Forex Trading Philosophy | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Rel's Philosophy of Trading Discussion 24 replies

While you wait: Trading philosophy (excluding trades) 5 replies

What's your basic logic/philosophy for trading in simple words? 6 replies

Simple Trading Philosophy - Daily Trend Following 5 replies

Positioning yourself for Success (Advanced Trading Philosophy) 28 replies

Attachments: Forex Trading Philosophy
Exit Attachments

Forex Trading Philosophy

  • #101
  • Oct 6, 2013 6:31pm Oct 6, 2013 6:31pm
ALL YOU NEED TO KNOW ABOUT TRADING

a video of one of the most controversial figures in forex forums - TRO.
i am posting this because he is talking about a sound trading philosophy.

Inserted Video
As Above, So Below
  • #102
  • Oct 17, 2013 12:08am Oct 17, 2013 12:08am
The Philosophy & Essence of a Professional Trader

Present moment, Awareness, Tranquility, Calmness

Focus, Concentration, Self Control

Balance & Patience

Inserted Video

  • #103
  • Oct 17, 2013 6:33pm Oct 17, 2013 6:33pm
Hi all
Can anyone explain what is the psychology behind over 1000 pips decrease on usd dollar even though obama signed the debt ceiling ?Why markets lost trust on usd dollar?
  • #104
  • Oct 20, 2013 3:04am Oct 20, 2013 3:04am
Quoting CrucialPoint
The Philosophy & Essence of a Professional Trader Present moment, Awareness, Tranquility, Calmness Focus, Concentration, Self Control Balance & Patience http://www.youtube.com/watch?v=ELROG7uppps
Awesome!
Audentes Fortuna Juvat
  • #105
  • Edited Oct 21, 2013 12:23am Oct 20, 2013 11:45pm | Edited Oct 21, 2013 12:23am
Quoting lovesuccess
Hi all Can anyone explain what is the psychology behind over 1000 pips decrease on usd dollar even though obama signed the debt ceiling ?Why markets lost trust on usd dollar?
Welcome to FF Lovesuccess. It was 100 pips. A pip is 1/100th of a percent and therefore the 4th digit after decimal 0.12345, the fifth digit is called Piplet which is 1/10th of a pip. Once said that, the answer to your question is there are so many factors and fears affecting prices that it is difficult to predict the direction based only on one factor. Also, people interpret results of the same happenings in different ways. Sometimes, market takes time in doing the right thing. In short, in this market, price is a result of more than just cause and effect relationship.
The Thief of Wall Street
  • #106
  • Oct 21, 2013 11:28pm Oct 21, 2013 11:28pm
Quoting Chicky
{quote} Welcome to FF Lovesuccess. It was 100 pips. A pip is 1/100th of a percent and therefore the 4th digit after decimal 0.12345, the fifth digit is called Piplet which is 1/10th of a pip. .
Thanks Chicky for the warm welcome. Appreciate you mentioned and correct me about the pips.


Quoting Chicky
{quote} is there are so many factors and fears affecting prices that it is difficult to predict the direction based only on one factor. Also, people interpret results of the same happenings in different ways. Sometimes, market takes time in doing the right thing. In short, in this market, price is a result of more than just cause and effect relationship.
I am on the process of learning so thanks for your input. I am currently stuck on usd sell (1.34) and trying to predict if usd will be back to that range again. I did a bad prediction on debt ceiling so any advice or opinion will be welcomed.
Thanks again,
S.
  • #107
  • Oct 27, 2013 10:44am Oct 27, 2013 10:44am
Quoting tashkent
Market has its own truth. Market is always right. Market is like a living organism by itself. It has veins through which runs green money. When we have enough understanding of market, it allows us to come closer to it, to breath together, it allows us to feel its pulse, the beat. But first we have to learn to respect the market. Obey the rules. Rebellions has been always left without head on their shoulders. Market educates people with invaluable lessons, it teaches to be respectful, to be flexible, to look at bigger picture, to accept everything...
Perfect statement -I am a new trader &I have traded around 150 trades with lot size of just .01 ..The same thought was running in my mind for last few days.I was quite amazed to read this from an experianced forex traders.this shows maturity and experience of the trader.
  • #108
  • Jan 4, 2014 4:16am Jan 4, 2014 4:16am
Cut your loss

I love this thread... no argument of stupid things such as random-vs-nonrandom, how to determine a trend, stoploss-vs-nostoploss. It is like debating over with your mate whether she likes you or not, for goodness sake just ask her out. She will reply either a "Yes" or a "No". I really don't know what is all the debate and analyzing is all about. Trading is similar, it will either go up or down. If the trend is going up (she said yes) and you are buying, then you win. If the trend is going down (she said No) and you are buying(against the trend) then you are going to lose, just walk-away and cut your loss.

Attached Image (click to enlarge)
Click to Enlarge Name: CrucialPoint.png Size: 120 KB

  • #109
  • Jan 4, 2014 6:11am Jan 4, 2014 6:11am
Quoting CrucialPoint
Cut your loss I love this thread... no argument of stupid things such as random-vs-nonrandom, how to determine a trend, stoploss-vs-nostoploss. It is like debating over with your mate whether she likes you or not, for goodness sake just ask her out. She will reply either a "Yes" or a "No". I really don't know what is all the debate and analyzing is all about. Trading is similar, it will either go up or down. If the trend is going up (she said yes) and you are buying, then you win. If the trend is going down (she said No) and you are buying(against...
Howdy,
Just for clarity, this isn't about any type of filtering to the actual trade selection one would take, or targeting the 2 profitable dimensions..... but simply keeping max losses small relative to large wins?
  • #110
  • Jan 4, 2014 6:53am Jan 4, 2014 6:53am
Quoting forrestang
{quote}Just for clarity, this isn't about any type of filtering to the actual trade selection one would take, or targeting the 2 profitable dimensions..... but simply keeping max losses small relative to large wins?
Yes.
This isn't about any type of filtering to the actual trade selection one would take, or targeting the 2 profitable dimensions..... but simply keeping max losses small relative to large wins.
  • #111
  • Jan 4, 2014 5:32pm Jan 4, 2014 5:32pm
Good stuff. Thanks tashkent and crucialpoint!
  • #112
  • Jan 6, 2014 11:28am Jan 6, 2014 11:28am
I See this video.Its great...To create a successful trading strategy
1. Reasoning of the trade: Why buy or sell? Which pair?
2. Timing of the trade: Why now? Before economic news releases or after? Day or night?
3. Trading objective: What is the take profit target? What is the stop loss?
4. Money management.
5. Documentation and analysis of the results
  • #113
  • Jan 6, 2014 12:11pm Jan 6, 2014 12:11pm
TOP 10 rules in Forex,I follow this-
1. Never Let a Winner Turn Into a Loser
2. Logic Wins, Impulse Kills
3. Never Risk More Than 2% per Trade
4. Trigger Fundamentally, Enter and Exit Technically
5. Always Pair Strong With Weak
6. Being Right but Being Early Simply Means That You Are Wrong
7. Know the Difference Between Scaling In and Adding to a Loser
8. What is Mathematically Optimal Is Psychologically Impossible
9. Risk Can Be Predetermined, but Reward Is Unpredictable
10. No Excuses, Ever
  • #114
  • Jan 6, 2014 6:39pm Jan 6, 2014 6:39pm
"If you're not careful, your talent will take you places that your character can't keep you."*

It means that you have to build your character in order to be consistently successful. A lot of people have goals and work hard but start loosening their grip at the first sight of success. They let down their guard - they don't follow their entry/exit rules likes they used to on the first few weeks, they risk more than they should and then they end up with nothing to show for. Only regret. Build your character. Get disciplined. Start working on getting rid of bad habits and cultivating good habits (look up 'keystone habits'). There's lots of free information out there to help you get started. Go back to CrucialPoint's post about discipline and check out his excellent reading list (I haven't read all of them yet, but I can vouch for the excellence of his list). It isn't going to be easy and it's not supposed to, success is not on sale, never has and never will be. You have to earn it.

Inserted Video


*This quote has been credited to Eric Thomas, however Dave Chappelle said it first on the Oprah show using slightly different wording. Not that relevant, just thought I should add the source.
If you don't risk, you don't ever have to lose.
  • #115
  • Jan 7, 2014 9:26am Jan 7, 2014 9:26am
Quoting tashkent
Trader Risk Management Lore: Taleb's Major Rules of Thumb...........
Nice list. I've read Taleb's Fooled By Randomness but I haven't seen this before.
Proponents of martingale should read rule #7.
#8 and #9 are especially thought-provoking also.
  • #116
  • Jan 7, 2014 10:34am Jan 7, 2014 10:34am
Quoting hanover
{quote} Nice list. I've read Taleb's Fooled By Randomness but I haven't seen this before. Proponents of martingale should read rule #7. #8 and #9 are especially thought-provoking also.
I've learned a lot about staying away from martingale reading your posts Hanover. Thank you for your contributions on the subject
Best time to plant a tree was 20 years ago, second best is now
  • #117
  • Edited 5:54am Jan 9, 2014 5:25am | Edited 5:54am
Quoting CrucialPoint
I love this thread... no argument of stupid things such as random-vs-nonrandom, how to determine a trend, stoploss-vs-nostoploss.....
Me too, its focus is on truly useful, or at least thought provoking concepts and ideas. Things that make a difference to being and that is the only way I have found to make a difference to trading. The work of trading is mostly on yourself. I mean anyone can find and follow a trend, cut losses short and let profits run. Its not rocket science and yet we still lose, present company excepted
BTC Return This Year: na
  • #118
  • Jan 10, 2014 1:58am Jan 10, 2014 1:58am
If to discuss trading philosophy I suppose there is evertything about money. The aim of trading is earning and your enemy is worldwide corporations, other traders. You are struggling for money, prediciting its allocation between market members.
  • #119
  • Edited 6:18am Jan 17, 2014 5:52am | Edited 6:18am
CrucialPoint's Psychological Priming

Attached Image (click to enlarge)
Click to Enlarge Name: rock climbing.png Size: 339 KB

Trading is very dangerous and risky, the only way up is "consistency and slowly".

Make sure you have a rope, so that you won't fall to your death.

What the mind of man can conceive and believe, it can achieve.

This profession requires mastery.



Attached Image (click to enlarge)
Click to Enlarge Name: sunset2.jpg Size: 36 KB

The fishes may come and go; but never forget that you have no control of what the fishes will do.

You are not a "fish-whisperer" and have no single clue what the fishes will do.

It's OK not to catch any fish, but make sure you don't lose your rod.

You don't know when the big fish will arrive.

Fishing shouldn't be stressful.



Attached Image (click to enlarge)
Click to Enlarge Name: Cheetah.png Size: 362 KB

Take down the weakest and the most vulnerable prey.

Don't hunt an elephant, if you're a cheetah.

Always wait for the right opportunity.

Be very selective of your prey.

Patience, patience, patience.



Attached Image (click to enlarge)
Click to Enlarge Name: plant.jpg Size: 56 KB

And God said,

"You plant and water the seed. And I will take care of the rest."

Let nature take it's own course, let it's abundance flow into your life... freely.

Forget what you can't control, and focus on what you can.

You will reap what you sow.




Peace ,
CrucialPoint


  • #120
  • Jan 17, 2014 6:54pm Jan 17, 2014 6:54pm
Quoting CrucialPoint
CrucialPoint's Psychological Priming {image} Trading is very dangerous and risky, the only way up is "consistency and slowly". Make sure you have a rope, so that you won't fall to your death. What the mind of man can conceive and believe, it can achieve. This profession requires mastery. {image} The fishes may come and go; but never forget that you have no control of what the fishes will do. You are not a "fish-whisperer" and have no single clue what the fishes will do. It's OK not to catch any fish, but make sure you don't lose your rod....
SIMPLE and BEAUTIFUL!!
Thank you Crucial Point!
As Above, So Below
0 traders viewing now