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Ridiculous Trading Myths

  • #221
  • Nov 7, 2010 3:07pm Nov 7, 2010 3:07pm
Quoting ReaperKK
lol

Personally I believe the 95% of traders don't make it statement is a myth.
I agree, it's probably closer to 98%-99% don't make it.

This has actually turned into a fairly interesting thread.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #222
  • Nov 7, 2010 3:09pm Nov 7, 2010 3:09pm
Trading Myth #1 - Retail traders can't make money in Forex.
Trading Myth #2 - Retail traders can make money in Forex.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #223
  • Nov 7, 2010 3:13pm Nov 7, 2010 3:13pm
Quoting Razzle
...traders adopt totally inappropriate belief systems that are very difficult to eliminate, and the longer they associate with other losers, the deeper those beliefs become engrained, they very quickly get to the point where all is lost, and worse still, they infect others with their nonsense.
I though f*ck me, that's sensible, I'll vouch for him, and then found out I had vouched for you, proving both that I have an appalling memory and I was right first time around.
Even this thread is a classic example. No offence meant to anyone who said these things, but you could come away believing the market is random, that the FX market is mostly non-spec activity, that fundamentals don't matter etc etc, all of which will lead you up various alleys which will take you an eternity to back out of (Hanover - How much time is consumed following false trails - exactly right)
My favourite trading myth is the one that Trading in the Zone has spread all over the world - even the simplest systems work if you just follow the rules. Ergo your discipline is the problem with your system. Ergo that nagging doubt you had in the back of your mind that you might be trading the equivalent of tea leaves is nothing of the kind, you're just weak. It's the kind of guff they use in high-pressured sales pitches; anyone who questions why the hell they're wasting their time listening to the greaseball peddling some fancy get-rich scheme is branded 'negative' and a 'loser', when ironically, they're probably the only winner in the room.
Oh, and that 10,000 hours thing. Gladwell is to science what X factor is to music. He plucked that figure out of his arse, and pulled together the shonkiest set of examples to prove his point. He got away with it though, which shows that curly hair and conviction carry you a long way.
  • #224
  • Nov 7, 2010 3:29pm Nov 7, 2010 3:29pm
lol, well said.
  • #225
  • Nov 7, 2010 3:37pm Nov 7, 2010 3:37pm
Quoting LasVahGoose
I agree, it's probably closer to 98%-99% don't make it.

This has actually turned into a fairly interesting thread.
Whatever it is it is not so much about the odds....it's about the odds of traders giving up. Nothing.....nothing....nothing worth doing is ever easy!

95% of businesses fail and that is arguably harder than forex because there are so many other variables that can work against you. It's the same deal there, the ones who fail are the ones who give up. The ones who succeed also usually fail several times before making it. They do it by persevering. They continue to adapt until they overcome. So the 95% is probably more about human nature and our ability (or inability) to persevere.

btw.....over 50% of traders on Oanda were profitable the last 3 months. Over a year or two that average would probably be a lot lower but just sayin.....people can and do succeed in this. It is your choice if you want to make it happen.
  • #226
  • Nov 7, 2010 3:57pm Nov 7, 2010 3:57pm
Quoting triphop
My favourite trading myth is the one that Trading in the Zone has spread all over the world - even the simplest systems work if you just follow the rules. Ergo your discipline is the problem with your system. Ergo that nagging doubt you had in the back of your mind that you might be trading the equivalent of tea leaves is nothing of the kind, you're just weak.
Great post
The nail that sticks out gets hammered back in
  • #227
  • Nov 7, 2010 4:00pm Nov 7, 2010 4:00pm
Quoting hubbahubba
people, don't believe the 10,000 hour nonsense.

If anything it may take some people that long to unlearn....
Wow, guess my mentioning a quote from a book, by a fairly well read author, was enough to annoy all the experts out there. Sorry Dudes & Dudettes. Not my intention to raise anyones blood pressure.

"Unswerving loyalty to duty, constant devotion to truth, and a clear conscience will overcome every discouragement and surely lead the way to usefulness and high achievement." ~~ Grover Cleveland
  • #228
  • Nov 7, 2010 4:13pm Nov 7, 2010 4:13pm
Quoting diamonddbw
Wow, guess my mentioning a quote from a book, by a fairly well read author, was enough to annoy all the experts out there. Sorry Dudes & Dudettes. Not my intention to raise anyones blood pressure.

"Unswerving loyalty to duty, constant devotion to truth, and a clear conscience will overcome every discouragement and surely lead the way to usefulness and high achievement." ~~ Grover Cleveland
It's a bad example plain and simple. That number is about becoming an expert at something that requires massive amounts of knowledge and interpretations. Forex is just the opposite really. The people who fail are usually the ones who continually try make it more complicated than it is.

If that expertise in a field example was relevant, then the people who would be successful in forex are ones that use hundreds of indicators and expert advisors simultaneously. As we all know (or should know) those are the ones who usually fail or haven't gotten a clue yet. Most successful traders don't use any indicators whatsoever.
  • #229
  • Nov 7, 2010 4:19pm Nov 7, 2010 4:19pm
Quoting hubbahubba
.people can and do succeed in this. It is your choice if you want to make it happen.
I hear ya man, I really do. The way I kind of see it, is like this. Only a handful will become pro football players (proper or American). Sure anyone can buy a ball and get some friends and play the game and some of them will be really good at it, but only a very select few will make it to the professional level. Even at the professional level you'll have even fewer that will be the all-stars and go down in the history books as one of the greatest players.

So in the spectrum of traders from noobs to all-stars, there is a lot of 'in between' and only a small number will achieve their dreams.

It's worth taking a shot to try and make it in Forex and live the dream. Even if one doesn't make it, you learn so much about yourself, life in general, the world, and other people that it is an amazing thing in and of itself. (exception being the ones the blow their brains out after losing everything).

Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #230
  • Nov 7, 2010 4:30pm Nov 7, 2010 4:30pm
Quoting hubbahubba
It's a bad example plain and simple....
It doesn't necessarily follow that 10k hours would lead to one using loads of indies and EAs.Maybe more of the work is in dismantling and then forming a decent psychological approach to trading.
Also,in your comparison to starting a business and how its variables possibly make it harder to work than an FX business,perhaps more of the variables are internal,psychological and thus harder to acknowledge than the external ones associated with a "physical" business

Honestly,I'm not criticising anything you're saying just adding my take on it
all the best
  • #231
  • Nov 7, 2010 4:49pm Nov 7, 2010 4:49pm
Quoting chazzle
It doesn't necessarily follow that 10k hours would lead to one using loads of indies and EAs.Maybe more of the work is in dismantling and then forming a decent psychological approach to trading.
Also,in your comparison to starting a business and how its variables possibly make it harder to work than an FX business,perhaps more of the variables are internal,psychological and thus harder to acknowledge than the external ones associated with a "physical" business

Honestly,I'm not criticising anything you're saying just adding my take on it
all...
Cheers Chazzle. We all are doing are best to express either our opinions or perhaps a quote. Personally, I know Quantum!

"The secret of getting ahead is getting started. The secret of getting started is breaking your complex, overwhelming tasks into small manageable tasks, and then starting on the first one." ~~ Mark Twain
  • #232
  • Nov 7, 2010 4:58pm Nov 7, 2010 4:58pm
Quoting chazzle
It doesn't necessarily follow that 10k hours would lead to one using loads of indies and EAs.Maybe more of the work is in dismantling and then forming a decent psychological approach to trading.
Also,in your comparison to starting a business and how its variables possibly make it harder to work than an FX business,perhaps more of the variables are internal,psychological and thus harder to acknowledge than the external ones associated with a "physical" business

Honestly,I'm not criticising anything you're saying just adding my take on it
all the...

Let me try put it another way. A child can learn to trade forex successfully in a short period of time. A child cannot learn to be a brain surgeon or a rocket scientist unless they are some sort of prodigy.
  • #233
  • Nov 7, 2010 5:01pm Nov 7, 2010 5:01pm
Quoting diamonddbw
Wow, guess my mentioning a quote from a book, by a fairly well read author, was enough to annoy all the experts out there. Sorry Dudes & Dudettes. Not my intention to raise anyones blood pressure.
Don't worry mate, I don't think you annoyed anyone. By stating something that apparently is quite controversial, you started a fairly constructive discussion in my opinion. So instead of apologizing, as far as I'm concerned you may even be thanked!
The nail that sticks out gets hammered back in
  • #234
  • Nov 7, 2010 5:02pm Nov 7, 2010 5:02pm
Quoting Monroe
you can risk 12% or so if you have a 90%+ hit pretty much... why not?

the holy grail is known.... you guys didn't know?

it isn't retail trading. you need a lot of cash.... and still there are other factors to worry about, but it's pretty much risk free on the trading part, 100% hit.

can't say too much, I have been told to shut up.
I'm ah.. jus' relayin' a message from Guido. He sez "Shut Up" is a wise chose here...
  • #235
  • Nov 7, 2010 5:14pm Nov 7, 2010 5:14pm
Quoting hubbahubba
Let me try put it another way. A child can learn to trade forex successfully in a short period of time. A child cannot learn to be a brain surgeon or a rocket scientist unless they are some sort of prodigy.
Because a child may find it easier to be a profitable FX trader than a brain surgeon,doesn't necessarily mean it will be comparatively easy for an adult
  • #236
  • Nov 7, 2010 5:20pm Nov 7, 2010 5:20pm
Quoting diamonddbw
I'm ah.. jus' relayin' a message from Guido. He sez "Shut Up" is a wise chose here...
does guido mean a wise "choice"??

I will comply, as long as he stops hackin' my computa and gets these pink elephants off my desktop...

or did some spike my drink....
  • #237
  • Nov 7, 2010 5:28pm Nov 7, 2010 5:28pm
Quoting brenzaj42
I guess I'm just a little confused then. I only recently started coming to this forum all that often. I find it very interesting how different people "skin the forex cat". If trading the forex is sooooooo hard, why is everyone doing it. The point is to make money. I know I wouldn't be on here looking for answers or handing out cynicism to everyone that does know what they are doing. Why is everyone here?
Amen. Go figure! Some of what I'm reading here (this thread in general) is being offered up as the "Gospel". Once again I plead I know Quantum.
  • #238
  • Nov 7, 2010 5:31pm Nov 7, 2010 5:31pm
Quoting hubbahubba
Let me try put it another way. A child can learn to trade forex successfully in a short period of time. A child cannot learn to be a brain surgeon or a rocket scientist. They don't have the mental capacity for it unless they are some sort of prodigy.
I really wish that was true, because I could turn the local creche into an economic powerhouse to take out Goldman Sachs.

Diamond, I don't think you're wrong, I just think that Gladwell is a bit of a tit, so nothing personal .
  • #239
  • Nov 7, 2010 6:00pm Nov 7, 2010 6:00pm
Quoting Noloqy
Don't worry mate, I don't think you annoyed anyone. By stating something that apparently is quite controversial, you started a fairly constructive discussion in my opinion. So instead of apologizing, as far as I'm concerned you may even be thanked!
Yeah, and the 10k hour thing was not even the main point of the post. I was trying to touch on the myth about needing to spend thousands of dollars to learn 4X. Now that there is jus' plain "ShtuPid". imho

"Nobody can be successful unless he loves his work." ~~ David Sarnoff, TV pioneer
  • #240
  • Nov 7, 2010 6:02pm Nov 7, 2010 6:02pm
Quoting Monroe
does guido mean a wise "choice"??

I will comply, as long as he stops hackin' my computa and gets these pink elephants off my desktop...

or did some spike my drink....
Whadiya inferencing, that Guido has a gramma ishoe?
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