What's The One Thing That Made All The Difference? | Forex Factory

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What's The One Thing That Made All The Difference?

  • #1
  • First Post: Oct 9, 2018 11:06pm Oct 9, 2018 11:06pm
In just one hour I've made $3k. In less than a day. I've lost $6k. I couldn't sleep nor could I breath But I know this is one I want to do.

In 12 years. I've invested and lost over $100k and have tested several systems, mechanical and discretionary. I've paid for live chatrooms and EAs (several of it) Neither of which works until I'm forced to trade on my phone.

Everyday I turn on my Samsung galaxy s3 and only focus on trending markets. Market that shows currency pairs that are on a pullback. I usually make my money in Asian session or Pre London close. I never once make money between London open and New York open.

That was in 2013. Since then I got greedy and lazy and proceed to lost 3 accounts.

I've had a hell of a ride between 2014 and 2016. Made 80% in one month. Lost money for mortgages. Made $250 in one day and $500 in 2 mins. Nothing last. Being bold can only bring you far. Being conservative and small balls made me grow my small account faster.

In 2018, I've gone back to trading pullbacks. Its slow and small. But it's consistent.

What about yours? What is that one thing that made all the difference?

Is it one strategy? Is it the trading plans? Is it the setup?

Please share.
You're going to pay a price for every bloody thing you do and don't do
  • #2
  • Oct 10, 2018 3:23am Oct 10, 2018 3:23am
I know people are looking for that magic golden bullet, that one thing that suddenly clicks, that we can look back on as the defining moment in our trading career as the one which turned it all around, and maybe there is one, but for me it has been a process, and so in one word i would simply say ' experience '. If there was one thing which I can identify as having made a big difference to my trading, then it is going for the trades - trusting my ability to read the price correctly more often than not, and taking the trades, but that only comes right at the end, when you have the knowledge and experience needed to be successful, because without it, nothing will help.
  • #3
  • Oct 10, 2018 4:07am Oct 10, 2018 4:07am
Less trades helped me somedays i dont trade twiddle the fingers whilst i wait but less trades helped and takinga longer set up to appear and with less pips eg i now close on half the trade instead of waiting for the whole potential trade hope this helps
  • #4
  • Oct 10, 2018 4:52am Oct 10, 2018 4:52am
Quoting newbietofx
What is that one thing that made all the difference?
Coffee!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #5
  • Oct 10, 2018 7:55am Oct 10, 2018 7:55am
What made all the difference was finally learning not to be greedy and to close my positions on time when I saw that there was about to be a reversal, rather than stubbornly keep them open.
  • #6
  • Oct 10, 2018 6:49pm Oct 10, 2018 6:49pm
What about yours? What is that one thing that made all the difference?




Without getting into a long diatribe on "My Forex Journey" let me say this. There is no "one thing". I believe the 10,000 hour rule applies here just like most things. The only thing that will accelerate your ability to trade will be finding the proper education. So here what made the difference for me.

 

  1. You're 1# goal should be a "Independent Thinker". If you become dependent on Twitter, Forexfactory or any outside influences. You're wrong period.
  2. There are only 3 types of trades: Breakout, Pullback or Mean Reversion. You should be able to trade in all these environments.
  3. Taking something out when the trade goes in your favor. This is a good for you mentally and helps to be patient enough to see trades through to your target. Try it for 10 trades if you don't believe me.
  4. Meditate Daily 10-30 minutes or do the "Morning Pages"(Youtube Julia Cameron). It's not a matter of if it works or not. To me its more about disciplining you mind to do something you may not want to do.
  5. Fundamentals are important!! My definition of a "A++ trade" is only when the Fundamentals & the Technicals lineup. See USD/Yen drop today.
  6. Learn about the Commitment of Traders report.
  7. Love to learn about the Forex market but DO NOT love trading. Meaning if you're trading to entertain yourself or for quick money you've already lost. You've got to commit to a certain number of hours to educating yourself per week. You'll know you've made it when you've spent the weekend being prepared for Monday morning and all you have to do is execute.

I hope this helps someone.

  • #7
  • Oct 10, 2018 10:29pm Oct 10, 2018 10:29pm
The one thing from me, “Never DQ to initiate a trade, but use a stop-order ...”

Reasons:
1. By using a stop-order, we are at least making some kinds of planning ...
2. When a trade is initiated through a stop-order, the momentum is currently moving toward a positive territory although the market can always make a reversal at any time ...
3. When a stop-order is executed at a resistance/support, two things happen: (a) the broken resistance/support becomes a support/resistance ... (b) the last formed support/resistance can be used as a “reasonable” SL ...
Market is not random but unpredictable
  • #8
  • Oct 10, 2018 11:05pm Oct 10, 2018 11:05pm
relax, market always give lot of opportunity.
we don't predict, we only ride
  • #9
  • Oct 11, 2018 1:00am Oct 11, 2018 1:00am
Time
Maadik Hugiis. IQ 69.
  • #10
  • Oct 11, 2018 1:46am Oct 11, 2018 1:46am
Subs. Thanks and
Regards
  • #11
  • Oct 11, 2018 1:48am Oct 11, 2018 1:48am
4for4
"The one thing from me, “Never DQ to initiate a trade, but use a stop-order ...”
What is DQ. Thanks and
Regards
  • #12
  • Oct 11, 2018 6:13am Oct 11, 2018 6:13am
Happy to share this with you. I wrote this out for myself and put it into my plan [trading essentials] and it acts as a reminder.



Itīs really essential to see every set back as feedback. Unpleasant as it maybe, itīs an opportunity to learn and move forward.

Itīs also really, really important to be thankful and to spend some time everyday in gratitude.

Then, there another layer:-

I need focus, real focus. Concentrate on doing one thing, one thing only. Execute one plan, thatīs all. [It doesnīt exist if there are distractions, noise or ideas popping off in your head.]

Donīt make the mistake of trying to make your system better, make yourself better.

Take pleasure in the processes and developing the art of trading.... entry, managing and exit. [Never give yourself a hard time with trades that donīt work out, if you can honestly say, "Iīm giving my best."]

Donīt sit for long hours infront of your trading screens, in a state of inaction.

Hope it helps...
  • #13
  • Oct 11, 2018 7:55am Oct 11, 2018 7:55am
I would say 2 things: 1. Stop predicting the next move in the market!
2. Define your risk and it shouldn't make you boil up if a trade is going against you!
Manage your money like a fucking grown-up
  • #14
  • Oct 11, 2018 8:13am Oct 11, 2018 8:13am
Something else I learned that made a lot of difference - that I should trade when there is an open trading session. In my case those are London and NY. I avoid trading when all sessions are closed.
  • #15
  • Edited 8:26am Oct 11, 2018 8:15am | Edited 8:26am
Quoting newbietofx
In just one hour I've made $3k. In less than a day. I've lost $6k. I couldn't sleep nor could I breath But I know this is one I want to do. In 12 years. I've invested and lost over $100k and have tested several systems, mechanical and discretionary. I've paid for live chatrooms and EAs (several of it) Neither of which works until I'm forced to trade on my phone. Everyday I turn on my Samsung galaxy s3 and only focus on trending markets. Market that shows currency pairs that are on a pullback. I usually make my money in Asian session or Pre London...
Accept the losses, do not marry them.

And https://www.forexfactory.com/showthr...1#post11566801
POW!
  • #16
  • Oct 11, 2018 9:27am Oct 11, 2018 9:27am
Quoting goodways100
4for4 "The one thing from me, “Never DQ to initiate a trade, but use a stop-order ...” What is DQ. Thanks and Regards
DQ = Direct Quote ...
Market is not random but unpredictable
  • #17
  • Oct 11, 2018 3:15pm Oct 11, 2018 3:15pm
What really made me successful trader ... of course spent years front of chart ... lose a lot money in market... without that i wasn't be successful.. forex not something people can learn in few months or even 3 years.. it's take really long time.. i hate beginners who is selfish and they thinking they are forex Gods (unfortunately that forum full of them) ... what also made me successful is i realized i need to find comfortable way ... something that not making me stress all the time i need to feel peace.. that's why i worked in way that suitable for what i wanted .. there is alot of strategies but it's not clear exactly and you don't have idea what you will do if you went through bad period... i believe best trading way is that one you build by yourself after years of experience.. you same as tailor .... in the end i think we can't seperate strategy from money management etc... it's all one structure... in the end i think what really making different is trade in way you love and way making you feeling comfortable and confidence even in bad period... and last thing accept what market give forget about be rich un short period .
  • #18
  • Edited Oct 12, 2018 11:47am Oct 11, 2018 4:34pm | Edited Oct 12, 2018 11:47am
Quoting newbietofx
What is that one thing that made all the difference? Is it one strategy? Is it the trading plans? Is it the setup? Please share.

For me it was actually the combination of two things:
1) focusing on just one specific strategy and getting good at it through lots of practice.
2) being genuinely able to treat winners and losers the same.

I think it depends on what your personal weak spots are. Trading seems to be one of those things that very effectively finds your weaknesses and then punishes you royally for them.
  • #19
  • Oct 11, 2018 5:52pm Oct 11, 2018 5:52pm
candle timing, like looking at specific times when the market pushes.
  • #20
  • Oct 12, 2018 6:23am Oct 12, 2018 6:23am
Quoting Oldtraderman
{quote} For me it was actually the combination of two things: 1) focusing on just one specific strategy and getting good at it through lots of practice 2) being genuinely able to treat winners and losers the same I think it depends on what your personal weak spots are. Trading seems to be one of those things that very effectively finds your weaknesses and then punishes you royally for them.
I agree about both. I did not improve until I figured out what my winning strategy was. After that it was a matter of practice.
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