Statistically Infallible

Hi there trading people, I am glad to be here at this fine forum. So many things to be learnt here. Smart people, crazy people, dumb people, arrogant people; you name it, they are here on forexfactory.

A bit about me. I have been trading for about 5 years, started circa 2010. Failed numerous times.

After all these years i am still not as good as i would like to be. I can't seem to have full control over myself when executing trades. In spite of that, I have made a significant breaktrough in trading and results are spectacular.

If you ever want to succeed in trading you must make a system that is consistently profitable in past historical data. Market doesn't really change its language(how it moves), they just change their range.

Right now i have already passed the first hurdle which is understanding the 'language' of the market but i am still on the borderline when it comes to mastering myself in executing. The next problem that i have is not having enough sleep. I have this unquenchable thirst for knowledge and i think i need to be more disciplined. Often i would make simple mistakes and missing opportunities if i don't have enough sleep.

Trade Journal
Three account with different risk of the same trading style. I only listed two as that is the maximum on forexfactory. Another one can be viewed on my profile.

Risk 2.5 % - High Risk
Risk 1.25 % - Medium Risk

So first week the results are okay even though i still made a lot of mistakes, missed opportunities.

Trading discipline is not important if you don't know what you are doing. I am at the point where trading discipline is crucial. The psychological aspect now will determine whether i succeed or not.

This Presentation Explains Everything You Could Want to Know About the FX Market, well not really but there are many good points.
http://www.nobrainertrades.com/2012/...scription.html

Do you teach how to trade ? if yes, how much does it cost please ?

I am sorry i don't teach anyone to trade. There are just too many variables. Just one thing though, never pay anyone to teach you how to trade if they don't have trade explorer/myfxbook as a proof. There are many scammers out there. Be careful.

This thread is more about documenting my mistakes and maybe inspire others. Lets see what next week will bring.

Hey fishme231,
Nice thread, and great results. I know what you mean with not having enough sleep... I tend to overdo my scalps as well, and then I start making errors. Good luck and thanks for sharing!
k

Yeah, need to be more disciplined and have my good night sleep. Thanks kprsa for the good words.

"It took me five years to learn to play the game intelligently enough to make big money when I was right." - Jesse Livermore(Reminiscences of a Stock Operator)

Jesse Livermore took five years to get it right. I took five years too. Therefore in my opinion, i would say it would take on average of 5 years of studying before a trader could make it. The degree of their success however, varies. Some would get 1% per month, some 10% and some would get more than what most think is possible until they started to impact the price, then they would have to solve that, most probably through relationship trading but that too is finite.

"Observation, experience, memory and mathematics these are what the successful trader must depend on. He must not only observe accurately but remember at all times what he has observed. He cannot bet on the unreasonable or on the unexpected, however strong his personal convictions may be about man's unreasonableness or however certain he may feel that the unexpected happens very frequently. He must bet always on probabilities that is, try to anticipate them. Years of practice at the game, of constant study, of always remembering, enable the trader to act on
the instant when the unexpected happens as well as when the expected comes to pass.

A man can have great mathematical ability and an unusual power of accurate observation and yet fail in speculation unless he also possesses the experience and the memory. And then, like the physician who keeps up with the advances of science, the wise trader never ceases to study general conditions, to keep track of developments everywhere that are likely to affect or influence the course of the various markets. After years at the game it becomes a habit to keep posted. He acts almost automatically. He acquires the invaluable professional attitude and that enables him to beat the game at times! This difference between the professional and the amateur or occasional trader cannot be overemphasised. I find, for instance, that memory and mathematics help me very much. Wall Street makes its money on a mathematical basis. I mean, it makes its money by dealing with facts and figures."

"There is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."

-Jesse Livermore(Reminiscences of a Stock Operator)

The market moves because of orders executed. Your job is to understand when and how the important orders are executed. The chart shows it plainly but most just can't see it.

It is better to be certain that you are going to be financially free than dreaming about the riches that never came. As for that, i choose to go the slow but certain way. There is no need to be greedy and stupid.

"I think to be in the upper echelon of successful traders requires an innate skill, a gift. It`s just like being a great violinist. But to be a competent trader and make money is a skill you can learn." – Michael Marcus


“If you don’t stay with your winners, you are not going to be able to pay for the losers.” – Michael Marcus

You can risk 1 percent of your capital, you can risk 5 percent, or you can risk 10 percent, but you better realize that the more you risk, the more volatile the results are going to be. Ed Seykota

"Really best traders don't think twice about how many hours they're working or whether they come in on a weekend. There is no substitute for that level of commitment." - Bill Lipschutz

It is not that we had any unfair knowledge that other people didn't have, it is just that we did our homework. People just don't want to believe that anyone can break away from the crowd and rise above mediocrity. -Paul Tudor Jones

From -http://tradingwisdoms.com/