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Is it a happy life ahead?

  • #161
  • Jan 15, 2013 6:58am Jan 15, 2013 6:58am
When I first started trading live, I realised two things about myself which I didn't know before. 1. I was VERY greedy, 2. I had NO patience whatsoever, I soon realised I wasn't gonna make this work without getting rid of those two demons, it took me a month or so to get into the psychological mindset of trading, the rest just falls into place with a decent system.
  • #162
  • Jan 15, 2013 7:16am Jan 15, 2013 7:16am
Quoting GDR3k
When I first started trading live, I realised two things about myself which I didn't know before. 1. I was VERY greedy, 2. I had NO patience whatsoever, I soon realised I wasn't gonna make this work without getting rid of those two demons, it took me a month or so to get into the psychological mindset of trading, the rest just falls into place with a decent system.
Too get off the greed, how you do?
  • #163
  • Jan 15, 2013 8:01am Jan 15, 2013 8:01am
Quoting GDR3k
When I first started trading live, I realised two things about myself which I didn't know before. 1. I was VERY greedy, 2. I had NO patience whatsoever, I soon realised I wasn't gonna make this work without getting rid of those two demons, it took me a month or so to get into the psychological mindset of trading, the rest just falls into place with a decent system.
I also gone though a same phase. With a better system I defeated those demons. But not 100%. Lets say 75 % - 80%. Because we are humans
  • #164
  • Jan 15, 2013 12:44pm Jan 15, 2013 12:44pm
Quoting Turveyd
Those are my only 2 weak points, typical, that's it after 8 years I quit bye all!!
Look at the bright side, patience and strong psychology are learnt attributes.
Have you seen or heard of patient babies quietly waiting for their bottles to be ready?
Have you seen or heard of psychologically strong babies smile when their mothers hand them to ugly strangers?
The way I see it, if you can glue yourself in front of charts for 8 years, you've got talent!
  • #165
  • Jan 15, 2013 12:51pm Jan 15, 2013 12:51pm
Quoting PeterE
i dont mean to be rude, but whoever said that is a dill!
No, you are not being rude, just being newbie.
Welcome to the battle field!
  • #166
  • Jan 15, 2013 12:54pm Jan 15, 2013 12:54pm
Quoting pipfarming
No, you are not being rude, just being newbie.
Welcome to the battle field!
Oh, my bad, Peter is a long standing fighter, he was member since 2009.
OK, maybe Peter's system requires no patience nor strong psychology.
  • #167
  • Jan 15, 2013 12:56pm Jan 15, 2013 12:56pm
Quoting The Cableguy
No, not the secrets bit, perhaps Peter, but being patient and psychologically strong are two very important criteria... (imo)
I can vouch for you, just tell me how.
  • #168
  • Jan 15, 2013 1:00pm Jan 15, 2013 1:00pm
Quoting GDR3k
When I first started trading live, I realised two things about myself which I didn't know before. 1. I was VERY greedy, 2. I had NO patience whatsoever, I soon realised I wasn't gonna make this work without getting rid of those two demons, it took me a month or so to get into the psychological mindset of trading, the rest just falls into place with a decent system.
In only a month time? You've got talent!
  • #169
  • Jan 15, 2013 1:02pm Jan 15, 2013 1:02pm
Quoting fx_money
Too get off the greed, how you do?
I guess he sticks to his system, that's how.
  • #170
  • Jan 15, 2013 1:03pm Jan 15, 2013 1:03pm
Quoting Alanamc
I also gone though a same phase. With a better system I defeated those demons. But not 100%. Lets say 75 % - 80%. Because we are humans
I guess it's not good enough to be humans in this game.
We need to be the odds to beat humans.
  • #171
  • Jan 15, 2013 4:13pm Jan 15, 2013 4:13pm
Quoting pipfarming
In only a month time? You've got talent!
Once I realised absolutely that I could in no way shape or form influence the market movement, and only enter and exit where I believed the big money orders where, I then started making a profit, that in itself taught me to be patient and in turn the greed went away. I would identify zones or areas on a chart most likely the price will reverse, place my order and wait, let the market come to me, as you can never, ever go to it, I trade now using a combination of methods, mainly though; supply & demand zones, psychological areas, weekly/monthly pivot points and harmonics.

I enter only in supply & demand zones and/or a weekly or monthly pivot level and exit only in supply & demand zones and/or a weekly or monthly pivot level, having spent the past year trading full time infront of a chart, s&d ares are very easy for me to spot - on any timeframe.

I believe it gives me the best chance of a winning trade. I use weekly & monthly pivot points as they're well respected and there is normally alot of volatility around them, even better if they line up with a supply or demand area. I've recently incorporated another method into my trading system - harmonics over the past month or so, I find these on the bigger timeframe lethal. All those 4 seperate underlined methods I've listed above combined works for me, it suits my trading style and my personality, while it may not suit everyone, its perfect for me.

Plus, the price moves in waves, never ever forget that, from supply to demand, to supply to demand and vice versa. So for example, in a 1hour candle, there will be waves of 5 minute bars, in a daily bar, there will be waves of 1hour bars, in a weekly candle there will be waves of 4hour bars and under, wave within a wave within a wave.

I hope that blabble makes sense.

If you would like any help with anything, feel free to PM me.

Good luck.
  • #172
  • Jan 19, 2013 12:39am Jan 19, 2013 12:39am
Quoting pipfarming
I guess it's not good enough to be humans in this game.
We need to be the odds to beat humans.
Yeah true.
  • #173
  • Jan 19, 2013 12:48am Jan 19, 2013 12:48am
Quoting GDR3k
Once I realised absolutely that I could in no way shape or form influence the market movement, and only enter and exit where I believed the big money orders where, I then started making a profit, that in itself taught me to be patient and in turn the greed went away. I would identify zones or areas on a chart most likely the price will reverse, place my order and wait, let the market come to me, as you can never, ever go to it, I trade now using a combination of methods, mainly though; supply & demand zones, [b][u]psychological...

Very interesting method. I also use Supply & Demand zones to entry and exit and very successful method so far.
  • #174
  • Jan 20, 2013 5:17am Jan 20, 2013 5:17am
You managed to deal with both greed and patience, in under a month? That's remarkable and on the strategy, hmm sure sounds good enough so how's everything right now? Any additional updates?
  • #175
  • Jan 21, 2013 2:23am Jan 21, 2013 2:23am
I'm lucky enough to develop my own strategies that could be automated w EA (semi automatically). When I started trading manually, I could NEVER stick to my plan. Unlike poster above... It isn't greed or patience, its FEAR that always took the better of me. A couple of consecutive losses would send me into a confidence breakdown.

I don't think I have got over my FEAR yet, but by automating my entries have made my life significantly easier - less screen time -> less emo -> less worn out over time. I'm now addicted to automating all my trading ideas

FYI if you need to find someone good to develop an EA for you just go for freelance sites like odesk (google it up). Depending on your EA it can cost you anywhere from $10 - $xxx.

Goodluck!
  • #176
  • Jan 21, 2013 11:19am Jan 21, 2013 11:19am
Quoting Croatian
I'm lucky enough to develop my own strategies that could be automated w EA (semi automatically). When I started trading manually, I could NEVER stick to my plan. Unlike poster above... It isn't greed or patience, its FEAR that always took the better of me. A couple of consecutive losses would send me into a confidence breakdown.

I don't think I have got over my FEAR yet, but by automating my entries have made my life significantly easier - less screen time -> less emo -> less worn out over time. I'm now addicted to automating all my trading...
yep FEAR is the greatest demon.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #177
  • Jan 21, 2013 12:26pm Jan 21, 2013 12:26pm
Quoting pipfarming
Hi everyone, greetings from me - a brand new newbie.

I have been playing on my demo account for few months now, had opened my first live account for 2 weeks. I am looking forward to become a professional trader slowly (hope not painfully).

Can anybody shed some lights on the life of a professional trader for me?
Is it a happy life?
Sad life?
Chaotic life in which you are on the top of the world one day but only to become suicidal the next day?
You ask some deep and important questions. I co-moderate THE SEVEN SYSTEM here and as God is my witness, other than selling a few books on Amazon, I depend on Forex trading for my sole income. I have been trading 15 years. I t took me till 2012 to do it. Thats a partial answer right there. PM me with your questions and I will see if I can help.

Silat
  • #178
  • Jan 21, 2013 5:37pm Jan 21, 2013 5:37pm
On EA, well guess it depends on the individual trader but personally would not go near one. And yeah, the fear can impact your trading but for me, it has been mainly about patience and believe me, took me a long while to get from there to here.
  • #179
  • Jan 23, 2013 5:35pm Jan 23, 2013 5:35pm
Hi guys, thank you very much for your contribution to my thread!

I am not happy, I am bored.
No action for a couple of weeks now.

I warn myself not to take any bad trades, no matter how promising they look.
I once read in this forum about good trade, bad trade, winner trade and loser trade. I strongly agree with the concept of taking only good trades which are well planned, triggered by trading system. Although good trade does not necessarily mean winner trade, and ill planned bad trade does not necessarily mean loser trade, quite the contrary, bad trade might bring big harvest!

I am bored and on the verge of doing something that I'll regret later.
So, I opened a demo account with MahiFX and clicked to my heart's content. I made 50% profit the first day, on the second day, I received margin call, I still have 12,000 demo money and I am only running -2,000 in red pip positions, and I was told that my margin level has dropped below 100%, I don't understand this margin level thing.

My live account has a margin level of over 2000 %, I don't know what it means. Am I being too conservative?
  • #180
  • Jan 23, 2013 5:45pm Jan 23, 2013 5:45pm
Quoting pipfarming
Hi guys, thank you very much for your contribution to my thread!

I am not happy, I am bored.
No action for a couple of weeks now.

I warn myself not to take any bad trades, no matter how promising they look.
I once read in this forum about good trade, bad trade, winner trade and loser trade. I strongly agree with the concept of taking only good trades which are well planned, triggered by trading system. Although good trade does not necessarily mean winner trade, and ill planned bad trade does not necessarily mean loser trade, quite the contrary,...

No such thing as a GOOD Trade, even the best looking perfect setup trade can bite you in the ass, you've got to accept losers will happen, play and trust your numbers that you'll be up over all and relax and just push the buttons like it's a video game, that's vaguely connected to your bank account ofcourse!

20:1 margin then, as long as you can trade at the risk % you want to trade at, then all is fine, I think I've got 200:1 or something, I like to trade at a high risk % though, cause I'm a tad just a tad mind, NUTS!!

Markets been wild, but head has not been there sadly, missed many many potentially good pips.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
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