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If you haven't made it yet, what makes you think you will?

  • #41
  • Jun 9, 2016 4:22am Jun 9, 2016 4:22am
The passion for the one "true" profession that provides a never ending stream of possibilities/challanges to grow (personally) and the desire to be independent of course.

I believe it is a heart thing. But criticaly thinking and reflecting is needed to transfer the Feedback from the markets and actually make it happen.
Lose professionally
  • #42
  • Jun 9, 2016 5:00am Jun 9, 2016 5:00am
To gravitist, who believes it is impossible to make money in Forex - Impossible is just a word, an opinion. It is not fact - that was Ali who said that!

Edison never failed to invent the lightbulb, he found a thousand ways not to do it until he found the way to actually do it.

I know of another endeavour where the success rate is only about 100 in 60 billion.... outrageous odds, but with the right dedication, and striving for your goal, you can make it. By the way, this is going into space.

10 years ago, this woudl be 'impossible'. Now we are getting commercial flights into space. Impossible is just a word or a belief.

There are hundreds of thousands of ways of skinning a cat, and that applies to Forex more than anything. it all comes down to limited beliefs.

I bet Gravitist believes that the only way to make money is to buy or sell for profit.. not thinking that you can hedge, you can triangualte, you can set up your own brokerage, you can get into insitutional trading... The only thinkg that stops you doing any of this is having the conviction, and looking short term.

The champions are the ones who get up one more time than their oponent.

Going back to the gambling side of things, there is something called Positive expectancy... basically the mathemetical probability of being in profit over the long term... You may have AA cracked 10 times in a row, but mathematically, ovr 100K hands, you will win more than you lose.

I think most people in Forex fail becuase they have to shorter view of what results in profitability. 1 year is nothing in Forex... especially if you are wading through countless amounts of 'percieved' rubbish (I call it percieved, because one mans rubbish is another mans gold) you have to go through a learning journey. Once you get a bit of clarity and have been through the wringer a couple of times, you start to see the light at the tunnell. But you can only get to this point by failing a few times (failing is all subjective as well).

It is as much a road of self discovery as much as anything else. Once you understand yourself, you can start to be profitable.

For instance, 20 pips a day can make you a healthy return very quickly. I know this, but I just can't do it.

I want 100's of pips per trade. That is what suits me better... i woudl arather have 1 trade open for 5 days and gain 100 pips, than to have 1 trade every day earning 20 pips... that is just me! fundamentally they are exactly the same, but the mentality that goes into it is very very different.
  • #43
  • Jun 9, 2016 7:27am Jun 9, 2016 7:27am
One little piece of advice which you may or may not agree with...don't spend too much time on the Interactive trading forums. Why? Because firstly if you are learning and follow these forums because you find trading lonely or boring, then there's a very high probability that trading is not for you.

Secondly, there is an awful lot of pointless banter on these forums and the majority of people haven't a clue what they are doing, and most are not on the forum for very long. There are some decent traders on them, but they are few and far between.

If you are learning, you'll do far better locking yourself away from the world to study the charts and working it all out for yourself than you will worrying about what other people are doing, most of whom will never make it. From my own experience there is a lot of ' sold here' or ' bought there ', without any explanation how or why, and even those who do post live trades seldom offer a good explanation why, which in my opinion people should do if they are going to bother posting live trades, perhaps not straight away or all the time, but later when they have time. Otherwise, it is merely point scoring and of little use to anyone except the poster.
  • #44
  • Jun 9, 2016 8:20am Jun 9, 2016 8:20am
Why do we look favorite TV series? For fun, because when we have fun, we enjoy life. Or to relax after a hard day's work. Forex is a pleasure, in another case nobody wouldn't do it. Greed i think in second place.
  • #45
  • Jun 9, 2016 8:38am Jun 9, 2016 8:38am
Quoting nutcase
Why do we look favorite TV series? For fun, because when we have fun, we enjoy life. Or to relax after a hard day's work. Forex is a pleasure, in another case nobody wouldn't do it. Greed i think in second place.
It should be fun nutcase ( I love typing that) but I'm afraid it isn't much fun when you start seeing your account dwindling away to nothing. Therefore, although it should be enjoyable, it is also a deadly serious business like any other money making enterprise and not just a game. For those who view it as the latter, life as a forex trader will be short and painful.

Best of luck to you nutcase
  • #46
  • Edited 9:13am Jun 9, 2016 8:55am | Edited 9:13am
Quoting cat
{quote} It should be fun nutcase ( I love typing that) but I'm afraid it isn't much fun when you start seeing your account dwindling away to nothing. Therefore, although it should be enjoyable, it is also a deadly serious business like any other money making enterprise and not just a game. For those who view it as the latter, life as a forex trader will be short and painful. Best of luck to you nutcase
Thanks. Of course you are right. And I'm ready to sign every word of your last 'advice' post.
What we are looking for? money? glory? many traders, I am sure, do not consider themselves among the lucky ones that will earn millions. They want, and I want to, but I understand that I won't reach it with trading. I just thought, why am I still trade on the forex market? and the answer came by itself
  • #47
  • Jun 9, 2016 9:36am Jun 9, 2016 9:36am
Quoting nutcase
{quote} Thanks. Of course you are right. And I'm ready to sign every word of your last 'advice' post. What we are looking for? money? glory? many traders, I am sure, do not consider themselves among the lucky ones that will earn millions. They want, and I want to, but I understand that I won't reach it with trading. I just thought, why am I still trade on the forex market? and the answer came by itself
Let me just say that although you are absolutely right that no one should ever be thinking of making ' millions ', because trading is a complex step by step process of self-improvement, it is actually well within the realms of possibility once you do finally crack it. As long as there are markets to trade, you have a wonderful opportunity to enrich yourself, and whether we like to admit it or not, we are all here for one purpose and one purpose alone, and that is to make money. Trading is unique because not only is your eventual success completely in your own hands, it is also recession proof - you have no fear of ever being made redundant and in that sense it has the best job security of any profession in the world. Neither is there a limit to the amount you can earn as there is in most jobs, there is no minimum wage and no maximum wage, and you really can, if you are good enough, go on to make , millions, billions or even trillions - there is absolutely nothing to stop you from doing this apart from yourself.

Isn't this truly amazing? Does this apply to any other profession in the world? Isn't this worth spending as long as it takes to become proficient- 5 years, ten years, 20 years, does it matter provided you get there and approach the markets in the correct way - to learn, properly, the way you learnt ( or didn't learn ) things at school, university, in an apprenticeship or whatever. What's more, you can always take a break, go away for awhile and come back, because the markets will always be there for you exactly the same as the day you left them, moving back and forth between the same technical levels like the tides moving back and forth.

This is the amazing thing about forex, and just count yourself very lucky that you stumbled upon it because life will never offer you a better opportunity to make money, a lot of money if that is what you want. Just don't be in any hurry to get to where you want to be, because this business spits out those who are impatient like a rotten apple core.

Be diligent, sensible, disciplined, patient and willing to learn, and it will come to you, not tomorrow or the next day, but it'll come.
  • #48
  • Jun 9, 2016 9:42am Jun 9, 2016 9:42am
Once you lose, learn from it, don't worry about fears... as fears can turn you into a ... and once your a , then well, you can lose the $$ and go .

Moral of the story don't fear and learn from your failures. Learn about price action, what other traders are thinking about the markets, what the news and economic data is saying along with any company announcement data. There is loads of good strategies, systems, and ways of looking at markets, its just whether you willing to do the hard work and screen time.
  • #49
  • Jun 9, 2016 11:14am Jun 9, 2016 11:14am
Quoting BBalazs
It is no harder than trying to be an expert in any profession. More than 80% of start-up companies fail in the first two years, the rest is barely getting by and only a handful of them are actually making money. How many people are training extremely hard to become professional NFL or NBA or whatever athletes, and how many of them actually get a contract with a team? It does not matter which profession you choose, to be among the top 5%, you will need to work extremely hard. Trading is difficult IMO, because you have to bear the external pressure...
That is true in the beginning. So, you seek out forums to find someone to support you, but then you get trolled with worse attacks than from your family. Tough business to keep vision and rock solid confidence for a lot of people. I think if you are naturally a leader, who takes on responsibility, it is a good asset to your success.
You cannot be extraordinary by being normal
  • #50
  • Jun 10, 2016 2:20am Jun 10, 2016 2:20am
Quoting BBalazs
{quote} Makes sense, although getting rid of the family is a little bit harsh IMO. Most of them are mean well, they just don't understand the amount of work you put in.
Trading is perhaps the harshest business on the planet. Only in this business are you punished for each and every single error...immediately.

Your tolerance for distraction should be zero. Anyone who does not support you and affects your psychology in any way other than positive is a distraction.

Exterminate! Exterminate!
If you are good at something, never do it for free--Joker
  • #51
  • Jun 10, 2016 11:12am Jun 10, 2016 11:12am
Patience to wait for the right Setups is the key and and not take every inventation of the Banks to get in a trade.
Its the same as in Nutrition.Don't take any candies that are being offered by someone else.
Have a nutrition plan and stuck to your plan is the same as for trading.
just my 2 Cents...
reg.z.
  • #52
  • Jun 10, 2016 5:09pm Jun 10, 2016 5:09pm
stired not shakened ....
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  • #53
  • Jun 11, 2016 5:37pm Jun 11, 2016 5:37pm
Ive started making a profit in the last four months greatly reduced my risk and changed to long term trades has helped so im starting to get some confidence in trading
  • #54
  • Jun 12, 2016 5:30pm Jun 12, 2016 5:30pm
Quoting zackery
Patience to wait for the right Setups is the key and and not take every inventation of the Banks to get in a trade. Its the same as in Nutrition.Don't take any candies that are being offered by someone else. Have a nutrition plan and stuck to your plan is the same as for trading. just my 2 Cents... reg.z.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #55
  • Jun 12, 2016 5:30pm Jun 12, 2016 5:30pm
Quoting jmn5611
{quote} Trading is perhaps the harshest business on the planet. Only in this business are you punished for each and every single error...immediately. Your tolerance for distraction should be zero. Anyone who does not support you and affects your psychology in any way other than positive is a distraction. Exterminate! Exterminate!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #56
  • Jun 13, 2016 6:23am Jun 13, 2016 6:23am
Quoting cat
{quote} Let me just say that although you are absolutely right that no one should ever be thinking of making ' millions ', because trading is a complex step by step process of self-improvement, it is actually well within the realms of possibility once you do finally crack it. As long as there are markets to trade, you have a wonderful opportunity to enrich yourself, and whether we like to admit it or not, we are all here for one purpose and one purpose alone, and that is to make money. Trading is unique because not only is your eventual success...
  • #57
  • Jun 15, 2016 7:41am Jun 15, 2016 7:41am
Quoting scratty
The passion for the one "true" profession that provides a never ending stream of possibilities/challanges to grow (personally) and the desire to be independent of course. I believe it is a heart thing.
'Passion', like all nice-sounding buzzwords, is not a leading indicator of profitability. Too many people are highly passionate but without commensurate competence. Observing the FF fauna is like watching reruns of American Idol.
  • #58
  • Jun 15, 2016 10:51am Jun 15, 2016 10:51am
Quoting Atokys
{quote} 'Passion', like all nice-sounding buzzwords, is not a leading indicator of profitability. Too many people are highly passionate but without commensurate competence. Observing the FF fauna is like watching reruns of American Idol.
🎯
Trade fearless not careless...
  • #59
  • Jun 15, 2016 12:36pm Jun 15, 2016 12:36pm
Quoting Atokys
{quote} 'Passion', like all nice-sounding buzzwords, is not a leading indicator of profitability. Too many people are highly passionate but without commensurate competence. Observing the FF fauna is like watching reruns of American Idol.
I agree, but passion is the spice of life and nothing is possible without it, and that includes forex, for it is passion that will lead to the commensurate competence provided it is channeled into the learning process. The problem for most people coming into this business is that their passion lasts no longer than it does for most things they try, and it evaporates as soon as they realize they aren't going to become millionaires overnight. To succeed, one's passion has to become a burning obsession to do whatever it takes, however long it takes, to become one of the few percent who do. Anything less will result in failure.
  • #60
  • Jun 19, 2016 1:19pm Jun 19, 2016 1:19pm
Trader realize very long time that he can not win all time and market never behave same..
Many newbies are not reveals this truth and give up...
Just my personal experience..
Trade fearless not careless...
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