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The Big secret to trading success

  • #321
  • May 2, 2016 5:44am May 2, 2016 5:44am
Quoting MasterGuru
{quote} I would argue with the universal validity of the above statement of Mr. Ford... A trader friend of mine was strongly believing in making a living by trading, invested all her time and all her funds, even other people's funds over the past 6 years... During that time she had burnt through more than $200k. After her account had been zeroed out last week and there were no more funds to trade with, the next day she took her own life...
I agree ! It's not as easy as just tuning your mindset/believe/thoughts to positive, then you'll get what you want out of the markets.
  • #322
  • May 2, 2016 5:52am May 2, 2016 5:52am
Quoting mohsinali
{quote} Dear would you like to explain about tp. & sl.. thanks.
Those questions are answered in my 123 thread.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #323
  • May 2, 2016 7:27am May 2, 2016 7:27am
Quoting cat
{quote} Referring back to your original comment about there being "something missing", there will always be something missing, as I'm sure was your implication. Trading is and can never be a game of perfect. I have had plenty of ' Eureka ' moments along the way, but the more I learnt, the fewer they became as I realized that such moments are like the false summit when you are climbing a mountain - you think you're at the top only to find out as you reach the crest that the next summit is way off in the distance, only with trading, you never reach...
Permission to quote you in my thread.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #324
  • May 2, 2016 7:44am May 2, 2016 7:44am
Quoting cat
{quote}The secret to trading then, just perhaps, is not just learning to trade with momentum on your side or learning to identify when price is about to break out of its range, it is the ability to put on the next trade irrespective of the result of the last one, and to keep on doing it trade after trade. Few can do this. Few of us can truly accept the enormity of our own fallibility. We want to be special, to be the person that can see what others can't, to do something that actually can't be done, which is to master the markets, when in...
I can remember when I became robotic in my trading. It was when I began to trade a size where I knew my pair would not ever reach my disaster stop, unless NASA announced that a comet was going to hit the earth. ( Which they wouldn't, but that is another conversation). I began to just see the signal and pull the trigger. I think most people trade too big, with funds that they cannot afford to really lose. If you are into blow and hookers, take a month off and use those funds to open a trading account. Then trade that money as if you never want to go another month without blow and hookers! If you are so undisciplined as to blow that account, wait six months and trade on demo to get your fix until you take another month off and save that money. Rinse and repeat. Sooner or later you are going to figure out what I had to figure out. But I figured it out only after...Gann, Williams, Seykota, Elder, Cowan, Murrey, Bollinger, George Lane, Candlesticks, Kagi, Ichimoku, Renko, Range, Point and Figure, Price and Volume, Market Profile, Wilder, well, you get the point. I surf around these boards because I have actually tried everything these kids are trying today. Did you see the thread with the kid who thought he found "Strange New Candlestick Patterns"? Nothing new under the sun, grasshopper.

I had to do the Psychology thing too. Trading in the Zone and all of that. I actually had a library of most of the books Wiley had published. I gave it to my last ex wife when we divorced.

Today, I do not try to trade counter trend, I do not use hard technical stops, I do not anticipate, I do not predict. I am a monkey. If this, then that. I do it every trading day, every trading hour, every trading month. I sleep during the fx off hours, which is after 11am NY. I am up by 7pm.

I live a life of austerity. If I did otherwise I would be distracted by females, and they are well aware that they can distract any man they want. There is a Greek legend about this if you want to Google.

I guess that is all I have to say for right now.
If you are good at something, never do it for free--Joker
  • #325
  • May 2, 2016 7:51am May 2, 2016 7:51am
Quoting jmn5611
{quote} Today, I do not try to trade counter trend, I do not use hard technical stops, I do not anticipate, I do not predict. I am a monkey. If this, then that. I do it every trading day, every trading hour, every trading month.
I read that somewhere else.
Am I the only one wondering what "this" and "that" are?
Do you share your "secret" in another thread?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #326
  • May 2, 2016 8:00am May 2, 2016 8:00am
Quoting TooSlow
{quote} I read that somewhere else. Am I the only one wondering what "this" and "that" are? Do you share your "secret" in another thread?
There is no secret Too Slow. I do what the market says. Just as you do.
If you are good at something, never do it for free--Joker
  • #327
  • May 2, 2016 8:14am May 2, 2016 8:14am
Quoting jmn5611
{quote}. I think most people trade too big, with funds that they cannot afford to really lose..........I had to do the Psychology thing too. Trading in the Zone and all of that. I actually had a library of most of the books Wiley had published.......
Totally true, there's absolutely no way anyone can trade effectively if they're worried about losing the next trade, it is impossible! And the books, well, I guess there's some good stuff in some of them, and I've pretty much read them all as well, but they didn't help me, in fact, they hindered me because the time would have been far better spent in front of my screens as that is the only place you need to be as a trader. The only books which helped me, as I mentioned in my previous thread, were those which had nothing to do with trading, but everything to do with the strength of the human spirit in times of adversity.
  • #328
  • May 2, 2016 8:16am May 2, 2016 8:16am
Quoting TooSlow
{quote} Permission to quote you in my thread.
I'd be honoured.
  • #329
  • May 2, 2016 8:49am May 2, 2016 8:49am
Quoting cat
{quote} Totally true, there's absolutely no way anyone can trade effectively if they're worried about losing the next trade, it is impossible! And the books, well, I guess there's some good stuff in some of them, and I've pretty much read them all as well, but they didn't help me, in fact, they hindered me because the time would have been far better spent in front of my screens as that is the only place you need to be as a trader. The only books which helped me, as I mentioned in my previous thread, were those which had nothing to do with trading,...
About Bruce Lee:

The first thing I showed Bruce was the Principles of being a good fighter:

1. The Heart
In a confrontation, one must desire to win;
When under pressure, one must maintain calm.

Famous quotation from Bruce Lee:
" No matter what you want to do, don't be nervous
(you should not let your muscles nor your mind be effected by nerves).
Just keep calm.
No illusion and no imagination,
but to apprehend the actual situation you are in and find a way to deal with it.
No excessive action is needed. Just keep your body and mind relaxed
to deal with the outside emergency."
2. The Eyes
The eyes should be able to pick up as much information as possible prior to and during engaging the physical struggle. Watching the elbows and the knees is essential to get the best result.
Also at no time, should the practitioner blink or turn his head because he would give away the most important instrument which supplies him the visual information of the current situation.
Extract from taped Bruce Lee conversation with Danny Lee (one of his students) in 1972:
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #330
  • May 2, 2016 9:00am May 2, 2016 9:00am
Quoting TooSlow
{quote} About Bruce Lee::
Yes, Martial Arts psychology can be an extremely powerful weapon!
  • #331
  • May 2, 2016 9:27am May 2, 2016 9:27am
Quoting TooSlow
{quote} About Bruce Lee: The first thing I showed Bruce was the Principles of being a good fighter: 1. The Heart In a confrontation, one must desire to win; When under pressure, one must maintain calm. Famous quotation from Bruce Lee: " No matter what you want to do, don't be nervous (you should not let your muscles nor your mind be effected by nerves). Just keep calm. No illusion and no imagination, but to apprehend the actual situation you are in and find a way to deal with it. No excessive action is needed. Just keep your body and mind relaxed...
Thanks for a genuine contribution Too Slow.
If you are good at something, never do it for free--Joker
  • #332
  • May 2, 2016 9:32am May 2, 2016 9:32am
Quoting jmn5611
{quote} Thanks for a genuine contribution Too Slow.
Thank you, jmn5611. I believe that's the nicest complement I have ever received here.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #333
  • Edited 11:02am May 2, 2016 10:45am | Edited 11:02am
Interesting to see how 65% of EU traders on ff are currently short, in a strong up trend. Correspondingly, 64% of USD/JPY traders are currently long, in a strong downtrend, both of which confirm my central argument in this thread, that the majority of novice traders will trend against momentum rather than with it in an effort to catch the top or the bottom - the quickest way to lose money known to man.
  • #334
  • May 2, 2016 3:32pm May 2, 2016 3:32pm
Quoting jmn5611
I live a life of austerity.

Thanks for sharing man, you don't know how much I enjoyed your post. I'm also living such a "diligent" life it's unbelievable.
  • #335
  • May 2, 2016 5:00pm May 2, 2016 5:00pm
Quoting cat
Interesting to see how 65% of EU traders on ff are currently short, in a strong up trend. Correspondingly, 64% of USD/JPY traders are currently long, in a strong downtrend, both of which confirm my central argument in this thread, that the majority of novice traders will trend against momentum rather than with it in an effort to catch the top or the bottom - the quickest way to lose money known to man.
Exactly.
Cut short your losses. Let your profits run on. David Ricardo (1772-1823)
  • #336
  • May 2, 2016 5:44pm May 2, 2016 5:44pm
Quoting TooSlow
{quote} About Bruce Lee: The first thing I showed Bruce was the Principles of being a good fighter: 1. The Heart In a confrontation, one must desire to win; When under pressure, one must maintain calm. Famous quotation from Bruce Lee: " No matter what you want to do, don't be nervous (you should not let your muscles nor your mind be effected by nerves). Just keep calm. No illusion and no imagination, but to apprehend the actual situation you are in and find a way to deal with it. No excessive action is needed. Just keep your body and mind relaxed...
tOO sLOW yOU aRE tOO GOOD
Say something meaningful or Silence!!
  • #337
  • May 2, 2016 6:31pm May 2, 2016 6:31pm
Quoting bradu
{quote} hehe...i appreciate your enthusiasm... we will talk again in a few years im sure you think you had an eureka moment....you will have plenty of them, they are just steps in your evolution as a trader. cat has some valid points, alphomega has some too....beauty of this forex market is that is the same as life itself, as Henry Ford put it best: wether you think you can, or you think you cant, you are right


When I said you're not looking hard enough I didn't mean it in a way where there was this magic secret thats hidden beneath the usual lines and MAs that one has to seek every inch and corner to find it. That was not what I was going at. By the way I didn't have an eureka moment, so I don't think there's a need for us to meet in a few years personally speaking I've learned what to look for and whats essential in charts posted by Cat. It was all made possible through cycles of trial and error, frustration and success. Without one or the other I wouldn't have learned what to look for.
...
  • #338
  • May 2, 2016 6:48pm May 2, 2016 6:48pm
Quoting cat
{quote} Referring back to your original comment about there being "something missing", there will always be something missing, as I'm sure was your implication. Trading is and can never be a game of perfect. I have had plenty of ' Eureka ' moments along the way, but the more I learnt, the fewer they became as I realized that such moments are like the false summit when you are climbing a mountain - you think you're at the top only to find out as you reach the crest that the next summit is way off in the distance, only with trading, you never reach...
I leave the wife at home when I do the food shopping, cheaper that way.
Hope for the best, prepare for the worst.
  • #339
  • May 3, 2016 12:06am May 3, 2016 12:06am
awesome thread, there are nice discussion about secret to success trading. it will be helpful to everyone in future.
  • #340
  • May 3, 2016 1:04am May 3, 2016 1:04am
Quoting cat
Interesting to see how 65% of EU traders on ff are currently short, in a strong up trend. Correspondingly, 64% of USD/JPY traders are currently long, in a strong downtrend, both of which confirm my central argument in this thread, that the majority of novice traders will trend against momentum rather than with it in an effort to catch the top or the bottom - the quickest way to lose money known to man.
I totally agree with you, Cat. This advice I heard when starting to trade. This is a basic rule that says all beginners. At the same time do not jump into the fast riding train.
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