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Myths and Legends

  • #81
  • Jan 13, 2013 12:42am Jan 13, 2013 12:42am
Quoting zander2034
the person speaking is eric thomas a motivational speaker. I have watched this countless times and personally beleive he is the best one. he has quite a few youtube videos. definetly worth a watch, there is also a part 2 version of this video

http://youtu.be/lsSC2vx7zFQ

zander


Note, i dont know how to embed the video lol
Thanks for the link.
  • #82
  • Edited 7:37am Jan 13, 2013 7:29am | Edited 7:37am
There is a bit of confusion going on here generally imho. The thing with 'wanting' something, be it an expensive car or to actually be something you are not in the present moment ie a future successful trader is this 'want' that originates inside us. That's the dilemma. All these pictures of cars and boats not only distracts, it also creates the type of trading personality that is doomed to fail. If you trade to become a success you will never be successful because 'being a success' is just an escape from the fear of failure.
  • #83
  • Jan 18, 2013 1:35am Jan 18, 2013 1:35am
Quoting Slim Buffett
Oh... a little something else especially for US traders. STOP WHINING. Your broker didn't do it.
This is also the "age of entitlement" and we think that if we're not making money it must be someone's fault. Take Responsibility. YOU did it. No one owes you a damn thing.

Also, according to some sources there is a move to get Barney Frank in the Senate. If that happens US traders are going to be even more screwed than they have already been.

Tough love

SoB
Hey there buddy

Im really loving your posts.
This is awesoem stuff here.

Especially this one sentence
For most people, the fear of losing money is greater than their desire to make money.
X-man the legendary conqueror of markets
  • #84
  • Jan 18, 2013 1:37am Jan 18, 2013 1:37am
Quoting Slim Buffett
This probably doesn't belong on a trading forum. Still. x-man said "thoughts" and politics are a part of trading. So......

"In an election year
They'll round up a few druggies
Call it a major bust
Arrest a few hookers
who terrorized thru lust

In an election year
they beg, plead and promise
for donations of cash
They'll solve all your problems
Claim to destroy every illegal stash

In an election year
The President is chirping, the Governor sings
the Senator sends junk mail to promise you
answers with wings...
hehe good 1.
X-man the legendary conqueror of markets
  • #85
  • Jan 18, 2013 1:38am Jan 18, 2013 1:38am
Quoting hubby7
Yo X-man nice to see you are still willing to share and contribute your knowledge & experience here.
Hey there buddy
How are you ?
Where have you been ? i didnt see you in a while
X-man the legendary conqueror of markets
  • #86
  • Jan 18, 2013 1:43am Jan 18, 2013 1:43am
Quoting Cun
Thanks Zander for the video. Every newbie should watch this.

So according to Eric Thomas: WHEN YOU WANT TO BE A GOOD TRADER AS BAD AS YOU WANT TO BREATHE, THEN YOU WILL BE SUCCESSFUL.

To embed a video just copy the string from the youtube address bar and paste it in your message.
It's obvious that Mr. Thomas never traded the forex.
  • #87
  • Jan 18, 2013 1:46am Jan 18, 2013 1:46am
Quoting Cun
Thanks Zander for the video. Every newbie should watch this.

So according to Eric Thomas: WHEN YOU WANT TO BE A GOOD TRADER AS BAD AS YOU WANT TO BREATHE, THEN YOU WILL BE SUCCESSFUL.

To embed a video just copy the string from the youtube address bar and paste it in your message.

Hey ther Cun
Thanks for those previous videos
I am enjoying them
Yes when you want to be a good trader as bad as you want to breathe then you will be successful.
I agree with this.
I met traders and some of them aint hungry enough to find that light. They seem content with the losses and accept the fact that they will never be good in FX
I say thats not true.
if you put your mind and back into this for a few months hubgry than ever for this and learn the right knowledge forex becomes the easiest profession.
Well when i say easy i dont mean 100% wins. Theres no such thing as 100% wins,
Everyone makes a loss.
You thinK if there were 100% wins then the traders with 20years or so experience will even use SLs? but the thing is that you still see those traders trader for so many years using Sls all the time.
So why we noobs only look for 100% wins?
Why arent we accepting our losses?
why arent we making friends with those losses.
if you have a system that has a 50% win rate and the R:R 1:2 then ofcoz you will be profitable dont you thnk?
Its not our systems thats lacking its US.
We have to dig deep to find that bottom and rise higher than ever.
Its possible guys
X-man the legendary conqueror of markets
  • #88
  • Jan 18, 2013 2:29am Jan 18, 2013 2:29am
To be successful you have to want it as bad as you breathe.

ok but...

Some people do ... and they do succeed.
and some people don't try very hard and they still succeed
and some people try very hard and they still fail.

Just a bit of reflexion to realize
It's just another one of those asinine platitude that is totally meaningless.
  • #89
  • Jan 18, 2013 2:47am Jan 18, 2013 2:47am
Quoting Mingary
To be successful you have to want it as bad as you breathe.

ok but...

Some people do ... and they do succeed.
and some people don't try very hard and they still succeed
and some people try very hard and they still fail.

Just a bit of reflexion to realize
It's just another one of those asinine platitude that is totally meaningless.
Want means nothing.... Want is irrelevant.

Just about everyone on this planet "wants" success, yet very few ever attain it.

While many have this desire, few put in the necessary work to attain it. That's what separates the winners from the losers. By work I don't mean an hour or two every day and then complaining when things don't go your way. I mean living and breathing it. Whether it's forex, buisness, athletics, etc.... Luck also plays a part, but it's not nearly as big a factor as some make it out to be. In forex, I'd say it's nil and void in the long haul.
What is any ocean but a multitude of drops?
  • #90
  • Jan 18, 2013 2:57am Jan 18, 2013 2:57am
Quoting X-Man
Hey there buddy


Especially this one sentence
For most people, the fear of losing money is greater than their desire to make money.

This is where I was for a long time, and I'm desperately fighting to liberate myself pf all fears in the market.
Let it turn and find your entry.
  • #91
  • Jan 18, 2013 3:28am Jan 18, 2013 3:28am
Quoting Xhale12
Want means nothing.... Want is irrelevant.

Just about everyone on this planet "wants" success, yet very few ever attain it.

While many have this desire, few put in the necessary work to attain it. That's what separates the winners from the losers. By work I don't mean an hour or two every day and then complaining when things don't go your way. I mean living and breathing it. Whether it's forex, buisness, athletics, etc.... Luck also plays a part, but it's not nearly as big a factor as some make it out to be. In forex, I'd say it's nil and...
Ok let's use work then...

Some people work at it ... and they do succeed.
and some people don't work very hard and they still succeed
and some people put in the necessary work and they still fail.

Just a bit of reflexion to realize
It's just another one of those asinine platitude that is totally meaningless
  • #92
  • Jan 18, 2013 3:41am Jan 18, 2013 3:41am
Quoting Xhale12
I love this story....

"Bruce [Lee] had me up to three miles a day, really at a good pace. We’d run the three miles in twenty-one or twenty-two minutes. Just under eight minutes a mile [Note: when running on his own in 1968, Lee would get his time down to six-and-a half minutes per mile]. So this morning he said to me “We’re going to go five.” I said, “Bruce, I can’t go five. I’m a helluva lot older than you are, and I can’t do five.” He said, “When we get to three, we’ll shift gears and it’s only two more and you’ll do it.”...




Best story I've read all year!
Let it turn and find your entry.
  • #93
  • Jan 18, 2013 3:56pm Jan 18, 2013 3:56pm
The last few posts have been very interesting.

There are many ways that different people look at the same set of circumstances so can we for example look a bit closer at the world of ultimate sportsmen and women. They want to be there at the top, in the medals, so strongly that they work extremely hard, every morning up at 6, in the gym or training 3 or 4 times per day, healthy food, early nights. Over and over again they do this for months on end season after season.

Their burning desire to succeed is partially ego driven and partly runs on the pure adrenaline rush that winning and the anticipation of winning creates.
They might scream at themselves in training 'I AM NO. 1' and this drives them harder but when they actually win, that is when they feel at their best. Many say their life after competitive sport is never as 'exciting' again.

Now before we jump to the conclusion that we all need a dose of this 'adrenaline and belief' we need to ask - would this work for a trader? Would getting pumped up psychologically before sitting down at your workstation make you a better trader? I doubt it. Would massive adrenaline rushes everytime you make a good trade improve your results in forex? Would finding forex extremely 'exciting' make us better traders?

The answer is no because trading well requires a clear, calm, balanced, even emotion free mind to make the correct decisions. You can't make rational trading decisions when inside you are screaming out for success, thinking about the car you are going to buy or the boat you are going to sail across the world. Trading is not sport, it's not really a skill, in the end it is a mind game. And infact many sporting competitions are won by those more prepared psychologically.

The biggest hurdle any want-to-be successful trader will have to overcome is simply themselves. As X-Man says accept your losses.
  • #94
  • Jan 19, 2013 1:17am Jan 19, 2013 1:17am
Quoting X-Man
So why we noobs only look for 100% wins?
Why arent we accepting our losses?
why arent we making friends with those losses.
if you have a system that has a 50% win rate and the R:R 1:2 then ofcoz you will be profitable dont you thnk?
Its not our systems thats lacking its US.
We have to dig deep to find that bottom and rise higher than ever.
Its possible guys
Yes like they say SL is our best friend.

For illustration below is the result of a system with 50% win rate and 1:2 R:R ratio, after 100 trades.

In the spread sheet wins and losses are distributed randomly so actual winning rate is close, but not exactly identical, to the given value of 50%.


INITIAL DEPOSIT 1,000 WINNING RATE 50% RISK PER TRADE 1% RISK:REWARD RATIO 0.50 BAL. AFTER 100 TRADES 1,445 ACTUAL WINNING RATE 46%

Excel sheet is attached.
Attached File(s)
File Type: xlsx Spreadsheeet.xlsx   76 KB | 419 downloads
  • #95
  • Jan 19, 2013 1:54am Jan 19, 2013 1:54am
Quoting Mingary
To be successful you have to want it as bad as you breathe.

ok but...

Some people do ... and they do succeed.
and some people don't try very hard and they still succeed
and some people try very hard and they still fail.

Just a bit of reflexion to realize
It's just another one of those asinine platitude that is totally meaningless.
Keep in mind it is a motivational video. The intention is to help motivate you keep working to achieve what you want in life whether you want to get an A in math, be a better trader, etc.

It seems you are expecting that if you work hard, you deserve to get whatever it is you want with 100% certainty.

Problem is "hard" is relative. Also nothing is 100% certain in life but with some efforts we could increase the probability.
  • #96
  • Jan 19, 2013 4:40am Jan 19, 2013 4:40am
Hey XM, its been a while...

Inserted Video
Memories caught in time but never forgotten
  • #97
  • Jan 19, 2013 9:43am Jan 19, 2013 9:43am
Quoting Cun
Keep in mind it is a motivational video. The intention is to help motivate you keep working to achieve what you want in life whether you want to get an A in math, be a better trader, etc.

It seems you are expecting that if you work hard, you deserve to get whatever it is you want with 100% certainty.

Problem is "hard" is relative. Also nothing is 100% certain in life but with some efforts we could increase the probability.
This discussion re the motivatinal video & effort is only a part of success. The other, and maybe more critical part is "execution". We can "want" it all day long but if we don't execute properly it's useless effort. I think that's just another way of saying what X-man and others are saying - follow your system (plan). In my "day job" I'd rather have employees that follow the system, procedures , processes etc and execute the plan with precision even if a bit less enthusiastically than others who are hyped to go but don"t follow instructions. eXecution - any connection to X-Man???
  • #98
  • Jan 19, 2013 2:58pm Jan 19, 2013 2:58pm
Quoting j4d
Hey XM, its been a while...

http://www.youtube.com/watch?v=pN34FNbOKXc
If you think you can become a successful trader just by believing you can do it and REALLY wanting it, you are mistaken. The mindset that 'holds people back' in life is a negative one and involves thoughts that tell you things like 'I can't do that, I'll never achieve that it's impossible'. OK so that entrenched way of thinking, that deeply seated self-doubt holds us back. Agreed. But to jump to the conclusion that simply thinking the opposite ie 'I CAN and WILL do that, I'm a SUCCESS!' will change everything is naive. Your mind is far too cunning for that.
  • #99
  • Jan 19, 2013 3:20pm Jan 19, 2013 3:20pm
Quoting stevexyg
If you think you can become a successful trader just by believing you can do it and REALLY wanting it, you are mistaken. The mindset that 'holds people back' in life is a negative one and involves thoughts that tell you things like 'I can't do that, I'll never achieve that it's impossible'. OK so that entrenched way of thinking, that deeply seated self-doubt holds us back. Agreed. But to jump to the conclusion that simply thinking the opposite ie 'I CAN and WILL do that, I'm a SUCCESS!' will change everything is naive. Your mind is far too...
u would be surprised the power of positive thinking and how it conditions the mind. Keep it simple and you will win with the right attitude.. Thats
all you need to know
  • #100
  • Jan 19, 2013 3:44pm Jan 19, 2013 3:44pm
Quoting sidhujag
u would be surprised the power of positive thinking and how it conditions the mind. Keep it simple and you will win with the right attitude.. Thats
all you need to know
I am thinking positively right now. I am thinking ' I can fly'. Can I fly? No. The problem requires a more subtle approach than 'I am a great trader, I will be a millionaire soon'.
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