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  • #701
  • Dec 24, 2019 2:05am Dec 24, 2019 2:05am
Quoting Rennaissance
{quote} There might not be any secret. Those that are successful are not so because of some fancy method. They have just acquired a mental framework about the markets that the rest haven't. They have simply learned to lose, that is the primary skill of trading. The better you are at that, the better your performance will be. First class loser ------------------------> GREAT TRADER Second class loser----------------------> STRUGGLING TRADER Third class loser------------------------> SUCKER!!! Good luck.
yes : falling but getting up 100 times that's the secret to anything surely
  • #702
  • Dec 24, 2019 2:31am Dec 24, 2019 2:31am
Quoting Rennaissance
{quote} There might not be any secret. Those that are successful are not so because of some fancy method. They have just acquired a mental framework about the markets that the rest haven't. They have simply learned to lose, that is the primary skill of trading. The better you are at that, the better your performance will be. First class loser ------------------------> GREAT TRADER Second class loser----------------------> STRUGGLING TRADER Third class loser------------------------> SUCKER!!! Good luck.

there is no secret, believe me...you are correct
J12
  • #703
  • Dec 24, 2019 2:33am Dec 24, 2019 2:33am
Quoting ionone
{quote} yes : falling but getting up 100 times that's the secret to anything surely
not really sometimes you need to know when to stop & cut your losses and just move on...
J12
  • #704
  • Dec 26, 2019 3:42am Dec 26, 2019 3:42am
Quoting auricforecas
{quote} Tnx man, appreciated it Yea, I agree with you now.. seems it started to "obey" although going slowly.) I guess there were some disturbances at the end of last week, since some markets (unexpectedly - at least in my book) went totally in counter... Seems they are going where they are "suppose to" or you know... flipping burgers We are all one trade away from that... If/in REAL trading anyway... I dream of a day when I would be on the BUY side of the market... basically doing nothing, collecting AUM % for "managing"... But yeah,...
No sweat mate. The way I describe it is that it all boils down to systematically finding decision points and following price where it breaks, rather than outright prediction. That's still a prediction of course, you're predicting that the decision point you've identified is significant, but it's different from outright saying price will go to X or Y.
I don't envy brokers myself; I know a few and it's pretty soul destroying. life's better on the other side of the fence. trade well
  • #705
  • Dec 26, 2019 4:31am Dec 26, 2019 4:31am
Quoting j12
{quote} not really sometimes you need to know when to stop & cut your losses and just move on...
YES
the most important part is to close the trade early when it goes in the wrong direction, and not wait "hoping price will come back"
this never works IMHO
Jeff
  • #706
  • Dec 26, 2019 5:28am Dec 26, 2019 5:28am
Quoting ionone
{quote} YES the most important part is to close the trade early when it goes in the wrong direction, and not wait "hoping price will come back" this never works IMHO Jeff
Jeff my option is different, I was stating sometimes a person is not suited to trade Forex. At what point would you say to close a trade? At what % drawdown?

J
J12
  • #707
  • Edited 9:18am Dec 26, 2019 6:32am | Edited 9:18am
Quoting triphop
{quote} No sweat mate. The way I describe it is that it all boils down to systematically finding decision points and following price where it breaks, rather than outright prediction. That's still a prediction of course, you're predicting that the decision point you've identified is significant, but it's different from outright saying price will go to X or Y. I don't envy brokers myself; I know a few and it's pretty soul destroying. life's better on the other side of the fence. trade well
Yeah man... I can't wait to be on the more "sitting position", collecting good % of AUM + BONUS of profits, without so much pressure as in PURE trading... I like the diligence/analysis (exploring full market, down to tasting/using the product) and then BUY/SELL and holding the position, this DAILY trading is exhausting AF - but also maybe with the most profit potential BTW I feel you coming from a bank side, seen that some banks really upped the game, providing "investment" options for people (personal) in a very convenient way, for all sorts of markets... So I welcome more options coming and also some more security for our positions, maybe, since TBTF and all... although some say this is not so anymore, like TBTF becoming thing of a past
Can you afford to take that chance?
  • #708
  • Dec 26, 2019 8:21pm Dec 26, 2019 8:21pm
Quoting ionone
{quote} YES the most important part is to close the trade early when it goes in the wrong direction, and not wait "hoping price will come back" this never works IMHO Jeff
Not that simple. if it were we will all be rich. You need to know one or more things.
When you see it, BET big.
  • #709
  • Dec 26, 2019 8:25pm Dec 26, 2019 8:25pm
Quoting ionone
{quote} YES the most important part is to close the trade early when it goes in the wrong direction, and not wait "hoping price will come back" this never works IMHO Jeff
You need an edge, randomly cutting losses short doesn't improve odds of success. E.g You need to buy and sell at points where there is a high chance of one thing happening over another(preferably 70% ), then you can improve with risk managment.
When you see it, BET big.
  • #710
  • Dec 26, 2019 10:02pm Dec 26, 2019 10:02pm
Quoting huang9
As rare as finding a good nugget on the park
probably rarer.
When you see it, BET big.
  • #711
  • Dec 27, 2019 2:13am Dec 27, 2019 2:13am
Quoting j12
{quote} Jeff my option is different, I was stating sometimes a person is not suited to trade Forex. At what point would you say to close a trade? At what % drawdown? J
i depends on volatility or of the curve "slope" (steeper slope, close earlier from a bigger move. flatter curve : close later with a smaller move difference from top/bot)
  • #712
  • Dec 27, 2019 9:08am Dec 27, 2019 9:08am
Quoting auricforecas
{quote} Yeah man... I can't wait to be on the more "sitting position", collecting good % of AUM + BONUS of profits, without so much pressure as in PURE trading... I like the diligence/analysis (exploring full market, down to tasting/using the product) and then BUY/SELL and holding the position, this DAILY trading is exhausting AF - but also maybe with the most profit potential BTW I feel you coming from a bank side, seen that some banks really upped the game, providing "investment" options for people (personal) in a very convenient way,...
No, I'm 100% buy side, but this is also 100% my livelihood so I do my homework Yeah for the giddy days of 2 and 20, damn sight easier than what we're doing. Just ask Neil Woodford
  • #713
  • Dec 31, 2019 3:44am Dec 31, 2019 3:44am
There are many reasons why people lose their money on forex. But in general, it is hard to find a successful trader, because really successful traders never brag about their successes and prefer to hide them. But even if we focus on the ratio of successful and unsuccessful traders, yes, there are much more unsuccessful ones. But this is not because trading is not profitable, but because trading, as any other business, is very risky and requires maximum diligence from a person. The main problem of most traders is psychological costs. Psychologically, a trader is struggling with fears of losing on the exchange and losing paper profit. On the other hand, greed does not allow fixing a profitable position at the right time. The best way to fight psychological pressure at the exchange is to set stop-losses to limit losses and take profit orders. Over time, the psychological pressure weakens and the trader starts to trade more rationally. Another reason why many traders lose money is the lack of systematic thinking and clear rules of money management. This ruins most traders, because trading on rumors, the lack of clear signals for entry and exit from the position, the constant need to be in position and many other factors are the reason for systematic loss of money. To overcome this, you need to strive for professionalism and look for methods to improve your strategy. A real trader is a professional and professional not inclined to brag about profit.
  • #714
  • Jan 2, 2020 2:08am Jan 2, 2020 2:08am
The Pareto Rule works in all areas of life - "20% of the effort produces 80% of the result". In the Forex market as well, no more than 20% of the total number of traders make a steady income. But does it really mean that your chance to be successful is only 20%? Of course not, if you do not try, your chance is 0%, and if you try, your chances are close to 100%. That is, it means that only 20% of traders act in such a way as to achieve success, and the remaining 80% make mistakes that make them losers. There are 2 main key points that prevent traders from achieving success: First, people have unrealistic expectations about trading in the Forex market. Many people think that trading is quite simple and easy and can enrich anyone. Opened a trading account for a small amount of money, a trader begins to plan success mentally and in this regard begins to be disappointed with the small income that he receives on deposit. Secondly, non-compliance with risk management rules is the most serious mistake. The simplest rule of risk management should be that the potential profit should exceed the potential loss at least 2-3 times, and the loss should not exceed 2% of the account size. These simple rules should be a part of the trading system and they should never be broken. Violating such two rules make trading random and can harm future profits, so if you want to achieve sucess you should be realist and comply risk-management rules.
  • #715
  • Edited 4:48pm Jan 3, 2020 3:11pm | Edited 4:48pm
Most traders who have been doing it for years and failing can see the pivots of demand supply and can see liquidity pool targets. Auctioning of price is a simple concept that most after a few years can see. And guess what? these work 100%

So why have you given up on simplicity and adding rubbish lagging indicators?

because those pivots of ds ONLY work at certain times, when there is market value for banks AND the banks have accumulated enough position.

Seeing and understanding value / bank accumulation is again simple, takes years but is simple in theory --- AND its not widely taught or even accepted.

It is the reason why youll never be consistent and make millions every year. Which you should if youre any good.

Also, While not rocket science it takes years of full time dedication of study and live experience, which most cant commit to.

So then retailers listen to the youtube moron selling you an EASY TO LEARN / MASSIVE RETURNS strategy for only $999 where all you have to do is set your bbands, rsi and macd to certain settings and vroom ya off. OHHHH I had the macd settings wrong OH thats why I wasnt making consistent money. laughable. But people are literally still falling for it everyday. People still talk about elliot wave and gann. its amazing.
  • #716
  • Jan 3, 2020 3:54pm Jan 3, 2020 3:54pm
Quoting Darkseeker
The Pareto Rule works in all areas of life - "20% of the effort produces 80% of the result". In the Forex market as well, no more than 20% of the total number of traders make a steady income. But does it really mean that your chance to be successful is only 20%? Of course not, if you do not try, your chance is 0%, and if you try, your chances are close to 100%. That is, it means that only 20% of traders act in such a way as to achieve success, and the remaining 80% make mistakes that make them losers. There are 2 main key points that prevent traders...
Hey are you successful?
J12
  • #717
  • Jan 10, 2020 4:31am Jan 10, 2020 4:31am
Successful traders spent enough time, much more than the average trader. It takes a minimum of 3 to 5 years for a person to learn enough about markets and the speculative process to become a successful trader. I also believe that every successful trader has his or her unique approach to trading. There are no two successful traders that operate in the same exact fashion.
The major problem is that the vast majority of individuals (80-90%) either burn out their pocketbooks or their emotional will to continue trading before they figure out the rules of the game. This is a cold and harsh reality, but a reality it is.
  • #718
  • Jan 19, 2020 9:06pm Jan 19, 2020 9:06pm
Inserted Video
instagram: stepbystepforex
  • #719
  • Jan 21, 2020 11:59am Jan 21, 2020 11:59am
R:R 1:1 dreamers might read this...
https://www.trendfollowing.com/losers_average_losers/
Attached Image
Can you afford to take that chance?
  • #720
  • Jan 22, 2020 1:26am Jan 22, 2020 1:26am
Quoting Rennaissance
I don't know your experience, but successful traders are very hard to find. A lot of guys who seem successful will fail over the long because they use negatively skewed strategies. What's your experience guys?

This is very-very true. Making money in the markets is one of the hardest things there is.
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