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Reasons for being a loser master

  • #61
  • Apr 16, 2016 8:52am Apr 16, 2016 8:52am
Quoting Mingary
{quote} On the contrary, I have seen the light.. For instance: Heaps and heaps of "forex cannon fodder" is needed to feed the industry. How does one make this particular cannon fodder ? with good marketing and the spread of rumors and misinformation! Forex is not a Zero Sum game, it's a Less-than-Zero-Sum game; the cannon fodder gets spent and more must be made. A forex brokerage is obcenely profitable; but, where are the customers' yachts ? Would you like to know more about where the rubber meets the road ? Or, perhaps you already know how...
Some good points. For example, you should never trade more than 1% (or whatever low percentage) of your account. Why? So, you die slower. So you can squeeze more trades in before your account blows up. So broker earns more out of you! This probably originated from the brokers themselves and the plebs believe it as gospel.

Also, if you trade anything longer than scalping with a very tight stop, to get 1% risk, you have to have a sizeable balance to start with. Oh and don't risk more than 1% on all your open trades combined.... so even a bigger account balance required.... Brokers are rubbing their grubby mitts with glee.
  • #62
  • Apr 16, 2016 8:58am Apr 16, 2016 8:58am
Do not expect to start anything in life and instantly be good at it. You probably went to school for years to learn how to write, talk, read, and do math. It takes time to be a trader. There is no school you can go to. Uh um, there are gurus that supposedly teach you things, but you can learn it for free too.

Your focus should be on how to make pips, not money. The "act" of trading is the most important piece. Yes, emotional control and money management matter too, but the root of your business is whether or not you can make any pips. Focus on that. It does not matter if you win a trade or lose a trade. What matters is how many pips does your plan signal between the entry and exit...and how many times must you do it before the result is positive pips? If you make 4 trades a day, win 3 and lose 1, but you win 20 pips on the winners, and lose 5 pips on the loser, then you are on your way to being wealthy. Understand?

Once you have a process that makes pips, then you start risking money. You should start with small lot sizes so you can test your emotional control. If you find you have emotional issues, then go back to demo trading while you fix yourself. Once you fix the emotional issues, then start trading small again. Now you are testing yourself again, for results between entry/exit, ability to control your fears, and skills to apply your plan properly. Once you have mastered these three items, increase your risk to whatever you and the market can accept, and you are a legitimate trader.

The keys to success, just like any other business/job, is practice, practice, practice, and process, process, process. If you have ever worked before, you remember someone had to train you, you had to do it a few times to get good at it, and over time you probably started skipping things as your skilled improved. That is practice, process, and continuous improvement.

Stop spending money for no reason. Just my advice.
You cannot be extraordinary by being normal
  • #63
  • Apr 16, 2016 9:46am Apr 16, 2016 9:46am
Quoting dkrock
The keys to success, just like any other business/job, is practice, practice, practice, and process, process, process. If you have ever worked before, you remember someone had to train you, you had to do it a few times to get good at it, and over time you probably started skipping things as your skilled improved. That is practice, process, and continuous improvement..........
It never gets easier, you just get better
  • #64
  • Apr 16, 2016 10:06am Apr 16, 2016 10:06am
Quoting Mingary
{quote} On the contrary, I have seen the light.. For instance: Heaps and heaps of "forex cannon fodder" is needed to feed the industry. How does one make this particular cannon fodder ? with good marketing and the spread of rumors and misinformation! Forex is not a Zero Sum game, it's a Less-than-Zero-Sum game; the cannon fodder gets spent and more must be made. A forex brokerage is obcenely profitable; but, where are the customers' yachts ? Would you like to know more about where the rubber meets the road ? Or, perhaps you already know how this...
​You have one thing right. There are more losers than winners. So what?
Why do not become an IB or a FX broker seeing that you know they are making so much money?
Life is a choice. You either dig in and make a success or you walk away....
Never Ever Give Up!
  • #65
  • Apr 16, 2016 10:06am Apr 16, 2016 10:06am
Quoting dkrock
Do not expect to start anything in life and instantly be good at it. You probably went to school for years to learn how to write, talk, read, and do math. It takes time to be a trader. There is no school you can go to. Uh um, there are gurus that supposedly teach you things, but you can learn it for free too. Your focus should be on how to make pips, not money. The "act" of trading is the most important piece. Yes, emotional control and money management matter too, but the root of your business is whether or not you can make any pips. Focus on that....
Good post! I would only add that there are some good paid sources out there to learn from, but they are very few in a sea of scammers.
Fix up, trade sharp ...
  • #66
  • Apr 16, 2016 10:11am Apr 16, 2016 10:11am
Quoting chinfei
I've blown two 100$ accounts, it is because my lot size is too big for my account, I thought 0.1 is the minimum I should use in order to make decent money. I did made money with that trading style, I made it to 200$ in a week and then lost it again. Then I sit down and think, maybe I should use the REAL minimum size 0.01 since my account is only 100$ anyway, I should be disciplined and not risking too much per trade, I should start small and work my account to 200$, then 300$ and so on. This is my third 100$ account, I didn't blow it this week,...
If this is your first experience trading since Jan, 2015, you have arrived where it takes some of the best traders quite some time to arrive at.

Translation: I think you're doing great. Focusing in on averaging 1% a day is where it's at in my opinion. In your situation, with $146 in your account, your average daily take to meet 1% is $1.46. Believe it or not, you can find yourself being a very rich person at 1% per day. You just have to keep up with it, take what the market provides and be satisfied with it regardless of how much more profit that trade could have provided. In doing this, you will begin to know when you have a runner on your hands or not.

Again, very wise methodology in my opinion. This is the way you truly build your discipline as a trader and learn to have more control over your own fear and greed.
"Holy Grail" exists - accepting where is the first step.
  • #67
  • Apr 16, 2016 10:13am Apr 16, 2016 10:13am
Quoting sagor482
{quote} you are right
So then, if you truly believe that, it's up to you to do the hardest part - do.
"Holy Grail" exists - accepting where is the first step.
  • #68
  • Apr 16, 2016 10:37am Apr 16, 2016 10:37am
Quoting sagor482
{quote} my last week trading report {image}
Bro, just some honest sharing here. By looking at your trade histories, obviously your trade size are not proportional.

Always protect your capital
-> You need to set a max drawdown per week or per day (A trader do not have a boss to tell him that, so you need to force yourself on this)
-- Eg, tell yourself, you can only lose 10% per week, if you lose, stop. (Btw 10% is already too much and risky, unless you have a sound strategy and understanding of the market movement)
-- You can only allow to lose 2% per day.
-- Figure out how many trades do your trading system give you per day. (Let's assume 2 trades)
-- Base on 2 trades a day, your per trade SL should be below 1%, so that even if you lose both trades, you will not lose more than 2%.

Since I do not know how good is your trading system, the above is the very first step you need to learn to survive in trading. Only increase lot size when you are confident in your trading strategy and you have safeguard your capital or profit.

Do not wear a shoe that you can't even fit in, wear the one that fit you most
The only winner is the one who survive the longest...
  • #69
  • Apr 16, 2016 10:39am Apr 16, 2016 10:39am
Quoting Cobra
{quote} ​You have one thing right. There are more losers than winners. So what? Why do not become an IB or a FX broker seeing that you know they are making so much money? Life is a choice. You either dig in and make a success or you walk away....
Would you become a drug dealer because they make money that the drug users ?

... Just as in forex brokers Vs forex traders, it's a question of ethics.
  • #70
  • Apr 16, 2016 11:07am Apr 16, 2016 11:07am
Quoting Mingary
{quote} Would you become a drug dealer because they make money that the drug users ? ... Just as in forex brokers Vs forex traders, it's a question of ethics.
​Buddy you are like a cancer to yourself. Misguided at all levels.
Are you getting paid to hang out here ?
Whatever comes out of your mouth is toxic and self destructive.
And yes i will become a broker if i could.....no conflict with my conscience.
Never Ever Give Up!
  • #71
  • Apr 16, 2016 11:14am Apr 16, 2016 11:14am
Quoting Mingary
{quote} Asking members to share their success would result in the shortest thread on ff
Why are do you sound pessimistic. I put two items in my post: "Success" and "failure". You omitted "failure". I know why it's good to combine the two. You probably have wiped account and as a result you've become so pessimistic about forex. You must know that learning new thing, either business or whatever has always been difficult. Successful traders have wiped accounts before they became successful. I know a successful trader who said he wiped two live accounts before now. According to him it's something one should not be ashamed of. It's part of learning curve. There are so many indicators and strategies: Learn some and master them and see how your trades will gradually become. There are people making it through forex,stocks etc. Just a tip brother.
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: -5.8%
  • #72
  • Apr 16, 2016 11:16am Apr 16, 2016 11:16am
does anyone ever feel like FF is just one big circular reference error?
Time hides Nothing
  • #73
  • Apr 16, 2016 11:38am Apr 16, 2016 11:38am
Quoting CindyXXXX
does anyone ever feel like FF is just one big circular reference error?
Yes, but it's entertaining. New suckers everyday.
  • #74
  • Apr 16, 2016 11:56am Apr 16, 2016 11:56am
Quoting Cobra
{quote} ​Buddy you are like a cancer to yourself. Misguided at all levels. Are you getting paid to hang out here ? Whatever comes out of your mouth is toxic and self destructive. And yes i will become a broker if i could.....no conflict with my conscience.
I am looking at the big picture. In the same way that one could ask: "is the military industrial complex" an ethical organisation ?
Same with the forex "industrial" complex
  • #75
  • Apr 16, 2016 12:14pm Apr 16, 2016 12:14pm
Quoting Mingary
{quote} I am looking at the big picture. In the same way that one could ask: "is the military industrial complex" an ethical organisation ? Same with the forex "industrial" complex
looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?

looking at the big picture or maintaining yourself as the chief negative attitude?


All I'm suggesting is that if you took your negative energy and re routed it just a bit you might be really surprised at what you can do. But, time has proven pretty well that what I'm saying doesn't matter to you.....because you're clearly:


looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

looking at the big picture supposedly BUT maintaining yourself as the chief negative attitude?

It's a screwed up choice that's making you a bitter person.

It's YOUR choice. Nobody elses. Don't forget that. When you get to the place you're willing to look back and regret sets in, make sure you don't forget the "YOUR" part. Nobody but you.
"Holy Grail" exists - accepting where is the first step.
  • #76
  • Apr 16, 2016 12:36pm Apr 16, 2016 12:36pm
Quoting dkrock
Do not expect to start anything in life and instantly be good at it. You probably went to school for years to learn how to write, talk, read, and do math. It takes time to be a trader. There is no school you can go to. Uh um, there are gurus that supposedly teach you things, but you can learn it for free too. Your focus should be on how to make pips, not money. The "act" of trading is the most important piece. Yes, emotional control and money management matter too, but the root of your business is whether or not you can make any pips. Focus on that....
Very clearly explained . Good advice. People can either accept it or ignore it . Its up to them.
When the going gets tough , the tough get going
  • #77
  • Apr 16, 2016 12:38pm Apr 16, 2016 12:38pm
Quoting VaBikePacker
{quote} looking at the big picture or maintaining yourself as the chief negative attitude? .......
Awwww ... now come on folks. You're all looking at Mingary the wrong way here. Whenever I feel I'm starting to get a bit negative? I just read a few of his posts and realize I'm actually on top of the world! ....

He's FF's persistent and ultimate example of how not to think on a daily basis. Without the dark, there can be no light.
Ghost Rider - WWTBMD?
  • #78
  • Apr 16, 2016 1:00pm Apr 16, 2016 1:00pm
Quoting kinspk
{quote} Bro, just some honest sharing here. By looking at your trade histories, obviously your trade size are not proportional. Always protect your capital -> You need to set a max drawdown per week or per day (A trader do not have a boss to tell him that, so you need to force yourself on this) -- Eg, tell yourself, you can only lose 10% per week, if you lose, stop. (Btw 10% is already too much and risky, unless you have a sound strategy and understanding of the market movement) -- You can only allow to lose 2% per day. -- Figure out how many trades...

your ideas are helpfull
  • #79
  • Edited 1:39pm Apr 16, 2016 1:28pm | Edited 1:39pm
Quoting albchr
{quote} Awwww ... now come on folks. You're all looking at Mingary the wrong way here. Whenever I feel I'm starting to get a bit negative? I just read a few of his posts and realize I'm actually on top of the world! .... He's FF's persistent and ultimate example of how not to think on a daily basis. Without the dark, there can be no light.
Quoting Cobra
{quote} ​Buddy you are like a cancer to yourself. Misguided at all levels. Are you getting paid to hang out here ? Whatever comes out of your mouth is toxic and self destructive. And yes i will become a broker if i could.....no conflict with my conscience.
Quoting VaBikePacker
{quote} looking at the big picture or maintaining yourself as the chief negative attitude? looking at the big picture or maintaining yourself as the chief negative attitude?
If I forgot anyone I apologize.
Why so much pretense ?
I know that none of you are making a living trading the forex as your only source of income.
I have always found it very hard to have a serious conversation about the true nature of spot retail forex.
Surely, "your job" is safe. I am certain some newbie trader (i.e. cannon fodder) is still going to open an account even if I posted some honest remarks
  • #80
  • Apr 16, 2016 1:38pm Apr 16, 2016 1:38pm
Quoting chinfei
ke it eventually. Only take the trades that will not make you doubt, sometimes there will be no signals for one whole day, not trading for that day is also a way of trading, you won't lose money, use 0.02 if you are fking sure about that trade, use 0.02 too if the reasonable stop loss is still too small so that if the trade turned out to be right, you gain x2. My current plan now is to use 0.02 when my account reached $300, 0.03 when $600, 0.04 when $900, increase lot size with account, reduce in lot size if in case the account reduce...
A good trader follows his rules, but great trader knows when to break them
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