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7 years at FF - some humble advice

  • #21
  • Jun 17, 2011 4:36am Jun 17, 2011 4:36am
congrats to the OP on the longevity... quite an accomplishment many never see the light of.

I am only 3.5 yrs off from you... but my hope is I will find something else to do 3 yrs from now than post in FF.

Not that I don't like FF, but I think when you talk it over with Jack he will remind you of many reasons not to come here.
  • #22
  • Jun 17, 2011 4:58am Jun 17, 2011 4:58am
Good to see members so "old" still going strong

All the best with your trading.
Measure twice, cut once
  • #23
  • Jun 17, 2011 5:08am Jun 17, 2011 5:08am
Quoting pip_seeker
congrats to the OP on the longevity... quite an accomplishment many never see the light of.

I am only 3.5 yrs off from you... but my hope is I will find something else to do 3 yrs from now than post in FF.

Not that I don't like FF, but I think when you talk it over with Jack he will remind you of many reasons not to come here.
LOL

There's a lot of great people here and I enjoy reading certain people's posts, but I don't participate too much because there's quite a few cantankerous, argumentative grouches who love to pick fights, and frankly I have better things to do than argue with people I don't even know. LOL But nonetheless, this is a valuable site when you can weed through all the BS, so i stick around. There's some good folks here.
Get money, don't let money get you. @kauaiforex
  • #24
  • Jun 17, 2011 5:20am Jun 17, 2011 5:20am
Hola Pepe

thanks for the words of wisdom

I find when I post trades in FF my mind drifts and I lose my focus.

I trade better when I am not pretending to be super trader on the forum

Cheers

Anthony
  • #25
  • Jun 17, 2011 6:42am Jun 17, 2011 6:42am
Quoting privatefr
3) Remember leverage is a knife of 2 sides, if you can win you will lose.
Great line, so true. Or as I interpret it, the greater gains possible with leverage are in direct proportion to the greater losses you can incur multiplied by the factor of whatever percentage of leverage it is you are using.
  • #26
  • Jun 17, 2011 5:45pm Jun 17, 2011 5:45pm
MEGARA
Finally you found the Picture LOL. Pro “Megara” is long gone. Anyway the Holy Grail in trading exists, and it is inside you!

PIP SEEKER
Yes, there are too many reasons not come here, and sincerely I don’t understand when I see people with 10,000 or 20,000 posts. But there are also some good reasons to come here. Most people is good and looking for enlightenment, there problem is they can’t be enlighten from people that are in the dark (and to me that means some very specific, not being profitable AND consistent!!!).

AEDIAZ
Yes!! Is good to see older members are still around.

NOJOBROB
Yes, I agree. When I posted in another thread that trading was difficult, that will take years to mastes I was called of arrogant. Some people will never learn!!

ANTGAL23
Post trades/charts or not, it is a matter of personal decision. What I can’t digest, is people who has no idea of what is talking about, posting a trade without any support. The true is they are just trying to exorcize their fears!!

BOBSMITH
Yes, 100% that way. For this reason is it just plain ridiculous people that think they can beat the market with martingales, or that they can make 50% per month in a sustainable way.
  • #27
  • Jun 17, 2011 5:46pm Jun 17, 2011 5:46pm
What separates the 10% that make money from the 90% that don’t?

10,000 hours.
In his recent book ‘Outliers’ Malcolm Gladwell describes the 10,000-Hour Rule, claiming that the key to success in any cognitively complex field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours. 10,000 hours equates to around 4hrs a day for 10 years. For some reason most people that ‘try their hand’ at trading view it as a get rich quick scheme. That in a very short space of time, they will be able to turn $500 into $1 million! It is precisely this mindset that has resulted in the current economic mess, a bunch of 20-somethings being handed the red phone for financial weapons of mass destruction. The greatest traders understand that trading much like being a doctor, engineer or any other focused and technical endeavor requires time to develop and hone the skill set. Now you wouldn’t see a doctor performing open heart surgery after 3 months on a surgery simulator. Why would trading as a technical undertaking require less time?

Trading success, comes from screen time and experience, you have to put the hours in!

FULL ARTICLE HERE: http://www.pivotfarm.com/blog/2010/0...atest-traders/
  • #28
  • Jun 17, 2011 10:58pm Jun 17, 2011 10:58pm
Quoting NoJobRob
LOL

There's a lot of great people here and I enjoy reading certain people's posts, but I don't participate too much because there's quite a few cantankerous, argumentative grouches who love to pick fights, and frankly I have better things to do than argue with people I don't even know. LOL But nonetheless, this is a valuable site when you can weed through all the BS, so i stick around. There's some good folks here.

Yeah, you have to have a thick hide of a skin to dwell here. Most of that comes down to rampant egos. IMHO a rampant ego is a rampant way to get departed from your money.

If we ever stop learning or think we know everything there is to know about anything we dwell in a shallow empty place.

As a matter of fact I may invite "Mike" over and include him in the discussion of reasons to come here or not with Jack... Mike is a bit "Hard" but has also been called a "sour puss" quite often.

I guess we'll find out who the bleeder is... lol
  • #29
  • Jun 20, 2011 10:46pm Jun 20, 2011 10:46pm
In situations like the ones we are experiencing this week (Greece plus QE3 USA definition) I urge all my friends to trade with extreme caution, lower leverage than usual.

You will find nice charts/set ups that are easily deleted by the news or rumors. Don't be fooled!

We will find surely great trading opportunities, but the risk attached will be bigger. As usual a higher risk is related to the higher potential returns.

Pepe
  • #30
  • Jun 21, 2011 6:07am Jun 21, 2011 6:07am
Quoting privatefr
In situations like the ones we are experiencing this week (Greece plus QE3 USA definition) I urge all my friends to trade with extreme caution, lower leverage than usual.

You will find nice charts/set ups that are easily deleted by the news or rumors. Don't be fooled!

We will find surely great trading opportunities, but the risk attached will be bigger. As usual a higher risk is related to the higher potential returns.

Pepe
yup.. if you don't like trading ranges then its time to get out.. the entire market looks like a range for the most part

chop chop

  • #31
  • Jun 21, 2011 4:34pm Jun 21, 2011 4:34pm
http://thepressproject.gr/
  • #32
  • Jun 21, 2011 5:16pm Jun 21, 2011 5:16pm
Quoting privatefr
http://thepressproject.gr/
very nice.. I LOVE these news releases.. talk about news discounts
  • #33
  • Jun 21, 2011 5:28pm Jun 21, 2011 5:28pm
Amen! I'm a complete newbie, and the only reason I'm not already broke is because I'm aware of how little I actually know.
Quoting privatefr
What separates the 10% that make money from the 90% that don’t?

10,000 hours.
In his recent book ‘Outliers’ Malcolm Gladwell describes the 10,000-Hour Rule, claiming that the key to success in any cognitively complex field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours. 10,000 hours equates to around 4hrs a day for 10 years. For some reason most people that ‘try their hand’ at trading view it as a get rich quick scheme. That in a very short space of time, they will be able to turn $500...
"The only way to win the game is not to play." - B. S. Miller
  • #34
  • Jun 21, 2011 6:11pm Jun 21, 2011 6:11pm
Gracias pepe, tus palabras suenan muy bien. se nota que hablas desde la experiencia y el deseo de gratitud hacia todos. sigue adelante, aunque no sea necesario postear todo el tiempo.
abd
  • #35
  • Edited 8:21pm Jun 21, 2011 8:08pm | Edited 8:21pm
Well that was your first post in FF. Congratulations...

I keep saying that trading forex is difficult not because I want to scare anyone but because any other thing is a plain stupid lie. As you can see there are thousands of (losing) winning systems in FF. Its not so easy as to put 2, 3 or 30 indicators together, and voila you will rich in 12 months.

But, off course IMPOSSIBLE is NOTHING. If have the real desire to be a trader, you will be one, because you will be willing to pay the price.

As the great General San Martin said, "You will be what you must be, or you will be nothing".

I am done for trading tonight, as you can see LOL

Welcome

Pepe
  • #36
  • Jun 21, 2011 8:19pm Jun 21, 2011 8:19pm
Muchas Gracias. Will reply in English, I am sure you can understand

"Experience is the name we give to our mistakes". Oscar Wilde

The cleverest people is able to learn from other people experience, other like me, learn only after suffering the "experiences" in the own skin and pockets.

If I can help just one person to initiate this fantastic trading highway more prepared for an unpaved road with road robbers instead of thinking they are driving to the next "rest area" to put some indicators in the chart and become a real trader, I will be happy.

Hugs

Pepe
  • #37
  • Jun 21, 2011 9:21pm Jun 21, 2011 9:21pm
One of the toughest aspects when it comes to trading for me is.. looking at the market on 5M or 30M it looks like its going long.. but on 4 hour or the day it is saying its going down.

drawing trend lines always leads to triangles conflicting with market direction?


theres always some data somewhere that says the opposite of what you think.. and when things look 100% the market goes against you..


any humble advice?
  • #38
  • Jun 21, 2011 9:46pm Jun 21, 2011 9:46pm
Hi Pallybaby, your first post too?

That is normal, because what looks as a trend in a smaller TF, is just a retrace in the higher ones.

Concentrate to trade only in one TF. In the 2 higher TFs look for the trend, congestion areas, supply and demand, major trend lines, etc, but you must take the trade decision in your TF only.

I would not looks for anything less than 1h until you have more (a lot more) experience, but that is just me.

Good Luck

Pepe
  • #39
  • Jun 21, 2011 9:47pm Jun 21, 2011 9:47pm
Quoting privatefr
I am done for trading tonight, as you can see LOL

Welcome

Pepe

I am never done trading... I am watching and sizing you up. Your best hope is that you don't come up against someone like me.

LOL... Just kidding.
  • #40
  • Jun 21, 2011 10:22pm Jun 21, 2011 10:22pm
and it is not a joke.

LESS TRADES.
LESS LEVERAGE.
LESS EXPECTATIONS.

= MORE CONSISTENT PROFITS IN THE LONG TERM.


Pepe
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