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

  • #81
  • Jul 8, 2016 3:51am Jul 8, 2016 3:51am
Quoting jmn5611
{quote} 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...
No problem - lot of common sense in that answer :-)
every Saint has a past. Every Sinner has a Future
  • #82
  • Jul 8, 2016 4:02am Jul 8, 2016 4:02am
i think saying hardwork and a not giving up attitude isn't enough. I believe you genuinely need to have a passion for trading that turns into a burning desire to succeed as napoleon hill would have put it.. you also need a lot of self belief because without that what have you got? majority of people fail at trading so self belief is a must! then ultimately if you could find a coach or mentor that is where you wanna be. that will in turn give you some shortcuts to getting there.
  • #83
  • Jul 8, 2016 7:39am Jul 8, 2016 7:39am
Quoting turnip15
So, what would you suggest a novice retail trader do, if he aspires to be a successful trader?
Being a "Novice trader" is already contradictory to success in market speculation.

The prudent speculator only makes his play when there is opportunity to be exploited. There is no reason for him to make trades if he deems himself a novice.
Quoting triphop
Lol, I've not met a single soul who was competent from the outset.
There are plenty of people who achieved competence before managing client money and/or trading at a significant size.
  • #84
  • Jul 8, 2016 1:01pm Jul 8, 2016 1:01pm
Quoting gravitist
Unfortunately, the vast majority of people at FF will never make it. They will blow account after account, try system after system. Some are just compulsive gamblers - they trade forex because it's so accessible, and thus satisfies their gambling addiction. Some are just naive, not realizing that fx is the most rigged market on earth - less than 10 big banks control about 77% of the market and small retail traders have zero access to any order flow data. Those traders might do better with futures than fx, but they'll probably lose there too. I came...
I'm not sure if gravitist is coming back to this thread, but I thought this e-book might help him get some "inspiration" for trading
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File Type: pdf Millionaire Traders.pdf   1.8 MB | 26,298 downloads
  • #85
  • Jul 8, 2016 1:07pm Jul 8, 2016 1:07pm
Quoting Atokys
{quote} Being a "Novice trader" is already contradictory to success in market speculation. The prudent speculator only makes his play when there is opportunity to be exploited. There is no reason for him to make trades if he deems himself a novice. {quote} There are plenty of people who achieved competence before managing client money and/or trading at a significant size.
What utter bollox !
every Saint has a past. Every Sinner has a Future
  • #86
  • Jul 8, 2016 1:09pm Jul 8, 2016 1:09pm
that's 330 d ....

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  • #87
  • Jul 8, 2016 5:05pm Jul 8, 2016 5:05pm
Quoting fxpiprunner
i think saying hardwork and a not giving up attitude isn't enough. I believe you genuinely need to have a passion for trading that turns into a burning desire to succeed as napoleon hill would have put it.. you also need a lot of self belief because without that what have you got? majority of people fail at trading so self belief is a must! then ultimately if you could find a coach or mentor that is where you wanna be. that will in turn give you some shortcuts to getting there.
and what about luck?) does trader need a little bit of luck?)) can you agree that there are some days, that are not YOUR days. And your self belief, passion and burning desire cannot help) or sometimes there are such situations when you just loose a moment... few hours and you regret that you missed these few hours... like I lost today on USDGBP pair
  • #88
  • Jul 8, 2016 6:32pm Jul 8, 2016 6:32pm
Quoting LuckyD
{quote} and what about luck?) does trader need a little bit of luck?)) can you agree that there are some days, that are not YOUR days. And your self belief, passion and burning desire cannot help) or sometimes there are such situations when you just loose a moment... few hours and you regret that you missed these few hours... like I lost today on USDGBP pair
I personally don't believe in luck at all unless one were to throw darts at a chart and go from there. I trade channels and let ADX position and DMI +- determine my entry. Some days slow going but other days make up with a burst of movement. Ya play the card dealt. Was doing well just trading channels, no indi's. Till I crossed this forum. Gains vs stop losses improved a lot.
  • #89
  • Jul 9, 2016 8:39am Jul 9, 2016 8:39am
Quoting turnip15
What utter bollox !
Of course you would think so.

Nevermind the CTAs with decades of experience trading a core strategy with little or no changes made since inception. Lets ignore the fact that there are people who began their careers as professional money managers after attaining competence.

Of course, this is antithetical to widely perpetuated myths. Lets just call bollocks and not think about it.
  • #90
  • Jul 9, 2016 1:05pm Jul 9, 2016 1:05pm
You don’t want to look back years from now in regret, and wonder about “if only” you’d stuck with it and tried a little longer. Give it your best shot now, and if you get to the point where you honestly believe you can’t make it, at least you’ll know that you sincerely tried your best.

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  • #91
  • Jul 9, 2016 2:34pm Jul 9, 2016 2:34pm
Quoting dforant1
{quote} I personally don't believe in luck at all unless one were to throw darts at a chart and go from there. I trade channels and let ADX position and DMI +- determine my entry. Some days slow going but other days make up with a burst of movement. Ya play the card dealt. Was doing well just trading channels, no indi's. Till I crossed this forum. Gains vs stop losses improved a lot.
I use indicators, read news, try different strategies, I don't surrender all to luck, but in any case we are not that big bosses that make market. We just can catch the moment. and sometimes there are moments when I think "why I didn't do in any way, what would be if I..."
surrender all to Jesussusurrender all to Jesus
  • #92
  • Jul 9, 2016 6:10pm Jul 9, 2016 6:10pm
Quoting LuckyD
{quote} and what about luck?) does trader need a little bit of luck?)) can you agree that there are some days, that are not YOUR days. And your self belief, passion and burning desire cannot help) or sometimes there are such situations when you just loose a moment... few hours and you regret that you missed these few hours... like I lost today on USDGBP pair

Personally I think if your relying on luck to come into play your in big trouble..of course there has been times when I have what I call the perfect setup and its lost, and times when it's been an poor set up and won.. You could call it pure luck if you like.. Or you could say that I've back tested and have belief in my straegy that I have an EDGE. It's not going to work all the time but if you have the right risk to reward you can come out in front
  • #93
  • Jul 12, 2016 4:27am Jul 12, 2016 4:27am
Quoting Atokys
{quote} Being a "Novice trader" is already contradictory to success in market speculation. The prudent speculator only makes his play when there is opportunity to be exploited. There is no reason for him to make trades if he deems himself a novice. {quote} There are plenty of people who achieved competence before managing client money and/or trading at a significant size.
People aren't either competent or not like some kind of a gene that's switched on or off. It's a process - growth, like everything in life.

No-one starts off competent at anything, and believing that success is a pure innate talent is the same rigid mindset that keeps people rotating around the average of what their parents achieved.

There's not one person in this entire universe that doesn't have huge banks of untapped potential for the highest highs and the lowest of lows. Maybe it's in this field, maybe it's in another but if you truly believe this is what you should be doing, the sky is the limit. Oh, and the bottom of the oceans is the floor, watch out for that too
  • #94
  • Jul 12, 2016 10:24am Jul 12, 2016 10:24am
Quoting triphop
People aren't either competent or not like some kind of a gene that's switched on or off.
No-one starts off competent at anything...
I agree. However, what I said was that they started their careers as professional money managers after achieving competence.
  • #95
  • Jul 16, 2016 10:55am Jul 16, 2016 10:55am
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.
I doubled my first demo account in two weeks. Doesn't make me competent from day one.
  • #96
  • Jul 16, 2016 3:07pm Jul 16, 2016 3:07pm
At age 5 his Dad died.
At age 16 he quit school.
At age 17 had already lost 4 jobs.
At age 18 he got married. Between ages 18 and 22, he was a railroad worker and failed. He joined the army and failed He applied for law school, was rejected He became a sales man and failed
At age 19 he became a father.
At age 20 his wife left him and took their baby He became a cook in a small cafe He failed in an attempt to kidnap his own daughter
At age 65 he received a welfare cheque for $107 He felt like the government suggested he couldn't provide for himself. As he went to commit suicide he wrote down the things he could've done.
This sparked him to create KFC
At 88 years old he became a billionaire!

The temptation to quit will be greatest just before you are about to succeed."

No one can take this away from you once you learn how to trade Foreign Exchange, it is a skill that you can use forever. You will never be dependent on anyone or anything again for your financial freedom!

...It's why I continue trading & to fail forward until I am in the 5% club.
Find The Pain Points On Your Chart & Trade Off Those Levels
  • #97
  • Jul 16, 2016 3:49pm Jul 16, 2016 3:49pm
Quoting GPips
No one can take this away from you once you learn how to trade Foreign Exchange, it is a skill that you can use forever. You will never be dependent on anyone or anything again for your financial freedom! ...It's why I continue trading & to fail forward until I am in the 5% club.
agree 100%. Wish you success, luck and freedom
(.)(.) think first ...
  • #98
  • Jul 16, 2016 4:36pm Jul 16, 2016 4:36pm
Luck is important, but the key attribute of a successful long term trader should be perseverance and waiting for lucky moments. Positive mathematical expectation, or so-called "Edge" is based on exploiting some observed recurring patterns in the past. "Edge" is overrated, basically a justification for self-belief in a trading system that relies on past data. There's no guarantee that those patterns will happen and hold again in the future which may explain why traders of decades of experience may lose big sometimes. But self-belief or self-confidence to any trader is important, which is how you define or perceive yourself different from just a gambler.

But if the forex market is truly random, everyone is just a gambler no matter how fancy one's system is, eventually one would lose. So I guess the only thing that can keep a trader going is to keep believing the market is non-random (you are free to believe what you want to believe) and hope for the best in the end. A determined trader with proper risk management and patience should profit from non-randomnesses in the market in the long term. But will those non-randomnesses ever happen in the future? Who knows? That's why trading is so magical, offering hope of striking rich in playing around with uncertainty. Clearly it's risky and not for everyone.
  • #99
  • Jul 17, 2016 2:14am Jul 17, 2016 2:14am
Quoting Atomic_Sheep
I doubled my first demo account in two weeks. Doesn't make me competent from day one.
No, it doesn't.
  • #100
  • Jul 18, 2016 11:37am Jul 18, 2016 11:37am
Quoting Atokys
{quote} No, it doesn't.
many trades start with demo and in a small period of time they atchieve success and believe that they are ready for real trading. Demo is good but it cannot be a guaranty of your success.
And I think that making trading the only one sourse of income isn't the best idea. Well, mb I am just not so skilled, but I think I will never leave my work, even if I will have stable income from forex
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