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  • #437,861
  • May 8, 2011 3:42am May 8, 2011 3:42am
Quoting FibbinArchie
...even shorter if you have a good mentor...
Is it possible to find mentor? Or even more: good mentor?
BTW How someone could do that?
RichieEU
  • #437,862
  • May 8, 2011 3:54am May 8, 2011 3:54am
Quoting fontu
True & so for the simple things to learn one reach the comfortable zone by 10,000 hrs or never , otherwise only a 10hr can do with leaning how to open , close , delete, modify , use stop loss , trailing & so , even waves, tl,sr , ma , candlesticks , patterns etc & last tp to be perfect!!!

had people know even what a loss or a wiining trade before all done to avoid cut the profit & let the loser run!!!
fontu
that's the key, you can never know when you place an entry order if it will be a winner or a loser, you have made an analysis based only on probability...

the key is to learn how to think in probabilities only, when you trade...

again this is easier said than done...
  • #437,863
  • Edited 4:08am May 8, 2011 3:55am | Edited 4:08am
Quoting RichieEU
Is it possible to find mentor? Or even more: good mentor?
BTW How someone could do that?
if you can secure a position on a good desk, or are very lucky, or are prepared to pay for mentoring (would probably be cheaper than pissing all your account away in the market)...

if you find a way let me know...

BTW a little tip, in my opinion, reading any of Mark Douglas' work will be of great help in your quest of achieving the correct mindset for trading...
  • #437,864
  • May 8, 2011 4:09am May 8, 2011 4:09am
Quoting FibbinArchie
if you can secure a position on a good desk, or are very lucky, or are prepared to pay for mentoring (would probably be cheaper than pissing all your account away in the market)...

if you find a way let me know...

BTW a little tip, in my opinion, reading any of Mark Douglas' work will be of great help in your quest of achieving the correct mindset for trading...
Thank You
RichieEU
  • #437,865
  • May 8, 2011 4:19am May 8, 2011 4:19am
Quoting RichieEU
Thank You
u're welcome, I'm happy if you find some value in my post, but really learning to trade requires a lot of dedication and sacrifice, probably more than most are willing to give, it is however well worth it if you persevere and make it out the other side...

and never risk more than you can afford to lose...
  • #437,866
  • May 8, 2011 4:35am May 8, 2011 4:35am
Quoting FibbinArchie
if you can secure a position on a good desk, or are very lucky, or are prepared to pay for mentoring (would probably be cheaper than pissing all your account away in the market)...

if you find a way let me know...

BTW a little tip, in my opinion, reading any of Mark Douglas' work will be of great help in your quest of achieving the correct mindset for trading...
interesting little article on prop desks/arcades, just thought I'd share...

http://247bull.com/arcade-traders-a-...professionals/
  • #437,867
  • May 8, 2011 4:42am May 8, 2011 4:42am
Quoting FibbinArchie
that's the key, you can never know when you place an entry order if it will be a winner or a loser, you have made an analysis based only on probability...

the key is to learn how to think in probabilities only, when you trade...

again this is easier said than done...
Again true , functions of probabilities if the probabilty again pass the probability again, if not the probabilty of action again be turned into least probabilty one & fail certain . if pass considering the probabilties that the probabilty presumed as true with fact then possibility seems most success with most probabilty to most probabilty actions & if get a probability entry then most probable to more probability can be best probable to get hit /action .as here trend present /fact is down , all for minor action at present in gold as example .

Just ranting on probabilities in mind , rather than fact to confirm next & sl at less probable to top least one .
fontu
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #437,868
  • May 8, 2011 4:48am May 8, 2011 4:48am
Attachment
Quoting FibbinArchie
interesting, cloggie used the exact same figure the other day...

I think it will really vary from trader to trader...

A hardcore price action watcher will probably put in 16 hours a day mon to fri for the first year or two, which is about 4000 hours a year, so if you are capable of learning from your mistakes and picking up and learning concepts relatively quickly and are dedicated, it is achievable in around 18 months to 2 years, even shorter if you have a good mentor...

It all seems so easy, cut your losers and let your winners run....
I also like that ady_babe stole this post from me...

However, I found it by pressing on

news--last 365 days--only useful

heaps of good stuff in there... 10k hours is just a figure though, but it does take some time
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  • #437,869
  • May 8, 2011 4:51am May 8, 2011 4:51am
Quoting FibbinArchie
u're welcome, I'm happy if you find some value in my post, but really learning to trade requires a lot of dedication and sacrifice, probably more than most are willing to give, it is however well worth it if you persevere and make it out the other side...

and never risk more than you can afford to lose...
It is pleasure to learn from more experienced traders
RichieEU
  • #437,870
  • May 8, 2011 4:53am May 8, 2011 4:53am
Quoting fontu
Again true , functions of probabilities if the probabilty again pass the probability again, if not the probabilty of action again be turned into least probabilty one & fail certain . if pass considering the probabilties that the probabilty presumed as true with fact then possibility seems most success with most probabilty to most probabilty actions & if get a probability entry then most probable to more probability can be best probable to get hit /action .as here trend present /fact is down , all for minor action at present in gold as example ....
well as we know continuation (following current momentum on whatever TF) is always going to have a higher probability of success than top/bottom picking, yet again, knowing and doing are very different...
  • #437,871
  • May 8, 2011 4:57am May 8, 2011 4:57am
Quoting Larseg
Attachment

I also like that ady_babe stole this post from me...

However, I found it by pressing on

news--last 365 days--only useful

heaps of good stuff in there... 10k hours is just a figure though, but it does take some time
Lol, yeah Lars, at least he cited the link tho'...

Yeah you're absolutely right, we're all individuals and the actual time it takes to achieve consistent profitability will vary drastically depending on up-bringing, left/right brain hemisphere dominance, ability to assimilate info and concepts and build them into cognitive functioning, discipline, control of emotions, etc. etc. etc. but I would hazard that 10,000 hours is probably not a bad guide figure...
  • #437,872
  • May 8, 2011 5:17am May 8, 2011 5:17am
hello guys.im looking for bullish continuation at this area to 1.5 zone.This view is invalid if demand area break.Happy trading.
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Gold Expedition Return This Year: -16.6%
  • #437,873
  • May 8, 2011 7:03am May 8, 2011 7:03am
Quoting budak baru
hello guys.im looking for bullish continuation at this area to 1.5 zone.This view is invalid if demand area break.Happy trading.
Technically, 1.5 is expected before further drop. Also a retrace w consolidation is due, perhaps ranging it up to 4500.
Fundy speaking, eur looks worse by day.

You know they say, sell the rumour, buy the news, well rumour this weekend is greece exiting eur. all we need is official denying it so it is confirmed.

currenly sitting at low, 4310, will be an interesting open.
  • #437,874
  • May 8, 2011 7:06am May 8, 2011 7:06am
Quoting neild1971
"The knee-jerk response will probably be to push the euro lower. I believe the euro should be at parity with the dollar, not at $1.44 – I don't know what it's doing at anything like these levels."
1) Interest Rate Deferential

2) EUR - possible continuation of rate hikes

3) Chinese behind EUR (buying EUR bonds)

4) Possibility of QE3, if FED sees any deflation signs.

"As People Not In Labor Force Hit New Record, Those Who "Want A Job Now" Jump By 232,000 In One Month"

"JPM Reports Global Economic Growth Slowest Since August 2009"

Dollar must be devaluated further. One way or the other.

$16T debt is no joke.
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #437,875
  • May 8, 2011 7:12am May 8, 2011 7:12am
Quoting SkyzerFX
1) Interest Rate Deferential

2) EUR - possible continuation of rate hikes

3) Chinese behind EUR (buying EUR bonds)

4) Possibility of QE3, if FED sees any deflation signs.

"As People Not In Labor Force Hit New Record, Those Who "Want A Job Now" Jump By 232,000 In One Month"

"JPM Reports Global Economic Growth Slowest Since August 2009"

Dollar must be devaluated further. One way or the other.

$16T debt is no joke.
point 2. I believe Trichet dampening speculation on rate hike next month was the main fundy catalyst for the 500 point sell off in EUR...
  • #437,876
  • May 8, 2011 7:29am May 8, 2011 7:29am
Quoting Larseg
No worries mate,
when you get into a positive territory try to think why that happen and are you able to do that consistently? then maybe its time to increase the account... Trade less get more is my philosophy (with less I mean 1-2 a day). In the same cross or stock that is.... You rarely see good setups many times a day...




Very true Magix, basically it all comes down to this:

http://www.forexfactory.com/news.php?do=news&id=245169
I've read this before , finding here on FF. Thank you guys for your support and advices. I will try to follow your tips and not doing same mistakes in future. Trade Journal is already in place and i started to analyze all trades i made. Hope this will help me to achieve success in a long run. I do believe there are individual forex traders that achieved success on this extremely hard market and some of them are already here in this topic.

See you in aprox 8hours when the market is open! Im Very excited to see where it goes after the weekend, where there were speculations and threats of restructure of Greece debt and leaving them from euro zone. Everything was denied, but will see how the market will react this information.

Wish you all a nice sunny Sunday!
  • #437,877
  • May 8, 2011 7:36am May 8, 2011 7:36am
Quoting budak baru
hello guys.im looking for bullish continuation at this area to 1.5 zone.This view is invalid if demand area break.Happy trading.
I was looking at the same thing there budak
  • #437,878
  • May 8, 2011 7:40am May 8, 2011 7:40am
We could just be testing the upper tl of the monthly bull flag. It will be interesting to see how we open tonight.
EU monthly:
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  • #437,879
  • May 8, 2011 7:42am May 8, 2011 7:42am
We will have to keep an eye on this DX daily also.

DX daily:
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  • #437,880
  • May 8, 2011 7:55am May 8, 2011 7:55am
Quoting PipChick
We will have to keep an eye on this DX daily also.

DX daily:
So you're saying we are already at key daily TL resistance on DXY then PC?
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