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To be successful... cut out the noise

  • #61
  • Dec 26, 2019 5:16am Dec 26, 2019 5:16am
Again here on this pair EUR SGD, same situation I probably missed 800+ pips, took 500, does this mean my exit is wrong? Am I going to cry about taking 500 points? I entered at the bottom red line & exited at the top red line.

People will say not to trade this pair etc, swaps are to high, spread its to high. But why are you worrying about that. So what if the broker is putting a spread on, 5 pip 10 pip 20 pip, I don't care.

Unless you're trying to only win 1 or 2 points then you'd be worried about this kind of stuff. People go from broker to broker, worrying about nonsense, have it in their head that a particular broker is trying to cheat them. Yes there will be some out there. But there is enough that are just normal financial institutions. People are so quick to play the blame game. Everyone else's fault but their own. I've been stopped by a few pips the broker is hunting my SL etc I was exactly the same about 8 years ago.

I was worrying about sever speed, having a VPS in NYC close to the stock exchange etc so I can put my trades in faster with a faster server & it's in a different location so it's safer. What the hell I don't even know anything about server's or speeds or execution of a trade. What as I doing thinking I need VPS next to the stock exchange lol I look back & laugh. I was just following the gurus telling me all this was needed...
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J12
  • #62
  • Edited 6:42am Dec 26, 2019 6:25am | Edited 6:42am
Hi Guys,

Interesting discussion going on here. I agree with most J12 is saying here. A few but's. Do not worry about draw down. Yes of course, you need to be patient with your trade, wait for yearly, monthly, weekly lows/highs etc to be tested before entering your trade. Important do not enter a stop loss, because at these major swing high/lows there will be stop hunts. Most important be prepared to go into draw down. Price comes back, it always does. But be prepared to have a well funded account to carry you through the draw down periods. I know a couple of traders that are very successful in using this strategy, but I think most agree that a well funded account is crucial.

There are traders that use indicators and I am one of them. I use indicators for alerts, mostly to draw my attention to a chart from a higher time frame perspective before I enter my trade, that is for my manual trading. So what about Ea's?. Expert advisors are only reliant on indicators. The reason I look at indicators Is that I am always looking for worthy indicators that could be used in successful Ea's. Trust me there are good Ea's, but most in my opinion use entries based on higher time frames. I am using an Ea in addition to my manual trading.

Anyway, hopefully J12 will enlighten us more on his trading methodology. All good to have 48 trades in 2 years or so with an excellent reward, but do we follow without knowing what it is all about? Certainly I do not want to be a parrot following a TE.

Anyway thanks J12, you have my attention and I follow with interest.

Cheers.
Trade to trade another day
  • #63
  • Dec 26, 2019 7:25am Dec 26, 2019 7:25am
Quoting Wavegarrick
Hi Guys, Interesting discussion going on here. I agree with most J12 is saying here. A few but's. Do not worry about draw down. Yes of course, you need to be patient with your trade, wait for yearly, monthly, weekly lows/highs etc to be tested before entering your trade. Important do not enter a stop loss, because at these major swing high/lows there will be stop hunts. Most important be prepared to go into draw down. Price comes back, it always does. But be prepared to have a well funded account to carry you through the draw down periods. I know...
Thank you for reading & thank you for your well constructed reply friend. I agree you need a well funded account, but what is a well funded account. For me a well funded account is an account that suits your trading style. For example I can have £250 in a account and that can be a well funded account. The account has to be funded to be able to support your vision. If you want to make a million you need 10 million.

Drawdown is an amazing opportunity to control your mind, no back test will probably test your method of trading as well as a period of drawdown. Because depending on how you trade and where the indicator is setting you SL it'll get stopped out. Huge political & economical events tend to cause spikes & swings. We can't control that.

EAs I do not like, it's a personal preference. I just don't want something to automatically trade for me based on history. I'm responsible for what happens, no one else or nothing else. I'm very well aware of EAs that do work, work amazing in back testing and worked for several months in forward testing. If you have time, look up an EA called kangaroo. I've wrote somewhere else about this & what happend to me.

I'm certainly not trying to tell people how to trade or preach about what method I use. I do apologise sincerely if I come across like this to anyone. And I know what I'm saying is also probably against what most people are doing or reading.

I am stating from my experience of 10+ years as to what works for me i.e. Cutting out the noise. What works for me I can clearly tell will probably not work for some people on this thread. Many people's minds are simply not ready to adapt to. This is something that can't be taught in a thread, it comes only with time.

Thank you friend
J12
  • #64
  • Dec 26, 2019 7:56am Dec 26, 2019 7:56am
Quote
I'm certainly not trying to tell people how to trade or preach about what method I use. I do apologise sincerely if I come across like this to anyone. And I know what I'm saying is also probably against what most people are doing or reading.
No need to apologize J12. You have my attention. Just keep on going Bud.

Nice to see a refreshing view.

Cheers.
Trade to trade another day
  • #65
  • Dec 26, 2019 8:03am Dec 26, 2019 8:03am
Quoting Wavegarrick
{quote} No need to apologize J12. You have my attention. Just keep on going Bud. Nice to see a refreshing view. Cheers.
I will try my best to keep posting if I can. I will soon go back to London & back to running my business which takes priority.

I'm currently sat at Manchester Airport awaiting to get on a flight to North Africa for a few days, such is life. As you can see I very rarely post over my time on here.

It's just kind of upsetting that I see people follow so many gurus without any solid proof and lose money, yet don't want to be accept an alternative view.

Thank you friend for reading.
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J12
  • #66
  • Dec 26, 2019 8:35am Dec 26, 2019 8:35am
Another point is what percentage are you trying to make each month?

I see people wanting to make 20-30%+ a month? Can it happen? Well yes, for sure, I've done it myself. Is it realistic to be doing this month in month out, over years? Most probably not.

Just think about what you're actually trying to do.
If you started with a balance of £750 and say you're trying to get 25%+ a month, by the end of year 2 you'll have £158,818.68 by the end of year 3 you'll have £2,311,115.93 by the end of year 4 you'll have £33,631,163.14

Is that being realistic. It's like some trader has made 300% this year, amazing, can he doing it over a period of 4 years? Just think about it...
J12
  • #67
  • Dec 26, 2019 1:32pm Dec 26, 2019 1:32pm
Quoting j12
Another point is what percentage are you trying to make each month? I see people wanting to make 20-30%+ a month? Can it happen? Well yes, for sure, I've done it myself. Is it realistic to be doing this month in month out, over years? Most probably not. Just think about what you're actually trying to do. If you started with a balance of £750 and say you're trying to get 25%+ a month, by the end of year 2 you'll have £158,818.68 by the end of year 3 you'll have £2,311,115.93 by the end of year 4 you'll have £33,631,163.14 Is that being realistic....
At first enjoy your holidays.



I don't focus on how much I must do each month, It depend of market condition, and my feeling. Is not fixed like market.

My focus is be profitable only this.

Good luck
  • #68
  • Dec 26, 2019 4:38pm Dec 26, 2019 4:38pm
Quoting jaimeale
{quote} At first enjoy your holidays. I don't focus on how much I must do each month, It depend of market condition, and my feeling. Is not fixed like market. My focus is be profitable only this. Good luck
Well done, ultimately that should be the end goal for anyone doing this...
J12
  • #69
  • Dec 26, 2019 4:58pm Dec 26, 2019 4:58pm
Pips are another thing people focus so heavily on. I've read a lot in the other threads about people saying need to get x amount of pips. But in my view you shouldn't be looking so much at pips.

For example I gained 2,564 pips this year, you might say that's a lot. But I've also lost 3731 pips on a trade. If I hadn't done this gold trade, I would actually have been up almost 6500 pips. For the pip lover it would have been heaven.

It's what you're putting behind a pip, ultimately at the end of the day it's the %/£ that matters. You can't go to a bank & bank a pip. You can go to a bank and bank a £. You can go to a shop & pay for bread with a pip. You can go to a shop and pay with £.

I think most of the people here understand this...I remember when I was reading many years ago there was a lot of focus on this.
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J12
  • #70
  • Dec 26, 2019 7:03pm Dec 26, 2019 7:03pm
Hi,

Never get tired reading these thread.
By the way, are you from Singapore.
I saw one of the currency to be eursgd, thus, I assume.
There are a few good trading system in the forum.
However, all not so straight forward. Involve Abit of
Analysis Thought process.
15% to 20% a year is good enough for me.
FYI, I hate late December and early Jan. Always lose
On these two period.

Enjoy the new year
  • #71
  • Dec 27, 2019 12:31am Dec 27, 2019 12:31am
Quoting jinsen
Hi, Never get tired reading these thread. By the way, are you from Singapore. I saw one of the currency to be eursgd, thus, I assume. There are a few good trading system in the forum. However, all not so straight forward. Involve Abit of Analysis Thought process. 15% to 20% a year is good enough for me. FYI, I hate late December and early Jan. Always lose On these two period. Enjoy the new year
Hey friend, no I'm not from Singapore, however I've been to this beautiful country many a time. The beauty around Orchard Road always has a place in my heart. The people are simply so kind, friendly & welcoming.

I'll trade any currency, it doesn't bother me at all. Only the metals I probably won't again.

Back to the other question regarding a few good systems. When following a system, and going through 300 pages, look to see if anyone has actually got a trade explorer live, or a third party explorer. Then make the judgement call if your time is worth it. Your time is also valuable, don't under estimate that. 15-20% is a fantastic return also. December & January has a few quite days I suppose, but on the whole it doesn't bother me.

Regards

J
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J12
  • #72
  • Dec 27, 2019 2:46am Dec 27, 2019 2:46am
I can not believe how some people get so defensive when you're questioning a point they are putting out there. You're putting it out there so people can read no? And you have to be open to be challenged no?

Then you ask ok do you have a trade explorer to back up what you saying? Answer: No just trust me...

OK bro....no need for any proof, we have your trust that's all we need, amazing. Trust is everything in Forex, trade explorers actual results over time are secondary.

Unbelievable
J12
  • #73
  • Dec 27, 2019 2:49am Dec 27, 2019 2:49am
Makes me think why I even began to post after 10 years, especially when trust is so high amongst fellow traders & this industry in general.
J12
  • #74
  • Dec 27, 2019 3:44am Dec 27, 2019 3:44am
Quoting j12
{quote} stop sending 20 hours a day infront of charts.
So many of us started trading to enjoy more freedom and time to do the things we love, so it's amazing to think that anyone feels the needs to spend that long in front of their charts.

But many do. There are lots of reasons, but I think one reason is a deep-seated need to feel that they have earned their profits, that they deserve them.

It's a paradox that in trading one needs many many hours in front of the charts to become proficient, but less hours actually "trading" makes for a more profitable trader. Imho of course! :-)

Enjoy your few days in North Africa!
  • #75
  • Dec 27, 2019 4:10am Dec 27, 2019 4:10am
Quoting tiborf71
for the past 4 years I have stopped following the gurus, was the best decision of my life. I have been profitable ever since
That’s a good decision. Following someone cannot give us that good results what we can get with our own strategies. In the beginning copying trades can be beneficial for some, but yes, with time one should become independent of those.
  • #76
  • Dec 27, 2019 4:11am Dec 27, 2019 4:11am
Quoting ChilledT
{quote} So many of us started trading to enjoy more freedom and time to do the things we love, so it's amazing to think that anyone feels the needs to spend that long in front of their charts. But many do. There are lots of reasons, but I think one reason is a deep-seated need to feel that they have earned their profits, that they deserve them. It's a paradox that in trading one needs many many hours in front of the charts to become proficient, but less hours actually "trading" makes for a more profitable trader. Imho of course! :-) Enjoy your few...
Yes correct, I agree with you, it becomes like an addiction. Then you'll get the people that exploit that.
J12
  • #77
  • Dec 27, 2019 5:07am Dec 27, 2019 5:07am
Quoting YYZ
{quote} Many traders lose money and they want to recover it ASAP but in same time they do not know to trade so time is passing....
Good point friend..

If you're losing money constantly then something is obviously wrong. If you're trying to trade your way out of this situation you're doomed.

You traded your way into this situation. The method of trading is not working. So why does one think they have the ability to trade themselves out of a situation.

Everyone knows how to trade, a trade is simply opening a position. We trade everyday, you go to the shop you buy some milk, it's a trade. If the shop keeper says to you the milk is costing you £50, then the same the next day and next. You'll soon realise something is wrong. This trade you're doing then is clearly wrong, and you'll stop instantly and you'll probably never go to his shop again.

Application I think is the key. The ability to adjust your mindset in any particular situation. The ability to make your own decision as to what is happening. Not relying on others to influence your decision making.

I hope this makes sense
J12
  • #78
  • Dec 27, 2019 5:10am Dec 27, 2019 5:10am
I agree. I open live graphic and I don’t need any other instruments to see resistance levels, averages, market sentiment etc. It’s in front of you and you only need your eyes to see. I follow the news, enjoy the forums anyway as much as I have time from my daily job and life.
Its not an advice and sorry for grammar.
  • #79
  • Dec 27, 2019 9:57am Dec 27, 2019 9:57am
Quoting j12
{quote} The ability to make your own decision as to what is happening. Not relying on others to influence your decision making.
I think you've hit the nail on the head! Making a decision and then taking 100% responsibility for it, win or lose.
  • #80
  • Dec 27, 2019 10:44am Dec 27, 2019 10:44am
Hi j12, thanks for your wisdom.
Do you recommend any books?
market is a device for transferring money from the impatient to the patient
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