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The law of attraction and trading

  • #21
  • Feb 14, 2012 6:34pm Feb 14, 2012 6:34pm
Quoting M.A.C.Doug
Excellent discussion
Trading is mostly psychological. your thoughts about yourself are more important than anything else. Most people have no idea what their own thoughts are let alone the decisive effect they have on everything, including trading results. Finding your own thoughts about yourself is very difficult and facing those thoughts is even harder. Most people live and die without undertaking this enquiry, prefering to "sweep it under the mat". This is why most people lose in the market and yet it hardly rates a mention in the systems...
uh, why on Earth would any of this be mentioned in the "systems" section of this forum... it has absolutely nothing to do with any trading system.
  • #22
  • Feb 14, 2012 6:36pm Feb 14, 2012 6:36pm
Quoting duca
works between people-
I have read many books on-
must reach the minds of other traders (mostly larges)
Yes, "The Secret" by Rhonda Byrne is a very good book, and, of course, there is a timeless book "Think and Grow Rich" by Napoleon Hill.

But both Rhonda Byrne and Napoleon Hill say, that if we just think "Everything will be just fine, I'm happy" etc. - nothing would happen, it wouldn't do us any good.

According to Rhonda Byrne and Napoleon Hill we have to:
1). visualize our success
2). create a plan
3). work according to our plan until the goal has been achieved.

All three parts (the visualization, planning the work, working the plan) are equally important!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #23
  • Feb 14, 2012 7:04pm Feb 14, 2012 7:04pm
Quoting Favorite
Yes, "The Secret" by Rhonda Byrne is a very good book, and, of course, there is a timeless book "Think and Grow Rich" by Napoleon Hill.

But both Rhonda Byrne and Napoleon Hill say, that if we just think "Everything will be just fine, I'm happy" etc. - nothing would happen, it wouldn't do us any good.

According to Rhonda Byrne and Napoleon Hill we have to:
1). visualize our success
2). create a plan
3). work according to our plan until the goal has been achieved.

All three parts (the visualization, planning the work,...

Favorite, thanks for a terrific post. Nothing else needed and no "law of attraction" mentioned... because it really has nothing at all to do with trading.

Trading is about self control. Self control to NOT put on a trade just because you want to put on a trade but waiting (PATIENCE) for the right set up or circumstances on the charts that present the lowest risk. Self control also entails not hesitating to "pull the trigger" when you see a good trade. Lastly, the greatest attribute that is needed to be a successful trader is the ability to accept the risk when you do put on a trade. If you can accept the risk of putting on a trade then taking a loss to keep your losses small shouldn't ever be a problem.

This so called law of attraction has absolutely nothing to do with being a successful trader whatsoever.
  • #24
  • Edited 10:00pm Feb 14, 2012 7:05pm | Edited 10:00pm
Quoting mike22
uh, why on Earth would any of this be mentioned in the "systems" section of this forum... it has absolutely nothing to do with any trading system.
You cannot be profitable with any system without addressing the psychological aspect of trading. The systems are quite useless without it. You think it would rate a mention so at least people know where to look when they dont make money. Instead, they hop to the next system and achieve the same result
BTC Return This Year: na
  • #25
  • Feb 14, 2012 7:13pm Feb 14, 2012 7:13pm
Quoting mike22
Favorite, thanks for a terrific post.



Quoting mike22
Trading is about self control. Self control to NOT put on a trade just because you want to put on a trade but waiting (PATIENCE) for the right set up or circumstances on the charts that present the lowest risk. Self control also entails not hesitating to "pull the trigger" when you see a good trade. Lastly, the greatest attribute that is needed to be a successful trader is the ability to accept the risk when you do put on a trade. If you can accept the risk of putting on a trade then taking a loss to keep your losses small shouldn't ever be a...
Well said!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #26
  • Feb 14, 2012 9:15pm Feb 14, 2012 9:15pm
Trading is a skill. it should be trained. Like swimming and other skill. Without proper and enough training is impossible to be a consistent profitable trader.

What should be trained?
1. proper mental in trading
2. the foundation knowledge of trading
3. train to take proper risk consistently
4. train to maximize profit
5. train ONE simple (you understand) system until you master it. (you know the weakness and strength of the system
6. Take the trade consistently. Consistency is very important.
7. If you do all the above, so you are attracting the proper things come to you.

I hope this may give a bit inspiration.

best regards.
  • #27
  • Feb 15, 2012 12:51am Feb 15, 2012 12:51am
Mentality is the most important thing in trading. I believe it is 80% of the way to success, as the other 20% is picking a good strategy. If you have a good strategy, you should not act the opposite, but you have to follow the exact rules of that strategy, otherwise, it is just gambling. We have to know how to control our mind and impulses in order to implement the trading plan successfully. In order to do that, I suggest that you trade only long terms, so you will be able to make your decision calmly without the stress of intraday trading.
  • #28
  • Feb 15, 2012 1:40am Feb 15, 2012 1:40am
Some great posts here.
I'd like to add that a lot of traders on FF can't define their edge. A lot talk about systems, but get the 2 confused.
FF journal: Peaks and Troffs
  • #29
  • Feb 15, 2012 3:31am Feb 15, 2012 3:31am
What has Rhonda Byrne's The Secret got in common with Maxwell Maltz Psychocybernetics? What has Mark Douglas' Trading in the Zone got in common with Ed Seykota's interview in Market Wizards?

Both the Byrne and Douglas took the same initial idea - that your subconscious drives events, behaviour and outcomes in your life, and then took them further than they were ever intended, into a gibbering mess of ideas that they both currently represent. Byrne claiming that *all* events are the product of your dreams and darkest fears, and Douglas that most systems are profitable if you have the right mindset.

If that's true, Douglas would find gold in the FF system threads, and Byrne should pen a note to earthquake zones telling them it's all their fault.

Trading's like any other endeavour - drive, talent, mindset and graft are all crucial. Because mindset can cripple the results of any system it often takes the blame for all failures, acting like a fog that obscures the real picture which might be that you're sitting on a goldmine or a donkey of a system. For that reason, getting the right mindset and all the boring stuff like MM really should be start of any trader's to do list. It never is of course but then, I've never met a trader who isn't a contrarian.
  • #30
  • Feb 15, 2012 3:33am Feb 15, 2012 3:33am
Quoting bogus
Some great posts here.
I'd like to add that a lot of traders on FF can't define their edge. A lot talk about systems, but get the 2 confused.
Perhaps it's because most don't have an edge or think they do but really don't.
  • #31
  • Feb 15, 2012 4:03am Feb 15, 2012 4:03am
Quoting antonsatu
train ONE simple (you understand) system until you master it. (you know the weakness and strength of the system
I agree. But I would add: a good skilled trader has to have several (at least 2-3) different systems for different market conditions and he has to know when to use each of them. You just can't use the same system all the time nowadays, can you?
Gentlemen always play by the rules. If they can't, they change the rules.
  • #32
  • Feb 15, 2012 4:13am Feb 15, 2012 4:13am
Although attracting success towards yourself in this manner is easier said than done, I'd agree the flipside of that, too; setting yourself up for failure by looking for trades to take as opposed to looking for winning trades. Start looking for winners as opposed to just any old trade, and some kind of attraction does seem to take place.
  • #33
  • Feb 15, 2012 4:34am Feb 15, 2012 4:34am
Favorite
Quote
I agree. But I would add: a good skilled trader has to have several (at least 2-3) different systems for different market conditions and he has to know when to use each of them. You just can't use the same system all the time nowadays, can you?

Hi Favorite.

When different market conditions appear, is there a reason to change systems or just wait until more favorable conditions exist?

A good system with solid discipline and control can be profitable in any market and on any time frame, especially if the system's emphasis is on pure price action and market structure.

Structure analysis applies to gold, crude and the Dow the same way it does to the EUR/USD. As always, the discipline is to wait for structure to provide an opportunity, not impose our will because of impatience.

That's what has worked for me.

All the best.

dcginc
  • #34
  • Feb 15, 2012 6:18am Feb 15, 2012 6:18am
Quoting dcginc
Favorite

Hi Favorite.

When different market conditions appear, is there a reason to change systems or just wait until more favorable conditions exist?

A good system with solid discipline and control can be profitable in any market and on any time frame, especially if the system's emphasis is on pure price action and market structure.

Structure analysis applies to gold, crude and the Dow the same way it does to the EUR/USD. As always, the discipline is to wait for structure to provide an opportunity, not impose our will because of...

Hi dcginc, it's nice to see you and I'm glad that you're doing just fine!

I would give you an example: I trade TDI ("Trading Made Simple") only from the London's start to the London's finish. Can I trade TDI any other time? Yes, I can, but I don't want to, because the conditions during London are almost perfect for TDI, and the conditions during Asia, for example, are not so good for TDI. However I scalp during Australian and Asian session all the time (I use VQ indicator) and I'm doing pretty good.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #35
  • Edited Feb 16, 2012 1:08am Feb 15, 2012 6:43am | Edited Feb 16, 2012 1:08am
Favorite
Quote
Can I trade TDI any other time? Yes, I can, but I don't want to, because the conditions during London are almost perfect for TDI,

OK. I see . . . that makes sense. You have an optimal system for optimal market conditions based on your trading times and personality.

I'll buy that.

My system will work on any time frame and any market, but I would agree that it may require more or less patience at different times.

I guess it has to do with personal preference more than anything.

Ultimately, if one is making money consistently, that is all that matters!

All the best.

dcginc
  • #36
  • Feb 15, 2012 8:47am Feb 15, 2012 8:47am
Quoting dcginc
My system will work on any time frame and any market, but I would agree that it may require more or less patience at different times.
Gentlemen always play by the rules. If they can't, they change the rules.
  • #37
  • Feb 15, 2012 10:47pm Feb 15, 2012 10:47pm
yes, we can.

I use one basic method to understand the market movement.
Then, I decided to use one system for intraday (time frame 5 and 15 minutes only).
And I used one system for daily and weekly timeframe.
Both system based on the same method.

I hope this will give inspirations for all bro and sis.

Thank you



Quoting Favorite
I agree. But I would add: a good skilled trader has to have several (at least 2-3) different systems for different market conditions and he has to know when to use each of them. You just can't use the same system all the time nowadays, can you?
  • #38
  • Feb 15, 2012 10:49pm Feb 15, 2012 10:49pm
Quoting Favorite
I agree. But I would add: a good skilled trader has to have several (at least 2-3) different systems for different market conditions and he has to know when to use each of them. You just can't use the same system all the time nowadays, can you?
you can, if it is flexible enough.
  • #39
  • Feb 16, 2012 9:18am Feb 16, 2012 9:18am
Quoting antonsatu
yes, we can.

I use one basic method to understand the market movement.
Then, I decided to use one system for intraday (time frame 5 and 15 minutes only).
And I used one system for daily and weekly timeframe.
Both system based on the same method.
That's the point! I never said "You just can't use the same method all the time nowadays". I said "You just can't use the same system all the time nowadays". And you do use two systems, not one!
Gentlemen always play by the rules. If they can't, they change the rules.
  • #40
  • Feb 16, 2012 9:21am Feb 16, 2012 9:21am
Quoting Custos
you can, if it is flexible enough.
It is very hard to find such a flexible (and at the same time stable enough) system. At least I couldn't find any...
Gentlemen always play by the rules. If they can't, they change the rules.
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