How did trading change your life? | Page 7 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Why your broker is your friend and your enemy 8 replies

Where did your trading method come from? 10 replies

What is your best trading streak and how did you do it? 2 replies

Change an EA and change your life 8 replies

Attachments: How did trading change your life?
Exit Attachments

How did trading change your life?

  • #121
  • Feb 4, 2011 5:16am Feb 4, 2011 5:16am
Quoting harvest3r
I didn't know you would take it so literally, so let's explain:



I don't and actually I don't even care. That would be impossible. To be more precise, I bought at $0.90 and would sell at $0.91


If the prices move back to the usual price, why not? Besides that, do you see such behavior in FX?



Would anyone believe that? Would YOU believe it? Anyway, that would mean the end of the market. Besides that, by the time the report comes, I would already have sold. Remember, the "milk market" is very liquid



You are not that...

I really liked how you answered to my perplexity, at first sight i thought you were a spammer talking about a EA holygrail to sell, now i understand i was wrong. You know very well your weakness, so i think you already are in the trading mood that separate winner from losers!
Keep up the good work!!! hoping you'll get millionaire one day!!!
  • #122
  • Feb 4, 2011 5:34am Feb 4, 2011 5:34am
Quoting Beman
I really liked how you answered to my perplexity, at first sight i thought you were a spammer talking about a EA holygrail to sell, now i understand i was wrong. You know very well your weakness, so i think you already are in the trading mood that separate winner from losers!
Keep up the good work!!! hoping you'll get millionaire one day!!!
You are absolutely right. Sometimes I can't really believe that the solution is so "simple". I told my friends that I was making 10% profit per month and one of them said: "if it is that simple, why isn't anyone else doing it as well?" I can't answer that. It really doesn't sound very serious, realistic or professional

Milionaire? I would quote the movie "The Social Network":

Sean Parker (Napster founder, played by Justin Timberlake): "A million dollars is not cool, You know what is cool. A billion dollars."
"The reason I was born and came into the world is to testify to the truth."
  • #123
  • Feb 4, 2011 6:42am Feb 4, 2011 6:42am
Quoting harvest3r

I am only sure that sales at the supermarket are really a very good buying opportunity and, sooner or later, the price will go up. If it doesn't, I would buy even more (cheaper). That's called "cost averaging". That's my mother's strategy. The only difference to FX is that I am able to sell my "milk" as well as I can buy it.

Remember: nothing goes up or down forever. Just open a chart and see.
If you would have sold eur/usd in 2002 it never came back. More recently if you would have bought eur/usd in 2008, it never came back.

Try holding on to a position that just moves opposite to your desired direction. Or just look at eur/aud. If you had bought eur/aud and averaged in since 2008, then you would have lost.

Averaging losers is not a profitable strategy over the long-term. But after a bown up account you will for sure find that out yourself.

best regards
  • #124
  • Feb 4, 2011 6:43am Feb 4, 2011 6:43am
Quoting Beman
I really liked how you answered to my perplexity, at first sight i thought you were a spammer talking about a EA holygrail to sell, now i understand i was wrong. You know very well your weakness, so i think you already are in the trading mood that separate winner from losers!
Keep up the good work!!! hoping you'll get millionaire one day!!!
Mood or psychology is irrelevant. Only a profitable system will make you profitable.

Example: if warrent buffett had a great investor psychology but had a losing system of selecting his stocks, then no matter how psychologically grounded he is, he will make a loss over the long-term.
Another example: playing roulette in the casino. Odds are always against you, no matter how grounded your psychology is, you will always lose, cause there is no profitable strategy to beat the house.
  • #125
  • Feb 4, 2011 7:30am Feb 4, 2011 7:30am
Quoting Custos
Mood or psychology is irrelevant. Only a profitable system will make you profitable.

Example: if warrent buffett had a great investor psychology but had a losing system of selecting his stocks, then no matter how psychologically grounded he is, he will make a loss over the long-term.
Another example: playing roulette in the casino. Odds are always against you, no matter how grounded your psychology is, you will always lose, cause there is no profitable strategy to beat the house.
So why are we talking? all that we need is a statistical profitable system, but then what happens? some trader start making money using their great edge, then some years later they lose all that they got, why? market changes and so statistics, is the usual answer, couldn't it be they were just lucky?? yes it could, more probably it is!! (go to 1st page, even trowing a coin you can achieve 3 years profits) remember "Long-term Capital Management"? they won a noble prize for their fantastic statistical edge, and then? yes, they blow up just like average Joe trading forex...
You talked about Buffet, i'll talk about Soros and Livermore, they both often closed out their position because they felt something... Soros was looking for his back pain, Livermore for something else, is it strategy or something else?
We don't have all the answers! we must accept that...
Could it be a statistical edge exists in markets? sure!!!
Could it be that gut feelings (so a positive attitude) are the answer to beat markets? yes it could!
Unless you can earn money from the market everyday in every condition (in other words you've beaten the market) you can't have a sure answer...
  • #126
  • Feb 4, 2011 7:41am Feb 4, 2011 7:41am
Quoting Custos
Mood or psychology is irrelevant. Only a profitable system will make you profitable.

.
Agree 100%.. I'm sick of hearing that all you need is discipline and psychology because this is only useful if you have something to use those skills on in the first place.
Time hides Nothing
  • #127
  • Feb 4, 2011 7:41am Feb 4, 2011 7:41am
Quoting Beman
So why are we talking? all that we need is a statistical profitable system, but then what happens? some trader start making money using their great edge, then some years later they lose all that they got, why? market changes and so statistics, is the usual answer, couldn't it be they were just lucky?? yes it could, more probably it is!! (go to 1st page, even trowing a coin you can achieve 3 years profits)...
diversification will cancel out the luck element. Let's say you have 10+ independent systems with an edge and apply them to 10+ unrelated instruments. The likelihood that all of these system fail at once on all instruments is really low. Now luck is cancelled out.

Well, everything you said might be true, BUT...

I am just saying that psychology is irrelevant until you know how to beat the market - have a profitable system over the long-term.

1. profitable system
2. psychology

not the other way around.
  • #128
  • Feb 4, 2011 7:44am Feb 4, 2011 7:44am
Quoting Custos
Mood or psychology is irrelevant. Only a profitable system will make you profitable.

Example: if warrent buffett had a great investor psychology but had a losing system of selecting his stocks, then no matter how psychologically grounded he is, he will make a loss over the long-term.
Another example: playing roulette in the casino. Odds are always against you, no matter how grounded your psychology is, you will always lose, cause there is no profitable strategy to beat the house.
Ditto.

Here lies the truth. period.
  • #129
  • Feb 4, 2011 7:44am Feb 4, 2011 7:44am
Quoting CindyXXXX
Agree 100%. Psychology is only a factor when you're profitable in the first place. I'm sick of hearing that all you need is discipline and psychology because this is only useful if you have something to use those skills on in the first place.

hehe, am thinking the same.
  • #130
  • Feb 4, 2011 7:45am Feb 4, 2011 7:45am
Quoting Custos
diversification will cancel out the luck element. Let's say you have 10+ independent systems with an edge and apply them to 10+ unrelated instruments. The likelihood that all of these system fail at once on all instruments is really low. Now luck is cancelled out.

Well, everything you said might be true, BUT...

I am just saying that psychology is irrelevant until you know how to beat the market - have a profitable system over the long-term.

1. profitable system
2. psychology

not the other way around.
And probably you're right that's why i'm exploring different roads.
  • #131
  • Feb 4, 2011 7:46am Feb 4, 2011 7:46am
It didn't!... That's whats up
Time hides Nothing
  • #132
  • Feb 4, 2011 7:55am Feb 4, 2011 7:55am
Since I see so many profitable traders on FF, why don't you show me your results, i really would like to see them! show me that i'm wrong!! myfxbook is perfect for it!
Now don't answer as usual:"this isn't the thread's purpose", IT IS since you guys are so sure about what you are saying prove me that you have an edge! i'm a very open minded guy, so i'll be ready to say sorry to everybody.
  • #133
  • Feb 4, 2011 7:57am Feb 4, 2011 7:57am
Quoting CindyXXXX
It didn't!... That's whats up http://cdn.forexfactory.com/images/s..._the_floor.gif
Actually scrap that... Here's the deep and meaningful version of the above...

How did trading change my life...

For starters its made me one resilient mo fo. I'm very adaptive to bad times as well as grounded in good times.

Its taught me that trends in the market and trends in real life all have to end at some point, its just the natural cycle of things.

Its taught me to be patient and that the get rich quick myth the internet marketers and pyramid schemes have you believe is truly a myth.

Its taught me to take pride and interest in education and in the end i went back to school to do a degree in financial planning which I'm still doing (and should be doing RIGHT now actually chuckle chuckle)

Its taught me that there are many people out there and in the end we all want the same thing but only a few of us are "allowed" to have it. This is just the nature of all things scarce and rare.

Its taught me to respect people and myself.

Its taught me that money not only changes people it changes, it turns them into fking lunatics and sometimes this can be good and sometimes this is not so good.

Its taught me that people will beg borrow and steal just to get an inch but these people will never get the full mile.

Its taught me that weather I'm rich or poor people will still find a reason not to like me so any egotistical reasons for trading are just pointless weather they are subconscious or not.

Its made me aware of the wolves and the sheep and I've learn t to respect both for who they are.

Its made me realize life truly is not designed to be fair and if you really want something you have to EARN it. The bigger the reward the more you're gonna have to work.

Its taught me to appreciate all of the above....


So thank you trading,,, one day I hope we can put all that shit aside and be best friends

P.S you still owe me $10,000 asshole
Time hides Nothing
  • #134
  • Feb 4, 2011 8:04am Feb 4, 2011 8:04am
Quoting Beman
Since I see so many profitable traders on FF, why don't you show me your results, i really would like to see them! show me that i'm wrong!! myfxbook is perfect for it!
Now don't answer as usual:"this isn't the thread's purpose", IT IS since you guys are so sure about what you are saying prove me that you have an edge! i'm a very open minded guy, so i'll be ready to say sorry to everybody.
I guess that statement was directed towards me.

I don't believe that there are a lot of profitable traders here on ff. Most of them will say they are profitable when in fact they are not. I guess the same statistics also applies to ff 95% losers and 5% winners.

Honestly, I don't feel obliged to show my statements to anybody else than my tax advisor. Well, and you can make up all the reasons you can think of why I am not showing them... maybe I am also among the 95% of losers, who knows, or I am not trading at all... I don't really care what people on a forum think.

Sorry if my previous posts offended your thought processes. Just wanted to show you what the reality is.

cheers
  • #135
  • Feb 4, 2011 8:18am Feb 4, 2011 8:18am
Quoting Custos
I guess that statement was directed towards me.

I don't believe that there are a lot of profitable traders here on ff. Most of them will say they are profitable when in fact they are not. I guess the same statistics also applies to ff 95% losers and 5% winners.

Honestly, I don't feel obliged to show my statements to anybody else than my tax advisor. Well, and you can make up all the reasons you can think of why I am not showing them... maybe I am also among the 95% of losers, who knows, or I am not trading at all... I don't really care what...
No offense at all, but since many people know the truth and keep telling me that i'm wrong (your last sentence: "just wanted to show you what reality is")
i would those people show their reference!

And i'm not thinking some strange reason why you aren't showing them... that's your business, don't feel obliged...
  • #136
  • Feb 4, 2011 8:23am Feb 4, 2011 8:23am
Quoting CindyXXXX

Even if people aren't profitable it doesn't mean their experience can't help others.
Depends by their experience, if you keep telling people to look for a statistical edge, because you found it!! but it isn't true, well you aren't helping...
  • #137
  • Feb 4, 2011 8:29am Feb 4, 2011 8:29am
Quoting CindyXXXX
Now this thread with a positive and meaningful title just turned into some sort of pissing contest. That's disappointing
Go back to page 9, i've had a page of people saying that thinking about psicologi is stupid since they earn money without it!
Is it too much asking to prove it? i don't think so...
  • #138
  • Feb 4, 2011 8:47am Feb 4, 2011 8:47am
Quoting Custos
If you would have sold eur/usd in 2002 it never came back. More recently if you would have bought eur/usd in 2008, it never came back.
It did. You are just looking at the wrong timeframe. If you go to H1 or lower, you will see that it always comes back at least once. If not, the next rally/sell-off will bounce back. It always do. And remember: with cost averaging, you don't have one entry point. I got up to ten open positions, it could be even more if I had a bigger account balance. Sooner or later, it bounces back and the latest (biggest) position cover all the losses.


Quoting Custos
Try holding on to a position that just moves opposite to your desired direction. Or just look at eur/aud. If you had bought eur/aud and averaged in since 2008, then you would have lost.
Just tested it on H4 with data from 2007 till now and it works (both for longs and shorts). It could have broken in 2008 (Lehmans) depending on the parameters, but even in this case it would recover in the long term.

I am not saying that the system is perfect - there is no such thing. I'm just saying that you can use cost averaging profitably. The risk will always be there. You can minimize it by decreasing the position size (and the profit), up to a point where another huge crisis (like 2008) can come and the account will still survive.

P.S.: please don't take the test as a provocation. I am really interested to find conceptual flaws. You know, I'm playing with my real money
"The reason I was born and came into the world is to testify to the truth."
  • #139
  • Feb 4, 2011 8:49am Feb 4, 2011 8:49am
Quoting Beman
Depends by their experience, if you keep telling people to look for a statistical edge, because you found it!! but it isn't true, well you aren't helping...
it can help by showing how NOT to trade
"The reason I was born and came into the world is to testify to the truth."
  • #140
  • Feb 4, 2011 8:55am Feb 4, 2011 8:55am
Quoting CindyXXXX
Not sure if its something you could prove Beman. But if psychology and discipline is all we need what are we doing looking at charts, watching the news and reading books on market mechanics and structures. Why not just join the military? By that definition military training is all you need to be a profitable trader.
I can't prove it! i've said it often, i know nothing, all that i know is that i've been profitable for some time, without having a statistical edge. The purpose of the debate was to point out: how many statistical trader, think they have an edge but they have not? how many would have keep their money, if they understood they didn't have an edge? the answer has been: "you can't make money without an edge" POINT. Good so show me you can...
As usual i find myself alone with my thought...

In case someone is asking, i have a fxbook account it's not a bragging, it isn't completely public, and it is just an account i keep to make some test, so it isn't my trading account but you'll see that i use very small sl.. and it follows my philosophy, since i don't want to bring my money overseas or on a internet bank, i trade with an institutional bank so i can't show my complete trading account...


tomorrow i'll try to write something more about what trading thought me, so we can get back on track, and restore the peace!
1 trader viewing now