If you haven't made it yet, what makes you think you will? | Page 8 | Forex Factory

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If you haven't made it yet, what makes you think you will?

  • #141
  • Apr 25, 2018 5:42am Apr 25, 2018 5:42am
With respect to Seneca Pilot I think the pit trader analogy is a flawed one (no pun intended). The advantage pit traders had over retail chart traders was their ability to bid the market up and down to each other. Retail don't have this luxury and can therefore only rely on price movement, which over time is referred to as price-action.

I agree with Seneca that historic PA is definitely not an indication that current price will turn there, however, historic PA definitely is an indication that current price may turn there, which is why the ability to read candles in context is so important.

Regarding losses, I go back to something I've said many times over. If one doesn't have a solid trading method taking losses will not make sense. And on that basis there's nothing worse. Once one has a solid trading method, however, taking structured losses is much more straightforward and psychologically easier to accept.
  • #142
  • Apr 25, 2018 5:43am Apr 25, 2018 5:43am
Quoting darko2010
{quote} Any serious aspirant trader should read Trading in the zone by Mark Douglas, especially if they already have taken damage in the markets
Yeah great book, great man RIP.

Check his interview as well on youtube, that is also really good.
  • #143
  • Apr 25, 2018 5:47am Apr 25, 2018 5:47am
Quoting cat
{quote} Yeah great book, great man RIP. Check his interview as well on youtube, that is also really good.
Already did.

Trading is Simple, but not Easy
  • #144
  • Apr 25, 2018 5:51am Apr 25, 2018 5:51am
Quoting cat
I hope Seneca pilot won't mind if I post a quote of his here, because I read it quite a few years ago on one of his threads, and it is still one of the best pieces of information for all traders I have come across on ff. " First truth. The trader must learn to take losses. If you as a trader are unwilling to take a loss you will eventually take the mother of all losses. If the trader is unwilling to take a loss he or she will be forever closing trades with tiny gains that will never overcome their losses. This was my hardest lesson. I consider myself...
Thanks Cat for sharing the insight...
  • #145
  • Apr 25, 2018 6:39am Apr 25, 2018 6:39am
Quoting dogdays713
{quote} great post! have you seen any of the videos from Simple Ton? on youtube
Yes I have seen them. I disagree with him on buying ANY low. But I load up on yesterdays or last weeks low. I was using the one period average years ago it just seems to help with spotting intermediate highs and lows. It is an old trick.
  • #146
  • Apr 25, 2018 6:43am Apr 25, 2018 6:43am
Quoting aaven
{quote} Thanks Cat for sharing the insight...
You're welcome aaven!
  • #147
  • Apr 25, 2018 6:44am Apr 25, 2018 6:44am
Quoting msap
{quote} Hey Pilot, I like this simplicity. are the zones drawn off the London close for this pair too or you use the Newyork for usdcad?
I would use NY for USD/CAD. I just grabbed that chart and marked it up really quickly. Just showing tops turning to bottoms and bottoms to tops. Not really looking at closing prices on that one. In fact the support and resistance represented in that screenshot could be traded without reference to any closing prices for any market. I would trade that support and resistance on its own merits.
  • #148
  • Apr 25, 2018 6:50am Apr 25, 2018 6:50am
Remember though, any book or video can only make us conscious of what we need to be doing to keep bagging those pips day in day out. It is the doing that is the hard part, because we cannot rewire ourselves overnight - it takes time.
  • #149
  • Apr 25, 2018 7:25am Apr 25, 2018 7:25am
Quoting turnip15
{quote} Great stuff -good to see you're posting again, always quality in my humble opinion :-)
Thank you.

I always lurk here but don't post much any more. No return on the effort. I just hate to see people struggle with trading when it boils down to such simple concepts and to personal discipline. There are so many people on this site with ulterior motives trying to grab the attention of the members to sell them some ineffective method based on indicators that do not work. I occasionally have a moment of survivor guilt over the fact that I trade profitably and try to come here to help.

It seems that most of the members here are convinced there is a secret combination of indicators that will make them successful. They don't understand the psychology involved and they are chasing a method which does not produce losing trades. It does not exist. I am still trading at about a 65% win rate and still win about 1.4 to 1.5 times as much as I risk on any given trade. That is what works. Losing trades is part of the game and always will be.

New traders can take the chart I posted, learn the concept, adapt it to their chosen pair or market and the time frame they want to trade and be profitable in the space of a few days study and work. TRADING IS SIMPLE.
  • #150
  • Apr 25, 2018 7:28am Apr 25, 2018 7:28am
I just bought yesterday low in EUR/USD. It is also the current week low. This could go up or down. We are on major support and I am buying a low so I think it could work out but if it goes against me I will close it at a loss and take the next trade.

Simple.
  • #151
  • Apr 25, 2018 7:58am Apr 25, 2018 7:58am
cat is doing a good survey
well... i haven't made it yet and what make me think i will someday is a secret

i'm i doing one for the record books ?
  • #152
  • Apr 25, 2018 8:08am Apr 25, 2018 8:08am
Quoting Seneca pilot
{quote} TRADING IS SIMPLE.
I would say true to a point. Driving a car is simple, but tell that to the person who is sitting in one for the first time.

Yes, we do all tend to over-complicate things, in life as well as in trading, it is the human way. Trading is simple when you've cracked the code, whatever code that may be for you, or should I say codes, because trading requires a number of skills which must all combine to produce consistent results. I have likened trading to solving a complex puzzle which can never be fully solved but solved far enough to produce consistent profits, and it is not just on the screens where the puzzle lies, but in our heads as well.
  • #153
  • Apr 25, 2018 8:25am Apr 25, 2018 8:25am
If you look at my page, you'll see that I'm a bit of a serial thread starter! But why do I start a thread, any thread in the first place? Is it because I think it might help people to become better traders? No, it is not.

It is because when I have an idea about a thread that I want to post, it is because I hope it will go some way towards helping people better understand the road they have embarked upon, a road, usually very long with many pitfalls, that is likely to fully engage us for a significant portion of our lives, with absolutely no guarantee of a successful outcome.

If anything I post instills belief, then really, that is half the battle, in fact it is the battle, for only 100% commitment and belief in our own abilities is what will count in the end.

" If you have lost belief in yourself, you have the universe against you " Ralph Waldo Emerson.
  • #154
  • Apr 25, 2018 10:44am Apr 25, 2018 10:44am
One of the hardest parts of trading is having the patience to wait for the right set up. Most aspiring traders are not at all patient and feel that if they are not in the market then they must be doing something wrong. trading is a waiting game, and waiting pays. Jumping in because you are worried of missing the move of the day usually does not.

I speak only on the assumption that the fundamental mistakes I made ( I still make mistakes of course ) are repeated by others by the mere fact that we all have similar brains.
  • #155
  • Apr 25, 2018 2:02pm Apr 25, 2018 2:02pm
Today is a sad day for me, but also "liberating". I started this trading adventure 10 years ago. I'm still not profitable. Fortunately, I never blew up any accounts. I wish I could go back in time and tell myself just be a "normal" person that contributes their 401k allocated to index mutual funds instead of getting involved in trading think I could be the market. I'm tired of wasting time on this endeavor. I am so sick and tired of the market. I feel completely burned out, some what devastated. I'm disappointed because I thought this would be my ticket to being financial independent and also being my own boss. Instead, I'm remain another wage slave like the majority of people. Going forward, I plan to ignore the markets totally and just contribute regularly to my retirement accounts until I'm old. Good luck Forex Factory.
  • #156
  • Apr 26, 2018 12:50pm Apr 26, 2018 12:50pm
Quoting numbrcrunchr
Today is a sad day for me, but also "liberating". I started this trading adventure 10 years ago. I'm still not profitable. Fortunately, I never blew up any accounts. I wish I could go back in time and tell myself just be a "normal" person that contributes their 401k allocated to index mutual funds instead of getting involved in trading think I could be the market. I'm tired of wasting time on this endeavor. I am so sick and tired of the market. I feel completely burned out, some what devastated. I'm disappointed because I thought this would be my...
I/we, thank you so much for this frank and honest post numbrcrunchr, and I think because we are all in this together, we all understand, fully, just where you are coming from.

This is not an easy business, we all know that, and there is never ever any guarantee of success for any of us. Many of us give up, some for good, some come back, some wished they hadn't, others were glad they did, and so it goes on. The markets will always be here, doing what they do day after day, offering fantastic opportunities for enrichment, but also for disappointment and even for some, ruin.

Never regret anything in life though, especially when it involves trying to better yourself and provide for your family, retirement or whatever, because it is always better to try and fail than not to try at all.

I wish you all the best, and if you ever want to chat trading, or bounce anything off me, drop me a pm.

Good luck my friend.
  • #157
  • May 9, 2018 10:47am May 9, 2018 10:47am
A rookie friend of mine; once said about the market:

"I don't know why anyone will be struggling in trading Forex; all you have to do is Buy Low Sell High"

I nodded and said; you got it man! I could not comment anymore because I was having dinner in his house; and didn't want to break the spirit
  • #158
  • May 16, 2018 11:09am May 16, 2018 11:09am
After 10,000+ hours of study, practice and not giving up. I have finally found my edge.
What kept me going? Looking at those that made it, gave me hope to continue. I knew deep down that if I do what they did, I too will make it.
Reading books like Rich Dad Poor dad. They let me know that the real ones who aren't going to make it are those with only one source of income - a job. As long as you're doing something on the side no matter what, you'll make it.
Play the hand you were dealt.
  • #159
  • May 16, 2018 12:19pm May 16, 2018 12:19pm
When all is said and done, each and every retail trader out there who has yet to be consistently successful knows exactly why this is so. It may be psychological weaknesses, insufficient market knowledge, or lack of real commitment, but there is always a reason, and we all know what it is. The biggest obstacle a trader faces is self-denial and a refusal to face the realities and concentrate all one's efforts on transforming weaknesses into strengths.

Very few are able to do this in fact, for one reason or another they cannot or will not build the qualities needed to make money consistently in the markets, but the few that do, those who are able to focus all their energies into becoming consistently successful, no matter the cost or time it takes, are the ones that eventually make it.
  • #160
  • May 20, 2018 3:42pm May 20, 2018 3:42pm
Quoting Maule
After 10,000+ hours of study, practice and not giving up. I have finally found my edge.
You are kidding right?, how many years is that?
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