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My mentality - my problem

  • #401
  • Aug 28, 2013 10:51pm Aug 28, 2013 10:51pm
Quoting FerruFx
{quote} If you can't master your emotion on demo, how will you do on live ?
How is a wannabee or experienced trader master emotions on a demo? No one can. It's like playing black ops video game, you have many lives, so who cares if you lose 50 lives.

That's why demo is to familiarize yourself with the platform and that's it. The thought of losing real money is the key to controlling your emotions.
Fear prevent possibilities, and so does Greed
  • #402
  • Aug 29, 2013 12:19am Aug 29, 2013 12:19am
Quoting xtrader101
{quote} How is a wannabee or experienced trader master emotions on a demo? No one can. It's like playing black ops video game, you have many lives, so who cares if you lose 50 lives. That's why demo is to familiarize yourself with the platform and that's it. The thought of losing real money is the key to controlling your emotions.
If you read the whole thread, you will see that I said like you multiple times.

Generally we all agree that emotional is quite easy to master on demo but when it comes to trade live, all goes wrong.

However Eur_Usd problem is different, he can't even master his emotion on a demo.
MT4/MT5 EAs/Indicators/Alerts coder
  • #403
  • Aug 29, 2013 12:41am Aug 29, 2013 12:41am
Quoting xtrader101
Letting losers run I see. If this was live, you've been wiped out again. I saw the stop was moved a couple of times last night, when do you ever learn to respect stops and set aside ego. When it's hits the stop, admit defeat and move on to the next trade. BTW, I got stopped out of my GBPAUD for a mere 4 pips and reversed right away, but oh well, there is always another trade. That is why risk management comes in, I got stopped out, but the loses were less than 1% and when I have winners, most of the time it covers my loses, so I can sustain those...
Agree , the man is not yet ready .Looking at it now , I think it was the right decision to keep trading Demo and when he is ready , he can join us
  • #404
  • Aug 29, 2013 3:13am Aug 29, 2013 3:13am
yes, I am not ready yet somehow. I am going for holidays today. I'll start again after I come back. I hope ww3 won't start
On my way to financial independence - if others can do it - I can do it
  • #405
  • Aug 29, 2013 3:26am Aug 29, 2013 3:26am
Quoting Eur Usd
I hope ww3 won't start
At least, we should have market movements !
MT4/MT5 EAs/Indicators/Alerts coder
  • #406
  • Aug 29, 2013 3:56am Aug 29, 2013 3:56am
Quoting FerruFx
{quote} At least, we should have market movements !
not the kind of movements I am counting on. every war is bad
On my way to financial independence - if others can do it - I can do it
  • #407
  • Aug 29, 2013 3:57am Aug 29, 2013 3:57am
Quoting tafadzwa02
{quote} Agree , the man is not yet ready .Looking at it now , I think it was the right decision to keep trading Demo and when he is ready , he can join us
you re not ready either
On my way to financial independence - if others can do it - I can do it
  • #408
  • Aug 29, 2013 4:19am Aug 29, 2013 4:19am
Love the first post - I'm pretty much exactly the same, but I think recognizing your weaknesses is definitely a step in the right direction!
  • #409
  • Nov 8, 2013 6:33am Nov 8, 2013 6:33am
It's been some time since I wrote here. I was active in forex, just had a lot to think about - a lot has changed in my mentality
first - I understood that get rich quick is nearly impossible for me. I understood it needs years to get to good money. I am not giving up, just saying that if trading was so easy - everybody would do it, everybody would be rich .....
So it needs years to get rich, when I understood it I also realised that I was treating trading with a bit of an obsession, now I trade only when I feel like I want to trade and only when I can. I stopped following prices at work, I trade only from home - I am giving myself 5-15 years to get rich and in such a long time days with loses won't matter, after 2 losses I usually stop - trading got very boring - I think it is good - this feeling allows to avoid greed, avoid mistakes
I also lowered leverage to 1:20 - it is enough for me to open 2 positions@1% loss each - so I won't lose more that 2% at a time, before I was opening 5-6 positions, good profit if it goes my way, bad if all turns against me - then 5-6% becomes 10-20% due to moving s/l manually

I think I treat it a bit like stock indexes now - 2% loss today, 3-5% gain tomorrow, and in total in years it will grow. In the meantime I am looking for better paid job, about pushing my career further, think about opening my own side business, and trade - years of trading will pay off
On my way to financial independence - if others can do it - I can do it
  • #410
  • Nov 8, 2013 6:42am Nov 8, 2013 6:42am
You are on the right way.

Just an advice : you should remove from your goal the "rich" word. Have a better life/living with forex would be a more appropriate goal.
MT4/MT5 EAs/Indicators/Alerts coder
  • #411
  • Nov 8, 2013 6:45am Nov 8, 2013 6:45am
Quoting FerruFx
You are on the right way. Just an advice : you should remove from your goal the "rich" word. Have a better life/living with forex would be a more appropriate goal.

true ;-)
On my way to financial independence - if others can do it - I can do it
  • #412
  • Feb 20, 2014 4:50am Feb 20, 2014 4:50am
Hello

I thought I will give an update on what was going on just in case if somebody was interested in this thread.
I've learned to keep discipline (ish) I set risk to 0.5-1% and after I loose 2-3% on a day I leave. also when I get 1% (my daily target) I also leave. I got to point where I hate trading. I hate it like any job in which I have been for a while. I hate it as it's boring, I hate it as I am lazy. But I like it as I know it may help me in my life, same like with any job - you hate it but you work as it gives money.
anyway - I still keep losing. I am 20% down. I don't blow account anymore, but cannot stick to constant profitability. There are days when I do well, but there are days when not much is going on on markets (I trade EUR/USD, EUR/JPY and EUR/AUD plus observe GBP/USD but don't trade it much) and then I start guessing - still risking 0.5 t 1% but by looking at indicators who don't show obvious moves, therefore more risky.

Now except trading choros on 15m charts I started learning PA from: http://www.learntotradethemarket.com/ - a helpful page. and I do trade it on demo with 4h and 1d charts only. I prepare to point where I will change job from 4 on 4 off to better paid monday to friday 9-5 job. with less expectancy (about 5% a month) and less time to spend on it (about 15 minutes about 10pm to check PA and start trade or set orders)

As much as it is boring I won't stop learning to trade and hopefully some day will succeed.
BTW I read Fight Club book - it is the best part of it:

“Generations have been working in jobs they hate, just so they can buy what they don't really need.”
On my way to financial independence - if others can do it - I can do it
  • #413
  • Feb 20, 2014 4:52am Feb 20, 2014 4:52am
Quoting Eur Usd
Hello I thought I will give an update on what was going on just in case if somebody was interested in this thread. \
hang on I'll just check with myself...

Nope.. not at all
Howlin' at the Moon on the Roof
  • #414
  • Feb 20, 2014 4:54am Feb 20, 2014 4:54am
Quoting Eur Usd
BTW I read Fight Club book - it is the best part of it: “Generations have been working in jobs they hate, just so they can buy what they don't really need.”
Dude, that's a great motivator but has nothing to do with trading whatsoever... There's your problem right there I can see it...
You want the cake, but you can't be fucked baking it.. Welcome to the 95%ile
You won't thank me of course because I'm telling you exactly what you always knew but never wanted to hear..

Inserted Video
Howlin' at the Moon on the Roof
  • #415
  • Feb 20, 2014 5:23am Feb 20, 2014 5:23am
Anyway, the only reason you're reading my ego here is because I believe you're smart enough to break through the barriers that are holding you back... True story. Honesty is king and you have that in spades...

Just fking stop being such a bitch about it.. kill man kill.,. =P

Inserted Video
Howlin' at the Moon on the Roof
  • #416
  • Feb 20, 2014 5:42am Feb 20, 2014 5:42am
Quoting Eur Usd
I got to point where I hate trading. I hate it like any job in which I have been for a while. I hate it as it's boring, I hate it as I am lazy.But I like it as I know it may help me in my life, same like with any job - you hate it but you work as it gives money. anyway
Absolutely wrong. No matter if you hate your day job, you will have your salary each end of month.

You hate trading ... fine ... but you should stop right now as you won't go nowhere and you will keep losing month after month.

Without passion, you can't be a trader.
MT4/MT5 EAs/Indicators/Alerts coder
  • #417
  • Feb 20, 2014 6:35am Feb 20, 2014 6:35am
Quoting FerruFx
{quote} Absolutely wrong. No matter if you hate your day job, you will have your salary each end of month. You hate trading ... fine ... but you should stop right now as you won't go nowhere and you will keep losing month after month. Without passion, you can't be a trader.

it's still passion, but boring passion. I still read and learn. by being bored and even hating trading I don't do silly mistakes like moving s/l into eternity.
On my way to financial independence - if others can do it - I can do it
  • #418
  • Feb 20, 2014 6:57am Feb 20, 2014 6:57am
Quoting Eur Usd
{quote} it's still passion, but boring passion. I still read and learn. by being bored and even hating trading I don't do silly mistakes like moving s/l into eternity.
The truth is , Trading can be boring if you have nothing else to do.That's why most people will never make it as a full time job.It's because sometimes it spend long periods of time without going anywhere.Worse still , when it starts moving , you get hit .

You need to find something else to do other than trading
  • #419
  • Feb 20, 2014 6:59am Feb 20, 2014 6:59am
Quoting tafadzwa02
{quote} The truth is , Trading can be boring if you have nothing else to do.That's why most people will never make it as a full time job.It's because sometimes it spend long periods of time without going anywhere.Worse still , when it starts moving , you get hit . You need to find something else to do other than trading
I do something else, but I think it might be due to tight stop loss I am losing often.
and the 4h and 1d method seems better for me at the moment ;-) - each time I risk 1% but each time position size is different and quite often depends on candle heights
On my way to financial independence - if others can do it - I can do it
  • #420
  • Feb 20, 2014 8:35am Feb 20, 2014 8:35am
Hi Eur....

your problem might be that you have been led down the same path we all have and nobody can see the wood for the trees anymore.

Have you ever stopped to ask yourself why everyone trades in exactly the same manner?

Why does every trader make an entry and then instantly switch to looking for an exit? why wouldn't our next move be looking for the next entry? and then the next?

People only want to be a winner, win the next trade, win at the end of the day, win at the end of the week... profit never comes into their thoughts.

The secret lies in taking an entry and leaving it, if it survives and another valid entry occurs, add to it, and so on and so on.... then your profits are so large that winning or losing are no longer an issue, losing entries just become a cost of large profits not the factor that will decide if you're a winner or a loser.

an example

GJ daily chart this month and we are going to sell every daily high and buy every daily low, we have no bias and no tp, we just hold them all.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-02-20 at 14.24.37.png Size: 31 KB


Of the 30 trades, 20 would of stopped out and 10 would still be alive, thats 33% winners (nobody on FF would consider trading that win rate) but you would have floating profits of 3380 pips, thats around 165 pips a day....
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-02-20 at 14.25.42.png Size: 25 KB


Everyone thinks position trading is about long periods of time and massive trading accounts but really it's about taking low risk entries and building on them, nobody seems to explore it but for my mind it is much easier than the enter and exit for small profits trading everyone seems so addicted too.
tradewith60
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