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Advice I wish I had as a complete forex newbie

  • #41
  • Oct 23, 2010 8:04pm Oct 23, 2010 8:04pm
Quoting yaed
This may sound a tad academic, but is not ment so.
This was great advice! I WISH someone had been so matter of fact when I first became intested in forex trading! Things were so above my head then, and I was too embarassed to come out and ask such "academic" clarifications. This has done a great service to many, I'm sure!
  • #42
  • Oct 24, 2010 6:43am Oct 24, 2010 6:43am
Quoting DKallDAY
Above whether it's right or wrong to win in a world full all potential killers, you end up still providing no societal benefit back for what you receive.
Not true. A good trader brings money into the economy, keeps people employed, helps oil the machine, and acts as somewhat of a check on the system. The majority of occupations out there aren't any better, and many are worse. At least with trading it is clear to everyone that there are winners and losers, while in most industries this fact is hidden. If someone has a moral issue with trading, they may as well go live in a cave.
  • #43
  • Oct 24, 2010 7:10am Oct 24, 2010 7:10am
Quoting Mr J
Not true. A good trader brings money into the economy, keeps people employed, helps oil the machine, and acts as somewhat of a check on the system. The majority of occupations out there aren't any better, and many are worse. At least with trading it is clear to everyone that there are winners and losers, while in most industries this fact is hidden. If someone has a moral issue with trading, they may as well go live in a cave.
Trading is the activity in which everyone wants to find the next sucker and the more the suckers bleed the more money the other party makes. Therefore I can hardly imagine how this activity improves more than it destroys.
The argument can continue ad infinitum anyway and it is not the right topic for it.
  • #44
  • Oct 24, 2010 8:47am Oct 24, 2010 8:47am
I personally think a newbie learns himself from the mistakes he makes.
Enter Signature
  • #45
  • Oct 24, 2010 10:53am Oct 24, 2010 10:53am
Quoting yaed
Hi


I consider myself one of the good guys, thats the only reason i post this. I dont think ill get into heaven for doing so and i dont think ill be a bear instead of a fly in my next life. Those things are just baseless speculation. I do it because it feels kinda nice, and thats not because i think people deserve it in general, but because some people deserve it. To be specific, some of the people in this forum are good guys, some of the seniors and some of the noobs, the others i dont even want to think about.

So onwards. Heres a couple of things...

Its going to take you at least somewhere in the region of 1.000 hours of hard work, anguish, soulsearching and pure angst

You must be referring to the short, speed-learning course
  • #46
  • Oct 24, 2010 12:33pm Oct 24, 2010 12:33pm
Quoting Mr J
Not true. A good trader brings money into the economy, keeps people employed, helps oil the machine, and acts as somewhat of a check on the system. The majority of occupations out there aren't any better, and many are worse. At least with trading it is clear to everyone that there are winners and losers, while in most industries this fact is hidden. If someone has a moral issue with trading, they may as well go live in a cave.
I've heard this excuse time and time again trying to justify trading... especially in the stock world people always talk about how they are "helping companies." Unless it's an original public offering or you only go long on companies you feel will be booming and they plan to sell off more at the top... you're not doing them any favors. This is always my reply:

Quoting myself
There are two main dynamics to the world. You provide something to the world (a service or creation) that others need, and others provide you back with something you need. Currency is the foundation that equates this theoretical equality of exchanged services. Employers need you to work, they compensate in pay. You need food, you compensate someone to provide you with it with pay. They need what your employer offers, they compensate the employer with the pay. Trading is in a sense immoral because rather than participating in the give and take, you sustain to only take. Needless to say, you're taking from others who have the same immoral goal of only taking, but the point is you provide nothing to society but get everything back, if successful. You compensate others but are never compensated back for something you have provided to others.
Then it comes down to an issue if you want to participate or not. I personally do not give a flying ^&*% and may the best man win haha, but I do acknowledge it.
  • #47
  • Oct 24, 2010 12:55pm Oct 24, 2010 12:55pm
Quoting stewrigh
Its going to take you at least somewhere in the region of 1.000 hours of hard work, anguish, soulsearching and pure angst

You must be referring to the short, speed-learning course
does that include the 48 hours to choose which colours you will use on your charts? lol
  • #48
  • Oct 24, 2010 3:02pm Oct 24, 2010 3:02pm
Um...money isn't the same economic scarcity like land where there is a fixed amount since the beginning of time. The population has grown and there is a lot more of it out there now. Keeping in mind if you are not in a country where the currency is not fixed to anything like Gold or Land.
If I sell you swampland for 500 dollars, and you sell that swampland to someone else for 700 dollars, where in the chain are you stealing from me and where did I technically lose by taking the "opposing side"?
You bought something, it gained in value, the economy grew. Good job.
So far the only time I ever seen a case where someone has lost and wealth is destroyed is when the SEC decides to halt and delete a stock after it's gone up, instead of the typical issuing a press release to state an investigation started.

To go with this whole money is extremely finite crowd of someone has to lose if i won so now I feel guilty theory. This means that if 95% of traders lose, 5% of people are getting 95% of peoples money.
Does this not motivate you more now? Now I see what I did wrong. I kept saying out of 3trillion dollars I just wanted a 100 bucks, but I see I need to go after 95% of the losers.
  • #49
  • Oct 24, 2010 5:05pm Oct 24, 2010 5:05pm
Quoting techno79
Um...money isn't the same economic scarcity like land where there is a fixed amount since the beginning of time.
Then...
Quoting techno79
If I sell you swampland for 500 dollars, and you sell that swampland to someone else for 700 dollars, where in the chain are you stealing from me and where did I technically lose by taking the "opposing side"?'
http://t1.gstatic.com/images?q=tbn:v...cepalm.jpg&t=1
Quoting techno79
You bought something, it gained in value, the economy grew. Good job.
http://en.wikipedia.org/wiki/Collate...ebt_obligation

http://www.lostaddress.org/wp-conten...lOlympics1.jpg

End of story.
  • #50
  • Oct 24, 2010 5:31pm Oct 24, 2010 5:31pm
Quoting DKallDAY
Then...



http://www.lostaddress.org/wp-conten...lOlympics1.jpg

End of story.
So Mr. DKallDAY, you win. Therefore you are, evidently
  • #51
  • Oct 24, 2010 5:46pm Oct 24, 2010 5:46pm
Quoting TradeRunner
So Mr. DKallDAY, you win. Therefore you are, evidently
That was the joke...

http://t1.gstatic.com/images?q=tbn:v...cepalm.jpg&t=1
  • #52
  • Oct 24, 2010 8:03pm Oct 24, 2010 8:03pm
The newbie only needs to understand one piece of advice.

It takes 10,000 hours of practice to become a competent participant in an industry. Any industry. Including this one.
  • #53
  • Oct 24, 2010 9:17pm Oct 24, 2010 9:17pm
a good advice i wish i have as newbie is ......
keep yourself happy
  • #54
  • Oct 24, 2010 10:17pm Oct 24, 2010 10:17pm
Quoting Stormin_Norm
The newbie only needs to understand one piece of advice.

It takes 10,000 hours of practice to become a competent participant in an industry. Any industry. Including this one.
Yeah, impatient impulsiveness right out of the gate; shooting from the hip; unwillingness to start small and really, really take your time and learn over time. That's what kills - people simply wipe themselves out before they even get started.

Just a sign of the times, really. Who wants to learn and develop a skill over a number of years? Too much trouble and besides - why should I learn about these boring stupid markets? Just show me the way to the money chute!
...and when I fail I'll blame it on external factors (the market structure, brokers, regulators etc.). LOL!
  • #55
  • Edited 1:02am Oct 25, 2010 12:47am | Edited 1:02am
Quoting DKallDAY
PS. If you don't want to be part of the system (society) then you can't use roads or share in services that others provide (such as your internet to make these posts, food, transportation, etc.) You either have to find some unclaimed land (which is impossible) and live alone completely self-sufficient by not participating in a specialized providing system (where each person provides something different for the whole) or become like this guy:
http://ecoble.com/2007/11/18/250000-...land-paradise/
Some things i agree with, others i dont. I am saying stuff about some things, and not saying stuff about other things.

HEY GUYS, chill out. If i said anything that annoys you, or if you think i am wrong or that i am retarded or whatever, its nice that you have an opinion, but there is no use in posting saying only that. If you give it some thought i think you will understand what i mean. I am sure you are all a lot smarter and better then i, but posting saying only that dont do much good for anyone, does not produce something worthwhile reading for someone else.
My signature is: "Classified".
  • #56
  • Oct 25, 2010 1:08am Oct 25, 2010 1:08am
Quoting qwertymyfx
Fast RSI, Slow RSI, CCI?

Subtract what from what?
The value of those i dont subtract, i just read them and see it they are high or low compared to predetermined values i verified empirically.
My signature is: "Classified".
  • #57
  • Edited 1:53am Oct 25, 2010 1:13am | Edited 1:53am
Quoting VonTrader
isn't 1000 hours, too little?

15 000+ I think is more appropriate, here is when the transition towards those who "can" accelerated a lot. Or maybe I was too slow?... hehe. Anyway, this was in my case. (maybe I'm a little bit off with the math, but I think that I'm around this number, 15K).



regards.
I was not saying anything about how long time i think that something SHOULD take. Forget i even said anything about it, i even edited that so no one else will get hung up about it. In order to say something like that i would need a lot of statistical data about how long it took for a lot of people to do this or that. Im really not interested in doing that, i think collecting such data would be very hard, it would be dirtied by many things. Hence any conclusions drawn from it would also be dirtied in the same way.
My signature is: "Classified".
  • #58
  • Oct 25, 2010 4:03am Oct 25, 2010 4:03am
Quoting Sauron
Trading is the activity in which everyone wants to find the next sucker and the more the suckers bleed the more money the other party makes. Therefore I can hardly imagine how this activity improves more than it destroys.
The argument can continue ad infinitum anyway and it is not the right topic for it.
Actually, this fits perfectly for it. Something any participant should be aware of is the ruthlessness of their opponents. A lot of people talk about "investing", with little regard to the sharks that patrol the waters day to day.

Quoting DKallDAY
I've heard this excuse time and time again trying to justify trading... especially in the stock world people always talk about how they are "helping companies." Unless it's an original public offering or you only go long on companies you feel will be booming and they plan to sell off more at the top... you're not doing them any favors. This is always my reply:
I'm not justifying trading - I don't have to - I'm just offering a different point of view. I really don't care that I'm taking money from others. They put their chips on the table and lost. Don't pretend that trading is an evil in an innocent world - the majority of businesses engage in predatory action. The difference is that losses in the market are the equivalent of a few fatal wounds, while the cost of consumerism is death by a thousand cuts. Either way, we are bled dry.
  • #59
  • Oct 25, 2010 5:04am Oct 25, 2010 5:04am
I think the best advice is:


There is really nothing that separates the retail trader from the bigdog in terms of straight price opportunity, and this is where retail shines!

You know there are players in the market, they don't seem to mind if you play along, so play along! It's not like they are hitting liquidity you don't have access to and you have the added bonus of no worries about the consequences of your size hitting the market (i.e. in forex there is pretty much a guarantee someone will be willing to trade the other side of any size you want at any given price).

Trading is just like any other business. So you need a business plan. If your plan sucks, your business will fail. If your plan has a solid foundation your positive expectancy should be met, and if you are lucky exceeded. A million genius PhD coders working for banks with access to the highest levels of aggregate orderflow (or whatever crazy profitable demon you can conjure up) are still happy just to see their expectancy play out live, and usually this expectancy is way way lower in % terms than people are anticipating. You can be a high paid fund manager making 2% a month, or beating inflation by 2% a year.

PS: Unsure how trading is STEALING from someone else...me + you came to an agreement in price and then exchanged contracts or cash. An extremely civilised, honourable transaction.
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  • #60
  • Oct 25, 2010 5:24am Oct 25, 2010 5:24am
Quoting Deusomega
Wow wtf was that.

http://www.youtube.com/watch?v=5hfYJ...eature=related

I'll give some advice.

Pipmutt's posts are pretty good. One of the only things we can control in this game is risk. So my advice is watch the market, read the news, watch the market, watch price, oh and watch the market. Skip 99% of the posts on this forum and stay out of the system forum. Question everything.
totally agreed with the vids....
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