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How did trading change your life?

  • #61
  • Jan 31, 2011 2:09am Jan 31, 2011 2:09am
Trading changed me - and then i changed my trading.

Without patience the best MM, R/R, S/R and PA knowledge is useless.

You need patience to understand this markets,
You need patience to accept that there is no holy grail ( there is nothing magical that makes you a millionair overnight )
You need patience to develop your own trading style/strategy.
You need patience while walking threw hell to get to heaven.
and most of the time
You need patience with yourself.
consistency wins
  • #62
  • Jan 31, 2011 3:06am Jan 31, 2011 3:06am
1. It taught me that a lot of people are basically drifting through life
because they haven't learned that time is money yet.

2. It taught me that every industry has its secrets, and we have
to learn what those secrets are in order to thrive in this absurd market.

To wit, Peter Crowns writes:

Quote
I take trading seriously. I don't believe in wasting my time. Others can, but trading is my livelihood. ....

There are "secrets" of trading that are known to a few of us. These secrets buy our multi-million-dollar homes and lives of relative security.

Some of them are very simple- but not known or able to be exploited by many. You actually only need one good one to gain entry to a world that no one ever really sees,...

3. It also made me more mercenary about things, which is too bad,
because now I think of things in terms of who paid for this? or how do
people make money off of that?...I used to enjoy books and movies
a lot more than I do now...
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #63
  • Jan 31, 2011 4:19am Jan 31, 2011 4:19am
Quoting iTrader
Trading changed me - and then i changed my trading.

Without patience the best MM, R/R, S/R and PA knowledge is useless.

You need patience to understand this markets,
You need patience to accept that there is no holy grail ( there is nothing magical that makes you a millionair overnight )
You need patience to develop your own trading style/strategy.
You need patience while walking threw hell to get to heaven.
and most of the time
You need patience with yourself.
Agree'd,

One of the reasons I believe so few traders become successful is that they, like you say dont have patience, they give up usually before a year of trading. I dont think may people will become a pro in less than a year, most of the stories of traders I have read talk of 3 years or more. Many new traders will start with real money, and after losing it , they sicken themselv's and quit.

Do people here agree with me that if you can get through the first year and still believe you can succeed, you have a inproved your chances of success?

I have been trading for just over 2 years, to some I will seem like a rookie to others I will seem experienced. But the longer I trade the more I believe that experience plays a huge part in success. A year ago I might have said that what I learned from others was the main reason that I would succeed, now I believe that what we learn from others is a much smaller part of achieving our goals. what we learn on our own, can't be taught, its the thousands of hours of screen time that develops our subconcious thoughts and instincts.

most people dont last long enough to develop as a trader. I will also say that if you really give trading everything, believe you can do it, and give yourself enough time you have a better chance of success than the old 5% rule.
  • #64
  • Jan 31, 2011 4:22am Jan 31, 2011 4:22am
Quoting harvest3r
Now it's too late to write something (it's already midnight!), but I want to say that it's a great subject! Trading DID change my life and it WILL change my life as well. More on that later.

Wow, I just got a TP triggered, € 7.36 more

I just think that all the trading system discussion in this thread is not the real point, after all... it's about the meaning and the impact of money in life, including the trading money...

Anyway, I have to sleep now, good trades to everybody
Eager to hear your experience!!
  • #65
  • Jan 31, 2011 4:24am Jan 31, 2011 4:24am
Quoting blunderbuss
1. It taught me that a lot of people are basically drifting through life
because they haven't learned that time is money yet.

2. It taught me that every industry has its secrets, and we have
to learn what those secrets are in order to thrive in this absurd market.

To wit, Peter Crowns writes:...


Do you believe there is a secret in trading and life?
  • #66
  • Jan 31, 2011 4:33am Jan 31, 2011 4:33am
Quoting highlander2
Agree'd,

One of the reasons I believe so few traders become successful is that they, like you say dont have patience, they give up usually before a year of trading. I dont think may people will become a pro in less than a year, most of the stories of traders I have read talk of 3 years or more. Many new traders will start with real money, and after losing it , they sicken themselv's and quit.

Do people here agree with me that if you can get through the first year and still believe you can succeed, you have a inproved your chances of success?...
definitely experience plays an important role, but it's just a piece of the learning curve, i've read of traders that lost money for 8-10 years.
I think the time you need to develop an approach (and become a trader) is the time you need to understand to know what you really want from life, some understand it very quickly others takes years...

It's no surprise to me that most traders are philosophers/ philanthropists, first you have to know who you are, after that you'll see the whole world under a different light, then you can develop your "unique" strategy...
  • #67
  • Jan 31, 2011 5:05am Jan 31, 2011 5:05am
we talked about the value we give to the objects, unfortunately we give those values also to persons, people that we don’t know, we just stick on those guys a beautiful “etiquette”.
How many of you reading my posts thought:”Ah-ah another communist, who is trying to change the way i see the world” you’re very far from the truth (i’m a convinced capitalist), but usually when you disagree with someone about political/economic matters you (we) etiquette him as a communist, from that point beyond you’ll don’t listen to him anymore you’ll just hear what you wanna hear (remember George Soros? he has been labeled as a communist years ago).

Some thoughts: USA always has been the communism fighter, usually when you fight something, it’s because you know that subject, so you need to know every little thing about it. Someone made a very interesting study in the US, they asked thousand people what communism was and what they thought about it, answers were hilarious most of the people didn’t even know what communism is, but they knew it was something bad and they wouldn’t want it at the white house. Crazy right? how many of you bothered to read Karl Marx? yet when you hear that name you associate to something bad, even evil!! don’t feel guilty about it, this is not completely our responsibility, most of it is about newspapers and television news, they obfuscate our brain. We hear a journalist talking about something and we automatically give for granted he knows everything about the subject. Well, believe me, it’s not...

this is just an introduction about what we call “bias” (trading) or “labels” (life), i will talk about something i still feel ashamed of, something that i still didn’t solve in my life.

Note: What i’m writing here is just my vision of the world, i’m criticizing our habits, this doesn’t mean i’m God, and i’m still not completely free of those bad behavior, i’m “guilty” just as some of you are. The good new is if you are conscious about your defects, you can get better day by day, just be patience (again life and trading crosses each other)
  • #68
  • Jan 31, 2011 5:34am Jan 31, 2011 5:34am
Any person, ignorant of "Self", will create their own unhappiness (and will curiously be blind to this). The world (or market) will master them, when they came into life to master the world (or market). Life (or market) will come down with cruel, hard feet sooner or later upon every person who knows many or few things, but does not know the "Self".

Find that "Self" and the parallel questions of Life, Meaning, God, etc. will find their answers, too. The Trading game creates conditions inside of oneself, which if observed with clarity and a quiet mind, can be the stepping-stones leading to the Promised Land (which has nothing to do with real estate) and the Grail (which has nothing to do with money). It can take some time, however, especially if you are a little hard-headed, like myself.

Keeping eyes open, maintaining a quiet mind, and having a clear perspective of your relationship to what you are trying to accomplish; these are lubricants to assist in the understanding of "Self". It takes some practice, patience and some mistakes to bring in the perspective, though. Trading becomes a hobby after this, and one can easily see the 95% and the 5%.

Just needed new glasses, to see clearly what was peering back in the mirror at me! Got to see the charts clearer, as well.

pipsqueak4x's $0.02
  • #69
  • Jan 31, 2011 5:41am Jan 31, 2011 5:41am
Quoting Pipsqueak4x
Any person, ignorant of "Self", will create their own unhappiness (and will curiously be blind to this). The world (or market) will master them, when they came into life to master the world (or market)....



Love this!!
  • #70
  • Jan 31, 2011 6:38am Jan 31, 2011 6:38am
Quoting Beman
Ok, let's go back to the question: How did trading change your life?
I get up when I like. I go to bed when I like. I can stay in my PJ's all day if I like. No one tells me what to do nor do I have to fight to get a seat on the tube. And I can listen to music all day long.
Nothing worth having is easy.
  • #71
  • Jan 31, 2011 7:51am Jan 31, 2011 7:51am
Quoting Patience
I get up when I like. I go to bed when I like. I can stay in my PJ's all day if I like. No one tells me what to do nor do I have to fight to get a seat on the tube. And I can listen to music all day long.
sounds great!! unfortunately i don't have the guts to rely just on trading...
  • #72
  • Jan 31, 2011 8:03am Jan 31, 2011 8:03am
Some more thoughts, on the coin system ecc...
i read back some posts and i wanna clarify, i don't trade with a coin, i trade with my guts placing a SL... the coin system purpose's is to remind me that anyone, even a monkey can make money trading even for 3-4 years in a row if you make 1-2 trade a day, the coin helps me to keep feet on the ground, am i a real trader or am i just lucky?! how many people comes on forex factory? i saw threads seen by 4-5 millions people so i don't think it is too exaggerated to say 10 millions? at least? go back to the monkey-book example if a monkey can write a 600 pages book, how many traders made money this year? and last year? and so on... at the end how many of those winners were just lucky?
The second coin's purpose is to remind that getting to BE (yes, add spreads if you want) is easier then losing all your account. I don't trade with a coin even if sometimes a coin probably beats me....
  • #73
  • Jan 31, 2011 8:28am Jan 31, 2011 8:28am
Quoting Beman
sounds great!! unfortunately i don't have the guts to rely just on trading...
Neither do I. I should have said that I have "rainy day" funds for those times when Mr Market doesn't want to play ball. But I couldn't earn any more in a real job because I'm not edumacated Not aiming for the Ferrari or hot men, just happy to pay the bills and some. Any extra is just a bonus.
Nothing worth having is easy.
  • #74
  • Jan 31, 2011 8:42am Jan 31, 2011 8:42am
Quoting Patience
Neither do I. I should have said that I have "rainy day" funds for those times when Mr Market doesn't want to play ball. But I couldn't earn any more in a real job because I'm not edumacated Not aiming for the Ferrari or hot men, just happy to pay the bills and some. Any extra is just a bonus.
I understand where you are, when i have to deal with some patients... I'm anymore politically correct nor polite as i should to run a "normal" business
  • #75
  • Jan 31, 2011 9:10am Jan 31, 2011 9:10am
Quoting GulfCoastPip
Trading successfully (for a living) is probably one of the toughest things you will ever accomplish (if you choose to). If you're not willing to put in the time and effort, then you're simply "wishing or hoping".

It's also not all it's cracked up to be. No high priced hookers, no coke, no mary jane, no $10000 a night hotel rooms, no yacht, and no Ferrari.

However, it will allow you a little more free time, allow you spend a little more time with your loved ones, allow you to be your own boss (when Mr. Market isn't kicking your ass), and...
I have thought a lot about this post.... And there is really nothing else to add to it! Well said GulfCoast (as usual).

BTW, a lot of the thoughts in this thread were discussed, to the point of exhaustion, in my Negative Expectancy thread some time back. If these topics intrest you, feel free to browse through and have a look.

Regards,
  • #76
  • Jan 31, 2011 9:55am Jan 31, 2011 9:55am
Quoting FX-Petra
I have thought a lot about this post.... And there is really nothing else to add to it! Well said GulfCoast (as usual).

BTW, a lot of the thoughts in this thread were discussed, to the point of exhaustion, in my Negative Expectancy thread some time back. If these topics intrest you, feel free to browse through and have a look.

Regards,
Hi Fx-Petra, thanks for posting, i've read part of your thread, and i agree with you! you went much deeper on the subject, and gave very good explanations.
So i agree with you, we can't make money with a SL/TP and a coin, but we can make money with a Sl (no TP) and coin. When i day trade i usually use a TP that is much bigger than my SL, (sometimes i use a small Tp, but i use it during losing streaks just to improve my mood), most of the time my TP isn't hit and i close trades with a trailing stop. As i said earlier the coin is just something who helps me staying on track, if a coin can win 20 times in a row, so i can!! the opposite when you loose. That's why i didn't take in account spreads or commissions, it is just a mental exercise that i do!
When i say i wait to go to BE, i mean that most of the time if i have patience my strategy will bring me back to the positive territory. All i have to do is to wait for a good swing (just like today on eur/usd), if it will hit my trailing stop i would have recouped most of the losses i had last week. Until now i made money is it just luck? i absolutely have no idea. While most traders out there claim they are superstars because they had a great return last year, so what??!! a coin could beat you!!

Probably i've made confusion when i said that most system goes back to BE if we are patient enough, and i still believe it! just try... take a coin 100 pips SL/TP and if you want a 50 trailing stop, how many times do you go back to BE?
Actually is the exact opposite that most traders do, they try a system, they lose for one week, they move to another system... and again... why not trying to do the opposite?
  • #77
  • Jan 31, 2011 11:30am Jan 31, 2011 11:30am
Quoting highlander2
Agree'd,

One of the reasons I believe so few traders become successful is that they, like you say dont have patience, they give up usually before a year of trading. I dont think may people will become a pro in less than a year, most of the stories of traders I have read talk of 3 years or more. Many new traders will start with real money, and after losing it , they sicken themselv's and quit.

Do people here agree with me that if you can get through the first year and still believe you can succeed, you have a inproved your chances of success?...
That is a good one that you said right above. Hahaha, I used to searche endlessly on the Internet for strategy, way to shorten my trading success. But not until I really spend sometime to write my trading journal that i understand what it means to be disciplined and learn from myown mistake.
Patience and Discipline are the key here. And one definitely need a trading journal to record and learn from own trading.
One question for you highlander, how many hours do you spend a day for trading? What are your trading style (Short term, intraday, long term), and do you have your trading journal. What is the best way to record your trading?
  • #78
  • Jan 31, 2011 11:38am Jan 31, 2011 11:38am
Quoting Beman
definitely experience plays an important role, but it's just a piece of the learning curve, i've read of traders that lost money for 8-10 years.
I think the time you need to develop an approach (and become a trader) is the time you need to understand to know what you really want from life, some understand it very quickly others takes years...

It's no surprise to me that most traders are philosophers/ philanthropists, first you have to know who you are, after that you'll see the whole world under a different light, then you can develop your "unique"...
Another good one right there. Yes, I completely understand and agree with what you said. We can only shorten our trading study by learning from our own success and failures. But i would say that there are many ways that can lead to the same road, and traders are not necessary to follow a certain path to success. We just need to learn how to manage our trading with our life style, personality to achieve the better result.
I know that i say something vague here, but trading is not just about placing buy or sell order, interpreting charts... traders need to understand the psychology, emotionality behind their trading life.

Beman, what would you do when your trading suffer a long seri of losing trade? How to recover from a bad trade? Maybe the best way to overcome a bad trade is placing small trade and due with the loss that we can afford to lose.
  • #79
  • Jan 31, 2011 1:22pm Jan 31, 2011 1:22pm
Quoting mtrader87
One question for you highlander, how many hours do you spend a day for trading? What are your trading style (Short term, intraday, long term), and do you have your trading journal. What is the best way to record your trading?
I mainly trade price action, pin bars on a daily chart are my favourite. generally holding for a day to a week. i do also trade the 1 hr and 4 hr pin bars at key s+r.

I have a trading journal, the best thing i have used for keeping records and notes bar none is 'idailydiary' awsome free download. search the web. i have written everything i know on my blog including how to use idailydiary.
  • #80
  • Feb 1, 2011 6:34am Feb 1, 2011 6:34am
Quoting mtrader87
Another good one right there. Yes, I completely understand and agree with what you said. We can only shorten our trading study by learning from our own success and failures. But i would say that there are many ways that can lead to the same road, and traders are not necessary to follow a certain path to success. We just need to learn how to manage our trading with our life style, personality to achieve the better result.
I know that i say something vague here, but trading is not just about placing buy or sell order, interpreting charts... traders...
Actually i'm suffering pretty much, so today i woke up, watched charts felt bad about what was happening, so i decided to change something (remember i can change many many things, the only thing i'm not going to change is to place a sl) so i decide to trade on very small timeframes (1 minute now) i already have 3 short positions open, my target would be to let them open for months, but first i'll take some profit at 1.3600 (eur/usd). You would be surprised what i'm risking now...lol i'm literally risking cents to build up my positions.
This is what i call playing great defense and be prepared to maximize my profits, i don't care about what i can earn, i care about what i can lose...
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