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The 5 Steps to becoming a trader

  • #181
  • Jan 19, 2012 7:05pm Jan 19, 2012 7:05pm
Quoting Dyekid217
I still think entry is an important point. More than 95% of traders get in a trade too late (which is why 95% are losers) Even on a longer timeframe the best time to trade is the first 10 days of the month as most news releases will cause a trend on a certain currency.

Once you pair strength vs. weakness it's all about finding the right opportunity to enter.

more importantly when to get out. I usually trail my stop every 100 pips gained and just let price take me out

The issue is, you think XXX is a good price, but you can't predict so it could dump 30pips more before it turns back onto the trend.

The more I give up on timing perfect entrys the better I become.

All I do these days, is enter with the trend and enter on pull backs, if it pulls back more I have orders to buy more, if the trend hits a change level then I exit and take the loss.

never considered first 10 days of the month or anything news wise, but only recently ish moved to a swing style method.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #182
  • Jan 19, 2012 7:10pm Jan 19, 2012 7:10pm
hm to each his own. Honestly the hardest part I'd have to say is finding a method that suits you and one that actually works. But one must be able to execute such method with precision.
  • #183
  • Jan 20, 2012 11:53am Jan 20, 2012 11:53am
I used to doubt the statement by livermore that no man alive could beat the market but after great deal of thought I came to realise its true.

Always withdraw half your profits and lock em in a safe deposit box,thats is the only money that is ever taken out of wallstreet.come to think of it.

He truly was the greatest of all time.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #184
  • Jan 22, 2012 8:28pm Jan 22, 2012 8:28pm
Hi DyeKid,

I was reading the thread about the 5 steps. Any advice on what stick to the basics entail. Meaning what do you do now differently. Ive been at this for 2 years, and i keep breaking even.

Thanks
  • #185
  • Jan 22, 2012 10:09pm Jan 22, 2012 10:09pm
these 5 steps are own for everyone. we shouldn't make a strategy from it
very nice, good price..!
  • #186
  • Jan 25, 2012 5:37am Jan 25, 2012 5:37am
Quoting soultrader
You lot still reading this? Lol

Any of the old crew left?
I thought you'd fallen of the side of a cliff, but then I caught your journal from a few years back, made me both laugh and groan at the ups and downs.

You gave me advice when I was green around the gills in your clinic thread aeons ago.

Everything that's happened since then is largely your fault.
  • #187
  • Jan 26, 2012 11:27pm Jan 26, 2012 11:27pm
Quoting Dyekid217
hm to each his own. Honestly the hardest part I'd have to say is finding a method that suits you and one that actually works. But one must be able to execute such method with precision.
true, finding the strategy pretty hart. you have to try a lot before
  • #188
  • Jan 26, 2012 11:28pm Jan 26, 2012 11:28pm
Quoting Dyekid217
hm to each his own. Honestly the hardest part I'd have to say is finding a method that suits you and one that actually works. But one must be able to execute such method with precision.
truuue, finding the strategy is pretty hard. you have to try a lot before
  • #189
  • Feb 28, 2012 12:00am Feb 28, 2012 12:00am
I like this thread. I have currently found the system that suits me.
It is trading on the basis of a 4H chart.

It is so peaceful !

-Saifx
  • #190
  • Mar 1, 2012 1:39am Mar 1, 2012 1:39am
I read your all shared steps but think I fit in "Step 3 - The Eureka Moment".
  • #191
  • Mar 3, 2012 6:55pm Mar 3, 2012 6:55pm
I did all these things

I tried to be rich too quick
Blow account
read books, blogs, pandits
finally, I define my method
Now, I take pip loss,win as it goes not with pain.
Any big movements don't excite me if I am not in trade as I know what works for me is 10 pips in a day on any given pair I will meet my target of 100$ a day sometime it comes more if i am riding in a good bus sometime negative But weekly/monthly target working from 3-4 months, I hope I will able to be consistent

Will get rich slowly, I hope
  • #192
  • Apr 25, 2012 10:49pm Apr 25, 2012 10:49pm
3 years going on 4 and still on Step 2.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #193
  • May 23, 2012 8:06pm May 23, 2012 8:06pm
Quoting ha-pattern
Yeah, you're right.
For me, I usually bounce 1-3, only hitting 4 maybe half a dozen times, 1-5 days each, over lots of years. Never hit my stride in 4, unless you count an almost-breakeven year. 5, I only dream of. So, I'm at 3.
It was only step 2 until today.

I have to admit that while my technicals got much better, my trading never improved, even though I worked on both.
  • #194
  • May 23, 2012 8:32pm May 23, 2012 8:32pm
Quoting Dyekid217
Honestly the hardest part I'd have to say is finding a method that suits you and one that actually works.
Doesn't have to be rocket science. No one system will work for everyone. That's fairly simple. If one system worked for everyone then we would all be trading in the same direction at the same time. Fairly simple, right.

So we take a method that we like and improve on it to suit ourselves until it makes us or breaks us.

Find what suits you. Practice and understand why you took the trades that you did. If you're committed to trading a certain time frame because it suits your method but you still find yourself behind the eight ball,

don't try to change your personality to suit your trading
rather, change your trading to suit your personality.
When the Joker is in the deck.. fear not and play it well
  • #195
  • May 24, 2012 7:17am May 24, 2012 7:17am
been forex trading now for about 6 months....i always wanted to trade and if im being honest ...i thought i am special...i can do this forex like no other.
I used to play poker with friends ...and trust me my friends are not wealthy..we used to throw all our money at the games...and i pretty much always used to win...and my friends were hustlers...(need i say more)..so i knew i was sharp..good at maths..and technically orientated from my time at aerospace systems doing electrics ...blah blah..so yes..i thought im sharp as a razor and special..
i demo accounted for like 2 weeks and then went live with a few hundred pounds..made some quick money from 250 to about 380 ..then started betting big and blew out my account...
put in another 200. and decided to take my time..and slow things down and learn some more...got excited and blew out that account..
basically ...i have been humbled and am at stage 1 still..
i now realise that just becasue you are a good gambler...doesnt mean your a good forex trader...in fact i think if you dont leave your gambling hat at home...you are a terrible forex trader...
ther is risk and then there is crazy gambling...trying to get the fast cash.
anyway..i hope i make it through to stage 5...im in this for the long haul...as its what i always wanted to do..just didnt go for the jobs because i was lacking confidence in a toffs environment...like i said my friends and peers were all hustlers...now im confident enough to go for those jobs and no longer mix with the hustler types....but im 40 years old...so ill do it alone.
  • #196
  • May 29, 2012 6:38am May 29, 2012 6:38am
between steps 2-3. Just broke my rules last night. lost some money. Have made money on all of my rule following trades except a couple, but that's to be expected.
  • #197
  • Jul 13, 2012 5:42am Jul 13, 2012 5:42am
I am at level 4. A good trader is not be a gambler. A good trader manages risk to reward ratio. Everything is already planned. A good trader trades on 15m chart. A great trader trades on 1m or tick charts. That is my humble opinion.

In this modern era..bigger timeframes should be left for billionaires as they had to trade there because of liquidity problems. Us smaller traders who trades 100-1000 lots per click has no such problems like they do. We can come in and come out anytime we want without affecting the market much.
  • #198
  • Jul 13, 2012 7:49am Jul 13, 2012 7:49am
Regardless of time-frames a good trader consistently eats the steak and doesn't bother for potatoes and broccoli. I donno if it's healthy but he always eat.

A great trader may eat even dishes and table but imho if it's not unreal it's more unhealthy.
Don't Fight Forces, Use Them.
  • #199
  • Dec 17, 2012 10:01am Dec 17, 2012 10:01am
Quoting Warmagus
Good thread. I'm somewhere between 2 and 3. I've found something that's working and it suits my style. In a few more months i'll know for sure.

what level you are now? did you make it?
  • #200
  • Dec 17, 2012 10:04am Dec 17, 2012 10:04am
Quoting jarroo
Good Stuff Dial.
I would like to think I'm at stage 2.5 getting close to stage 3. Your insight, along with Merlin, James16, and others has sped up the learning curve for me. I know that I cant push the learning curve but just absorb all that I can and have fun doing it. I do plan on getting to Stage 5. Because there is one thing that I love about trading, the people here at Forex Factory, testing, analyzing, etc, is that IT'S FUN. Sure its frustrating and nerve-racking at times but hey that's part of the learning curve, its suppose to be...
What level you are now on? Did you make it?
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