After years in trading, do you still believe in get-rich-fast BS? | Page 4 | Forex Factory

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After years in trading, do you still believe in get-rich-fast BS?

  • #61
  • Oct 19, 2013 8:47am Oct 19, 2013 8:47am
Quoting Intrepidpips
{quote} I don't understand are you saying the magnitude of retail traders success is limited by the domination and control of the big dogs? kindly give examples and further enlighten us.
Yes, succes is limited because the majority of retail is following eachother, where as all the geniusus stand out by having another mindset. The majority of retail will always lose because of this fact.
  • #62
  • Oct 19, 2013 10:10am Oct 19, 2013 10:10am
Quoting Robertk
{quote} Yes, succes is limited because the majority of retail is following eachother, where as all the geniusus stand out by having another mindset. The majority of retail will always lose because of this fact.
You can stand out in sports, medicine, law, science by taking a paradigm shift, by not conforming, but in Trading the only paradigm that rules is BUY LOW AND SELL HIGH OR SELL HIGH AND BUY BACK LOWER LATTER.
So if you have successful strategies built around this paradigm, you will end up in profit, there is no need to re-invent the wheel.

Why do most retail traders loose? It's all the same as most businesses. 90% of businesses fail even recently it's been reported that the one time worlds' largest Forex hedge fund is on the verge of shutting down.

Stop bothering yourself with the 95% that loose, strive to be in the 5 or 3% that win in the long run, you talked about the big dogs lets hear your insight on how they can stop you from winning when you are buying as they are buying or selling when they are selling.
I see some things on the charts that some might call stop hunting but you know what right after every one of such another opportunity comes for profit, all that is needed is to dust yourself up and assess the risk of the next trade signal and take it majority allow the pain of the recent loss to cloud their judgement.

The chart attached shows you there is very little the big boys can do to stop a retail trader armed with a net winning strategy, who is prepared to take every signal including the one after a loss, or string of losses.

If you have some insight some know how that we don't then please share, but don't just generalise your beliefs without substance.
Attached Image (click to enlarge)
Click to Enlarge Name: CANT STOP ME.png Size: 102 KB
Let it turn and find your entry.
  • #63
  • Edited 4:20pm Oct 19, 2013 3:22pm | Edited 4:20pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
A consistent winning method is a paradox?....I don't agree in fact the paradigm shift that's needed

will never go beyond the exception of the people that will WANT see it, because in general the main

lot of people will almost always miss it and it's usually an acknowledgement and acceptance issue

like a condition within themselves because the answer stares them in the face yet they turn they

head away and so now they're set in they ways like an old dog with the same old tricks running

through the same old blocks round and round again.....And like the plague they attempt to affect

all that's around them by trying to deceive inveigle and obfuscate to obscure the truth not only from

others but also from themselves.... ......
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #64
  • Edited 4:18pm Oct 19, 2013 3:35pm | Edited 4:18pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Owl
the paradigm shift that's needed will never go beyond the exception of the people that will WANT see it,

One of the first and most severe problem people have with achieving success over the long run

is the misconception of time itself... First come into the realization that your wants are greater

and stronger than your needs because not only are they correlated but also it's the main reason

they say to make an attempt to do even the smallest and minute things in a great way because

you can't do great things in a small way.....think about this....do you think an alcoholic will attend

his/her double AA meeting if he/she wanted to or needed to? the secret truly is perception I know

that there are some who will see magic or a miracle happen right before they eyes and yet they will

still insist it's not real or obtainable simply because it's not for them and they can't see themselves

capable of that type of performance as far as a duplication scale or level is concerned...
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #65
  • Edited Oct 20, 2013 1:17pm Oct 19, 2013 3:55pm | Edited Oct 20, 2013 1:17pm
  •  Owl
  • | Joined Dec 2012 | Status: FX Siphoner Of Symphonies | 435 Posts
Quoting Owl
{quote} One of the first and most severe problem people have with achieving success over the long run is the misconception of time itself...

And now finally to answer the threads question which truly is a paradox.....

There is no such thing as get rich quick in real life, but we do have a such thing called Intervals!!!!.....

Meaning,even if you hit the lottery you WILL STILL have to WAIT min 30 to max 60 days

to receive your lump sum cash payment because it has to pass through all sorts of red

tape/hands and paper work and also clear through taxes etc....So nobody can wake up

literally overnight rich but the exact time frame to achieve a complete 360 or even 180

I.E in order to show off and/or enjoy the effects caused by an effective performance that

will produce impressive results should take one around the 30 day 60 day,90 day time frame...



But truly in all honesty great things that we see pulled off and happening are usually

years in the making,think about it,list very quickly 10 great things that can happen in

a 10 second time format/duration...pretty tricky and hard to do right? get the point? so

just work on a calculated mechanical/systematic approach and you'll optimize and refine

your technique to the point that when you want to give yourself a well deserved raise

you will know the exact protocol and blueprint that's needed to proceed forward and

towards the quota set forth with....


P.S How quickly you arrive at getting rich within and inside certain intervals is usually totally about you and your view on such phenomena existing and happening because such information becoming valid for oneself involves a dependency upon knowing exactly how it is that you will choose to approach and proceed (to the goal) concerning your specific pace and method.....
One Must Use A Noble Rapier To Pierce The Veil Of Mystery
  • #66
  • Oct 20, 2013 5:46pm Oct 20, 2013 5:46pm
the market give'th and the market take'th way thats what i have learned after 12 years of trading.
  • #67
  • Oct 20, 2013 7:40pm Oct 20, 2013 7:40pm
Quoting Davit
{quote} True in Art as well. I am an artist a painter website I had great teachers in Art about drawing,painting however my teachers works sucked. I believe it is easier to say then do.Simple as that. Best Artists could never be good teachers because what they do is intuitive and lifelong little things compounded together.I can teach perspective but can't teach splash paint in such a way as to show emotion in paint.Trading to me is an Art form. The ones who persist will prevail.
Attached Image
  • #68
  • Oct 20, 2013 8:10pm Oct 20, 2013 8:10pm
Quoting Davit
{quote} True in Art as well. I am an artist a painter website I had great teachers in Art about drawing,painting however my teachers works sucked. I believe it is easier to say then do.Simple as that. Best Artists could never be good teachers because what they do is intuitive and lifelong little things compounded together.I can teach perspective but can't teach splash paint in such a way as to show emotion in paint.Trading to me is an Art form. The ones who persist will prevail.
totally get you,coming from an artistic background myself.infact ive had to spend much longer to get to the point i have reached due to the fact that i did not want to clog my mind reading endless books that contradict the book you just finished,so i decided to just study raw price and market harmony,

i decided this after reading a letter mattisse wrote to a fellow artist in which he said,i only wish i had never studied art and previous artists styles .it has hindered me we pre conceived ideas of perspective,it has hindered my vision,i wish i had never seen a painting before,i could then have produced my own true master piece.

i think one of the problems with us retail traders is we fill our minds with so much confusion and trying to use expected terminology we loose sight of the point.
which is to capture a move from one point to another,regardless of how pretty it looks.
  • #69
  • Oct 21, 2013 1:48am Oct 21, 2013 1:48am
Quoting Davit
{quote} True in Art as well. I am an artist a painter website I had great teachers in Art about drawing,painting however my teachers works sucked. I believe it is easier to say then do.Simple as that. Best Artists could never be good teachers because what they do is intuitive and lifelong little things compounded together.I can teach perspective but can't teach splash paint in such a way as to show emotion in paint.Trading to me is an Art form. The ones who persist will prevail.
Fantastic works!
  • #70
  • Oct 21, 2013 6:38am Oct 21, 2013 6:38am
Quoting diceman555
{quote} totally get you,coming from an artistic background myself.infact ive had to spend much longer to get to the point i have reached due to the fact that i did not want to clog my mind reading endless books that contradict the book you just finished,so i decided to just study raw price and market harmony, i decided this after reading a letter mattisse wrote to a fellow artist in which he said,i only wish i had never studied art and previous artists styles .it has hindered me we pre conceived ideas of perspective,it has hindered my vision,i wish...

I am big fan of Matisse.Its interesting that it takes time to figure out what works.I am getting closer not there yet but I am lot better trader then last year.
I need to learn to accept a loss early as possible.I firmly believe secret of successful trading is managing losses,profits will take care of themselves.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #71
  • Oct 21, 2013 6:39am Oct 21, 2013 6:39am
Quoting TranceTrader
{quote} Fantastic works!

Thanks for checking out.I need to upload lot of new works.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #72
  • Oct 21, 2013 8:34am Oct 21, 2013 8:34am
It was the get rich bullshh which got me into forex in the first place, so in a way i'm thankful for the insights. As you trade though you realise that it isn't as glamourous as people make out. It's exciting but it's a risky medium.
  • #73
  • Oct 21, 2013 9:12am Oct 21, 2013 9:12am
Quoting ReyesWhite
It was the get rich bullshh which got me into forex in the first place, so in a way i'm thankful for the insights. As you trade though you realise that it isn't as glamourous as people make out. It's exciting but it's a risky medium.
Presumably that is why everyone is here.
  • #74
  • Oct 22, 2013 7:59am Oct 22, 2013 7:59am
Quoting TranceTrader
{quote} Be careful with the message in this book, I've read it myself a few times over the years and also watched his workshop How To Think Like a Professional Trader (http://markdouglas.com/workshops.html) where he explains his ideas clearer than the book in my opinion. The approach he explains makes perfect sense, it's all very logical and without question will make you a more disciplined traded BUT it does not guarantee the method you are using which underlies your strategy will make you money. Some of the concepts like trade in a...
http://markdouglas.com/welcome.html

Quote

  1. He currently trades for himself while working on his third book

Anything can happen.
  • #75
  • Oct 22, 2013 8:16am Oct 22, 2013 8:16am
Quoting TranceTrader
{quote} it's worth considering how successful he has been himself as a trader. You'd assume as the empirical evidence of his own methods, he should have been reasonably successful as a trader but this does not seem to be the case as for most of his career he has either been a losing trader or a trading coach and he explains this clearly in his book. (from Preface, Trading in the Zone) 1978, started trading, unsuccessful 1981, got a job as broker for Merrill at CBOT, "within 9 months, lost nearly everything I owned" 1982, started working on his...


Quote
He currently trades for himself while working on his third book

http://markdouglas.com/welcome.html
Anything can happen.
  • #76
  • Oct 22, 2013 8:17am Oct 22, 2013 8:17am
okay?
  • #77
  • Oct 22, 2013 8:37am Oct 22, 2013 8:37am
Just getting some clarity on the "Mark Douglas isn't a profitable trader and now teaches instead" thing.
Anything can happen.
  • #78
  • Oct 22, 2013 8:59am Oct 22, 2013 8:59am
Quoting ddinnov
Just getting some clarity on the "Mark Douglas isn't a profitable trader and now teaches instead" thing.

Thanks for clearing that up, I insist that traders need to fix themselves before they can make headway in FX, and psychological grounding far out weighs technical or fundamental grounding.
Some have read Mark Douglas cover to cover 20 times but have failed at standing up and taking responsibility for their output instead they blame it all on the poor, innocent, unbiased, neutral market.
So sorry Mr Market for taking the fall so many times.
Let it turn and find your entry.
  • #79
  • Oct 22, 2013 10:19am Oct 22, 2013 10:19am
Quoting Intrepidpips
{quote} Thanks for clearing that up, I insist that traders need to fix themselves before they can make headway in FX, and psychological grounding far out weighs technical or fundamental grounding. Some have read Mark Douglas cover to cover 20 times but have failed at standing up and taking responsibility for their output instead they blame it all on the poor, innocent, unbiased, neutral market. So sorry Mr Market for taking the fall so many times.
IMHO, psychology is the most overrated aspect of trading ever, mostly thanks to author Mark Douglas. My view is that #1 thing a trader needs is a proven edge. In most cases, psychology issues can be easily corrected once the trader perceives he/she has a proven edge. Automated trading is a lot more friendly and practical than discretionary trading in both regards. It makes testing if there's an edge a lot easier. It allows to skip psychology issues entirely.

I'm of the opinion that humans have far greater potential than any EAs in trading. I'm also of the opinion that the vast majority of people are doomed to fail at discretionary trading. Afterall, how many geniuses/artists are there? Not many for sure, likely only a few. That's why I like automated trading, it covers the basic possibility that I'm not special, no genius or artist, just another common guy, one among the many.

My 2 pips,

Btw, it's ironic. Mark Douglas makes his money writing books on trading psychology and how important it is, yet he has no credentials as a psychologist, and I'm a psychologist who comes here to bluntly trash psychology haha
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #80
  • Oct 22, 2013 10:49am Oct 22, 2013 10:49am
LOL

Quoting vox dei
{quote} , Btw, it's ironic. Mark Douglas makes his money writing books on trading psychology and how important it is, yet he has no credentials as a psychologist, and I'm a psychologist who comes here to bluntly trash psychology haha
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