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Why did you start trading and what do you expect from it? 19 replies

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Attachments: How did you find success?
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How did you find success?

Quoting 1to9
I am hoping to become a successful trader. I am not looking to become rich but it would be nice to be able to make extra moolah. To those who doing that now please can you give some advice so that us struggling rookies can benefit from your experiences.
Read this story......................... this is how it's found

http://www.forexfactory.com/chicky
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The Thief of Wall Street
Quoting XharpScalper
{quote} Trading in the zone is very good book and its very helpful , but don't expect a book/author to make decisions for you , this is the thing you have to do yourself only.

Great if you think so however my measure of a teacher is if he can demonstrate in real terms what he writes about with facts.
Failed Trader can never teach about successful trading convincingly because he could not do it himself.
You want real Traders read all Market Wizards books.You'll find real traders.

You have music composers and you have music teachers.Not the same.
Nude painting how to's boring,inartistic mediocre books
vs Picasso,Lucian Freud.Matisse,Modigliani,Arshile Gorky,Jackson Pollack list goes on.There is a huge gap between those examples.
In trading, you have to be defensive and aggressive at the same time
Quoting Davit
{quote} Great if you think so however my measure of a teacher is if he can demonstrate in real terms what he writes about with facts. Failed Trader can never teach about successful trading. You want real Traders read all Market Wizards books.You'll find real traders.
Trading in the zone is good book because it gives logic and talks sense. However, I have yet to see a trader who made a lot of money following this or any other book. But I have seen few traders who made crazy money because they had the balls. Is there any book on balls?
The Thief of Wall Street
Quoting Chicky
{quote} Trading in the zone is good book because it gives logic and talks sense. However, I have yet to see a trader who made a lot of money following this or any other book. But I have seen few traders who made crazy money because they had the balls. Is there any book on balls?
I know very little about balls, I mean as an insider because I am a female and my balls hang on my chest.
The Thief of Wall Street
  • Post #45
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  • Edited at 3:56am Nov 17, 2013 3:44am | Edited at 3:56am
Quoting Chicky
{quote} Trading in the zone is good book because it gives logic and talks sense. However, I have yet to see a trader who made a lot of money following this or any other book. But I have seen few traders who made crazy money because they had the balls. Is there any book on balls?

REMINISCENCES OF A STOCK OPERATOR has lots of balls.Better book by huge margin about real Trader who was making money since age 15.
Reality is its easier to say then do.That's why bloating Trading Book market.Every schmuck knows how to make money and writes about but could not do it themselves.
While I am at it I can't stand Psychologists turned traders turn BS book sellers either!Everyone fking wants to sell a book!Sick of parasites!
This is why one should only read about Traders who make their money from trading.Its a standard that I will not lower.
Regards
In trading, you have to be defensive and aggressive at the same time
Quoting Davit
{quote} REMINISCENCES OF A STOCK OPERATOR has lots of balls.Better book by huge margin about real Trader who was making money since age 15. Reality is its easier to say then do.That's why bloating Trading Book market.Every schmuck knows how to make money and writes about but could not do it themselves. Regards
Jesse was in fact a risk averse person. He used to get out and re-enter if it did not go in his direction from the very inception. That's why his friend used to tell him he wasted a lot of money while getting on board a trade. He used tight stops (shoe string margins) and pyramid as soon as possible so that his losses remain small and wins become bigger. He mostly risked unrealized gains and not his equity. But the major issue with his method is that it is only good for commodities and stocks that have longer trends than forex. We see levels coming back again and again in forex because currency prices try to maintain some equilibrium and they are not like Anaconda.
The only thing that helped him was he patiently waited before taking a position and then again in realizing gains. Is this sign of big balls? I don't know,................ as I mentioned earlier I am a female and there is quite a difference between having balls and swallowing them.
The Thief of Wall Street
Quoting Chicky
{quote} Jesse was in fact a risk averse person. He used to get out and re-enter if it did not go in his direction from the very inception. That's why his friend used to tell him he wasted a lot of money while getting on board a trade. He used tight stops (shoe string margins) and pyramid as soon as possible so that his losses remain small and wins become bigger. He mostly risked unrealized gains and not his equity. But the major issue with his method is that it is only good for commodities and stocks that have longer trends than forex. We see levels...

I read the book twice and on second reading I got lot more out of it.To me he was a real trader simple as that.He was also a human with human faults.
He took 20k to 146k in 3weeks to millions.Lost his fortunes 4 times and came back again and again.He did succumb to human weakness of not respecting the market and eventually lost his fortune which caused great stress and depression and resulted in suicide.
Lesson is for us to emulate, learn from real traders what worked and filter what did not.His weaknesses did not make him less of a trader to me rather his weakness makes him more human.
Regards
In trading, you have to be defensive and aggressive at the same time
Quoting Chicky
{quote} Trading in the zone is good book because it gives logic and talks sense. However, I have yet to see a trader who made a lot of money following this or any other book. But I have seen few traders who made crazy money because they had the balls. Is there any book on balls?
You can certainly write a book on boobs then.. I will be happy to help you with the preface.
Quoting Davit
{quote} Great if you think so however my measure of a teacher is if he can demonstrate in real terms what he writes about with facts. Failed Trader can never teach about successful trading convincingly because he could not do it himself. You want real Traders read all Market Wizards books.You'll find real traders. You have music composers and you have music teachers.Not the same. Nude painting how to's boring,inartistic mediocre books vs Picasso,Lucian Freud.Matisse,Modigliani,Arshile Gorky,Jackson Pollack list goes on.There is a huge gap between...

Actually trading in zone he tell you how to battle with fear and greed and how to accept the risk , when to take risk and how much to take risk he leave it to the reader , and this is the beauty or you can say uncertainty of this business that only trader himself decides his fate not market.
Trading in the Zone is undoubtedly one of the most helpful books out there but like any other book, all it can do is put in place one or two pieces of a larger puzzle. There isn't any book that assembles the whole puzzle for you - you have to do most of the work yourself.
si hoc legere scis nimium eruditionis habes
Quoting feline207
{quote} I have not offended you or anyone else. I am really sorry if i have insulted you that much, i didn't mean to, but i am just being direct since i think it is best to express exactly what i feel. It is only my opinion that some of the things that you wrote are not true and could be misleading inexperienced traders. And I am speaking also based on true experience. I lost so many years believing the wrong things about trading and my thinking was so damaged by that ' Stay tight and it will be allright ' type of mentality. It has been just recently...
Thanks for your answer and I am happy that you have found your best way to be successful.
Read, Read, Read Nial Fuller's Articles and implement them one by one. You will definitely find success within one year.
Some tips....

Whenever I make any stupid mistakes, I write imposition for 50 times or more (For eg. "Take high probability trades")

To improve patience, whenever I am in traffic or waiting for bus or waiting in a doctor's clinic, I try to be calm and wait patiently for hours.

Write Daily Market Commentary in a Note Book to improve intution.
I don't think chalkboard punishment will do the work...
that how I did it:

1. found winning trader. This is by watching many people LIVE calls and check who is winning on average. Total 2 traders came out. None of them were followed by crowd.

2. only listen to them.

3. try what they do and see how it feels.
very very correct, ppl don't understand that "ppl don't know what they are doing".

trading is like most of human activities, you suck at it becoz you suck at it. but you can always improve the way you sucking.

the mental crap is so annoying yet everywhere on this FF. forget the mental crap, it is for maybe the top 0.01% trader. nah, not for newbies......

Quoting feline207
{quote} If you are not in profit, 99% there is one main reason for that - lack of proper knowledge and skills. This is my purest and honest advice to everyone. Admit to yourself that if you are not doing good enough, you still don't know enough and have so much room to imrpve and gain knowledge. And that knowledge has nothing to do with withstanding a losing streak of trades from a psychological point of view. If you have a very solid understanding of trading and know exactly what you are lookin for, know your methods and their strong points and...
Quoting seaman2
that how I did it: 1. found winning trader. This is by watching many people LIVE calls and check who is winning on average. Total 2 traders came out. None of them were followed by crowd. 2. only listen to them. 3. try what they do and see how it feels.
That could apply usefully in the first half of the learning path. But after that, you are by yourself and I am sure that more successful traders will confirm that. After you have covered the basics, it is time to think for yourself, understand why some of the basics are sh*t and what is useful to take and develop. Thinking that you can become good trader by looking at what the others do is ridiculous. Profitable trading has a large discretionary element, and that is what makes the difference between those who lose and those who win. People tend to think that it should all be very easy - you learn how to add or substract from a textbook, then you do your homework and solve a few equations through the shown model and you are suddenly the master of all markets.No. It is exactly the opposite - you have to make something different, it has to be logical, you have to know exactly why you are doing it and the only way to do it is to have produced the idea yourself. And that way it would be even better from the overexaggerated psychological point of view, because you will tend to be more comfortable with sticking to conclusions that you have made for yourself, if they are logical as i said. However, I am sure that there are many many different ways to find success and some of the veterans on FF are living proof for that. There are many great traders here, applying different approaches to trading, but they have few things in common - their trading rules are logical and make perfect sense, they are derived from a great ammount of knowledge and have perfect reasoning in the context of their own trading. I don't think there are long-term profitable traders here that have followed blindly some magical systems of other people. Not to mention that really profitable traders never share all they know, so i do't know who you refer to, i certainly hope not James16 etc..
Quoting feline207
{quote} That could apply usefully in the first half of the learning path. But after that, you are by yourself and I am sure that more successful traders will confirm that. After you have covered the basics, it is time to think for yourself, understand why some of the basics are sh*t and what is useful to take and develop. Thinking that you can become good trader by looking at what the others do is ridiculous. Profitable trading has a large discretionary element, and that is what makes the difference between those who lose and those who win. People...

I am describing how it happened for benefit of others. these 2 traders made difference after my level of skills was quite high. One clicked instantly, other took a while to follow his trades real time. Also they both used method that suited me. Both are real traders and not from FF. And I am pretty sure my method is not same as theirs but I got from them missing links. Also none of them uses charts or indicators.
Lesson learnt from 5 years of trading experience.

there is nothing certain in this market, so if you can make just 1 pip with certainty and with confidence make 1 pip consistently.
One PIP at a time-My system is automated and now I have ample time
Quoting 3piper
Lesson learnt from 5 years of trading experience. there is nothing certain in this market, so if you can make just 1 pip with certainty and with confidence make 1 pip consistently.

Good one mate. So can you make this 1 pip consistently ?
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