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Are New Traders Who Are Successful Hated?

  • #21
  • Aug 13, 2012 10:04am Aug 13, 2012 10:04am
Quoting ha-pattern
It's not so much they tear the person down, as warn the itinerant trader that only a well-formed plan can be consistently repeated for profit over time. The lucky trader who used their gut instinct to capture gains their first trade, uses an approach that, alone and not at least carefully used, can be easily steered away from its intention in an aberrant situation and include faulty information with its reading.

I've seen traders here who did and have made it earlier than most. They probably had good business/emotion sense, and so had at least...
you're talking about mechanics right?
  • #22
  • Aug 13, 2012 10:11am Aug 13, 2012 10:11am
Quoting willf
Best way to be successful quickly is to stay away from forums like this. You just learn bad habits from pedestalled members, most of whom have no idea what they are talking about.

That is the smartest comment I've seen in years.

I trade for 6 months live, I only look at forums sporadically because I saw a title that interest me like this one when I checked the calender.

I found myself a mentor with a proven track record and learned from them, I now am at my third and he is so far the best and I am profitable against all ods if you listen to forumheads. Dont trade with indicators was the first lesson, understand market structure, understand price action, find your OWN edge, follow your trading PLAN, good w/l ratio, find yourself a a mentor (you just cant afford not to) and you will be on your way to success on 6 months like I do.

Stop listening to people you dont know. Oh yes I must admit there is one thread I followed in the past for a few weeks because it was a solid thread with somebody who showed over the years that he could trade by posting his trades on the site just after entering so you could see where it was good and not otherwise I dont read whiners threads, news traders, indi system threads etc.

I have my plan and I dont take stupid trades (ex. break outs) with crazy leverage, like evry business you get out what you put in. So if you are serious you learn from the best and not from amateurs.

Let me tell you something, those who are profitable constantly are no where near forums, they make a plan on their charts, they let the chart tell them what is going on (not an indi, or press release or rumors) they make the trade, manage it and count their money. Not time for whiners.

That was a lot writing for me and I hope it helps somebody because I hate to waste time on forums.

ps. a mentor is not that expensive, you just have to look and THINK for yourself otherwise stay at your job and make the best out of it because you are not suited for any business if you cant.
  • #23
  • Aug 13, 2012 11:26am Aug 13, 2012 11:26am
You're right, it's better to keep it low profile. And you're right about notions and beliefs.
You're right, there's no way of telling if a "new" trader full of enthusiasm and self-confidence, will be the next Livermore or will go bust in a few months.

That's why it's better to wait and see...make or break, time will tell.
Quoting FXAssassin
If someone was successful right out of the gate, I have to wonder if they should just keep it to themselves.

After all, it's natural human psychology to tear down what something that doesn't jive with one's pre-conceived notions than to challenge their one's own beliefs.
forget about tomorrow, just steal away into the night
  • #24
  • Aug 13, 2012 1:44pm Aug 13, 2012 1:44pm
Define new and successful.

I've been doing nothing but analyzing charts and demo trading, trying to find a system with a sufficient edge and trading demo to make sure I have no accidental bias from backtesting.

When I'm done I'm most likely going to be trading profitably. Would this define immediate success? I think the comments are mostly directed at people just "winging it" and thinking they'll be an automatic prodigy that can turn $10k in a million in a year. Of course a number of them is going to run into some positive variance, but 99,99% of these people are going to blow up sooner or later. You can't keep defying the odds forever.
  • #25
  • Aug 13, 2012 3:45pm Aug 13, 2012 3:45pm
Quoting FXAssassin
I read a lot of stories on here about how people had to go through this long, torturous process to become successful at trading Forex. It's so common that it almost seems like there's a union mentality about the whole thing. You know, the whole "you gotta pay your dues" and "you gotta get crapped on a lot before being successful" type of thinking. You can see written in between the lines of what people post here.

If someone was successful right out of the gate, I have to wonder if they should just keep it to themselves. My guess is that those...
I couldn't have said it any better.
And if you are succesful as a trader I wouldn't mind picking your brain once and a while... (?)
Argue for your limitations, and sure enough, they're yours. Richard Bach
  • #26
  • Aug 13, 2012 5:08pm Aug 13, 2012 5:08pm
I'm an "only successful on demo" trader so far.
  • #27
  • Aug 13, 2012 8:06pm Aug 13, 2012 8:06pm
Quoting FXAssassin
I'm an "only successful on demo" trader so far.
Then you have a long way to go. Like I said, you need to prove yourself over multiple cycles of bull, bear and sideways. And then occasionally survive past the black swan events like flash crash, shanghai surprise, bearsterns and lehmans bankrupcy etc.

And to do that, only time can show. That's why I'm always skeptical whenever someone tells me that they can outperform me right off the bat. I might not make too much but at least I can consistently scrape the bottom of the barrel for a profit.
  • #28
  • Aug 13, 2012 8:21pm Aug 13, 2012 8:21pm
Quoting medici
Hello old friend,

thanks for that. And apologies for not saying "his or hers"
Apology accepted LOL. Funny you mentioned it...it did cross my mind as I read it then I just moved on .

Take good care,

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #29
  • Aug 13, 2012 8:40pm Aug 13, 2012 8:40pm
Are "New Traders Who Are Successful" Hated?..........Sorry......but was all this in one sentence.......

I am not saying it cannot happen but......they are definitely a one in a million bread......and since they are "new traders" you cannot say they are successful cause they have not proved it through time.....witch would not make them "new" any more once they have proved it.....
  • #30
  • Aug 14, 2012 12:46am Aug 14, 2012 12:46am
Quoting 4xPIPAHOLIC
Are "New Traders Who Are Successful" Hated?..........Sorry......but was all this in one sentence.......

I am not saying it cannot happen but......they are definitely a one in a million bread......and since they are "new traders" you cannot say they are successful cause they have not proved it through time.....witch would not make them "new" any more once they have proved it.....
Good point.
  • #31
  • Aug 14, 2012 12:48am Aug 14, 2012 12:48am
New + Successful = lucky
  • #32
  • Aug 14, 2012 1:02am Aug 14, 2012 1:02am
this thread has no potential.
  • #33
  • Oct 29, 2012 5:41am Oct 29, 2012 5:41am
I want to make an experiment and prove that new traders could be successful. They only need help. I will start posting my trades live in my thread from 1st of Jan, new traders can follow and make profit.
  • #34
  • Oct 29, 2012 5:49am Oct 29, 2012 5:49am
I think there is some truth in pessimists words. Actually that is really hard always win. We are people and we can do mistakes.
But if I see a story without a crap and tears, I am glad for hisher sake.
  • #35
  • Oct 29, 2012 6:00am Oct 29, 2012 6:00am
trading is easy
  • #36
  • Oct 29, 2012 6:01am Oct 29, 2012 6:01am
Quoting magelordmojo
trading is easy
Making money is hard
  • #37
  • Oct 29, 2012 1:40pm Oct 29, 2012 1:40pm
Quoting FXAssassin
I read a lot of stories on here about how people had to go through this long, torturous process to become successful at trading Forex. It's so common that it almost seems like there's a union mentality about the whole thing. You know, the whole "you gotta pay your dues" and "you gotta get crapped on a lot before being successful" type of thinking. You can see written in between the lines of what people post here.

If someone was successful right out of the gate, I have to wonder if they should just keep it to themselves. My guess is that...
i think you want someone to tell you that its possible and people had done it before but maybe you have not found anyone.

When i was new to this business i also dint like it when i read that you need atleast 3 years or 10,000 hrs screen time etc, when people said that you need to journal your trades, or dont risk more than 2% or dont over trade.

I always wanted someone to say opposite of what seemed difficult or impossible (having a 3 year exp when i was 6 months old) for me to do.

In the end i think its really not important. Some people will never get it and yeah some might be able to do it in 6 months. But its not straight forward, Livermore started making money from his first live trade but he blew up several times after that... and ended up killing himself. Others success stats wont change the length of your learning curve.
.
  • #38
  • Oct 29, 2012 1:57pm Oct 29, 2012 1:57pm
Quoting nasir.khan
Others success stats wont change the length of your learning curve.
I agree with this. See, there's this part of me that thinks that the majority of people who struggle for 3 years and have to put in 10,000 hours of screen time and what-not do that because they simply don't pick a system and trade it regardless of the rough times.

There's this little hunch that I have that much of that typical 3-year learning curve as described is people scrapping a good system that is going through a rough patch and then going back to the blackboard to try and either derive something new or learn how to work someone else's system. Then, when that system goes through a rough patch, they do the same thing over again.

The process ends when the person has worked through enough systems and learned enough about themselves and their own trading personality to such a degree that they can figure out how to take a piece here and there of each of the various systems that ended up in the trash can over time and cobble them together into a personalized trading method that finally enables them to arise as profitable traders. The 3 year thing is probably just the average time-table it takes the typical person who actually has the raw inner character qualities necessary to make it in the world of trading to organize that potential into a working reality.

My thoughts are that the same person might have been able to skip the whole 3-year thing if he had just decided to stick to his guns and weather the rough patch on the first system he put his hand to. Of course, then the discussion becomes philosophical because if he DIDN'T do that (trudge through the tough times and keep working the system regardless of drawdown) then it implies that he didn't have the inner "stuff" back then which would have enabled him to choose such a path and thus it was, in reality, impossible for him to walk this hypothetical road-less-traveled anyway.
  • #39
  • Oct 29, 2012 6:32pm Oct 29, 2012 6:32pm
No. I'm always rooting for the underdog in this game.

But it's a bit wanky (pretentious for the posh people) to go around saying you make a gazillion % per week and then go all shy and say that you have nothing to prove when someone asks you to show an equity curve so don't turn into one of those plonkers.

I wish you all the best when you start to trade a real account (if you haven't started already). It can be pretty tough at times. For me at least.
Nothing worth having is easy.
  • #40
  • Oct 29, 2012 11:07pm Oct 29, 2012 11:07pm
Quoting nasir.khan
I always wanted someone to say opposite of what seemed difficult or impossible (having a 3 year exp when i was 6 months old) for me to do.
It's really cold water for some newbies, but this for all the best, because people won't expect some easy money from the trading.

There are more than enough ads about trading, and a lot of people still think, that after the beginning they will become such Buffet very soon... But some get market, another - can't, because we all are different.

Quote
The 3 year thing is probably just the average time-table it takes the typical person who actually has the raw inner character qualities necessary to make it in the world of trading to organize that potential into a working reality.

Agree, at specially because a lot of people in the beginning still have another job, and can't give the whole day to exchange.
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