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45 Ways to Avoid Losing Money Trading FOREX, by Jimmy Young

  • #21
  • Dec 29, 2009 7:58pm Dec 29, 2009 7:58pm
Thank you 4 this post,a must read for intermediate and above traders !!!
  • #22
  • Dec 30, 2009 2:08am Dec 30, 2009 2:08am
Quoting Tjpld
Funny thing is I figured out excatly what he said after about 1 year.
If you are a complete n00b and heard about FX just yesterday this will probably not help you much. You will make these mistakes anyway.
After that you might learn something. Maybe not.
Reading something does not make you an Expert. An Expert is someone
who has made every single mistake you can imagine.
made every single mistake possible and learnt from them. some people just make the same mistakes over n over again its painful to watch.
  • #23
  • Dec 30, 2009 2:11am Dec 30, 2009 2:11am
Quoting et_phonehome_2
Very good points given. Anyone who read this, do any of you actually use two indicators or less to trade? If so, let me know, my charts are overloaded as it is, not so good to have so many. I would like to know what indicators or system you use....
i used to have many indicators too which made me really confused and sometimes very contradicting signals will come out. i got so frustrated until i threw everything out of the window and now i only use 1: slope direction line with settings 80:3:0 could be found in trading systems section i think. trading the slope system.
  • #24
  • Edited 3:12am Dec 30, 2009 3:12am | Edited 3:12am
Quoting Editor

33) Over-Relying on Risk Reward – There is zero advantage in risk reward; if you put a 20 point stop and a 60 point profit your chances are probably 3-1 that you will lose; actually with the spread its more like 4 to 1 (from entry point if it goes down 17 points you lose or up 63 you win; 17/63 is close to 4-1).
Hi Buddy

Love your list, but would like to say number 33 is claiming that the market isn't trending...

I believe the market is trending and by cutting losses short = higher risk-reward ratio you have a better chance of earning cash...

But we are all different

I would also like to add

46) Walk your own path - If you don't walk your own path meaning, tweaking indicators (being PA or whatever) you will not be successful...


GL Guys...
  • #25
  • Dec 30, 2009 9:27am Dec 30, 2009 9:27am
My suggestion is to print this masterpiece and read it again and again...
  • #26
  • Dec 30, 2009 9:50am Dec 30, 2009 9:50am
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #27
  • Dec 30, 2009 11:46am Dec 30, 2009 11:46am
LOL,reading this will not help you trade,period.Do you really think your going to follow all these do's and don'ts? Your not.Trading is an individual endeavor if there ever was one.You either swim or drown and hope you have enough in your account to survive until you "get it".
Trading is NOT for everyone and some will not make it even if they follow every rule in that list.Not everyone can sing at the MET no matter how hard you try,you either have the talent or you dont,trading is the same.So that you don't think i'm talking out of my a**,i've been trading futures and forex since 1995. Later.
  • #28
  • Feb 1, 2010 11:51am Feb 1, 2010 11:51am
good article,
a better place to start my forex trading education.
i will keep returning to it often.
thanks jimmy- wii like to know u more.
  • #29
  • Mar 24, 2010 5:49pm Mar 24, 2010 5:49pm
Jimmy,

This is one of the best articles for new traders I have seen. You have covered just about everything a new trader would need to consider.

Over the years I have talked to thousands of traders and they all could learn from this even those who are more seasoned.

Great Job,

Pipwrangler
  • #30
  • Sep 4, 2010 5:45am Sep 4, 2010 5:45am
hi there,

what does it mean?

44) Getting Pumped Up – The trick is to maintain an even keel; when you are in a trade you want to think exactly as you would if you didn’t have a trade on. To do this requires a relaxed disposition; this is not a football game; don’t get psyched up; relax and try to enjoy it.

it's not understandable for many non-native speakers of English such as me.

please someone clarify it to me.
  • #31
  • Sep 4, 2010 7:50am Sep 4, 2010 7:50am
Google for the definition:

Definitions of pumped up on the Web:

 

  1. pumped-up(a): tense with excitement and enthusiasm as from a rush of adrenaline; "we were really pumped up for the race"; "he was so pumped he couldn't sleep"
    wordnetweb.princeton.edu/perl/webwn
  2. inflated; raised by pumping
    en.wiktionary.org/wiki/pumped-up
  3. excited; Having muscles in a swollen state following exercise
    en.wiktionary.org/wiki/pumped_up

It never gets easier, you just get better
  • #32
  • Sep 4, 2010 11:02pm Sep 4, 2010 11:02pm
Those are right.. but some time we didnt notice that we did a mistake...
  • #33
  • Dec 10, 2010 9:35am Dec 10, 2010 9:35am
Brilliant list - mastering it is another issue!! Great to hear what is what from someone who has been there and done it!!!
  • #34
  • Apr 3, 2011 2:21am Apr 3, 2011 2:21am
Quoting FX Articles
6) Demo Accounts – Broker demo accounts are a shill game of sorts; they’re not as time sensitive as real accounts and therefore give the impression that time sensitive trading systems, such as short-term moving average crossovers can be consistently profitably traded; once you start dealing with real money reality is quick to set in.
Can anyone elaborate on this please? With out pointing me to step one "knowledge deficiency"

What I think it could mean is that demo accounts are not as time sensitive as real accounts, therefore sometimes order execution will experience delays in a live account, with could affect your strategy if you are a short-term trader (or scalper).........

But I think it could be referring to something else that I am missing.

Any suggestions?

~Tim
  • #35
  • Apr 3, 2011 2:27am Apr 3, 2011 2:27am
Quoting tim112779
Can anyone elaborate on this please? With out pointing me to step one "knowledge deficiency"

What I think it could mean is that demo accounts are not as time sensitive as real accounts, therefore sometimes order execution will experience delays in a live account, with could affect your strategy if you are a short-term trader (or scalper).........

But I think it could be referring to something else that I am missing.

Any suggestions?

~Tim
You are right in what you posted. You will notice at times with a fast moving market things acting weird or not even able to get an order filled on a real account. But with a demo there is no problems.

Demos are great to get used to the platform and your trading system. Once those are in order the psychological side of trading must be learned or experienced with a live account. IMHO

Trade safe and enjoy the learning adventure.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #36
  • May 23, 2012 6:47am May 23, 2012 6:47am
would have been much more exciting. If you want to live a life free from a long stay in jail, don't rob any banks, as each one you rob and get away with with build your confidence for the next one, and at some point 89% of all bank robbers will be caught and busted.

focus on what to DO, not what NOT to do.
  • #37
  • May 23, 2012 3:40pm May 23, 2012 3:40pm
very interesting overall
but I did laugh at the first one when it suggested fundamentals are still relevant
edit: 2006, I guess things have changed?
  • #38
  • May 23, 2012 5:23pm May 23, 2012 5:23pm
I'd say, let go of greed, and do not hope.
  • #39
  • Aug 6, 2012 5:01am Aug 6, 2012 5:01am
a must read article...
  • #40
  • Aug 6, 2012 5:47am Aug 6, 2012 5:47am
Rubbish, there were some valid points but mostly a bunch of generalisations like most of the crap on this forum.

Just another BS artist trying to sell his "infinite wisdom" to the masses in a game where the masses are lead to slaughter.

Here we go I have one way to AVOID LOSING MONEY IN FOREX

Stop trading until you can do what most cannot.
H.D
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