Experience as a trader | Forex Factory

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Experience as a trader

  • #1
  • First Post: Feb 25, 2015 12:38pm Feb 25, 2015 12:38pm
I'm starting a thread to share my experience as a trader along with anyone else wish to share their experience. Human nature is to pass knowledge to each other, and sometimes - something helpful can be found in a style that someone adapted or created in trading. I'll be talking about my experiences as a trader, and doing colorful metaphor to help relate it to things that we know and do everyday to show that trading is no different then a lot of our daily behaviors. I hope people will find value in this thread, and help contribute to it. Back in the day when you came on FF and said Hi, I'm new where do I start.. People would say read Market Wizards.. Read others books I can't remember on top of my head, but this books had "interviews" with traders who became successful in all sorts of markets. They shared their experiences, in colorful ways about how they felt, what they did, and the journey. Getting from starting destination to ending is not just going from point A to B its about the journey their. Everyone brings a level of experience to the table, from just starting out and I did this, to I've been doing it for a while and just getting it right. Without further delays, I will be contributing to this thread for hopefully a long while, I'm one of those sticky things that just sticks around
There are those who know, and there are those who don't know.
  • #2
  • Feb 25, 2015 12:56pm Feb 25, 2015 12:56pm
well I for one have been reading many books on this subject, I have downloaded programs and I continue to study on a daily basis. I just open myself a demo account tho I do not know how to use it just yet and I'm trying to get the hang of this all the while working 10 and 12 hours a day at my " day job". I look forward to reading your posts and I look forward to seeing how you do things, perhaps i can learm a new strategy or 2.... thank you for sharing!
  • #3
  • Feb 25, 2015 3:01pm Feb 25, 2015 3:01pm
Quoting t.nelson
well I for one have been reading many books on this subject, I have downloaded programs and I continue to study on a daily basis. I just open myself a demo account tho I do not know how to use it just yet and I'm trying to get the hang of this all the while working 10 and 12 hours a day at my " day job". I look forward to reading your posts and I look forward to seeing how you do things, perhaps i can learm a new strategy or 2.... thank you for sharing!
We were all new once, I got into Forex. I was Dorthy in wonderland. it all just seemed so surreal. When you get into Forex your first reaction is just awe your at the epicenter of money trade its like being in an ocean surrounded by money flying in cyberspace. You have a net trying to catch some of that flow into your court. Demo always seems easier, because there is no attachment to it which build a false sense of reality. Forex is easy, I feel non of the feelings people describe, because there is no anxiety a mistake costs nothing. Using a demo is a good stepping stone in a direction of opening trades, learning the practice, and establishing a comfortable level of understanding the platform, and learning to use the tools without any ill side-effects.

At the same time, always keep in mind that patients is key and things come gradually. Rome wasn't built in a day and learning to trade takes patients the biggest impulse new traders have is to run into it and start. Wanting to truly be apart of it, and that urge need to be curved until a flow is established. The only way to truly learn is to do it, but it helps to embrace before the impact.
There are those who know, and there are those who don't know.
  • #4
  • Feb 25, 2015 3:26pm Feb 25, 2015 3:26pm
Quoting palabara
I'm starting a thread to share my experience as a trader along with anyone else wish to share their experience. Human nature is to pass knowledge to each other, and sometimes - something helpful can be found in a style that someone adapted or created in trading. I'll be talking about my experiences as a trader, and doing colorful metaphor to help relate it to things that we know and do everyday to show that trading is no different then a lot of our daily behaviors. I hope people will find value in this thread, and help contribute to it. Back in...
Trading is a great experience

I am still exploring forex market and developing techniques. Over 10 years of experience, going from one failure to another in the quest of finding a way how one can multiply equity in matter of days. Yes, one can patiently trade most recurring set-ups or follow fundamentals with little risk and reward to INCONSISTENTLY make few bucks when conditions are right, but multiplying an account many fold within a short period of time is something that seems impossible to me.

If a trader goes pro from an amateur, the thrill turns to stress, focus shifts from reward to risk, dreams of making billions turn to nightmare of preserving capital with decent return.

Life that we used to enjoy before, now goes in the background and our trade portfolio (running trades) appears in the foreground.

We tend to see everything as Margin, and seek for more free margin.

Mood shifts, anxiety, addictions, depression, blood pressure, insomnia, ulcers are the bonus.
The Thief of Wall Street
  • #5
  • Feb 25, 2015 3:43pm Feb 25, 2015 3:43pm
Quoting Chicky
{quote} Trading is a great experience I am still exploring forex market and developing techniques. Over 10 years of experience, going from one failure to another in the quest of finding a way how one can multiply equity in matter of days. Yes, one can patiently trade most recurring set-ups or follow fundamentals with little risk and reward to INCONSISTENTLY make few bucks when conditions are right, but multiplying an account many fold within a short period of time is something that seems impossible to me. If a trader goes pro from an amateur, the...
I agree, but I also think its the way the shift has occurred, and also under which circumstances. For example, lets say your a trader that facilitated funds from other people then there is a lot of stress. If you trade for your self, you are able to achieve a level of equilibrium, where there is no pressure. An environment that facilitates an ability to have a clear mind and not feel stressed regardless of what will happen almost like a level of acceptance.

I think people like us, who have been trading for a very long time.. Achieve this levels because the longer you in the less "thrill" you get out of it, those initial feelings of excitement are gone and of course you can regain them, but you need to take more risk and then you feel that "high" and it drops of the equilibrium.

My personal approach and this is all just in my opinion was in order to stay in a level of equilibrium, is not to do things that increase levels of anxiety or stress so when doing an increment in position size to keep it very small, so per trade basis it doesn't seem like there was much change, and so there is no level of I am going to gain or lose more then my comfort level.

In the long run, it tends to build up and then you get adjusted to this and eventually do another small increase all by keeping things "stable"

The other part of your you said mood shifts and everything else now its easy to say to keep things separate, much harder to do. At the same time, if everything is taken into consideration in terms of I got a problem.. My depression my blood pressure etc.. tends to interfere with my trading, what can I do in order to lower its elevation. Then it comes into an experimental phase you try and see your solution vs your results and see okay this is how I was like Before and this is after any changes?

This is just the way I took to Forex, is to solve every problem that I faced an identified as a trader and then compare to see if it made a difference. Many times I tended to regress back into my bad behaviors or things that I was good for a while, and then regression occurred. I thought about it, and it was the fact that the solutions were forced as opposed to natural, and by exploring things that don't go against your regular routines tend to not regress.

This is just my opinion and things, I've done in the situation you've described.
There are those who know, and there are those who don't know.
  • #6
  • Feb 25, 2015 3:49pm Feb 25, 2015 3:49pm
Inserted Video


This is something very interesting. I'd recommend watching all the parts and listening carefully. His really honest about the thing he says, like it is.
There are those who know, and there are those who don't know.
  • #7
  • Feb 25, 2015 4:25pm Feb 25, 2015 4:25pm
Quoting palabara
https://www.youtube.com/watch?v=HeRD...=5&spfreload=1 This is something very interesting. I'd recommend watching all the parts and listening carefully. His really honest about the thing he says, like it is.
his interviews are interesting and the reality show he did was entertaining. you can find em on youtube.
  • #8
  • Edited 4:58pm Feb 25, 2015 4:29pm | Edited 4:58pm
Quoting neuron
{quote} his interviews are interesting and the reality show he did was entertaining. you can find em on youtube.
Right click on the title of the video above. Choose "copy video url". Paste that in the address bar of your browser and go. Look on the right and you'll see the other segments 1 thru 4.

I'm watching #1 right now.

EDIT: This may help as well. https://www.youtube.com/channel/UC5N...sN1xfPV1sdB__g
Ghost Rider - WWTBMD?
  • #9
  • Feb 25, 2015 4:46pm Feb 25, 2015 4:46pm
also found some interesting videos on his education site, http://antonkreil.com/courses/profes...eries/samples/
  • #10
  • Feb 25, 2015 10:27pm Feb 25, 2015 10:27pm
Quoting palabara
{quote} I agree, but I also think its the way the shift has occurred, and also under which circumstances. For example, lets say your a trader that facilitated funds from other people then there is a lot of stress. If you trade for your self, you are able to achieve a level of equilibrium, where there is no pressure. An environment that facilitates an ability to have a clear mind and not feel stressed regardless of what will happen almost like a level of acceptance. I think people like us, who have been trading for a very long time.. Achieve this...
Most traders keep a tunnel vision of making profit from forex. Only if they broaden their spectrum can see amazing opportunities. A trader with brains, right efforts and little bit of resources can earn 100 times more than a screen-glued trader with same amount of equity.

Last night I went through the name, age, nationality, profession/sector and net-worth of all about 800 or so billionaires listed by Forbes (I guess, or probably Fortune 500). Many people are in these same trades, but why only these 800 made billions? There is only one where it says "Inherited" in the trade column, rest work towards it like millions of other people. What those millions of people are missing?
The Thief of Wall Street
  • #11
  • Feb 25, 2015 10:38pm Feb 25, 2015 10:38pm
Quoting palabara
https://www.youtube.com/watch?v=HeRD...=5&spfreload=1 This is something very interesting. I'd recommend watching all the parts and listening carefully. His really honest about the thing he says, like it is.
Is there any tool on internet that changes an accent to American one?
The Thief of Wall Street
  • #12
  • Feb 26, 2015 10:45am Feb 26, 2015 10:45am
Quoting Chicky
{quote} Is there any tool on internet that changes an accent to American one?
Wouldn't that be nice lol. I like them British accents, sounds classy lol.
There are those who know, and there are those who don't know.
  • #13
  • Edited 11:15am Feb 26, 2015 10:56am | Edited 11:15am
I want to bring a topic of discussion.. Which is... Over forecasting. What is Over forecasting -- when you make a prediction that is extremely way over target.. so for example.. Once euro started rolling before we even got the current level. Many were saying parity and even below it, that is an over forecast most of this never will actually happen, yet they are always constantly announced. Now when your dealing with information, you earn credibility. Like you wouldn't listen to a weatherman who's yelling 10 feet of snow sometime between now and 2030. Yet this people keep over-forecasting and there is people who still listen to them.. in part it is because in my opinion, you feel no matter where you short it, its not a bad area because well its going to go down 1000 pips that's what they said.. so I can make money as long as I hold the position in that specific direction. The markets don't work like that, and anyone who is over forecasting is not a credible source of information. You don't need to understand anything to say something is going to happen, it requires no skills or knowledge. It just a baseless prediction and without credibility your following someone to a demise. So why do they do it? Because a sucker is born every minute and the more people that buy into it, the more directional liquidity is provided. While your doing that I'll be doing the opposite and you'll be the sucker to hold my bags. Which is the term bag holder comes from.. Here hold my bags, I'll be right back! The best idea is not to listen to anyone, because you don't know where someone else will lead you.. Here come with me I know this dark alley where their is candy, trust me. I've been there 1000 times and its delicious. That sounds absurd right? So why would you listen to someone who says I am rich, do what I do.. for people that doesn't seem absurd at all. People are really hooked into "social" trading I'll just follow you, but what if that person loves 1000 DD can you handle it? people don't think about this things, they see the end goal without looking at the path in front. Its like here is a pot of gold, but first you need to not get killed getting to it.

If you don't trust yourself, trusting others is even worst. Forex is not a game of social interactions. If were both making money who is losing money then? Can't all row in the same direction and everyone gets a piece of the pie.. Whoever anyone offers you anything there is an incentive for them in the end goal, be it information, direction, a trade or anything.
There are those who know, and there are those who don't know.
  • #14
  • Feb 26, 2015 11:22am Feb 26, 2015 11:22am
"If you don't trust yourself, trusting others is even worse"
"Holy Grail" exists - accepting where is the first step.
  • #15
  • Feb 26, 2015 1:16pm Feb 26, 2015 1:16pm
Something that stands out to me is that i see people (new and old) view trading their asset class in isolation. For example, trader A wants to trade currency and only cares about the pairs they are trading while trader b trades equities and only cares about what companies are in their portfolio. One should spend the time understanding the inter asset correlations, the why individuals are trading it, and the purpose of risk management in the first place. Support and resistance is great but it's better if you know if that support or resistance will hold. For me it has done wonders for my ability stay above the S&P.

Another thing is that i have hardly ever heard people speak of is their long term game plan when it comes to trading. We all want to make money but at what point do you decide dropping a lump sum into an interest bearing account is your best bet? Maybe investing in a business that you have experience with. Gotta have your rainy day fund as well, keep at least a year to 3 years of expenses in the bank or something highly liquid. From a risk management perspective, trading is scary because of the swings, not necessarily because you will lose it all (well for me at least). Don't forget taxes. There's a lot to learn when creating a good trading plan.
  • #16
  • Feb 26, 2015 2:13pm Feb 26, 2015 2:13pm
Quoting Good Lookin
Something that stands out to me is that i see people (new and old) view trading their asset class in isolation. For example, trader A wants to trade currency and only cares about the pairs they are trading while trader b trades equities and only cares about what companies are in their portfolio. One should spend the time understanding the inter asset correlations, the why individuals are trading it, and the purpose of risk management in the first place. Support and resistance is great but it's better if you know if that support or resistance will...
That's a very interesting point.

Quoting Good Lookin
Another thing is that i have hardly ever heard people speak of is their long term game plan when it comes to trading. We all want to make money but at what point do you decide dropping a lump sum into an interest bearing account is your best bet? Maybe investing in a business that you have experience with.
Also a very interesting point. In terms of swings they can be less scary when people take the time to learn them and if you already know whats the maximum possible swing can be by studying them, you know that this CAN happen, and by knowing something that can happen, the best thing is not to be in its way be in it or behind it, but not in front of it.
There are those who know, and there are those who don't know.
  • #17
  • Feb 27, 2015 11:38am Feb 27, 2015 11:38am
Interesting thread, and please allow me to share my bit of experience as a full time trader.

I started trading on my college year. I learn about trading and try to trade demo and live when I have a chance. After graduated, I work as an employee for one year and then quit to become a full time trader because I feel that my trading system is already good, and it's time to take on another level. Years passed by, I get some nice amount of profit on a quite regular basis. But only I had this current experience and knowledge about trading on my new day as a trader, I surely didn't want to be a trader.

Why? Because :
a. Most of trading success story is Marketing gimmick or just a simple lie:
It's created by brokers that want to take your money or traders that want their ego flying by stating that they are currently enjoying a huge profit from trading while actually getting less capital on each day. Or maybe just get profitable by one lucky event. Some do really enjoying quite amount profit, but they have the same condition: Huge capital and low leverage. And some do get huge amount of money from huge capital with huge leverage, but don't forget to multiply the stress, at least two time. In which I doubt that they are enjoying that.

From newbie perspective, trading is like an alternative to get quick rich. The fact, it is not. It's for rich people who want even richer. Because with huge capital and low leverage, they already producing quite enjoyable amount of money. Regular guy need to work hard. And I really mean it. It's very hard that even if you work at the best what you can do, you can always get bankrupt easily by an unpredictable event. Though, you can really get rich.

b. The stress is very high.
Trading is stressful. It is so stressful that when you see a trader going nuts like Jordan Belfort, it becomes kind of normal because he needs to relief the stress. Newbie often didn't see this at first. But trust me, going a bit crazy is an everyday life.

c. Dark shadow of uncertainty will always be with you. Even when you're already a professional trader.
Different from becoming a professional on a field or making business, trading is always uncertain whether you're pro or not. When you're pro at programming, you can always certain that you can do some programming job just well. When you're already have a good business, you can always certain that at least it will produce a good amount of money for quite some time. But when you're trading, nothing is certain. Today's good trade can become the worst tomorrow. This year good result can be wiped out by the next year result. No matter if you're pro or not, trading is always uncertain. Though you can have an edge that make a certain good result, you'll be anxious, haunted by it's uncertainty. Even later, you'll feel that you're no longer anxious, that is because you actually feel anxious at all time!

It is no wonder that Jesse Livermore, even after becoming an exemplary trader and having a lavish life, choose to end his life.

Unfortunately, even if I want to change my career, I can't change my career just like that, because I've spent so many time and energy to actually become a trader. I need to fulfill my dream to be at least 'a bit rich' before I change my career. It's too consuming, but I've already in this industry for long!

TL; DR
For newbies out there, if you're considering to become a full time trader because it can make you rich, consider it twice. Unless you trade it with big amount of capital, it's a VERY HARD AND VERY STRESSFUL JOB!

And last,
Well, maybe it just me, and maybe it's just worth a penny. But it's not a bad idea to re asses your dream to become a trader.
Be the market
  • #18
  • Feb 27, 2015 1:38pm Feb 27, 2015 1:38pm
Good to see people inputting the discussion. Everyone has a different sets of experience they bring to the table. Trading with stress is one of the paths that leads to a bumpy road, I believe that if people target their emotional psyche in the early stages it will make the experience a lot smoother. Everyone has different ways of dealing with stress, but its helpful to incorporate them into the trading environment. Scented candles, to sounds, and things that enjoy to do in the process of being able to trade to reduce that level of anxiousness. Its small, but important steps into reducing emotional high that tends to cloud judgements because when you have stress and you mix fear into it, a self fulling prophecy is brewing if you exit the trade and it turns around, then you should have not exited the trade if you don't exit the trade and it doesn't turn around then its 2 path road. In your mind it could have turned around, or it still will, or fear strikes in and next decisions will be based on it such as cutting to early. The balancing act becomes very difficult.
There are those who know, and there are those who don't know.
  • #19
  • Feb 28, 2015 10:28am Feb 28, 2015 10:28am
Quoting palabara
The balancing act becomes very difficult.
This is very true. Have too much fear and you'll end up missing good trades. Have too much greed and you'll end up taking bad trades.

Btw, I read that some institutional trader shared their experience and I think it's quite a good read. Tough currently you can easily see the thread in the page 1 now, I think pasting the link here is good for archiving. Here's the link : http://www.forexfactory.com/showthread.php?t=486128
Be the market
  • #20
  • Feb 28, 2015 5:54pm Feb 28, 2015 5:54pm
well to be honest my experience as a trader was pretty much the regular trader's experience.
i screwed around on demo for 5 years (without really knowing what i was doing) and had mixed results.
then, went live and got raped by the market
lucky for me i'm not stubborn and i stopped trading before blowing up my account.
went back to the drowning board from scratch, haven't touched my live account for a year.

currently back one live, i'm doing fine
i lose money for a living
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