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How people should really trade!

  • #121
  • Dec 13, 2008 9:12am Dec 13, 2008 9:12am
Quoting Vourvoul
This is the point where I stopped reading this thread.

I also trade semi-naked but Takis you are missing the point completely, IT IS about the money.
I believe that in the forex game success and money are both the same...now can someone who is only money motivated and does not like trading still be a success....that i don't know.
  • #122
  • Dec 13, 2008 10:18am Dec 13, 2008 10:18am
Quoting Vourvoul
This is the point where I stopped reading this thread.

I also trade semi-naked but Takis you are missing the point completely, IT IS about the money.
I like to believe and will repeat what I learned in the book "Trading for a Living" by Alexander Elder...

You should focus on becoming a better trader, and the profits will naturally follow.

Takisd,

Great thread. I believe trading this way also greatly increases your knowledge, and thus confidence about the market. When I first started out using indicators I was learning nothing on price action. Just putting my bets on the indicators with little confidence on my trades because I had no idea what really moved prices up and down.
  • #123
  • Dec 13, 2008 10:53am Dec 13, 2008 10:53am
Quoting Vourvoul
This is the point where I stopped reading this thread.

I also trade semi-naked but Takis you are missing the point completely, IT IS about the money.
Technically speaking (har har har), it is. Realistically though, there's plenty of other ways to make money. Becoming a seasoned trader takes just as much training (and more importantly time) as any other industry and if you don't truely enjoy it and want to succeed then you won't It's a mental game and if you don't enjoy playing, you will lose.
  • #124
  • Dec 13, 2008 11:23am Dec 13, 2008 11:23am
Quoting Vourvoul
This is the point where I stopped reading this thread.

I also trade semi-naked but Takis you are missing the point completely, IT IS about the money.
I got your point. Yeah, it is about money but money is just to measure your success. I believe that in long-term, it is about your passion on trading. I like about what Bill Williams says (as I trade his method), trading should be like playing because you will enjoy it, and trading should not be like working as you'll put stress on it. When you play, it easy to be in "the zone". When you're in the zone, the profit will automagically come to you. I dunno how you feel about this, but this is what I believe.

Have a great weekends!
  • #125
  • Dec 13, 2008 4:20pm Dec 13, 2008 4:20pm
Zorroz,

Tks for that advise & you are correct.......that is how I have survived & why change if its working. I just can't help but WONDER, but what counts is what in front of me. Tks for the response my friend.

We are all in this business for the money, but that is not the most important aspect.......well maybe in the end it is, but becoming a good trader has to come first. My old trading mentor once told me not to worry about the money, but focus on becoming the best trader you can be & the money will follow. In the beginning I thought that made NO SENSE, but over the yrs I have come to undertstand the meaning.

I thank everyone for their views & advice on this thread & keep them coming. This is one of the best to the point threads started by someone willing to share his knowledge & I appreciate the views coming forth.

Tks to All.
  • #126
  • Dec 13, 2008 11:01pm Dec 13, 2008 11:01pm
Acetrader, no worries at all. Glad to reinforce what you already knew.

I have a trading mentor whose favourite saying is "don't think, just do your effing job". If you have rules and everything in place then it is time to do your job.


Personally i trade alot better when i switch off to the money side of things and just "do my job". I'm sure it's littered through the market wizards books examples of when people start thinking about the bucks and what it can buy them etc and that usually leads to a breakdown in their trading. I honestly believe that if you trade your respective system correctly then the money will take care of itself.

I'm sure it works either way for different personalities.
  • #127
  • Edited Dec 14, 2008 5:23am Dec 13, 2008 11:44pm | Edited Dec 14, 2008 5:23am
Quoting Vourvoul
This is the point where I stopped reading this thread.

I also trade semi-naked but Takis you are missing the point completely, IT IS about the money.
I am sorry, but have to SAY: TAKISD is right:

Don't trade for a money as a GOAL or Target, trade because you love it. You trade with a right MINDSET, and REWARD is here, around the Corner..

It is about the money, but not as a Goal, only as a Reward.


Cheers!
  • #128
  • Dec 14, 2008 12:46am Dec 14, 2008 12:46am
Quoting renegade7
Technically speaking (har har har), it is. Realistically though, there's plenty of other ways to make money. Becoming a seasoned trader takes just as much training (and more importantly time) as any other industry and if you don't truely enjoy it and want to succeed then you won't It's a mental game and if you don't enjoy playing, you will lose.
Youtube: Masters of the Universe (Fraudsters and Profiteers)

yet another way to make money.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #129
  • Dec 14, 2008 4:47am Dec 14, 2008 4:47am
There are times that I'll go 3-4 days & not even review the p&l, but just trade.

Zorroz.......I too fine myself more focused & doing better trading when I switch off the money side. Done get me wrong I want the money, but have other sources that are steady so that allows me to trade. Tks for your views, as they are respected & appreciated.

Piters........Post #127......Very well spoken. TKS.

Since I have stopped trading until January 2009 I guess I have too much time on my hands & maybe posting a tad too much, but I enjoy a thread that is composed of FREE THINKERS WITH OPEN MINDS THIKING OUTSDIE THE BOX &
we have many onboard here, not to mention the willingness of the starter of this thread to share his views, ideas & comments. I'd say that is a breath of fresh air.

Tks to all that share their knowledge, views & idea as I gain value from each.

I yield the floor.
  • #130
  • Dec 14, 2008 4:48am Dec 14, 2008 4:48am
If you are trading for money, it shows you are desperate. Desperation is bad psychology in trading. And its the wrong type of goal.

%age goals indicate success much better than $ figures.

Pip numbers... etc.. $ figures are just want pays for your bread and butter. It comes with success in the other parts of trading.

Once you get over that psychology you will become a much better trader..
  • #131
  • Dec 14, 2008 4:50am Dec 14, 2008 4:50am
Quoting JayalFX
Takisd, or anyone ,
just wondering where to get news that affects the Aussie , with out paying heaps for it
thanks and all the best to everyone for christmas and beyond
Allan
I dont trade fundies, but the guys at work use reuters and bloomberg TV.

All are pricey though i think. I used to have bloomberg when i lived overseas, it cost like 10$ a month for the TV.. It was more expensive for the pc version though.
  • #132
  • Dec 14, 2008 5:03am Dec 14, 2008 5:03am
Takisd,

Who is #129 for? If for me I'm not desperate, but just enjoy trading & swaping ideas. Trading for 25+ yrs. & still learning from others, but the money is secondary. I enjoy your willingness to share your apparent vast knowledge with others. Tks.
  • #133
  • Dec 14, 2008 5:40am Dec 14, 2008 5:40am
Quoting acetrader
Takisd,

Who is #129 for? If for me I'm not desperate, but just enjoy trading & swaping ideas. Trading for 25+ yrs. & still learning from others, but the money is secondary. I enjoy your willingness to share your apparent vast knowledge with others. Tks.
Ace, no need over sensitive, those real pro (like Takisd) are armored
to those any freak-guys coming here to their thread saying
something like "I won't read your thread anymore just bcos..."

and the pro really no need ppl over "thanks" in their every posts.
sharing out of passion, relax, no over humble, casual, straight
to the point what u want share.

I found my edge and really excited / addicted to the chart
where i see my (high probable)edge-setup coming and coming and coming
and so, i don't worry about money. sure it comes when my edge-setups
come. hi hi ... however, i'm still greedy, still want more ....their edge-setup/system
from the pro
  • #134
  • Dec 14, 2008 6:04am Dec 14, 2008 6:04am
Maxkh,

Your right & after re reading over the last 15 post, I think I found the one it was intended for. Agian, too much time on my hands for now.

Ah......the edge......that is what counts.....having one & knowing how to use it.

It took many yrs, but I finally discovered one that works for me.

Tks & cheers
  • #135
  • Dec 14, 2008 6:04am Dec 14, 2008 6:04am
Quoting acetrader
There are times that I'll go 3-4 days & not even review the p&l, but just trade.

Zorroz.......I too fine myself more focused & doing better trading when I switch off the money side. Done get me wrong I want the money, but have other sources that are steady so that allows me to trade. Tks for your views, as they are respected & appreciated.

Piters........Post #127......Very well spoken. TKS.

Since I have stopped trading until January 2009 I guess I have too much time on my hands & maybe posting a tad too much, but I enjoy a thread that is composed...
Hi all,

Not sure how we can completely ignore the money side of trading.

Every time I open my platform the damn thing shows me the balance - then when I trade it asks me how much I wanna trade - then I have to work out the stop as 2% of my equity.

Anyway if its not about money we should all trade demo lol..

Just wanted to add my tuppence in this debate.
  • #136
  • Dec 14, 2008 6:07am Dec 14, 2008 6:07am
BTW - great thread Takisd
  • #137
  • Dec 14, 2008 6:26am Dec 14, 2008 6:26am
Stewrigh

Everything u say is correct.......the money is very important as the end results of our trading & to completely ignore it is impossible.

I pay attention to the p&l as well as all aspects of trading, but I do focus on expanding my trading abilities & keeping my edge intact so there will more P than L.

Your point is well taken & repected.
  • #138
  • Dec 14, 2008 6:49am Dec 14, 2008 6:49am
If it was just about money I would have given up years ago
  • #139
  • Dec 14, 2008 6:58am Dec 14, 2008 6:58am
Attached Image (click to enlarge)
Click to Enlarge Name: audcad.jpg Size: 149 KB


Thought I'd post this chart.

There seems to be some major resistance around 83 on the audcad.

I'm looking to sell around 83 but I'll wait to see what price does during London open.

If it goes to 84 - even better

Target is 79 sl - price+100.

Regards
Steve
  • #140
  • Dec 14, 2008 7:01am Dec 14, 2008 7:01am
Quoting willf
If it was just about money I would have given up years ago
You're right its not just about money - but it helps a hell of a lot.

You gotta love it too.
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