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Why you suck at trading

  • #81
  • Jun 24, 2012 7:34pm Jun 24, 2012 7:34pm
Quoting forextraderx
folks... this is how good i can be.
holy shit !!

praise god !!

WHERE do I send my money????
When the Joker is in the deck.. fear not and play it well
  • #82
  • Jun 24, 2012 7:37pm Jun 24, 2012 7:37pm
Quoting Slim Buffett
holy shit !!

praise god !!

WHERE do I send my money????
slim.... I'd tell ya... but i got a funny feeling you've already sent me some, somewhere down the line.

good trading to ya tho man. i mean it. this is the hardest thing i've personally ever done, and I bet it's that way for most others too.

X
  • #83
  • Jun 24, 2012 8:06pm Jun 24, 2012 8:06pm
Quoting forextraderx
slim.... I'd tell ya... but i got a funny feeling you've already sent me some, somewhere down the line.
That "funny feeling" is observant of your desire for further affirmation that what you're doing is right. I don't believe that I said you were wrong, only that you seem a bit negative and that if someone doesn't do it your way then it's the wrong way.
This could go back a few posts to "you're full of yourself". You haven't yet indicared anything that would make me believe that isn't true.

Quoting forextraderx
good trading to ya tho man. i mean it. this is the hardest thing i've personally ever done, and I bet it's that way for most others too.
Same to you. And I agree. But if you're "full of yourself" because you've had a few good months of trading I needn't remind you about how quickly it can all fall down.

If I inadvertently gave you some of my money, I have a "funny feeling" that I'll get it back.

On second thought that may not be true. That "funny feeling" usually means something entirely different to me.
When the Joker is in the deck.. fear not and play it well
  • #84
  • Jun 24, 2012 8:16pm Jun 24, 2012 8:16pm
Quoting Slim Buffett
That "funny feeling" is observant of your desire for further affirmation that what you're doing is right. I don't believe that I said you were wrong, only that you seem a bit negative and that if someone doesn't do it your way then it's the wrong way.
This could go back a few posts to "you're full of yourself". You haven't yet indicared anything that would make me believe that isn't true.



Same to you. And I agree. But if you're "full of yourself" because you've had a few good months of trading I needn't remind you about how quickly it can...
I've had a few good years trading slim. it's not always been smooth, and i'm personally working to change that, but it's been a few good years about 4 years i fact. if I include the years i've been TRYING to trade... it's almost 9 years.

but i've been doing this full time for the last 4, and profitably for the last 5.... just not enough to make it a full time thing for that first year (and i was trading equities)

the trash talk is obvoiusly a joke. the points it makes are not (at least not to me, i use every one of those points to live a nice life with, not to mention provide for the family)

as far as clarifying your perception...ii've suggested you check my other thread, in fact, i sent you a link. this thread has a purpose, style and theme, as does that one. but, if you don't wanna take a gander, that's your call.

as for your funny feeling... buddy, your on your own!

X
  • #85
  • Jun 24, 2012 8:32pm Jun 24, 2012 8:32pm
Quoting forextraderx
I've had a few good years trading slim. it's not always been smooth, and i'm personally working to change that, but it's been a few good years about 4 years i fact. if I include the years i've been TRYING to trade... it's almost 9 years.
I respect that.

Quoting forextraderx
but i've been doing this full time for the last 4, and profitably for the last 5.... just not enough to make it a full time thing for that first year (and i was trading equities)
I respect that.

Quoting forextraderx
the trash talk is obvoiusly a joke. the points it makes are not (at least not to me, i use every one of those points to live a nice life with, not to mention provide for the family)
And yes, it's mostly just to "spice up the coffee".

Quoting forextraderx
as far as clarifying your perception...ii've suggested you check my other thread, in fact, i sent you a link. this thread has a purpose, style and theme, as does that one. but, if you don't wanna take a gander, that's your call.
Herein may lie the rub. If you have a successful method of trading, that's great.
I don't need to look at your other thread or observe your other methods because you've already convinced me that "it's your way or no way/" So you can carry on with that thought.

I have my own and I'm completely satisfied. When someone tells me that "my way is the greatest" I become skeptical.

That's me.

Quoting forextraderx
as for your funny feeling... buddy, your on your own!

X
Exactly. Maybe I'll learn to trade via a "funny feeling".
When the Joker is in the deck.. fear not and play it well
  • #86
  • Jun 24, 2012 8:52pm Jun 24, 2012 8:52pm
well, then you had best not go to the other thread, because it doesn't talk very much about any sorta strategy or setup.

i think 50-60% of it is me wrestling with my own inner demons, psych issues, how to discover what drive me, and how to work within my own limits.

but, i think i've said enough about that. ya want more, read it. i'm done discussing it.

and for now, i'm done here.

X
  • #87
  • Jun 24, 2012 9:09pm Jun 24, 2012 9:09pm
Quoting forextraderx
well, then you had best not go to the other thread, because it doesn't talk very much about any sorta strategy or setup.
No problem. I won't.

Quoting forextraderx
i think 50-60% of it is me wrestling with my own inner demons, psych issues, how to discover what drive me, and how to work within my own limits.
So you indeed do admit that you're not infallible. I find that very commendable. Rather than saying "look at me folks" you may now be on the path to true discovery.

Quoting forextraderx
but, i think i've said enough about that. ya want more, read it. i'm done discussing it.
Could be a good decision? Here's just another thought. People often tell others that they're the greatest. This is seen in many different professions from politics to acting to boxing.

However, seldom do I see any of those telling there "fans" that they suck. Just a thought
Take it for the nothing that it's worth.
When the Joker is in the deck.. fear not and play it well
  • #88
  • Jun 25, 2012 4:14am Jun 25, 2012 4:14am
I told you X see what I mean?

Does anybody taking anything from his posts???
Or you are little girls wining about the way he writes???
Go to thread under my name watch FLOORED and see if there was/is any kindness in the pits of Chicago.
This is something I always wanted to read and now QUALITY in post doesn't matter suddenly - be kind X and smile more - write bollocks but with sugar on top then egos will be satisfied......
swing it!
  • #89
  • Jun 25, 2012 4:32am Jun 25, 2012 4:32am
Quoting forextraderx

i put 2 and 2 together, and came up with "long GBP/NZD"

folks... this is how good i can be.

if you really want to make it rich, your gonna have to be at least as good as me.

... guys like me will eat you for lunch.

us full time traders can use the extra pocket money that you'll provide us.
Big fanfare build-up but it fizzled out to a bit of an anti climax there forextraderx.......


Quoting forextraderx

if we can get to 9815, i'll move the stop a bit above my entry price... therefore, if stopped out, i'll get a guaranteed 30 pips on half the position, and abotu BE on the other half.

making this essentially either a net +15 pip trade, or a 100+ pip trade.
....so I guess that was a 15 pip trade? I don't remember you mentioning having a stop loss on the original trade so it's not clear what your risk:reward was but doesn't that pair have ~9 pip spread?

Lots of analysis but the levels you mentioned weren't really that significant in the end, if anything there was more intraday money in the short rather than the long but hey, that's the way it goes and the reason why predicting direction isn't the first consideration to a trader in the scheme of things.


Quoting forextraderx

... who thinks they can use a moving average, and a MACD, or stochastic, and actually be able to make money by taking it from a guy like me

your RSI 15 minute pinbar off a moving average scalper setup is what keeps food on my table.
Well there's nothing to say they couldn't have done equally as well as your 15 pips, even by taking the other side of the trade, but like I mentioned before those are only tools and an easy to interpret visual of what price has done. Out of interest why do you dislike them so much?


Quoting forextraderx

Point here is... guys, this is a really serious, really competitive field.
Competitive? Is it? Who are you competing against? We're retail traders trading with a bucketshop, we're not institutional traders competing and searching for liquidity. Sugar coated smoothed quotes, tight spreads, instant fills...we've never had it so good! No competition that I can see, just opportunity.


Quoting forextraderx

you also need a wide array of analytical skills. technicals alone can do it... but, it's like fighting with one hand tied behind your back.
Not really, a very simple analysis can be just as effective in assisting to form a directional bias as a complex one.


Quoting forextraderx

i'd like to hear what you all have to say about this.
What is there to say? Your trade is a perfect example of just how futile it is to try predicting direction accurately, it shows even convoluted analysis can't cut it.

Where does that leave us if we can't predict the market with any certainty or accuracy? Trading. Learn the skill and art of trading before even thinking about trying to make money in this business. Most don't, they're more interested in finding something which predicts direction, and that's why you suck at trading!

Now, while I'm perfectly happy to debate the issue with you I have this "funny feeling" you probably won't want to......something to do with sustainability maybe?


Quoting forextraderx

i'll just ban you at my discretion.
There it is, that sustainability thing I was talking about, lol
  • #90
  • Jun 25, 2012 4:02pm Jun 25, 2012 4:02pm
Quoting forextraderx
so...for those who haven't figured out what this looks like yet... look at a GBP/USD chart right about now... as it bounces off the 1.5550 low... that looks like a heck of a support level to me. and even more than that... we have 1.5500 that isn't all that far off below.

now..look at nzd/usd... check a daily chart. look at that bearish move on thursday.

now...see it pulled up to 7910ish? and has started reversing back down off that prior daily low?

well... i put 2 and 2 together, and came up with "long GBP/NZD"

I put a bit up about it on the...
Thanks for the thought process run through. Very helpfull.
In trading, there is no bullshit. You either make money or you don't.
  • #91
  • Jun 25, 2012 6:58pm Jun 25, 2012 6:58pm
Hi and thanks for trying to help people. I think people probably prefer some process more than anything. My mentor used to try to simulate his first 2 hours of the trading day right down to turning on the PC and getting coffee. Then how he would go through different time frames and different markets.All I cared about back then was where is the active S/R and where is the coffee.I wish I would have listened more.God Bless you and please continue to help people. We can all learn from each other. MR D
Jesus my Lord
  • #92
  • Jun 25, 2012 11:23pm Jun 25, 2012 11:23pm
Quoting forextraderx
folks... this is how good i can be.

and i've still only made 30% this year, and only half my weeks were profitable.

look at the posts above, and you'll see the prices I called out that would be turning points.

and i'm only able to make this work about 60-65% of the time. and i'm not rich.

so. how good are you???

X
Your stats look fine to me.. As long as your winners are bigger in size than your losers.. What i wanted to add is that sometimes to improve it is easier to look at your losers and make money when trades do become losers. Not everything in forex is a one way street although many will like us to think so.. As an example when you open one of these trades at a support do you use a hard stop or instead open an opposing trade where your stop would of been. It took me a long time to realize this simple change in forex style and all it has down is bring me more and more profits.. It is commonly called hedging and is used only when the market turns on you.. It is very common for the market to drop 100 pips or more, then rise back again to where it had come from..

I think too many people focus only on a sole trade and if it shoots them in the foot they lose money. Instead make money when it does not go your way. That way you win in between when trades are against your evaluation. Which happens to all traders..

As an example buy above support when it looks good and instead of a stop loss which will take your money, instead place a opposing order trade below the support where you would of placed a tight stop loss. Then let the market ride if the worst happens and the trend changes, ride it to the next support and cash out on that trade. Then place another buy order above support and another sell order below.. Let the market decide your money.. If however the market goes your way straight away cash out like normal at the next resistance or adjust the stop like any normal trade..

Some of the biggest traders use hedges like this rather than stops and why because markets turn around.. unless of course you are only trading a trending currency then going against it would be foolish in the first place.. Anyways that is my thoughts..
  • #93
  • Jun 26, 2012 3:16am Jun 26, 2012 3:16am
Quoting tinny79

It is commonly called hedging and is used only when the market turns on you.. It is very common for the market to drop 100 pips or more, then rise back again to where it had come from..
Sorry, that's bad advice.

This issue has been debated at length in other threads, so briefly....

Given the name 'nedging' for good reason! There was a big dollar prize on this forum somewhere for anyone who could demonstrate the benefits or advantages of nedging over simply opening and closing trades. To date no one has claimed it.


Quoting tinny79

Some of the biggest traders use hedges like this rather than stops
No they don't! They realise the futility of it.


Quoting tinny79

unless of course you are only trading a trending currency then going against it would be foolish in the first place.
Problem is you never know when price will break out of a range and start a trend, you can be left with some heavy unrealised losses if you nedge.

I'm not going to debate it further in this thread as the subject has been debated exhaustively in other threads.
  • #94
  • Jun 26, 2012 3:24am Jun 26, 2012 3:24am
Hello, ForexTraderx!
Here is me following your advice about being honest with myself:

"I SUCK AT TRADING!!"

This is a great thread. I have been studying price action like crazy for the past 6 months and I believe my trading has only improved by a tiny, microscopic, insignificant fraction.
I know (in theory at least) a lot about double tops, double bottom bull flags, wedges, failed breakout pullbacks, 2nd entries, double-legged pullbacks, etc but I still SUCK AT TRADING.

I have a trading plan and I keep a journal but I don't know what else to do to improve.

I will tell you why this is a great thread: because now, thanks to you, ForexTraderX, I KNOW WHAT I DON'T KNOW!

So, how can I learn all this stuff you have been talking about? If I follow your blog, will I learn the stuff you mentioned? Can you guide me? I am willing to put in all the work. (I am sure I have been paying you already over the Forex market...hehehe)

Keep it up!
  • #95
  • Jun 26, 2012 11:01pm Jun 26, 2012 11:01pm
I skimmed through the thread.. I'll try to get through it during the weekend, but I already see what's going on...

The way I look at it, trading is something deeply personal. I found out things about myself I didn't know existed, some I didn't like at all..

People are not bad in general, it's just that trading is based on ones beliefs and pretty much any discussion about it goes all the way to the core.. I frequent other forums, different topics (software, books, etc), and none are as intense as the trading ones.. Wait, the politics related ones are coming up pretty close but other than that, not really..

BTW, I trade with X daily and it is my assessment he does know what he's doing. If there is nothing else I'm good at, one thing I'm pretty confident about. I know a trader when I see one..
  • #96
  • Jun 27, 2012 3:46pm Jun 27, 2012 3:46pm
Good stuff, you got more than a few chuckles out of me, and in only my third month of trading I can (unfortunately) identify with many of your sucky points.

Thanks, I look forward to reading more.
  • #97
  • Jun 27, 2012 8:33pm Jun 27, 2012 8:33pm

“I haven't failed, I've found 10,000 ways that don't work.”

Thomas Edison
  • #98
  • Jun 27, 2012 11:04pm Jun 27, 2012 11:04pm
Normally I dont suck....at trading that is...LoL

This week and last two days of last week...I sucked big time...Made some dumbass rookie mistakes that I havent made in years and paid for it in spades... big fucking hairy ass spades.....

The wife just had major surgery this past week...Guess my head just wasnt in it...

Still choked with myself as I have been consistent for quite a long time. So i'm sitting on the sidelines. From yesterday till at least next week.

Just pounding the weights hard in the gym and taking it easy...

So.... I too suck at trading...(these last 5 days anyways)..

Dont even know why I'm telling you all this?

I know !

Because I cant kick myself in my ass....So feel free to have a whack...

Whos up first ? Slim.....you must be lurking around under a bridge somewhere....

Blue...Steele


PS Forex X or whatever your name is...Your too fucking cocky for my liking.
Master your Mind,,,Master the Market
  • #99
  • Jun 28, 2012 12:00am Jun 28, 2012 12:00am
Quoting bluesteele
Normally I dont suck....

Of course.

I just think it's nice to know that you admit that you suck at will.

So you see, that's a form of compliment. You only suck when you want to.

Very commendable.
When the Joker is in the deck.. fear not and play it well
  • #100
  • Jun 28, 2012 5:26am Jun 28, 2012 5:26am
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