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The truth about trading

  • #41
  • Jan 18, 2010 8:02pm Jan 18, 2010 8:02pm
Quoting psiholog
Since many traders will probably will focus on this more then any valuable piece of information posted, I feel its necessary to mention a high win/loss ratio can also be a double edged sword. Here is another example. In my first year live in 2008, I had 56 trades for the month of August. All those trades where winners. In those days I did not use stop loss. Due to the high amount of winners, I got so cocky that I felt I could do no wrong. The following month, I started with one losing trade, that I just could not let myself close at a loss. I doubled...

I did EXACTLY the same after the 23 win streak, I made a stupid bottom fishing trade likely on EJ in the middle of the night, it moved against me I got stuborn I added, it moved more I added then it fell through the floor dumping 60pips in seconds which gave me a 70% account loss, totally destroyed my confidence and made me start from scratch on a new method.

Then I fell back to over thinking it and couldn't pick a winner for all money in the world and account death soon followed.

Sad part is 10 months on, many variations to my system tested, improvements found to be fair the underlying method is back to nearly the same, thats 10months WASTED

But although many ways to view them if you break it down there really aren't that many ways to trade profitably, it all comes back to what direction is the market going, jump on it.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #42
  • Jan 18, 2010 10:03pm Jan 18, 2010 10:03pm
Quoting Turveyd
I did EXACTLY the same after the 23 win streak.

Man....You both ad the exact win streak...23....I find that weird/unusual.
But unusual things do happen

I would love for others to voice their opinion esp where they differ with mine. That way we can reason it out (decently please) and then we all learn like greenhorns again
100% of traders are losers. Just that some win more than they lose!
  • #43
  • Jan 18, 2010 10:20pm Jan 18, 2010 10:20pm
Quoting Mr demark
Man....You both ad the exact win streak...23....I find that weird/unusual.
But unusual things do happen

I would love for others to voice their opinion esp where they differ with mine. That way we can reason it out (decently please) and then we all learn like greenhorns again
You misread, he did exactly the same in burning his account after a high win streak. I am amazed though at his risk exposure as 60pips did most of the damage...
Different opinions highly valued, ignorant to slander.
  • #44
  • Jan 18, 2010 10:23pm Jan 18, 2010 10:23pm
Quoting 99vt66
Do you also agreed the Trading TRUTH that people like yourself make more money selling their products/services than they do in their trading ? OR do they actually trade at all ?
Funny enough, i was about to post some more harsh realities, including the GURUS whos wisdom is in making money from forex-noobs. They sell system and eduational material but they demo trade their ass off
100% of traders are losers. Just that some win more than they lose!
  • #45
  • Jan 18, 2010 10:24pm Jan 18, 2010 10:24pm
Quoting Mr demark
Funny enough, i was about to post some more harsh realities, including the GURUS whos wisdom is in making money from forex-noobs. They sell system and eduational material but they demo trade their ass off
Even if they live trade they only show a very narrow date range. Of course that was during their best run.
  • #46
  • Jan 18, 2010 10:24pm Jan 18, 2010 10:24pm
Quoting Turveyd
Well I can't fault anything and mass psychology is definately a good way to play it.

Most excellent, win / lose ratio, I batted 23winners in a row once it's great when your on a winning streak just playing the short term momentum not over thinking it!!

Doubled checked. He had 23 winners.. lol
100% of traders are losers. Just that some win more than they lose!
  • #47
  • Jan 18, 2010 11:15pm Jan 18, 2010 11:15pm
Quoting Mr demark
Doubled checked. He had 23 winners.. lol
Not sure what you found unusual then. 23 has a lot of coincidences about it though. I am currently 23 years old. The maximum amount of trading days per month is 23 (March and August). There was that movie called 23 with Jim Carrey. Probably another billion unusual things about that number....lol.
Different opinions highly valued, ignorant to slander.
  • #48
  • Jan 19, 2010 8:51am Jan 19, 2010 8:51am
Quoting Mr demark
Thanks Razor

I was thinking of forming a closed group for forex traders where we post only the best trades and alert members by email. Reason for this is that we cant stare at the charts as we wish so with a good amount of us looking whenever we can then MAYBE we can pick up some more trade entries.

just thinking still
You're welcome.

I have no need for a signal service as I think my style of trading is very different to most people on this forum and I can't really rely on others to give me accurate trading signals. Anyways I trade very long term, so I'm not in front of the charts all day!

Your idea could only work if everyone was trading the exact same system otherwise not everyone would agree with what a good trade is.

In any case, I wish you luck with it.

-Razorjack
-Razorjack
  • #49
  • Jan 19, 2010 9:10am Jan 19, 2010 9:10am
Quoting Turveyd
From a point of view of a long term trader who's aiming to make 10-15% per year and not sit infront of the PC, other than a few bits of well misinformation your not to far off. So thats what works for you

BUT Short term intraday traders and Scalpers do exist and if your prepared to set a hour or 4 aside each day to sit infront of your PC ( Job Like ) boat loads of money can be harvested much easier than all of the above.
I'm sorry, but this post tells me that you have very little experience and even less success in trading financial markets.

Such strongly opinionated bias views by someone who isn't successful but looking to succeed, doesn't exactly sound like a winning formula to me.

Long term traders making 10-15% per year? Where did you get these numbers from? I'm a long term trader position trader and I make much more than this per week on average.

I suggest you look up and get an idea of long term position trading & trade management before making assumptions that will blind you from one of the most proven and profitable ways of trading in financial markets.

-Razorjack
-Razorjack
  • #50
  • Jan 19, 2010 10:13am Jan 19, 2010 10:13am
When i started trading commodity futures some 15 years ago a lot of what you are saying was Gospel.Well after getting my a** kicked listening to this gospel i started to look at the markets with a clean slate,threw out most of the so called good advice aka gospel and low and behold i started to finally make money.Forex isn't any different,price movement is price movement no matter what market.
There is no one correct way to trade,there are millions and it's all in our head and our gut.
  • #51
  • Jan 19, 2010 10:28am Jan 19, 2010 10:28am
Quoting beantrader
When i started trading commodity futures some 15 years ago a lot of what you are saying was Gospel.Well after getting my a** kicked listening to this gospel i started to look at the markets with a clean slate,threw out most of the so called good advice aka gospel and low and behold i started to finally make money.Forex isn't any different,price movement is price movement no matter what market.
There is no one correct way to trade,there are millions and it's all in our head and our gut.
Not sure if you are referring to the original post or to mine. But yes, I agree that there are many ways to make money and there is no one correct way. I believe that if the system makes money then it's correct.

Me personally, I have more of a classical long term position trading style, so the "gospel" works for me. Of course the "gospel" won't be as applicable to, for example, short term or day traders.

Cheers,
-Razorjack
-Razorjack
  • #52
  • Jan 19, 2010 11:11am Jan 19, 2010 11:11am
Hi Razorjack,sorry for the confusion,i was refering to the original post.Good trading.
  • #53
  • Jan 20, 2010 12:46am Jan 20, 2010 12:46am
Quoting Mr demark
Thanks Razor

I was thinking of forming a closed group for forex traders where we post only the best trades and alert members by email. Reason for this is that we cant stare at the charts as we wish so with a good amount of us looking whenever we can then MAYBE we can pick up some more trade entries.

just thinking still
Sounds like a good idea, easy to do with google groups.
  • #54
  • Jan 20, 2010 1:23am Jan 20, 2010 1:23am
hmn... everybody with their own point of view, but my of point of view is that your point of view should earn you consistent pips and then you share the true point of view.
cheers and relax mates....
Just remember, when you think all is lost, the future remains
  • #55
  • Jan 20, 2010 5:13am Jan 20, 2010 5:13am
Quoting Mr demark
Man....You both ad the exact win streak...23....I find that weird/unusual.
But unusual things do happen

I would love for others to voice their opinion esp where they differ with mine. That way we can reason it out (decently please) and then we all learn like greenhorns again

Yes 23, you'll find it posted April last year no doubt somewhere if you really care.

Psi, I'd ran the account for £70 GBP to £380 in ~6weeks, I think it margin called me ~£150 I had a close a position to stop being called at the £200 to, I think it more like a 150pip move, it just kept going

I've ran upto near £400 5 times to date and straight back down, tip short my account near that level.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #56
  • Jan 20, 2010 5:17am Jan 20, 2010 5:17am
Quoting Razorjack
I'm sorry, but this post tells me that you have very little experience and even less success in trading financial markets.

Such strongly opinionated bias views by someone who isn't successful but looking to succeed, doesn't exactly sound like a winning formula to me.

Long term traders making 10-15% per year? Where did you get these numbers from? I'm a long term trader position trader and I make much more than this per week on average.

I suggest you look up and get an idea of long term position trading & trade management before making assumptions...

So you say RazorJack, the thing is there are loads of pretenders around this site with wild claims so until proven that's the bin I'll put you in, sorry!!

Atleast you know I'm honest, I've had profitable streaks which is more than most I expect to be profitable based on system changes over the next few weeks.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #57
  • Jan 20, 2010 6:13am Jan 20, 2010 6:13am
Quoting Turveyd
So you say RazorJack, the thing is there are loads of pretenders around this site with wild claims so until proven that's the bin I'll put you in, sorry!!

Atleast you know I'm honest, I've had profitable streaks which is more than most I expect to be profitable based on system changes over the next few weeks.
That's ok, you don't have to believe me and it's actually wise to NOT take advise from people you don't know. I am not here selling anything, I am writing on this forum because I have become very successful after many years and I'm giving back to relieve my karma. Once I feel that I've given what I can, then I will leave. I get nothing whether you choose to believe me or not, I'll continue to trade as I'm doing now and I'm planning to "retire" this year. So feel free to ignore the rest of this post.

But ask yourself this:

Forget people you don't know about, how many people do you KNOW personally that have actually succeeded using short term and long term type of trading styles?

I have known several that have done both, but the short term traders especially day traders get burned out faster. And it's not their day trading systems but the trader getting burned out and losing concentration, focus, etc that causes big losses, which you, have experienced personally.

I also have personal experience from day trading, it's takes alot of focus and concentration and can very stressful at times. But the biggest disadvantage is that you can not be very creative with money management and trade management. This is where long term position trading beats day trading hands down.

There is a HUGE misconception that you have to take alot of trades to make alot of money very quickly. WRONG! The secret is leveraging your profits (increasing your position) when the trades are going your way and limit your losses (decreasing your position) when it's going against you.

This is why I suggested that you do RESEARCH yourself (don't listen to me or anyone else) on position trading, before dismissing long term completely.

Again, this is totally up to you, but after reading about where you are in your trading career, this is probably the best advice you will get for free. I only wish I had someone tell me what I am telling you when I was where you are now.

Good luck with whatever you choose.
-Razorjack
  • #58
  • Jan 20, 2010 6:26am Jan 20, 2010 6:26am
Quoting Razorjack
That's ok, you don't have to believe me and it's actually wise to NOT take advise from people you don't know. I am not here selling anything, I am writing on this forum because I have become very successful after many years and I'm giving back to relieve my karma. Once I feel that I've given what I can, then I will leave. I get nothing whether you choose to believe me or not, I'll continue to trade as I'm doing now and I'm planning to "retire" this year. So feel free to ignore the rest of this post.

But ask yourself this:

Forget people you don't...

I Used to, shite 8years ago trade US Stocks as Stocks then Via Options multiple day swing trader, my puts made LOADS of money in the Bear market which I kinda blew, then the Bear ended with a bang and wiped me out before the open but hey

Forex really isn't the trading tool to do long term positions on, there is news out 2 - 3 times per day and frequently huge direction changes, much better odds trend wise with stocks, but you need more money and only 2:1 margin and I've never had the cash spare to get back in.

Day trading / Scalping was always where I fell apart so not totally dismissing anything your saying, but I don't just trade for the money I trade for the challenge no challenge in something I'm good at.

Still hold with Money can be made and lost alot faster from day trading though
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #59
  • Jan 20, 2010 6:27am Jan 20, 2010 6:27am
Excellent point Razorjack. We need more people like you.
  • #60
  • Jan 20, 2010 7:52am Jan 20, 2010 7:52am
LOL Turveyd. Seems like you make friends everywhere you go?
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