No skill in trading! | Page 4 | Forex Factory

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No skill in trading!

  • #61
  • Mar 18, 2019 10:00am Mar 18, 2019 10:00am
Quoting AlexImam
skill is everything in Forex trading and there is no way to survive in here without most powerful analyzing trading skill ,but it not works for all time , for working your trading skill at all times do practice regularly , otherwise no way to survive.
i agree with this entirely.
  • #62
  • Mar 18, 2019 11:12am Mar 18, 2019 11:12am
Quoting ChristinaL
I have to massively disagree. Whilst I agree to some degree that trading can be perceived as gambling, i do believe earning continuous profits does require some sort of skill. Serious traders follow economic news and trade according to timing etc. Unlike actual gambling, forex trading does require one to know when to place a trade, what currencies to trade and when.
I don't even think that trading has a gambling aspect, not if you're taking it seriously and you're actually bothering to do analysis.
  • #63
  • Mar 18, 2019 12:10pm Mar 18, 2019 12:10pm
Quoting DemoForever
I wish someone had told me years ago, it would have saved me a lot of time, effort and money! This "It takes 10,000 hours to master a skill" might well be true, but in my opinion trading isn't one of them! The sooner the frustrated trader realises that trading is just following some trading rules, carrying them out to the letter, the sooner they can sit back and just trade without the stress of searching for something that isn't there! Just my opinion.
Code EA with relevant rules and forget about stress. Every manual system can be coded I guess, except for intuition-based trades, though I don't believe in them.
  • #64
  • Mar 19, 2019 8:41am Mar 19, 2019 8:41am
Quoting MonkeyPlanet
{quote} Code EA with relevant rules and forget about stress. Every manual system can be coded I guess, except for intuition-based trades, though I don't believe in them.
Forex market don’t follow any specific rule; so having a fixed trading system based on EA is not useful in a long run according to me; manual trading is much flexible to use.
  • #65
  • Mar 19, 2019 10:30am Mar 19, 2019 10:30am
thanks for getting back to me, very helpful
  • #66
  • Mar 19, 2019 10:58am Mar 19, 2019 10:58am
Quoting Adelhard
{quote} Forex market don’t follow any specific rule; so having a fixed trading system based on EA is not useful in a long run according to me; manual trading is much flexible to use.

this is what i am hearing in general... i suppose if EAs were that good, why would people sell them lol
  • #67
  • Mar 20, 2019 10:18am Mar 20, 2019 10:18am
Quoting mlawson71
In my opinion, the sheer amount of rules one has to learn to trade well in the many different situations that occur on the market amount to having trading skills.
Certainly hope I have picked up some trading skills along the way

Learnt early on not to follow others or the next best strategy/rules for entry blindly.

Learning to analyse the charts and find my own entries was the best path to take by far.
  • #68
  • Mar 20, 2019 10:55am Mar 20, 2019 10:55am
Quoting RachFX
{quote} Certainly hope I have picked up some trading skills along the way Learnt early on not to follow others or the next best strategy/rules for entry blindly. Learning to analyse the charts and find my own entries was the best path to take by far.
I wish I had learned that lesson too earlier than I did - not following others' advice blindly that is.
  • #69
  • Mar 20, 2019 11:55am Mar 20, 2019 11:55am
Quoting mlawson71
{quote} I wish I had learned that lesson too earlier than I did - not following others' advice blindly that is.
Hind sight is a wonderful thing!
But at least you are looking at things with the right perspective now
  • #70
  • Mar 20, 2019 3:18pm Mar 20, 2019 3:18pm
Quoting DemoForever
I wish someone had told me years ago, it would have saved me a lot of time, effort and money! This "It takes 10,000 hours to master a skill" might well be true, but in my opinion trading isn't one of them! The sooner the frustrated trader realises that trading is just following some trading rules, carrying them out to the letter, the sooner they can sit back and just trade without the stress of searching for something that isn't there! Just my opinion.
It's a skill, but a skill in the sense that you've defined. As soon as money is involved, you can't merely say "just follow some rules." Suddenly, all this irrational stuff starts to pop up, and it takes both time and experience (and yes, skill) to be able to discipline yourself into understanding that these are 'just rules'.

Let's say you have a good, proven system that you throw 10k into. You've back-tested, forward-tested on a demo, but your first outcome is a huge loss due to some special rule with stop losses. You will be less willing to take another trade now, even if you 'know' (statistically) you'll make it back within a week.

It takes skill to get over that and act probabilistically.
  • #71
  • Mar 21, 2019 1:17pm Mar 21, 2019 1:17pm
Quoting RachFX
{quote} Hind sight is a wonderful thing! But at least you are looking at things with the right perspective now
Well, I am trying to, at least. I think one should learn something new every day.
  • #72
  • Mar 24, 2019 11:45am Mar 24, 2019 11:45am
Quoting ChristinaL
{quote} this is what i am hearing in general... i suppose if EAs were that good, why would people sell them lol
Correct
  • #73
  • Mar 25, 2019 8:44am Mar 25, 2019 8:44am
Quoting mlawson71
{quote} Well, I am trying to, at least. I think one should learn something new every day.
Basically, having a learning mind is important; instead of targeting daily or weekly basis.
  • #74
  • Mar 26, 2019 6:32am Mar 26, 2019 6:32am
Quoting ZikriIrfan
{quote} Basically, having a learning mind is important; instead of targeting daily or weekly basis.
A poor mindset to have if all you focus on is the profit targets, creates unnecessary pressure too.
  • #75
  • Mar 26, 2019 11:43am Mar 26, 2019 11:43am
I think it is good to have trading targets, but not to chase them at any costs when you see it's not working.
  • #76
  • Mar 26, 2019 2:34pm Mar 26, 2019 2:34pm
Quoting mlawson71
I think it is good to have trading targets, but not to chase them at any costs when you see it's not working.
What sort of targets do use?
  • #77
  • Mar 28, 2019 6:58am Mar 28, 2019 6:58am
Quoting RachFX
{quote} A poor mindset to have if all you focus on is the profit targets, creates unnecessary pressure too.
It’s true & that’s why many traders lose their momentum since; they are with a wrong mindset.
  • #78
  • Apr 9, 2019 10:55am Apr 9, 2019 10:55am
i need a scalper who is really experience in scalping that brings profit in a short time , if there is anyone please contac me.
  • #79
  • Apr 9, 2019 11:10am Apr 9, 2019 11:10am
Quoting ZikriIrfan
{quote} It’s true & that’s why many traders lose their momentum since; they are with a wrong mindset.
Lose their momentum since what? I don't follow.
  • #80
  • Apr 10, 2019 8:49am Apr 10, 2019 8:49am
Playing football requires no skill. it is just kicking a ball about. Or, is it a case that the people who train hardest, have the desire and maybe an element of natural ability make it. 2009 Telegraph article stated 90% of footballers in the top division academies fail to turn pro. I wonder where we have heard that 90% touted before?

There is no skill in writing a book. It is just putting words on paper. Or is it a case that the people who get published, try and try again, they market themselves better than anyone else, have the desire to drop everything to succeed? The Huffington post had a stat saying that 80% of Americans would like to be an author. In 2011, only 329,000 books were published - you can do the maths on that one...

Getting into Oxford University is easy, you only have to answer a couple of questions. Stats from 2016 show that only 17% of applicants got into Oxford university in 2016...

I could go on and on and on. But the statistics are all round about the same in any endeavor - you have about 10%-20% chances of being successful in any endeavor that you choose. And on the basic side, everything is pretty simple and requires no 'Skill' to partake. However, if you want to be a top 20%er, you need to work, and dedicate. Trading in itself is not a 'skill'. it is based on a number of different traits, which ultimately build up to the trading 'skill'. There are plenty of people on FF who have been successful over the LONG term, in actual fact for those that publish live accounts, I can probably bet on it being about 20% of them accounting for 80% on the profits...

That is not luck. Daniel Negraneu, Fedor Holz, Phil Helmuth, are all great poker players... a game characterized as being gambling... yet htey are consistently profitable... why? Because they have worked hard and dedicated themselves and have skill.

You may not want to hear it, but maybe you are just devoid of the capability to be successful, and profitable. maybe you personality is not geared for taking the risks, taking the knocks, and taking the time to learn and become skillful.
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