if you could start over | Forex Factory

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if you could start over

  • #1
  • First Post: Mar 20, 2011 2:30am Mar 20, 2011 2:30am
if you could start over in forex would you? and where would you start would you take the same path as u have now?

regards damien
i pull the trigger when others are fearful---me
  • #2
  • Mar 20, 2011 8:09am Mar 20, 2011 8:09am
Yes

I would use LESS money

I would make more frequent withdrawals

I would completely stop giving a crap about news
  • #3
  • Mar 20, 2011 7:43pm Mar 20, 2011 7:43pm
i will first read about forex then trade,
use good money management
dont go on trade that is post on forums and sites

nothing more
  • #4
  • Mar 20, 2011 9:31pm Mar 20, 2011 9:31pm
I would either:

1. Start as a scalper

or

2. Build longer term positions with smaller lot sizes
The Thief of Wall Street
  • #5
  • Mar 21, 2011 12:28am Mar 21, 2011 12:28am
To state the obvious, I'd like to start over with the knowledge that I have now.
  • #6
  • Mar 21, 2011 12:34am Mar 21, 2011 12:34am
id practice using forex tester 12 hours a day.

ok maybe 8...
  • #7
  • Mar 21, 2011 9:14am Mar 21, 2011 9:14am
I think 99% of traders would start over. I would trade with a lot less money, make much fewer trades, and not switch from a demo account to a live account after trading for 2 days :-)
  • #8
  • Mar 21, 2011 9:27am Mar 21, 2011 9:27am
I would not follow predictions or signals from 'experts'. Instead trade visible price action with mathematical money management.
  • #9
  • Mar 21, 2011 9:47am Mar 21, 2011 9:47am
I would make sure that I understood the meaning of true leverage before placing a trade. And that nedging is generally a bad thing.

And also realise that nobody, absolutely nobody, knows where the market is going at any given time.

.
Nothing worth having is easy.
  • #10
  • Mar 21, 2011 10:14am Mar 21, 2011 10:14am
Quoting damosdmf
if you could start over in forex would you? and where would you start would you take the same path as u have now?

regards damien
I would do everything totally differently. I would put from the start more time into research than staring at charts for hours and working on psychology.
  • #11
  • Mar 21, 2011 10:33am Mar 21, 2011 10:33am
i would still end up being the same!! due to mentality and personality. would still become a short-term low tf semi-scalp, semi-swing trader
  • #12
  • Mar 27, 2011 6:41am Mar 27, 2011 6:41am
I started out trying, like everyone else, to predict what price was gonna go. Then I'd get really depressed when I was wrong and lost.

Now I still try to predict but I don't trade my predictions, I trade PA.

Just go with the flow and follow the trend or as Dr Joe would say 'if its going up - buy, if its going down - sell'..
  • #13
  • Edited 7:31am Mar 27, 2011 7:18am | Edited 7:31am
I started off with james16 PA, and I think that was a good move, so I was off to a good start there (pat myself on the back).

I then got suckered into trying to make as much as possible "scalping" lower timeframes going for 5-10 pips back and forth during the day. With what I know now, that was really stupid, but It did give me some experience, so I can't say it was good for nothing (just not good for my account).

I would have learned what really causes the movements in currencies and not just stared at a chart all day like an idiot thinking that was all there is to the market.

I would have studied market structure and micro-structure.

I think I only wasted about 6 months and not much money, so I don't feel so bad.

I don't agree with any of you that say it can't be predicted, I actually don't think that's the hard part.
  • #14
  • Mar 27, 2011 7:45am Mar 27, 2011 7:45am
Quoting Monroe
I started off with james16 PA, and I think that was a good move, so I was off to a good start there (pat myself on the back).

I then got suckered into trying to make as much as possible "scalping" lower timeframes going for 5-10 pips back and forth during the day. With what I know now, that was really stupid, but It did give me some experience, so I can't say it was good for nothing (just not good for my account).

I would have learned what really causes the movements in currencies and not just stared at a chart all day like an idiot thinking...

Not saying it can't be predicted, but it's better to wait for PA to confirm your prediction.

And its easier to predict PA in a strong trend - don't try to pick a top/bottom - wait for the trend to reverse.
  • #15
  • Mar 27, 2011 7:49am Mar 27, 2011 7:49am
Quoting stewrigh
Not saying it can't be predicted, but it's better to wait for PA to confirm your prediction.

And its easier to predict PA in a strong trend - don't try to pick a top/bottom - wait for the trend to reverse.
I agree that there is nothing wrong with waiting for PA. But nothing wrong with not waiting for it either. Many ways to trade as we know.
  • #16
  • Mar 27, 2011 7:58am Mar 27, 2011 7:58am
I would go back to basics to learn market structure - demand and supply.
  • #17
  • Edited 8:46am Mar 27, 2011 8:34am | Edited 8:46am
Quoting damosdmf
if you could start over in forex would you? and where would you start would you take the same path as u have now?

regards damien
I haven't been trading long enough to really know if I'd start over. After all, it is the journey that makes you into the trader you are. Maybe in a few more years I'll have a different answer, but right now I feel I'm still starting the journey. So basically, I'd do it all the same.

EDIT:
Actually, I would do one thing differently and been a little more skeptical of some of the people in the Forex world. I was a little to trusting.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #18
  • Mar 27, 2011 8:50am Mar 27, 2011 8:50am
Quoting Monroe

I then got suckered into trying to make as much as possible "scalping" lower timeframes going for 5-10 pips back and forth during the day. With what I know now, that was really stupid, but It did give me some experience, so I can't say it was good for nothing (just not good for my account).
Scalping, or, as I like to call it, ninja trading, is so vilified. Even now, I still feel a little guilty (at times) admitting that I do it. There is nothing wrong with it. It's a great skill to have. You can sit down at your laptop at any given time and make some quick money. Just doesn't suit some people though.
Nothing worth having is easy.
  • #19
  • Mar 27, 2011 9:10am Mar 27, 2011 9:10am
Quoting Patience
Scalping, or, as I like to call it, ninja trading, is so vilified. Even now, I still feel a little guilty (at times) admitting that I do it. There is nothing wrong with it. It's a great skill to have. You can sit down at your laptop at any given time and make some quick money. Just doesn't suit some people though.
Well, don't get me wrong, I trade intraday... but how I was going about it, in and out tight stops just following price with no idea... never again, to me that's 100% gambling. This is just me personally.
  • #20
  • Mar 27, 2011 9:32am Mar 27, 2011 9:32am
Quoting Monroe
Well, don't get me wrong, I trade intraday... but how I was going about it, in and out tight stops just following price with no idea... never again, to me that's 100% gambling. This is just me personally.
ROFL ROFL ROFL - don't start that conversation again or Cindy is gonna kill me. It's not gambling if you are ninja'ing in line with higher timeframes, in my opinion. If higher timeframes are long, I only ninja long and vice versa.
Nothing worth having is easy.
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