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The one reason that trumps all other reasons why traders lose

  • #161
  • Dec 11, 2013 5:44pm Dec 11, 2013 5:44pm
Quoting 1 in 1 out
Successful forex traders truly understand the importance of Central Banks and interest rates on a floating exchange, and position themselves for the long term.
I disagree with all the points here.

A trader can be profitable using only technical data and trading LTF. No way you can prove the opposite...

Anyway, are you a successful trader to say so?
The single most important factor is having control of your own life.
  • #162
  • Dec 11, 2013 5:54pm Dec 11, 2013 5:54pm
Quoting Foxcub
no one is around them to tell them what to do or what not to do.
I'm around and I'm telling you: go study psychology and don't try to bypass it...
The single most important factor is having control of your own life.
  • #163
  • Dec 11, 2013 5:57pm Dec 11, 2013 5:57pm
Quoting nasir.khan
Of course when saying the above i have some certain type of trading method in my mind for which it could suit there may other trading techniques for which the above measure may not be best or even harmful so each to his own here. .
That's a good point!
One should choose some method and stick to it without any flouncing...
The single most important factor is having control of your own life.
  • #164
  • Dec 11, 2013 6:36pm Dec 11, 2013 6:36pm
Quoting Silat50
{quote} yoeng, I recently had a woman I respect as the best Forex trader around, her husband(and trading partner for 20 yrs) said in a webinar that there is no way there is "free trade' in the Forex markets." He feels its a rigged game. And they give us the BS that because 3 trillion a day goes thru it, it has to be the most honest. Oh really? Well when 11 banks control 805 of the volume, they may not control every hour or even every day, but at the end of the week, and definitely at the end of every month, I think they know which currencies are...
can any one bring us this book
http://www.amazon.com/Complete-Guide.../dp/B00DGA8LZC
  • #165
  • Dec 11, 2013 7:10pm Dec 11, 2013 7:10pm
The reason is: GREED
  • #166
  • Dec 11, 2013 7:11pm Dec 11, 2013 7:11pm
The reason is: LAZYNESS
  • #167
  • Dec 11, 2013 7:11pm Dec 11, 2013 7:11pm
Quoting zelenko
{quote} can any one bring us this book http://www.amazon.com/Complete-Guide.../dp/B00DGA8LZC
it is only cost $3 for a Kindle edition. If you can't afford that, you should not be trading
  • #168
  • Dec 11, 2013 7:29pm Dec 11, 2013 7:29pm
Hi

IMO, many fails because they trade a single pair treating it as one entity. which is not.

For example : if you are trading EURJPY, meaning you are also trading EURUSD and USDJPY.

The little secret is "Trade only the weak against strong OR strong against weak."
Weigh well output the loss and gain And proper action ascertain
  • #169
  • Dec 11, 2013 7:31pm Dec 11, 2013 7:31pm
Quoting Mikkk01
{quote} That's a good point! One should choose some method and stick to it without any flouncing...
Nasir knows that very well Couldn't help myself, sorry.
Hope all is good, Nasir
  • #170
  • Dec 12, 2013 12:24am Dec 12, 2013 12:24am
Quoting Mikkk01
{quote} Argh... You're missing several points here: 1) There's nothing better in testing strategy in real-money account compared to demo. If of course you wanna lose your $50 so much - real account is preferable. This may apply only if you have some psychological issues [if you feel the difference] - go fix them then... 2) Nope, 20 trades won't! As I said you may as well be losing for a couple of months but that doesn't mean you won't be able to master the strategy - you'll get more experienced in THIS method and eventually become profitable [if...
Seems you don't understand the concept of a proven edge.

When a system has a rising equity curve and a positive win ratio then you back-test it to see the results for yourself it has an edge if your own back-testing pans out.
After this you may forward test it with real money! There is a world of difference between Demo and Live, because trading with real money is counter-intuitive.
You don't need months to master an objective rule based system or strategy, if the criteria are all clearly laid out and verifiable, executing the trades becomes "no brainer".
I'd state it again, if you take all the valid signals, counting from 1 to 20 that presents themselves within the window of your prefered trading time, and the results are decent enough for you you have a system or strategy to work with.
This is because you have proven the system in the past, followed the rules, and proven that you have the psychology to execute the system unswervingly, and you have passed the "potential 8 loosing trades in a row" threshold.

What holds traders back is the inability to take EVERY single valid signal and this is a psychological problem this is what causes the "profit gap" as MD puts it.
I've validated this ion my own trading, 4 loosing trades in a row and i don't take the 5th signal which turns out to be a monster win had I taken it, then encouraged by that I take the 6th signal which hits my SL too and I close for the day, next day I see that signal 7 and 8 would have wiped out my loses and put me in decent profit.

The "Holy Grail" of trading as I see it is to take all your valid signals, it has worked for me
Let it turn and find your entry.
  • #171
  • Dec 12, 2013 12:37am Dec 12, 2013 12:37am
Quoting Intrepidpips
{quote} Seems you don't understand the concept of a proven edge. When a system has a rising equity curve and a positive win ratio then you back-test it to see the results for yourself it has an edge if your own back-testing pans out. After this you may forward test it with real money! There is a world of difference between Demo and Live, because trading with real money is counter-intuitive. You don't need months to master an objective rule based system or strategy, if the criteria are all clearly laid out and verifiable, executing the trades becomes...
Ok, I already said what I wanted you're free to act as you wish...
The single most important factor is having control of your own life.
  • #172
  • Dec 12, 2013 12:40am Dec 12, 2013 12:40am
Quoting Silat50
Some say it is improper risk/reward ratio, not letting winners ride, over trading, starting with too small of an account, distractions, not having the right system, not doing enough homework, not keeping a journal, using scared money and all of them are correct. But none of them encompass the whole picture! I've heard every reason possible in my 17 years trading on the Internet. Not one person to my knowledge has ever mentioned the one thing all "Market Wizards" and Pros who are around year after year, the one thing they have and use that 99.7%...
Enough! I have seen so many stupid answers to this question that decided to jump in and let everybody know what that one thing is.

Please note that I am not guessing, .................... I know it.

Here is the answer: There is no fuckin' word in Oxford English Dictionery that has not been tried to develop a trading method. Find a word outside that and you got it.
The Thief of Wall Street
  • #173
  • Dec 12, 2013 1:03am Dec 12, 2013 1:03am
Quoting nasir.khan
{quote} For a starter you dont have to predict (though its not rocket science to know when volatility will be high and when it would be low). For a fail safe you just need to gauge the current volatility. Lets say you come into your office an you see eurusd is bound by a 20/30 pip range, that would be basic benchmark for finding the sweet spot between Not having a stop too small that it gets hit when your system/methods criteria is not yet met. Not having a stop too large that its outside the bounds of current volatility. Of course when saying the...
Well enunciated, thank you!
Let it turn and find your entry.
  • #174
  • Dec 12, 2013 1:09am Dec 12, 2013 1:09am
Quoting Mikkk01
{quote} Ok, I already said what I wanted you're free to act as you wish...
You cant be facing me and see me with your eyes open but your mind closed.
Let it turn and find your entry.
  • #175
  • Dec 12, 2013 1:21am Dec 12, 2013 1:21am
Quoting Intrepidpips
{quote} You cant be facing me and see me with your eyes open but your mind closed.
Good one...

Though, I have my reasons to believe my point of view is right - it just works this way... believe it or not...
The single most important factor is having control of your own life.
  • #176
  • Dec 12, 2013 1:28am Dec 12, 2013 1:28am
Fooled by Randomness.
If you are good at something, never do it for free--Joker
  • #177
  • Dec 12, 2013 2:01am Dec 12, 2013 2:01am
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  • #178
  • Edited 6:29am Dec 12, 2013 2:39am | Edited 6:29am
After some thought... No no, please let me finish this....

If you are "consistently" profitable, you are a Trader. If you are not "consistently" profitable, you are just plain and simply inexperienced. The question "The one reason that trumps all other reasons why traders lose" doesn't make sense.

Elvis, has left the building......


Quoting Chicky
{quote} Enough! I have seen so many stupid answers to this question that decided to jump in and let everybody know what that one thing is. Please note that I am not guessing, .................... I know it. Here is the answer: There is no fuckin' word in Oxford English Dictionery that has not been tried to develop a trading method. Find a word outside that and you got it.
SPC * Swollen PocketZ Crew!
  • #179
  • Dec 12, 2013 2:55am Dec 12, 2013 2:55am
Quoting nasir.khan
{quote} and there it is, not only it could improve your trade but it could also be very profitable edge. Imagine taking trades in low volatility thus small stops and closing those trades in at times of higher volatility resulting higher RR obviously. For example weekly, Monday usually have tight ranges/low volatility. So trades taken on Monday will have a smaller SL in size then rest of the week and if your trade is in the right direction of where weeks price goes it would be in higher volatility most of the times so the tp's would be bigger in...
exactly nasir.khan.

as previously mentioned most systems fail to account for the changing volatilty .which can be your best friend.as you mention just watching key opening and closing sessions can be a huge benifit.the atr and volatility combined is a perfect match .
  • #180
  • Edited 6:59am Dec 12, 2013 2:58am | Edited 6:59am
Quoting JoeNY
If you are "consistently" profitable, you are a Trader. If you are not "consistently" profitable, you are just plain and simply inexperienced.
Absolutely!
Quoting JoeNY
The question "The one reason that trumps all other reasons why traders lose" doesn't make sense.
It never did...
The single most important factor is having control of your own life.
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