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What is the most important piece of advice you've received?

  • #61
  • Apr 14, 2016 12:04pm Apr 14, 2016 12:04pm
"When they can't explain things in a simple way, they probably don't know what they're talking about."
  • #62
  • Apr 15, 2016 8:42am Apr 15, 2016 8:42am
Quoting albchr
To not ask advice about trading on about 95% of FF.
I would extend it to 100% of FF.

Losing traders are losing traders for a reason that extends far beyond the absence of 'good advice'. Losers select for advice that fits their already flawed mentality which forum gurus are more than happy to supply.

You can expect glorious acclamations accompanying the utter tripe that gets passed for 'advice' and yet there is silence regarding the actual people who not only live off their trading profits but have made enough to last several life times.
Quoting titantron91
"When they can't explain things in a simple way, they probably don't know what they're talking about."
Excellent.

Reminds me of, and I paraphrase; "If you cannot systematize your trading ideas, you lack clarity of thought".
  • #63
  • Apr 16, 2016 3:16am Apr 16, 2016 3:16am
Quoting Atokys
{quote} I would extend it to 100% of FF. Losing traders are losing traders for a reason that extends far beyond the absence of 'good advice'. Losers select for advice that fits their already flawed mentality which forum gurus are more than happy to supply. You can expect glorious acclamations accompanying the utter tripe that gets passed for 'advice' and yet there is silence regarding the actual people who not only live off their trading profits but have made enough to last several life times.
Perhaps I was being a tad liberal with that percentage. But there are a few I know here who actually trade for a living and do it very well. I can count the ones I know on an 8 fingered hand. So I guess I figured (assumed), if I know 8, there may be a few more I don't know so the percentage was simply a stab in the dark. Of the total membership, perhaps we can say 99.99998% ? lol

But as you said, these are folks you won't hear much from. 3 of whom I know haven't posted here in a year or more.

It's a pretty simple test really. The ones who scream to prove they know how to trade with glittering screen shots, multiple demo trade explorers and advice to all are the ones to steer clear of. Successful traders (if and when even here) have no need or desire to prove they are. Their accounts are enough and nobody else's business.

For me, FF stands for Forex Facebook and I treat it as such. A place to come chat once in a while with a lot of nice folks I've come to know over the years. Of course, when I was new and learning I didn't know that and I was also "mesmerized" (and confused) by all the "good" traders here .... for a while at least.
Ghost Rider - WWTBMD?
  • #64
  • Apr 16, 2016 3:41am Apr 16, 2016 3:41am
Quoting albchr
{quote} Successful traders (if and when even here) have no need or desire to prove they are. Their accounts are enough and nobody else's business.

Many people have learned "the hard way" and they may find themselves with no money left. So they may want to recapitalise themselves in a way or another.
  • #65
  • Apr 16, 2016 3:49am Apr 16, 2016 3:49am
Quoting HeyYou
{quote} Many people have learned "the hard way" and they may find themselves with no money left. So they may want to recapitalise themselves in a way or another.
Excellent observation and assumption which happens to be 100% true.
When the going gets tough , the tough get going
  • #66
  • Apr 16, 2016 4:39am Apr 16, 2016 4:39am
Quoting HeyYou
{quote} Many people have learned "the hard way" and they may find themselves with no money left. So they may want to recapitalise themselves in a way or another.
Hello HeyYou, I understand, believe me I do.

The key words in your post are "Recapitalize Themselves" (or yourself if that's the case). Coming here hoping to find someone to do it for them, or help them do it themselves will be a painful experience.

Since starting my journal here in 2009 I've never traded anything but a live account. (one I needed to survive from) I've almost lost count of how many times "I" had to find a way to refund it though my learning curve. It's painful and can be quite disheartening and I won't kid you, made me think of giving up SO many times. But my personal nature and situation just wouldn't allow for that.

I'm self taught the whole way and those good traders I know? Would mostly give me words of encouragement to keep fighting. They never gave me advice on "how to trade" because they know since I'm not them, not in their situation, without their "foundation" of knowledge, It's a pointless effort to try. Tidbits and little gold nuggets of information are helpful but, do not a trader make.

As a self employed custom home builder I understood this from the start. After all, you can't build a house that will stand the test of time without a solid foundation first. The foundation in trading is understanding why the market moves as it does. For me, only many, MANY years of watching and studying charts could teach me that. From there I then needed to find my personal way to trade it. I'm not saying there aren't any but, I honestly don't know any "good" traders who haven't found the same to be true.

Desire (and or need), perseverance and a never give up attitude will serve the novice best imho. Not sure who said this first but I live by it ....

"Success is not final. Failure is not fatal. The courage to continue is all that matters"
Ghost Rider - WWTBMD?
  • #67
  • Apr 16, 2016 5:40am Apr 16, 2016 5:40am
Dont take other people advice just learn how to trade
  • #68
  • Apr 16, 2016 6:55am Apr 16, 2016 6:55am
What I learned from 1,5 years trading (still beginner). Here the advices of a mentor (I am taking a course since June 2015).

-do not trade against the the higher timeframes trend,
-do not trade a strategy with a real account till you tried it several days or weeks with a demo one,
-prepare your trading day and see what important news are coming (see forexfactory calendar).

There are a lot to learn but these 3 advices helped me a lot.
  • #69
  • Apr 16, 2016 8:11am Apr 16, 2016 8:11am
Quoting albchr
Perhaps I was being a tad liberal with that percentage. But there are a few I know here who actually trade for a living and do it very well. I can count the ones I know on an 8 fingered hand. So I guess I figured (assumed), if I know 8, there may be a few more I don't know so the percentage was simply a stab in the dark. Of the total membership, perhaps we can say 99.99998% ? lol
What im really getting at is the vacuity of 'advice' when it comes to trading. The advice-giver could be a market wizard and still fail to effect any change because the advice-receiver is operating with a flaw system.

The mechanism that makes a trader unable to find and run a profitable system also cannot be trusted to select for advice that is conducive to profitabilty.

Look at your usual sob story where someone would moan about imploding X number of accounts and is seeking advice. Next, he goes on to perform Fundamental Analysis on his own disastrous trading and proceeds to lay blame on peripheral issues (oh, it was my psychology! if only I could resist the urge to over-trade then I would be on the road to profits!). Professional FF advice-givers then seize upon the opportunity to pleasure themselves by offering (what usually is really stupid) advice to address said side issues. Becoming a successful trader is a personal transformation and this is never achieved by addressing symptoms while ignoring root causes.

The best advice that I can give is to seek personal mentorship from PHENOMENALLY successful traders such as those interviewed in Jack Schwager's Market Wizards series. Alternatively, people can do their own work and stick to clear thinking and common sense. That also works well.
  • #70
  • Apr 16, 2016 8:35am Apr 16, 2016 8:35am
Quoting pazienza
-do not trade against the the higher timeframes trend.
Why not? So you wouldn't trade against the monthly trend if you're scalping the 1 min chart? That's simply ridiculous. How do you define trend? How do you know it won't suddenly reverse? Means nothing the fact that it's been going in the same direction for a while.
  • #71
  • Apr 16, 2016 9:08am Apr 16, 2016 9:08am
If you daytrader, you should determinate trend on H1, H4. You do not watch on Monthy. You can watch of the D1 for define stage of elder trend. If it may be rebound or break the level - do not enter in yhe market. If there are not this evidence - welcome to the correction of the trend. You should rightly determinate points of the enter and quit.
  • #72
  • Apr 16, 2016 10:17am Apr 16, 2016 10:17am
Quoting LawKin
If you daytrader, you should determinate trend on H1, H4. You do not watch on Monthy. You can watch of the D1 for define stage of elder trend. If it may be rebound or break the level - do not enter in yhe market. If there are not this evidence - welcome to the correction of the trend. You should rightly determinate points of the enter and quit.
I don't trade trend. I'd rather not follow the herd.
  • #73
  • Apr 16, 2016 10:42am Apr 16, 2016 10:42am
get em jen
Time hides Nothing
  • #74
  • Apr 16, 2016 11:08am Apr 16, 2016 11:08am
Best advice? Don't take anyone's advice. Especially from a site like FF.
  • #75
  • Apr 16, 2016 11:11am Apr 16, 2016 11:11am
Quoting albchr
{quote} Perhaps I was being a tad liberal with that percentage. But there are a few I know here who actually trade for a living and do it very well. I can count the ones I know on an 8 fingered hand. So I guess I figured (assumed), if I know 8, there may be a few more I don't know so the percentage was simply a stab in the dark. Of the total membership, perhaps we can say 99.99998% ? lol But as you said, these are folks you won't hear much from. 3 of whom I know haven't posted here in a year or more. It's a pretty simple test really. The ones who...
Couldn't have said it better.
  • #76
  • Apr 16, 2016 11:11am Apr 16, 2016 11:11am
Quoting mrhigurashi
Best advice? Don't take anyone's advice. Especially from a site like FF.
So that means i shouldnt take your advice and so therefore should take peoples advice, particularly from FF?

Sorry im a bit confused here
Time hides Nothing
  • #77
  • Apr 16, 2016 11:18am Apr 16, 2016 11:18am
Quoting CindyXXXX
{quote} So that means i shouldnt take your advice and so therefore should take peoples advice, particularly from FF? Sorry im a bit confused here
Exactly!

Spoken like a true blue Aussie!
  • #78
  • Apr 16, 2016 11:19am Apr 16, 2016 11:19am
Quoting mrhigurashi
{quote} Exactly! Spoken like a true blue Aussie!
my head hurts
Time hides Nothing
  • #79
  • Apr 16, 2016 11:20am Apr 16, 2016 11:20am
Keep an open mind to everything... anything and everything is an option..all angles are viable..
Why couldn't you use the monthly trigger to scalp M5 ? .... embrace the abnormal


Scalping the Monthly Low in M5 - USDJPY

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Memories caught in time but never forgotten
  • #80
  • Apr 16, 2016 11:20am Apr 16, 2016 11:20am
Quoting CindyXXXX
{quote} my head hurts
Just take two smarties and go to bed, it will feel better in the morning.
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