A Million ways to make Money! | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

If you make money, does Oanda make money? 35 replies

45 Ways to Avoid Losing Money Trading FOREX, by Jimmy Young 46 replies

Bulls make money, Bears make money. And Pigs get slaughtered. 12 replies

45 Ways to avoid losing money trading forex by Jimmy Young 7 replies

Attachments: A Million ways to make Money!
Exit Attachments

A Million ways to make Money!

  • #1
  • First Post: Edited 10:24pm Jun 12, 2011 4:57pm | Edited 10:24pm
I Think this is an important topic that has not been properly addressed on FF

There are a MILLION WAYS TO MAKE MONEY, specifically I address forex with that statement.

Rookies should learn this concept early but experience has told me rookies can't learn the easy way.. interestingly I clearly see so called "experts" lacking to grasp the reality of what I'm about to share.





We have Fundamentalists, Quants, Tecnical Analysists. We can break this down more to all the million indicators and wacky patterns that exist... all the billion systems.. there's a million ways to make money..

THE PROBLEM: Everyone thinks there is only 1 super secret method to trading the markets profitably..

It usually goes like this

they jump from method to method because no one system is perfect or can make them extremely rich..

The ones who end up settling for one style or system of trading then begin promoting and defending their method to the death and because it works for them they believe it is the only way to make money in the market.. however...




Theres a Million ways to make Money in the markets, so many different methods, so many different systems, and people are making money with them.. but then why can't you make money trading their method..

why can't you adopt any of the million ways to make money in the market and make money like they do.. in fact 90% of people cannot make money using the same methods the 10% of successful traders do.. why is that...




Because it is the psychology of the individual that makes a successful trader...

It is the way YOU think, the way YOU trade, the way YOU manage

You must find what works for yourself.. you must think on your own and not follow blindly.. you must understand why things work or do not work... this is all for yourself to discover..

when you read something on a forum like "blah blah blah is true" you must take it into consideration.. but decide if it is true or false for yourself

So trend trader? or counter trend trader? both CANNOT make YOU money.. only the one YOU are psychologically fit to trade can make YOU money...

forget about what the other traders are psychologically fit for.. in fact most are psychologically fit for failure... the Military is not for everyone.. what do you think they look for in basic training? who is psychologically fit for the military.. not any other single aspect... and the psychologically fit are who succeed

unfortunately trading is much more difficult then becoming a warrior.. or at least the success rate would support such a statement...





So I will conclude by saying there are a million ways to make money in the market but, only few who can succeed. Stop wasting your time, Start looking in the mirror.




Your Welcome,
NewYear
  • #2
  • Jun 12, 2011 5:18pm Jun 12, 2011 5:18pm
Quoting newyear498

You must find what works for yourself.. you must think on your own and not follow blindly.. you must understand why things work or do not work... this is all for yourself to discover..

when you read something on a forum like "blah blah blah is true" you must take it into consideration.. but decide if it is true or false for yourself
Excellent post! This in particular is what I always tell people. Not just in trading for it applies to everything else in life as well.
  • #3
  • Jun 12, 2011 5:43pm Jun 12, 2011 5:43pm
Interesting post!

Indeed, I felt that this psychological thingy been the one deciding factor for the success in this trading.

As for me, I believe in this psychological view (trying to share here, decide yourselves whether it's true or not) :

'what's most important in business (whether it's forex or other businesses) is to protect your investment. Do it well and profit will come as your reward.'

Kind Regards,

  • #4
  • Jun 12, 2011 6:20pm Jun 12, 2011 6:20pm
"There are a million inefficiencies in the market, and all of them are hard to find."

I forget which wise trader said that.
  • #5
  • Jun 12, 2011 6:37pm Jun 12, 2011 6:37pm
there are millions of ways to LOSE money in the market. And the new traders are very good ones to find just some of them.

Pepe
  • #6
  • Jun 12, 2011 10:41pm Jun 12, 2011 10:41pm
Quoting privatefr
there are millions of ways to LOSE money in the market. And the new traders are very good ones to find just some of them.

Pepe
This is true,

I emphasize diversity of methods you can trade the market.. and that none are "better" than the other.. and suggest the underlying reason why

new traders are certainly NOT psychologically fit in nearly 100% of cases.. I'd say with the amount misinformation given to them.. along with the emotions they feel first going in.. the unrealistic expectations they have.. the list goes on...



Its also important to note that though I say there are a "million ways to make money in the market"... if you can expand your mind you will see things are not as they always appear.. I'm really only suggesting there is one way to make money in the market...

I present to you the matrix of the market...



Just like the movie Matrix... the invisible false layer that misleads you your entire life.. you must look beyond that to see the truth... that kind of analogy..


  • #7
  • Jun 12, 2011 11:11pm Jun 12, 2011 11:11pm
Without diving in, I fully agree with your mindset NY.
  • #8
  • Jun 12, 2011 11:45pm Jun 12, 2011 11:45pm
Jump into the pool. First learn to stay afloat. Forget about swimming
  • #9
  • Jun 12, 2011 11:59pm Jun 12, 2011 11:59pm
Quoting newyear498
You must find what works for yourself.. you must think on your own and not follow blindly.. you must understand why things work or do not work... this is all for yourself to discover..
I agree with this statement --- but I would argue that it has more to do with methodology than psychology.
  • #10
  • Jun 13, 2011 12:17am Jun 13, 2011 12:17am
Quoting Goat
"There are a million inefficiencies in the market, and all of them are hard to find."

I forget which wise trader said that.
Jack Schwager, in his Preface to New Market Wizards.
  • #11
  • Jun 13, 2011 1:37am Jun 13, 2011 1:37am
Great post. The key is consistancy and displine in which ever system works for you.
  • #12
  • Jun 13, 2011 6:50am Jun 13, 2011 6:50am
Quoting hanover
I agree with this statement --- but I would argue that it has more to do with methodology than psychology.
Of course they go hand and hand.. and without adding additional words if you read what I said with the idea of "methodology" in mind you will find I cover this without using those exact words
  • #13
  • Jun 13, 2011 6:53am Jun 13, 2011 6:53am
Quoting Goat
"There are a million inefficiencies in the market, and all of them are hard to find."

I forget which wise trader said that.
Thank you, Hanover says "New Market Wizards"

I will look into, sounds like a book written for me so many books and hard to find the good ones these days..
  • #14
  • Jun 14, 2011 8:29am Jun 14, 2011 8:29am
Quoting newyear498
if you can expand your mind you will see things are not as they always appear
Here is my analogy between Professional traders versus Amateur traders.

An amateur can only see limited things. Just like an Amateur painter when painting a vase. They can only see limited colors, and this is reflected through their work. The Amateur canvas would look like this picture below:

Attached Image


Now a Professional trader can see what the amateur cannot see. Just like a Professional painter can see millions of shadings and colors. They can see millions of colors, and this is reflected through their work. The Professional canvas would look like below:

Attached Image


Can you see the differences? in seeing and not seeing the details.

So my final point... look at the candlestick below:

Attached Image


You see, to all Amateurs, they can only see the open, high, low and close. To me as a Professional, I can see the higher edge within a single candlestick and the future candlestick. I can see where the higher probabilities lies within a single candlestick and the future candlestick.

You see, you can get a blue vase and ask people what color is the vase. They will reply blue... but a Professional painter will reply that s/he can see black, gray, white, blue, dark blue, dark brown, dark red, dark green. The amateur will find it hard to believe because all they see is a blue vase.

"95% of the time price will close above or below the open." Amateurs will never see the edge in this quote, unless a professional point it out where the edge lies within this quote.

or the other solution is to force your eyes to see it:

Attached Image


There is a shark within this magic eye illustration (No BS). Can you see the shark? Only a trained eye can see it. Only a trained eye can see the edge within the charts. That is the difference between an Amateur trader and a Professional trader. Amateurs carry so much limiting beliefs that they are so blinded by their own psychology. You cannot create a solid method without tearing down your limiting beliefs

  • #15
  • Jun 14, 2011 10:02am Jun 14, 2011 10:02am
Quoting CrucialPoint
Here is my analogy between Professional traders versus Amateur traders.

An amateur can only see limited things. Just like an Amateur painter when painting a vase. They can only see limited colors, and this is reflected through their work. The Amateur canvas would look like this picture below:

[center]Attachment

[left]Now a Professional trader can see what the amateur cannot see. Just like a Professional painter can see millions of shadings and colors. They can see millions of colors, and this is reflected through their work....
Great analogy and solid words.. A shark in your own words not just the picture!

  • #16
  • Jun 14, 2011 11:54am Jun 14, 2011 11:54am
Quoting CrucialPoint
Here is my analogy between Professional traders versus Amateur traders.

An amateur can only see limited things. Just like an Amateur painter when painting a vase. They can only see limited colors, and this is reflected through their work. The Amateur canvas would look like this picture below:

[center]Attachment

[left]Now a Professional trader can see what the amateur cannot see. Just like a Professional painter can see millions of shadings and colors. They can see millions of colors, and this is reflected through their work....
CrucialPoint you have good points, I do believe little differently. A good Forex trader have three things that an amateur do not, knowledge, habit and experience.

Knowledge give options, an amateur is limited to his limit of knowledge. But I do believe that this point is not very important to be successful. Many of the strategic on this site are very simple from a knowledge perspective but are very hard to follow from an emotional stand point. To make a good strategy can be hard and you need to understand the fundamental’s to do it. But knowledge is not in play if you want to follow a plan.

Habit is the most important component! Every time you do not follow your plan and it goes to shit, you will experience pain and regret. You can learn a dog to do anything bodily passible, of you give him candy when he do good and beat him every time he do bad. And we humans are not so different. A good trader is not good because he can follow his plan but because he haven’t followed it in the past and he have programmed his brain to associate “not follow” = “pain and regret”.

Did you know that a chess player do his move before it possible for a human being to make a logical analysis. The decision is based on a feeling. You get the felling by having many years of experience and experience is composed by past memories (to simplify). The chess player have seen the same situation hundreds of times as a good forex trader have seen an evening star touch support hundreds of times and have quite good idea what will happened next. With little MM and you have a happy trader =D

I do believe of you give a noob knowledge he will see what a pro sees but a Professionals do not need to analysis as much the data, instead he have a good sense what will happened and he have programed himself not get disturbed by his emotions.

happy trading
@Materyb
  • #17
  • Jun 14, 2011 6:47pm Jun 14, 2011 6:47pm
but it doesn't matter how many times you explain these things to them, they will say yes and agree, but do the same things again and again.

There is no other possibility than really learn a profession, and with exception of a few Mozart, all other must pay the price needed to be a trader. This is why 90% quit and fail. It is not a easy and glamorous path...That is how things work and will work forever.

Why I would need 5 years university to be a lawyer but can be a trader in a week end, or a month or a year? It's plain ridiculous. Yes, you can trade, anyone can do it, and remember the monkeys outperforming the money managers, but being a trader, a profitable and consistent trader, that is a totally different world.

Well, I paid the price, and I am very happy with the outcome.

Today 7 years losing my lonely time in FF.

Pepe
  • #18
  • Jun 14, 2011 11:33pm Jun 14, 2011 11:33pm
i'm tired of the arrogance. it doesn't help anyone.

i'd personally like to take this opportunity to say hi to everyone who knows more than the rest of us. HI. yes you crap on us. yes you are great. would you like fries with that? would you like to supersize your order today?

pseudo-help is not help, it's just stroking ego's. if anyone really wanted to help and weren't in it for the lulz they'd speak in a language that they know others would understand, instead of taking a perspective that they know only they and perhaps a few others would understand.

it's a simple fact that most don't see what the few see, so why keep pointing this out? it's not like we aren't effing thinking about this crap and trying to be open-minded!

HAW HAW LOOK AT THE PEONS THEY STILL DON'T GET IT HAW HAW WE ARE ELITE. great 'help' guys.
Congratulations ScalaFX for coming out of the closet!
  • #19
  • Jun 14, 2011 11:56pm Jun 14, 2011 11:56pm
Good friend, what are you basing all of this on? I see lots of cheery pep talking, but not a lot of substance. Thanks.

Quoting CrucialPoint
Here is my analogy between Professional traders versus Amateur traders.

An amateur can only see limited things. Just like an Amateur painter when painting a vase. They can only see limited colors, and this is reflected through their work. The Amateur canvas would look like this picture below:

Attachment



[left]Now a Professional trader can see what the amateur cannot see. Just like a Professional painter can see millions of shadings and colors. They can see millions of colors, and this is reflected through their...
  • #20
  • Jun 15, 2011 12:35am Jun 15, 2011 12:35am
Quoting tdion
Good friend, what are you basing all of this on? I see lots of cheery pep talking, but not a lot of substance. Thanks.
We are not in the systems thread, my friend.

NewYear was talking about psychology. I responded regarding about how limiting beliefs affecting one's perception. If you read my post and grab the psychological aspect of it then you might get something out of it... If you read it and expecting me to show you an edge, then you will be very disappointed. I was merely giving an example/illustration and not hand out anything.

Quoting nubcake
HAW HAW LOOK AT THE PEONS THEY STILL DON'T GET IT HAW HAW WE ARE ELITE. great 'help' guys.
With all respect Nubcake, you missed the point, it's not about that. I'm hoping something will click in a person who reads my post. As I mentioned before "No legit profitable trader will give you their edge, good luck if that ever happens."
Don't play the victim card, thinking that you are the peon. Champions don't think that way. I was posting an insight of the perceptions of traders, nothing more. I'm not flaunting anything here and degrading people's intelligence. Whenever I state "Professional" and "Amateur" why take it personally and attach a perception that Amateurs are low class... Every Professional was an Amateur at one stage. Peace out Nubcake

==========================
To everyone else:

I'm posting for a insightful response or debate and not teach or reveal methods. If you feel I'm leaving you guys hanging... Hey I'm not a spammer or commercial entity asking for your money or emailing you guys. It would be best that you ignore me and just let the world move on.
0 traders viewing now