Trading tips from inexperienced trader

Hi folks, and you are all welcome.

Just 2 sentences I would like to share with you:

"Do not fall into any "succesfull trader's" mantras" and "Use FX only as personal/business/company profit amplifier".

And...

Do not be a "wanna be", do not fall for "millionaire in one year". Trade for money (real profit), trade for training your character discipline, trade for a little fun :-). Personally I'm using trading as additional profiting tool (tool is the right word) and a little bit like a hobby :-). The experience is wonderful because when you win - you put something in your pocket, when you loose - you learn a small lesson. Just do not dedicate your life on a chart ;-).

I would never dream to be a full-time trader - that is not productive, that is not developing - that is just a poor man's dream to gain money without working. The world is not so simple place, there are always people way smarter on the same plane, so - you can't win every battle - choose only those you can win without a fight ;-).

Have fun trading!

1st this thread idea displays total lack of elegance on your part, as you've made question to explicitly aiming it at someone else (Doriotcapita) and his thread.

2nd you are very right, forex scams do exist! My advice here is: never ever put your hard earned money in the hands of a stranger who happens to be an expert trader (if the 'expert' claim is legit or not is irrelevant here). It is someone you do not know. Do not trust your money to strangers. Especially, internet strangers. Don't be gullible! Don't be that stupid! That said, and since you are aiming this warning specifically at DC, I have no idea whether he really is who says he is or not, nor do I care. All I know is the guy came in here and gave something I consider of value. So far between me and DC, I am the real scammer you know, because I took what I wanted from him and gave him nothing in return. I do understand yours and others skepticism, I really do. Just remember you can only be scammed if you allow it! Also, if you accuse someone of wrongdoing then the burden of proof falls upon you: 'innocent until proven guilty'. Either you show proof that the guy should ride the lightning, or leave him be. So far he hasn't done anything wrong that I'm aware of. Please stop being unfair and disrespectful. Give the guy a break and the fair treatment he deserves.

3rd you are very right. There's no get rich quick in forex. Compounding typically works pretty only on paper. The quickest way to have a million by trading is by starting with two millions. 3 cliches albeit all true are enough to reinforce the point I think.

4th agreed on the reasons to trade. I put emphasis on this particular one: Trade only if it is something you truly enjoy doing.

5th completely disagree. Trading is not making money without working. One cannot make money by trading without putting effort/time. The definition of work makes it very clear: work is the exchange of effort/time for money. Trading clearly falls into the category work. Whether it is productive work or not it is completely irrelevant. Modern world is full of unproductive jobs. Still wanna be productive? Go and clean someone else's WC. Maybe you'll feel better then.

6th agreed. Only the sucker will think he's the smarter guy in the room. You like Sun Tzu, me too. Best trader ever!

My 2 pips,

That was good one, vox_dei! :-)

Yeah, it is a little bit mocking to similar thread - but it is nothing personal, I just say what I think (can't play roles).

I respect everyone trying new approaches to gain wealth. Just have my strong opinion against "mantras" and over-emphasizing on trading based on technical indicators.

The reason is simple - being an aeronautics and electrical engineer (by degree) happen know a bit of signals and systems (the base of most indicators), and I know enough to know that these are only applicable to systems with PREDICTABLE behavior (in terms of laws of physics), so using them in purely psychological "warfare" like the currency speculation is just ridiculous.

Technicals are useless - money management and internal trading rules make your profits in long term.

And yes - I really consider necessary for one to claim successful to show evidence, because everyone is succesful in his/her own eyes. As my never-known friend Einstein said "Everyhting is relative...".

Michael,

I appreciate you being a genuine guy. I like to think I'm a genuine guy too.

I'm a social psychologist by degree that happens to work with and trade mostly technical stuff you know (EAs). I think maybe trading technicals are a stretch from your area of expertise. No offense meant in anyway! Price definitely exhibits predictable behavior to some extent during some periods of time (Why would we trade if this wasn't true?). Technicals are able to catch some of this price behavior if blended together in the right quality and quantity. Proof technicals are not useless here: http://www.forexfactory.com/showthre...02#post7042802

From my limited experience virtually everything can work and virtually everything can fail in the markets. It all comes down to the way you package things together. That usually requires copious amounts of well done work. So, I try my best to keep an open mind to new and better ways of trading.

Btw, I don't think DC needs to show any evidence, simply because he's not selling anything to anyone (that I'm aware of).

Cheers

Fellows post #1 & 2 are spot on. No one really wants to hear the truth about what trading is really all about. The pie in the sky
dreams & tales of the cash rolling in are all most want to hear. If you guys haven't alread done so check out "The House Of Pleasure & Pain" by Jacko
on this site & see what happened to some who followed him over the cliff. I admit he was convincing in the beginning. A sad close to a bright beginning.

Thanks for the post guys & the best of trades to you in the future.

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You mean, there's no pie?! Jeez!
What about ice cream.....

Ah well, as someone who is well past the get-rich-quick stage I came here for any little gems that might assist.....

Trading is hard work, but it isn't exactly work, I aim to be Full Time SOON!! can't be soon enough believe me, although it does concern me that I'd just be moving money around from them to me hopefully and not actually doing anything tangible, I've been working my butt off for 27years area so consider it my early retirement fund.

Good attitude on keeping it as a hobby, that's what I've been doing for years, just don't waste/lose more than hobby money on it, my losses sound bad but I've spent :-


3.5x's that on a girlie for absolutely nothing but lies.
4x's that easy on Mountain Biking kit.
6x's on cars and bits to keep them going.

If you don't ever crack it, well atleast you've tried and had some fun, hopefully!!

Turveyd ...... You sir have the correct attitude. Follow what you shared in post #8 & you should be successful trading full time. It has worked for me many years & on a full time basis over the last several years. I consider trading & investing fun & not at all like work. I do subscribe to what Wolf Wicked & Michaelpelly are saying.
Thanks for your views as they are respected by this trader. Good trades to you in the future.
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Exodus ........ Ok I will see if I can dig up some ice cream. That would be good about now.

Nearly there I think, time to sack well myself

The 2nd post from Vox Dei is absolutely on point!