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The Trader's Academy - by Traders for Traders

  • #281
  • Jan 20, 2016 4:35pm Jan 20, 2016 4:35pm
Quoting cat
I'd like to share this with you guys - this song it is from the year when I first started learning about the markets, and the lyrics as I pounded away on my treadmill in the evenings gave me real strength during a difficult time. My business had failed, I had a mortgage and a family to support, very little money and a job driving a van all hours of the day and night. When I wasn't working or sleeping, I was studying the charts - it became my life, my obsession, and friends and family thought that I'd totally lost it, that I would ruin my life by...
Thank you Cat for these encouraging words and for this thread. I'd just like to say that of all the traders who post on FF (who's posts I have read), the value I place on your instruction/mentoring/words of wisdom etc is right up there. Please keep it coming.
I have been trading for about 8 months, Not profitable so far....but I feel like I am about to turn that all important corner. I will continue to follow this thread and hope to contribute more as time goes on.
Also thanks to the other experienced traders who post here - Medici in particular.
Indentify > Plan > Accept > Execute
  • #282
  • Jan 20, 2016 4:52pm Jan 20, 2016 4:52pm
Good attitude Wiz. Survival and perfecting your trading style and system is the important thing when starting this business. Like they say, having the money to trade tomorrow should be a major emphasis.

KP
Do your homework, follow the footprints of smart money
  • #283
  • Jan 20, 2016 5:28pm Jan 20, 2016 5:28pm
Quoting cat
I'd like to share this with you guys - this song it is from the year when I first started learning about the markets, and the lyrics as I pounded away on my treadmill in the evenings gave me real strength during a difficult time. My business had failed, I had a mortgage and a family to support, very little money and a job driving a van all hours of the day and night. When I wasn't working or sleeping, I was studying the charts - it became my life, my obsession, and friends and family thought that I'd totally lost it, that I would ruin my life by...
Your contribution and approach to life and trading give me enormous encourgement. I have been to the dark place a few times and know exactly what you are saying. We shall endure!
None the wiser!
  • #284
  • Jan 21, 2016 1:20am Jan 21, 2016 1:20am
Thank you Wizlon and FX, your words are greatly appreciated. We're in this together, and it's always good to share
  • #285
  • Jan 21, 2016 3:33am Jan 21, 2016 3:33am
Speaking from my own experience there's a couple of things that catch traders out.

There's a vast amount of info and help out there to get a trader started. But I believe that traders who fail, often do so because they fail to accept that there is a proportion of knowledge (for me, I estimate it was/is about 1/3) that one must fill in by oneself. What that means is that there's no-one, and I really do mean, no-one who can help with that. There comes a time when we're on our own. Simply accepting this fact is a big cognitive step forward.

The second thing (undoubtedly there's more but for me these are the "big two"), relates to the trader's saying, "Trade what you see and not what you feel". There's so many traders calling bottoms in a downtrend and tops in an uptrend it's quite incredible. In my view, a trader needs to look at the market and say what it is. If one can trade what it is then trade it, however, if one can't trade what it is then one must understand what, or better to say, "where" the market needs to be before it can be traded. The rest is down to waiting.

Here's a current EURAUD example:

H4. Market is currently range bound. I can't trade this timeframe yet.

Attached Image (click to enlarge)
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M5. Some sellers out of the top blue box, some buyers out of the lower blue box. I must now wait for the retests and then trade the PA as seller or a buyer in accordance with my own rules, which for me are Supply/Demand PA based.

Attached Image (click to enlarge)
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  • #286
  • Jan 21, 2016 3:44am Jan 21, 2016 3:44am
Developing and using a trading plan is important. An effective trading plan provides a rule-based approach to the trader's Forex trading business. The maxim will be: Plan your trade, trade your plan. This requires a lot of self-discipline, including knowing when not to trade.

KP
Do your homework, follow the footprints of smart money
  • #287
  • Jan 21, 2016 4:09am Jan 21, 2016 4:09am
Aspiration of Professional Trader (to be!).
My trade for now. I may chicken out as usual.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 26 KB
None the wiser!
  • #288
  • Jan 21, 2016 4:20am Jan 21, 2016 4:20am
Quoting FxClown
Aspiration of Professional Trader (to be!). My trade for now. I may chicken out as usual. {image}
SL +1
None the wiser!
  • #289
  • Jan 21, 2016 5:03am Jan 21, 2016 5:03am
Quoting FxClown
Aspiration of Professional Trader (to be!). My trade for now. I may chicken out as usual. {image}
Good luck! I've also taken longs this morning, but I haven't held them above the Daily pivot, as it also has the 10m 200ema just above it, but that's just me, I always take a profit if in doubt, and I'm not one to scale in or out, I always open and close in full.
  • #290
  • Jan 21, 2016 5:25am Jan 21, 2016 5:25am
Quoting FxClown
I may chicken out as usual. {image}
Sorry, but I'm banging the same drum yet again!

Sounds like you need a "system" that you have confidence in?

It's nice (IMHO of course) to see some exits on your PNG though.
  • #291
  • Edited 5:43am Jan 21, 2016 5:28am | Edited 5:43am
Quoting cat
Thank you Wizlon and FX, your words are greatly appreciated. We're in this together, and it's always good to share
I would like to add my compliments on your achievements, and my gratitude for your touching personal sharing. Developing the ability to deal with setbacks has been part of my journey too, and developing that ability is very relevant for aspiring traders. See, for example, this article:

http://www.seeitmarket.com/market-ma...markets-15128/

Learning to deal with the pain/fear of loss is an essential part of becoming successful, I think, and an area where I am still trying to improve after all these years.
  • #292
  • Jan 21, 2016 5:29am Jan 21, 2016 5:29am
Quoting wizlon32
{quote}Also thanks to the other experienced traders who post here - Medici in particular.
Thank you Appreciated. Good to know that the efforts are appreciated.
  • #293
  • Jan 21, 2016 5:32am Jan 21, 2016 5:32am
Quoting TradingGurus
{quote} Sorry, but I'm banging the same drum yet again! Sounds like you need a "system" that you have confidence in? It's nice (IMHO of course) to see some exits on your PNG though.
I have a system that I am very confident in. Can't be much improved IMAO. Still, I fight with the same issue of holding on in trends, and tolerating the pullbacks, even though I have rules for that!
  • #294
  • Jan 21, 2016 5:34am Jan 21, 2016 5:34am
Quoting medici
{quote} I would like to add my compliments on your achievements, and my gratitude for your touching personal sharing. Developing the ability to deal with setbacks has been part of my journey to, and that ability is relevant for aspiring traders too. See, for example, this article: http://www.seeitmarket.com/market-ma...markets-15128/ Learning to deal with the pain/fear of loss is an essential part of becoming successful, I think, and an area where I am still trying to improve...
I picked up "Reminiscences of a Stock Operator" yesterday after looking at your profile. Thirty pages in, even the mighty Jesse Livermore had many many setbacks. I found that utterly reassuring.
None the wiser!
  • #295
  • Jan 21, 2016 5:35am Jan 21, 2016 5:35am
Quoting medici
{quote} I have a system that I am very confident in. Can't be much improved IMAO. Still, I fight with the same issue of holding on in trends, and tolerating the pullbacks, even though I have rules for that!
I doubt there's a trader alive who doesn't
  • #296
  • Jan 21, 2016 5:35am Jan 21, 2016 5:35am
Quoting TradingGurus
{quote} Sorry, but I'm banging the same drum yet again! Sounds like you need a "system" that you have confidence in? It's nice (IMHO of course) to see some exits on your PNG though.
This is beginning to sound creepy. What is that you want?
None the wiser!
  • #297
  • Jan 21, 2016 5:36am Jan 21, 2016 5:36am
Quoting FxClown
{quote} I picked up "Reminiscences of a Stock Operator" yesterday after looking at your profile. Thirty pages in, even the mighty Jesse Livermore had many many setbacks. I found that utterly reassuring.
Great book, which reminds me, I lent it to my stepson and never saw it again!
  • #298
  • Jan 21, 2016 5:38am Jan 21, 2016 5:38am
Quoting medici
{quote} .... Developing the ability to deal with setbacks has been part of my journey to, and that ability is relevant for aspiring traders too. See, for example, this article: http://www.seeitmarket.com/market-ma...markets-15128/ Learning to deal with the pain/fear of loss is an essential part of becoming successful, I think, and an area where I am still trying to improve after all these years.

Thank you Medici for sharing, and for being honest. That is very encouraging for a newbie like me.

KP
Do your homework, follow the footprints of smart money
  • #299
  • Jan 21, 2016 5:38am Jan 21, 2016 5:38am
Quoting FxClown
Aspiration of Professional Trader (to be!). My trade for now. I may chicken out as usual. {image}
So far so good. My chicken syndrome is creeping up on me and telling me the move could stall at 9480. Comments please.
PS
The bravado in me is telling me, no, it is going up and up and for ever....LOL.

PPS
Closed with a bird in hand.
None the wiser!
  • #300
  • Jan 21, 2016 5:50am Jan 21, 2016 5:50am
Quoting FxClown
{quote} This is beginning to sound creepy. What is that you want?
LOL
Indentify > Plan > Accept > Execute
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