Where are the pros ?? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Question For The Pros 5 replies

what start hour do the pros use? 14 replies

Platforms Pros and cons 5 replies

EasyLangauge vs MQL: Pros+Cons Discussion 3 replies

Where are the pros ??

  • #1
  • First Post: May 9, 2006 6:11pm May 9, 2006 6:11pm
Hello folks !!

I'm relatively new to this forum and must say that this place is really
the most serious forex forum in the web.
I've studied numerous books, forums and courses in the past.
Everyone seems to have the holy grail by presenting and praying his
system.
It's like a mosaik where you take one piece of wisdom there and
the other there and so on......
But as a result I miss the big picture which gives me a clear view on
the market.
All the big boys are always telling ( e.g. in Jack Schwagers Market Wizards ) to keep trading simple -> The famous KISS SYSTEM !!
So my question here is if there are serious big boys outside in this
Forex World who want to share some thoughts with us about the real
business is going.
I would appreciate it very much, if such a shark has a cool moment
to open our dumb eyes....

Thanks

Bernhard from Essen in Germany
  • #2
  • May 9, 2006 6:40pm May 9, 2006 6:40pm
Pros are making money while we waste ourselves on "miraculous" strategies and indicators.
  • #3
  • May 9, 2006 7:31pm May 9, 2006 7:31pm
Here read this post.
http://www.forexfactory.com/forexfor...1&postcount=20

And read the James16 thread about price action.
and Dial's stuff in the stickys of the Beginner Forum.

The info is all over this forum, but you will have to read it... happy reading, Scott



Quoting behof
Hello folks !!

I'm relatively new to this forum and must say that this place is really
the most serious forex forum in the web.
I've studied numerous books, forums and courses in the past.
Everyone seems to have the holy grail by presenting and praying his
system.
It's like a mosaik where you take one piece of wisdom there and
the other there and so on......
But as a result I miss the big picture which gives me a clear view on
the market.
All the big boys are always telling ( e.g. in Jack Schwagers Market Wizards ) to keep trading simple -> The famous KISS SYSTEM !!
So my question here is if there are serious big boys outside in this
Forex World who want to share some thoughts with us about the real
business is going.
I would appreciate it very much, if such a shark has a cool moment
to open our dumb eyes....

Thanks

Bernhard from Essen in Germany
  • #4
  • Edited May 10, 2006 12:01am May 9, 2006 7:35pm | Edited May 10, 2006 12:01am
Advice? Figure out "why" price is moving. Once you know that, predicting where it will go is easy...
  • #5
  • May 9, 2006 7:48pm May 9, 2006 7:48pm
Quoting behof
But as a result I miss the big picture which gives me a clear view on the market.
read books, its the only way i know to get the big picture. its hard to learn this on forums and the web, you really need to sit down for hours with one smart author and absorb the information.
Relax and be happy.
  • #6
  • May 9, 2006 8:07pm May 9, 2006 8:07pm
Quoting merlin
read books, its the only way i know to get the big picture. its hard to learn this on forums and the web, you really need to sit down for hours with one smart author and absorb the information.
I couldn't agree more.
Mr. Trend
  • #7
  • May 9, 2006 8:44pm May 9, 2006 8:44pm
  •  MikeG
  • | Joined Aug 2005 | Status: Empowered to Profit by James16.com | 59 Posts
Quoting behof
Hello folks !!

I'm relatively new to this forum and must say that this place is really
the most serious forex forum in the web.
I've studied numerous books, forums and courses in the past.
Everyone seems to have the holy grail by presenting and praying his
system.
It's like a mosaik where you take one piece of wisdom there and
the other there and so on......
But as a result I miss the big picture which gives me a clear view on
the market.
All the big boys are always telling ( e.g. in Jack Schwagers Market Wizards ) to keep trading simple -> The famous KISS SYSTEM !!
So my question here is if there are serious big boys outside in this
Forex World who want to share some thoughts with us about the real
business is going.
I would appreciate it very much, if such a shark has a cool moment
to open our dumb eyes....

Thanks

Bernhard from Essen in Germany
Trading is vast, and forex is vaster (is that a word?). Learning to see the big picture in forex is like a fly trying to comprehend the Mona Lisa by walking across the canvas. Just as the fly's comprehension of Mona increases the more he walks around, so to does a trader's grasp of the big picture increase with a little knowledge here, a gram of truth there. In my opinion, Forex Factory IS the big picture because you will find information on all aspects of forex here, from which books to read, which brokers to use, how much leverage is safe, proper money management......the list goes on and on. As has been suggested, read the beginner's forum and the James16 Chart thread. Also get your hands on the ten books in Merlins book list.

Finally get to know the regulars here at the Factory. Merlin has worked his magic in attracting some real talent to this place. Read anything you see by Fijitrader, James16, Merlin, MuddBuddha and Diallist. These are by no means the only great traders on this forum. These just happen to be my personal favorites. Check out the other posters and I'm sure you will find a few of your own you can relate to.

So if you want to get the big picture, start walking the canvas and begin absorbing all the bits a pieces you'll find here. Pretty soon, you'll be smiling, just like Mona (she is smiling....isn't she?)

Michele UU
I am an extremely satisfied customer of the James16 Group!!!
  • #8
  • May 9, 2006 9:55pm May 9, 2006 9:55pm
Quoting MikeG
Trading is vast, and forex is vaster
Forex is the retail electronic currency market. Doesn't sound so vast now, does it? "Trading" technically includes things like developing a product and starting a business, so I think that's the vaster subject.
  • #9
  • May 9, 2006 10:00pm May 9, 2006 10:00pm
Quoting Mike Jolley
Forex is the retail electronic currency market. Doesn't sound so vast now, does it? "Trading" technically includes things like developing a product and starting a business, so I think that's the vaster subject.
Well, that is true, but if Mike's fly wants to get rich, he'd better start walking that canvas "vaster" than ever.

(I know, stupid pun, but I couldn't resist)

Dial
sxaxlxvxaxtxixoxnxbxyxgxrxaxcxexdxoxtxoxrxgx
  • #10
  • May 9, 2006 10:14pm May 9, 2006 10:14pm
i saw this thread, left to watch the maverick game and couldnt stop thinking about it. what defines a pro trader?

1. during the mid/late nineties in a stock day trading room in Dallas i saw guys/gals take 10,000 and turn it into a million. did that make them a pro or was it just a market where tech stocks did nothing but go up. i watched these same pro traders lose everything during the crash. 100,000 or more gone in one afternoon. oh well no big deal i'll just double up tomorrow and get it back. two people i knew well committed suicide. both with kids. were they pro's?

2. what about the guy who sells covered calls conservativly and gets 10 to 20 percent every year for years in a row. is he/she a pro?

3. what about the daytraders who play with a $500 account and win but net 50 bucks because they trade so much they get eaten up by commissions. are they pro's?

4. what about the guy who does his homework and manages his 401k in a way that wins in bad years. is he a pro?

5. what about the turtle guys? it was great for a while and then the market became non-condusive to thier system and it tanked. they made a ton and then they lost big time. were they pro's when they were winning and now thier not?

6. after 22 years doing this im not sure what the definition of a pro trader is.
ive always thought a pro trader is someone who consistently takes money out of the market. subjective and vague but thats the best i got. i play golf a lot and several times a year i get paired with someone i dont know who turns out to be a pro trader. i always keep my mouth shut. why? not sure but whenever i start feeling giddy and good at this i get my ass handed to me.

im no larry williams but i do ok and no one will ever hear me talk about being this or that, i know better. people that easily and loosely throw around they are a pro trader should be avoided at all costs. i think thats what really amazed me early on when i started sharing things that i do to try and build accounts and stay in the game. here is something else that just blows me away, its the "why do pro golfers take lessons from people they could wipe clean on the course" question? there are plenty of people here who i believe are far better traders than i am. i have emails from people from all over the world who have taken what i have taught them and blown me clean out of the water. i have 22 years of knowledge and thats all they needed. thier just talented. it thrills me to no end. great thread.

jim
  • #11
  • May 9, 2006 10:31pm May 9, 2006 10:31pm
Quoting diallist
Well, that is true, but if Mike's fly wants to get rich, he'd better start walking that canvas "vaster" than ever.

(I know, stupid pun, but I couldn't resist)

Dial
I'm sure that was very clever and important I'm a reader, writer, and painter, but the analogy of the fly walking across a canvas doesn't ring a bell.
  • #12
  • May 9, 2006 10:33pm May 9, 2006 10:33pm
Quoting james16

i saw this thread, left to watch the maverick game and couldnt stop thinking about it. what defines a pro trader?


jim

I thought a pro is someone who trades with your money for a living, and whether you win or lose he gets paid!?


Matsu
  • #13
  • May 9, 2006 10:36pm May 9, 2006 10:36pm
BUT trading is all abt yourself..thats it..thats is your KISS system..
there is a lot of good system being posted here..but i guess not all of it will suited you..
but try to spent almost your time on your own weakness or strength..Search within YOURSELF first to find out what is DA VINCI CODE...

thats it..i spend almost 5 yrs try to figure and look out what is market all abt(HOLY GRAIL trading)..BUt i guess when i found out the answer is inside MYSELF..

thank you to all forumers..its been the most informative and break through experience to spend in this forum..
  • #14
  • May 9, 2006 10:37pm May 9, 2006 10:37pm
Quoting Matsu
I thought a pro is someone who trades with your money for a living, and whether you win or lose he gets paid!?


Matsu
LOL. good one matsu. theres a lot of "truth" in that statement. its something i will never do ( been asked a lot since joining this forum) so i guess by that standard i dont qualify which is fine by me. i care to damn much, i would be a nervous wreck.
  • #15
  • May 9, 2006 10:43pm May 9, 2006 10:43pm
Quoting james16

i care to damn much, i would be a nervous wreck.

Ah! So I can tell you can't be a pro trader. A pro trader has to have no conscience. Even if he wipes out his client's account he has to go after him for his 'management fees'!


Matsu
  • #16
  • May 9, 2006 10:51pm May 9, 2006 10:51pm
Quoting Matsu
Ah! So I can tell you can't be a pro trader. A pro trader has to have no conscience. Even if he wipes out his client's account he has to go after him for his 'management fees'!


Matsu
yes and then a special place in hell. nope dont want nothin to do with that.
  • #17
  • May 9, 2006 11:13pm May 9, 2006 11:13pm
Quoting Matsu
Ah! So I can tell you can't be a pro trader. A pro trader has to have no conscience. Even if he wipes out his client's account he has to go after him for his 'management fees'!
Matsu
Yup, in this sense, jim fails big time.
<I leave it up to the reader to see if this is good or bad>
  • #18
  • May 10, 2006 1:06am May 10, 2006 1:06am
Quoting james16
i saw this thread, left to watch the maverick game and couldnt stop thinking about it. what defines a pro trader?
I think a pro(fessional) is anyone who makes a living by using their skills in a given profession. This doesn't imply that they are an expert or a master, just that they have established a level of skill sufficient to sustain themselves.

The pro trader question is a good one, in that there are many different situations where someone could sustain themselves without any skill. But I wonder if there is really any difference at all.

Is the pro basketball player that blows out his knee still considered a pro when he can no longer play? Is the computer software developer that gets downsized and can't find a job still a pro? How about the scientist that spends years developing a vaccine that never gets FDA approval? At what point did any of these people stop being one? Were they ever really pros at all? It could easily be argued that if they were better skilled they wouldn't have found themselves in the situation they did.

I don't know that you can ever really answer these questions outside of the "does it pay the bills" quantifier. The traders you sighted were all pros at some point because they knew how to trade in a way that managed to put food on the table. But I wouldn't consider any of them master traders because they couldn't consistently outperform their peers. They couldn't do so because there skill level was just not high enough.

Being a pro trader somehow seems different because so few people can actually make enough money, long term, to quit their day jobs. Those that can are absolutely qualified to call themselves pros until they can no longer do so. And in that vein Jim, you ARE a pro, as are many others on the forum.
  • #19
  • May 10, 2006 1:13am May 10, 2006 1:13am
Quoting Darkstar
I think a pro(fessional) is anyone who makes a living by using their skills in a given profession. This doesn't imply that they are an expert or a master, just that they have established a level of skill sufficient to sustain themselves.



The pro trader question is a good one, in that there are many different situations where someone could sustain themselves without any skill. But I wonder if there is really any difference at all.



Is the pro basketball player that blows out his knee still considered a pro when he can no longer play? Is the computer software developer that gets downsized and can't find a job still a pro? How about the scientist that spends years developing a vaccine that never gets FDA approval? At what point did any of these people stop being one? Were they ever really pros at all?



I don't know that you can ever really answer these questions outside of the "does it pay the bills" quantifier. The traders you sighted were all pros at some point because they knew how to trade in a way that managed to put food on the table. But I wouldn't consider any of them master traders because they couldn't consistently outperform their peers. They couldn't do so because there skill level was just not high enough.



Being a pro trader somehow seems different because so few people can actually make enough money, long term, to quit their day jobs. Those that can are absolutely qualified to call themselves pros until they can no longer do so. And in that vein Jim, you ARE a pro, as are many others on the forum.

well once again i must be honest and remind all of you i have a contracting business. a business built with more blood sweat and tears than even my trading and thats saying something. its like one of my kids. i created it, raised it with honesty and dignity and have watched it grow over the years. its been downsized a lot over the last 5 years but i doubt i will ever let it leave the house.
  • #20
  • May 10, 2006 1:26am May 10, 2006 1:26am
Quoting james16
well once again i must be honest and remind all of you i have a contracting business. a business built with more blood sweat and tears than even my trading and thats saying something. its like one of my kids. i created it, raised it with honesty and dignity and have watched it grow over the years. its been downsized a lot over the last 5 years but i doubt i will ever let it leave the house.
Alright I won't push the title on you if you don't want it. I am curious if you COULD support yourself with your trading if you chose to though...
0 traders viewing now