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Let's be Honest

  • #21
  • Nov 9, 2010 5:18am Nov 9, 2010 5:18am
Quoting CindyXXXX
-Tales of a burnt out trading wannabe:


I want to feel like I own a business, not like a little retail gambler pissing in the wind... And I just dont.

In all honesty I think if anyone saw how I trade they would be quite surprised and asstonished at the accuracy and potential of my method...

So why is this not enough for me?

Boo freakin hoo right?
IMHO it's your ego that is getting in your way. The markets favor no one and they will humble the largest of egos. Humility is a big part of the key.

Why do you need to feel like you own a business? If you have the need to own a business then start one, but it doesn't have to be a forex business.

"In all honesty if anyone saw how I trade they would be surprised..." This is your ego talking. We all have this fault. I even suffer from it as well because when I read that I said to myself... well you'd be surprised to see how I trade.

It's not enough for you because you let your ego tell you what you need. Who cares? It's human nature to brag on one self... "look what I can do." In the end you're the only one watching the show.

I think you answered your own question... "boo hoo for you."

Take a break, slap yourself and when you've been fully humbled try, try again. In the end all that matters is that you are profitable and don't forget to eat that humble pie on occasion to keep that ego in check.

Good luck.
  • #22
  • Edited 5:57am Nov 9, 2010 5:36am | Edited 5:57am
Quoting nubcake
i truly wish i had never considered trading.
i've been hit around by madness too much. i'm going to blow this account, and have fun doing it! after that i fucking give up.
...!
are u truly serious?
contemplating about quitting?
& if u are, why not stop now while u still have your account. blowing an account prior pre-planned quitting, personally, doesnt make sense.

trading isnt as simple as u think...
u dont quit because u tried 3, 5 or 10 times & still 'fail'.

ok, on second thought, maybe your passion for trading (& challenges) is not as intense as for some people, but maybe u can just consider the time u have invested & recall the reasons why u got involved in this in the first place.
achieving competence, mastery &/or excellence in any endeavor takes time.

weigh your options, assess yourself before u make a decision. no need to rush, imho.

if there is one person who would dissuade u from quitting, it would be me. but like i said weigh things carefully.
Good luck
  • #23
  • Nov 9, 2010 6:00am Nov 9, 2010 6:00am
Quoting supremeChaos
are u truly serious?
contemplating about quitting?
& if u are, why not stop now while u still have your account. blowing an account prior pre-planned quitting, personally, doesnt make sense.

trading isnt as simple as u think...
u dont quit because u tried 3, 5 or 10 times & still 'fail'.

ok, on second thought, maybe your passion for trading (& challenges) is not as intense as for some people, but maybe u can just consider the time u have invested & recall the reasons why u got involved in this in the first place.
[b]achieving competence,...
all very great points.

take the trading maxim : cut your losses.

i'm simply applying the above. had enough. spent more time than i even know. i'm not a trader. tired of bumping into knives in this darkness so i'm just going to sit down and stop getting cut constantly.

i'll no doubt be back, and i will hate myself for it. but goddamn i hate this shit so much right now! ragequit!
Congratulations ScalaFX for coming out of the closet!
  • #24
  • Nov 9, 2010 6:56am Nov 9, 2010 6:56am
Quoting Slack
That's a myth, Newbie. And, you posted it in the wrong thread.
I guess you are a scalper hence the sarcasm,but the bottom line is are you making money or not??? honestly,cos if you are not then you should listen more than you talk.
  • #25
  • Nov 9, 2010 7:20am Nov 9, 2010 7:20am
this thread is full of wisdom thanx to all.
  • #26
  • Nov 9, 2010 7:38am Nov 9, 2010 7:38am
http://www.youtube.com/watch?v=pC4DDkye8FU&feature=related

The thing about here today, gone tomorrow, is that often it's back the next day too. The juice is all internal.
  • #27
  • Nov 9, 2010 7:38am Nov 9, 2010 7:38am
Quoting CindyXXXX
At some point we need to accept that we just dont know for sure and all we can do is take advantage of some sort of justified edge but really...
I'd say you're getting close.

Quoting CindyXXXX
...and this thought kills me.
Remember, you control your thoughts. If this is tearing you up, it's because you are letting it do so. So stop that. Now.

Quoting CindyXXXX
The funny thing is I feel like if you gave me $10,000 right now I could turn a profit every week for you but not through some sort of understanding that no one else has of there market, just through share retail 4 year trader knowledge... This for me isnt enough
Again, you're getting close.

Ed Seykota said it best...Everyone gets what they want from the market.

You need to find out what that is for you. Try NLP, it works.
  • #28
  • Edited 9:53am Nov 9, 2010 8:29am | Edited 9:53am
Quoting nubcake
. retail traders are like those nerds from the x-files... sitting in our basements being all smarmy and shit. others can never understand us, mostly because we do not understand ourselves and the game we play.

you may be at the point where you might benefit from setting-aside some of your profits and put it towards something charitable or along those lines. maybe spend time volunteering a few hours a day / week or something, then get back to bringing in the dough.

you are in a take-only situation, and it seems to me you simply need to balance...
Hi NC

this made me laugh, but your post makes it sound like im making more dough than I know what to do with... This is not the case, infact Im increasingly hesitant to trade at all because of the unknownness I was talking about, it just doesnt "feel" right

Quoting traider
. If you don't know what each and every candle is saying, it will be difficult, especially during these extremely volatile times. .
Hi traider

Sounds like you're talking about VSA?


Quoting CrucialPoint


There is no way of denying it. Believe whatever you like, the truth was that you never had anything right since the beginning. I'm not putting you down. I'm giving you a slap in the face, telling you to wake up. There are a lot of things in trading that people don't see. This is just a humble wake up call.


Hi CP thanks for that, yes Ive seen that spiining girl before, She can spin left or right depending on which way you look at it, interesting relating it to trading like that

I think you're maybe right, in a way, but in another way it made perfect sense to me once upon a time and things just seems different now. But maybe I was just kidding myself

Quoting ZsApprentice
We've all had those thoughts..

That's part of the psychology game that requires mastery to become a master trader..

That's part of what makes trading so difficult.

Good luck
Hi ZA

Ive never bothered witho psychology, I just figured if you knew how to make a pip all you gotta do is do it! Perhaps this is the problem I'm not sure.

Quoting spekitox
CindyXXXX me old mate, I have trust in you. Good that instead of going on a rampage when someone or something hits your nerve, you sit down and think.

So it's a chameleon that changes face any time. Sounds like "random"? Most of the time.

And you say you know f-all. No. You know if it's going your way or it's going against you. It's not chinese math, is it green or is it red.

If it's green for a long time, you may want to take some profits. If it's red for a long time, you might want to take some losses so you don't get margin called.

You...
Hey Speka

Theres some wise words in there, thanks for that. Sort of comes back to the money management and psychology side of things and I think you're spot on. I actually havent been trading at all lately, its not cause Ive had some losing months. If I dont know I just dont know and cant commit money based on that and somewhere along the line I feel I have just lost all sight.

Quoting sumakianlee
in my opinion a professional gambler person or persons who experienced gambling for many years then he began to forex trading that can survive in forex trading

regard
sumakianlee
Hi sumakianlee

I think you might be right... So what is it that these pro gamblers develop? Dicipline, money management,accepting of losses... But is this really all it takes to trade in the most competitive market on the planet?

Quoting cityboy
Trading higher TF's is like viewing a city from a mountain top,while trading lower TF's is like viewing that same city from a valley,now who has a better perspective?you be the judge.Of course you cant win all the time but if you know what you are doing you can maximise your winners. Although market conditions and patterns change but one thing that has not,is not,and will not change is that price will either go up,down or sideways (there's no other way to go). [b]Trading is not a game of luck,so if you've been on a winning streak,and all of a sudden...
Hi Citiboy

Interesting analogy, and about the luck and winning streak... I agree totally. Fact is, the edge I had I just cant see anymore and so arent signalled in the first place. So I look at an intraday chart and just think WTF... Chamelion. Its not a case of winning or losing, its more a case of comprehending and not comprehending, if I can comprehend I can usually make a nice trade. Just for weeks now that comprehention has not been though and so im left on the side lines to scratch my head if ya know what I mean.

Quoting Jhig
I posted the same on my Twitter Account a few days ago. http://twitter.com/#!/JosefHiggins/s...26819353944064

If I'd knew trading forex would be this hard, I would have stayed with equities. I'm invested in forex now.

Some days, profit comes easy but most day I find myself working hard in deciding market direction, entry, and exit. The outcome of a trade is a lot more difficult than one would think, as its the outcome that makes a trader either profitable or a failure.

I've been trading fx knocking on 5 years and things hasn't...
Hi Jhig

Awesome post, tahnks for that

Quoting pip_seeker
IMHO it's your ego that is getting in your way. The markets favor no one and they will humble the largest of egos. Humility is a big part of the key.

.
Hey pip seeker

haha good post too, I never knew I really had an ego until now. And I think your right actually I might say yuou've hit the nail on the head. Thanks for that

Quoting Dopey
I'd say you're getting close.



Remember, you control your thoughts. If this is tearing you up, it's because you are letting it do so. So stop that. Now.



Again, you're getting close.

Ed Seykota said it best...Everyone gets what they want from the market.

You need to find out what that is for you. Try NLP, it works.
Hey Dopey

Thats some great advice, I feel close athts the most frustrating thing, I feel so close yet so far away, like the old "the more I learn the more I learn I dont know" type thing. Its a real head fk but perhaps Im just overcomplicating it and I love what you said about controlling thoughts, it goes back to the whole mindset type stupp. I will def check out NLP cause I think something upstairs just isnt adapted well for trading.


Thanks everyone I appreciate the discussions happening here and the thoughts you shared, just feels good to get that off my chest and hear how some others can relate.
Time hides Nothing
  • #29
  • Nov 9, 2010 1:49pm Nov 9, 2010 1:49pm
Hi Cindy

No. I specifically meant candles. I use nothing else on my charts apart from candles and a candle length indicator which is more of a market depth illustrator which I occasionaly glance at.

Needless to say, the information out there on candles is the tip of the iceberg. The rest is pure chart time and insight. It's not something I nor anyone else can teach as one really wouldn't know how to convey an intuitive awareness that comes from (almost) obsessively gazing at charts for a number of years, night and day.

In a nutshell, go to your charts with an open mind and all you have learnt about candles over the years. Throw out the indicators and volume information. Everything you need to know, even the news, is in each and every candle.

I know this sounds vague and must be frustrating and I would have felt exactly as you must feel had the tables been turned a few months ago. But I can't emphasise enough, this is about YOU knowing why a candle and its setup is where it is at and that is an eureka moment.

Oh, and TF is irrelevant. So the morale of the story is thus. Don't give up. Sit back perhaps and get back into learning mode from scratch. But plug away at it as you will get there, one step at a time.
The road to pipland is arduous and fraught with challenge.
  • #30
  • Edited 2:41pm Nov 9, 2010 2:00pm | Edited 2:41pm
Quoting Dopey
Try NLP, it works.
Thanks for that reminder! I started reading about it, as applied to the minds of traders, in an interview with NLP trainer Charles Faulkner in The New Market Wizards. I'm going to pull that off of the shelf and get into it a bit today.

Good stuff on the thread here.

Coffee time!

Coffee rocks.

But not too much.
  • #31
  • Nov 9, 2010 2:02pm Nov 9, 2010 2:02pm
Quoting traider
Hi Cindy

No. I specifically meant candles. I use nothing else on my charts apart from candles and a candle length indicator which is more of a market depth illustrator which I occasionaly glance at.

Needless to say, the information out there on candles is the tip of the iceberg. The rest is pure chart time and insight. It's not something I nor anyone else can teach as one really wouldn't know how to convey an intuitive awareness that comes from (almost) obsessively gazing at charts for a number of years, night and day.

In a nutshell,...
I agree with what you said.

Sometime I get bogged down by s/r, trendlines, and etc and I forget to just focus on price.

My bread n butter strategy is reversal bars but at the same time, I too too focus on bullish/bearish momentum based on the length of the previous bar.

Its when I step back, delete all the extra off my chart (trendlines, s/r level) and focus on price is when things get clear. I stopped focusing on reversal bars and instead jump on any strong movement. That has helped me overcome some of my hesitation in entering the market.

I tend to hesitate in entering is because I'm over-thinking things. To busy worried about formations, trendlines, s/r levels has me thinking more than I should. Now I just wait for momentum to increase and jump in, running stops to protect me from market backlash. During slow Asian session, I'll sometimes trade a reversal setup but for the most part, I'm out of the market until volatility enters.

For me, 'go with the flow" as helped me sustain in todays market. 2010 has been a hell of a year for my trading. Looks like I'll end the year profitable but in doing so, I've throw my core trading values out the window in order to survive this year. Going into next trading year, I'm keeping it simple as possible.
  • #32
  • Nov 9, 2010 2:58pm Nov 9, 2010 2:58pm
Like that Robert miles song goes;

The sky isn't always blue, the sunshine doesn't always shine.. and its alright to fall apart sometimes.

Human emotion and psychology play a big role, its a matter of how well you will process being decisive, indecisive, patient,impatient, fearful, greedy. I would say its 80% of trading..


On a positive note, some nice USD gains following the US close soon.


Eye of the beholder; everyone sees things differently. No wrong way, right way.. Or is there??
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lowest draw down possible please.
  • #33
  • Nov 9, 2010 4:39pm Nov 9, 2010 4:39pm
Quoting Jhig
I tend to hesitate in entering is because I'm over-thinking things. To busy worried about formations, trendlines, s/r levels has me thinking more than I should. Now I just wait for momentum to increase and jump in, running stops to protect me from market backlash.
The hesitancy to pull the trigger is something that I've experienced as well and it is a mighty beast especially once price starts moving in the direction one first imagined it would. Oh well. Countless hours have been spent thinking about that. As I understand, you have solved the problem using momentum, but there is one more thing that works (at least for me) and that is taking the scariest trade. I remember looking at silver at 18 bucks back in September. It was making a bullish pin bar but I was so scared of being wrong/losing money that I passed it. Look at silver now - it has been going up in a line very well suited for trailing profits. That was kind of a wake-up call for me. Now I'm passing the most 'cozy' or 'obvious' trades and taking the 'scarier' trades (not always, but working towards that). Of course I still do my regular analysis, there is no passing that.

----------------

Cindy,
I don't know anything about your life but speaking from experience, I would suggest you look into yours in terms of balance. There is a possibility that other areas of your life have affected the way you perceive price action (ie. something in your life is out of balance). Or maybe it's just your cortisol levels (persistently high cortisol levels literally eat your brain out whilst making you feel bad in every sense of the word) or maybe sleep deprivation. I don't know you so I can't tell. A lot of what we do - decisions, actions, thoughts - has to do with out brain. Taking care of your brain is important. Now, since I don't know anything about the balance of your life, all I can do is suggest you take care of your brain - there is a very good book written about it and it is not that difficult to understand. The book is called Brain Rules and it is written by John Medina, a neuroscientist. I read it in August and it had a great impact on the way I view success in life and how to go about achieving it. It also changed my approach to trading due to the changes I implemented.

I hope this helps.
If you don't risk, you don't ever have to lose.
  • #34
  • Nov 9, 2010 5:35pm Nov 9, 2010 5:35pm
Quoting Slack
That's a myth, Newbie. And, you posted it in the wrong thread.
Thats definately not a myth. the larger time frames filter out the noise.If you are day trading set your trades with the trend always. That is if you want an edge.

And Cindy I am one of those assholes with the holy grail. Just Kidding.
I have hit many walls myself in the stock market. Don't let your emotions get the better of you because after reading a lot of your posts i think your brilliant. There is a pot of gold at the end of the rainbow but it has to rain first before you get there. (I just made that up on the spot)
Any how stick with it.

P.s. There obviously is no holy grail you just need to make more money then you lose.
My trades are 100% profitable 65% of the time!
  • #35
  • Nov 9, 2010 6:50pm Nov 9, 2010 6:50pm
Relax.

The market is what it is.
Nothing worth having is easy.
  • #36
  • Nov 9, 2010 7:27pm Nov 9, 2010 7:27pm
Quoting Patience
The market is what it is.
Right.

Quoting ehrek
Eye of the beholder; everyone sees things differently. No wrong way, right way.. Or is there??
There are wrong ways - those that are not in accord with the market.

There are right ways - those which are based upon the realities of the market, not mental castles in the sky that we try and force upon the market.
  • #37
  • Nov 9, 2010 10:26pm Nov 9, 2010 10:26pm
Again let me say that I like to encourage people and I hate pessimists who make it look like forex is a game that you can never win. The reason why I said the TF matters a lot in forex is because personally I trade the 4H charts and above,I trade few times a week(with smaller TF's you'll have to and will be tempted to trade a awful lot more),I dont use support,resistance,pivots,fibonacci,divergence etc etc because they make trading more complicated than it should be and ,most times they are not useful. I trade with price action and just 2 indicators.I have a very realistic target per week a 100pips,(because if you set a goal that you cant achieve consistently then the purpose is already defeated),when i see a good trend I get in and move to breakeven as soon as possible and let the rest work itself out,if i check back and my 100 pips is not in the bag then I have to come back tomorrow. Thats just my simple style I can hardly call it a system that is why it has hardly failed me over time. Now I am not asking you to do the same,I am just hoping you can learn a thing or 2. But the bottomline is TRADING CAN BE AS SIMPLE AS YOU MAKE IT.
  • #38
  • Edited Nov 10, 2010 12:13am Nov 9, 2010 10:33pm | Edited Nov 10, 2010 12:13am
I think trading is much like golf

Anyone who has played the game for some time may be able to relate....

1) To win you must beat other people but at the end of the day the only battle is with yourself

2) It takes time to learn but can never be mastered fully

3) I can be playing like Tiger Woods one day and am humbled in my next round when I cant hit the thing off the ground.

4) The perfect stroke in its real form is very simple and easy when you're "in the zone" but when you lose that it can be very hard to get back to that simplicity and zone. There may be a very small habbit you got yourself into and like dominoes its effects every other aspect of your game. Mentaly and physically.
Time hides Nothing
  • #39
  • Nov 9, 2010 10:37pm Nov 9, 2010 10:37pm
Quoting cityboy
TRADING CAN BE AS SIMPLE AS YOU MAKE IT.
Agree 100% However what you want to get out of it proftability wise will determine the degree of difficulty IMO
Time hides Nothing
  • #40
  • Nov 9, 2010 10:56pm Nov 9, 2010 10:56pm
Quoting CindyXXXX
Thanks again for the comments I found them very helpful
I think that this thread really does show that, for all the scamming bastards on the forum, there are people who just want to help. I think that's pretty cool and it keeps me hanging around.
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