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What Was Your Turning Point In Trading

  • #21
  • Sep 16, 2020 4:05am Sep 16, 2020 4:05am
Quoting dartboardio
Also what has contributed to my trading success in the last couple of months has been , being very prepared. Every single night and every Sunday without fail, I sit down for a few hours and go through every pair and my favourite pairs to mark up the charts, from the top timeframe down, and i put together my watchlist. Lately i trade mainly gbp pairs and some eur pairs. also some gold. being organised is half the battle, and being confident in your analysis along with a higher timeframe bias of course!
Thanks for your motivating response to the thread, i found it encouraging. My analysis are often right using trendlines and S & R, but having the nerves to take such trades has been my challenge, reading from you now, i will definitely try. Meanwhile, please what do you consider as higher time frame in this context? Kudos
  • #22
  • Sep 16, 2020 5:58am Sep 16, 2020 5:58am
Most of the time market turning points usually stand out on every chart and when we talk about market turning points, we mean those obvious tops and bottoms where markets go from bullish to bearish or vice versa.
  • #23
  • Sep 16, 2020 6:19am Sep 16, 2020 6:19am
not jumping in every trade, wait for perfect ones in which I have maximum confidence
patience, patience, patience and after that more patience
  • #24
  • Sep 16, 2020 6:55am Sep 16, 2020 6:55am
My turning point has actually just begun
  • #25
  • Sep 16, 2020 4:25pm Sep 16, 2020 4:25pm
It was when I started using just one trading strategy and when I stopped making use of over leverage or high risks! There is no perfect trading methods and that was very hard for me to believe it but now it is a known fact....
  • #26
  • Sep 16, 2020 8:32pm Sep 16, 2020 8:32pm
Getting a mentor irl really helped me be a better trader. Having someone to review my trades and bounce ideas off of was the best thing.
Love to talk on Discord: DividendGamer#1324
  • #27
  • Sep 17, 2020 6:12am Sep 17, 2020 6:12am
Quoting RoboSeer
I have not had a turning point for 14 years... My friend's turning point was committing suicide after 8 years' of unsuccessful trading and losing everything in excess of $400,000... (of which 50% was from loan sharks and mobsters).
Why do you think there hasn't been a turning point in your trading in 14 years ?

Sorry to hear about your friend.
  • #28
  • Sep 17, 2020 6:15am Sep 17, 2020 6:15am
Quoting Calsimay
I am not where I want to be yet. Success is a journey... But, The biggest improvements in my trading thus far came after: 1. I got rid of all indicators and focused on price action on naked charts. 2. focused on trading only higher time frames. 3. focused on trading only 1 to 2 pairs at a time.
I'm with you already on 2 & 3 and may eventually get rid of my moving averages and focus on market structure / levels / breaks and retests
  • #29
  • Sep 17, 2020 6:17am Sep 17, 2020 6:17am
Quoting dartboardio
Also what has contributed to my trading success in the last couple of months has been , being very prepared. Every single night and every Sunday without fail, I sit down for a few hours and go through every pair and my favourite pairs to mark up the charts, from the top timeframe down, and i put together my watchlist. Lately i trade mainly gbp pairs and some eur pairs. also some gold. being organised is half the battle, and being confident in your analysis along with a higher timeframe bias of course!
That's really quick - you must be a fast learner! Which type of set ups do you take ?
  • #30
  • Sep 17, 2020 6:22am Sep 17, 2020 6:22am
Quoting vanca
not jumping in every trade, wait for perfect ones in which I have maximum confidence
Excellent, it took me so long to learn to do that and was probably my biggest hurdle to get over. I still have a way to go though.
  • #31
  • Sep 17, 2020 7:25am Sep 17, 2020 7:25am
Buy high,sell higher!
The past is already gone, the future hasn't arrived yet
  • #32
  • Sep 17, 2020 7:35am Sep 17, 2020 7:35am
Quoting DowFiend
As per the title really - what was your turning point or aha moment in your journey of becoming a successful trader ?
My turning point was when I learned so much more about myself and I stopped believing in trading gurus, market wizards, etc.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #33
  • Sep 23, 2020 7:17pm Sep 23, 2020 7:17pm
Quoting DowFiend
{quote} Why do you think there hasn't been a turning point in your trading in 14 years ? Sorry to hear about your friend.
Markets change their patterns and behavior so often that none of my - initially successful - automated strategies survived for more than 6-9 months. Why not manual trading? Well, when I manually traded with relatively larger funds ($10k+) emotions kicked in and the bad way. Which is why I am a devoted EA trader. (Not to mention, that it feels even better to profit from the markets while sleeping peacefully...)
  • #34
  • Sep 23, 2020 7:21pm Sep 23, 2020 7:21pm
Quoting RoboSeer
{quote} Markets change their patterns and behavior so often that none of my - initially successful - automated strategies survived for more than 6-9 months. Why not manual trading? Well, when I manually traded with relatively larger funds ($10k+) emotions kicked in and the bad way. Which is why I am a devoted EA trader. (Not to mention, that it feels even better to profit from the markets while sleeping peacefully...)

What went wrong after 6-9 months with the EAs that wouldn't of happened sooner?

Wouldn't the profits of half a year outweigh the final loss or are you using martingale?
its just a script. join the club
  • #35
  • Sep 23, 2020 8:06pm Sep 23, 2020 8:06pm
Quoting Dzap
{quote} What went wrong after 6-9 months with the EAs that wouldn't of happened sooner? Wouldn't the profits of half a year outweigh the final loss or are you using martingale?
The first 3 months of each (non-Martingale) EA were spent with demo testing to confirm validity of the concepts, so only 3-6 months' of monetarily profitable time was left with each EA until the market pattern/behavior has changed and the EAs simply did not work any longer. All-in-all the EAs brought in some profits, but those profits just covered hardware, VPS and EA programming costs and a non-trading related loss with a scam broker which had disappeared with $10k of my funds ($500k+ total client funds)... In summary, there was no money left to compensate for the thousands of hours spent with development and testing, and so it was just a HOBBY. Nevertheless, no regrets.
  • #36
  • Sep 23, 2020 8:53pm Sep 23, 2020 8:53pm
Quoting RoboSeer
{quote} The first 3 months of each (non-Martingale) EA were spent with demo testing to confirm validity of the concepts, so only 3-6 months' of monetarily profitable time was left with each EA until the market pattern/behavior has changed and the EAs simply did not work any longer. All-in-all the EAs brought in some profits, but those profits just covered hardware, VPS and EA programming costs and a non-trading related loss with a scam broker which had disappeared with $10k of my funds ($500k+ total client funds)... In summary, there was no money...
Why couldn't you defeat your emotions? What if you tested that EA in the last 3 months of its useful life. And why should you invest so much and hope to make money on ephemeral strategies designed by others. How else could it be anything but a hobby. 14 years is an awful long time and sorry about your friend - every trader can relate.
  • #37
  • Sep 23, 2020 10:28pm Sep 23, 2020 10:28pm
Quoting Tmaniss
{quote} Why couldn't you defeat your emotions? What if you tested that EA in the last 3 months of its useful life. And why should you invest so much and hope to make money on ephemeral strategies designed by others. How else could it be anything but a hobby. 14 years is an awful long time and sorry about your friend - every trader can relate.
1. Defeating emotions, especially fear, is not possible. Controlling it maybe, when one is able detach from the "everyday value" of money and use it as a TOOL.

2. Most of my EAs were self-designed and built by professional programmers.

3. You stated it very well, EAs have a "useful life", i.e. they don't last forever... Once their life spans expire, the search begins again...
  • #38
  • Sep 24, 2020 4:50am Sep 24, 2020 4:50am
controlling fear which is only possible by having strict risk/reward ratio rule.
never risk more than %2 for any position even you are sure it will go your favor
and dont risk more than %4-5 of account same time
You are doing this to succeed, not to be liked. Remember that.
  • #39
  • Sep 24, 2020 12:32pm Sep 24, 2020 12:32pm
Quoting RoboSeer
{quote} Markets change their patterns and behavior so often that none of my - initially successful - automated strategies survived for more than 6-9 months. Why not manual trading? Well, when I manually traded with relatively larger funds ($10k+) emotions kicked in and the bad way. Which is why I am a devoted EA trader. (Not to mention, that it feels even better to profit from the markets while sleeping peacefully...)
The only people who use Martingale are newbies, gamblers or people with an endless pot of money which martingale needs, right ? I would reduce the account size until emotions are bearable and manually trade. You'll lose out on the luxury of making money in the short term whilst you sleep but at least you'll make money in the long term whilst you're awake. This is what my mentor would've said to me anyway.
  • #40
  • Sep 27, 2020 4:49am Sep 27, 2020 4:49am
I read the posts and I have a feeling that everyone here is a profitable trader.
if I were a rookie I would even believe it.
lol.
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