It's A Heart-Mind Game... Are You Ready?

Well Subby had a nice run for July. Didn't trade too much, but had a steadily rising equity curve...very "stable" angle of ascent. Did pretty well controlling those drawdowns I'd say.

He'll be meeting with NeverAgain soon.

FX4

waiting here for new lessons

Its a nice thing to know that you are helping newbies in this thread . When i was the newbie i face the same difficulties , but you have given up a solution for all factors too , its a nice thing .

Don't click until you actually see your trading edge form...and when you see it, don't hesitate. Hopefully your edge is a sharp one...by that I mean clearly defined.

I guess these lessons are helping .

FX4

Thanks. I firmly believe that if newbies can get a solid start, they'll do very well much sooner. I was told of someone who paid thousands to learn to trade and did not even see the platform or get to use it until they were ready to place their first trade live. Just unreal...my 2 cents.

FX4

One reason a trader should wait until their trading edge is fully formed before clicking is this: In the event that they are premature or presumptuous and the market does something different, it would be harder for the heart-mind to be willing to change i.e. take the loss and flip (unless you have a rescue strategy). Losing a few bucks is one thing, but the ego etc. can so own that trade it might be very stubborn in giving up its position...hence all those bleeding losses.

Let the market really show its hand, then click.

My 2 cents.

FX4

good word ,, buddy,,

""it would be harder for the heart-mind to be willing to change i.e. take the loss and flip (unless you have a rescue strategy). Losing a few bucks is one thing, but the ego etc. can so own that trade it might be very stubborn in giving up its position...hence all those bleeding losses.""

Let the market really show its hand, then click.

cheer
w

Glad you like it.

FX4

A word to the wise...Stay in control emotionally. Don't put yourself in a position that will make you more vulnerable than you can emotionally handle. If emotions rule, logic and common sense just took a back seat or went clean out of the window. In that frame of mind, you'll probably be lunch and dinner for the market. Check yourself often.

FX4

I think what a newbie has to do ultimately, is realize that becoming a successful trader ain't going to happen overnight and that it is going to take a lot of hard work, commitment, dedication to the craft and a desire to develop a professional attitude with respect to running their trading like a business.

The newbie will also need to understand WHY they are entering a trade and not just be comfortable with entering a trade, because somebody else told them to, or because some signal in a "system" that's not really a system to begin with, told them to.

I just came out of a thread that I began reading from post #1 and it blew my mind how gullible some people can be when it comes to what they think is a proper way to trade. I won't name the thread because that's not what my post here is about, but it did remind me of that old classic Group Think question/problem that you had to work out in Psych 101 back in college.

One of the biggest problems that newbies face is the lack of understanding about the historical significance of their testing and their test results. The newbie gets excited when he looks at their returns over a short period of time, jumps to the conclusion that they just discovered a "grail" and then they proceed to place a huge amount of emotional energy in supporting the loosely tested theory that really had no long-range support underneath it at all. They they get frustrated and feel as if "nothing at all works" in the world of trading, which is equally as false as their rush to judgment about what does work.

I guess what I'm saying is that Newbies need to understand the WHY behind their trade decisions and that comes with a fundamental understanding, or fundamental Market Theory of WHY the market has a higher probability for moving in one direction over the other, at any given time of day. [of course, for those who trade option contracts, this still applies but with significant modifications]

Every trader must study for themselves, the mechanics that make the market work the way it does and then derive their OWN Market Theory that produces trade signal they fully understand. Why I see people heading for the edge of the cliff, entering a thread and following someone's rules after downloading a few files to their hard-drive, and then proceed to post pictures asking questions that have glaringly obvious answers, then I know I'm reading someone that is given to Group Think and will be easily walked right off the edge of that cliff.

The newbie needs a fundamental baseline understanding of WHY the market moves and a fundamental set of technical tools for measuring such movement within a reasonable margin of error on average. The rest is tweaking and optimization to a point that allows the trader to generate the income necessary to meet their own personal goals.

That's my take on what newbies need at the very outset of their trading careers.

Sometimes I think there should be a "Like" button as there is on FaceBook

That would be nice for Discussion Threads as there is no way to rate them currently. With your suggestion, at least posts can be rated. Then I can go back to some other threads and post my "thumbs up" too .

FX4

Here's some more wisdom I think would help traders:

When you KNOW you've got something good going on with a trade be like a Bulldog about it...or maybe a Pit Bull. Decided to look this up and found something interesting (edited some):

It does not depend on the breed at all. It depends on the dog itself and nothing else. One of the biggest scoring factors in this sport is the full and firm grip of the bite. This can and has decided victories in many events. The theory that a "pit bull's" jaws lock is incorrect. What it is, is that the dog has been conditioned and trained to have a full and firm grip on its target. This can be accomplished by many training sessions using a puppy tug or a bite sleeve or a spring pole. The concept is to agitate the dog to the point where he/she learns that the only way they will keep the "prey" is to have a full and firm grip. I've tested the theory of pit bulls with many dogs of the breeds. For their size and stature, they have a good bite with a good amount of pressure behind it. However, I have seen the same amount of pressure or more from German Shepherds, Malinois, and Dobermans.

After a few "too many times" of seeing a certain set-up give x number of pips, a trader "should be able" to hold on. Keep a full and firm grip on that winning trade. Wondering now if some dogs are easier to train than others. Hmm...

And if you don't KNOW when you've got something good with a trade...then your trading edge is not sharp enough. Even when you're going the wrong way with your trade, an edge that sharp would be able to tell you that you're wrong too. Hopefully that evil trading twin called Excessive Ego will let you off the hook.

Back to focused trading for a bit.

FX4

Don't try to be smart and think for the market...it's got a mind of its own. Think every trader knows what that feels like...LOL.

FX4

If you keep making 100% of the same mistakes, how will you ever improve?

Gotta become angry...even very angry (very dissatisfied) with where you are to break through to better trading. It's hard to change what you're satisfied with.

Get angry!

FX4

Life is there for those asking, seeking and knocking. The Good Life is there for the taking...gotta lay hold to it, and that requires effort and commitment!

FX4

You MUST have passion to win!!!



FX4

If you're not sure which way the market is trying to go then why are you clicking?

FX4

BECOME A WARRIOR!!!

At some point, you've gotta believe in what you're doing. If you find that you can't, then get rid of it and find something else. (Really referring to your trading method here). Hopefully common sense will prevail.

FX4