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I still feel like a POS...

  • #21
  • Nov 14, 2011 6:26am Nov 14, 2011 6:26am
Quoting zamfir
Well , my suggestion is first go to fxstreet and search for Sam Seiden's webinars. Go through all of them...you shall find a way..

Thanks... i will definately do that

I have a good hunch about this... cause he and i have same name,...
  • #22
  • Nov 14, 2011 7:44am Nov 14, 2011 7:44am
Sam, just curious. Are you trading on intra-day timeframe?
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #23
  • Nov 14, 2011 8:56am Nov 14, 2011 8:56am
Hi Sam,

Let me see if I can help you here... first of all are you consistent in your approach? That means do you take every trade your system gives you even after losses? or do you sit out for a bit before jumping back in?

The reason I ask is that if you are trading technically then consistency is your only real friend. If you start to pick and choose your trades then sods law says you will pick all of the losers.

Now to the aspect of the markets watching you... we all feel like that at one time or another and truth be told if you trade price action which I do, then this feeling is ony natural as your entries are coming in places where the market is only going to go one of two ways for the most part... it will bounce or it will break! So if you are trading breaks then the times when it bounces you will find you are buying the high of the day or low of the day, this is natural for this kind of trading.

Can you tell me honestly that you have truly back tested any system you have traded? I mean to the point where you have detail statistics? Trading is very much about confidence which it sounds like you are out of. Unless you have the confidence in your system, you will not execute in the heat of battle and you will lose money. You will chase trades and find that they turn as soon as you enter.

Honestly I can't emphasize enough how important consistency is! You MUST be able to execute like a robot, particularly if you are trading intraday! A let entry can mean maybe 20-30% of your profits gone and not business can afford to consistently give away profits like that.

I am going off in all sorts of directions here but I guess what I am trying to say is the key to your success is focus and confidence in your system. So the recipe for success =

1: Find a system that you believe in as in the core of that system you believe works. For example I am a sort of swing/trend trader, so I believe in entering on the bounces, I truly believe that as long as the market is trending I will make money this way. But I also understand that I will take losses.

2: Test that system, build detail stats

3: Demo test to get execution

4: Live test with a small account to master your emotions

5: Build from there

One last thing! Embrace your losses as they are guaranteed! You cannot avoid them so quit trying :-)

Nexas
  • #24
  • Nov 14, 2011 9:19am Nov 14, 2011 9:19am
Quoting sam1741
Thanks Buma... I will definately put those in my read-list..


I think of myself as day trader.. exit the trade by end of day
and maybe if the trend is strong i will hold it for couple of day

i used to try scalping..
but i found out i not have so much energy and time to do it..

i tried long term trading before
but the drawdown is immense.. .. not good for small capital
So you're spiralling down to depression. The trip's H___, the destination's great (according to the market emotion cycle): Realism sets in.

One thing at least some PA traders understand is that "end of day" is an artificial exit. Exits as well as entries and stops that are based on a method's reason/logic are better. So maybe it's not the method, it's how you manage your money with the method.
  • #25
  • Nov 14, 2011 9:28am Nov 14, 2011 9:28am
Quoting Caesar95
Sam, just curious. Are you trading on intra-day timeframe?
i usually do one or two trades a day.. and will exit them by end of the day..
or sometimes if the trend is strong i will move my stop and stay on..

I not sure which time frame
I have tried trade higher timeframe for long term trade
i also tried trade shorter time frame
but none really work out... i tried all from 5 minute charts to daily charts..
  • #26
  • Nov 14, 2011 9:33am Nov 14, 2011 9:33am
Quoting Nexas
Hi Sam,

Let me see if I can help you here... first of all are you consistent in your approach? That means do you take every trade your system gives you even after losses? or do you sit out for a bit before jumping back in?

The reason I ask is that if you are trading technically then consistency is your only real friend. If you start to pick and choose your trades then sods law says you will pick all of the losers.

Now to the aspect of the markets watching you... we all feel like that at one time or another and truth be told if you trade price...


hi Nexas

I have to be honest.. i not have any confidence in any system

and i do choose my trades.. based on what the system say
some said "target must be 4x your risk, if not do not enter",
some with different calculation...
and when id o loose, i sit back a while, than come back in with same rules in the system

so far none that i tried is work
i do write very simple EA before
and it works, on few years sample data i see equity line goes up
but when i put them to live, i only seeing the line goes down..

and.. have to agree with u
loses are guaranteed...
  • #27
  • Nov 14, 2011 9:35am Nov 14, 2011 9:35am
and what is more frustrating is
some ppl wil get consistant income after months of learning
and they start to earn from live account

And after so many years learning
sacrifice my time for other things
sacrifice my chance of better pay job (cause of the freedom of my current low-pay job to study and trade)
i still is nothing
  • #28
  • Nov 14, 2011 9:42am Nov 14, 2011 9:42am
Quoting sam1741
and what is more frustrating is
some ppl wil get consistant income after months of learning
and they start to earn from live account

And after so many years learning
sacrifice my time for other things
sacrifice my chance of better pay job (cause of the freedom of my current low-pay job to study and trade)
i still is nothing
get positive mindset, pray to God, and learn even harder. eveyr morning before sleep and after, say: I am the best trader in the world, i am consistent, profitable, and i own the market. BELIEVE IT.
You will make it.

i know im 14, but i got some starting points for easy PA trading if ud like
my skype: FXCalibur
Have I got something on my face, SOLDIER?
  • #29
  • Nov 14, 2011 9:49am Nov 14, 2011 9:49am
Hm, 35 people couldn't count on two hands how many times I've seen those "winners" disappear within a few months.

You have to realise that people will flaunt their profits but go numb quickly when they're in the red.

Don't compare yourself to others.

Give it some time, away from the screen. Do you know what Prince said, the musician I mean, before he closed his website recently?

"Anyway, all these computers and digital gadgets are no good. They just fill your head with numbers and that can't be good for you"

Yeah, get those numbers out of yer head ...

Quoting sam1741
and what is more frustrating is
some ppl wil get consistant income after months of learning
and they start to earn from live account

And after so many years learning
sacrifice my time for other things
sacrifice my chance of better pay job (cause of the freedom of my current low-pay job to study and trade)
i still is nothing
forget about tomorrow, just steal away into the night
  • #30
  • Nov 14, 2011 9:52am Nov 14, 2011 9:52am
Quoting bumapatria
get positive mindset, pray to God, and learn even harder. eveyr morning before sleep and after, say: I am the best trader in the world, i am consistent, profitable, and i own the market. BELIEVE IT.
You will make it.

i know im 14, but i got some starting points for easy PA trading if ud like
my skype: FXCalibur

thanks buma...
is midnight here... so i skype u in a while at morning..


--------------------------




not sure why my thread being moved
i prefer to be in rookie-discussion

cause after so many years trying
i am still.. rookie.. or even less than that
still nothing
  • #31
  • Nov 14, 2011 10:08am Nov 14, 2011 10:08am
Quoting bumapatria
get positive mindset, pray to God, and learn even harder. eveyr morning before sleep and after, say: I am the best trader in the world, i am consistent, profitable, and i own the market. BELIEVE IT.
You will make it.
The above has nothing to do with success. I'm sorry.
Your problems are not psychological or from a lack of "faith".

You don't have an "edge". Period.

Take a break, trade recreationally. Improve your real-life job.
You'll be happier. You'll make a little more money.

You don't have to give up... but for now you are depressed
and perhaps anxious, fearful.

Research and study and test in your free time.
Give up the idea of becoming a "pro", earning your living from Forex...for now.

This is probably the most difficult market to gain an "edge" in
compared to equities, options, futures, etc. but it has the lowest cost of entry.

That's why you and everyone else is here, because they don't have $10,000 to $20,000 risk capital to trade futures for a meager living.

Take a break, it's not a failure but a 'stepping stone' learning experience.
  • #32
  • Nov 14, 2011 10:17am Nov 14, 2011 10:17am
Quoting sam1741


And money management / RR i feel is POS too
if i risk 1% per trade, i will loose 1% , in 100 times until my account is drained ( btw i still using demo, after all these year, i cant even make a few bucks , or fraction of pips)
You just need to trade smaller period. For example...if 1% of you account = $100 then trade in .01 lots on a mini account that is 1 penny per pip. At this size you need to lose 10,000 pips to lose that 1%! If you really have done your research on entry, then you will not lose 10,000 on a single trade..it will be hard to lose it at least within a week! now if you want to go larger, then trade .10 lot = 10 cents per pip..still at this level you need to lose 1000 pips!!

Most probably you have been trading that 1% with max leverage thus you don't give yourself enough room for the volitility range.. 100 pips stops is not going to cut it..the broker will see that and take it out... 1000 pips stop or 10,000 pips stop is better ... try it! This is what I tell my students and miraculously their accounts starts to grow.."SLOWLY BUT SURELY".

Good luck on your trading.. Please update me if you try out my method..
  • #33
  • Nov 14, 2011 10:47am Nov 14, 2011 10:47am
Hello,
If you are willing to put in a little more effort, I have an excercise for you.

1. PM me your entry plan, exit plan, position management plan.
2. Open a demo account.
3. Select any timeframe and any instrument. (only 1 tf and 1 instrument, for this excercise.)
4. Make 100 trades using your strategy. (100 trades using 1 strategy, no poridge of various strategies, ok.)
5. PM me your trade stats with entry/exit, position size etc data after those 100 trades.

*Religiously follow your trade plan. I wont be able to help you if you go astray your path. (Use rigid trade plan for this excercise as you wont be able to document your discretionary approach nor are you advanced enough to apply the flexibility required for discretion.)

Keep well..







Quoting sam1741
hi guys..
i need some words of wisdome.. or some words of motivation

After learning

And money management / RR i feel is POS too
if i risk 1% per trade, i will loose 1% , in 100 times until my account is drained ( btw i still using demo, after all these year, i cant even make a few bucks , or fraction of pips)

i am so confused
  • #34
  • Nov 14, 2011 10:55am Nov 14, 2011 10:55am
Quoting sam1741
hi guys..
i need some words of wisdome.. or some words of motivation

After learning for 3 years +
i still feel myself like a piece of s___


After trying many system
And even develop my own system

everything still same from the begining,
the market as if know where i am,
the moment i enter long, it will went down
to make things worse, the market will laugh at me, come back at the place i long and make it as a resistance ( no prior resistance at that area for past year eventhough)
vice versa for short

i tried various methods.. nothing seems...
your problem is that you have no idea, if your system is profitable over the long term. If you KNEW that your system is profitable, you would have a completely different mindset and just take every entry regardless of the outcome.

My advice, test your system on as many instruments and market conditions as you can and look if it is profitable. If it is not profitable then go back to start and try to create a system that is profitable over the long-term.

You wanna be the casino (always the odds on your side over the long-term), not the gambler. But in order to know if you have the odds on your side you need to do some extensive testing.
  • #35
  • Nov 14, 2011 11:36am Nov 14, 2011 11:36am
you know when i started. i got jealous of all the traders that profited when i lost. VERY jealous. that drove me to even wanna strive more to succeed.

first of all repair ur mindset.
here is a trade closed a second ago. forget the how or why i took them, imagien urself taking them and winning htem. u need more drive, more strive to even have chance at nailing this. get jealous. let this be the drive for u. people make millions out of forex, and losers lose a lot too. BE THE WINNER. Yes you can

You need to have a winning mindset. to drag urself lower and lower wont help mate!
Attached Image (click to enlarge)
Click to Enlarge Name: green eyes.gif Size: 12 KB
Have I got something on my face, SOLDIER?
  • #36
  • Nov 14, 2011 11:45am Nov 14, 2011 11:45am
here, watch this video till the end..

Inserted Video


  • #37
  • Nov 14, 2011 12:31pm Nov 14, 2011 12:31pm
hi sam,i think your being alittle hard on yourself,

i would say you have come alot further than you think.its only taken you 3 years to realise ,that most of what u read,and most of what you thought should work ,infact doesnot.and most importantly you except it.now you are free, mindfully to concentrate on price, knowing what dosnt work,why did it in fact fail,why did price not behave as my indis or understanding said it would,there is your solution,its ther u have answered your own question,watch price,
  • #38
  • Nov 14, 2011 7:48pm Nov 14, 2011 7:48pm
Quoting Intu
The above has nothing to do with success. I'm sorry.
Your problems are not psychological or from a lack of "faith".

You don't have an "edge". Period.

Take a break, trade recreationally. Improve your real-life job.
You'll be happier. You'll make a little more money.

You don't have to give up... but for now you are depressed
and perhaps anxious, fearful.

Research and study and test in your free time.
Give up the idea of becoming a "pro", earning your living from Forex...for now.

This is probably the most difficult market to gain an "edge"...

Thanks Intu...
i think.. a break is good for me.. to go for longer distance
  • #39
  • Nov 14, 2011 7:50pm Nov 14, 2011 7:50pm
Quoting spekitox
Hm, 35 people couldn't count on two hands how many times I've seen those "winners" disappear within a few months.

You have to realise that people will flaunt their profits but go numb quickly when they're in the red.

Don't compare yourself to others.

Give it some time, away from the screen. Do you know what Prince said, the musician I mean, before he closed his website recently?

"Anyway, all these computers and digital gadgets are no good. They just fill your head with numbers and that can't be good for you"

Yeah, get those numbers...

I always thought that,
Those winner disappear because they have win a lot

buy some villas beside some beach, live a happy live, not bother to go to forum anymore.. or just going travel .. .

and maybe got 0.5% of them will come back forum and help the others.. cause they have alot of free time, after they find the right system for themselves..
  • #40
  • Nov 14, 2011 7:52pm Nov 14, 2011 7:52pm
Quoting Custos
your problem is that you have no idea, if your system is profitable over the long term. If you KNEW that your system is profitable, you would have a completely different mindset and just take every entry regardless of the outcome.

My advice, test your system on as many instruments and market conditions as you can and look if it is profitable. If it is not profitable then go back to start and try to create a system that is profitable over the long-term.

You wanna be the casino (always the odds on your side over the long-term), not the gambler....
I think the only house is the big player...
i guess i have to do more testing on my systems


over the year i have test many system
i also developed my own

Once i am so lost.. i even test a coin-toss system, just toss a coin and enter, set fix number of SL and TP.. that work for some time..
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