Much of Forex talk is illusional esoteric talk | Page 6 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

You talk the talk I walk the talk 8 replies

Anyone use esoteric analysis methods for timing? 12 replies

Test of some of my esoteric observations 31 replies

I Don't Like To Talk Too Much 45 replies

How much profit is too much for brokers? 4 replies

Attachments: Much of Forex talk is illusional esoteric talk
Exit Attachments

Much of Forex talk is illusional esoteric talk

  • #101
  • May 25, 2015 10:35pm May 25, 2015 10:35pm
in a trading forum, 99% of the active participants are people would are trying to succeed in trading. you see them asking qns in their learning and searching process.

of these 99% probably only a handful would eventually survive in trading and when they do, they probably don't see the need to be active in forums anymore
  • #102
  • May 26, 2015 1:21am May 26, 2015 1:21am
Quoting shibboleth
in a trading forum, 99% of the active participants are people would are trying to succeed in trading. you see them asking qns in their learning and searching process. of these 99% probably only a handful would eventually survive in trading and when they do, they probably don't see the need to be active in forums anymore
Astute observation. Not always the case, but near enough.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #103
  • May 26, 2015 4:36am May 26, 2015 4:36am
Quoting Alpha-Omega
"Much of Forex talk is illusional esoteric talk" I agree. The only way to make money is if your positions go in the right direction. Conclusion: trade the trend.

The trend is your friend. Risk/Reward above 2. Just trade price, etc.

But at the end of the day, you're just a losing trader like the others.


Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 162 KB
  • #104
  • May 26, 2015 5:39am May 26, 2015 5:39am
Quoting Myrmica
{quote}..to make money I have to predict the future. I always hear that I dont have to predict the future because I am here to make money. The latter one implies that I am able to predict the future until price hits my TP. It's like telling your soccer team after you are 2:0 behind the other team: "Hey guys we are not here to shoot goals but to win this match!.
Myrmica, your job as a trader is to find out what works for you.

Btw if poker worked for you, why to leave? Why not to keep playing it and making nice coins there?

There are many profitable strategies, even seemingly simple stupid but still majority of traders will over time fail. It's not in the strategy, you can pick any..it's about you. You are your biggest edge. Or not..if you doubt it..

So do know that you can make it.
Do know that you'll find a profitable strategy that suits you.
Knowing these two above deep down you'll know that you aren't wasting your time looking for something that doesn't exist.

And then you either look for a strategy that has some promising results and you'll test whether it fits your style..or you'll look at charts, bunch of charts looking for something that gives you better odds. You don't have to predict whether your TP will be hit or not. You just know that based on your results/experience the odds are in favor of it. And it can be even less then 50:50 and you can still be profitable a lot! You can be right say just 1/20 on average if the 1 winner makes you plenty.

But if you doubt it's doable..you already failed by definition. And then, it doesn't matter what everybody else tells you, or the stats they show you. I can fake such image very quickly. What if they are all lying either consciously or unconsciously? Or don't know what they talk about? Do you believe them? Based on what? Even if they made it themselves, does it matter? Many people tries to copy the succesfull..yet is somehow does work only for some and the rest just somewhat struggles.My take is that it's about the person itself. One gotta find out what works for him. That's why trading journal is great, cause you learn to observe & acknowledge your own patterns that you keep repeating that costs you and also find out what works for you.

Trust yourself, there might be times you'll be the only on Earth who believes in something..so would it matter what others say? Cause they would be of course saying.."nah, can't be done, that's not possible". Yet..you somehow feel there's something onto it..so will you let others stop you or will you follow your knowing?Cause ultimately you know what's best for you. And if you believe you don't..then even if others would point you directly to it..you would doubt it and you wouldn't see it. And call it illusional esoteric talk if you will. That's ok. You know the truth deep down within.

For now you seems to me like a guy who is looking for the best gun to win in a battle while not trusting you can actually win in the first place. It goes down to who you are at the core, can you stay calm and relaxed in stressful situation facing fear of unknown?
If you can, your odds of winning rising.
If you can't, you might find yourself in troubles regardless of the 'gun' or equipment.

Enjoy the journey, it's well worth it. Even if you quit, it still can be great experience if you choose to see it that way.
Markets wispers, just tune in.
  • #105
  • May 26, 2015 7:50pm May 26, 2015 7:50pm
Quoting Unabletrader
{quote} The trend is your friend. Risk/Reward above 2. Just trade price, etc. But at the end of the day, you're just a losing trader like the others. {image}
For a very long time I couldn't understand that phrase either.

But in the end the trend is your only friend in that battlefield.
  • #106
  • May 26, 2015 7:59pm May 26, 2015 7:59pm
Find yourself a mentor/someone to chat with about trading. I'm not exactly and expert, but I've been at this for a while and am happy to help if you're serious about learning a method and actually putting in the effort.
  • #107
  • May 27, 2015 3:11pm May 27, 2015 3:11pm
Quoting Alpha-Omega
"Much of Forex talk is illusional esoteric talk" I agree. The only way to make money is if your positions go in the right direction. Conclusion: trade the trend.
I wish it was that easy. Problem is that trends stop, and never move up in a straight line. At least not at that time when I entered them. Sometimes I even thought mean reversion system were better but they can hurt badly if there is no reversion and the trend continues.
  • #108
  • May 27, 2015 4:06pm May 27, 2015 4:06pm
Quoting Myrmica
{quote} I wish it was that easy. Problem is that trends stop, and never move up in a straight line. At least not at that time when I entered them. Sometimes I even thought mean reversion system were better but they can hurt badly if there is no reversion and the trend continues.
//----

hey myrmica.... trends come in all shapes, sizes and lengths.... it's difficult to know in advance how smooth or how long the trend will last.....

the best solution, for me, is to take trades on the shorter timeframe but only when the signal agrees with the larger timeframe or period ..... such as take daily tsr(30) sell signals when they agree with the larger period, such as daily tsr(89).... trade the absolute smallest lots and add only when all trades are positive....

or taking alma 4hr sell signals when they agree with the daily alma.....

mean reversion is best suited to large accounts...... it's something many of us do, but the risk is tremendous.....

as example, in the chart below, buying the eurusd today would be avoided.... later, if they agree, buys would be ok..... remember smallest lots available....h
//----
Attached Image (click to enlarge)
Click to Enlarge Name: myrica.png Size: 31 KB
to trade and code, keep both simple... no call to impress....h
  • #109
  • May 28, 2015 11:16am May 28, 2015 11:16am
Quoting Myrmica
{quote} I wish it was that easy. Problem is that trends stop, and never move up in a straight line. At least not at that time when I entered them. Sometimes I even thought mean reversion system were better but they can hurt badly if there is no reversion and the trend continues.
That would be a topic for a new thread how to identify and trade a trend.

I treat and trade the FX market as a pure 24h market. Every single day with its own trend. No trendlines or indicators. Tracking the open,highs and lows.
  • #110
  • May 28, 2015 11:52am May 28, 2015 11:52am
Quoting hayseed
{quote} //---- hey myrmica.... trends come in all shapes, sizes and lengths.... it's difficult to know in advance how smooth or how long the trend will last..... the best solution, for me, is to take trades on the shorter timeframe but only when the signal agrees with the larger timeframe or period ..... such as take daily tsr(30) sell signals when they agree with the larger period, such as daily tsr(89).... trade the absolute smallest lots and add only when all trades are positive.... or taking alma 4hr sell signals when they agree with the daily...
Hello hayseed,

yes I also tried that concept to trade when the larger MA or whatever agrees. But here I found the problem that first, the number of trades is strongly limited and many good opportunities vanish and second that often I am even later in a trend when it is already about to reverse. But I guess that would be an own topic.
  • #111
  • May 28, 2015 11:53am May 28, 2015 11:53am
Quoting Alpha-Omega
{quote} That would be a topic for a new thread how to identify and trade a trend. I treat and trade the FX market as a pure 24h market. Every single day with its own trend. No trendlines or indicators. Tracking the open,highs and lows.
I guess thats not possible for me since I want to trade the daily timeframe. You trade lower timeframes probably?
  • #112
  • May 28, 2015 12:20pm May 28, 2015 12:20pm
Quoting Myrmica
{quote} I guess thats not possible for me since I want to trade the daily timeframe. You trade lower timeframes probably?
You can trade crosses by moving average on daily tf to get a trend.


Attached File(s)
File Type: mq4 Price MA Cross Alert.mq4   3 KB | 397 downloads
  • #113
  • May 29, 2015 12:19am May 29, 2015 12:19am
Quoting Myrmica
{quote} I guess thats not possible for me since I want to trade the daily timeframe. You trade lower timeframes probably?
I trade mainly the GBPUSD on a 17s chart. I watch what's going on during the Asia session (very unique pattern) and when the big moves during the European session start.
  • #114
  • May 29, 2015 12:37am May 29, 2015 12:37am
Quoting Myrmica
{quote} I wish it was that easy. Problem is that trends stop, and never move up in a straight line. At least not at that time when I entered them. Sometimes I even thought mean reversion system were better but they can hurt badly if there is no reversion and the trend continues.
Try Nzd/chf now short and make profit
  • #115
  • May 29, 2015 3:28am May 29, 2015 3:28am
Quoting Alpha-Omega
{quote} I trade mainly the GBPUSD on a 17s chart. I watch what's going on during the Asia session (very unique pattern) and when the big moves during the European session start.
Excellent !!
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #116
  • May 29, 2015 4:25am May 29, 2015 4:25am
Quoting Myrmica
{quote} I guess thats not possible for me since I want to trade the daily timeframe. You trade lower timeframes probably?
Do you know what type of trader are you?
Do you know your trading style?
Do you know what suits you?
Do you know what works for you and what doesn't?
Are you able to discern the quality/valuable information from the garbage or less valuable?

Without knowing you it's gonna be rather difficult to adopt what works for others..

So, how about finding out first what works for you asking yourself bunch of questions?
It shortens & easies your journey of discovery. Cause it's not about a particular trading style, it's about finding out what works for the individual. That's the ultimate edge.

Without that..it might be the exact reason why something doesn't seemingly work for you. What if it would if you would shift your perceptions just a little bit now? Asking yourself questions does that.

After all, what if only you know what's true for you & what works for you?
Markets wispers, just tune in.
  • #117
  • May 29, 2015 8:35am May 29, 2015 8:35am
Quoting Myrmica
Hi guys, I am not trying to offend anyone personally and I hope someone can convince me my opinion is wrong but at the moment I dont know what of all these things, I am reading here is really from people who have an idea of what they are talking about. Here is my story: I have tried for many years to be successfull in forex trading. I suffered personal and financial losses due to this. I know I have made mistakes like overtrading, greed, impatience and fear. But after all. Switching all those things off, the main problem stays that I dont have a...
In order to become a profitable trader you need to develop a strategy that is net profitable and you need to have the right psychology. When you have these in place you can begin to start gaining the confidence needed to become a profitable trader. In poker you are playing against an opponent. In Forex the opponent is you. You decide when to enter and exit a trade. You decide how big your profit or loss is. How can you blame the market for getting you into a bad trade? You clicked the mouse. You are totally 100% responsible for your results as a trader.

Vague advice? Study the Forex market everyday. Watch videos, read articles, study all of the great traders, learn about your own trading psychology and develop your trading mind. Totally commit yourself to learning what trading really is. Forget about the yacht and the Porsche. Focus on making more than you lose. Write it down in a journal/notebook, start analyzing your trades, figure out why you are losing and how to start making small, consistent wins. You can become a profitable, successful trader. Its work, hard work, it takes time, effort, commitment, focus, energy. You can do it.
  • #118
  • May 29, 2015 4:18pm May 29, 2015 4:18pm
Quoting plukin
{quote} Do you know what type of trader are you? Do you know your trading style? Do you know what suits you? Do you know what works for you and what doesn't? Are you able to discern the quality/valuable information from the garbage or less valuable? Without knowing you it's gonna be rather difficult to adopt what works for others.. So, how about finding out first what works for you asking yourself bunch of questions? It shortens & easies your journey of discovery. Cause it's not about a particular trading style, it's about finding out what works...
Actually I already know the answers to most of these questions. Some years ago I did not know them, and I agree that it is important to define these anwers for oneself otherwise you will jump from one system to another and feel lost with all the thousands of systems out there. I do not even look at systems anymore that trade intraday since I can't do that with my job.
  • #119
  • May 29, 2015 5:01pm May 29, 2015 5:01pm
Quoting Giganntor
{quote} In order to become a profitable trader you need to develop a strategy that is net profitable and you need to have the right psychology. When you have these in place you can begin to start gaining the confidence needed to become a profitable trader. In poker you are playing against an opponent. In Forex the opponent is you. You decide when to enter and exit a trade. You decide how big your profit or loss is. How can you blame the market for getting you into a bad trade? You clicked the mouse. You are totally 100% responsible for your results...

yep,

cant add to that
  • #120
  • May 30, 2015 1:14pm May 30, 2015 1:14pm
Quoting numbnuts
{quote} Most people here at Forex Factory don't know how to trade, but it's easy for those people to sound like experts when they rearrange and regurgitate generic statements about money management and psychology. If those same people tried to speak with authority about the specifics of currency trading, their theories could be quickly proven right or wrong. That's why most of the content here is deliberately esoteric and vague. I think you are on the right track with your comparison of poker and trading - both must be built on a solid mathematical...
Great post. It's a shame most retail dreamers don't even want to understand it.
0 traders viewing now