Not wanting to dishearten anyone here but have a look at this:
http://forexmagnates.com/demo-tradin...-are-alarming/
http://forexmagnates.com/demo-tradin...-are-alarming/
Cable Update (GBPUSD)
- #236,942
- Edited 6:38pm Jul 9, 2010 6:12pm | Edited 6:38pm
- Joined Oct 2009 | Status: Trader | 15,211 Posts
- #236,943
- Jul 9, 2010 7:13pm Jul 9, 2010 7:13pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
so we manage to close below the W1 pvp in my sleep.
We going bungee jumping next week yeeeeeeeeee
We going bungee jumping next week yeeeeeeeeee
Thank You
- #236,944
- Jul 9, 2010 7:24pm Jul 9, 2010 7:24pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
I got a victory dance & a victory song spashly for bears if the W1 goes.
Inserted Video
Thank You
- #236,945
- Jul 10, 2010 1:49am Jul 10, 2010 1:49am
- | Joined Sep 2009 | Status: Trader | 1,425 Posts
Not wanting to dishearten anyone here but have a look at this:
http://forexmagnates.com/demo-tradin...-are-alarming/
As we all tend to agree, psychology plays a major role in a Forex trader’s success. As such, the state of mind of the individual will, to a large extent, determine the level of success she’ll enjoy. Therefore, as a trader, I am constantly aiming, and sometimes struggling with all the psychological feedback the market throws at me. This information presents a great learning opportunity to me, because the market reflects back to us the kind of persons we are, and will ALWAYS punish or reward us accordingly. There are some distinct character traits that sets the successful trader apart from all others. Some examples are:
Confident: Self-confidence is what separates a successful trader from another who has the same training and knowledge, but lacks the courage to transfer the information into successful trading. A major reason for lack of confidence when trading is also a lack of preparation. Therefore it is essential that every trader does the initial work involved, by taking the time to acquire forex education. Once that is accomplished focus can then be placed on finding a winning strategy and sticking to it.
Disciplined: Patience is often a derivative of discipline. It takes discipline to wait for the right trading opportunity to set up in themarket. Once there is an opportunity, it takes discipline to make a trading plan and trading according to that plan. This character trait helps the trader to adhere to a pre-defined risk plan. It also will prevent her from holding onto losing positions that are clearly not working out.
Objective: Take two traders, and show them a chart of the same timeframe, and they will potentially produce exact opposite analyses. While this could be a result of varying trading strategy or method, often it is due to biases held in relation to what the market ‘should’ be doing next. This is often the downfall of many a trader. Instead of trying to dictate to the market, wait for the market to show you where it wants to go, and go with it.
Humble: A certain level of success in trading often results in ‘cockiness’, or over- confidence. It is at this point that many begin to make simple trading errors which can prove disastrous to their trading performance. I once heard a trader say that he welcomes losses sometimes because it reminds him to stay sharp.
Dedicated: Due to the level of effort involved in getting to the point of being consistently successful, it is a near-impossible feat to accomplish without a strong level of dedication. It is this lack of dedication, coupled with any number of personality flaws, that significantly contributes to the so-called ‘statistic’ of a 90-95% failure rate in Forex trading.
The good thing about life, and trading is that it is an ongoing process where there is never a final destination. Therefore we should always be seeking to grow and improve upon our performance. If we do not currently possess the necessary character traits that help to ensure success in trading, then we can work at acquiring them. In the market environment we pay dearly for the mistakes we make, so we might as well make the best use of them. We do this by learning from our errors or mistakes, and use them as a platform from which we can grow and become the world-class traders that we all aim to be. Focus on improving yourself, and that will automatically be transferred to your trading.
I strongly believe those 56 contestants are in this room, i surely can name a few
- #236,946
- Jul 10, 2010 2:32am Jul 10, 2010 2:32am
- Joined Aug 2007 | Status: Newbie | 1,332 Posts
Gold Expedition Return This Year:
-15.9%
- #236,948
- Edited 8:24am Jul 10, 2010 7:52am | Edited 8:24am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
- #236,949
- Jul 10, 2010 8:58am Jul 10, 2010 8:58am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
The biggest problem in FX is that is has no entry requirements, any muppet can have a stab at it, call a broker, open an account and have a go. And that skews the statistics, there are 1,000's of retail traders that fail because they have no business being here in the first place.
Trading is a business and needs to be approached as such, 90% of the 95% would fail in any business, not just FX.
Absolutely agree.
If regulators/brokers would set a minimum of 10,000USD as a hurdle for entry the failure rate would drop significantly. OR they should introduce an FX license, pass a written exam before you are allowed in. Keep the muppets and gamblers out.
Disagree here .. that would have kept me out. It has taken 2-1/2 years of 30+ hours a week to see steady returns. At times my account was only $40! trading 1 micro lot. But I kept at it, never gave up .. now things are different. Everyone should have a chance. If they give up or do something stupid, failure is their fault and they have a right to fail. In fact on my website, I say if you have $50k to risk, put $49,500 in an interest bearing acct somewhere & start your trading with the remaining $500 & a micro acct. You can top it up 'x' number of times until you either give up and/or feel you are losing too much.
Yes, there are some traders that get lucky from the start and do not fail, however for the majority of the succesful traders it is hard work, very hard work. Long hours staring at charts looking for entries, stops and exits, finetuning a strategy, back testing different ideas etc.
The 'lucky' ones I have known ended up blowing their accts as they had never really learned. Not really a blessing to start out 'lucky'.
What do I see as the biggest hurdle to success? Capitalisation, period.
There is no instant gratification in FX, bring 10,000 dollars and have 10,000 hours to commit and you will get there. Expect to become a millionaire from 75 bucks and a week looking at some charts and you will fail.
But with the same $75 and a 10k hour commitment .. you can still get there. Start with a large acct balance & you risk blowing it before you learn the #1 most important trading 'secret' of all: risk management!!!
If you learn to manage risk with a $500 acct, you will fly with a $10k account. If you have extra money to top it up once you are sure you have mastered your new trade, fine. But you can parley it up as well & it doesn't take long .. once you have learned.
That's another thing I love about forex .. you don't have to already have money to be successful. Very few business give that opportunity today .. although some still do. But forex is more fun
rant out.
Good rant!
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I'd rather make money than be right.
- #236,951
- Jul 10, 2010 9:07am Jul 10, 2010 9:07am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
The reason I use the 10,000 dollar rule is commitment. You'd be surprised how many will see a small micro account as just a flutter and will never start taking it seriously. Invest 10 grand and you will. They are not all as self disciplined as you 4X, you have life experience on your side which helps tremendously.
*******************
I'd rather make money than be right.
- #236,952
- Jul 10, 2010 9:08am Jul 10, 2010 9:08am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
self-disciplined!! LOLOLOL .. I am about as self-disciplined as a butterfly on crack ... BUT .. that is what I had to learn.. after all these years.
- #236,953
- Jul 10, 2010 9:09am Jul 10, 2010 9:09am
- | Joined May 2009 | Status: Focus + Patience = Pip$ | 1,513 Posts
And now there is a 'psychic' parakeet in Singapore who is predicting that Holland will win....
http://www.breitbart.com/article.php...show_article=1
I suggest we find a good sushi recipe for the octopus & buy some nice bird treats for that parakeet!
http://www.breitbart.com/article.php...show_article=1
I suggest we find a good sushi recipe for the octopus & buy some nice bird treats for that parakeet!
*******************
I'd rather make money than be right.
- #236,954
- Edited 9:37am Jul 10, 2010 9:25am | Edited 9:37am
- Joined Oct 2009 | Status: Trader | 15,211 Posts
- #236,955
- Jul 10, 2010 9:35am Jul 10, 2010 9:35am
YUMMY!
GRILLED CHICKEN WITH CHIPOTLE-PEACH GLAZE
FROM BETTY CROCKER
PREP: 30 MIN.
TOTAL: 30 MIN.
MAKES: 8 SERVINGS
INGREDIENTS:
½ c. peach preserves
¼ c. limejuice
[font=Times New Roman][size=3]1 can...
- #236,956
- Jul 10, 2010 9:38am Jul 10, 2010 9:38am
I agree that the 'any muppet' rule is what skews the stats.
Absolutely agree.
Disagree here .. that would have kept me out. It has taken 2-1/2 years of 30+ hours a week to see steady returns. At times my account was only $40! trading 1 micro lot. But I kept at it, never gave up .. now things are different. Everyone should have a chance. If they give up or do something stupid, failure is their fault and they have a right to fail. In fact on my website, I say if you have $50k to risk, put $49,500 in an interest bearing acct somewhere & start...
- #236,957
- Jul 10, 2010 9:45am Jul 10, 2010 9:45am
I think I'm at the third step....
Putting it all together...overcoming fears..and lack of confidence.. You guys are such a big help....
Putting it all together...overcoming fears..and lack of confidence.. You guys are such a big help....How does one learn to trade.
Learning anything is a long and arduous process. The first step is memorising, just at a rote level memorise price patterns, indies, SR's, etc. just memorise a system.
The next step is comprehension or understanding, actually understanding fully what you have observed and memorised, this is the danger level, a level of knowledge that can lead to overconfidence and many a blown account. This is where most traders reach a learning plateau. This is where the real work starts to progress in one's learning process....
