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Attachments: Can YOU make money as a professional trader - Redux
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Can YOU make money as a professional trader - Redux

Rule # 10 Never believe anything you see, hear, read, or think.

First off, what you see, hear and read. People tell a lot of stories, some of the deliberately false to mislead you. But most often, you will see the ones who want their ego stroked.

I recall this one guy that was showing off his predictive powers using Elliot wave. He had a lot of people fooled so I started doing the same. I was calling exact direction, all the turning points. And then revealed my secret to how he always had the direction right.

He took screen shots and waited for the markets to move. Then he drew the waves on them and took current screen shots and posted them together. And people believed him. Why? Because they wanted to believe that markets are predictable and they can beat this game. It was so easy to see if you took the time to look. I had already discovered that the market is not predictable so it was easy for me to expose his ego trip.

But there is even a more powerful force that will ruin your trading account. It's a big one ---> Don't believe everything you think.

This one is so big, so much of a game changer that getting this point right may be your turning point. I think it may have been mine. I am going to drive this point home in my next post. For now just contemplate this point - DON'T BELIEVE ANY THOUGHT THAT COMES INTO YOUR BRAIN.
Ecclesiastes 1:9
Don't believe every thought you think. I will say that even stronger, don't believe any thought that you think. Like anyone elses posts on this forum, where is the proof that your thoughts are correct?

This is very important. When it comes to trading, 95% will fail. Yet inside our heads, we think we are the special ones, the 5% that are winners. Get that thought out of your head unless your account shows otherwise.

I know in life, positive thinking does work. We will attract that which we dwell upon. "The Secret" is a movie based on that very premise, we will attract what we think. As one author states, "Thoughts become things." But the trading world does not work that way. You can't "attract" money into your account. You have to earn it.

You have to be like the tiger, waiting in the tall grass (ie holding no positions) and wait for your prey to get close enough for you to attempt to capture it (like waiting for the pin bar and the reversal candle). And like the tiger when it misses the prey, it does not keep chasing (holding losers that have signaled a turn against your premise), the tiger gives up and goes back into the tall grass (holding no positions) and waits for the next opportunity.

Your account balance will tell you if you are the 1 in 20 people that will make it in this business. If you are constantly taking money out of your account, congratulations - you are part of the 5%. If you are constantly putting money into your account, you are still in the 95% who lose at trading.
Ecclesiastes 1:9
Quoting newbegger
Don't believe every thought you think. I will say that even stronger, don't believe any thought that you think. Like anyone elses posts on this forum, where is the proof that your thoughts are correct? This is very important. When it comes to trading, 95% will fail. Yet inside our heads, we think we are the special ones, the 5% that are winners. Get that thought out of your head unless your account shows otherwise. I know in life, positive thinking does work. We will attract that which we dwell upon. "The Secret" is a movie based on that very premise,...
Thank you. This keep me on the track
Quoting Rennaissance
{quote} The desire for constant action irrespective of underlying conditions is the cause of many losses among speculators. Basically everything works some of the time, you cannot make money consistently with a strategy trading in all market conditions. If you don't know how to analyse the condition of the market, forget about being a consistent winner. Your strategy will be on and off.
Exactly, good point! Looking for a good solution since a while. Knowing - when not to trade/turning off the system. Guess thats a wild goose chase
It has been a while since I posted here. One rule that has kept me out of trouble is to be patient. It is ok to miss a move. It is NOT ok to get in early on a carry trade (in retail forex there is interest differential) and hold on for dear life hoping the trade will turn around. And all the while you are grinding out losses each day 30x the carry.

Trade the chart for big gains, forget about the interest as it;s a carrot to get you to chase,
Ecclesiastes 1:9
Great thread for newbies, kudos. Here's my rules I stick to
RULE 1: Never predict the market, if your system has predicting elements or say discretionary, you are almost deemed to fail 95% of the time.
RULE 2: Execution Efficiency, can you execute your system with 100% efficiency? Newbies always fail with this.
Quoting Fmz
Ofcourse you can make money as a professional trader but you have to understand, even before you start trading and creating the first Demo account, that this is one of the most difficult endeavors possible. You have to fully commit yourself to this job for years, and be prepared to endure a lot of pain, struggling and money loss .
Words of harsh reality.
Quoting newbegger
It has been a while since I posted here. One rule that has kept me out of trouble is to be patient. It is ok to miss a move. It is NOT ok to get in early on a carry trade (in retail forex there is interest differential) and hold on for dear life hoping the trade will turn around. And all the while you are grinding out losses each day 30x the carry. Trade the chart for big gains, forget about the interest as it;s a carrot to get you to chase,
just completed the whole read. big thanks!
  • Post #110
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  • Edited 12:53pm Aug 15, 2019 12:34pm | Edited 12:53pm
liked the thread , post-mortem of every losing trade is very important Why Oh Why did I lose?? > i wished i had known that before. it would have cut down my learning curve to be profitable consistently, much earlier. true winners will never ever tell ya the secrets. that's sad about this trading occupation>> you learn the hard way.
Newbegger, great advice, but for me the golden rule of trading is: DYOR (Do Your Own Research).
I think that trading is one of the most interesting and promising businesses that exist today. That's because here you can work with different investments and have a positive result. Of course, there are certain risks here and each of us faces a number of different problems, both financial and emotional. And we also have a lot of stress and fear, but on the other hand, this can happen in any business. I am for taking trading as seriously as possible, this business can bring good money and even satisfaction. It's a great job, which requires a lot of effort, but it is justified by the results...
My schedule has kept me busy but I Will try to revive this thread or maybe start a new thread.
Ecclesiastes 1:9
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