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  • #636,741
  • Nov 7, 2021 1:01am Nov 7, 2021 1:01am
Duve where did you learn to trade. In my case it’s been on forexfactory. A process of following various people over time. Still learning, still making many mistakes.
  • #636,742
  • Nov 7, 2021 1:11am Nov 7, 2021 1:11am
Quoting Houtbay
Duve where did you learn to trade. In my case it’s been on forexfactory. A process of following various people over time. Still learning, still making many mistakes.
Trial and error my friend that's why my journey was longer than average. Definitely years of studying different aspects of the market. I'm self-taught.
  • #636,743
  • Nov 7, 2021 1:17am Nov 7, 2021 1:17am
To become successful in this business one needs huge amounts of perseverance.
  • #636,744
  • Nov 7, 2021 1:20am Nov 7, 2021 1:20am
Once you become diligent and determined to become a professional trader. You will be successful.
  • #636,745
  • Nov 7, 2021 1:22am Nov 7, 2021 1:22am
Quoting Houtbay
To become successful in this business one needs huge amounts of perseverance.
You're right and a lot more.
  • #636,746
  • Nov 7, 2021 1:26am Nov 7, 2021 1:26am
How long are you invested in the Capital Markets?

Most people get into the markets in hopes they can quit working at some point in their life. They come to an understanding at some point that trading or investing is not easy as the Facebook ads and YouTubers make it seems. That a lot work goes into becoming a profitable trader. So, now you will have to make a decision whether you going to commit to becoming successful in this field. That’s when the person figures out how much time they have to allocate to learning a new profession.

“Staying in the game” is a cliché that traders use to describe longevity in this business. Keeping trading capital working in the market is a success for us. Everyone in the business knows most retail traders lose most or all their trading capital within the first 3 months of trading. This stat can vary from approx. 70 to 90%, depending upon the Broker reporting such information.

If the average lifespan of a forex trader is 3 months. It is a slow, lonely journey. The cycle of life in the markets is likely to mutate with time, for the bad or for the worse. Some may ask what happens at the end of the 3 months. The trader may either determine it is not possible to succeed in the market or switch to a different financial product where the 3 months cycle may be repeated. If you are new to the market my best suggestion is to study the price behavior. See how the currencies react to economic data/events in real-time and how the indicators converge under such conditions. It may require a couple of years to comprehend the price behavior.

So, what is your “Why” that’s going to keep you motivated? Are you going to let naysayers and distractions in your life deter you from becoming successful and financially free? For me, this is my life now and will always be my life until I’m laid to rest. That’s how long I’m invested in Capital Markets.

Written by: duve
  • #636,747
  • Nov 7, 2021 1:30am Nov 7, 2021 1:30am
Good honest advice. The human nature is lazy. We all want to win the lotto without buying the ticket. Life is work(effort)
  • #636,748
  • Nov 7, 2021 1:44am Nov 7, 2021 1:44am
Quoting Houtbay
Good honest advice. The human nature is lazy. We all want to win the lotto without buying the ticket. Life is work(effort)
Thanks no problem Houtbay. Humans have never been lazy because we wouldn't have a modern society if that was the case. Living in 1st world countries makes people lazy. Instant gratification has run rampant in today's societies.
  • #636,749
  • Nov 7, 2021 1:48am Nov 7, 2021 1:48am
Quoting duve
How long are you invested in the Capital Markets? Most people get into the markets in hopes they can quit working at some point in their life. They come to an understanding at some point that trading or investing is not easy as the Facebook ads and YouTubers make it seems. That a lot work goes into becoming a profitable trader. So, now you will have to make a decision whether you going to commit to becoming successful in this field. That’s when the person figures out how much time they have to allocate to learning a new profession. “Staying in the...
the truth is that in 3 months you can't learn almost anything. just scratch the surface.
so no wonder there are a lot of losers.
  • #636,750
  • Nov 7, 2021 1:57am Nov 7, 2021 1:57am
Quoting tiborf71
{quote} the truth is that in 3 months you can't learn almost anything. just scratch the surface. so no wonder there are a lot of losers.
Right!!! Why do you think the percentage of losers is so high? They're creating negative narrative or installing fear early when they use statistical data in that manner. You can't learn any professional trade or career in 3 months. But newbies come in thinking they'll be rich or wealthy in a short period of time.
  • #636,751
  • Nov 7, 2021 2:06am Nov 7, 2021 2:06am
Quoting duve
{quote} Right!!! Why do you think the percentage of losers is so high? They're creating negative narrative or installing fear early when they use statistical data in that manner. You can't learn any professional trade or career in 3 months. But newbies come in thinking they'll be rich or wealthy in a short period of time.
well, I think in the beginning we have already gone through this mistake of beginners. let's be honest.
the difference is how much you dare to risk in the beginning, based on this little knowledge.
there are those who risk everything.
  • #636,752
  • Nov 7, 2021 2:12am Nov 7, 2021 2:12am
Also the human is wired in such a way which makes us fail at trading. We hang on to losing positions. Don’t change our position when we are wrong. These are emotional traits which are played on by the mm. We tend to buy on break outs rather than pull backs.
  • #636,753
  • Nov 7, 2021 2:16am Nov 7, 2021 2:16am
Quoting tiborf71
{quote} well, I think in the beginning we have already gone through this mistake of beginners. let's be honest. the difference is how much you dare to risk in the beginning, based on this little knowledge. there are those who risk everything.
Yeah, it's called trial and error my friend. No suitable mentor or education it's going to be a doozy, my guy.
  • #636,754
  • Nov 7, 2021 2:27am Nov 7, 2021 2:27am
Quoting duve
{quote} Yeah, it's called trial and error my friend. No suitable mentor or education it's going to be a doozy, my guy.
yes, and out of the chaos you have to create a workable system.
which works. this it doesn't go in 3 months.
  • #636,755
  • Nov 7, 2021 2:30am Nov 7, 2021 2:30am
Quoting Houtbay
Also the human is wired in such a way which makes us fail at trading. We hang on to losing positions. Don’t change our position when we are wrong. These are emotional traits which are played on by the mm. We tend to buy on break outs rather than pull backs.
Yes, that happens a lot. When entering this profession you going to have to check your decision-making process, emotions at the door and recalibrate your emotional attachments to money. Learn that the process is a key element in this profession.
  • #636,756
  • Nov 7, 2021 2:59am Nov 7, 2021 2:59am
Quoting duve
{quote} Yes, that happens a lot. When entering this profession you going to have to check your decision-making process, emotions at the door and recalibrate your emotional attachments to money. Learn that the process is a key element in this profession.
i watched the video.
you use s / r levels + trend channel. if I understand correctly.
so far nothing new.
  • #636,757
  • Nov 7, 2021 3:10am Nov 7, 2021 3:10am
Quoting tiborf71
{quote} i watched the video. you use s / r levels + trend channel. if I understand correctly. so far nothing new.
You're right again. But you missing a few things I give. That's what I do on my channel. You not asking the right question. Why are my analysis is correct? Obviously, it's more right.
  • #636,758
  • Nov 7, 2021 3:45am Nov 7, 2021 3:45am
My next view ...i am currently in a buy scalp for just 25pips

looking for a small Dip to buy for a target toward area of value after Thursday breakout
Attached Image (click to enlarge)
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MY OPINION NOT FINANCIAL ADVISE
  • #636,759
  • Nov 7, 2021 4:38am Nov 7, 2021 4:38am
Quoting donfriday
My next view ...i am currently in a buy scalp for just 25pips looking for a small Dip to buy for a target toward area of value after Thursday breakout {image}
Based on price action, it definitely seems like there are plenty of buyers down towards 1.3425-35 region. I managed to scalp some pips when it tapped 1.343, though I didn't wait for 1.35 to close it.

Won't be surprised if we get a retracement up towards 1.357-1.36 region. But that's also only if support at 1.3425 area holds.

I'm actually more curious if we get more down in USD despite positive news (well I guess rumors that Brainard might be the next Fed chair isn't exactly good for USD).
A 1 pip gain is better than a 1 pip loss.
  • #636,760
  • Nov 7, 2021 5:02am Nov 7, 2021 5:02am
EG : pretty close to potential R. any negative reaction around this R , likely will drag down EG ...means there is ingredient for GBP to fight against USD .... as correction or reversal ? dunno yet . i love 88.6 ...

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