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My mentality - my problem

  • #101
  • Mar 6, 2013 1:56am Mar 6, 2013 1:56am
Quoting hanover
Sorry if this sounds harsh, but you're posting much the same things repeatedly, supposedly because you're hoping for a 'holy grail' piece of advice from somebody that's going to solve your problem.

But realistically, that's not going to happen. There's been some great advice posted already. It's now up to you as to whether or not you embrace it.

Discipline is not an intellectual problem, it's an existential one. You can get only so far by reading comments on a forum; ultimately the answer lies somewhere within YOU. Only YOU can change yourself....
Agree , I was in the same situation whereby, you want to keep being told what you know already to believe it.If you got discipline , you will definitely make it in forex.The issue is more about money here , how can we disciplined if we are talking about money? especially if you spent the entire life dreaming about good life and somehow you think forex will take you there?.Its not easy.I have kept going even when I thought it was impossible for me.I have kept going and I believe that I have got here through hard work and self introspection.
  • #102
  • Mar 6, 2013 2:04am Mar 6, 2013 2:04am
Quoting tafadzwa02
Agree , I was in the same situation whereby, you want to keep being told what you know already to believe it.If you got discipline , you will definitely make it in forex.The issue is more about money here , how can we disciplined if we are talking about money? especially if you spent the entire life dreaming about good life and somehow you think forex will take you there?.Its not easy.I have kept going even when I thought it was impossible for me.I have kept going and I believe that I have got here through hard work and self introspection.
I remember I could point every single mistake you made, and I cannot stick to my own advices ;-)
now I trade the one step forward two steps back system ;-)
On my way to financial independence - if others can do it - I can do it
  • #103
  • Mar 6, 2013 2:42am Mar 6, 2013 2:42am
For a long time I did believe what I read many times: you need a system and discipline.
Finally wok up and I knew I have an edge me too and started to execute trades with discipline.
I saw I still have lowing trades, which is normal.

My conclusion it was:
The trend always based on a timeframe. Diff timeframe will have diff trends.
The edge is based on probability. Within 100 disciplined trades still you will have 3 consecutive looses anyhow.

And finally. One thing which will argue most of ppl:
Isn't so important the discipline: because the Market isn,'t disciplined , he doesn't know my trade plan, my take profit.
It is a lot more important to close the position in positive, than be disciplined. Simple ,banal example : very soon in live account I got a series of loses. Lost a part of account, but I was disciplined: trades were executed mostly conform my plan. Inn other account when I saw a kind of trade opportunity I have entered for a few pips, there I have combined all my known edges and it WS a stress free trades without discipline. For me the last one is better and trading is enjoinable. 99% of reader from here will blame me for this but I don't care, because not they are giving the money for me and not they money will be lost in a series of disciplined trades also not they should be happy with my trading style.

Your trades will reflect your psichology ( over 500 trades) so it would be better if you would be disciplined and that would come from instinct. If is forced the discipline for trade only and in real life aren't a disciplined than the trades will reflect the stress: or you will not enjoy to trading an will leave or will end up in negative balance. That is my experience, I left trading only for short period of time.
I want to buy PATIENCE
  • #104
  • Mar 6, 2013 3:18am Mar 6, 2013 3:18am
Quoting matheszabi
For a long time I did believe what I read many times: you need a system and discipline.
Finally wok up and I knew I have an edge me too and started to execute trades with discipline.
I saw I still have lowing trades, which is normal.

My conclusion it was:
The trend always based on a timeframe. Diff timeframe will have diff trends.
The edge is based on probability. Within 100 disciplined trades still you will have 3 consecutive looses anyhow.

And finally. One thing which will argue most of ppl:
Isn't so important the discipline: because the...
In fact you are right ... But we are not essentially talking about discipline but about the thread starter's big problem : GREED
MT4/MT5 EAs/Indicators/Alerts coder
  • #105
  • Mar 6, 2013 3:22am Mar 6, 2013 3:22am
Quoting FerruFx
In fact you are right ... But we are not essentially talking about discipline but about the thread starter's big problem : GREED
Oh, I just read Hanover's post and about what he is replying
I want to buy PATIENCE
  • #106
  • Mar 6, 2013 3:26am Mar 6, 2013 3:26am
Quoting matheszabi
Oh, I just read Hanover's post and about what he is replying
Hanover's and yours are great posts anyway
MT4/MT5 EAs/Indicators/Alerts coder
  • #107
  • Mar 6, 2013 3:40am Mar 6, 2013 3:40am
Quoting FerruFx
Hanover's and yours are great posts anyway
true, yours as well, thanks guys
On my way to financial independence - if others can do it - I can do it
  • #108
  • Mar 6, 2013 3:52am Mar 6, 2013 3:52am
Quoting Eur Usd
true, yours as well, thanks guys
MT4/MT5 EAs/Indicators/Alerts coder
  • #109
  • Edited 4:15am Mar 8, 2013 4:01am | Edited 4:15am
I slowly accept 3% per day rule. Mentally I feel better as well. Calculations in excell did help, I just count 3% a trading day per amount of days I can trade a year (about 120 days) and it looks like I get same amount as from my full time job (and enough to buy a house and some more after 2 years), so not bad. After another 2 weeks (7 trading days) and if all goes fine I'll start small live account with 25£ on it just to get used to real risk. I'll be topping up the live account after each successful month
On my way to financial independence - if others can do it - I can do it
  • #110
  • Mar 8, 2013 4:18am Mar 8, 2013 4:18am
Quoting Eur Usd
Calculations in excell did help, I just count 3% a trading day per amount of days I can trade a year (about 120 days) and it looks like I get same amount as from my full time job (and enough to buy a house and some more after 2 years), so not bad.
You should also consider that you won't make 3% per day ... each day

Excel is a dream calculator!
MT4/MT5 EAs/Indicators/Alerts coder
  • #111
  • Mar 8, 2013 4:24am Mar 8, 2013 4:24am
Quoting FerruFx
You should also consider that you won't make 3% per day ... each day

Excel is a dream calculator!
true, but I base my 3% more as an average. I've been testing choros for few months and the lowest profit it gave me was 30%, highest 80% a month, doing often 7-9% a day and sometimes over, and I was failing only due to greed - trading silver in this case, or trading from work where there are too many distractions, and I shouldn't trade.
even if I won't get the 3% every trading day it is still a good profit.
On my way to financial independence - if others can do it - I can do it
  • #112
  • Mar 8, 2013 4:28am Mar 8, 2013 4:28am
Quoting Eur Usd
true, but I base my 3% more as an average.
3% won't be your average if you stop trading (daily goal) at 3%.
MT4/MT5 EAs/Indicators/Alerts coder
  • #113
  • Mar 8, 2013 4:35am Mar 8, 2013 4:35am
That's especially true with the "greed" and "get rich quick mentality". Under the risk neutral mind, any asset including forex indices grow at but realistically slightly above the risk free rate. So, if you make above 0.01% per month, than you're doing great, and if you make twice as much as the market but lose half as much as the market, then you're damn good.

After learning that, I just expect any rate of return and I feel satisfied with it.
  • #114
  • Mar 8, 2013 5:32am Mar 8, 2013 5:32am
I am in pain
  • #115
  • Mar 8, 2013 5:55am Mar 8, 2013 5:55am
Quoting tafadzwa02
I am in pain
I've seen it and I feel sorry for you mate. Maybe you should start doing demo (and for the real cash go for holidays, buy yourself some gadget otr just save) untill you gain confidence and find a system that suits you?
Maybe you should change the way you invest? maybe try investing in stock indices (iii.co.uk used to be good but now they charge 25 quid per 3 months, so you need to invest quite a lot to get gains. I had only 3k with them so I left them, but If I stayed I'd get about 15-20% profit this year, and the halifax indice trackers were really cheap, cheaper than on halifax page)

good luck anyway, take a rest, stick to demo for few months (or at least small cash). Also try not to trade from work, if you have time at night trade on JPY and AUD, maybe try choros - it is good once you master it
On my way to financial independence - if others can do it - I can do it
  • #116
  • Mar 8, 2013 6:47am Mar 8, 2013 6:47am
Quoting Eur Usd
I've seen it and I feel sorry for you mate. Maybe you should start doing demo (and for the real cash go for holidays, buy yourself some gadget otr just save) untill you gain confidence and find a system that suits you?
Maybe you should change the way you invest? maybe try investing in stock indices (iii.co.uk used to be good but now they charge 25 quid per 3 months, so you need to invest quite a lot to get gains. I had only 3k with them so I left them, but If I stayed I'd get about 15-20% profit this year, and the halifax indice trackers were really...
Where can I get an idiot proof guide for Choros , I don't want to go on the whole thread, if you see what I mean
  • #117
  • Mar 8, 2013 6:49am Mar 8, 2013 6:49am
Quoting tafadzwa02
Where can I get an idiot proof guide for Choros , I don't want to go on the whole thread, if you see what I mean
http://www.forexfactory.com/search.php?searchid=5205138
first page. you have the manuals there, all explained nicely ;-)

manuals here: http://www.forexfactory.com/showthre...36#post5920136
I'd go for M15, but it also works on M5
On my way to financial independence - if others can do it - I can do it
  • #118
  • Mar 8, 2013 7:03am Mar 8, 2013 7:03am
Quoting Eur Usd
http://www.forexfactory.com/search.php?searchid=5205138
first page. you have the manuals there, all explained nicely ;-)

manuals here: http://www.forexfactory.com/showthre...36#post5920136
I'd go for M15, but it also works on M5


here is a vouch to you for educating a lot of traders in their early journey
finding A M S
  • #119
  • Mar 8, 2013 7:06am Mar 8, 2013 7:06am
Quoting prashant7
here is a vouch to you for educating a lot of traders in their early journey
Thanks, I apreciate ;-)
On my way to financial independence - if others can do it - I can do it
  • #120
  • Mar 8, 2013 7:16am Mar 8, 2013 7:16am
I love the way you go from this:

Quoting Eur Usd
I know I am crap. that's why I started this thread. Am trying to get rid of bad habits, even got an idea to print out some small house I'd like to buy and hang above my monitor as motivation ;-)

To this:

Quoting Eur Usd
I've seen it and I feel sorry for you mate. Maybe you should start doing demo (and for the real cash go for holidays, buy yourself some gadget otr just save) untill you gain confidence and find a system that suits you?
Maybe you should change the way you invest? maybe try investing in stock indices (iii.co.uk used to be good but now they charge 25 quid per 3 months, so you need to invest quite a lot to get gains. I had only 3k with them so I left them, but If I stayed I'd get about 15-20% profit this year, and the halifax indice trackers were really cheap, cheaper than on halifax page)

good luck anyway, take a rest, stick to demo for few months (or at least small cash). Also try not to trade from work, if you have time at night trade on JPY and AUD, maybe try choros - it is good once you master it

In just a few days, I think the color green may be doing funny things to your head...

Longevity is the game. G/L with it and well done on your results this week. Good time to take a break from here I'd say and get out of the "spotlight" so silly people like me can stop messing with your head.

And you even got a vouch lol good stuff.
Time hides Nothing
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