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  • #450,221
  • May 26, 2011 6:53pm May 26, 2011 6:53pm
Quoting TheGamer
Few days back i read Cloggie's reply about we need atleast 5 years to become a good trader. i guess he was right. its not a game of 3-6 months training.
I'd believe it. Over two years now and just this year have been consistently profitable. Still make some bone headed mistakes though.
  • #450,222
  • May 26, 2011 6:53pm May 26, 2011 6:53pm
Quoting TheGamer
Few days back i read Cloggie's reply about we need atleast 5 years to become a good trader. i guess he was right. its not a game of 3-6 months training.
i think the figure he uses is 10,000 hours so working mon to fri putting in 16 hours a day, you can probably do it in two to three years... however, 10,000 is just an estimate and the actual time it takes will vary drastically from person to person, but one thing is for sure and that is that you have to be absolutely dedicated and single minded, you won't make it with a half arsed attitude...
  • #450,223
  • May 26, 2011 6:54pm May 26, 2011 6:54pm
Quoting Larseg
Took me an hour more this morning to organize the plan for today...

I am not going to do a hole lot......

Thanks for this info Larseg.
im just a newbie in this trading world so don't understand this all.
i've just one question about :

"In Europe, the FTSE100 rose 10.85pts, or 0.2%, to 5881"

does this means bulls today ?
Hope
  • #450,224
  • May 26, 2011 6:57pm May 26, 2011 6:57pm
Quoting Venice
Yes -- that was the intention. There is absolutely no reason to throw big money on the table until you have have come to an understanding with the market.
Slowly but surely. At first look I think we have all went through the phase of quick profits, big profits. Then reality sets in.

I think it should approached as a lifetime endeavor, there will be ups and downs, but we are constantly learning, testing new theories. So a trader has a few bad months in a row? So what. It is just a fraction of what will end up being our total trading experience.

Hmmm...that did not come out the way I wanted it to.

But basically; take the Ty Cobb approach.

We are ( I think ) are all her for the long run, not the weekly run.
  • #450,225
  • May 26, 2011 6:59pm May 26, 2011 6:59pm
Quoting FibbinArchie
i think the figure he uses is 10,000 hours so working mon to fri putting in 16 hours a day, you can probably do it in two to three years... however, 10,000 is just an estimate and the actual time it takes will vary drastically from person to person, but one thing is for sure and that is that you have to be absolutely dedicated and single minded, you won't make it with a half arsed attitude...
10000 (20 hours a week for 10 years) hours is a widely used rule in a book called outliers. interesting reading material if people are into that. basically to become good in some field you need to invest hours and hours of time. even if you have a talent, you are still working towards the goal of exploiting it.
  • #450,226
  • May 26, 2011 7:00pm May 26, 2011 7:00pm
i just wanted to say that the last page or 2 of post about accounts/struggles are awesome. got to bookmark them ...
  • #450,227
  • May 26, 2011 7:01pm May 26, 2011 7:01pm
Quoting TheGamer
Thanks for this info Larseg.
im just a newbie in this trading world so don't understand this all.
i've just one question about :

"In Europe, the FTSE100 rose 10.85pts, or 0.2%, to 5881"

does this means bulls today ?

Nothing is written in stone, but I will buy the dips on the ASX after Nikkei open... Unless the picture changes...

I however would not have taken a short in EU yet but there is plenty of longs eager to get out above 1.4160-1.4200 this should favour the downside in a couple of hours...

I wouldn be surprised if we saw 1.39xx today... However I am not that greedy but good to set an direction to follow everyday... Thats how I play it...

Just make sure it makes sense for you...
  • #450,228
  • May 26, 2011 7:06pm May 26, 2011 7:06pm
we have a low start on Nikkei today.....
let see how the stock market working today
Patience, Emotion Control and Discipline.
  • #450,229
  • May 26, 2011 7:07pm May 26, 2011 7:07pm
Quoting darimik
10000 (20 hours a week for 10 years) hours is a widely used rule in a book called outliers. interesting reading material if people are into that. basically to become good in some field you need to invest hours and hours of time. even if you have a talent, you are still working towards the goal of exploiting it.
thanks for the info...
  • #450,230
  • May 26, 2011 7:09pm May 26, 2011 7:09pm
Quoting FibbinArchie
i think the figure he uses is 10,000 hours so working mon to fri putting in 16 hours a day, you can probably do it in two to three years... however, 10,000 is just an estimate and the actual time it takes will vary drastically from person to person, but one thing is for sure and that is that you have to be absolutely dedicated and single minded, you won't make it with a half arsed attitude...
Continuously 16hrs a day won't be possible for me as i have a migraine problem. i did not had it in these past 4 years but as i entered forex trading & at the 1st month i spent most of my time on my PC so it started again.

But as now i've entered in this profession i'll do my best & im not going to quit this profession. Even if i had to stick with micro mini lots
Hope
  • #450,231
  • May 26, 2011 7:10pm May 26, 2011 7:10pm
Quoting FibbinArchie
personally i use mt4 for charting only, not order entry, it's the best option for the availability of custom indicators...

i think tradestation is a little dated now, not sure about their broker services, i have previously used prorealtime and ninja, which are both excellent charting platforms...
Hi,

I use Ninja for charting. Who is your broker for Ninja.

Currently I use PFG-Direct (Demo) for charting and does the real trades with GFT.

Any advice or tips will be highly appreciated.

Thanks.
KC.
  • #450,232
  • May 26, 2011 7:11pm May 26, 2011 7:11pm
Quoting TheGamer
Continuously 16hrs a day won't be possible for me as i have a migraine problem. i did not had it in these past 4 years but as i entered forex trading & at the 1st month i spent most of my time on my PC so it started again.

But as now i've entered in this profession i'll do my best & im not going to quit this profession. Even if i had to stick with micro mini lots
with that attitude you will make it
  • #450,233
  • May 26, 2011 7:13pm May 26, 2011 7:13pm
Quoting Larseg
Nothing is written in stone, but I will buy the dips on the ASX after Nikkei open... Unless the picture changes...

I however would not have taken a short in EU yet but there is plenty of longs eager to get out above 1.4160-1.4200 this should favour the downside in a couple of hours...

I wouldn be surprised if we saw 1.39xx today... However I am not that greedy but good to set an direction to follow everyday... Thats how I play it...

Just make sure it makes sense for you...

Thanks bro. i took a sell @ 1.41346 just to add few pips within 2-3 hrs if possible. after that i need a good sleep
Hope
  • #450,234
  • May 26, 2011 7:15pm May 26, 2011 7:15pm
Quoting TheGamer
Continuously 16hrs a day won't be possible for me as i have a migraine problem. i did not had it in these past 4 years but as i entered forex trading & at the 1st month i spent most of my time on my PC so it started again.

But as now i've entered in this profession i'll do my best & im not going to quit this profession. Even if i had to stick with micro mini lots
definitelygood advice, you will save a truck load of money in the long term...

re. migraines, get a decent night's sleep, eat healthily and get some exercise, take regular breaks away from your work station. also, use a black background for your charts and adjust your screen brightness to a dim setting...
  • #450,235
  • May 26, 2011 7:17pm May 26, 2011 7:17pm
U forgot one important aspect.....drink heavily


Quoting FibbinArchie
definitelygood advice, you will save a truck load of money in the long term...

re. migraines, get a decent night's sleep, eat healthily and get some exercise, take regular breaks away from your work station. also, use a black background for your charts and adjust your screen brightness to a dim setting...
  • #450,236
  • May 26, 2011 7:18pm May 26, 2011 7:18pm
I often wonder what makes anyone buy a currency when everyone knows sooner or later its going to get shot? I can understand the dumping of EUR/USD when IMF decided not to further fund the GREECE stupidity but what makes it retrace almost three-quaters of its loss? Anyone?
  • #450,237
  • May 26, 2011 7:19pm May 26, 2011 7:19pm
Quoting AllyB
with that attitude you will make it
Thanks AllyB for supporting
Here i can learn alot. This site FOREXFACTORY Rocks guys
Hope
  • #450,238
  • May 26, 2011 7:19pm May 26, 2011 7:19pm
Quoting AllyB
hey, how did you do today? what levels did you use?
haven't taken a trade today . just studying these levels
  • #450,239
  • May 26, 2011 7:22pm May 26, 2011 7:22pm
Quoting KCV
Hi,

I use Ninja for charting. Who is your broker for Ninja.

Currently I use PFG-Direct (Demo) for charting and does the real trades with GFT.

Any advice or tips will be highly appreciated.

Thanks.
KC.
i used zen fire for data for dedicated charting, i've been on mt4 for over a year now, it does everything i need it to and it's free...
  • #450,240
  • May 26, 2011 7:24pm May 26, 2011 7:24pm
Quoting shivas
haven't taken a trade today . just studying these levels
4132 is tuff .. still waiting for it to break up or down myself. no trade is a good trade if you learn from it. LOL duh but what did i learn? Cheers shivas
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