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How jumping from system to system can cost you your life

  • #61
  • Aug 30, 2018 4:20am Aug 30, 2018 4:20am
DO NOT STICK WITH A SYSTEM THAT DOSEN"T WORK!

I strongly believe you need your own system tuned to your personality,
and the way you see the market though your own eyes.

1. Find a price behavior you connect with.
2. Find the time of day you connect with
3. Find the pair or pairs you connect with.

Then focus in on creating your own system, for your personality, your best time of day.
Do not try to master everything... You only need to master one thing, one setup, one time of day.. And you have made it!

Remember to be good at anything takes 10,000 hours.. So enjoy the process until you find success!

Me? I love London open.. I hate Usa session. I scalp mainly on support/resistance as the European banks are opening.
I know how much my pair moves in the average London session. I watch dax and bunds and dollar index to see if anything weird is happening in Europe.
I take draghi days off. I may take a day off if I don't like what I see. I know what size candles I should expect. I know everything I can possibly know about my pair at London open!
The only system that will work is one designed by and for yourself.
  • #62
  • Aug 30, 2018 4:28am Aug 30, 2018 4:28am
Quoting loozers
Quoting cat
{quote} How do you acquire the real knowledge, ll books are written by failed traders and educators? Every education scam artist wrote books , after failing to make money in the markets, like the 99 % club. The first thing traders should learn is trading psychology, apply it to real trading scenarios , then be in the market to trade.Before I became good at trading after learning trading psychology in the fullest , I had to learn trading psychology for 4 years. https://www.forexfactory.com/showthread.php?t=809399
...
Totally wrong in my opinion. You acquire real knowledge through trial and error, lots of it. Once you have acquired it, the psychology tends to take care of itself. It can still be a big challenge, but it is a lot easier to remain disciplined when you actually know what you are doing.

You say you learned psychology before you learned how to trade, but I would say this is impossible. learning how to trade and building the psychology needed to take consistent profits from the markets have to run hand in hand, in that by the time one has learnt how to correctly predict price movement, the psychological challenges will have been greatly diminished, and there's nothing like creating the required trading psychology than the confidence and self-belief that comes from knowing how to read the markets.
  • #63
  • Aug 30, 2018 4:40am Aug 30, 2018 4:40am
Quoting cat
I am not much of a believer in the teaching of trading, although I think that experience can be passed on to help others, but some of you may find the following series of interviews with this guy, Francis Hunt, who is a mate of mine, helpful. He has a great deal of experience and knowledge of the markets, and is very good at communicating it to others. https://www.youtube.com/watch?v=pKQSVC8kHvo&index=1&list=PL7BbDF6SP86KMcBk81ueQyK9NrTZfF4uA

he is good , i ignored one of his points and lost $10k , so worth listening to him
  • #64
  • Aug 30, 2018 4:49am Aug 30, 2018 4:49am
Quoting richyRich27
While Im waiting, eco, can you tell me which brand of darts you use to make that piddly 9.5% per month? just curious.

If you are trading 1000 AUD per pip and that is 1% of your trading account then you have a 100,000 AUD trading account. To trade 1000 AUD per pip you would have a margin of 389000 AUD, which in excess of your account and you would have a margin call and would not be able to open a position. To trade 1000 AUD per pip you would need to have a 1,000,000 AUD trading account, so that you would not get a margin call.
Don't wait for the wind, take to the oars.
  • #65
  • Aug 30, 2018 5:00am Aug 30, 2018 5:00am
Quoting Pleiadian
{quote} If you are trading 1000 AUD per pip and that is 1% of your trading account then you have a 100,000 AUD trading account. To trade 1000 AUD per pip you would have a margin of 389000 AUD, which in excess of your account and you would have a margin call and would not be able to open a position. To trade 1000 AUD per pip you would need to have a 1,000,000 AUD trading account, so that you would not get a margin call.
Wow, I thought I had insanely aggressive leverage policy.

The idea is that your expected loss, not a single pip is your 1-2-5-12 percent of your capital, not your pips dollar size.

Thats the conventional wisdom on forums anyway, which I ignore completely.
  • #66
  • Aug 30, 2018 5:08am Aug 30, 2018 5:08am
Quoting richyRich27
ah...12 cents per pip? or is that the sum of the expected win. when you minimum trade over 1000 per pip aud, you can wear your big boy pants
You claim you trade 1000 AUD per pip. What is your risk?
Don't wait for the wind, take to the oars.
  • #67
  • Aug 30, 2018 5:11am Aug 30, 2018 5:11am
Quoting SenSi
A calm sea does not make a skilled sailor. When the student is ready...you masters appear but blindness, ah, blindness. I have found that there are only 9 fucktards in the world....they just move around a lot. Great thread richyrich27! I side with you. One must set up THEIR system and compare it to what BS they have entrenched in their toolboxes. Then it seems, the wisdom of the ages opens up. New level after level is achieved like if 80% of the world is being pressure regulated by computers. Math is math. Vectors are vectors. Frequency is frequency...

You're killin it Sensi, I love your work.
  • #68
  • Aug 30, 2018 5:18am Aug 30, 2018 5:18am
Quoting richyRich27
{quote} Wow, I thought I had insanely aggressive leverage policy. The idea is that your expected loss, not a single pip is your 1-2-5-12 percent of your capital, not your pips dollar size. Thats the conventional wisdom on forums anyway, which I ignore completely.
Here are the new ESMA rules on leverage, which came into force on the 1st August 2018

30:1 leverage on major currency pairs = 3.33% margin
20:1 leverage on major indices = 5% margin
10:1 leverage on commodities (excluding gold) = 10% margin
5:1 leverage on equities = 20% margin
Don't wait for the wind, take to the oars.
  • #70
  • Aug 30, 2018 5:31am Aug 30, 2018 5:31am
Quoting Pleiadian
{quote} You claim you trade 1000 AUD per pip. What is your risk?
In answer to your question, my risk is routinely ridiculous.

Im not from Europe, couldnt give a fuck about ESMA, if they tried to impose those draconian rules on me here, Id take my slab of cash and trade where they respect the investors rights. If they did that here, Id renounce my citizenship. They'd lose all future rights to taxes.
  • #71
  • Aug 30, 2018 6:19am Aug 30, 2018 6:19am
By the looks of things, the max leverage you can get in Aus is 500:1

Using USDJPY as an example.

the formula is

(0.01 (number of positions to the right of the decimal point) / 111.61 (current price)) * 11 000 000 (11 standard lots) = 985 per pip

looking at margin requirements @ 500:1 for that trade size requires 30,155 Ausi dollar. Looking back at your posts you said here

https://www.forexfactory.com/showthread.php?p=11154041#post11154041

you said in reference to your risk "I use 30%" followed by

"I know I can get out with a 5 pip loss and 9 out of 10 times Im right...so the 100 pip stoploss although there just for black swan events, is rarely executed."


So you set a 100k stop but get out at 5 pips. Given that you seemingly know within the context of market noise which occurs on all currency pairs where price ping pongs at least 5 pips, are you honestly trying to tell everyone that you are able to decipher what is noise and what is price reversing on you? What about the dozens of examples daily on any pair where this noise can have wider ranges.

All complete bullshit. That being said, you are clearly headed towards a complete inevitable meltdown based on your posts like this one:

" Im on my way to 200 lots or around $2000 per pip (20 mio)" available here https://www.forexfactory.com/showthread.php?p=11104630#post11104630
  • #72
  • Edited 7:26am Aug 30, 2018 6:36am | Edited 7:26am
let me worry about my "inevitable meltdown"

Im not telling everyone anything. The few fragments I reveal are offered purely within the conversational context of any given post. I am not here to teach, Im here to chew bubblegum and kick ass.

maybe I hope to inspire.
  • #73
  • Aug 30, 2018 8:05am Aug 30, 2018 8:05am
Here come the drums !!
Here come the drums !!
Here come the drums !!
  • #74
  • Aug 30, 2018 8:06am Aug 30, 2018 8:06am
KA BLAM !!!!
  • #75
  • Aug 30, 2018 8:19am Aug 30, 2018 8:19am
Quoting cat
{quote}{quote} Totally wrong in my opinion. You acquire real knowledge through trial and error, lots of it. Once you have acquired it, the psychology tends to take care of itself. It can still be a big challenge, but it is a lot easier to remain disciplined when you actually know what you are doing. You say you learned psychology before you learned how to trade, but I would say this is impossible. learning how to trade and building the psychology needed to take consistent profits from the markets have to run hand in hand, in that by the time one...

The statistics are 95 % +++ plus lose , actually the figure is much worse more like 99 %, the other four % have accounts with multiple brokers , therefore 95 +4 = 99%. If you study trading psychology, it will confirm a psychological rationale why 99 % lose.

Learning trading systems without teaching psychology, is like teaching a headless chicken in the markets.The OP missed the most important aspect. There are surveys on this site confirming 90 % lose due to psychology.They are doing exactly ,what your opinion suggests, insanity is doing the same thing over and over again, getting same results.

I don't need the blind leading the blind , to make a rational conclusion, that trading psychology is why 90 % lose, despite having profitable systems.

https://www.forexfactory.com/showthread.php?p=11359925#post11359925

Psychology is 100% of trading success. This is because the human with a mind is going to execute the trades and a trader’s brain command centre makes all the trading decisions.The brain’s command centre can shut down due to stress responses , in the middle of a trade. Emotions can override rational trading rules, systems and methods taught by educators.

Your subconscious mind will take over your trading ,during live trading , it will act like a autopilot with conscious awareness , blocking your rational brain and rational trading decisions , to protect you and your account from a loss .These actions by your subconscious are to fight, flight or freeze, if applied at the wrong time, all of which can be irrational decisions, acting irrationally against trader's best rational decisions.

Planning and executing involve different skills that draw upon different parts of the brain. Planning the trade is largely a function of your intellect, the prefrontal cortex PFC. You create your plan in a relatively calm state of mind with your PFC in charge. But when it comes time to execute the plan, other areas of your brain will become involved.
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  • #76
  • Aug 30, 2018 8:39am Aug 30, 2018 8:39am
Just closed in on an exceptional trade. Im catching up on sleep tonight.

loozers, trading psychology is such a tragic phrase.

Whats really meant is in real time, traders make "executive decisions" against the weight of evidence of their meticulously prepared and researched respective trading systems.

one could call it trading psychology, but what we colloquially call it is screw ups.
  • #77
  • Aug 30, 2018 8:49am Aug 30, 2018 8:49am
Quoting richyRich27
let me worry about my "inevitable meltdown" ..... I am not here to teach, Im here to chew bubblegum and kick ass. maybe I hope to inspire.
Yes, I believe it is to inspire in the only way you can.

Thank you.
  • #78
  • Aug 30, 2018 9:07am Aug 30, 2018 9:07am
Thanks, well I suffer from autism, so it gets kinda rigid.

Im a strict non-conformist. To my twisted way of thinking, I feel this attitude is a contribution, although I know petty noses get out of joint. I also understand people are fragile, it just annoys me that I cant see what you all see...

But then again, you could never see what I see.

Thanks for your words of support Sensi.
  • #79
  • Aug 30, 2018 9:31am Aug 30, 2018 9:31am
Quoting richyRich27
(in fact Im confident my non conformist attitude is a contribution...the world is f*ked up...I think my vision is of greater relevance than "normal" peoples. Im pretty sure you emotional creatures are the broken ones )

NO EMOTIONS INVOLVED IN TRADING , OR USING TRADING SYSTEMS. Most traders trade emotions ,not their systems.

You have all the charlatan educators preaching psychology, but they can't trade for a living and do it.

https://www.youtube.com/watch?v=gxJ08XQv8Mk
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  • #80
  • Aug 30, 2018 11:03pm Aug 30, 2018 11:03pm
Quoting Pleiadian
{quote} You claim you trade 1000 AUD per pip. What is your risk?
I just want to make it clear that Im not advocating for others to do what I do. Using high leverage causes dramatic reduction in account balance if you dont have the safeguards I impose on my system which I am not prepared to share.

Low leverage is incredibly safe providing your system performs and you will slow and steady get to the high numbers.

I have had my setbacks with high leverage and I feel I have now ironed out my bugs. I will not always trade high leverage, I am taking this account to 2000 per pip, which is my brokers maximum. From there Im just going to coast along. Maybe open a couple other accounts and triple it to 6000 per pip. This level of trading is more than satisfactory to me for a while.

So thats the purpose and meaning of my high leverage plan. I actually look forward to trading at low levels of leverage, but not at numbers under 2 million, that would be excruciatingly slow for my sensitivities.
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