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What have you learned?

  • Post #1
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  • First Post: Jul 12, 2020 1:43am Jul 12, 2020 1:43am
This thread will not be consistently monitored. It will not reveal any system. Any system with some logic will work OVER TIME. I will try to check in every day.
I would like to thank the PM's that I got while I was on hiatus. It is also good to see many of the same faces. So, I will ask the question, and anyone can answer it. No experience needed.

What have you learned?

I will go first.

One thing that I have learned is that brokers want you to trade as often as possible, as large as possible.
If you are good at something, never do it for free--Joker
  • Post #2
  • Quote
  • Edited at 5:42am Jul 12, 2020 3:45am | Edited at 5:42am
one thing i learned in 6 years of trading is that the only way to be profitable is to win more than you lose, meaning use atleast 2:1 ratio or 3:1 ratio, otherwise its a losing game if you use 1:1, believe me, been there done that.

if you take 3:1 ratio for example, even if you lose 7 trades out of 10 your still up overall by just being right 3 times. lets be honest here we dont all have a good winning percentage like 60 or 70 percent, so even if your win percentage is below 50 percent you can still make money doing this.

thats just my 1 lot.
To ignore
I have learned (or started to think) that the only way to be profitable is to discover objective rules for trading. Sooner or later subjectivity kills your account. Some setups/chart formations that I observed to be very profitable just by scrolling the chart failed miserably when I programmed that pattern and backtested.

I have also learned that out of the hundreds of books available for trading only a few are written by real traders, and they have presented their ideas in puzzle form - for obvious reasons. No matter how generous they are, if they reveal everything they know in straightforward manner everyone will do the same thing and there will be no one left to take the other side of the trade.

I also have a strong doubt that Market makers/brokers are involved in creation/promotion of Heiken Ashi candles. HA candles can successfully hide the price action and prevent the traders from seeing what the market really does.
Videsha Mudal Welenda
buy low, sell high
1. Trade what you see
2.If nothing is watching, leave it
that it's a mental game
and consistency is the key...
A lot of those forex trainers are BS
Life and trading have many similarities. Not every time, every thing, happens as our will. not every time we are correct as our trades. understanding probability and taking advantage of it is the game. when we become lucky, we should take all advantage of that situation so that when bad times hit we could become miser till our bad time is over. over optimization of a trading system gets curvature similar to poorly optimized system, the best point is always to finds where is optimum level for that system. money management and position sizing also need to be optimized to support best to your trading system. planning what actions i will take if trade goes wrong or in my favor before entering a trade is always decreases the chances of uncertain habits. fix or work around that fault.
In the court of lord, only love and devotion is counted...
  • Post #10
  • Quote
  • Edited at 4:21pm Jul 12, 2020 1:59pm | Edited at 4:21pm
I have learned that trading is all about a series of probabilities. You try to put an edge on your side by all sorts of patterns, support & resistances, indicators, fundamentals etc, but at the end of the day it's all about the numbers.

Plus, so much money is made by "so called" gurus selling systems to newbies. You don't need to spend any money on learning how to consistantly trade profitably
I will always lose trades, regardless of my strategy, it is near impossible to always win every single trade. I used to get discouraged when I would lose trades but after time I learned it's part of this business. However as long as I have a good money management plan then it doesn't matter if I lose some trades.
Success in trading comes when you:

Become D I S C I P L I N E D in your approach

Master your emotions

Set your ego to the side

Trade systematically

Treat trading like a business - not a hobby

Learn to LISTEN to what the market is telling you

Focus your efforts on LEARNING from your mistakes (and the mistakes of others)

Invest in your own education

And ultimately: when you realize that trading is a zero-sum game, and that you are competing against some of the sharpest, most disciplined and most committed people in the world who WILL take your money from your account and put it into theirs - all day long - UNTIL you learn to play the game at a professional level, and pick (and manage) your trades thoughtfully and with care.
If you want to be wrong then follow the masses ... Socrates 470 to 399 BC
Learned that overtrading is relevant to EAs too. When backtest 10 years history then forwardtest I learned that best performing (and stable) EAs setups are those which have about 20-40 deals per year.
Putin ship, f*k you off!
Quoting jmn5611
This thread will not be consistently monitored. It will not reveal any system. Any system with some logic will work OVER TIME. I will try to check in every day. I would like to thank the PM's that I got while I was on hiatus. It is also good to see many of the same faces. So, I will ask the question, and anyone can answer it. No experience needed. What have you learned? I will go first. One thing that I have learned is that brokers want you to trade as often as possible, as large as possible.

I learned that I have to learn EVERYTHING and I don't need EVERYTHING to make money.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Learned that markets conditions are never the same. It requires good research and skills to trade accordingly.
Quoting deepsky
Success in trading comes when you: Become D I S C I P L I N E D in your approach Master your emotions Set your ego to the side Trade systematically Treat trading like a business - not a hobby Learn to LISTEN to what the market is telling you Focus your efforts on LEARNING from your mistakes (and the mistakes of others) Invest in your own education And ultimately: when you realize that trading is a zero-sum game, and that you are competing against some of the sharpest, most disciplined and most committed people in the world who WILL take your money...
Well said
I learned making significant money consistently in this business is very difficult if not impossible these days. Even Kathy and Boris run a signal & education business, and it's not coincidence.
Simplicity is the ultimate sophistication - Leonardo da Vinci
I have learned that trading the news is one of the best way to make money in forex trade but most traders are refraining from it.
Quoting heispark
Even Kathy and Boris run a signal & education business, and it's not coincidence.
They have a myfxbook account and some years back there was a TE that went below the initial balance about 8 months after the trading started. That TE is no longer available now. But at least they have got balls (Kathy too) to maintain a myfxbook account and not to delete TEs that show unsuccessful trading.

https://www.myfxbook.com/members/bkforex
Videsha Mudal Welenda
Quoting deepsky
And ultimately: when you realize that trading is a zero-sum game, and that you are competing against some of the sharpest, most disciplined and most committed people in the world who WILL take your money from your account and put it into theirs - all day long - UNTIL you learn to play the game at a professional level, and pick (and manage) your trades thoughtfully and with care.
This is exactly why my current trading is limited to backtesting. If you cannot backtest profitably there is no point in demo trading and if you cannot demo trade profitably there is no point in live trading. Over the years I have identified a few real traders in FF and they all have said the same thing - you can start trading with a small account and grow that account quickly if you know how to trade. Only the representatives of brokers and Market Makers try to promote the idea that the trading has to be subjective and you need a large account to trade. I think all profitable traders have discovered and trade the same setups, which means that their trading is objective. Subjectivity means inconsistency. Those smart, disciplined big players need us to be inconsistent so that they can consistently take our money with their objective rule-based trading.
Videsha Mudal Welenda
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