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  • #1
  • First Post: Feb 14, 2011 11:58pm Feb 14, 2011 11:58pm
the success of the owner of a commercial system or educational website is irrelevant to the success of the subscribers. the owner is generating a consistent huge profit from selling his material, which allows him to take higher risks, make more bad trades, and follow simple trading strategies.

those owners are not necessarily bad traders. how many times you hear this happening on wall street. one bad trade with overconfidence is enough to wipe a successful trader's account, after which he would resort to selling education and systems in order to rebuild his capital.

the commercial systems are simple and require more risk which is not suitable for the subscribers who are not in the shoes of the owner.

the point is that free material are sufficient and abundant on the net, and they are no better or worse than commercial material. Forex is not rocket science and there are no hidden secrets. the more you practice, the better you get.


i could be wrong
  • #2
  • Feb 15, 2011 1:13am Feb 15, 2011 1:13am
For a newbie like me, the challenge is to go through the abundant free learning materials about forex trading available on the internet. I found myself easily overwhelmed by the many different views about one subject matter and usually will have to take a step back and reevaluate my approach again. But then again since it's free and can only benefit me, I am not complaining.
  • #3
  • Feb 15, 2011 1:45am Feb 15, 2011 1:45am
im not sure whats the point here. i mean yeah there is a lot of good material for free on FF or other websites. but there is also not so hot material for free. it all depends i guess.
  • #4
  • Feb 15, 2011 3:09am Feb 15, 2011 3:09am
Quoting ans
For a newbie like me, the challenge is to go through the abundant free learning materials about forex trading available on the internet. I found myself easily overwhelmed by the many different views about one subject matter and usually will have to take a step back and reevaluate my approach again. But then again since it's free and can only benefit me, I am not complaining.
yes. the more you practice, the more you will filter out bad strategies and wrong concepts. every time you get overwhelmed or frustrated, take a break for few days/weeks/months and come back with fresh outlook and determination.
  • #5
  • Feb 15, 2011 3:11am Feb 15, 2011 3:11am
Quoting gottilt2
im not sure whats the point here. i mean yeah there is a lot of good material for free on FF or other websites. but there is also not so hot material for free. it all depends i guess.
just like commercial material. so why pay the money and be exposed to scams and overhyped marketing.
  • #6
  • Feb 15, 2011 4:04am Feb 15, 2011 4:04am
Quoting rocket4x
just like commercial material. so why pay the money and be exposed to scams and overhyped marketing.
I agree with you partial. Iīm sure there are scams in the commercial sektor as well as good material. The good thing about commercial material is that itīs easier to learn because itīs not like a forum where you have to search for the good posts. I just want to make this point that not all books about technical analysis are bad as well as some of the commercial websites. I mean paying like 50 bucks or so to get a book to read like 350 pages is at least for me a better deal than going through 1000 pages of countless forum posts.
  • #7
  • Feb 15, 2011 4:44am Feb 15, 2011 4:44am
Quoting gottilt2
I agree with you partial. Iīm sure there are scams in the commercial sektor as well as good material. The good thing about commercial material is that itīs easier to learn because itīs not like a forum where you have to search for the good posts. I just want to make this point that not all books about technical analysis are bad as well as some of the commercial websites. I mean paying like 50 bucks or so to get a book to read like 350 pages is at least for me a better deal than going through 1000 pages of countless forum posts.
investing a little money on books is alright i guess. first, you have a book in your hand which is much better than reading from a monitor. second, paying the money motivates you to go through the whole book.

on the other hand, there are websites that offer structured and excellent material on trading and investing.
  • #8
  • Feb 15, 2011 7:22am Feb 15, 2011 7:22am
Quoting gottilt2
I agree with you partial. Iīm sure there are scams in the commercial sektor as well as good material. The good thing about commercial material is that itīs easier to learn because itīs not like a forum where you have to search for the good posts. I just want to make this point that not all books about technical analysis are bad as well as some of the commercial websites. I mean paying like 50 bucks or so to get a book to read like 350 pages is at least for me a better deal than going through 1000 pages of countless forum posts.

funny thing is that i find technical analysis a lot better at PREDICTING prices in the stock market in forex NOT SO MUCH.

and there is a lot of material but it all comes down to the same thing.

you could use fibonacci
or you could use psycological number strategies
moving averages
price action

it all comes down to the same at the end they are all tools you could use

i like to use many and from many guide myself but always listen to your brain
the more you read, the more willing to learn you are , the more you treat this like a business and cash like points. the better

i find myself on a quest to be right i really dont care about profits. i just want to read the chart right. i want to listen to what the market is telling me.
and i like to read from different people but all road lead to rome, pick one and be diciplined
AVT INVENIAM VIAM AVT FACIAM
  • #9
  • Feb 15, 2011 1:20pm Feb 15, 2011 1:20pm
Quoting gottilt2
I agree with you partial. Iīm sure there are scams in the commercial sektor as well as good material. The good thing about commercial material is that itīs easier to learn because itīs not like a forum where you have to search for the good posts. I just want to make this point that not all books about technical analysis are bad as well as some of the commercial websites. I mean paying like 50 bucks or so to get a book to read like 350 pages is at least for me a better deal than going through 1000 pages of countless forum posts.
Whatever book you choose you will hardly find there so many helpful tips about trading and answers to your questions as on a traders' forum.

I do like reading books but in any case I think that there is no better way to study Forex trading than communicating with other traders, sharing our experience and demo practicing.

Why not visiting some educational courses? Almost the same as talking on the forum but the information will be better structured at least.
  • #10
  • Feb 15, 2011 3:10pm Feb 15, 2011 3:10pm
Quoting rocket4x
the success of the owner of a commercial system or educational website is irrelevant to the success of the subscribers. the owner is generating a consistent huge profit from selling his material, which allows him to take higher risks, make more bad trades, and follow simple trading strategies.

those owners are not necessarily bad traders. how many times you hear this happening on wall street. one bad trade with overconfidence is enough to wipe a successful trader's account, after which he would resort to selling education and systems in order to...
I would say that 99% of the typical info on the net about forex is hindering the development of a trader. It makes the trader lazy in terms of thinking independently.
Exampe: the classic pinbar. Probably most here accept the idea that a nice looking pinbar at a good location is low risk. But did you guys actually test that idea out yourself? Or you rather just believe all the 10+ vouchers here or maybe some gurus and let them do the thinking for you? And by the way, testing below 10,000 trades doesn't count (ask any statistician).
So, why do we read so much info on the net? Cause it's easier than testing out probabilities yourself. But the fallacy here is that you won't find the real probabilities by reading info up on the internet, cause either the results are old, not researched properly or just plain wrong.

And no, practice has nothing to do with success in this business. You can practice the next 100 years and still very likely lose all your money, if your trades are based on wrong assumptions. Just open any page on ff or other webpages about trading, and you can be quite certain that the info or assumptions on that page about trading profitably is just completely off.
  • #11
  • Feb 16, 2011 2:41pm Feb 16, 2011 2:41pm
95% of traders fail at Forex. If your school teacher had that statistic you would have her fired. There are very few people who make money in Forex. Forums for the most part are difficult because in most cases you have the blind leading the nearly blind. The technique that traders learn at nearly every school and website are all the same which it would seem would make any reflecting individual ask, "Why?"
  • #12
  • Feb 16, 2011 10:25pm Feb 16, 2011 10:25pm
As long as you believe that you can become a successful trader then you'll be.
As long as you willing to pay the price such as determination, effort, time, energy, willingness, discouragement, failure and so on. These what will it takes to become a top trader. When your willing to take the path and pay the price, then you'll make it.
from 200 USD - 400 USD - 800 USD to 3200 USD - 100 000 USD.

There's no failure here. as long as you never quit.

Go for the Gold guys.
See yourself in Abundance. FILIPINOs = WORLD CLASS. LONG LIVE PHILIPPINES
  • #13
  • Feb 17, 2011 1:34pm Feb 17, 2011 1:34pm
Quoting jeromesmyle
As long as you believe that you can become a successful trader then you'll be.
As long as you willing to pay the price such as determination, effort, time, energy, willingness, discouragement, failure and so on. These what will it takes to become a top trader. When your willing to take the path and pay the price, then you'll make it.
from 200 USD - 400 USD - 800 USD to 3200 USD - 100 000 USD.

There's no failure here. as long as you never quit.

Go for the Gold guys.
Beliefs are overrated. If you believe you can fly and then jump of a skyscraper, reality will take you down very fast.

what you state is just a minimum requirement. But it is definitely no guarantee for achieving success, especially in this field.
  • #14
  • Feb 17, 2011 8:58pm Feb 17, 2011 8:58pm
Quoting Custos
Beliefs are overrated. If you believe you can fly and then jump of a skyscraper, reality will take you down very fast.

what you state is just a minimum requirement. But it is definitely no guarantee for achieving success, especially in this field.

Minimum Requirement??
if you believe this is a minimum requirement then its up to you.

If you(people/trader) believe that YOUR(they're) DOING FOREX "But it is definitely no guarantee for achieving success, especially in this field."(as you said) Then probably if you get bored, failed, discouraged, get mad, becomes impatient then YOU'LL SURELY GET OUT OF THIS FIELD EASILY.
then people will start to blame, justify, complain and discourage those who are willing to take the risk.
they will only comeback when they realized that it is still possible.



Believe = faith. (one great foundation)

there can be miracles when you believe.

We have infinite potential.We may undergo trials, challenges, failure but those are only simple steps to reach the top.

Even if you may fail so many times, but one success can erase it all.

LEAP! And the net will appear!

EMPOWER YOUR SELF BY EMPOWERING OTHERS!

BE OPTIMISTIC!

GUYS! YOU CAN MAKE IT! YOU HOLD THE ASSURANCE OF GETTING HIGH POSITIVE RETURNS HERE.

YAHOO!!!
See yourself in Abundance. FILIPINOs = WORLD CLASS. LONG LIVE PHILIPPINES
  • #15
  • Feb 17, 2011 9:17pm Feb 17, 2011 9:17pm
Quoting rocket4x
the success of the owner of a commercial system or educational website is irrelevant to the success of the subscribers. the owner is generating a consistent huge profit from selling his material, which allows him to take higher risks, make more bad trades, and follow simple trading strategies.
Medical schools know that most of their students will burnout / dropout and never make it to being a doctor. They collect a huge amount of tuition from students knowing most of them will fail, but the school keeps making money.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16
  • Feb 17, 2011 9:46pm Feb 17, 2011 9:46pm
Quoting pdean123
9 in most cases you have the blind leading the nearly blind.
Classic, love it
Time hides Nothing
  • #17
  • Feb 17, 2011 9:48pm Feb 17, 2011 9:48pm
Quoting ans
For a newbie like me, the challenge is to go through the abundant free learning materials about forex trading available on the internet. I found myself easily overwhelmed by the many different views about one subject matter and usually will have to take a step back and reevaluate my approach again. But then again since it's free and can only benefit me, I am not complaining.

Just remember that on forums like this there are only a handful that are actually "making money" and or "trading for a living". Most are experienced, but not successful, there's quite a difference.

My advice to any new trader is to practice, practice, practice, and practice some more, either demo or with a small live account. Preferably a small live account, demos are great too though especially for learning the software, and developing trading methods.

I'd also suggest that everyone create their own trading method. Either take one and tweak it to your needs and time frame or create one from scratch. I prefer creating trading methods from scratch.

Remember, the trading method is only part of the equation though. Patience plays a HUGE role in trading! Defined stops are also very important, either mental stops or hard stops.

Good luck guys & gals.
  • #18
  • Edited 10:17pm Feb 17, 2011 9:53pm | Edited 10:17pm
Quoting jeromesmyle
Even if you may fail so many times, but one success can erase it all.

LEAP! And the net will appear!

EMPOWER YOUR SELF BY EMPOWERING OTHERS!

BE OPTIMISTIC!

GUYS! YOU CAN MAKE IT! YOU HOLD THE ASSURANCE OF GETTING HIGH POSITIVE RETURNS HERE.

YAHOO!!!
I take two sides to this argument

1) I agree - for the most part, this formula got me through, and will keep getting me through.
2) I disagree this is all you need,,,. Come back in 4 years and then see if you're still so optimistic.

Like Custos said its only a minimum requirement to keep you motivated enough to keep going. Theres guys here who have been at this for 10 years and so obviously possess all the requirements you listed but still can't turn a consistent profit.

Bottom line is there is no room for everyone to be profitable, many NEED to fail in order to keep paying the winners... I don't think there would be anyone who comes into trading expecting to fail in the end but as I said its impossible for everyone to be satisfied in a zero sum game/life, bottom line - you're gonna need a little more than optimism and persistence, but they are a requirement all the same that I think every aspiring trader possesses by default. Without it we wouldn't be here in the first place!
Time hides Nothing
  • #19
  • Edited 10:15pm Feb 17, 2011 10:02pm | Edited 10:15pm
Quoting rocket4x
yes. the more you practice, the more you will filter out bad strategies and wrong concepts. every time you get overwhelmed or frustrated, take a break for few days/weeks/months and come back with fresh outlook and determination.
This is key IMO ... To be able to say, screw the money its not important, what I need is to learn my art no matter how long it takes,, (if that's what you need do do)_

After trading live for 2 years with ups and downs and one major blow out it was a whole year before I placed a live trade again.

Those first two years all I cared about was making my equity curve go up through whatever means necessary, to do this I HAD TO TRADE, this was a deadly mind set. When you can finally sit back and admit you just don't know enough to play this game, this is a powerful turning point in anyone learning process I believe (that's if you choose to persist). You can finally sit back and forget the stress of having to turn a profit and focus on making sure you can actually DO that in the first place. Reading that it sounds a but retarded but hopefully you know what I mean. This is patience.
Time hides Nothing
  • #20
  • Feb 18, 2011 4:11am Feb 18, 2011 4:11am
Quoting CindyXXXX
Theres guys here who have been at this for 10 years and so obviously possess all the requirements you listed but still can't turn a consistent profit.
That is really too much.
I think if you can't become consistent in 10 years, you'll never will.
But ofcourse it all depends how much time a day you devote to trading. It's not the same stare at charts 12 hours a day or just 1 hour a day.
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