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No more BS - What have you learned?

  • #681
  • Sep 13, 2012 12:22am Sep 13, 2012 12:22am
Quoting Turveyd
The market isn't random it merely appears to be random, it's just the effect of buyers and sellers which as there is no way to know when people will buy/sell it makes it kinda well impossible or very near to predict.

But they create momentum which basically means someone buying creates more buyers so the price goes up until the sellers exceed the buyers then back down again which agin creates momentum.

So devise a way to take advantage of momentum and sorted, easy hey.


Goes in cycles lol that's just bad pattern matching myth sorry!
I do buy into the concept of reflexivity as stated by George Soros, however as professor Shiller from yale university states, that the news moving the market and the plethora of orders make it act like a random walk while not really being a random walk.

there is mean reversion, trends, and tendencies however it is MORE random than people like to admit.

I hope i cleared things out...as many have already gotten shaken by the concept of randomness. No, no one will ever posses the "skills" to predict the market or skills to truly anticipate ALL variables...sorry you just can't.

but you can live with what you got, and adapt.
AVT INVENIAM VIAM AVT FACIAM
  • #682
  • Sep 13, 2012 12:53am Sep 13, 2012 12:53am
save 15% of your income, live below your means, and put your money in several mutual funds.

trade less not more.

buy commodities when they're at a 2yr low.
  • #683
  • Sep 13, 2012 6:31am Sep 13, 2012 6:31am
if you take the time to study Gann, Delta, Elliot, Harmonics you will find all these theories work 80% of the time along with your edge you can get 95% success rate.
Find your Favourite Pattern
  • #684
  • Oct 11, 2012 5:01pm Oct 11, 2012 5:01pm
screen time,screen time and again screen time.
That's why most of the Traders failed.
You must have the passion to reach a goal that it's not dependent with the market in the first case.
Stay focused on your overall-goal and take your time time to develop a really really solid System .
The system should have an answer for most or nearly all market situations.
If you take the famous "10.000" hours to get an expert in every field than think of it how many hours you have tried to develop a System.
That's why only 5 % of all Traders will ever get rich with their System.
Also note that if you develop a System you have to make sure that you as a Trader should have an edge or a special talent to beat the markets.
So if you take the "10.000" hours and let's say another 1.000 hours to find something the market has hidden from your eyes over your individual learning time and you have discovered with your talent than that's an edge you could get rich rich within a specific time if you are also willing to change your personal views for many more things than just the market.

There is special quote which I am following all the years (Translated form the German!):
Logic gets evidence but experiences creates insights/perceptions.

That's it for me.
Greeds Zack
  • #685
  • Oct 11, 2012 5:06pm Oct 11, 2012 5:06pm
Quoting zackery
screen time,screen time and again screen time.
That's why most of the Traders failed.
You must have the passion to reach a goal that it's not dependent with the market in the first case.
Stay focused on your overall-goal and take your time time to develop a really really solid System .
The system should have an answer for most or nearly all market situations.
If you take the famous "10.000" hours to get an expert in every field than think of it how many hours you have tried to develop a System.
That's why only 5 % of all Traders will ever...
screen time only gets you far enough.

to make an intelligent decision you need to understand the macro economic drivers, and the politics. A chart is nothing but statistics visually plotted, you need to understand what you are taking statistics from, and how you expect conditions to change the influx of money, either exports, investments, etc.
AVT INVENIAM VIAM AVT FACIAM
  • #686
  • Oct 11, 2012 5:20pm Oct 11, 2012 5:20pm
As far as I am a mechanical and strategic (tactical ) trader I have my own view of the market.
If you manage to think about life and the world around us with all the strategic movements from human brain and animal instinct than you get a strategic view and a view how your System should look like .
So far my System is backtested for over 3 years in the H1 .
It makes every month nearly 1200-1600 pips.
But as far as I am not so patient till this time I make just around 800 pips in the month.
I have developed my System for within the last 6 years and I am pretty sure and confident that it will be still there for my children (if I ever gets 1 or 2 by the way).
That's it for me.
Good night.
Greeds Zack

Note:
Please don't PM me as I am not sharing my own developed System (without any help! ).
If you would like to become a Trader than go the last metres of the way by your own as all the Pro-Traders have done to get confident.
  • #687
  • Oct 11, 2012 6:20pm Oct 11, 2012 6:20pm
Quoting zackery
screen time,screen time and again screen time.
That's why most of the Traders failed.
You must have the passion to reach a goal that it's not dependent with the market in the first case.
Stay focused on your overall-goal and take your time time to develop a really really solid System .
The system should have an answer for most or nearly all market situations.
If you take the famous "10.000" hours to get an expert in every field than think of it how many hours you have tried to develop a System.
That's why only 5 % of all Traders will ever get...

I totally agree with you. If you are very focused for a long period of time in how you want to measure the market using a quantitavie strategy, you will eventually find it. On the other hand, studying fundamentals and understanding the "cause" can also yield similar returns, but! it can't be truelly measured and it is prone to overall human bias.

Newer speculators need to take note that it takes years to learn how to profit from the market, and the best teacher is experience. The cycles of the economy are long, often lasting 3 to 5 years. Also, the problems in the economy are not always the same - Ronald Reagan tax cuts, and trickle down economics was usefull during that era, where folks wanted jobs and not being taken cared by the government. Today, the problems are different - you have mortgage back securities, interest swaps, and more sophisticated products that by its own de-regulation by Clinton, printed a lot of money in the system, where the FED couldn't control.

The thing I think I want to sugest is that it takes years of studying the markets for you to have a shot at profiting. You can chose fundamental approach, technical approach, a mix of both - you decide. I still have to put the hours, and that never is going to stop.
  • #688
  • Oct 11, 2012 7:29pm Oct 11, 2012 7:29pm
One thing that is really important to me is you can earn unlimited percentage points going forward but you can only lose 100% going backwards. So my concern is always about risk. Reward is just a byproduct of a well established trading strategy that constantly hedges the downside. This is a longevity game.

I also keep things as simple as i can to ensure a lifetime of proper execution. Their comes a time where you do not have to reinvent the wheel. Just simple proper execution day in and day out of your preferred strategy. The simpler you keep it the more likely it will be executed correctly.
My trades are 100% profitable 65% of the time!
  • #689
  • Oct 12, 2012 5:52am Oct 12, 2012 5:52am
I have learned that the minors are easier to trade and patterns are more visible and volatile which means the more volatile a winning trade is and you manage it well will reduce you to taking fewer trades minimizing risk.

Finding blogs of experienced traders and finding aspects of trading that work with ONLY your mind.
Find your Favourite Pattern
  • #690
  • Oct 21, 2012 5:07pm Oct 21, 2012 5:07pm
That's a good topic to share.For me, waht i learned from market,it help me to understand myself. the essential of trading is fighting with yourself. So I found my defects of character. And tried to beat them.That's the most impressive feeling to me.
  • #691
  • Oct 21, 2012 5:35pm Oct 21, 2012 5:35pm
Recently learned, while really trying to up my game than coming up with new method's and testing and tweaking and thinking up new ways to beat the M1 day trading, is very very tiring and very very very stressful, hard work for sure.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #692
  • Oct 26, 2012 10:01am Oct 26, 2012 10:01am
Quoting Turveyd
Recently learned, while really trying to up my game than coming up with new method's and testing and tweaking and thinking up new ways to beat the M1 day trading, is very very tiring and very very very stressful, hard work for sure.
What's the fun in that?

Nyah, I thought you used the same method and adapted its exact measures for the type of market the charts are in at the time.
  • #693
  • Oct 26, 2012 10:58am Oct 26, 2012 10:58am
Ever since I jumped on the market profile bandwagon a year ago, my trading has improved, although i'm still not at a level where i'm consistent.

But, it has shown me the importance of understanding market structure from a fundamental level.

If i had learned this before going teh usual newbie route (learning about all the common indicators and system) it would've saved me so much time!
NocturnalFX is no longer offering commercial services
  • #694
  • Oct 26, 2012 2:00pm Oct 26, 2012 2:00pm
I learned that keeping a log (written, audio, or video) of my every thought during my trading session or during the times at which i make my entry and then replaying or reading it during my end of week review helped me overcome some of the things i would have never known that i was doing and was causing me to take losses.
  • #695
  • Oct 26, 2012 3:11pm Oct 26, 2012 3:11pm
I have learned that all this time has been a process of controlling my own mind. Especially after taking lets say 2 losses in row like today my system takes 2 losses only based on breakout it was just an off day but my mind was so powerful it had me looking at other setups that I have used in past and trying to push me to make it back. I was able to resist and contain the urge I think with time new better habits will form, but I have learned with trading old bad habits kill and keep you dead in the water. Even if you account starts going down just keep following the rules if they are based on a sound well tested edge if you lose faith or get led astray your done.
  • #696
  • Oct 26, 2012 3:17pm Oct 26, 2012 3:17pm
Quoting enoc2g
I have learned that all this time has been a process of controlling my own mind. Especially after taking lets say 2 losses in row like today my system takes 2 losses only based on breakout it was just an off day but my mind was so powerful it had me looking at other setups that I have used in past and trying to push me to make it back. I was able to resist and contain the urge I think with time new better habits will form, but I have learned with trading old bad habits kill and keep you dead in the water. Even if you account starts going down just...
also ego kills any trace of ego or lack of humility in this game no matter what size you trade will eventually lead to ruin. psychology is the pinnacle of the trading game built on top of a good strategy.
  • #697
  • Oct 26, 2012 4:27pm Oct 26, 2012 4:27pm
Quoting CindyXXXX
Tell me what you've learnt in your trading experience

I'm talking about everything BUT the entry and strategy side of things

Yea yea patience and all that... give me something new

What have you REALLY learnt - ?
That it is not the size of your stake that matters but your knowledge of how price moves. You can trade any size you want if you know exactly what price dynamic you are dealing with - on the other hand you can trade .5% of your account or even less and still lose everything over time - until you can trade without fear but with definite knowledge of market dynamics - DO NOT TRADE.

There is false security - in money management. True security comes with a map of the mine field.
  • #698
  • Oct 26, 2012 5:32pm Oct 26, 2012 5:32pm
Quoting Loadedgun
True security comes with a map of the mine field.
I'd be interested in seein' that map.
What ya' think Gunner, can you please show the way? I wan'na be secure juz like you and avoid them galldarn blowups in the mines.

How 'bout it. What's your secret? Really?
When the Joker is in the deck.. fear not and play it well
  • #699
  • Oct 26, 2012 8:42pm Oct 26, 2012 8:42pm
I have learned that it's not the trading system that produces the results.

You can have an excellent system, but if you hand it over to a person to trade who has no patience, self-control, calmness, get ready to lose money.
These are the trading beginners, who have not yet ascended to consistent trading success by shifting their mentality.

On the other hand, you can have a half-baked, "not good" system and give it to someone with an excellent psychology, who knows each trade is an individual event without any relation to prior trades, who understands the importance of waiting and is patient, who never risks more than a certain percentage of their bank, who doesn't do the same thing over and over expecting a different result. They examine their trading logs, looking for patterns that occur. They find out the cause of the losses and the reasons behind their winners. They seek and endeavour to eliminate the reasons for losses and maximise their gains. They have a trading plan and they have memorised and stick to it. These are the trading professionals.

The good news is that good traders are not born, but they are made. They are self-made. Beginner traders discover their faults and they go to work on their mindset and trading psychology.

Some say trading is 90% all in the mind. I believe it is actually closer to 99%.
Enter Signature
  • #700
  • Oct 26, 2012 9:39pm Oct 26, 2012 9:39pm
Quoting Slim Buffett
I'd be interested in seein' that map.
What ya' think Gunner, can you please show the way? I wan'na be secure juz like you and avoid them galldarn blowups in the mines.

How 'bout it. What's your secret? Really?

hhhhhmmm...."the Map is not the Territory".......
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