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I've hit a wall

  • #21
  • Jul 4, 2010 7:57am Jul 4, 2010 7:57am
This is definately nice to know Damien. Congrats first of all to your success. Many have yet to reach your level.

This is more of a life problem rather than a what to do problem. Different people have different things to worry about at different stages of life. Judging from your posts, you probably already have succesfully surpassed all these hurdles.

Move on to the next phase of life. Rekindle your old dreams. Ask yourself what was it you always wanted to do when you were a kid. I know that when I was young, I always wanted to open a waterhole that serves ridiculously low priced alcohol for my friends. It would have a nice lounge with some arcade machines at one corner. A little room where with PS and XBOX at the corner. Music playing in the background. I know one day if I have made everything in life, I would open a store like that.

Or maybe run a charity organization. Or aim for higher targets... like being a billionaire. There are countless of things to do in life if only you can remember what it is like to dream like a kid

Of course, I have yet to reach your status in life. I have yet to have a wife and kids. I have not made my goal to be a millionaire (though I forsee that it will happen within the next few years). I still have a target, and everytime I surpass that target, I will find new ones.

The privilege of choice is given to those who are prepared for it. It seems that you are ready. Go wild I'm sure you still have half a century to live. That is a long time
  • #22
  • Jul 4, 2010 8:27am Jul 4, 2010 8:27am
Quoting damosdmf
yes less than 1 year experience well a year in 2 months but time doesnt matter in forex ever heard of the turtles they were taught to trade in 2 weeks it doesnt matter the length of time you have its how who apply yourself in that time that makes the difference. my strategy wont stop working as long as theres a forex market. strategies just dont stop markets never change they go up they go down they go sideways as long as this happens im fine. i hope i didnt sound nasty then i wasnt meaning to be. ive always thought about programming the best i...
IMHO, the "turtles" did not display any special trading talent. They were simply good at following time tested rules. Anyone of average intelligence can do that. The real talent is whether or not they could have become good traders w/o specialized training and knowledge. There are some rules that I have developed that have taken years to figure out (unfortunately). However, I can teach that same rule to someone in 5 minutes (Life is not fair).
  • #23
  • Jul 4, 2010 9:09am Jul 4, 2010 9:09am
Quoting Troikaone1
There are some rules that I have developed that have taken years to figure out (unfortunately). However, I can teach that same rule to someone in 5 minutes (Life is not fair).
so true man! life is profound when I think of that concept..
  • #24
  • Jul 4, 2010 9:25am Jul 4, 2010 9:25am
Quoting damosdmf
ever heard of the turtles ...... my strategy wont stop working as long as theres a forex market. strategies just dont stop markets never change they go up they go down they go sideways as long as this happens im fine.
Tell that to the turtles... how many of them are still trading? Sounds like there is still some naivete in you. Why not find a few more profitable strategies? With all those kids a few more bucks cant hurt...
  • #25
  • Jul 4, 2010 9:57am Jul 4, 2010 9:57am
Quoting damosdmf
whats the next step where do i go from here. any answers thoughts?

regards damien
Go BIGGER
Time hides Nothing
  • #26
  • Jul 4, 2010 10:30am Jul 4, 2010 10:30am
Quoting damosdmf
hi has this happened to anyone else i just feel ive learnt all i need to know in forex i have my strategys working profitably now when i look at other peoples threads i think to myself was i really that niave that i couldnt see how easy it was. i guess its not a bad thing for this to happen so whats the next step where do i go from here. any answers thoughts?

regards damien
It happens to everyone who trades during periods of high vol.

The last 2 years or so have seen an unprecedented economic collapse and subsequent rebound. The trends in both directions have been massive, so just about anyone with a pulse and a breakout system could have made money. Are they good traders? Maybe. I don't know that I would go betting the kids college fund on it though...

Here is what you may not know:

Markets only trend about 20% of the time. That means for the other 80% they are going nowhere. False breakouts and failed tech patterns are more norm then exception. You'll also find that most of the time, 90% of any move that DOES occur, does so within 20 seconds of an economic release. Low liquidity and excessive event spreads make capturing those moves (post release) all but impossible. And these are just a few of the things you have yet to experience in your trading career.

I’ve been at this game for over 5 years and I still learn something new about the market every day.

Can your system contend with all the unknown factors? Again, maybe. Only time will tell. The one undeniable fact is that 95% of the traders on here right now will be gone in 18 months. Historically, the average lead-time for the remaining 5% to become successful is ~3 years. It’s entirely possible that you have figured it out in 1, but the odds are heavily stacked against you.

If I were in your position, I would spend a great deal of time figuring out what makes me and/or my system so special.

Always remember; everyone thinks they are a genius when things are easy. It's when they get hard that the chaff is separated from the wheat.

Luck be with you.
  • #27
  • Jul 4, 2010 10:48am Jul 4, 2010 10:48am
Quoting Darkstar
It happens to everyone who trades during periods of high vol.

The last 2 years or so have seen an unprecedented economic collapse and subsequent rebound. The trends in both directions have been massive, so just about anyone with a pulse and a breakout system could have made money. Are they good traders? Maybe. I don't know that I would go betting the kids college fund on it though...

Here is what you may not know:

[color=black][font=Verdana]Markets...
Well darkstar has a point. I am a fan of taleb nassim's book "fooled by randomness" and I really like the way he explains the concepts of luck. Darkstar pretty much said a lot of what that book writes about.

But jsut to reiterate what some of nassim's book said:
-assume you have a sample of traders that only took trades by random.
-after a year, you would have a small percentage of traders that would end up +ve (lets say 5%).
-out of these remaining few, if they continued to trade at random, a small % of these traders would then continue to profit for 2 years in a row.
-repeat this for a few years and you would have some traders who are extremely lucky that have made it +ve for many years - by random luck!

With a sample size of 10,000 traders, and a 5% that ends up +ve at the end of the year, you would have 1 trader that made +ve for 3 years in a row. All based on random entry.

Imagine what would happen if there were 100,000 traders. Some lucky people might make +ve for many many years and be called a "genuis" when all it is is luck.So there is truth to the madness. Don't let your guard down
  • #28
  • Jul 4, 2010 10:51am Jul 4, 2010 10:51am
http://www.lithophile.com/olga/prese.../flowchart.jpg

the next step, if you have not already done this, is to lay out your system in the form of a flowchart.

when you have done that, automate the system.
  • #29
  • Jul 4, 2010 12:00pm Jul 4, 2010 12:00pm
u can never stop learning .. dont be naive
  • #30
  • Jul 4, 2010 12:22pm Jul 4, 2010 12:22pm
I don't know but did you hear the saying "A Sucker is born every minute" ?
https://diamondmanagedfx.com/prop-firm-passing-service/
  • #31
  • Jul 4, 2010 1:06pm Jul 4, 2010 1:06pm
It's the wise man that realizes he has much to learn.
  • #32
  • Jul 4, 2010 2:13pm Jul 4, 2010 2:13pm
One of my favorite authors is Steidlmayer. He wrote several books over the course of many years of trading and a common theme is the change and evolution of the markets. As traders in these markets we need to adapt as well. Where is the "wall" other than our own stagnation?

Not meant as a jab at you just possible food for thought.

Good continued trading!
  • #33
  • Jul 4, 2010 2:15pm Jul 4, 2010 2:15pm
Leap over that wall! There's many things that I can think of that you can do with all of your free time.

1) take your family on a nice summer vacation. Around here kids don't go back to school until the first week of August.

2) make sure that you have all of their college educations set aside.

3) take up a new hobby (golf, sailing, writing a book, building houses, helping those less fortunate than yourself, food pantries, buy and send containers of water/food/and aid to others around the world.

4) help your friends and family to become as successful as you've been.

5) become the solution to a "cause" that you and your family truly believe in.


If you're truly as successful as you claim, there's many things "to do". Don't let the 4 walls of your home imprison you and your family.



Quoting damosdmf
hi has this happened to anyone else i just feel ive learnt all i need to know in forex i have my strategys working profitably now when i look at other peoples threads i think to myself was i really that niave that i couldnt see how easy it was. i guess its not a bad thing for this to happen so whats the next step where do i go from here. any answers thoughts?

regards damien
  • #34
  • Edited 7:33pm Jul 4, 2010 4:07pm | Edited 7:33pm
Damien, if you've really figured out how to be consistently profitable in less than a year, you're a friggin genius! Congrats!

Most people say they've "hit a wall" when they feel they've tried every system they can possibly find, or think of, and they're still losing money.

It's been said a million times before, but let's review the potential benefits of forex...... You're your own boss. You can work whenever you want, from the comfort and privacy of your own home. Or, you can choose to set up 'office' anywhere in the world. No future worries about income, or job security. No bosses to berate you, or staff to annoy you. No debtors, no creditors, no inventory. Minimal startup costs. 200:1 leverage equates to a 'bank' will that will loan you virtually any amount of money, without collateral or questions. The potential for continuous exponential growth, and without the costs or headaches of expanding your business infrastructure. Time to spend with your family...... priceless.

You're only 24 and you have the whole world at your fingertips. Over the rest of your life, you have the potential to not only provide your family with everything that they could possibly need, but to make enough money to change the lives of many, many people. What more worthy goal in life can there possibly be?

You've reached the point that millions of folk can only dream about, and you say that you've "hit a wall". I don't understand.
  • #35
  • Jul 4, 2010 6:02pm Jul 4, 2010 6:02pm
i never said i was highly succesful i said i was profitable big difference i know it could all turn around in a second and go the other way. look the only reason most people im not saying all but most end up losing in forex is because they come into this with a gambling mindset. they think they can go to the trading systems forum pick the first 1 go to a 1 min or 5 min chart and boom make millions. you need to come into this with a business mindset. you need a plan you need to stick to your plan no if buts or maybes. imagine your a doctor at the operating table saying well i have a plan i know i can do this hands down but hey lets take a chance and cut this and see what happens it wouldnt happen if it did you would be in jail for murder. why treat forex any different. i discipline myself when i break my trading plan. im hard on myself i know everytime i lose it is because i deviated from my plan. how could it be anything else my plan is profitable.i also set out my daily rules have them in front of me stuck to my wall along side my australia business number so i remember this is a business. the only thin that seperates me from a non profitable trader is my MINDSET. go back through your trades i bet everytime you lost it wasnt your systems fault. now im not saying this is everyone there are some exceptions. Also i used a trading method that fitted with my personality and skills i didnt try and use something i felt uncomfortable with why would i want to be uncomfortable with money at risk.im a visual person so tape reading and the likes were no good for me. i needed something i could watch and understand in a simple way for me to understand.

come in with a business mindset

come in with with a disciplined mindset

and make your trading method fit you dont try and fit a trading method.

regards damien
i pull the trigger when others are fearful---me
  • #36
  • Jul 4, 2010 6:19pm Jul 4, 2010 6:19pm
and thank you to everyone who has not brought me down in this thread makes me wonder why so many fail when there being told they cant be profitable in a year just because others cant.

my parents always told me theres no such word as CAN'T if you think you can you can if you think you can't you can't remove the word can't from your vocabulary. and i dont want to disrespect or let my parents down.

regards damien
i pull the trigger when others are fearful---me
  • #37
  • Jul 4, 2010 6:25pm Jul 4, 2010 6:25pm
No one was trying to bring you down m8... If you can't see that then maybe you need to blow an account or two first, but of course you won't because you think you can't!

Good luck to you
Time hides Nothing
  • #38
  • Jul 4, 2010 6:33pm Jul 4, 2010 6:33pm
in bring down i mean someone comes to forex factory and says there profitable and get told oh you will lose soon dont worry or your full of poop show me your account statement for the past x months. is it so hard for ppl to believe that ppl can be profitable doing this i say im profitable and get told im naive. im not naive i say i know enough im told i know nothing about forex. it doesnt make sense. put it in perspective can you drive a formula 1 car can you fly to the moon in a rocket can you take a tuma out of someones brain. most people will say no but i dont see you telling the people that can that they are naive and know nothing.

regards damien
i pull the trigger when others are fearful---me
  • #39
  • Edited 6:56pm Jul 4, 2010 6:43pm | Edited 6:56pm
Quoting damosdmf
in bring down i mean someone comes to forex factory and says there profitable and get told oh you will lose soon dont worry or your full of poop show me your account statement for the past x months. is it so hard for ppl to believe that ppl can be profitable doing this i say im profitable and get told im naive. im not naive i say i know enough im told i know nothing about forex. it doesnt make sense. put it in perspective can you drive a formula 1 car can you fly to the moon in a rocket can you take a tuma out of someones brain. most...
I see what you're saying but people that have been around the block so to speak can relate to the way you're feeling and are simply trying to offer some advice as you requested by starting this thread.

My guess is after another year you will recall this thread and have a much better appreciation of what these people who are "bringing you down" are trying to say.

I don't think anyone is saying you're full of "poop", just warning you not to get too ahead of yourself, it can certainlly happen.

There no real way to explain it - but trading (in my view) is a mental marathon and to mature as a trader is much like maturing in life - it takes time and experience...

You know when you're a kid and your parents tell you things and you think "yeah whatever" but only when you're older you fully appreciate and understand what it is they were trying to say - It's much the same.

Can you name one person who learnt to drive a formula 1, fly to the moon in a rocket take a tuma out of someones brain in a year, when everyone else in their field spent the best part of their life working towards that goal?

Tradings no different, in fact its the hardest business in the world because of the fact that theres so much money to be made, it attracts the sharpest minds in the world who have 10000 times the bank roll we have, on top of this they have access to information we don't. So make no mistake the odds are against us. It doesn't mean its impossible.

I'm not an expert, this is just my opinion and you're right I don't know you or your strategy or understanding of the markets - everyone has an opinion but thats all it is, an opinion. at the end of the day you can take what you want from it.
Time hides Nothing
  • #40
  • Jul 4, 2010 7:01pm Jul 4, 2010 7:01pm
i agree and i thank everyone for there opinion its just the way people act in forex they dont act in normal everyday life. if more people sat down and thought about what they do when they lose they would lose less. i caught myself lacking discipline and being greedy and i thought wtf the exact thing im teaching my kids not to do im doing. the same as people coming to threads bringing people down for being profitable they dont do it in everyday life if they do its a serious case of jealousy and probably a deeper psychological problem than just that.

what people need to do is sit down and think about how they act when trading and how they act when they are at a normal 9 to 5 job or even just at home. rule breakers at a normal job would be fired. rule breakers in everyday life go to jail. forex you go back to demo lmao punish yourself for rule breaking. my punishment was no guitar for a week if i broke a rule. i soon stopped breaking rules because i love my guitar. im getting way off point but i hope yous get what im saying.

regards damien
i pull the trigger when others are fearful---me
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