1% of the information that I have gathered through the years has been of any use to me, and still something has to come from inside the box.. The other 99% has just been digging on wrong paths. And that has been thousands of...
I wouldn't wish to repeat what I went through the past 4 years, and the OP is at 10 and you're at 9 I can only imagine. But I would have wanted to have a mentor not a teacher to guide me to the right path - but at the end of the day I am aware everything is dependent on us how much we're willing to work for it - because trading isn't as simple as when A crosses B you hit or sell kind of things - it's a complex system. So for anyone who wants to make it as a trader whether they like it or not will have to go though this phase of "I get it all know - I know nothing - nothing seems to work - should I give it all up now ? - Oh I get it now for real - I'm going to make some serious money, finally - whoopee looks like I've been fooled again - well not exactly fooled I just had lots to learn - I'm getting better - There we go again - Why does it have to be this hard ? - Am I incompetent ? - Everyone seems to be doing better - We'll work on plan D then - Yes! this is what I'm talking about - We're getting there - and you fall - crash - get up and rolling again and again. God knows how long this painful process will take before you realize you've got the hang of all of this. God knows. But what I know with 60% certainty is that hard work will pay off, you just have to go after the right knowledge once you reach a certain peak in your learning curve , you'll have to go out on your own - disregard everything you've learnt up to this date and start everything from anew. Open up a naked chart and mentally take note of what do you see ? There must be some kind of change after 10 or 5 years of learning this thing ? Get rid of all the indicators and past notions you've held about this support or resistance should hold and blah blah. Just stare at a naked chart and can you determine where price will head ? When is the right time for entry ? I'm telling you no indicator will save your a$$, now I truly understand what some people mean by trading is like an art - a dance - some compare it to a war analogy - you never really know whats about to happen with 100% - there's no magic formula. There's no guarantee a previous support or resistance will hold. There's no guarantee an oversold RSI will reverse the price - there's no guarantee - that's the bottom line. I'm not disregarding indicators altogether, if you have got the foundations indicators can be beneficial. But if you're solely depending on them - you better get back to the basics. Even pattern trading - you'll need to establish a context as to when to take the pattern. God it's hard - and I'm an atheist. The only thing that I'm going to tell my younger self is "embrace the uncertainty" of price "don't even try to predict" , trade what you see - has a deeper meaning to it than you've ever imagined.
...
  • #12
  • Nov 24, 2017 6:27pm Nov 24, 2017 6:27pm
I will go through the same process. I have a saying "per dolorem vir evolvo" latin for through pain man evolves. I strongly believe our success in the markets is proportional to the amount of pain we've taken and stuck with it. Even with a winning strategy you will blow up unless you've experienced the pain of all the mistakes, we are animals to some degree. Our responses to our environment are conditioned, only by knowing what is on the other side of the mistake do you condition yourself not to do it. Sometimes it takes several lashes on the same mistake to say to the brain " no go area". Some of the most notorious traders I know are those that really went through the hard knocks.
When you see it, BET big.
  • #13
  • Nov 24, 2017 8:18pm Nov 24, 2017 8:18pm
If I had to start over I don't think I would of started. Too much time and money wasted on the wrong things. Everyone needs a mentor to guide them in the right direction. Without a mentor we are just lost and helpless souls waiting for the markets to take our money.
  • #14
  • Nov 24, 2017 9:46pm Nov 24, 2017 9:46pm
I would like to have a proper amount of knowledge and experience and skills and more time in Demo to become successful in the Forex Market.
  • #15
  • Nov 24, 2017 10:25pm Nov 24, 2017 10:25pm
Quoting RicB
If I had to start over I don't think I would of started. Too much time and money wasted on the wrong things. Everyone needs a mentor to guide them in the right direction. Without a mentor we are just lost and helpless souls waiting for the markets to take our money.
you killed me.
When you see it, BET big.
  • #16
  • Nov 24, 2017 10:28pm Nov 24, 2017 10:28pm
Quoting RicB
If I had to start over I don't think I would of started. Too much time and money wasted on the wrong things. Everyone needs a mentor to guide them in the right direction. Without a mentor we are just lost and helpless souls waiting for the markets to take our money.
I had paid 1 by Fx1. 2 by Peter Bain, 3 Timothy Sykes and 4th Lance Beggs.

I'm pondering about Benny Liang but it's not about mentor. It's about a fix system. Know it's pros and cons and make it better like risk to reward ratio and money management.
You're going to pay a price for every bloody thing you do and don't do
  • #17
  • Nov 24, 2017 10:28pm Nov 24, 2017 10:28pm
The funny thing is how easy successful trading is, yet many fail to grasp it.
When you see it, BET big.
  • #18
  • Nov 25, 2017 12:12am Nov 25, 2017 12:12am
Quoting Rennaissance
I will go through the same process. I have a saying "per dolorem vir evolvo" latin for through pain man evolves. I strongly believe our success in the markets is proportional to the amount of pain we've taken and stuck with it. Even with a winning strategy you will blow up unless you've experienced the pain of all the mistakes, we are animals to some degree. Our responses to our environment are conditioned, only by knowing what is on the other side of the mistake do you condition yourself not to do it. Sometimes it takes several lashes on the same...
reality is that most people will end up traumatized because they lost so much, and simply quit within the first couple months. I would say that successful traders don't need to experience much pain, they are already evolved.

nobody is perfect but I really doubt that someone who risks bankruptcy will ever succeed .
  • #19
  • Nov 25, 2017 12:28am Nov 25, 2017 12:28am
Quoting HeyYou
{quote} reality is that most people will end up traumatized because they lost so much, and simply quit within the first couple months. I would say that successful traders don't need to experience much pain, they are already evolved. nobody is perfect but I really doubt that someone who risks bankruptcy will ever succeed .
The process I meant is too hard so most will quit before they figure it out.
When you see it, BET big.
  • #20
  • Nov 25, 2017 12:31am Nov 25, 2017 12:31am
I would say start with more capital and don't overleverage.
Most of the pain I've endured in the past 10 yrs has been getting stopped out on margin call from scaling in too heavy instead of out by my correctly placed stop loss
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