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Being a trader is a way of life

  • #1
  • First Post: Oct 4, 2014 9:41pm Oct 4, 2014 9:41pm
Being a trader is a way of life The trader not only analyzes also operates . This involves a psychological strain and pressure that the operator has the obligation to take operational control successfully. A trader making very difficult decisions , but if we have a trading plan that tells us what to do at all times , it will be much easier.
Trading 24/h
  • #2
  • Oct 5, 2014 1:58pm Oct 5, 2014 1:58pm
i'm newbie..please tell me how to make good trading plan ?

note : my english is bad becouse its wasnt my native
3Some Candle TacticaL
  • #3
  • Oct 5, 2014 11:37pm Oct 5, 2014 11:37pm
Skills acquired during trading career indeed are applicable in many other areas of life.
  • #4
  • Oct 6, 2014 1:02am Oct 6, 2014 1:02am
Quoting FxAndres
Being a trader is a way of life The trader not only analyzes also operates . This involves a psychological strain and pressure that the operator has the obligation to take operational control successfully. A trader making very difficult decisions , but if we have a trading plan that tells us what to do at all times , it will be much easier.
no, it is just like any other job. It's neither better nor worse than other jobs.
  • #5
  • Oct 6, 2014 2:33am Oct 6, 2014 2:33am
Trading as part of you life is special if you are a currency trader.....where the market is open 24/7 its sure is a mental game.

And to have a plan dosent makes trading easier it can make your whole life a bit easier =D

Example of a trading plan might be:

1. Make an analyze of the currency, either fundamental or technical .
(Or as i did as a total newbie to get a FEEL of the currency. I just watched a currency and made a guess where it would go, no more questions asked.)

2. Take a decisions base on the analyze. Where does it go? UP,DOWN or SIDEWAYS ?

3. Take a position (BUY,SELL or WAIT)

4. This part is the tricky one. Because you cant actually plan the future you rather have to act on the future.
But you can plan the reactions you are going to take. Like when do you take stop loss, or when do you take profit. Or how long can you sit on a positions before its to long. Or when the signals says its a good trade then you go inn because it says so.

And you can properly make a point 5-6 , like review your plan to make it better or follow the plan and so on and on....
Also I would mention the 7 habits of successful traders. (http://www.amazon.com/7-Habits-Highl.../dp/B004KAA9C0 ) where number 3 is about planing.
  • #6
  • Oct 6, 2014 5:58am Oct 6, 2014 5:58am
Trading is nothing but a decision making job, as was mentioned there are other such jobs out there. The key in my opinion is to internalize the fact that in a probabilistic world, good decisions generate a positive expectancy in terms of expected value in the long run. Being results oriented based on small samples will destroy anyone's ability to continuously make good decisions.
Improve Your Trading Skills
  • #7
  • Oct 8, 2014 5:36am Oct 8, 2014 5:36am
Trading is the best and worst job in the world. When you are in the zone there is no other job like it, however when you are off your game for what ever reason it really can be a struggle.
  • #8
  • Oct 8, 2014 8:22am Oct 8, 2014 8:22am
Quoting PlayBook
Trading is the best and worst job in the world. When you are in the zone there is no other job like it, however when you are off your game for what ever reason it really can be a struggle.
Hahaha,so true....i Norway we call it workjoy, do-sent mater witch job you have, but its the joy you have from working =)
Besides i would say trading is most of us is more about scimming the milk then anything els...and when you realize that i think you would have a new view of what trading relay is.
  • #9
  • Oct 8, 2014 6:54pm Oct 8, 2014 6:54pm
Quoting Custos
{quote} no, it is just like any other job. It's neither better nor worse than other jobs.

^^^^^ This......
Doing what you like is Freedom. Liking what you do is Happiness.
  • #10
  • Oct 8, 2014 6:55pm Oct 8, 2014 6:55pm
Quoting realjumper
{quote}^^^^^ This......
lol, trading is NOT just like any other job. That's kind of ridiculous to say... But I don't want to pick a fight
Please check out my blog at https://from-zero-to-hero . net
  • #11
  • Oct 8, 2014 7:02pm Oct 8, 2014 7:02pm
Quoting smash1820
{quote} lol, trading is NOT just like any other job. That's kind of ridiculous to say... But I don't want to pick a fight

lol, then put up a point of view of your own
Doing what you like is Freedom. Liking what you do is Happiness.
  • #12
  • Oct 8, 2014 7:09pm Oct 8, 2014 7:09pm
Trading is like taking a good s*** other there's diarrhea and other times there's constipation
  • #13
  • Edited 7:29pm Oct 8, 2014 7:18pm | Edited 7:29pm
Quoting realjumper
lol, then put up a point of view of your own
Ok, here's my point of view on trading:

- It is not like anyone thinks it is
- It is much harder than you think (at first)
- It is the easiest job in the world if you are good at it
- It is the hardest job in the world if you are not

- And specifically -- in response to your response -- "Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide."

... Not very much like your typical job, imho, and I could add more still if you don't get the point.
Please check out my blog at https://from-zero-to-hero . net
  • #14
  • Oct 8, 2014 7:21pm Oct 8, 2014 7:21pm
Quoting smash1820
{quote} Ok, here's my point of view on trading: - It is not like anyone thinks it is - It is much harder than you think (at first) - It is the easiest job in the world if you are good at it - It is the hardest job in the world if you are not ... Not very much like your typical job, imho, and I could add more if you still don't get the point.
Being a painter is different to being a chef, which is different to being a programmer. They are all just jobs however. So is FX trading.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #15
  • Oct 8, 2014 7:23pm Oct 8, 2014 7:23pm
Quoting realjumper
Being a painter is different to being a chef, which is different to being a programmer. They are all just jobs however. So is FX trading.
Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide.
Please check out my blog at https://from-zero-to-hero . net
  • #16
  • Edited 7:56pm Oct 8, 2014 7:25pm | Edited 7:56pm
Quoting smash1820
{quote} Being a good painter, or a good chef, or even a good programmer, cannot give you the kind of financial freedom that being a good trader can provide.
That's beside the point.....
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17
  • Oct 8, 2014 7:26pm Oct 8, 2014 7:26pm
Quoting smash1820
{quote} Ok, here's my point of view on trading: - It is not like anyone thinks it is - It is much harder than you think (at first) - It is the easiest job in the world if you are good at it - It is the hardest job in the world if you are not ... Not very much like your typical job, imho, and I could add more still if you don't get the point.
well said
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #18
  • Oct 8, 2014 7:35pm Oct 8, 2014 7:35pm
Quoting smash1820
{quote} Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide.
There are far more dentists who have financial freedom than fx traders but agree that trading is less conventional than most occupations.
  • #19
  • Oct 8, 2014 7:47pm Oct 8, 2014 7:47pm
really?
http://www.forbes.com/sites/parmyols...-billion-baby/



Quoting smash1820
{quote} Being a good painter, or a good chef, or even a good programmer, or almost any other professional for that matter, cannot give you the kind of financial freedom that being a good trader can provide.
  • #20
  • Oct 8, 2014 7:47pm Oct 8, 2014 7:47pm
Quoting EnoFX
There are far more dentists who have financial freedom than fx traders but agree that trading is less conventional than most occupations.
Yes, but the best dentist in the world probably has little in common with the best trader in the world. Other than the fact that they are both probably normal, intelligent human beings.

Conversely, the worst dentist in the world probably has little in common with the worst trader in the world. Other than the fact that they both suck.

The analogies are not valid!
Please check out my blog at https://from-zero-to-hero . net
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