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  • #588,321
  • Jan 25, 2012 10:55pm Jan 25, 2012 10:55pm
Quoting piptopip
This one is pretty discouraging for new entrants who enter looking forward to make a living out of this trade. If nothing worth while shows up even after five years of trying to learn, the picture looks really gloomy.
if been trading for five years and in the same position as i was day one. there is too much to learn and not enough time. im on the west coast. with a wife and kid. and a full time job. i can really only trade at midnight to 3am. in a state of exhaustion.

for part timers this is a 10 year learning curve. but i wont give up as i will not go to work for some schmuck the rest of my life.
  • #588,322
  • Jan 25, 2012 10:58pm Jan 25, 2012 10:58pm
Quoting gametheory
Yea..thats why i said some may be radical. But in honestly..that is the truth. Have u asked yourself, if those work mechanically, why 95% still lose?
Basically market is the place that pays the highest jackpot in this life. It frees u from 9-5 and let u live this life in a first class fashion. The best of everything ! Everyone wants to live such life..but only a few? Why is it??
If one acquires this skill..it is easier to to turn 10K to millions. Without this skill can turn millions to zero...a must!
For example, since 15th Dec, been doing some...
I also wonder if lines and bars tell it all so right, why just less than 5% succeed in this trade.
It is really encouraging to hear you say that the market is the place that pays the highest jackpot in this life and that it frees us from 9-5 and let us live this life in a first class fashion.
But the big question is how to acquire the skill that you are referring to. And also what precisely is the skill that is required? Is it the skill to read the market moves and take action accurately?
Better get rich slowly rather than going broke fast.
  • #588,323
  • Jan 25, 2012 11:00pm Jan 25, 2012 11:00pm
Quoting sdcasper
if been trading for five years and in the same position as i was day one. there is too much to learn and not enough time. im on the west coast. with a wife and kid. and a full time job. i can really only trade at midnight to 3am. in a state of exhaustion.

for part timers this is a 10 year learning curve. but i wont give up as i will not go to work for some schmuck the rest of my life.
yea thats the right attitude
  • #588,324
  • Jan 25, 2012 11:08pm Jan 25, 2012 11:08pm
Quoting todstars2
Yes you have already lost the minute a purchase goes against you.

Cut your losses quick and let your profits ride.

The minute you lose more than a predetermined amount, get out and wait for a better entry or look for another market where a profit is to be had.

Many people make the mistake of holding losers. Like in retail, you must mark the losers down and move them out the door before no one wants them!
This is so true. It took me a long time to realize the importance of cutting our losses. Swiftly getting rid of a losing position is very crucial. What amount is to be lost must be predetermined.
But all this requires immense mental discipline to implement this while we are actually trading.
Better get rich slowly rather than going broke fast.
  • #588,325
  • Jan 25, 2012 11:13pm Jan 25, 2012 11:13pm
Quoting Traderji
I agree with this statement completely. With the benefit of hindsight I can look at my losing trades and I have noticed a common pattern there. It is an eagerness to make a trade, any trade. Maybe because of boredom or some hidden need to gamble. It's not easy to overrule these impulses but if you keep working on it, it gets easier and easier.
I have also learned that trading just for the sake of it kills. This impulse needs to be harnessed. But it is not easy to do so. What you refer to as the hidden need to gamble is the real culprit which makes us open a position when we should not.
Better get rich slowly rather than going broke fast.
  • #588,326
  • Jan 25, 2012 11:17pm Jan 25, 2012 11:17pm
Anyone watching xau/usd? It looks like a rubberband about to explode. Tossing up putting a pending above and below it to see how it goes
5 min chart
http://puu.sh/eCeq


Daily chart
http://puu.sh/eCfx
  • #588,327
  • Jan 25, 2012 11:22pm Jan 25, 2012 11:22pm
euro is a b!tch
  • #588,328
  • Jan 25, 2012 11:24pm Jan 25, 2012 11:24pm
Quoting sdcasper
if been trading for five years and in the same position as i was day one. there is too much to learn and not enough time. im on the west coast. with a wife and kid. and a full time job. i can really only trade at midnight to 3am. in a state of exhaustion.

for part timers this is a 10 year learning curve. but i wont give up as i will not go to work for some schmuck the rest of my life.
So do you feel doing it full time makes it worth while?
The problem is that to quit one's day job to make trading one's bread and butter is in itself a tough move. How to take that plunge then?
Better get rich slowly rather than going broke fast.
  • #588,329
  • Jan 25, 2012 11:40pm Jan 25, 2012 11:40pm
buy stop at 313x...
  • #588,330
  • Jan 25, 2012 11:44pm Jan 25, 2012 11:44pm
Quoting Harvest.SVI
euro is a b!tch
why?
Trade responsiblypatience is the key/Swing trader
  • #588,331
  • Jan 25, 2012 11:47pm Jan 25, 2012 11:47pm
Cable is a driver in majors, direction - daily Ichimoku before Europe, idea - long EUR/GBP to 0.84
  • #588,332
  • Jan 25, 2012 11:58pm Jan 25, 2012 11:58pm
Waiting for breakout?? up or down, i should list of my strategy to enter today trade.
Rome was not built in a day, but I will do in a day if it was me.
  • #588,333
  • Jan 25, 2012 11:58pm Jan 25, 2012 11:58pm
I am long at 1.3100 with SL at BE + 1, TP @ 1.3200

When FIB is applied on the recent upmove from 1.2930 to 1.3110,

Is it headed to 1.3200

or down ? ,

How can it go down, when it got a surprise gift from Ben, it has to go up.

Previous Daily high is at around 1.3200 , so i am assuming it has to take it out
and give us a slow pull back which should last atleast 3 or 4 days and thereby creating a higher low in daily charts...


This is what i see...
PPP - Patience Pays PIPS
  • #588,334
  • Jan 26, 2012 12:03am Jan 26, 2012 12:03am
TP: ?

SL: 30 PIPS
  • #588,335
  • Jan 26, 2012 12:05am Jan 26, 2012 12:05am
can it go upto 1.3170/1.3200...in the european session
  • #588,336
  • Jan 26, 2012 12:05am Jan 26, 2012 12:05am
Quoting rustyram
I am long at 1.3100 with SL at BE + 1, TP @ 1.3200

When FIB is applied on the recent upmove from 1.2930 to 1.3110,

Is it headed to 1.3200

or down ? ,

How can it go down, when it got a surprise gift from Ben, it has to go up.

Previous Daily high is at around 1.3200 , so i am assuming it has to take it out
and give us a slow pull back which should last atleast 3 or 4 days and thereby creating a higher low in daily charts...


This is what i see...
don't think any more surprises are left. short squeeze which took it to 1.3125(todays high) and may be 1.3150. not more than that.
  • #588,337
  • Jan 26, 2012 12:09am Jan 26, 2012 12:09am
Quoting rustyram
I am long at 1.3100 with SL at BE + 1, TP @ 1.3200

When FIB is applied on the recent upmove from 1.2930 to 1.3110,

Is it headed to 1.3200

or down ? ,

How can it go down, when it got a surprise gift from Ben, it has to go up.

Previous Daily high is at around 1.3200 , so i am assuming it has to take it out
and give us a slow pull back which should last atleast 3 or 4 days and thereby creating a higher low in daily charts...


This is what i see...
You can only buy when everyone else is selling if you have held your fire when everyone was buying
Rome was not built in a day, but I will do in a day if it was me.
  • #588,338
  • Jan 26, 2012 12:10am Jan 26, 2012 12:10am
Quoting Harvest.SVI
euro is a b!tch
Hot one.
The Thief of Wall Street
  • #588,339
  • Jan 26, 2012 12:15am Jan 26, 2012 12:15am
Holy shit, I stay away and my trading comes back. Pattern here? naaah.
  • #588,340
  • Jan 26, 2012 12:22am Jan 26, 2012 12:22am
Quoting piptopip
What are the psychological leaks that a trader may have? And how can they be fixed?
Fear and greed, nothing else. Fear of losing a trade, fear that a profitable trade may turn into a loser, fear that market will snatch back gains made,......... and thousand other types of fears. Opposite is true for greed.

Problem of greed is and will be there. But I have a solution that made me a fearless trader. That is, Keep Your Positions Small. If you are not risking much per trade, your trading won't be affected by fears.
The Thief of Wall Street
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