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What have you learned?

  • #221
  • Jul 28, 2023 8:51am Jul 28, 2023 8:51am
Quoting waves
Not to be an ass, but I have learned 95% of the guys responding lose money guessing where the market is going and in time will be gone......I have learned exact levels where I am right, and where I am wrong, my guessing years are long past
i dont look at levels. i just react to the now. if im right, im right, if not, oh well, no sweat. i have 0 ego about it. i dont think any level could have told anyone what the usd/jpy did today as an example, but here we are....
  • #222
  • Jul 28, 2023 5:09pm Jul 28, 2023 5:09pm

  1. That no matter what, we will we never be able to guarantee what the next price is. At best, maybe we can be 60% right minus the doubts, - the news, - overall psychology, - orders we have no knowledge of, - fractal levels of support resistance we don't consider or haven't taken note of note yet ...etc. We can never know the next move, never be equipped to know. That even with working strategy, it is not right in certain circumstances, or it becomes outdated over time.

  1. We overestimate ourselves, or at least me - in our ability to handle not being right, to have spent so long on a single analysis and not be right, that we over-indulge over the impossible fact that we were wrong for too long that we can't see beyond it.

  • #223
  • Jul 29, 2023 9:45pm Jul 29, 2023 9:45pm
1. Trading is random
2. Low risk high rr beats the opposing
3. One must be able to trade atleast 20x based on their capital based on 1 and 2.
Trading is gambling. So gamble responsibly.
  • #224
  • Jul 29, 2023 10:11pm Jul 29, 2023 10:11pm
1. Don't draw any zone or level on your chart unless you can draw it systematically.
2. If you can't draw it systematically, find statistically sound edges.
3. If you can't do 1 or 2, don't trade.
4. When you do both 1 and 2 but 1 violates 2, you'd better follow 2.
  • #225
  • Jul 29, 2023 10:47pm Jul 29, 2023 10:47pm
Make the fibonacci your friend. You can experiment with it and see what standard diviations work best for you. It may also serve as levels to stack trades and or partials.

i especially like using them for the purpose of your risk to rewards.

1. Basic default fib
2. +- .5 fib
3. +- .1 fib
4. +- .3 fib

I really like stacking for daily size bars. I find it's not easy for me when it comes to lower time frames.
Trading is gambling. So gamble responsibly.
  • #226
  • Jul 30, 2023 6:16am Jul 30, 2023 6:16am
get a well paid job instead of trading
every Saint has a past. Every Sinner has a Future
  • #227
  • Jul 30, 2023 3:54pm Jul 30, 2023 3:54pm
Quoting turnip15
get a well paid job instead of trading
Winners never quit,its harder to consistently live in the Rat Race then it is to find your trading edge.
  • #228
  • Jul 30, 2023 9:10pm Jul 30, 2023 9:10pm
Quoting turnip15
get a well paid job instead of trading
This is actually not a bad advise.

If you have a good job, you can trade what you don't need affer investing it in like index funds or stocks or real property or other ventures and playing forex for extra.

After all forex is gambling by being a game of chance.
Trading is gambling. So gamble responsibly.
  • #229
  • Jul 31, 2023 3:49am Jul 31, 2023 3:49am
Quoting Dino10
{quote} Winners never quit,its harder to consistently live in the Rat Race then it is to find your trading edge.
You have to win first.
Otherwise you are a loser failing to see the light and quit.
every Saint has a past. Every Sinner has a Future
  • #230
  • Jul 31, 2023 4:47am Jul 31, 2023 4:47am
Quoting Sovy
{quote} This is actually not a bad advise. If you have a good job, you can trade what you don't need affer investing it in like index funds or stocks or real property or other ventures and playing forex for extra. After all forex is gambling by being a game of chance.
Yeah a good rule of thumb is to invest what you can afford to lose, if you don't feel emotional pressure from potential loss you won't commit common mistakes like taking profit too early or trying to sit out the loss.
  • #231
  • Jul 31, 2023 1:43pm Jul 31, 2023 1:43pm
Well, I've learned this is very hard. And the hardest of the hard is emotions handling.
  • #232
  • Last Post: Aug 16, 2023 2:26pm Aug 16, 2023 2:26pm
Quoting turnip15
get a well paid job instead of trading

do that and just do what i do and hone your skills and discipline on the side.

Also, let the market give you what its gonna give you.

Accepts those gifts but also know that's its not gonna give you what it doesn't have if there's nothing to give at the moment
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