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Which type of trader are you?

  • #41
  • Sep 21, 2015 9:53am Sep 21, 2015 9:53am
Quoting CrucialPoint
Cognitive Bias: The Great Wall of Forex Trading Here is the Great Wall of Forex. Many have tried to concur it but failed and many will continue to fail. Only a handful have overcome cracking this wall. {image} Your Objective or Goal is to get to the other side of this Wall. Here are some tools provided to you to aid with this problem. You get a Rope, some Carrots and a Donkey. {image} Before you continue reading, try and solve this puzzle. ================================================== A lot of people won't be able to solve this puzzle...
Funny, I thought would hop on the donkey, ride around the wall and eat the carrots. You never said I had to go OVER THE WALL.

Good one, CrucialPoint. Suggestion: next time, do not post the answer for at least a couple of days. Thanks for the brain teaser.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #42
  • Sep 21, 2015 12:12pm Sep 21, 2015 12:12pm
Quoting TooSlow
{quote}Suggestion: next time, do not post the answer for at least a couple of days. Thanks for the brain teaser.
No, it's better to post the brain teaser and the answer. Doing so CP is giving to people a chance.
If someone has not the patience to overcome such a simple brain teaser, how does someone think to overcome forex?
This is a good point because if someone recognize a lack of patience in itself, it's better to stop trading and stop wasting time.

Alex
  • #43
  • Sep 21, 2015 12:37pm Sep 21, 2015 12:37pm
Just needs to have 'spoiler alert' somewhere near the answer. Just so that you don't read the answer accidentally while still reading the content of the post.

Like putting it at the bottom of the post, and saying something like 'answer below' with some space in between. IF you really want to get creative, make the answer in white text, so that you have to highlight it to read the answer.

Just some thoughts.
  • #44
  • Edited 1:52am Sep 22, 2015 1:37am | Edited 1:52am
I would kill the donkey by shoving the carrots in his nose and use the rope to tie his mouth shut. Then cut open the animal with my teeth, remove the bones and use them to construct a ladder with the rope. But first I would feast on his raw flesh with carrots and wear his skin as a fur coat using the rope as a belt. But maybe this is a bit mainstream...
  • #45
  • Sep 23, 2015 12:48pm Sep 23, 2015 12:48pm
Cognitive Bias: Primed for Failure

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The moment you started learning to trade, you have been psychologically primed.

And the psychological priming (damage) you received is this:

  1. That trading is black and white
  2. You simply buy/sell here and you exit here
  3. The indicators that lingers is "enter here and exit there" approach
  4. You either do or you don't
  5. It is yes or no
  6. 2 polarities (Overbought/Oversold, Divergence/Convergence, Bounce/Breakout, etc....)


The psychological priming given to you is simply that "there is a clear boundary between black and white" >>> which is not true.


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Let's wipe those cognitive biases clear and bring you back to earth and reality.
What you have never been taught about trading is that there is no clear cut boundary. In between are infinite shades of grey (just like the above picture).

Think about this for the moment:

  1. Does Tiger Woods drives the golf club with the exact newton force 'every time' he drives and swing the golf club?
  2. Do you think a Tom Brady throws the football with the exact newton force 'every time' he throws a football?
  3. Do you think Micheal Jordan shoots the basketball with the exact same force 'every time he shoots?

The only best and closest answer is that the find the "sweet spot".

And it is no different in trading. It is NOT the round numbers 1.2000, but depending on the different variables of the different circumstances, the sweet spot is give/take a few numbers. It is NOT the overbought and oversold level 80/20, but the sweet spot around those numbers depending on different variables and circumstances.

"But CrucialPoint,you said that you have a precise entry and precise exit... you're contradicting yourself."
It's not that I contradict myself, but it's because you don't understand the situation, so let me explain:
Michael Jordan sinks the basket through "Precision".
Yet, every basket sunk, totally have different variables every time, infinitely.
Jordan manages to find those sweet spot in an infinite number of circumstances.
No 2 sweet spot or No 2 situation/circumstances is ever the same. Every moment in time/space is uniquely different, infinitely.
A simple 123/ABC pattern is uniquely different from any other 123/ABC pattern... No two 123/ABC pattern is ever the same.
It's the same with my trading.

The psychological priming damage is:

  1. wash rinse and repeat
  2. history repeats itself
  3. Buy/Sell here and exit here



You can never know the exact buy here and exit here until the moment arrive.
It is only in the heat of the moment I can find the sweet spot and precisely determine my actions.
And this is consistent with my annoying answers to the following questions:

  1. Where are you looking to enter? >>> I don't know
  2. Where are you going to exit? >>> I don't know
  3. Do you know the S/R? >>> I don't know
  4. Where do you think price is going? >>> I don't know


Notice the questions are in regards about the future... I don't know the future
But since your cognitive biases loves predicting the future, let's put it to a test.
What is probability of this plane crashing?

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Now, what is the probability of this plane crashing?

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If we go to an airport and find 100 planes and you tell me the predictability of it crashing Versus seeing 100 planes in mid-air on a nose-dive, which one has the higher percentage of getting the prediction right?

Given the 2 situations and predictability, which one has a higher percentage of getting the prediction right? In the heat of the moment or from distant future?


Peace,
CrucialPoint
  • #46
  • Sep 23, 2015 1:59pm Sep 23, 2015 1:59pm
Quoting CrucialPoint
Cognitive Bias: Primed for Failure {image} The moment you started learning to trade, you have been psychologically primed. And the psychological priming (damage) you received is this: That trading is black and white You simply buy/sell here and you exit here The indicators that lingers is "enter here and exit there" approach You either do or you don't It is yes or no 2 polarities (Overbought/Oversold, Divergence/Convergence, Bounce/Breakout, etc....) The psychological priming given to you is simply that "there is a clear boundary between...

Hi CP, Will you post some screenshots of trades as you do before please?
  • #47
  • Sep 24, 2015 7:26am Sep 24, 2015 7:26am
  •  Neio
  • Joined Oct 2012 | Status: Can't think outside?Enlarge the box | 688 Posts
Quoting CrucialPoint
I don't know the future But since your cognitive biases loves predicting the future, let's put it to a test. What is probability of this plane crashing? {image} Now, what is the probability of this plane crashing? {image} If we go to an airport and find 100 planes and you tell me the predictability of it crashing Versus seeing 100 planes in mid-air on a nose-dive, which one has the higher percentage of getting the prediction right? Given the 2 situations and predictability, which one has a higher percentage of getting the prediction...
Keep 'em coming CP.

Another quote from another Master...Jesse Livermore

"Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong" J. Livermore - How to Trade in Stocks.

I guess it comes down to knowing when to trade and when NOT to trade. Following the market after it has showed its hand.

Regards

Neio
An expert is a man who has made all the mistakes which can be made
  • #48
  • Sep 24, 2015 7:27am Sep 24, 2015 7:27am
Idiot trader here
Forex is a losers game.
  • #49
  • May 9, 2017 1:39pm May 9, 2017 1:39pm
Quoting alexx90
{quote} How do you trade without "history"? What is the difference from past data, present data and future data? Isn't always a series of up and down? You don't need to walk all over the earth to measure its circumference, there is still a simple way to calculate it. You can break the average, you can break the data from past to present. Is past data also part of present data? More you trade with present data and more you are ready to an unexpected change. Alex
I decided to resurrect this thread . Although i understand you might be busy , i will give it a shot . I've been reading your and CP's posts for quite some time now , but this particular part has been driving me a bit crazy .

I agree with you that data nothing more than up and down movement (upticks and downticks) , but what do you mean by saying that one can break the average , and break the data from past to present ? I would really appreciate it if you could shed some light here

About the part where you say that past data is part of present data , i would say that i am between two minds ... One the one hand i am not sure if the uptick(or downtick) that happens EXACTLY NOW , can be connected with a tick that happened before (say 1 minute ago , or 60 ticks ago ) .
On the other hand , if take the average of let's say 300 ticks , then yes , the data i get now in the form of the moving average , connects the present data with the data 1000 ticks ago.

Anyway , hope you share your opinion on this one



Alex
  • #50
  • Jun 3, 2017 5:55am Jun 3, 2017 5:55am
Quoting PoundTrader
one finger trader
Hello ProudTrader! I am a novice trader, and I don’t know about One Finger Trading! Can you explain here one finger trading a little bit? I searched in Google, but didn’t get enough info!
  • #51
  • Jun 5, 2017 6:31am Jun 5, 2017 6:31am
Traders have their own trading strategies that they select according to their trading understanding. I am a newcomer in Fx and started trading with small balance , for that reason I always have to depend on short time trading approach scalping . but in spite of being a scalper I do prefer long term trading which is more safe than short time trading approach . but I have no way right now because of tiny amount.
  • #52
  • Jun 7, 2017 2:42am Jun 7, 2017 2:42am
To be honest, I have no plan on any specific trading style, in a day I do scalping as well as swing trading, if I get good swing point according to my trading system! Actually, I am interested on all of trading opportunities of market! Flexibility is my main weapon!
  • #53
  • Jun 7, 2017 11:16am Jun 7, 2017 11:16am
There are only two types of traders:

the one who makes money and the other is a sucker.
  • #54
  • Edited 7:12am Sep 21, 2017 5:22am | Edited 7:12am
Quoting CrucialPoint
Cognitive Bias: The Great Wall of Forex Trading Here is the Great Wall of Forex. Many have tried to concur it but failed and many will continue to fail. Only a handful have overcome cracking this wall. {image} Your Objective or Goal is to get to the other side of this Wall. Here are some tools provided to you to aid with this problem. You get a Rope, some Carrots and a Donkey. {image} Before you continue reading, try and solve this puzzle. ================================================== A lot of people won't be able to solve this puzzle...


tick chart and two ema and catch the momentum with trend (holy grail)
thanks

Peace,
simjo
  • #55
  • Sep 21, 2017 8:42am Sep 21, 2017 8:42am
Definitely the most ideal approach to exchange is to leave your entrance to keep running until the market "takes you out" yet printing an arrangement that makes a setup counter to your present passage? You at that point either fence you current section on the off chance that you think it has promote mileage in view of high TFs or you close it and invert. This may wind up with you having an entire arrangement of various R/R proportions and yes, some of them will be under 1:1. There's nothing amiss with 1:1 and all I'm worried about is winning more than losing. A decent cluster of folks showed me that having a little stop to get 1:2/1:3 and so on is not imperative, what is vital is being in a position when a market is moving.
  • #56
  • Sep 21, 2017 9:45am Sep 21, 2017 9:45am
It would appear to me that there is a risk here of traders investing monstrous measures of energy hunting down the identity defects as a part of their identity and pursuing new thoughts and so forth. I would concur that concentrating on the 1 million objective is vain. On the off chance that one has an arrangement that is sensible and that others have just accomplished at that point there is no sane motivation behind why any other person with a sensible perspective can't copy that arrangement for oneself. The test is, does the individual have a similar calm persistence teach center conviction to complete the arrangement? We people are exceptionally mind boggling. By and by I realize that on the off chance that I get up in the morning and adhere to my normal that has demonstrated fruitful for others, it is for me too. Like some other task in life on the off chance that one doesn't do it won't work.
  • #57
  • Sep 21, 2017 4:10pm Sep 21, 2017 4:10pm
I'm a trader who likes potential 1:4 or 1:5 risk to reward odds!
instagram: stepbystepforex
  • #58
  • Sep 23, 2017 6:22am Sep 23, 2017 6:22am
Quoting CrucialPoint
Cognitive Bias: The Great Wall of Forex Trading Here is the Great Wall of Forex. Many have tried to concur it but failed and many will continue to fail. Only a handful have overcome cracking this wall. {image} Your Objective or Goal is to get to the other side of this Wall. Here are some tools provided to you to aid with this problem. You get a Rope, some Carrots and a Donkey. {image} Before you continue reading, try and solve this puzzle. ================================================== A lot of people won't be able to solve this puzzle...
and forgot to tell spread avg for find intention market makers (play with bid ask distance)???

use most manipulated pair gbpusd for scalping

is that complete equation?
  • #59
  • Edited 5:46am Oct 4, 2017 3:07am | Edited 5:46am
Quoting CrucialPoint
Cognitive Bias: The Great Wall of Forex Trading Here is the Great Wall of Forex. Many have tried to concur it but failed and many will continue to fail. Only a handful have overcome cracking this wall. {image} Your Objective or Goal is to get to the other side of this Wall. Here are some tools provided to you to aid with this problem. You get a Rope, some Carrots and a Donkey. {image} Before you continue reading, try and solve this puzzle. ================================================== A lot of people won't be able to solve this puzzle...
i just want show this to u like a child ,is this worst trading setup u ever seen?
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  • #60
  • Oct 6, 2017 6:32am Oct 6, 2017 6:32am
Quoting CrucialPoint
Cognitive Bias: The Great Wall of Forex Trading Here is the Great Wall of Forex. Many have tried to concur it but failed and many will continue to fail. Only a handful have overcome cracking this wall. {image} Your Objective or Goal is to get to the other side of this Wall. Here are some tools provided to you to aid with this problem. You get a Rope, some Carrots and a Donkey. {image} Before you continue reading, try and solve this puzzle. ================================================== A lot of people won't be able to solve this puzzle...

complete equation
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