If you haven't made it yet, what makes you think you will? | Page 4 | Forex Factory

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

  • #61
  • Jun 25, 2016 5:55am Jun 25, 2016 5:55am
I think it may be the lack of knowledge and experience, which we were not having it previously and we are having it right now.
  • #62
  • Jun 25, 2016 10:17am Jun 25, 2016 10:17am
If it seems insurmountable then look for a mentor. One who can prove to you his system works at least. Chances are he would be able to help out. You can get to the head of the class using experience quickly. Even if you have to pay one!
  • #63
  • Edited Jun 26, 2016 4:38am Jun 25, 2016 5:33pm | Edited Jun 26, 2016 4:38am
Someone else once laid it bare on this forum. He said something like "Look, fact is the probability you will never succeed in trading is very very high, so push everything aside & think why you keep on wasting time trading"

That was when I became convinced I wanted to trade. You see, I have realized it doesn't make a difference if I succeed or not. I love to trade as much as I love football ...& I'd never be paid to play football.
  • #64
  • Jun 26, 2016 5:41pm Jun 26, 2016 5:41pm
Quoting sinqua
Someone else once laid it bare on this forum. He said something like "Look, fact is the probability you will never succeed in trading is very very high, so push everything aside & think why you keep on wasting time trading" That was when I became convinced I wanted to trade. You see, I have realized it doesn't make a difference if I succeed or not. I love to trade as much as I love football ...& I'd never be paid to play football.
it makes a big difference whether you succeed or not, unless you are trading demo.
  • #65
  • Jun 27, 2016 9:20am Jun 27, 2016 9:20am
In the forex what decides your amount of profit is majorly the amount of trading experience you have gathered. There is the chance for every novice to improve to a successful trader. Don't rely on luck, keep learning; get as much educational resources as you can; especially trading tutorials videos. You can find some good trading tutorial videos on websites like the Profiforex educational website.
  • #66
  • Jun 27, 2016 4:41pm Jun 27, 2016 4:41pm
I have never given up because I have always seen progress even within the losses. I started out not knowing anything at all just clicking trades to where I have a defined plan and I know why I enter and exit.

Once I got to that point I started to see that even within my losses I was actually in profit for periods of time before trade went against me. I was correctly looking at data and making good analysis, I was just off on timing etc... That was a big deal to me. To date I am a much better trader and I see the light at the end of the tunnel. I still make really dumb trades from time to time but I also make really good ones. So in the near future I believe I will be in the small percentage that do well consistently.
  • #67
  • Jun 27, 2016 11:38pm Jun 27, 2016 11:38pm
I think having a growth mindset is very important. You need to constantly learn from experience to know that the trading system that you are currently using may need to constantly evolve based on what you observe. Learn from your successful and more importantly, your failed trades.

After a certain amount of perseverance and learning enough about the trading methodology & the market through experience, books and countless online materials, you may actually make it.
  • #68
  • Jul 7, 2016 4:24am Jul 7, 2016 4:24am
Quoting Erebus
Because if Niall can do it, anyone can do it http://www.learntotradethemarket.com...ng-competition
Forex; the game of movements not the game of candles.
  • #69
  • Jul 7, 2016 4:42am Jul 7, 2016 4:42am
I don't know what do you mean exactly with "if you haven't made it yet" there are many people here that have made it and not, they have won and lost money, this makes them losers, or something?

Now let's answer to your question, a simple trading strategy should contain a proper money management rule and many times this rule will make you lose money, but the money management it self can predict that a strategy will be successful. I think money management is the reason I continue with trading.
Looking for profitable short term trades ...|
  • #70
  • Jul 7, 2016 5:18am Jul 7, 2016 5:18am
Well said, trading needs to be treated like a business with the sort of commitment a successful business needs!

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...
  • #71
  • Jul 7, 2016 5:48am Jul 7, 2016 5:48am
I agree most will not make it, however expectation plays a big part. It is like being convinced you can do a certain job with no experience. Would you apply to be a trader at Goldman Sachs without little knowledge? People assume they will be a good trader and they can succeed but would not start a business because they feel they don't have the experience or be a doctor because they don't have the grades.

Having said this, a few people will make it and that reflects the difficulty, the ability to learn new concepts, the determination and resilience and donations to the market!

The amount of time it takes traders to self train can be upwards of 4-8 years (there are some who take less time before people start shouting). I know traders who are still not making money consistently after 8- 15 years. Even if you go on a course and it can reduce the time to get to profitability, there is no guarantee of success as in all things in life.

MT



Quoting jmn5611
{quote} Gravitist is right. Most here won't make it. They will blow account after account because they did not learn price action and they do some insane thing like putting all of their leverage on one trade. Or having a five pip stop. Or trading the MXNUSD. Or trading 28 pairs on the M5 charts. Or trading 28 pairs at all. Or going long EURUSD and short USDCHF at the same time. Or....well you get the point. They will try system after system because they take losses by using technical stops. Some are compulsive gamblers and therefore take trades...
  • #72
  • Jul 7, 2016 10:26am Jul 7, 2016 10:26am
Quoting mytrader1961
The amount of time it takes traders to self train can be upwards of 4-8 years (there are some who take less time before people start shouting). I know traders who are still not making money consistently after 8- 15 years.
The best traders were competent from day one. You don't make a career from managing money until you are demonstrably competent.

The over-extended learning process is another part of FF mythos that disregards reality. It is a convenient device to justify the years spent being a sucker and listening to FF gurus. It would do some people good to realise this sooner rather than later and not delude themselves into thinking that the amount of time and resources sunk have any significance if they were spent in vain.
  • #73
  • Jul 7, 2016 11:55am Jul 7, 2016 11:55am
Quoting Atokys
{quote} The best traders were competent from day one. You don't make a career from managing money until you are demonstrably competent. The over-extended learning process is another part of FF mythos that disregards reality. It is a convenient device to justify the years spent being a sucker and listening to FF gurus. It would do some people good to realise this sooner rather than later and not delude themselves into thinking that the amount of time and resources sunk have any significance if they were spent in vain.
So, what would you suggest a novice retail trader do, if he aspires to be a successful trader?
every Saint has a past. Every Sinner has a Future
  • #74
  • Jul 7, 2016 12:50pm Jul 7, 2016 12:50pm
Quoting Atokys
{quote} The best traders were competent from day one. You don't make a career from managing money until you are demonstrably competent. The over-extended learning process is another part of FF mythos that disregards reality. It is a convenient device to justify the years spent being a sucker and listening to FF gurus. It would do some people good to realise this sooner rather than later and not delude themselves into thinking that the amount of time and resources sunk have any significance if they were spent in vain.
Not compulsory to competent trader to start day one but this for who want to learn their mistakes and continue learn to manage a trading style (set of rules) and stick with it and don't hasitate to execute. If any one can not do, this business is the helllllllll.
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -788
  • #75
  • Jul 7, 2016 12:51pm Jul 7, 2016 12:51pm
Quoting turnip15
{quote} So, what would you suggest a novice retail trader do, if he aspires to be a successful trader?
Demo trade for 2 years..... With trading plan...and set of m.m
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -788
  • #76
  • Jul 7, 2016 3:29pm Jul 7, 2016 3:29pm
Quoting cat
This may seem like a pretty inane question, but I think it might provide some interesting answers which could be useful for one or two people. And don't be afraid of admitting that you're still struggling to master this business, because most of us are. By made it, I mean the ability to support yourself and perhaps your family from trading alone. As an afterthought, let's explore the other side of the coin as well. If you have made it, how did you do it when so many never do?
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My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #77
  • Jul 7, 2016 4:14pm Jul 7, 2016 4:14pm
Quoting Atokys
{quote} The best traders were competent from day one. You don't make a career from managing money until you are demonstrably competent. The over-extended learning process is another part of FF mythos that disregards reality. It is a convenient device to justify the years spent being a sucker and listening to FF gurus. It would do some people good to realise this sooner rather than later and not delude themselves into thinking that the amount of time and resources sunk have any significance if they were spent in vain.
Lol, I've not met a single soul who was competent from the outset.

The length of the journey is variable, but the journey is same for every one of us. From reckless over-confidence, to mistakes, to humbling (the bottom of the curve), to self-analysis, routine, discipline, insight and finally profit.

Most city traders couldn't - and don't - cut it as retail traders. Take away the big cap, the information flows, the structure and regular paychecks, they mostly crumble to dust.
  • #78
  • Jul 8, 2016 1:12am Jul 8, 2016 1:12am
Quoting triphop
{quote} Most city traders couldn't - and don't - cut it as retail traders. Take away the big cap, the information flows, the structure and regular paychecks, they mostly crumble to dust.
This is a Fact..

Great post TH - this should be a sticky at FF
Memories caught in time but never forgotten
  • #79
  • Jul 8, 2016 2:25am Jul 8, 2016 2:25am
Quoting turnip15
{quote} So, what would you suggest a novice retail trader do, if he aspires to be a successful trader?
A novice trader should join a firm where he can never blow up. There is one such firm that exists, but he will have to find it. Then that novice trader should NOT EVER add funds to his account until he doubled his account over the period of one year. He should put trading funds in a savings account until he as accomplished this task, however long it takes. If he cannot turn 20 dollars into 40 over the the course of ONE YEAR, then he should not add anything to his trading account. In short, open a token account, and if you are up 100% after a year, then add funds. Do not do so before. It is stupid to blow an account and open another account that is larger than the first one or even equal to it. The market has told you that you do not have clue, and so you feed it more of your hard earned cash?? Congrats on winning the financial Darwin Award.

Edit: Sorry turnip, I could not resist that softball question. Obviously not aimed at you in any sort way.
If you are good at something, never do it for free--Joker
  • #80
  • Jul 8, 2016 3:46am Jul 8, 2016 3:46am
To me, it isn't the dollar figure that keeps me going, its cagr and sharpe that motivate me.
Quant Trader - My Blog: quantstop.blogspot (dot) com
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