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Myths and Legends

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  • First Post: Jan 7, 2013 3:42am Jan 7, 2013 3:42am
Hey there guys

I am a trader for a year now. During the year i have been on a journey in the forex market.
On this journing i heard various talks about the possible and the impossible in the forex market. Some say its Myths others say its Legends.
I starting this thread to discuss these things we hear and whether we think its possible or impossible , whether we believe its myths or whether we believe its legends. Whether its truth or just tales
This would be very interesting as i know traders from all over the world come onto forex factory. We all have our differences , we have come from different backgrounds.
Thats why in this thread im not only looking for rosy painted pictures here only i am also looking for reality and the ugly truth from critics.
In this thread all types of views are welcome.
Some examples of these Possibilities and Impossisibilities are:
Whether a trader can make millions from forex?
What success stories have we come across in this market?
Whats are our beliefs when we trading about various factors in the market whether it be about the big boys , stop hunters , the MIND etc etc.

I want to know you guys deep thoughts no matter how out of this world it may sound , no matter how little vlaue it holds i still want you guys to post it.
I want to know it all. All the dynanics of it , just everything guys.
I want to know also about the MIND. What we think is possible and impossibel about the mind.

Here you guys are allowed to post vidoes or any sort of material about anything related to this thread.
Anything interesting will go here
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X-man the legendary conqueror of markets
Here are some legends
These guys inspire me to new heights always.

Possible? Oh yes it surely is
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X-man the legendary conqueror of markets
Paul Tudor Jones

He made it , why cant we?
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X-man the legendary conqueror of markets
Hello X-Man,

Good to see you starting a new thread :-)
Personally for me the biggest challenge is to really believe it is possible to be succesfull in forex, there is no need to try if your not confinced you can do it, but even small losses can take small parts away from that confidence...
You almost can say there is a fear of being succesfull, have to overcome this...
Who heard about the turtle traders ?

The Turtle Experiment
By the early 1980s, Dennis was widely recognized in the trading world as an overwhelming success. He had turned an initial stake of less than $5,000 into more than $100 million. He and his partner, Eckhardt, had frequent discussions about their success. Dennis believed anyone could be taught to trade the futures markets, while Eckhardt countered that Dennis had a special gift that allowed him to profit from trading.

The experiment was set up by Dennis to finally settle this debate. Dennis would find a group of people to teach his rules to, and then have them trade with real money. Dennis believed so strongly in his ideas that he would actually give the traders his own money to trade. The training would last for two weeks and could be repeated over and over. He called his students "turtles" after recalling turtle farms he had visited in Singapore and deciding that he could grow traders as quickly and efficiently as farm-grown turtles.


Read more: http://www.investopedia.com/articles...#ixzz2HHPaOBk6

X-man the legendary conqueror of markets
X-man can you help me with this indicator, I want to add alert to it.

For Buy, when this condition is true

if (sign[pos] == 2 && show_lines)

and for Sell, when

if (sign[pos] == -2 && show_lines)

I tried to but keep getting endless alert.

Thanks
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File Type: mq4 BBCI.mq4   11 KB | 260 downloads
Hi Xman,

Great thread and very inspiring.

Please keep posting.

Best Regards
Of course a trader could make millions. There are traders making billions. Theoretically the amount of money a trader can make is endless.

As far as those I know doing well..... I know plenty of people trading full time whether in FX or Stocks who make a respectable amount of money. I also know a couple people making very large amounts of money (although my lips are sealed ).

I've found the general consensus in trading communities is that it is impossible to make a large amount of money trading. Why the pessimistic attitudes I have no idea. Perhaps that is the reason why so many fail in this industry.... They've failed mentally before they even make a trade because they believe what they desire is impossible to attain. I used to be one of those people until I came across many who showed me it was very possible to do extremely well in FX. Consequently once my mindset changed, my trading improved along with it.
What is any ocean but a multitude of drops?
Quoting mkb1272
Hello X-Man,

Good to see you starting a new thread :-)
Personally for me the biggest challenge is to really believe it is possible to be succesfull in forex, there is no need to try if your not confinced you can do it, but even small losses can take small parts away from that confidence...
You almost can say there is a fear of being succesfull, have to overcome this...

Yes bro i know what you mean .
I use to be scared of losses . When you create that fear then you are afraid to take that next trade beacuse you think that will also be a loser.

I started making friends with my losses.
Once you make friends with that enemy then you will realize that anything is possible.

But the question is how that fear was created in the first place?
Did we get a deep bite from that enemy that left a scare there for life?
Such a deep scare that even when we have a really profitable system we are still afraid.
Thats what happens to the most of us right?

Its up to us to just get rid of that fear. its up to us to make friends.

Like in trading in the zone where mark douglas tells you an incident about a dog bite.
The first dog we encounter and if that bites us we will have a tendency to fear all dogs that we encounter after that.
The case is that all dogs wont be like the first dog we faced.

the same goes with trading.
The first trade bit us does that mean the other trades will also bite us like that.

we just have to have a good trading system and then we have to believe in that system .
this is very important.
Trust is very important.
X-man the legendary conqueror of markets
Great topic.

Quoting X-Man
Who heard about the turtle traders ?

The Turtle Experiment
By the early 1980s, Dennis was widely recognized in the trading world as an overwhelming success. He had turned an initial stake of less than $5,000 into more than $100 million. He and his partner, Eckhardt, had frequent discussions about their success. Dennis believed anyone could be taught to trade the futures markets, while Eckhardt countered that Dennis had a special gift that allowed him to profit from...
Dennis also ended up losing nearly all his money a few years after that experiment. There's another lesson in that
What is any ocean but a multitude of drops?
Quoting mkfx
Hi Xman,

Great thread and very inspiring.

Please keep posting.

Best Regards
Thanks buddy

Im here to read all the theories traders have heard or leanrt on their journey.
The nitty gritty.

Whether its turth or tale all traders must talk about it.
Also what really inspires people to trade forex.
What drives us here?
X-man the legendary conqueror of markets
Quoting Xhale12
Of course a trader could make millions. There are traders making billions. Theoretically the amount of money a trader can make is endless.

As far as those I know doing well..... I know plenty of people trading full time whether in FX or Stocks who make a respectable amount of money. I also know a couple people making very large amounts of money (although my lips are sealed ).

I've found the general consensus in trading communities is that it is impossible to make a large amount of money trading. Why the pessimistic attitudes I have no idea....
Yes i also truly believe that making huge amounts in this game is totally possibe.
It just depends on our beliefs and our mindsets.
Why do most of the traders in the trading communities think its impossible?
THe next question you ask after that is are they part of the 95%?

Just say theres a village that entire villlage were born and brought up to think the earth is flat.
generations upon generations they will go onto believe that the earth is flat.
They will have schools there will will teach their kids that the earth is flat.

Now imagine 1 day a guy comes there and say no the earth is round?
What will happen to that guy LOL
X-man the legendary conqueror of markets
Quoting matlobien
Great topic.

Keep visiting . It will get very very interesting .
X-man the legendary conqueror of markets
Quoting Xhale12
Dennis also ended up losing nearly all his money a few years after that experiment. There's another lesson in that
I wonder what happened there.
Maybe Greed? maybe another experiment?

I also heard that the method he traded is freely available on the net.
could that be the case of it not working and losing money?

Do you think the ones that make it big keep their valuable top secret system a secret?
X-man the legendary conqueror of markets
Another thing i want to know is what is the maximum risk per trade a trader risk?

When i started trading i learnt that maximum is 3% which is reasonable.

So then i started risking 2.5% a trade.
As i went on with my journey i heard that 2.5% a trade is impossible?
Why is it impossible?
To me that was the norm thats all. I lived in the "village" where 2.5% was good.

Do we think 2.5% is impossible coz we dont beleive and trust in our system? re we afraid ?
We do not allow our mind to take it all in and make it possible .

THE MIND is a powerful tool
I hope i can get gooch and arjun onto this thread to talk about the MIND.
X-man the legendary conqueror of markets
Quoting X-Man
Yes i also truly believe that making huge amounts in this game is totally possibe.
It just depends on our beliefs and our mindsets.
Why do most of the traders in the trading communities think its impossible?
THe next question you ask after that is are they part of the 95%?

Just say theres a village that entire villlage were born and brought up to think the earth is flat.
generations upon generations they will go onto believe that the earth is flat.
They will have schools there will will teach their kids that the earth is flat.

Now...
Look at what happened to Galileo when he said the Earth revolved around the sun......

Quoting X-Man
I wonder what happened there.
Maybe Greed? maybe another experiment?

I also heard that the method he traded is freely available on the net.
could that be the case of it not working and losing money?

Do you think the ones that make it big keep their valuable top secret system a secret?
I'm not sure. His method has been out for quite some time now and it does not work at all like it did back when he conducted the experiment.... They backtested it and it would have barely made you any money had you applied it to the S&P over the last 15 years.

A question that I'd love to hear answers too is what amount of money would be enough? Enough to stop trading.

There was a great scene in Wall Street 2 (not a very good movie), where the young aspiring trader asks the billionaire the same question. His answer was "more".

I have a feeling that if I'm ever in his shoes my answer would be the same. Right now my dream car's a Porsche Panamera. It runs about 150k. Should the day come where I ever get that, I'm sure my next dream car would be something more expensive. Should I ever get that one I'm sure I'd want a veyron (2.5mil).... so on and so forth.

I had a very unique childhood. I was born in poverty, and after ten years of that got to experience extreme wealth when my Father's company made it big. I learned a lot from that. It's amazing how fast humans become accustomed to new lifestyles. You can go from a 100k house to a 10 million dollar house and within a few months it wears off and you want something bigger. I experienced it first hand. I've seen countless people get everything they've ever dreamed of, and then become miserable trying to acquire more and more.

So.... whats your "number"?

I don't mean to hijack the thread but I think this question relates to the topic at hand.
What is any ocean but a multitude of drops?
Quoting Xhale12
Look at what happened to Galileo when he said the Earth revolved around the sun......



I'm not sure. His method has been out for quite some time now and it does not work at all like it did back when he conducted the experiment.... They backtested it and it would have barely made you any money had you applied it to the S&P over the last 15 years.

A question that I'd love to hear answers too is what amount of money would be enough? Enough to stop trading.

There was a great scene in Wall Street 2 (not a very good movie), where...
Buddy you can post as you like here.
I want you to go on about it all. Im hear to see if how deep is that rabbit hole . or is there a rabbit hole in the first place.

I would also say more hehe.
I think when you reach a certain limit then you become happy with making that amount everyday.
My goal is to reach 1000 lots 1 day . hehe thats like $10 000 a pip .
They i will get me a veyron
if you have yours we can go for a race . hehe
X-man the legendary conqueror of markets
Veyron?? What happend to your Lamborghini Aventador?? ;-)

Quoting X-Man
Buddy you can post as you like here.
I want you to go on about it all. Im hear to see if how deep is that rabbit hole . or is there a rabbit hole in the first place.

I would also say more hehe.
I think when you reach a certain limit then you become happy with making that amount everyday.
My goal is to reach 1000 lots 1 day . hehe thats like $10 000 a pip .
They i will get me a veyron
if you have yours we can go for a race . hehe
Quoting mkb1272
Veyron?? What happend to your Lamborghini Aventador?? ;-)
How about having both?
The world is your playground
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X-man the legendary conqueror of markets
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