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14 Year Old Forex Trader's Lessons

  • #3,401
  • Oct 18, 2011 5:02am Oct 18, 2011 5:02am
Quoting bumapatria
Heres what red told me before:

Fundamentals come first, technicals follow.

the only reason for that lot is to prove that i dont care about the gain or loss, i just wanted to see the market's reaction.

You guys see that i finally traded the news, but instead look at the lot size used?

i was just trying to see if red's teachings were true.

if u are still dissapointed go ahead, i dont think anyone ever understands.
You had the ability to get traders like Redlion, Goldman and last myself on board. We all believed in you, not only in your ability to trade but as a exceptional human being. In the last couple of day you have been disrespectful, specially in Redlion persona. That to me is a lack of gratitude.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,402
  • Oct 18, 2011 5:05am Oct 18, 2011 5:05am
Quoting mla
You had the ability to get traders like Redlion, Goldman and last myself on board. We all believed in you, not only in your ability to trade but as a exceptional human being. In the last couple of day you have been disrespectful, specially in Redlion persona. That to me is a lack of gratitude.

mla
I am sorry, i am over-reacting i need to get grip on myself. i will be careful of what my hands do, what they say to others, and what i do in this business.

i am sorry mla, perhaps im over-confident.

i am now making a new account backc from the rescue balance, i dont want somethign like that haunting me.


the shadows of greed are taking over. i must rid of them now, before its too late, i must rid complacency, i must rid myself of pride, i must become balanced once again.

let this be a lesson from a long many days without lessons. i regret this badly.

i am sorry sincerely.
Have I got something on my face, SOLDIER?
  • #3,403
  • Oct 18, 2011 5:08am Oct 18, 2011 5:08am
Quoting bumapatria
okay i admit it that was gambling. its zero sum i couldve been the one losing. It coulve hurt me bad. im sorry for such idiotic stupidity. lets get moving.

lets move on then. John you are right, i am wrong.

making new account then from original balance after rescue.
Take the rest of the day off, go do something else, I would guess by the amount of time you spend here you do not get a lot of sleep, which will NOT help you ability to judge and trade correctly.

You have the making of a great trader we can all see that. (you certainly have more natural talent than I do)

I know its difficult when you are 14, if i had a £1 for every time I didn't listen to my dad when i was young i would not need to be trading now lol.
Most of the time he was right.

Just slow down, and i guarantee that you will get where you want to be quicker.

More hurry= less speed.

h2
  • #3,404
  • Oct 18, 2011 5:12am Oct 18, 2011 5:12am
Quoting highlander2
Take the rest of the day off, go do something else, I would guess by the amount of time you spend here you do not get a lot of sleep, which will NOT help you ability to judge and trade correctly.

You have the making of a great trader we can all see that.

I know its difficult when you are 14, if i had a £1 for every time I didn't listen to my dad when i was young i would not need to be trading now lol.
Most of the time he was right.

Just slow down, and i guarantee that you will get where you want to be quicker.

More hurry= less speed.

h2...
i had a lot of sleep. just maybe hormones and stress non-trading. lot been going on in life, trading puts me away from there makes me happy with you guys, and the market itself. Yes, its not how fast you get to the finish line that matters most, is if you can actually reach it that matters most.

i just have 2 buy orders, leaving them, not really going to call trades etc.

here to check things out

it must be the non-trading stress and hormones.


does anyone know a way to calm oneself down before trading like meditation? any tips?
Have I got something on my face, SOLDIER?
  • #3,405
  • Oct 18, 2011 5:13am Oct 18, 2011 5:13am
Quoting bumapatria
I am sorry, i am over-reacting i need to get grip on myself. i will be careful of what my hands do, what they say to others, and what i do in this business.

i am sorry mla, perhaps im over-confident.

i am now making a new account backc from the rescue balance, i dont want somethign like that haunting me.

i am sorry sincerelyl.

the shadows of greed are taking over. i must rid of them now, before its too late, i must rid complacency, i must rid myself of pride, i must become balanced once again.

let this be a lesson from a long many...
You were also sorry yesterday.

This is my last advise to you.

Get off this thread, get some rest and do something else. Tomorrow call Red and apologise (you need to take some responsibility). If he comes back I may be back as well.

mla
"The Heart is the hub of all dances; go there and chill out"
  • #3,406
  • Oct 18, 2011 5:15am Oct 18, 2011 5:15am
Quoting bumapatria

let this be a lesson from a long many days without lessons. i regret this badly.

i am sorry sincerely.
This whole trading someone else's money thing is where it went wrong imho.

at least you realize your mistake, now take the day off and start a fresh tomorrow.

John
  • #3,407
  • Oct 18, 2011 5:21am Oct 18, 2011 5:21am
review of what happened today in euro.



i think i need to...?
i dont know.
im lost right now. not in forex, life sort of in current times. its been rollercoaster of great ups and massive downs.

why cant it just be like a gold monthly chart? all uptrend with few retracements...


well its life, its a rollercoaster.

ill be here for some analysis for 3 more hours then off to jiujitsu class.

yup its stress or deppresion or some of the sort i guess thats casuing me off balance from my usual path and road i take.
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Have I got something on my face, SOLDIER?
  • #3,408
  • Oct 18, 2011 5:23am Oct 18, 2011 5:23am
Quoting highlander2
This whole trading someone else's money thing is where it went wrong imho.

at least you realize your mistake, now take the day off and start a fresh tomorrow.

John
its a minor cause. greater cause lies somewhere out of forex. somewhere out of reach. something with greater meaning. dont know what though.
Have I got something on my face, SOLDIER?
  • #3,409
  • Oct 18, 2011 5:25am Oct 18, 2011 5:25am
Quoting bumapatria
review of what happened today in euro.



i think i need to...?
i dont know.
im lost right now. not in forex, life sort of in current times. its been rollercoaster of great ups and massive downs.

why cant it just be like a gold monthly chart? all uptrend with few retracements...


well its life, its a rollercoaster.

ill be here for some analysis for 3 more hours then off to jiujitsu class.

yup its stress or deppresion or some of the sort i guess thats casuing me off balance from my usual path and road i take....
Yes, its life for most people, but as you get older you will cope with it better- to a degree.
  • #3,410
  • Oct 18, 2011 5:30am Oct 18, 2011 5:30am
Quoting highlander2
Yes, its life for most people, but as you get older you will cope with it better- to a degree.
well the only thing causing your own rollercoasters or smooth rides of life is oneself, so i maybe chose the path of rollercoasters, in which maybe i shouldnt because the coaster is still trying to peak again.

this time i will avoid it from falling again this bad.

I am honestly glad to have people like you John, mla, and Jose, instead of people who congratulate me, i criticise others a lot, and not many criticize enough.

i thank you all for doing so in respect, and in thinking the effect wuld be positive.
Have I got something on my face, SOLDIER?
  • #3,411
  • Oct 18, 2011 5:41am Oct 18, 2011 5:41am
one thing i keep disregarding is my own personal sayings and values:

keep an open mind: FAILED.

One step to success is one step closer to failure. FAILED.

Apply what is taught and learnt and works. FAILED.

Avoid complacency and over-supply of pride. FAILED.

Realize a mistake and move on: Success?

i will see to it if i really move on and not fall for double edged swords such as greed ,complacency, and pride once more tommorow or whenever.

i will keep watch more of myself now.
Have I got something on my face, SOLDIER?
  • #3,412
  • Edited 6:56am Oct 18, 2011 6:13am | Edited 6:56am
The real pivotal point is moments such as these. Either it becomes a pivot to go up, or fails and drops down hard.

Every failure is one step closer to success.

October Lesson of Life #1:
If you feel you are not ready, chances are, you aren't.

Ancient Lesson of Life from August:
Keep your mind and ears open to advice and new or even old knowledge.

Ancient Lesson of Life from August #2:
The vessel of success or failure is an action.
The vessel of an action is oneself.
One is the true source of failure or success. blame no-one else.

October Forex Lesson #1:
Demo accounts are there to prepare the trader to go live. One must treat it like it is live, to succeed in live trading

October Forex Lesson #2:
Either become a trader in this business, or become a gambler. winning a million in a zero-sum business, has the same ratio of risk/reward (1:1) of losing a million. Make sure you are ready to take the hit if you are.

October Life Lesson #2:
Enjoy life, decrease stress, meditate for a while, think before acting, do not dissapoint those who have been proud for your success, by failing them. Failing yourself, means failing others who also believe in you, because you believe in yourself too.



Newbies i suggest reading this right now, twice. first time you wont care, second something will hopefuly pierce ur thoughts.
Have I got something on my face, SOLDIER?
  • #3,413
  • Oct 18, 2011 6:19am Oct 18, 2011 6:19am
good morning all, i hope you've had a good night as i have. i probably will not be coming in here much now as i feel i have nothing to learn (silver was good to find out though). I cannot hack the patronizing, self glory and contradicting here, I'm a pro trader i use real money and best of all i KEEP IT SIMPLE that is way to trade. Take care guys i want you all to succeed. happy trading happy days
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #3,414
  • Oct 18, 2011 6:31am Oct 18, 2011 6:31am
Quoting billytt
good morning all, i hope you've had a good night as i have. i probably will not be coming in here much now as i feel i have nothing to learn (silver was good to find out though). I cannot hack the patronizing, self glory and contradicting here, I'm a pro trader i use real money and best of all i KEEP IT SIMPLE that is way to trade. Take care guys i want you all to succeed. happy trading happy days
Bullshit. You have nothing to learn?
bullshit.
Real or fake money there is always more to learn. im sorry but that is just bullcrap right there. you think redlion, mla, highlander, doesnt want to learn more?

im sorry billy, what you just said is bull-shit.


look at the post above, and you tell me there is nothing to learn? billy i have a feeling you are going in the same path i have took few hours ago: complacency, overexcessive pride, and neglect to knowledge.
Have I got something on my face, SOLDIER?
  • #3,415
  • Oct 18, 2011 6:33am Oct 18, 2011 6:33am
just had a lot of learning today the hard way as usual, and i have 2 silver longs both 0.01 lots, equivalent loss of 100 pips is 4% of equity.
I am treating this as a live account from now on.

EDIT: Closed at +20. Broken sup/dem or sup/res becomes a future opposite. Peak made in tick chart, time to exit.
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Have I got something on my face, SOLDIER?
  • #3,416
  • Oct 18, 2011 6:53am Oct 18, 2011 6:53am
both demand levels have been used up quite number of times, they are of course not static, like the human psychology which is always ever-changing, yet same.

i am only selling gold, selling both would mean over-trading, and it minimizes my risk exposure only having one trade per time. and rescuing becomes easier rather than having more than one trade open.


Gold is the one with the sell order at 0.01 micro lot. silver has no trades on chart.

with gold if i am losing 1000 points against me that would mean... $10. that is 1%. imagine if i sold both my risk exposure of losing around same amount would be hightened.
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Have I got something on my face, SOLDIER?
  • #3,417
  • Oct 18, 2011 6:55am Oct 18, 2011 6:55am
stop loss to breakeven +5 points, now my risk exposure is 0% at maximum reward capabilities. If my trade hits the stop loss, i get $0.05. So risk reward is.... well 0:whatever there is for the market to give.

Unless a black swan hits, i am okay for now.

Unlike my stupidity earlier in the day, i see the total risk mounts in this case:

say i lost that idiotic short on silver with massive lots: i would be down -$250 in 5 points. 10 points i am down $500 which is 50% of total equity and that is BAD money management.

with current standings, i am getting grip of my greed, i am not overtrading, i am executing this safely, with lowest possible substantial risk, and maximal profit capabilities.
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Have I got something on my face, SOLDIER?
  • #3,418
  • Oct 18, 2011 7:07am Oct 18, 2011 7:07am
Exit Strategies if You are Lost:
Look at PRICE AND ITS ACTION!!!!!

Live example: if this turns out as a peak, hold your trade. exit on valleys.
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valley is higher after the peak, aka maybe its time to close my sell, because i sense bullish pressure from price.
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but no, because it keeps dipping
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What are peaks and valleys?
Heres a pic to show u what pics and valleys mean:
Attached Image
Have I got something on my face, SOLDIER?
  • #3,419
  • Oct 18, 2011 7:14am Oct 18, 2011 7:14am
good to see you are re focused again buma
everyone here is on your side.

I just want to show you one more thing. I found this on youtube a year ago, and discovered that it is in fact real and not faked in anyway (99.9% sure anyway)

The guy in the video as far as i am aware was a pro trader and I believe he still trades, but it shows what can happen if you let your guard down for just 1 sec!

This contains strong language and i know you are only 14, but it is a very powerful video indeed.

Don't ever be this guy.

Anyway this is my last post on the matter.

See you later.

I believe he goes on to lose over 40 thousand dollars

Inserted Video
  • #3,420
  • Oct 18, 2011 7:16am Oct 18, 2011 7:16am
gold now is making a really low valley.
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perhaps that is the bottom? now its making a sort of bear flag on the ticck chart.

its making gradual move upstairs perhaps as a bear flag's retracement, making the wedge first then fall.

what is a bearish wedge?

A wedge is a sign profit taking of a bearish move and the failure of bulls charging.
also called bear flag and dagger formation.

Attached Image (click to enlarge)
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Have I got something on my face, SOLDIER?
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