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Technical Analysis Fallacy

  • #24,361
  • Apr 14, 2011 2:20pm Apr 14, 2011 2:20pm
Quoting Fana
Hi Fabreu30. If may i ask, what for do you need broker? I think, that is important to try demo, play it with small amounts. There is no need to go big... Oanda enables to trade what you want. For example 100units.
true it i been doing it for the pass 4 day and i been up 38 percent on my account this is the first time ill finish the week with profit. i am not new to forex i been trading for about 3 year always loosing my money blown about 3 account. i know i am not ready for live but just wanted to know which one is the best out there. I like gft platform but i read so much negative about them and i also ready good thing about ECN broker but since you guys have more experience i would like to know which one is good. and thanks for taking the time to reply.
  • #24,362
  • Apr 14, 2011 3:08pm Apr 14, 2011 3:08pm
Quoting fabreu30
true it i been doing it for the pass 4 day and i been up 38 percent on my account this is the first time ill finish the week with profit. i am not new to forex i been trading for about 3 year always loosing my money blown about 3 account. i know i am not ready for live but just wanted to know which one is the best out there. I like gft platform but i read so much negative about them and i also ready good thing about ECN broker but since you guys have more experience i would like to know which one is good. and thanks for taking the time to reply....
38% is very riskie. From what you write, it is important to start with studying and practising. Seriously. You have to find a direction, where to aim your effort. Please stop with for now worthless discussing brokers. And try to read first pages of this thread. Read it more times, you need to change something in your head. Focus to : Studying.
-remember that 95% of the people will never be successfull in forex
-you see platform, but you should see yourself and the market
-Do you want to see what is true? OR ... what you think is important
-Dont be kid, market is killing field(you are wellcomed to be killed asap)
-"i am not new to forex i been trading for about 3 year always loosing my money blown about 3 account. i know i am not ready for live but just wanted to know which one is the best out there. I like gft platform but i read so much negative about them and i also ready good thing about ECN broker but since you guys have more experience i would like to know which one is good".... so when you will be 90yrs old , blown 20accounts, you will be super experienced? Sory to say it, you are at the very beggining. But on the other hand, when you get here, you now have the real chance! Regards
  • #24,363
  • Edited Apr 15, 2011 6:53am Apr 14, 2011 9:48pm | Edited Apr 15, 2011 6:53am
Once in a blue moon a few percentages of account growth happens, rest of the time it's really a fraction of a percent per day from my humble experience. Good news is, I haven't had to use extremely high skews, which is comforting given that I have many many reserve troops.

The key is using skews you know you can handle. Alternatively, it could be that you're playing too close to the market (I've recently slowed down). In fact, if managed properly with correct skews and mindset I'm pretty sure that "dead in the waters" aka about 3x daily, rarely happens (though it could at any time). It's more the case where worst case scenario, I loose my day's profit, and even that's usually attributed to a big mistiming error ect.

EDIT: On a practice account size 250k using 1,1,2,5 skew with scout = 1 lot
  • #24,364
  • Apr 14, 2011 10:23pm Apr 14, 2011 10:23pm
Quoting fullperson
Once in a blue moon a few percentages of account growth happens, rest of the time it's really a fraction of a percent per day from my humble experience. Good news is, I haven't had to use extremely high skews, which is comforting given that I have many many reserve troops.

The key is using skews you know you can handle. Alternatively, it could be that you're playing too close to the market (I've recently slowed down). In fact, if managed properly with correct skews and mindset I'm pretty sure that "dead in the waters" aka about 3x daily, rarely...
All is in relation to one's account size, there's no pat answer to that question. If one's account is very large, then a small fraction of a percent could equate to substantial gains, on the flip side a small account may require abnormal %'s to afford basic living expenses. Herein lies the reason for one of Fti's main ingredients of successful trading....... adequate capitalization. Without it one is forced into higher gearing and increased risk of ruin.

The old adage "it takes money to make money" has some reality in it's roots.

1-2% daily is an average obtainable goal for independent traders under 25K accounts, and is above that (percentage/account) of most institutional participants. That being said, one should not set their daily goal for x% or x amount of pips. Each day will present it's own trading scenario, some better than others.

fwiw.
  • #24,365
  • Apr 14, 2011 10:54pm Apr 14, 2011 10:54pm
Dreams will never fade

And our destiny is never truly made

And even when the nigh is brisk with frost

There is no reason to ever be afraid

Because trust can never be lost


Never give up...if all seems gone

...And see that which we truly love

Forever stand tall and strong...

Real truth comes from within our hearts

Knowing our passions can never fall apart


We quietly reflect on all time

Wishing for everything to unwind

It's true...life can change on a dime

And when we least expect to touch the sky

We do so in the blink of an eye


The ship of self can float adrift

Can the fate of this man ever shift?

Drifting from shore with broken rope

The whole of soul feels lost and missed

But in the end, there's only brilliant hope.



By Joppa JaMocha
  • #24,366
  • Apr 14, 2011 11:40pm Apr 14, 2011 11:40pm
Quoting indianguyinny24
Dreams will never fade

And our destiny is never truly made

And even when the nigh is brisk with frost

There is no reason to ever be afraid

Because trust can never be lost


Never give up...if all seems gone

...And see that which we truly love

Forever stand tall and strong...

Real truth comes from within our hearts

Knowing our passions can never fall apart


We quietly reflect on all time

Wishing for everything to unwind

It's true...life can change on a dime

And when we least expect to touch the sky

We do so in the blink...
Good Morning Vick!

Thank you very much for this poem.
You sent it just at the right time
(I think you know what I'm talking about)

Many thx again.
Will keep it in my mind and my heart.
And now will do my deep breathing again, before continueing the battle.

CU,
Niels
  • #24,367
  • Apr 15, 2011 12:40am Apr 15, 2011 12:40am
Quoting MaMood
Good Morning Vick!

Thank you very much for this poem.
You sent it just at the right time
(I think you know what I'm talking about)

Many thx again.
Will keep it in my mind and my heart.
And now will do my deep breathing again, before continueing the battle.

CU,
Niels

Go Tiger.....


V
  • #24,368
  • Apr 15, 2011 1:38am Apr 15, 2011 1:38am
Quoting auxesis
All is in relation to one's account size, there's no pat answer to that question. If one's account is very large, then a small fraction of a percent could equate to substantial gains, on the flip side a small account may require abnormal %'s to afford basic living expenses. Herein lies the reason for one of Fti's main ingredients of successful trading....... adequate capitalization. Without it one is forced into higher gearing and increased risk of ruin.

The old adage "it takes money to make money" has some reality in it's roots.

1-2% daily...

very well said

"Successful traders possess a personal bullsh*t meter that is finely tuned. They are open and teachable; observant and astute; disciplined; spirited; hungry for success; resilient; emotionally mature; good risk managers; capable of dealing with stress; focused on achieving quality outcomes."
Success consists of going from failure to failure without loss of enthusiam
  • #24,369
  • Apr 15, 2011 1:43am Apr 15, 2011 1:43am
Quoting dongsky
very well said

"Successful traders possess a personal bullsh*t meter that is finely tuned. They are open and teachable; observant and astute; disciplined; spirited; hungry for success; resilient; emotionally mature; good risk managers; capable of dealing with stress; focused on achieving quality outcomes."
And this is just the begining. There are milions there:-)
  • #24,370
  • Apr 15, 2011 2:13am Apr 15, 2011 2:13am
Quoting dongsky
very well said

"Successful traders possess a personal bullsh*t meter that is finely tuned. They are open and teachable; observant and astute; disciplined; spirited; hungry for success; resilient; emotionally mature; good risk managers; capable of dealing with stress; focused on achieving quality outcomes."
Deep....and absolutely true..............


V
  • #24,371
  • Apr 15, 2011 3:47am Apr 15, 2011 3:47am
"You must have a shell like a turtle,
You must be able to swim in water
and
You know that in water have bare neck and on his back have scorpion ..."
  • #24,372
  • Apr 15, 2011 3:52am Apr 15, 2011 3:52am
Quoting Gro
"You must have a shell like a turtle,
You must be able to swim in water
and
You know that in water have bare neck and on his back have scorpion ..."
Turtle ninja:-)
  • #24,373
  • Apr 15, 2011 6:50am Apr 15, 2011 6:50am
Absolutely, I'm just speaking from my humble experiences on a 250k practice account, where a fraction is substantial (doing 1 lot contracts.). So percentages are a bit off, please forgive me for not giving context. I have edited last post to include this fact.

Using a larger account, makes me appreciate Mamood's comment that it's a real relief on the mind with more capital compared to smaller accounts. Also, it's absolutely true that your returns vary. We should not be seeking a specific target return, causing rigidity and poor skew management (why trading competitions are killers to mindset).

What interests me is people are "forced into higher gearing and increased risk of ruin." Who is forcing us? Our need to live off a small account? If we don't have the capital, we need to build seed capital. It does not meant we need to get higher gearing, in fact we should be using lower skews tuned to an acceptable scout size. Capital preservation is no 1. You are correct in your idea and bringing up the thought.

lol fana, there's a show in the US called the "teenage mutant ninja turtles", reminded me of it.

Quoting auxesis
All is in relation to one's account size, there's no pat answer to that question....
  • #24,374
  • Apr 15, 2011 7:01am Apr 15, 2011 7:01am
Got my first week result ..... decent % return for only 4 days of trading of first week as full time trader........



Peace....love to the TAF team...espically to chief...


V
  • #24,375
  • Apr 15, 2011 7:08am Apr 15, 2011 7:08am
congrats! Keep up the mindset.

Please excuse the naive question, but what's it feel like to be trading for yourself for the first time? Any significant changes to lifestyle like sleep? Is the admin work (taxes, dealing with the broker ect) difficult?

Also wanted to post this:

Inserted Video


A very beautiful piece, requiring great virtuosity. Reminds me of fti's trading. While very skill intensive, it's also beautiful to see fly him fly by his pants.


Quoting indianguyinny24
Got my first week result ..... decent % return for only 4 days of trading of first week as full time trader........



Peace....love to the TAF team...espically to chief...


V
  • #24,376
  • Apr 15, 2011 7:18am Apr 15, 2011 7:18am
Quoting fullperson
congrats! Keep up the mindset.

Please excuse the naive question, but what's it feel like to be trading for yourself for the first time?
Freaking Different...i have been trading with full time job for 3 years and more then 2 year form FTI way....

it always had a little something missing factor...

Quote
Any significant changes to lifestyle like sleep?

Wrong person to ask this question i sleep on average on weekdays 3-4 hours....so sleep is same..but it is fun to see people running for office in morning...thinking i was one a week ago and i might have to join a job if for some external reason...sleep in day time....go walk in central park and watch mom with kids...its little different.....you feel job is nothing more then you in a box....

Quote
Is the admin work (taxes, dealing with the broker ect) difficult?

This we will worry year end...


just want to say put your decent honest effort....people here watches that and make some friend...

the support i got from TAF family is amazing.....even my feet was shaking i took this step one reason being the support from TAF family here....


V
  • #24,377
  • Edited 9:34am Apr 15, 2011 9:16am | Edited 9:34am
Inserted Video



Good song that relates to FTI's teachings on mindset. When in the the thick of things this song is sure to get you back on the right track.




Family Man

I've been working as a temp
At the local factory
I hope they hire me on full time
I've got shoes to buy
and a mouth to feed.

I drive a buy here, pay here truck
It ain't new, but it is for me
It ain't much but it fires right up
and get me from A to B

What puts the dirt underneath my nails
What keeps the calluses on my hands
Family man

They're a world my world revolves around
My sacred piece of solid ground
The flesh and bone that gives me strength to stand
They are a fire in my driving on
The drive behind my coming home
The living, breathing, reason that I am
A family man

There's dirty shirts to wash
Dishes in the sink to do
And there's how many times
Does 17 go into 52
There's bedtime prayers to pray
Sleep tights and I love you's
And then there's a pair of eyes
I get to lose myself into

What keeps me keeping the faith
What makes me believe I can
Family man

They're a world my world revolves around
My sacred piece of solid ground
The flesh and bone that gives me strength to stand
They are a fire in my driving on
The drive behind my coming home
The living, breathing, reason that I am
A family man

There's a fire in my driving on
The drive behind my coming home
The living, breathing, reason that I am
A family man

A family man
  • #24,378
  • Apr 15, 2011 9:33am Apr 15, 2011 9:33am
Quoting indianguyinny24
Freaking Different...i have been trading with full time job for 3 years and more then 2 year form FTI way....

it always had a little something missing factor...



Wrong person to ask this question i sleep on average on weekdays 3-4 hours....so sleep is same..but it is fun to see people running for office in morning...thinking i was one a week ago and i might have to join a job if for some external reason...sleep in day time....go walk in central park and watch mom with kids...its little different.....you feel job is nothing more then you in a...
Discipline or Freedom!

PS learn to sleep and close the position (sleep is the potential and "bread soul")

... (you sleep like Napoleon in the battle )

Rgs
  • #24,379
  • Apr 15, 2011 9:54am Apr 15, 2011 9:54am
I ask because fti did mention that an added element to our MO is our physical condition. We should not be enacting skews during non-daylight hours. Maybe there is a way to take multiple naps..in this case, I was wondering when would be the best times?


Quoting Gro
Discipline or Freedom!

PS learn to sleep and close the position (sleep is the potential and "bread soul")

... (you sleep like Napoleon in the battle )

Rgs
  • #24,380
  • Apr 15, 2011 10:39am Apr 15, 2011 10:39am
Quoting fullperson
I ask because fti did mention that an added element to our MO is our physical condition. We should not be enacting skews during non-daylight hours. Maybe there is a way to take multiple naps..in this case, I was wondering when would be the best times?
best time is when you're tired = irritable

AOW 2.01.04
""He will win who, prepared himself, waits to take the enemy unprepared."
After every battle forget about the glory , as well as its pain
- the next batlle will be totally different.
Have stress control.
-Meditate,
-Exercise
-Talk the family out,
-try a new hobby,
-get drunk or maybe have a fling.
- go to church, do social work,
- spend some money.
- listen to music.
The important thing is to get the mind off trading.
See no market, Hear no market, Talk no market.

Watch for Dealer Bio rhythms
Off form & burn-out signs
esp Energy levels"

Rgs
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