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  • #561,941
  • Nov 15, 2011 6:25am Nov 15, 2011 6:25am
Quoting ThisPip
You know Cloggie, that may sounds a bit silly, but i do believe that becoming a good and consistent trader makes you a better person in life.

I hope i get there one day too.
You are kidding, right? How exactly is trading connected with you becoming a better person?

This isnīt a moral philosophy lecture. Itīs a JOB, man. The best traders do realise that, take it absolutely seriously and thatīs why they earn money and 90% of gamblers donīt.

I mean, you can paint your pink paradise images of cheerful community of traders who work together for a greater good and better future for humankind and all this shit but in fact and in the real world - itīs you against the market, against all the others, itīs a tough but rewarding job.

Trading makes you richer as result, if you work REALLY hard. You might grow intellectually, perhaps grasp a bit more about how this world is really working and interconnected. Nothing more, nothing less. Deal with it.
Quant Hedge Fund CEO
  • #561,942
  • Nov 15, 2011 6:29am Nov 15, 2011 6:29am
Quoting cloggie
Let's get this one back to 70 here.
You think? Seems like it ran out of steam around .50 to me + divergence on fast oscillators show some downward potential...

But who the hell I am to argue with Cloggie
Quant Hedge Fund CEO
  • #561,943
  • Nov 15, 2011 6:30am Nov 15, 2011 6:30am
Quoting 21vs7
True. Greed is my primal problem. I beat myself on a daily basis with this story. Just multiplying what Im earning daily for monthy outcome and again multiply it again. Fooking bastard really.

And when I get fooked I see this is really the main problem. Overtrading, overleveriging. Beating my fingers everyday not to do it.
yes two huge issues that you have to guard against all the time, especially overleveraging.. 100% a function of psychology and understanding your own mindset, nothing to do with analysis or understanding market dynamics..

overleveraging will kill your account quicker than anything. why do you think all the bucket-shop dealers offer 500:1 gearing, to keep within comfortable psychological boundaries i don't think that you should leverage more than 10:1 of total account equity, which means having $1000 worth of available margin for every mini contract that you trade, this affords a 30 pip stop with 3% equity at risk, this should be your risk limit, preferably lower...
  • #561,944
  • Nov 15, 2011 6:35am Nov 15, 2011 6:35am
Quoting cloggie
Yup, forget the money, trading is not about money, the money is the result. See trading and money seperately, focus on the trading first.
for those who says he does not learn anything on this forum is completely wrong when he says such a thing.
Today has been a bright day.
Thank you master C
  • #561,945
  • Nov 15, 2011 6:36am Nov 15, 2011 6:36am
Quoting 21vs7
True. Greed is my primal problem. I beat myself on a daily basis with this story. Just multiplying what Im earning daily for monthy outcome and again multiply it again. Fooking bastard really.

And when I get fooked I see this is really the main problem. Overtrading, overleveriging. Beating my fingers everyday not to do it.
It was a huge problem for me as well in the past. You know what helped? Of course, itīs very individual but it at least worked for me.

I started to simply ignore money aspect, I just count pips (I obviously increase the lot size in time as my equity grows to make it correspond to my MM). And I have a daily/monthly quota for pips, when itīs fulfilled, I am satisfied and I donīt trade unless there opens some REALLY obvious opportunity.

+ last rule: 2 fucked up trades and I am out for the day.
Quant Hedge Fund CEO
  • #561,946
  • Nov 15, 2011 6:40am Nov 15, 2011 6:40am
Quoting FXMastermind
It was a huge problem for me as well in the past. You know what helped? Of course, itīs very individual but it at least worked for me.

I started to simply ignore money aspect, I just count pips (I obviously increase the lot size in time as my equity grows to make it correspond to my MM). And I have a daily/monthly quota for pips, when itīs fulfilled, I am satisfied and I donīt trade unless there opens some REALLY obvious opportunity.

+ last rule: 2 fucked up trades and I am out for the day.
Agree with what has been said.

Now instead of being addicted to seeing the figures in my account grow, I look for pip results, ironically earning money became easier and I'm constantly hitting my weekly target
  • #561,947
  • Nov 15, 2011 6:41am Nov 15, 2011 6:41am
Quoting FXMastermind
It was a huge problem for me as well in the past. You know what helped? Of course, itīs very individual but it at least worked for me.

I started to simply ignore money aspect, I just count pips (I obviously increase the lot size in time as my equity grows to make it correspond to my MM). And I have a daily/monthly quota for pips, when itīs fulfilled, I am satisfied and I donīt trade unless there opens some REALLY obvious opportunity.

+ last rule: 2 fucked up trades and I am out for the day.
while i'm on a rant and we're waiting for ny, yes that i would say is the other biggie, avoid at all costs, revenge trading or chasing losses..
  • #561,948
  • Nov 15, 2011 6:41am Nov 15, 2011 6:41am
And when I get fooked I see this is really the main problem. Overtrading, overleveriging. Beating my fingers everyday not to do it.[/quote]

Yep, my problem too, its such a struggle, I hope one day I can overcome it, if I can't, I know I won't succeed. Sometimes I think I do, and then after a few weeks, I get back into my old habits.
Yay! Pips for everyone!
  • #561,949
  • Nov 15, 2011 6:41am Nov 15, 2011 6:41am
Quoting ThisPip
You know Cloggie, that may sounds a bit silly, but i do believe that becoming a good and consistent trader makes you a better person in life.

I hope i get there one day too.
Getting someone's lunch money makes you a better person? This is pure darwinism here, eat or be eaten. Everyone can be a potential threat, always be ready, how it can make you more kind and loving? This is how this world works, someone must starve because there is not enough food for everyone.
  • #561,950
  • Nov 15, 2011 6:44am Nov 15, 2011 6:44am
Quoting FXMastermind
You are kidding, right? How exactly is trading connected with you becoming a better person?

This isnīt a moral philosophy lecture. Itīs a JOB, man. The best traders do realise that, take it absolutely seriously and thatīs why they earn money and 90% of gamblers donīt.

I mean, you can paint your pink paradise images of cheerful community of traders who work together for a greater good and better future for humankind and all this shit but in fact and in the real world - itīs you against the market, against all the others, itīs a tough but rewarding...
Heck no i am not kidding. Yes you have to treat it as a business and protect your assets at all time. As being the one responsible, you also have to be able to make tough decisions. (realize loses for example)

But that does not mean you need to be an asshole to be successfully.
This is not the movie Wall Street.

As a person, i try to grow also from a spiritual point of view, regardless what job i pick to pay my bills.

About grasping on how this world REALLY works, i am confident enough to know what i need to know, where my analytical skills kick in on a daily basis.

People and society WANTS you to think trading is hard.
It is up to you to believe what you want.
  • #561,951
  • Nov 15, 2011 6:47am Nov 15, 2011 6:47am
Quoting FXMastermind

+ last rule: 2 fucked up trades and I am out for the day.
I agree with everything you guys said but this doesnt feel right to me. When u continue to fuck up trades, 1 after the other, is when u NEED to trade. If u manage to stay cool after losing a bunch of trades and still follow ur system...just a matter of time till results show. Because pressure is going to be there everyday waiting for you when u open ur broker. You have to learn to deal with it!

If u adopt a 'i lost 2 trades so i must quit' mentality, pretty soon you are not going to accept any losing trades and eventually, you are going to have 1 losing trade which will wipe you. Or worse...you are going to be afraid of the market!

But if this works for you do it!
  • #561,952
  • Nov 15, 2011 6:47am Nov 15, 2011 6:47am
think 78 could be really tough if we get up that high..

taking a breather, bbl...
  • #561,953
  • Nov 15, 2011 6:48am Nov 15, 2011 6:48am
is this reversal movement from Bull ? Please enlight me
  • #561,954
  • Nov 15, 2011 6:49am Nov 15, 2011 6:49am
Quoting Alexone
I agree with everything you guys said but this doesnt feel right to me. When u continue to fuck up trades, 1 after the other, is when u NEED to trade. If u manage to stay cool after losing a bunch of trades and still follow ur system...just a matter of time till results show. Because pressure is going to be there everyday waiting for you when u open ur broker. You have to learn to deal with it!

If u adopt a 'i lost 2 trades so i must quit' mentality, pretty soon you are not going to accept any losing trades and eventually, you are going to have...
i think most traders allow three full losers on the bounce before they start questioning if their head is in the right place to be trading..
  • #561,955
  • Nov 15, 2011 6:51am Nov 15, 2011 6:51am
Quoting mrfxlee
is this reversal movement from Bull ? Please enlighten me
i'm reading it as late london retrace and consolidation of the move from the open, waiting for ny to come on board to see where their heavy hitters want to go, jury is out till ny...

close above 78 and i would be more inclined to be bullish, but not until...

my two cents...
  • #561,956
  • Nov 15, 2011 6:54am Nov 15, 2011 6:54am
Quoting FibbinArchie
i'm reading it as late london retrace and consolidation of the move from the open, waiting for ny to come on board to see where their heavy hitters want to go, jury is out till ny...

close above 78 and i would be more inclined to be bullish, but not until...

my two cents...
Spot on as usual, i reckon this is the "Hope NY will save us bulls puff"
just b4 reality comes back. Retail Sales figures will be coming up in 35min.
  • #561,957
  • Nov 15, 2011 6:55am Nov 15, 2011 6:55am
Quoting FibbinArchie
i'm reading it as late london retrace and consolidation of the move from the open, waiting for ny to come on board to see where their heavy hitters want to go, jury is out till ny...

close above 78 and i would be more inclined to be bullish, but not until...

my two cents...
it has retraced for at least 53 pips above , is this normal ?
  • #561,958
  • Nov 15, 2011 6:56am Nov 15, 2011 6:56am
Quoting mrfxlee
it has retraced for at least 53 pips above , is this normal ?
normal enough for people to try buy tops. forex is not normal.

and people who trade this shit are not normal either.
  • #561,959
  • Nov 15, 2011 6:57am Nov 15, 2011 6:57am
Quoting darimik
normal enough for people to try buy tops. forex is not normal.

and people who trade this shit are not normal either.
SO true...
Quant Hedge Fund CEO
  • #561,960
  • Nov 15, 2011 6:58am Nov 15, 2011 6:58am
Quoting mrfxlee
it has retraced for at least 53 pips above , is this normal ?
Yup, happens everyday like clockwork, tomorrow just bet the farm at exactly the same time as today's PA action.
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