14 Year Old Forex Trader's Lessons | Page 38 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Journey Of An 18 Year Old FX Trader 16 replies

How old are you, trader? 54 replies

old trader but new learner 4 replies

Attachments: 14 Year Old Forex Trader's Lessons
Exit Attachments

14 Year Old Forex Trader's Lessons

  • #741
  • Sep 26, 2011 9:48am Sep 26, 2011 9:48am
im seeing days of rejections to go any lower, and i also see rejections to go higher.

This is definitely accumulation for the next wave.

Its bullish imho.
Have I got something on my face, SOLDIER?
  • #742
  • Sep 26, 2011 10:11am Sep 26, 2011 10:11am
my surgery is right so far.
but im dissecting the patient too early, hes screaming.

now in profit.
i was few tads early.

ADD: forget the floating gold '2' on the chart/
Attached Image (click to enlarge)
Click to Enlarge Name: tad early.gif Size: 17 KB
Have I got something on my face, SOLDIER?
  • #743
  • Sep 26, 2011 10:21am Sep 26, 2011 10:21am
okay. you must be in the money by now. Take profit and wipe your brow.

On time is perfect.
A little late is better than too late.
Early is no different than too late.
Those who say it cannot be done should not interrupt those who are doing it
  • #744
  • Sep 26, 2011 10:23am Sep 26, 2011 10:23am
Quoting PipTrapper
okay. you must be in the money by now. Take profit and wipe your brow.

On time is perfect.
A little late is better than too late.
Early is no different than too late.
Yes sir.
Have I got something on my face, SOLDIER?
  • #745
  • Sep 26, 2011 10:23am Sep 26, 2011 10:23am
I fully understand what you're doing buma and that's fine. But you always have to have a predetermined SL and TP BEFORE entering a position. ALWAYS. Otherwise it's not a system.
Those who say it cannot be done should not interrupt those who are doing it
  • #746
  • Sep 26, 2011 10:26am Sep 26, 2011 10:26am
ah it feels good to know one can prepare for a neurosurgery right, but its always performing the surgery thats toughest!

well at least my patient is okay now
a few complaints of ows... but hes fine!
Have I got something on my face, SOLDIER?
  • #747
  • Sep 26, 2011 10:27am Sep 26, 2011 10:27am
Quoting PipTrapper
I fully understand what you're doing buma and that's fine. But you always have to have a predetermined SL and TP BEFORE entering a position. ALWAYS. Otherwise it's not a system.
i have to agree to that of course.

but in a way i see a stop loss as some sort of impatience. but it shows you that you are wrong, and that you were rescued fast and at the moment
Have I got something on my face, SOLDIER?
  • #748
  • Sep 26, 2011 10:31am Sep 26, 2011 10:31am
lesson learnt: 26/9/2011

being early, is no different than being too late.
Have predetermined loss and profit targets.
Have I got something on my face, SOLDIER?
  • #749
  • Sep 26, 2011 10:34am Sep 26, 2011 10:34am
Quoting bumapatria
i have to agree to that of course.

but in a way i see a stop loss as some sort of impatience. but it shows you that you are wrong, and that you were rescued fast and at the moment
Yeah some of the gold traders though that, until they woke up this morning and found that their account was gone. Never believe for one second that you know something, when you do your finished.

example- (i know gold can only go up (because it has done in the past) so i don't need to use stops)
  • #750
  • Sep 26, 2011 10:41am Sep 26, 2011 10:41am
Quoting highlander2
Yeah some of the gold traders though that, until they woke up this morning and found that their account was gone. Never believe for one second that you know something, when you do your finished.

example- (i know gold can only go up (because it has done in the past) so i don't need to use stops)
okay. point taken. i now remember redlion.
always assume you are wrong, until you are proven right.
Have I got something on my face, SOLDIER?
  • #751
  • Sep 26, 2011 10:44am Sep 26, 2011 10:44am
Quoting highlander2
Yeah some of the gold traders though that, until they woke up this morning and found that their account was gone. Never believe for one second that you know something, when you do your finished.

example- (i know gold can only go up (because it has done in the past) so i don't need to use stops)
as the old saying goes, don't become married to your bias. Especially if you're a short term trader, you need to be willing and able to flip your positions on a dime. While i'm scalping ill never mind taking a small 2-5 pip loss if i can immediately cut that and cover said loss and then some by looking at a larger time-frame and see what i possibly overlooked and why i was wrong.

Good traders know how to take profit, Fantastic traders know how to take a loss.
  • #752
  • Sep 26, 2011 10:49am Sep 26, 2011 10:49am
safe exit of 50 net pips.

i am never going to go early into whatever again...

intense...
Have I got something on my face, SOLDIER?
  • #753
  • Sep 26, 2011 10:51am Sep 26, 2011 10:51am
Quoting T Bryant
as the old saying goes, don't become married to your bias. Especially if you're a short term trader, you need to be willing and able to flip your positions on a dime. While i'm scalping ill never mind taking a small 2-5 pip loss if i can immediately cut that and cover said loss and then some by looking at a larger time-frame and see what i possibly overlooked and why i was wrong.

Good traders know how to take profit, Fantastic traders know how to take a loss.
thanks t, good to have another expert here.
I exited the early longs, and good profit of doing something stupid.

took a loss of the too early trade.

the good positioned trades took profit. That told me that i need to look for those opps. and not the early trade.

hey t, you should subscribe here, you seem like someone who is good at helping others
Have I got something on my face, SOLDIER?
  • #754
  • Sep 26, 2011 10:51am Sep 26, 2011 10:51am
Quoting T Bryant
as the old saying goes, don't become married to your bias. Especially if you're a short term trader, you need to be willing and able to flip your positions on a dime. While i'm scalping ill never mind taking a small 2-5 pip loss if i can immediately cut that and cover said loss and then some by looking at a larger time-frame and see what i possibly overlooked and why i was wrong.

Good traders know how to take profit, Fantastic traders know how to take a loss.
Yes good point,

And never have a strong bias or opinion either, i.e. "the us dollar is finished and Im so bearish on it" attitude. So bearish that your blinded by it.

When it turns on you, you will be unable to act to liquidate your positions, you will cling to any information that helps you feel like your right.
  • #755
  • Sep 26, 2011 10:57am Sep 26, 2011 10:57am
Quoting highlander2
Yes good point,

And never have a strong bias or opinion either, i.e. "the us dollar is finished and Im so bearish on it" attitude. So bearish that your blinded by it.

When it turns on you, you will be unable to act to liquidate your positions, you will cling to any information that helps you feel like your right.
Okay, thanks.

So i should never have strong conviction when trading?
Have I got something on my face, SOLDIER?
  • #756
  • Sep 26, 2011 10:58am Sep 26, 2011 10:58am
Quoting bumapatria
...always assume you are wrong, until you are proven right...
Those who say it cannot be done should not interrupt those who are doing it
  • #757
  • Sep 26, 2011 11:03am Sep 26, 2011 11:03am
Quoting bumapatria
Okay, thanks.

So i should never have strong conviction when trading?
Strong sentiment, yes. Strong Conviction, No

Sentiments can change. Convictions by definition cannot change.
Those who say it cannot be done should not interrupt those who are doing it
  • #758
  • Sep 26, 2011 11:03am Sep 26, 2011 11:03am
I didnt learn all the knowledge over how many damn pages for nothing. Im going to do what i learnt and feel confident about.

THIS:

My good ol' ladies, miss supply, miss demand.
Attached Image (click to enlarge)
Click to Enlarge Name: old style.gif Size: 16 KB
Have I got something on my face, SOLDIER?
  • #759
  • Sep 26, 2011 11:06am Sep 26, 2011 11:06am
Quoting bumapatria
Okay, thanks.

So i should never have strong conviction when trading?
Yes strong conviction, believing in what you are doing, however if you believe so strongly that your analysis is right, you may have trouble accepting that your wrong. You may be unable to make the decisions you need to, like taking profits, or even reversing your position.

Hard stuff to explain, you need to experience this first hand, and you will

Edit: reading piptrappers post, I refer to strong conviction as "belief in you edge" rather than the market doing what you think it should.
  • #760
  • Sep 26, 2011 11:07am Sep 26, 2011 11:07am
100 pip rise, 100 pip fall, 100 pip rise again, this can't be any easier.
11 traders viewing now