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Healthy signs for a trader

  • #1
  • First Post: Oct 29, 2009 11:27am Oct 29, 2009 11:27am

  1. Other/new strategies doesn't interest you at all
  2. You don't care about other's point of view regarding the market
  3. What you see/interpret from a chart/macroeconomics successfully, cannot be explained nor understood by any others than yourself
  4. You rarely need more than a few seconds to decide if you have a scenario or not
  5. You get more picky (and conservative) about trading-scenarios
  6. You can't understand why people need more than 1:10 gearing
  7. You understand that you cannot be short and long at the same time on a currency-pair (hedging)
  8. Not even slightly concerned about the fact that most participants lose money in the long run
  9. "Getting it" have been the slowest yet some of the most exciting process in your life

Feel free to add =)

Measure twice, cut once
  • #2
  • Oct 29, 2009 11:41am Oct 29, 2009 11:41am
You looking at me...
  • #3
  • Oct 29, 2009 12:11pm Oct 29, 2009 12:11pm

  1. being profitable
  2. not caring about winning or losing trades
  3. no need to be in the market all the time, no anger if missed a trade
  4. seeing ones former errors in other newbie posts, and smiling about it ... eventually trying to help them
  5. knowing oneself, ones reaction to certain environments and having optimized ones response to it - i.e. knowing what to do and when to do it

Invincibility lies in the defence, the possibility of victory in the attack
  • #4
  • Oct 29, 2009 12:23pm Oct 29, 2009 12:23pm
* no interest in reading retail fx forums...
  • #5
  • Oct 29, 2009 12:39pm Oct 29, 2009 12:39pm
in one sentence:

if trading feels like brushing your teeth in the morning
Invincibility lies in the defence, the possibility of victory in the attack
  • #6
  • Oct 30, 2009 12:33am Oct 30, 2009 12:33am
Quoting PeterFM
You looking at me..

...."then you're looking at trouble"
Measure twice, cut once
  • #7
  • Oct 30, 2009 12:43am Oct 30, 2009 12:43am
Very nice. Although there are reasons as to why one would want to use greater than 1:10 gearing
  • #8
  • Oct 30, 2009 7:09am Oct 30, 2009 7:09am
Quoting Agro
Very nice. Although there are reasons as to why one would want to use greater than 1:10 gearing
There is, but most likely with an negative outcome
Measure twice, cut once
  • #9
  • Oct 30, 2009 7:33am Oct 30, 2009 7:33am
Quoting aediaz1
There is, but most likely with an negative outcome
lol

Well, depends on the reasons I guess. For me, I like to have as little money in my brokers account as posible. Generally I will only keep 20-30% of my bankroll with my broker. This is where higher leverage comes in very handy in my mind. I see forex brokers as a risky option compared to a big established bank. Also, I recieve a higher interest rate with my institution, which adds to my return. High leverage equals less risk as far as I am concerned. This is what annoys me about the new regulations regarding leverage, they are trying to nanny us into reducing risk, where in actuall fact they are increasing it for the sensible trader.

Guess I am just nit picking your post though, I see the point you are trying to make. Even though I am relatively short term in my outlook and use quite tight stops, I rarely find myself more than 5:1 on my entire bankroll, and have never been more than 10:1. Cannot fathem how people will use 400:1 leverage on their entire bankroll and expect to be in the game more than a couple of days.
  • #10
  • Oct 30, 2009 8:59am Oct 30, 2009 8:59am
Quoting Agro
lol

Well, depends on the reasons I guess. For me, I like to have as little money in my brokers account as posible. Generally I will only keep 20-30% of my bankroll with my broker. This is where higher leverage comes in very handy in my mind. I see forex brokers as a risky option compared to a big established bank. Also, I recieve a higher interest rate with my institution, which adds to my return. High leverage equals less risk as far as I am concerned. This is what annoys me about the new regulations regarding leverage, they are trying to nanny...
That's some of the best ways to exploit leverage in your favor, IMO. I do it myself :=)
Measure twice, cut once
  • #11
  • Oct 30, 2009 9:16am Oct 30, 2009 9:16am
Quoting aediaz1
[list][*]Other/new strategies doesn't interest you at all[*]You don't care about other's point of view regarding the market[*]What you see/interpret from a chart/macroeconomics successfully, cannot be explained nor understood by any others than yourself[*]You rarely need more than a few seconds to decide if you have a scenario or not[*]You get more picky (and conservative) about trading-scenarios[*]You can't understand why people need more than 1:10 gearing[*]You understand that you cannot be short and long at the same time on a currency-pair...
great post, agree with it all!
  • #12
  • Oct 30, 2009 9:24am Oct 30, 2009 9:24am
Quoting aediaz1

  1. Other/new strategies doesn't interest you at all

That's a bad sign IMHO.
  • #13
  • Oct 30, 2009 9:29am Oct 30, 2009 9:29am
Quoting mikkom
[/list]That's a bad sign IMHO.
if you had a system/set of rules that fitted you perfectly and you made consistent pips that exceeded your idea of a target on most weeks. Why would you muddle up your mind with greed to try and make more???

i see your point of always keep an open mind, but at some point you need to have your way and if it's working to near perfection for you, why muck around with ideas that could set you back in your development?

cheers,
  • #14
  • Oct 30, 2009 9:33am Oct 30, 2009 9:33am
Quoting >Apocalypto<
if you had a system/set of rules that fitted you perfectly and you made consistent pips that exceeded your idea of a target on most weeks. Why would you muddle up your mind with greed to try and make more???

i see your point of always keep an open mind, but at some point you need to have your way and if it's working to near perfection for you, why muck around with ideas that could set you back in your development?

cheers,
Because you can divide the risk between your portfolio strategies and get smoother curve.

I trade 26 strategies simultaneously myself and I'm always looking for new non-correlated strategies.
  • #15
  • Oct 30, 2009 9:39am Oct 30, 2009 9:39am
Quoting mikkom
Because you can divide the risk between your portfolio strategies and get smoother curve.

I trade 26 strategies simultaneously myself and I'm always looking for new non-correlated strategies.
Fair point, as I stated that's what works for you, that may not work for me or another trader.

I suck eggs on any method above 1min! My personality is set to trade 1min times.... If I don't concentrate on my method and muck around with other things my trading suffers as I need to be in the zone and at one with my rules. but that's me, we're all different as you have pointed out in your post.

based on my experience the original point has a lot of merit.

Cheers,
  • #16
  • Oct 30, 2009 9:41am Oct 30, 2009 9:41am
Quoting >Apocalypto<
Fair point, as I stated that's what works for you, that may not work for me or another trader.
Yes of course - I don't think this would work if the methods wouldn't be automated.
  • #17
  • Oct 30, 2009 9:41am Oct 30, 2009 9:41am
Quoting mikkom
[/list]That's a bad sign IMHO.
Adding some good-will, I can see your point, no doubt. My statement might be a bit badly formed.

Some of our biggest and most successful partners in stock-trading (their strategy is an hybrid of TA and FA) have used the same strategy for almost 10 years, making them some of the most profitable company in my country.

Some of the very few (profitable) fx-traders I know have used the same system pretty much unchanged for the last 15 years.

But, as in any other aspects of life, its impossible to make an statement that includes everyone.
Measure twice, cut once
  • #18
  • Oct 30, 2009 9:44am Oct 30, 2009 9:44am
Quoting aediaz1
Adding some good-will, I can see your point, no doubt. My statement might be a bit badly formed.

Some of our biggest and most successful partners in stock-trading (their strategy is an hybrid of TA and FA) have used the same strategy for almost 10 years, making them the most profitable company in my country.

Some of the very few fx-traders I know have used the same system pretty much unchanged for the last 15 years.

But, as in any other aspects of life, its impossible to make an statement that includes everyone.
Okay now I see what you mean and I agree. Yes, good strategies stand the test of time and shouldn't be changed. That doesn't prevent you from having interest in new strategies however - markets have changed a lot in 20 years.
  • #19
  • Oct 30, 2009 9:46am Oct 30, 2009 9:46am
Quoting mikkom
Yes of course - I don't think this would work if the methods wouldn't be automated.
HUH! running 26 systems at once, non automated! you would need very fast hands and trigger fingers!
  • #20
  • Oct 30, 2009 9:49am Oct 30, 2009 9:49am
Quoting mikkom
Okay now I see what you mean and I agree. Yes, good strategies stand the test of time and shouldn't be changed. That doesn't prevent you from having interest in new strategies however - markets have changed a lot in 20 years.
Again, no doubt.

Seems like a perfect timing for a quote

"It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change."
C.D
Measure twice, cut once
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