The Trader's Academy - by Traders for Traders | Page 75 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

Baby pips style academy for other financial markets? 6 replies

from retail trader to full-time trader 17 replies

Discipline Trader and Voice Trader EA/IND 16 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: The Trader's Academy - by Traders for Traders
Exit Attachments

The Trader's Academy - by Traders for Traders

  • #1,481
  • Nov 29, 2017 6:37am Nov 29, 2017 6:37am
Quoting dogdays713
red diamonds or not 95% percent of what you read on ff is b.s why because 95 % of traders lose. just like the old saying believe half of what you see and none of what you hear. no one can teach you to trade only you can do that.
Trading is insanely hard work, you have to work every day to maintain your edge. But even hard work is no guarantee for longterm success. There are so many variables in trading, it can be overwhelming. There are some good traders here at FF, but they dont teach, they guide you. Like Cat with this thread for example. You can learn from other traders mistakes. To success!
Attached Image (click to enlarge)
Click to Enlarge Name: 3174745-a-smart-man-learns-from-his-mistakes-quote.jpg Size: 50 KB
  • #1,482
  • Nov 29, 2017 12:36pm Nov 29, 2017 12:36pm
One other observation I would make is that for those of us still working a day job - in my case as a freelance on 2 or 3 days a week (with absolutely no possibility of trading on those days) - when I do get a clear day at the charts it is endlessly frustrating and requires unfathomable patience - which I'm afraid to say I don't always have - to stay on the sidelines if I find that it happens to be a consolidation/sideways/whipsaw day. Of course the law of sod will declare a clear trend on the days when I can only check the charts on my phone.
Nevertheless, still banging away at it.
  • #1,483
  • Nov 30, 2017 11:59am Nov 30, 2017 11:59am
I think I can honestly say that there is very little I have not been through during my years engaging with the markets. I have been through the intense lows and euphoric highs just like everybody else, and I have been in that dark place where one feels that despite all the hard work, the self-sacrifice, and the commitment, the goal of consistent trading success seems even more elusive than ever. If you have been in this game long enough, you'll know exactly what I'm talking about.

Such emotions are not only counter-productive for our trading, they are also self-destructive as well, eating away at our confidence and our self-worth. This can be an extremely difficult downward spiral to reverse.

I'm not about to attempt to tell you how this can be reversed, only that it can be, but it depends on each individual. All I know is that once you can overcome this extreme personal challenge, one I believe all successful traders have been through at one time or another, you will be immeasurably stronger for it and more able to deal effectively with the many demons we all have inside us. I would even go as far as saying that to become successful traders, we all have to suffer, to get to that state of mind when all seems lost and devoid of hope, call it the gutter if you like, because it is only by overcoming it that we are able to discover the kind of person we need to be to succeed.

So, if this is you at the moment, and I know that there are quite a few out there feeling exasperated by their inability to achieve consistent results, then do not despair, for you are not alone. Keep believing in this goal you have set yourself, this dream of financial freedom as a trader, and provided you work hard, remain calm and disciplined, it will come, it may take much longer than you anticipated, but it will come. Hold your head high, keep walking forward, and above all, never ever stop believing that this is something that you can do.
Attached Image (click to enlarge)
Click to Enlarge Name: 6311d612efcc4aceefacdd0680e2f6da--godly-quotes-yoga-quotes.jpg Size: 42 KB
  • #1,484
  • Dec 1, 2017 12:36pm Dec 1, 2017 12:36pm
Patterns. Leaving all the psychological stuff out of it, patterns, and the ability to identify them is where trading is won and lost.

If we can identify patterns that statistically produce many more price movements in a certain direction than they do not, then all that is required for us to do is to learn to identify these when the markets are live, and trade them, every time, without fear or hesitation.

If you cannot do this, then this is one of the main reasons you are not winning. If you can, but you are still not winning, then the problem lies in your head, nowhere else.

How to find repeating patterns? Just look at the historical charts, for they will be staring you in the face on every chart you look at. How to translate these into wining trades in a live market? Trade them, and keep trading them until you get it right. It doesn't matter how long it takes. If you find yourself staring at the charts missing move after move, then you need to go back to demo until you are able to trade very single trade opportunity you recognize, then go back live again. If you still can't achieve what you are achieving on demo, get someone you know to kick you very hard, and try again. Be hard on yourself, very hard, because forex is no place for wimps!
  • #1,485
  • Dec 1, 2017 1:04pm Dec 1, 2017 1:04pm
"If we can identify patterns that statistically produce many more price movements in a certain direction than they do not, then all that is required for us to do is to learn to identify these when the markets are live, and trade them, every time, without fear or hesitation."

In a nutshell
It never gets easier, you just get better
  • #1,486
  • Dec 1, 2017 7:14pm Dec 1, 2017 7:14pm
Quoting cat
Patterns. Leaving all the psychological stuff out of it, patterns, and the ability to identify them is where trading is won and lost. If we can identify patterns that statistically produce many more price movements in a certain direction than they do not, then all that is required for us to do is to learn to identify these when the markets are live, and trade them, every time, without fear or hesitation. If you cannot do this, then this is one of the main reasons you are not winning. If you can, but you are still not winning, then the problem lies...
Most concise and pinpoint accurate representation.

The problem is twofold with most traders.

Besides identifying repeating chart patterns, there normally is this personal understanding about the market why this pattern repeats which forms the traders core belief about the market. Rather than search for repeating patterns, the trader first develop his fundamental belief that reflect his understanding about the market that he observed from the charts. Then only the trader follows that up by looking for repeating patterns that represent this. Without this deep understanding, trading repeating patterns blindly mostly won't work because we trade the market with understanding what is happening not trade chart patterns per se.

The other aspect is actual application in live trades. Not all setup patterns will eventually work out as explained above that explains for failure. Although psychology plays a huge role in live market as the price moves with every tick, the lack of understanding why market moves the way they do is more to blame. With live markets we have to deal with unexpected news like the Flynn breaking news yesterday. You can profit from the opportunity it brings or lose a large chunk of your account.
  • #1,487
  • Dec 1, 2017 9:47pm Dec 1, 2017 9:47pm
Quoting skyway
{quote} Not all setup patterns will eventually work out as explained above that explains for failure. Although psychology plays a huge role in live market as the price moves with every tick .
Pattern mutation, pattern variation whatever you want to call it, I think you have raised an important factor that gets in the way of consistency.

Price does indeed move with every tick, it took me years to finally realize this simple truth - for years I was looking for a simple solution to that simple truth, when a, b, c equals I should get x, y, z however trading is never this simple, you can't force it into a couple of variables and outcomes and expect to see the same result over and over again.

Price is dynamic, it changes and evolves with time. History doesn't always repeat itself in the present moment. Everyday is a new challenge. But with enough demo/live account experience we somehow learn to "play along" just as how we learn something new, a new language or a music instrument - it just takes "a lot of time", "effort and dedication".

I think part of the reason why so many including me shy away from admitting that price is dynamic that I can't have a simple solution , and stubbornly expect to set things up and print out money day in and day out is purely because of our laziness. I wasn't prepared for the amount of work that's required from me to reach consistency up until recently.

Now that I have, I've been trying to trade along with the constant change I don't try to impose my opinions on the market any longer - I have become more flexible. But that shouldn't mean we should jump off at every correction and assume that its a reversal , having a bias somehow (as Cat pointed out many times) helps a great deal to counter overtrading. Bulls make money, bears make money when bulls are making money bears aren't when bears are making money bulls are, but pigs get slaughtered and I have been a pig for as long as 4 years. It's about time for a change now.
...
  • #1,488
  • Dec 2, 2017 4:06am Dec 2, 2017 4:06am
Quoting skyway
{quote} Besides identifying repeating chart patterns, there normally is this personal understanding about the market why this pattern repeats which forms the traders core belief about the market.... Without this deep understanding, trading repeating patterns blindly mostly won't work because we trade the market with understanding what is happening not trade chart patterns per se...... With live markets we have to deal with unexpected news like the Flynn breaking news yesterday. You can profit from the opportunity it brings or lose...
Thanks skyway.

As you will see if you look at my favourite trading book on my profile page, I consider the psychology of the market as important as the psychology of the self, because when we trade, although it feels like a personal duel with the market, we are all just one more participant swimming in a gigantic swell of market participants, some, the majority in fact, of retail traders that is, battling against the force of the water, whilst others have learnt to move with it. It is the recognition and joint participation with the latter which defines the consistently successful trader from the consistently unsuccessful one.

But to understand exactly what is causing patterns to emerge and re-emerge time and time again is not necessary to put on winning trades. All that is necessary is for these patterns and the trading of them either live or on demo to become so hard-wired into our brain that it becomes second nature, beyond deliberate, conscious thought processing, just like driving a car. We don't have to understand why the car goes backwards when we put it into reverse, we just have to understand that if we do put in into reverse, then the car will indeed go backwards.

As far as the flash, market moving news stories are concerned, there is always the risk that, at any given moment, a massive reaction in the markets against our position/s can run through our stops and cause a substantial loss, but one should never be so over-leveraged that an entire account is wiped out, certainly not by the sort of move we saw yesterday, which was only 100-200 pips or so. That people were claiming they were wiped by that is absolutely absurd, and quite frankly, it served them right for being so over-leveraged in the first place. An adverse and sudden market move of literally hundreds of pips, or more, without warning, yes, this can hurt a trader if stops are run with no way of shutting down ones position, but how often has that happened? If we are worried about that sort of eventuality, then we'd better not trade at all in the first place.

Anyway, thanks for your input, and have a nice weekend!
  • #1,489
  • Dec 2, 2017 5:40am Dec 2, 2017 5:40am
By far the most important attribute to be a successful trader is discipline, for without it, it is impossible to ever achieve long lasting, consistent success, completely and categorically impossible. It is the one thing, above all else, which separates consistently profitable, professional traders from everyone else.

If we are not disciplined, if we are subject to emotional trading disorder, then we are wasting our time because no amount of technical expertise or effort can compensate for a lack of self-discipline, and we will forever be frustrated in our efforts to lasting profitability without it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: f50098ab5e0ee395c23a3996533a1201.jpg Size: 226 KB
Click to Enlarge Name: img2472716.jpg Size: 153 KB
Click to Enlarge Name: book2.jpg Size: 53 KB
  • #1,490
  • Dec 3, 2017 5:17am Dec 3, 2017 5:17am
I'd like to get some feedback from traders concerning how many pairs they trade at any one time, how many screens they use, and which time frames they have open at any one time.

If you'd like to share this information, plus anything else you'd like to add, such as reasons, pros/cons etc, it will be greatly appreciated.

Thanks.
  • #1,491
  • Dec 3, 2017 9:08am Dec 3, 2017 9:08am
Quoting cat
I'd like to get some feedback from traders concerning how many pairs they trade at any one time, how many screens they use, and which time frames they have open at any one time. If you'd like to share this information, plus anything else you'd like to add, such as reasons, pros/cons etc, it will be greatly appreciated. Thanks.
I'm currently day-trading 4 x pairs.

Re monitors, I use a combination of 3 x monitors made up of 2 x standard monitors set side-by-side and 1 x laptop 17inch screen sitting on the desk. The two main monitors display 1 x pair per monitor and the laptop displays 2 x pairs.

For daytrading, my preferred TFs are M15/M5. The main reason for this is, opportunity. Based on the methodology I use to enter the market, stats that I've gathered over the past couple of years have demonstrated that 4 x pairs sampled at these TFs offer up on average between 1 and 3 decent opportunities per trading day (a trading day for me is London and NY).

I've considered purchasing 1 x LG 43 inch monitor so that I can display all four pairs on one screen, however, the faff of working out whether or not my computer will support the new hardware together with purchasing and setting up extra graphics cards etc etc currently outweighs my desire to make the transition.

Re pros/cons there's really only one overarching pro that I can think worth mentioning, and that concerns my reasoning behind wanting to display 1 x pair per monitor at a single (more or less) TF: I can see the entire market at a single glance. All the data I need to trade at the frequency I've identified suits me, is there before my eyes without any alt+tabbing or complex multi-timeframe analysis. The benefits of this, even on a basic mental stamina level, have been extremely positive.
  • #1,492
  • Dec 3, 2017 9:18am Dec 3, 2017 9:18am
Quoting simond2002
{quote} I'm currently day-trading 4 x pairs. Re monitors, I use a combination of 3 x monitors made up of 2 x standard monitors set side-by-side and 1 x laptop 17inch screen sitting on the desk. The two main monitors display 1 x pair per monitor and the laptop displays 2 x pairs. For daytrading, my preferred TFs are M15/M5. The main reason for this is, opportunity. Based on the methodology I use to enter the market, stats that I've gathered over the past couple of years have demonstrated that 4 x pairs sampled at these TFs offer up on average between...
Hey Simon,
Just a friendly reminder about the screen resolution because I made the same mistake even though I am a little bit "tech buy"
If your 17 inch monitor has 1920×1080 resolution and your LG 43 inches has also 1920×1080 you will see exactly the same things you were able to do with the 17 inches,just bigger scale on icons/fonts etc.
So,when you buy a big screen make sure that the resolution is big too.
  • #1,493
  • Dec 3, 2017 9:24am Dec 3, 2017 9:24am
Quoting timos
{quote} Hey Simon, Just a friendly reminder about the screen resolution because I made the same mistake even though I am a little bit "tech buy" If your 17 inch monitor has 1920×1080 resolution and your LG 43 inches has also 1920×1080 you will see exactly the same things you were able to do with the 17 inches,just bigger scale on icons/fonts etc. So,when you buy a big screen make sure that the resolution is big too.
Cheers t,

In fact these data are one of the main reasons I decided to avoid the 43 inch monitor for now - can't imagine trying to have the "resolution" discussion with a hard-nosed salesman in PC World!
  • #1,494
  • Edited 11:23am Dec 3, 2017 10:56am | Edited 11:23am
43' screen plus cellphone, 1hour tf for 20 odd currency pairs from Tokyo open to London close with no overnight hold, mostly avoid NY open and red news.

Why not lower than 1hr tf ? It's intraday swing trading for 30 to 100+pips per trade, not high leverage scraps.
  • #1,495
  • Dec 3, 2017 2:51pm Dec 3, 2017 2:51pm
I watch 6 pairs, EU,GU,EY,GY,UY, & EG. The majors covered. Using 2 x 19" screens. H4 or H1 for set-ups and M15 trade.
It never gets easier, you just get better
  • #1,496
  • Dec 3, 2017 3:17pm Dec 3, 2017 3:17pm
basically i use only 2 pair for my main trading. usd/jpy and xau/usd. most of the time both are correlated to each other. i am day trader. i usually analized multi timeframe m15, h1, and h4. h1 for defining entry, h4 for direction, and finally looking m15 chart for enter the trade. for me, for me its better if all those 3 timeframe and the indicator shows the same direction.
Jakarta Trader. Trade with reasonable % target
Monthly withdrawal Profit This Month: -$139
  • #1,497
  • Dec 3, 2017 10:04pm Dec 3, 2017 10:04pm
I have been trading Nikkei and DAX for a week now.

I have decided to focus on these two because they have a set opening time and a big move is usually expected shortly after the opening time (this was the deciding factor for me).

With fx pairs however when I used to trade around the Asian opens, I'd open as many as 4-5 trades thinking that a major move is initiated only to realize it reversing back, and I'd close trades with BE +5pips or -15pips. For me "time" is everything, if I don't know when a major move is likely to occur without that expectation I tend to overtrade, revenge trade.

Another factor that made me move over to the indexes was potential gain - around the opening times (you usually hold your trades an hour or a little less) you can expect a move over 100pips on good days, 50-80 on normal days - I think this earning potential beats every fx pair and they usually behave compared to CAD crosses for instance which they can be very choppy and indecisive most time of the day - but how would I know when a move is likely to occur ? I didn't want to man my desk from 7AM to 22PM. Even if I did time spent on scanning the charts didn't necessarily bring in more $ instead overtrading and revenge became the routine.

As for TF I do enter on 1m, but I do like to see whats happening on 3m,5m,10,15m,30m,1h,4h and daily.

I trade with MacBook air, I'm not planning to set up multiple screens just because I'm not even breaking even for the moment and I have become used to alternating between time frames on a single screen although I do have multi chart view setting on my platform I'd rather just view one at a time. When I'm trading I have my minute chart and switch between 3m for every 3minutes, 5min every 5m,10m,15m,30m,1h for every hour etc. Its become a second nature for me to manually switch between charts, so I guess I could do without multi screen in the future.
...
  • #1,498
  • Dec 4, 2017 2:16am Dec 4, 2017 2:16am
Quoting cat
I'd like to get some feedback from traders concerning how many pairs they trade at any one time, how many screens they use, and which time frames they have open at any one time. If you'd like to share this information, plus anything else you'd like to add, such as reasons, pros/cons etc, it will be greatly appreciated. Thanks.
two laptops and two 24" screens. Intradays, two instruments are enough for me. Watching H1 and M5 on the screens, and M1 on the laps for entries.
  • #1,499
  • Dec 4, 2017 3:57am Dec 4, 2017 3:57am
Thanks for that guys, it's interesting to see how others are approaching the markets. I tend to be a belt and braces type of person myself, so I have more monitors than I actually need, 7 to be precise, one of which I use just for the trade ticket and the Daily tf, so that I can always see what I consider to be the main S&R levels. I trade one index or pair at a time, as I am a rotten multi-tasker, and if there's nothing happening I look elsewhere to see if I can find a set up, but I don't go too far, and stick mainly to the Dax and GJ.
  • #1,500
  • Dec 15, 2017 12:31pm Dec 15, 2017 12:31pm
I'm wondering if there is anything specific that certain people are having difficulty with, because this may be a great place to receive some valuable tips from some experienced traders. Could be anything, you know.. timing entries, exits, setting stop losses, money management etc. Chart shots can be posted, perhaps showing areas where people messed up.

If there's no response, then I'll assume everyone is making loads of money and needs no help at all.
0 traders viewing now