Disliked{quote} Any tips how you recovered from that? As I don’t know what Can I do to improve. Could you guys please send me some suggestions of how can I improve my trading. ThanksIgnored
Trading is like working like a fireman who gets paid per fire. You don’t make any money until a fire happens, and you cannot force a fire(unless you are a rogue trader who decided to get fired from a bank), you don’t make any money if you succumb to the fire or quit and let the fire continue burning down the house without you putting it out. When the fire is gone - that’s when you get paid.
Trading can be fun, but most of the time it is details, hard work, research and risk management. The best time for me is after a long and planned trading scenario which been successful and i am almost flat for a while, trying to get rid of positions that were timed wrongly or where i lacked proper judgement in. It’s a cleaning period where i’m less stressed and can look at the faulty trades as well as my winner trades without much bias or influence by current positions. I get mentally/emotionally prepared for the next battle during this period.
Alot of people believe that forums like this will help their trading performance, but i am certain that the opposite is true. Imagine: If most of the posts are from non-winners the only logical course of action to become a winner is to fade the advice you see here.
Everyone has a motive, even me. In which most are basic human social interaction, simple self promotion, we try to make ourselvses look good, feel good, be smart etc.
A handful of posters have the motive to help others. Many of them figure that if they can’t win, maybe they can help someone else and that makes them into a winner somehow. Maybe so.. But likely it is a case of the blind leading the blind.
I think you can make money from trading forex or any other market for that matter, from the way you yourself learned and interpret the market, not the way some very literate, but non-winner says you should interpret it.
Think of that the next time you read a ”helpful” post. 98% or more chance the post is from a non-winner.
Most so called ”edges” are in reality not any kind of edge but a course of mass action. There is no support and resistance etc.. there is only competition, greed, stability and protection etc. You have to read the political landscape and the context you base your decisions from.
There was once ’edges’ during the 80s and 90s and earlier periods, they however became public knowledge when the ’Information age’/’internet age started to advance. The banks/funds etc responded by hiring smarter people then they ever hired before to develop more complex strategies to develop new edges for them to make money, the old edges already being frontrunned.
So everytime there is a new edge you have a ’Cookies’ and ’scanners’ on forums like this which collects information, sends em to an A.I under a certain context to see if they can make a strategy out of it.
The strategies is sooner or later caught by their competitors which leads to frontrunning of these strategies, as more people adopt these strategies markets become more efficient and they disappear.
The key for you is to identify whenever one of your strategies holds true, and when it’s most likely to be false.
None of us can ever compete against A.I, low-latency HFT and supersmart traders at banks. However we can always rely on their limit of capital and competition between each other(as long as not banks get acquired by bigger banks).
So whenever you see a strategy or type of knowledge being frequently discussed on a forum like here, know that this strategy will eventually become frontrunned/nullified by banks, so you must devise a strategy to counteract this.
Where is the logic in this? Cause money cannot run haywire -everybody is in to make money, when one strategy is the dominant one it opens up the floodgates to the forgotten ones.
Keep your eyes open, and think several steps ahead. Know yourself as well as others.
Retreat when you make to much profit or losses.
And most important of all: don’t get into the trap of confirmation bias(!)
I hope this helps!
/Ferna
Equality will be the next big thing in trading
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