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Only bad traders

  • #1
  • First Post: Sep 15, 2015 6:02am Sep 15, 2015 6:02am
First of all I am not expecting anyone to join in on this. If people decide to that would be awesome.

The reason why I am creating this is to be a reminder for myself. And that is that I am a terrible trader, after 2 years of study and I have tried studied 2 methods in depth both with the same results. The result is that I will have 1 or 2 very profitable months followed by 3 or 4 months to where I literally feel like I can only do wrong.

My dream of being a full time trader, I am letting that go, letting go of the home traders office that I designed in my head. The reason why I am still here is because I do enjoy trading and thinking about the markets. In mid conversation with others or in the middle of a meeting I find myself to start thinking about what is going on with the market or how I can better myself. Its still a passion, but I am being real with myself here and now that this will never be a source of income.
  • #2
  • Edited 7:16am Sep 15, 2015 6:09am | Edited 7:16am
Second post is what I am wanting to do here. I have an idea, and it would be great if others joined in, but honestly I doubt it.

Since I am a bad trader the only thing that I can do and do well is to take losses, so I will play to my strengths. I will take loss after loss. Here are the rules.

1. Mechanical system only (Entry and Stop losses can't be discretionary)
2. Must use small stop losses (Small stop losses are necessary to ensure long term lossabilty)
3. No Take profits (If I want to take losses well, taking profits will only get in the way)
4. Once a Stop Loss is set, do not move it.
5. Only do this on a Demo Account

If others join in please follow these rules, and if you feel the need to tell me this is stupid and will fail, no need to tell me. I already know, after all I am a bad trader I am planning to fail with no hope of success.
  • #3
  • Sep 15, 2015 6:12am Sep 15, 2015 6:12am
Just to get this going.
Attached Image (click to enlarge)
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  • #4
  • Sep 15, 2015 6:46am Sep 15, 2015 6:46am
Im a bad trader too, welcome to the clube but i´m proud.

I was thinking that I was the only one who have losses, because in these forums we only see winners
Learn to like losses
  • #5
  • Sep 15, 2015 7:09am Sep 15, 2015 7:09am
Quoting turboane
Im a bad trader too, welcome to the clube but im proud. I was thinking that I was the only one who have losses, because in these forums we only see winners
I hope the club has T-Shirts.. Maybe even a slogan. "It took me 2 years, but I finally became one of the 95%".

Come on pound, I know you can come back to stop me out.
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  • #6
  • Sep 15, 2015 7:13am Sep 15, 2015 7:13am
I don't trade forex but I think number one you must get good at one thing. one market. After a while you get intuitive. Secondly you should follow an expert. Currencies I hear follow elliot waves. Thirdly, you should mark out weekly support resistance and trade around that, and play close attention to options atm prices for boundaries. Write these prices down in the appropriate time frame and watch them. I think this is really solid advice. Let me knkow how it goes.
  • #7
  • Sep 15, 2015 7:32am Sep 15, 2015 7:32am
Quoting YSam
I don't trade forex but I think number one you must get good at one thing. one market. After a while you get intuitive. Secondly you should follow an expert. Currencies I hear follow elliot waves. Thirdly, you should mark out weekly support resistance and trade around that, and play close attention to options atm prices for boundaries. Write these prices down in the appropriate time frame and watch them. I think this is really solid advice. Let me knkow how it goes.
Thanks, I will put those in my list of reading subjects.
  • #8
  • Sep 15, 2015 10:31am Sep 15, 2015 10:31am
Okay, I am joking, but have you ever thought since you are so bad that you should do the reverse of what you want to do? You think you should buy, so instead sell, lol. Kidding, but I know how that feels.

One thing that "might" help. The market "usually" chooses a direction for the next few hours at certain times of day. The attached indicator will help you find those hours. Secondly, you must be aware when major market news is released. Personally, I avoid being in the market for the spike, but instead wait for it to end and get a fresh signal.
Attached File(s)
File Type: ex4 HourlyMovement.ex4   5 KB | 388 downloads
You cannot be extraordinary by being normal
  • #9
  • Sep 15, 2015 11:25pm Sep 15, 2015 11:25pm
Quoting dkrock
Okay, I am joking, but have you ever thought since you are so bad that you should do the reverse of what you want to do? You think you should buy, so instead sell, lol. Kidding, but I know how that feels. One thing that "might" help. The market "usually" chooses a direction for the next few hours at certain times of day. The attached indicator will help you find those hours. Secondly, you must be aware when major market news is released. Personally, I avoid being in the market for the spike, but instead wait for it to end and get a fresh signal....
I tried that once. I set up Forex trade copier 2 and set it to reverse mode. It didn't work welll.

The first week the reverse account made some money, but after that my brain made the connection that I was making money when the non-reverse account was losing money. I ended up cutting my losers short and letting the winners run, which was devastated the reverse account.

This whole thread is a bit of tongue in cheek, maybe trading has less to do with entries/stop losses/take profits and more on how a trader deals with loss.
  • #10
  • Sep 15, 2015 11:30pm Sep 15, 2015 11:30pm
Honestly I am hoping others will join and maybe we will learn something.

Demo trade and refuse to close winners while getting out of losing trades quickly.
  • #11
  • Sep 16, 2015 1:37am Sep 16, 2015 1:37am
Quoting Anotan
Honestly I am hoping others will join and maybe we will learn something.
What do you have to learn from bad traders apart from what not to do? They are that way because they choose to be that way. Improving oneself is something that only good traders do.
  • #12
  • Sep 16, 2015 2:08am Sep 16, 2015 2:08am
Quoting Atokys
{quote} What do you have to learn from bad traders apart from what not to do? They are that way because they choose to be that way. Improving oneself is something that only good traders do.
Quoting Anotan
{quote}This whole thread is a bit of tongue in cheek, maybe trading has less to do with entries/stop losses/take profits and more on how a trader deals with loss.
That's what I hope to learn, like actually learn it and believe it. Not say I learned it but my actions are that I am still chasing the white rabbit that is market analysis.

Other bad traders have nothing to do with my learning. The bad traders is the tongue in check, I am admitting to myself that I am a bad trader and that I will never be a trading guru and to stop chasing the dream of trading as full time employment.

Also I don't need experts telling me why each trade failed and that I made an utterly terrible trade for some odd reason.
  • #13
  • Edited 2:48am Sep 16, 2015 2:12am | Edited 2:48am
Need more screen shots.

I am trading a very overly simplified version of volume analysis. I started out trading Sonic while reading as much as I could from one of the vsa threads, which was just really complicated with people justifying why they are the best trader since sliced bread.

This is all demo and I absolutely couldn't care less whether this trade gets stopped out in 20 minutes or 20 days.
Attached Image (click to enlarge)
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  • #14
  • Sep 16, 2015 4:23am Sep 16, 2015 4:23am
Quoting Anotan
This whole thread is a bit of tongue in cheek, maybe trading has less to do with entries/stop losses/take profits and more on how a trader deals with loss.
I would say that its more on how a trader deals with Risk.
Quote
I am admitting to myself that I am a bad trader and that I will never be a trading guru and to stop chasing the dream of trading as full time employment.
Successful trading has nothing to do with being a 'guru' and quite often self-proclaimed gurus who sell trading courses are never good traders themselves.

Good trading is tailoring risk and reward to meet your objectives. Whether it be trading a conservative portfolio to serve as a long-term investment or running an aggressive system on some spare money to aim for higher rewards while undertaking more heat.
  • #15
  • Sep 16, 2015 4:31am Sep 16, 2015 4:31am
see, now you want to be stopped out that's not going to happen. Probably.

Is that really probable? probably not.

I like the idea.

But, If things start trending away from your stop loss, you might be stuck in a profitable trade for years.
  • #16
  • Sep 16, 2015 5:26am Sep 16, 2015 5:26am
Quoting Anotan
First of all I am not expecting anyone to join in on this. If people decide to that would be awesome. The reason why I am creating this is to be a reminder for myself. And that is that I am a terrible trader, after 2 years of study and I have tried studied 2 methods in depth both with the same results. The result is that I will have 1 or 2 very profitable months followed by 3 or 4 months to where I literally feel like I can only do wrong. My dream of being a full time trader, I am letting that go, letting go of the home traders office that I designed...
2 years of study is not sufficient. You are looking at at least 4 years of unremitting study and contemplation in the hope that you will have that eureka moment. Trading will essentially need to be at the centre of your universe. If you are lucky, the world is yours.
The road to pipland is arduous and fraught with challenge.
  • #17
  • Sep 16, 2015 5:35am Sep 16, 2015 5:35am
Quoting Atokys
{quote} Good trading is tailoring risk and reward to meet your objectives. Whether it be trading a conservative portfolio to serve as a long-term investment or running an aggressive system on some spare money to aim for higher rewards while undertaking more heat.
Something I will think quite a bit on.

Thanks.
  • #18
  • Sep 16, 2015 5:37am Sep 16, 2015 5:37am
Quoting BubaYaga
If things start trending away from your stop loss, you might be stuck in a profitable trade for years.


You're trying to burst my bubble here aren't you?
  • #19
  • Sep 16, 2015 5:45am Sep 16, 2015 5:45am
Quoting Anotan
{quote} Come on pound, I know you can come back to stop me out. {image}
I knew you would come back to me!
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDM30.png Size: 49 KB
  • #20
  • Sep 16, 2015 8:02am Sep 16, 2015 8:02am
Quoting Anotan
{quote} I knew yohttp://www.forexfactory.com/showthread.php?p=8475574u would come back to me! {image}
Well you had plenty of time to take profit....or at least lock some in....when you see the momentum fading....smaller candles...dojis etc.....the flattening out of the price...meaning not going up or down....its time. Sure you know that....and if its only demo....there is no care factor.....I am a struggling trader....not ashamed to admit it....its a long road man....but a guy put me onto a book that i think is pretty good....thanks to him. Its in a commercials thread....so hope this link doesn't stuff up your threadhttp://www.forexfactory.com/showthread.php?p=8475574Look for the PDF....trading in the zone.
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