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No more BS - What have you learned?

  • #441
  • Sep 17, 2010 5:16am Sep 17, 2010 5:16am
Quoting pipmutt


I predict your finking to much
u have too fink alot bruv. cos if u dont, u will loose money from you're account. so their!
  • #442
  • Sep 17, 2010 5:34am Sep 17, 2010 5:34am
You can lose a lot of trades to gain experience without losing a lot of money relatively.

I put $150 in the account when I get a margin call and play the how long will this last me game, 13months currently and +$8 over that time LOL I think I blew it in sub 2hours the once doh!! but it keeps my losses affordable and forces me to go back to demo while wait for my check to clear.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #443
  • Sep 17, 2010 10:04am Sep 17, 2010 10:04am
Quoting Turveyd
You can lose a lot of trades to gain experience without losing a lot of money relatively.

I put $150 in the account when I get a margin call and play the how long will this last me game, 13months currently and +$8 over that time LOL I think I blew it in sub 2hours the once doh!! but it keeps my losses affordable and forces me to go back to demo while wait for my check to clear.
Start with a small account and play with small position sizes to learn something? Wtf that is way too logical... definitely will not work with typical trader behavior.

Typical behavior: Enters with 10% of account oooooo 2 pips awesome! P/L is green gonna take that! oooooo P/L is red... I think I'll go out for a walk... a really long walk.... *comes back* oops margin call.

And you have the twin brother of this loser behavior on the other side aka the guy who closes out trades as soon as he is in a loss and either reopens them later or immediately without any logical reason reverses.

Both of these behavioral patterns are hallmarks of losing traders.
  • #444
  • Sep 17, 2010 10:52am Sep 17, 2010 10:52am
Quoting Deusomega
Start with a small account and play with small position sizes to learn something? Wtf that is way too logical... definitely will not work with typical trader behavior.

Typical behavior: Enters with 10% of account oooooo 2 pips awesome! P/L is green gonna take that! oooooo P/L is red... I think I'll go out for a walk... a really long walk.... *comes back* oops margin call.

And you have the twin brother of this loser behavior on the other side aka the guy who closes out trades as soon as he is in a loss and either reopens them later or immediately...
Typical trading is lose 40pips or be down 40pips then get back to +2 and SELL, after a run of losers its easy to play it safe and take the +2's out, but ofcourse +2's don't compensate for the -30's you've got.

My classic is, SL gets hit, damn that was the bottom, gets back in at a worse price, SL hit, NO it's definately the bottom and keep doing that until the margin call comes

I will add I haven't had a STUPID day in well over a year.

6 trades 100% profitable today, beats 4 and 25% profitable yesterday
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #445
  • Sep 17, 2010 6:21pm Sep 17, 2010 6:21pm
Price is king!!!! Nothing else matters but price! Indicators are pure garbage!
  • #446
  • Sep 18, 2010 12:56pm Sep 18, 2010 12:56pm
Two things come to mind:

"What I believe to be correct may not be correct"

Trading specific knowledge: from the musical "Wicked"
"Don't wish - don't start- wishing only wounds the heart"
In trading, there is no bullshit. You either make money or you don't.
  • #447
  • Sep 18, 2010 1:04pm Sep 18, 2010 1:04pm
Quoting mrgreen
Two things come to mind:

"What I believe to be correct may not be correct"

Trading specific knowledge: from the musical "Wicked"
"Don't wish - don't start- wishing only wounds the heart"
Wise words and nice quote Mr G and hope you had a nice summer break.
Time hides Nothing
  • #448
  • Sep 18, 2010 6:57pm Sep 18, 2010 6:57pm
1- For more than year ( no for fundmental ) chart is more than enough
2- Each price move and each pip got reason to be exist
3- chart is a matrix of very complicated math rules & laws that control every move.
4- if price is the king the time is the queen and when the queen ignored the king is meanless
5- all ways take you to Rome, all good analysis drive to the almost same results.
6- experince is my best indicator that I always try to enhance
  • #449
  • Sep 18, 2010 8:02pm Sep 18, 2010 8:02pm
Quoting Hulk1
Price is king!!!! Nothing else matters but price! Indicators are pure garbage!
Please do not skip your medication again!
  • #450
  • Sep 18, 2010 10:22pm Sep 18, 2010 10:22pm
Great man! can't agree more.
If you know the rules and laws, why would you need unlimited no. of charts to verify?
If you don't know the rules and laws, every chart situation is new to you.

Quoting maanawi
1- For more than year ( no for fundmental ) chart is more than enough
2- Each price move and each pip got reason to be exist
3- chart is a matrix of very complicated math rules & laws that control every move.
4- if price is the king the time is the queen and when the queen ignored the king is meanless
5- all ways take you to Rome, all good analysis drive to the almost same results.
6- experince is my best indicator that I always try to enhance
  • #451
  • Sep 19, 2010 4:28am Sep 19, 2010 4:28am
My gold fish performs a strange swim dance whenever is is hungry, it does this because it thinks it will be fed because of this action, however it is I who decide when my fish is fed.
Economists have forecast 9 out of the last 5 recessions
  • #452
  • Sep 19, 2010 1:14pm Sep 19, 2010 1:14pm
Quoting markmm

My gold fish performs a strange swim dance whenever is is hungry, it does this because it thinks it will be fed because of this action, however it is I who decide when my fish is fed.
That's deep....

lol, great sig you got, not read it before!
  • #453
  • Sep 19, 2010 1:19pm Sep 19, 2010 1:19pm
Quoting pipmutt
That's deep....

lol, great sig you got, not read it before!
lol thanks.

The fish is the trader who incorrectly forms a causal relationship between say a pattern and the result. i.e. a pin bar at a trendline will means a high probability of a reversal.

If the fish could perform analysis using say the time and correlate it with my feeding it might find a real link (feeds me at 8am).
Economists have forecast 9 out of the last 5 recessions
  • #454
  • Sep 19, 2010 1:26pm Sep 19, 2010 1:26pm
I've learned to be patient.
  • #455
  • Sep 19, 2010 1:32pm Sep 19, 2010 1:32pm
I have learned several things since I started trading....first, get yourself a good mentor instead trying to learn off the free strategies out there. I have practiced with every type of trading system known to man kind and have blown countless numbers of demo accounts. I am a pure price action trader now. My mentor is a professional trader and has completely turned my trading for the positive. I never trade without a stop loss and I always have a 1:2 Risk vs Reward. I never risk more than 2-3% of my account balance on any given trade.

What I have learned is that you have to treat trading this market as a business. Patience, Money Management and a good sound strategy is all you need. But most of all....I have learned to keep it as simple as possible. When you try to complicate trading you will ultimately fail. My trading style now is purely price action and I use absolutely no indicators when trading. I trade off the Daily and 4Hr charts mostly.
  • #456
  • Sep 19, 2010 2:13pm Sep 19, 2010 2:13pm
Don't get married when you are still day trading. Get married only when you feel you can earn faster than your wife spends it. Be stingy to your girlfriends and this should apply to your trading as well.
  • #457
  • Sep 19, 2010 4:48pm Sep 19, 2010 4:48pm
In forex:

8am - Trader A goes long and Trader B goes short - both of them close in profit.

10am - same Trader A goes long and Trader B goes short - both of them close in loss.

I also learned:

Teacher A teaches 10 traders same method, same setup and everything there is to learn equally to all 10 traders. Result: 2 come out on top, 2 BE and 6 of them lose money. why?

That's trading! Accept that. It's not just the method. It's the trader. It is YOU!
  • #458
  • Sep 19, 2010 6:25pm Sep 19, 2010 6:25pm
Quoting vijidas
That's trading! Accept that. It's not just the method. It's the trader. It is YOU!
Well, if you think this through, in your above example the problem is that the loosing traders are actually using a "different" method. This seems to be always forgotten with such statements, that try to say the method is not important its the trader. The trader is important but so is the method. A truly good method should be profitable long term, as long as all of its elements are applied consistently.
Stubbornly persistent
  • #459
  • Sep 21, 2010 3:14am Sep 21, 2010 3:14am
  •  valpre
  • | Joined May 2010 | Status: Up or down? Which way wil it go? | 17 Posts
I've learned that people with lots of vouchers also don't agree
  • #460
  • Sep 21, 2010 3:47am Sep 21, 2010 3:47am
i have learn....
1. to be patient and wait for a good setups...(the hard one for me)
2. not to get angry if my SL is hitted or having loss....staying calm as the wind...(the hardest for me)
3. learn that nobody could predict the market 100% correctly...
4. don't give a damn about fundamentals......

i guess that it what you really need in trading...the rest is history...
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