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No more BS - What have you learned?

  • #781
  • Oct 2, 2013 3:38am Oct 2, 2013 3:38am
Quoting CindyXXXX
{quote} I think that's a good post NowAndLater.. Newer traders may not fully be able to appreciate the depth of it. I used to block out when I read things like this. A thread comes to mind by the Darkstar Why do you Trade? it was called. When I first stumbled on this thread years ago I thought to myself.. Duh.. Money! But only more recently I realized what a deep and meaningful question it actually was. For starters if you look at anyone successful in their en devours, whether it be musicians, sportsman, artists, writers, traders! And I'm talking...
Newer traders can't (most likely) understand it I will say, because it takes time and time and time to get to terms with these points. You need experience and you won't get that from any book. No matter how much you read before you start, trading will soon let you know that most that is written in the books (or forums) doesn't really matter when you are live in front of your computer making live decisions. Understand who you are and you will do better, you may not eventually become a millionaire but that shouldn't be your first objective either. First objective is to be consistent over a longer period.
  • #782
  • Oct 2, 2013 3:47am Oct 2, 2013 3:47am
Quoting bootsyjam
{quote} Amongst all of these posts there are golden nuggets of info and that's one of them. Here's a hint to everyone-EURUSD is the most liquid pair. It also has very tight spreads. It's all you need.
Well different pairs have different dynamics, so saying that EU might suit everyone isn't correct according to me. From a spread perspective it's of course the best, but I trade only gold (which has a much higher spread) and that suits me much better than EU and I'm much more profitable trading it due to my personality. That being said, once u've picked a pair you should search for the best broker/spread combination for that pair. I've done some research on my trading results and have found that by lowering the spread (spread differences are big when trading gold among brokers) I can earn about 35-40% more by having a lower spread which is a huge difference moneywise.
  • #783
  • Oct 2, 2013 2:32pm Oct 2, 2013 2:32pm
1. Look at daily open and the open of london and new york... these are the best places to open a trade. look how price behaves on this points, they are good support, resistance
2. is the first candle of london bull or bear? often the whole day is so too.
3. combine it with daily, weekly and monthly pivots

pic - pink is day open, green lo open, blue ny open. EU H1
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failure is not an option.
  • #784
  • Oct 2, 2013 4:02pm Oct 2, 2013 4:02pm
EURJPY like .70
pic is h4
look at 130.70, 129.70, etc to get in in lower timeframes. it is the best number to open a trade
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failure is not an option.
  • #785
  • Oct 9, 2013 10:52pm Oct 9, 2013 10:52pm
Update on lessons learned:

Sell high and buy low.
Just like what the big banks do.
Remove the MT4 app icon from my iPhone and my desktop.
Making it harder to access MT4 (less meddling).
Aim to trade based on charts which are zoomed out A LOT.
Strive and aim to trade as less frequently as possible.
And just work off VERY MAJOR/OBVIOUS horizontal s/r levels and let time do the 'work'.

- USE STOCHS
- CHART PATTERNS
- TA
- FIBONACCI RETRACEMENTS.
- TRADE ONLY DAILY CHARTS
- SELL HIGH AND BUY LOW, JUST LIKE A BANK!
Enter Signature
  • #786
  • Oct 10, 2013 1:57am Oct 10, 2013 1:57am
What have I learned? OMG.......

1ST- to answer the actual question about tactics, i learned you will miss the best trends waiting for that 1-2-3 pullback and then buy as soon as the 3rd bar is taken out to show the trend has resumed. Especially on daily charts.

NOW THE GOOD STUFF!!!!

 

    1. WE ALL WANT IN ON IT. THAT'S WHY WE ARE HERE ON FF!!!

      Guys and Girls, seriously, look at all the people who get very rich, very fast. It is the people who know how to "make money turn." The work 30 years at a company and retire tactic...that doesnt do it for many people any more. Even if you could do it, the truth.....people brought up on the Internet do not have the mind set to stay at one job for 30 yrs like pour parents did. Then you go to people who start their own business and have to "watch the store" day and night to make sure they dont't get robbed. Or you can go to college and become ........what...? Nothing against them but all the minorities and people with names you cant pronounce are being given those jobs so fast you'd think the govt was paying the hospitals and corporations money under the table to hire these barely qualified people. (More power to em if they can get away with it.) So that leaves basically 2 things:

      1-People who make money on the Internet and maybe getting to go public...or...

      2-People in finance. People who are the stock brokers, Forex Dealers that keep going in and out of Business and never get fined, let alone prosecuted.

      3-iNSIDE TRADERS

      4-Guys who work at lending institutions and make up theri own "derivitives to sell nobody even knows what the heck they are

      5-And lastly...guys like us...The George Soros, Paul Tudo Jones, Edwin Lefevre wanna bes. The people that make nothing and produce nothing...THEY JUST PASS MONEY BACK AND FORTH IN SOME WAY. THAT IS WHY WE ARE ALL HERE. WE KNOW THE FUTURE FOR PEOPLE WHO JUST "SELL" THINGS IS VERY LIMITED AND ALMOST OVER!

      I bet if you look at the % of people who are milllionaires that produce nothing and add nothing to the world has gone up 20 fold since the 80's. Here is the good news. I have been in this game over 15 years. It is not a zero-sum game as they keep telling you. If it were all the people with their 401k's would all go broke. Instead 85% of them make out very well. When you trade you have one opponent....you! This is not boxing where the guy who is in better shape or is more of an animal wins. In this game, there is no special quality to make a living trad9ing. But....here is the trap...... there are a lot more people who will some day be able to win money in trading then will ever be able to make a good living at it. So ask yourself...if I can break even every year, or just pay for the wifes valentines day cruise we go on each year, will that be enough? If it is, you have a big chance to make it. If it isnt........?????

      Anyway, many of you know me under this and I think its daytrader 44 and 2 other names as I kept losing all my info to log in when taking a long break, but those of you who know me know I do pretty well. I am considering starting up another trading class and if any one has any interest, let me know. Also if you just want to comment on my comment, that's fine too.

      And one more thing to make all of you sleep better. In Forex this past year especially, things have changed. A loooot more people who used to be able to call themselves professionals are now working back as Burger King Asst Managers or back at their old job and they dont know how it happened. I can tell you. But it would bore you. So heres one or two things. The Forex Market as well as oil and many others do not retrace to give you a good spot to join the trend anymore like they used to. Why? Trading unlike the 90's where it then was a zero-sum game was retail trader against retail trader. Now 85% of the money is traded by computers with specific algo's. And getting that nice A,B,C, retrace first is npo longer part of the code! You notice the way price will jump for one or two 15 min bars and go sideways to down for another 2 hrs and then jump for 10 min and the day is done. Its all choppy sailing till the close? You bet your not the only one. Look how they managed to pump up (or down actually) the JPY on the daily bars for months without giving us normal retraces to join the trend with the big boys. Now when you got eh retrace that retrace was really a "trend over" signal.

      In other words...In George Soros's hayday along with most of the big traders in the 90's they were trading against banks and hedge funds sure...but they were still going up against human beings. Now they are up against computer programs that either stop dead on the daily pivot and then do nowhere, or stop right on the .618 fib number and then just sit there for 7 or 8 bars. The game has changed boys. You dont even here the snake oil salesmen and con-men talking about greed and fear anymore!!! Why? Because computers do not get greedy or fearful. I have seen movement done on such tiny volume it is unreal. And then when volume increases 5 fold it turns out to be a small doji bar! The entire trading world is upside down boys. And as usual......the house wins. And all of your friends with their aggressive 401k's that do not spent 5 minutes a month looking at a stock or CNBC or ever buy a book on trading...well they are getting 15-30% and more on their returns with buy and hold, and how do you feel when they know you lock yourself up in your room/office all day long and you havent made the rent one month all year! How do you feel about that?

      PM me if you have any suggestions.

    1. Silat50

      http://assets.forexfactory.net/nfs/c...ar300595_2.gif
      493 posts

  • #787
  • Oct 10, 2013 2:01am Oct 10, 2013 2:01am
Quoting gg1
Update on lessons learned: Sell high and buy low. Just like what the big banks do. Remove the MT4 app icon from my iPhone and my desktop. Making it harder to access MT4 (less meddling). Aim to trade based on charts which are zoomed out A LOT. Strive and aim to trade as less frequently as possible. And just work off VERY MAJOR/OBVIOUS horizontal s/r levels and let time do the 'work'. - USE STOCHS - CHART PATTERNS - TA - FIBONACCI RETRACEMENTS. - TRADE ONLY DAILY CHARTS - SELL HIGH AND BUY LOW, JUST LIKE A BANK!

gg...hAVE you noticed that buying when price goes thru a certain fib number and does not bounce or even retrace is much more profitable. Ig I could change one tactic in my trading that would be it. Every system known to man that is sold on the Internet , 90% say wait for a pullback. IT DOESNT WORK ANYMORE IN THE AGE OF COMPUTER GENERATED VOLUME WHICH NOW ACCOUNTS FOR ABOUT 85%. Computers do not get greed and fear.
  • #788
  • Oct 20, 2013 6:05pm Oct 20, 2013 6:05pm
Quoting Silat50
{quote} gg...hAVE you noticed that buying when price goes thru a certain fib number and does not bounce or even retrace is much more profitable. Ig I could change one tactic in my trading that would be it. Every system known to man that is sold on the Internet , 90% say wait for a pullback. IT DOESNT WORK ANYMORE IN THE AGE OF COMPUTER GENERATED VOLUME WHICH NOW ACCOUNTS FOR ABOUT 85%. Computers do not get greed and fear.


I only use the 50% fib, which is a more reliable and valid fib to use, rather than the 61.8% one.

Silat50, you say that computers don't get greed and fear. But who programs these computers? Humans of course, who ARE prone to greed and fear.

The reason why people say wait for a pullback is because, with 90% of good trades, often there is more than one chance to enter the trade.

Reason for this is stop hunting done by the big banks.
Enter Signature
  • #789
  • Oct 21, 2013 3:15am Oct 21, 2013 3:15am
Quoting Silat50
{quote} gg...hAVE you noticed that buying when price goes thru a certain fib number and does not bounce or even retrace is much more profitable. Ig I could change one tactic in my trading that would be it. Every system known to man that is sold on the Internet , 90% say wait for a pullback. IT DOESNT WORK ANYMORE IN THE AGE OF COMPUTER GENERATED VOLUME WHICH NOW ACCOUNTS FOR ABOUT 85%. Computers do not get greed and fear.

But in a way if we mostly trade against computers isn't this an edge for us? In a way...?

We can always use EAs for managing exits which is the hardest part anyway...
  • #790
  • Oct 21, 2013 5:18am Oct 21, 2013 5:18am
After awhile of trading, I've learned that trading is mostly about exits. That and the tape doesn't lie, trade what you see. Oh, and trends are real, especially in high leverage products. I am not trading to be the most intelligent guy in this game who thinks the market should go my way against the direction it is going and everyone should follow me. I am trading to make money. Learned to keep it simple that way.
  • #791
  • Oct 21, 2013 4:27pm Oct 21, 2013 4:27pm
Most important lesson I learnt was to have the unwavering conviction & belief in my own strategies - especially when I am going through a bad patch which happens from time to time.
  • #792
  • Oct 21, 2013 6:42pm Oct 21, 2013 6:42pm
Learn the possibility of making money using IT.
Trading is something special.
  • #793
  • Edited 3:09pm Apr 26, 2016 2:52pm | Edited 3:09pm
Just an update...

1) That successful traders work harder than any doctor or lawyer, go through more pain than any athlete or rock star, endure more ridicule than any politician and are the most deserving interesting people alive ... consequently; they are incredibly rare

2) That people who talk a lot rarely walk a lot

3) That delusion is more comfortable than reality but no where near as rewarding

4) The world is rigged, but that's the fun of it

5) As long as I can see the sun set and sun rise... there's a lot to fight for

6) Wining and losing are just words, Everything in between is a process you can either run from or embrace.

7) Diamonds are forever and take an incredible amount of time in the dirt and underground under the most extreme presure and heat before they are appreciated as bright sparkling rocks ... The hardest in the world in fact


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Time hides Nothing
  • #794
  • Apr 26, 2016 3:53pm Apr 26, 2016 3:53pm
Quoting CindyXXXX
Just an update...
Insightful and eloquent post IMHO.
  • #795
  • Apr 26, 2016 4:16pm Apr 26, 2016 4:16pm
CindyXXXX,

I have learned that the phrase "perfect practice makes perfect" becomes so meaningful in the trading arena. Will share more on this subject I truly feel all new traders must see when I have the ability to start a thread.
  • #796
  • Nov 22, 2017 6:20am Nov 22, 2017 6:20am
Quoting CindyXXXX
7) Diamonds are forever and take an incredible amount of time in the dirt and underground under the most extreme presure and heat before they are appreciated as bright sparkling rocks
This is gold

Also my 2cents...stop listening to every forum opinion and allowing them to influence you judgment. Start formulating your own theories, them test it, evaluate and repeat. If 95% of retail fail why do you think the 5% are posting here?
thinking outside the box
  • #797
  • Nov 26, 2017 3:38am Nov 26, 2017 3:38am
(Seems almost hypocritical to even speak nowdays but here i go... an un finished ignorant pup)


ive learned that the ignorant fool spouts wisdom from the top of his head

And the truly enlightened speak with their actions efficiently killing demons

ive learned that at the speed of light we stay in the moment in reality which is all that matters right or wrong and that any hesitation will get you killed.

Ive learned that people avoid pain as a reflex action and that growth is made by acceptance of pain and conversely gain.

In this way at some point in your life you will “tap out” and settle which is absolutely fine, if it brings you the peace (we all crave)

Ive learned that the market is a misunderstood problem child who craves nothing but understanding yet in its action comes accross as a violent psychopathic scociopath. But is simply a manifestation of its very designer and the human condition

Despite this we can find clarity if we are so inclined to wade through the mud. If it is truly what we wish.

Ive learned that when i love others i love myself more and when i hate others i hate myself more, and went through many markets cycles to see this, and accept this.

Ive learned that life is truly amazing and that humans are very deluded individuals often distracted from this one simple truth

But most of all I’ve learned that the market is a beautiful machine, a learning machine an earning machine a product of human nature machine, an evolution of the collective zeitgeist... like the sun, an energy so potentially destructive yet at the right distance the maker of life itself to a lucky few.

ive learned that the top is no differemt to the bottom, that to walk on water is the same as to walk on land.




Inserted Video
Time hides Nothing
  • #798
  • May 21, 2018 12:56pm May 21, 2018 12:56pm
Ohhh ... YES! I have learned to drop nearly everything i collect through my travels here. The only i have now is the line chart and a simple line for a level i trade from.
The BEST i have, is from a member who shared in a few posts ALL you need and changed complete how i look to a chart.

Sorry for all members who not read his posts and do the best to stay in the market with the "top methods".
Perfection is the enemy of good enough!
  • #799
  • May 21, 2018 1:03pm May 21, 2018 1:03pm
Don't fight. Don't try to be a hero. Just go with the flow.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #800
  • May 22, 2018 1:10am May 22, 2018 1:10am
Quoting CindyXXXX
Tell me what you've learnt in your trading experience I'm talking about everything BUT the entry and strategy side of things Yea yea patience and all that... give me something new What have you REALLY learnt - ?
Hi since this thread IS old but still its worth to answer this ...
As i have already posted in many threads about my journey on how i became a consistently profitable trader.

Besides what i learnt is there is much misinformation rather than some useful content on how to properly approach the forex markets in many internet forums.

Conventional methods or trading systems most of the time wont work exactly as the rules written in the manual.

To my knowledge the most of the useful and effective information about forex,stock trading [be it a trading system or indicator or some secret cycles,strange fibonacci equations,complex mathematical models,chaos theory etc] is not and never be available in the public domain.
No one ever Discovered anything new by colouring inside the lines.
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