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The Big secret to trading success

  • #201
  • Apr 29, 2016 11:20am Apr 29, 2016 11:20am
Quoting feline207
Most of the people involved with forex trading have higher than average level of intelligence. This is my opinion and I believe its 100% true. .
Sorry feline 100% is a bit of a stretch, I would say more like 99% because I am as thick as a brick.
  • #202
  • Apr 29, 2016 11:47am Apr 29, 2016 11:47am
Quoting cat
{quote} I discovered, a while ago, that my brother-in-law, who works for an investment company, but knows nothing about trading, had written to my ill Father to tell him how his son ( me ) was nothing more than a gambler, attempting to succeed with something that was statistically impossible, a fool in a business in which 100% fail. At the time I was struggling, not having yet attained the proficiency and the success I have achieved today. My Father trusted my brother-in-law and believed him because of where he worked, and the worry the letter caused...
Just want to say that there're thousands upon thousands of traders out there who're in the same boat who have yet to taste success and who may never will, the condemnation remains forever.
  • #203
  • Apr 29, 2016 11:59am Apr 29, 2016 11:59am
Quoting Nala66
{quote} Sorry feline 100% is a bit of a stretch, I would say more like 99% because I am as thick as a brick.
Me too...make that 98%.
  • #204
  • Apr 29, 2016 12:05pm Apr 29, 2016 12:05pm
Quoting cat
{quote} my brother-in-law, who works for an investment company
So cat why not turn the tables around on this brother in law and get him to invest in you. He should know a good risk when he sees your stats. That should bend his nose a little.

PS Charge him heaps for your service...
  • #205
  • Apr 29, 2016 12:15pm Apr 29, 2016 12:15pm
Anyway I am off to bed... Below is my UJ chart showing why I opted for the level of 106.303
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 117 KB
  • #206
  • Apr 29, 2016 12:49pm Apr 29, 2016 12:49pm
Quoting Nala66
{quote} So cat why not turn the tables around on this brother in law and get him to invest in you. He should know a good risk when he sees your stats. That should bend his nose a little. PS Charge him heaps for your service...
Some things are above money.
  • #207
  • Apr 29, 2016 3:28pm Apr 29, 2016 3:28pm
Quoting jmn5611
{quote} Cat, when I decided I wanted to be a trader, I understood that my life as I knew it was over. My last ex wife walked away with everything. I gave it all up. My divorce took one day.
Yes, I believe every trader who ever lived had to make some pretty big sacrifices along the way. My marriage survived, just, but even when you do break through and realize the fruits of your labour, there is a sense of betrayal towards those who doubted you, even though actually, the more who doubted me, the more I was determined to prove them wrong. As feline 207 said a few posts back, trading can be a very lonely pursuit, there is little support, and hardly any encouragement from those who would offer it were we training to become a teacher, doctor or lawyer. It is another reason why so few succeed, the sacrifices and the demands trading exacts upon an individual are just too great for most people to bear.

Some fantastic posts on this thread...thank you all so much for the input, it is valuable to us all.
  • #208
  • Apr 29, 2016 4:09pm Apr 29, 2016 4:09pm
Quoting Nala66
{quote} I have the UJ going down to 106.303

Hey Nala,

my calculation was 106.281 (starting from 111.875 ) and it just hit it. Pretty close to your prediction many ours ago.

When I was in Australia and searched Aboriginal in the outback to study their culture, they teached me a lot of the traditional
life. But the most important and impressive mindset they told me, which I never forget is :

"Everybody can do everything. Just open your mind and learn."

Forex is the most cruel mirror of our personality and attitude, it won`t forgive the smallest mistake.
  • #209
  • Edited Apr 30, 2016 1:44am Apr 29, 2016 9:14pm | Edited Apr 30, 2016 1:44am
Quoting cat
{quote} Yes, I believe every trader who ever lived had to make some pretty big sacrifices along the way. My marriage survived, just, but even when you do break through and realize the fruits of your labour, there is a sense of betrayal towards those who doubted you, even though actually, the more who doubted me, the more I was determined to prove them wrong. As feline 207 said a few posts back, trading can be a very lonely pursuit, there is little support, and hardly any encouragement from those who would offer it were we training to become a teacher,...
My last ex wife and I are actually friends today. The bitter irony is, as you said, you do remember the people who doubted you. It's true that winning solves almost everything. But now I have become much more reclusive. I live a normal life but I don't talk to many outsiders. I understand why there is little support now, however. I think it is pretty much the same as if some scrawny kid has decided he wants to be the next UFC champion. He get laughed at just before he disappears to get to work. When he is seen again, his friends do not even recognize him. They have moved on to mediocrity. Excellence in every pursuit is a lonely business. Most people cannot bear isolation like that. So they laugh, and silently pray that you fail.
If you are good at something, never do it for free--Joker
  • #210
  • Apr 29, 2016 9:34pm Apr 29, 2016 9:34pm
Quoting jmn5611
{quote} My last ex wife and I actually friends today. I bitter irony is, as you said, you do remember the people who doubted you. It's true that winning solves almost everything. But now I have become much more reclusive. I live a normal life but I don't talk to many outsiders. I understand why there is little support now, however. I think it is pretty much the same as if some scrawny kid has decided he wants to be the next UFC champion. He get laughed at just before he disappears to get to work. When he is seen again, his friends do not...
I agree about the wisdom of not talking too much to outsiders for 2 mains reasons:

1. It puts an unnecessary additional emotional pressure on the trader to prove himself. And it is clearly counterproductive in trading.

2. Most outsiders look at traders simply as gamblers as retail trading activity does not produce any productive good to society, i.e. a profitable trader does not provide any actual service to the ones who lose their monies to him. On the contrary - although indirectly - he is part of the process which causes pain and suffering for those who lose their monies... Of course, one could argue that it is the same service as CASINOS provide. Yes, sure, but then we are back to the gambling business...
  • #211
  • Apr 29, 2016 9:54pm Apr 29, 2016 9:54pm
Quoting wolf300
{quote} " Forex is the most cruel mirror of our personality and attitude, it won`t forgive the smallest mistake".
Excellent stuff wolf... This prediction of mine goes all the way back to 2014 and over such time the line is likely to be in error somewhat.

It is easy to get the jaggies in the line and because it is so long they go unseen. I have checked the line this morning and it now appears to be 105.94. However because these lines are so long I would be careful of a margin of error.

Once this down cycle has concluded (If it ever ends ) and we begin the up cycle then the lines will become much shorter and more accurate. I still have more support levels much lower so I guess it will end when it is meant to do so.

The point is support and resistance levels are extremely important, more so than any other so called indicator and I would encourage any newbie trader to take up a serious study of how these work in relation to price action... I will give a clue here in that it has nothing to do with tops and bottoms, these are far to general. Since this market is a so called zero sum market I would also concentrate on the word 'equilibrium' since there is no new money it just keeps changing hands so the equilibrium swings are also important. A clear example of this is an AB = CD where the swing is just about perfect.

So are we trending or is this simply the graphic presented as price steps through its processes. Could we not say that the trend occurs when the price leaves one 'hit' on its journey to the next. This is how I trade from one level to the other and it works well enough not to use flashy charts and super indicators... remember KISS. Not much more I can say without giving the whole game away and since this has taken a decade of study on my part I am hardly going to do that in this forum.

I can agree entirely with the previous writers above that it takes a lot of effort and commitment and no one is going to hand it to you on a plate. Actually cat has created a very good thread here and it is prompting some very interesting posts. I think there is a common thread among traders in that we seek the company of other traders because no one else understands us at all. We are a breed who enjoy the the challenges and seek to resolve problems, ridicule just bounces off us because we know better than to let in those negative vibes.

Keep posting guys and I for one will keep reading.
  • #212
  • Apr 29, 2016 10:06pm Apr 29, 2016 10:06pm
Quoting MasterGuru
{quote} 2. Most outsiders look at traders simply as gamblers .
Well of course we are gamblers, to say we are not would be to rule out the possibility of risk and no one would deny this is a risky business. A simple mistake can be costly.
  • #213
  • Apr 29, 2016 10:12pm Apr 29, 2016 10:12pm
There is so much austerity in the world today, combined with an internet connection, Forex must look like a honey pot. How hard can it be? Toss a coin, red or black, long or short, come on it's 50/50. It can't be that hard to learn.

I suggest you go and do a four year course at university. It would be easier. Then continue on and do your Masters degree. It would be easier. At least by then you will be one smart cookie!

I recall a game some years ago, I think it was Donkey Kong or something similar, it didn't matter what level you got through, there was always another level waiting above.

Forex is the same. It matters not what you know. The next level is what you don't know.

I love it.

Roy
Polishing my crystal ball
  • #214
  • Apr 29, 2016 10:26pm Apr 29, 2016 10:26pm
Quoting Nala66
{quote} Well of course we are gamblers, to say we are not would be to rule out the possibility of risk and no one would deny this is a risky business. A simple mistake can be costly.
Costly... Yes. And even deadly... Just how many gamblers, gambler-traders have lost their wealth, health, family and even life due to their belief that they can "make it" in spite of the odds...

And trading-gambling is even more dangerous than a classical "gambling addiction", as trading might be called "investing", and so socially it is more acceptable, more tolerated or "overlooked". Until it is too late.

A good trader friend of mine has just commited suicide this week due to major Forex losses... So it can be very costly and painful...
  • #215
  • Apr 30, 2016 1:41am Apr 30, 2016 1:41am
Quoting MasterGuru
{quote} Costly... Yes. And even deadly... Just how many gamblers, gambler-traders have lost their wealth, health, family and even life due to their belief that they can "make it" in spite of the odds... And trading-gambling is even more dangerous than a classical "gambling addiction", as trading might be called "investing", and so socially it is more acceptable, more tolerated or "overlooked". Until it is too late. A good trader friend of mine has just commited suicide this week due to major Forex losses... So it can be very costly and painful...
Now this is what I will never understand. My entire losses over ten years of learning was about 6k. I have never blown an account. If one cannot make money trading pennies, why would one move on to trading lots? That has never made sense to me.
If you are good at something, never do it for free--Joker
  • #216
  • Apr 30, 2016 1:45am Apr 30, 2016 1:45am
Quoting jmn5611
{quote} My last ex wife and I actually friends today. I bitter irony is, as you said, you do remember the people who doubted you. It's true that winning solves almost everything. But now I have become much more reclusive. I live a normal life but I don't talk to many outsiders. I understand why there is little support now, however. I think it is pretty much the same as if some scrawny kid has decided he wants to be the next UFC champion. He get laughed at just before he disappears to get to work. When he is seen again, his friends do not even recognize...
My ex in laws once said to me "Oh no, not another business. Haven't you learnt your lesson?" Yes, I have failed at business (nothing to do with trading.) And yes, I did start another business (not trading) and second time I didn't fail . Ex and ex in laws were history. Now I can do what I like, including mess around with trading.
  • #217
  • Apr 30, 2016 1:54am Apr 30, 2016 1:54am
Quoting MasterGuru
{quote} A good trader friend of mine has just commited suicide this week due to major Forex losses... So it can be very costly and painful...
Good grief. It's only money! It's recoverable, unlike losing your health or family.
  • #218
  • Apr 30, 2016 2:04am Apr 30, 2016 2:04am
The Big Boys know the secret, they can see all the orders, legally, and ran the stops of the retailers , systematically ...thereīs no secret...

The game is rigged...first rule...understand that, and maybe you might be able to work a system around it...

Donīt expect any mercy from your broker...it will make you sick...literally...
  • #219
  • Apr 30, 2016 2:06am Apr 30, 2016 2:06am
"A good trader friend of mine has just commited suicide this week due to major Forex losses... So it can be very costly and painful...[/quote]"


That is soo sad and terrible, in life you can loose many battles, but never the war....cant get the priorities mixed up....silly human race...
Hope this is a good reminder to people thinking they will make millions in a day....
  • #220
  • Apr 30, 2016 2:22am Apr 30, 2016 2:22am
Quoting jen101
{quote} Good grief. It's only money! It's recoverable, unlike losing your health or family.
The loss is more than just money ! His entire life is on the line and he loss !
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