Consistent Income from trading is a myth | Forex Factory

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Consistent Income from trading is a myth

  • #1
  • First Post: Aug 25, 2016 1:11pm Aug 25, 2016 1:11pm
Hi Guys

One of my friends just posted this video on his youtube channel and I thought many of you would like to see it.

I work at the same prop firm as this guy and my equity curve looks pretty similar just over a much larger sample size and many of the other traders here have similar shaped curves.

It's important for you to have realistic expectations so that's why I thought you would enjoy this video.

Inserted Video
  • #2
  • Aug 25, 2016 3:34pm Aug 25, 2016 3:34pm
This is really interesting and i totally agree on what hes saying..
Our job is NOT to lose money when markets are acting random, and make money when the conditions are good.
Great video!
  • #3
  • Aug 26, 2016 1:10am Aug 26, 2016 1:10am
nice video ,i really enjoy it
  • #4
  • Aug 26, 2016 4:51am Aug 26, 2016 4:51am
Nice insights from a real pro trader. Helpful but in my opinion we have to be oriented in time and space. His timespan of sitting and grinding for long periods of time in random markets (2-3 months) I think it's not typical in forex, but better suited to stock market. Maybe I'm wrong but being a swing trader my goal is to be profitable every month including open and closed profits.
Keep alive a genuine winning attitude
  • #5
  • Aug 26, 2016 5:34am Aug 26, 2016 5:34am
Thank you for the link to the video, Gobigfx.
  • #6
  • Aug 26, 2016 5:45am Aug 26, 2016 5:45am
One must strive to keep the account flat at a minimum or keep a slow grind up.
Then the unexpected "big win" suddenly happens ...
This is totally the opposite of the generally accepted idea that "one must lose in order to win"
  • #7
  • Aug 26, 2016 5:54am Aug 26, 2016 5:54am
Excellent video !
  • #8
  • Aug 26, 2016 8:22am Aug 26, 2016 8:22am
Quoting Mingary
One must strive to keep the account flat at a minimum or keep a slow grind up. Then the unexpected "big win" suddenly happens ... This is totally the opposite of the generally accepted idea that "one must lose in order to win"

^^^^ Exactly observation that is the point. Markets are random most of the time and your job is to not lose money during these periods.
  • #9
  • Aug 26, 2016 8:25am Aug 26, 2016 8:25am
Quoting Gobigfx
{quote} ^^^^ Exactly observation that is the point. Markets are random most of the time and your job is to not lose money during these periods.

market not random..
The High Frequency Trader with 10years experience
  • #10
  • Edited 9:04am Aug 26, 2016 8:30am | Edited 9:04am
Im sorry but so where did the myth start, that profits are consistent ? I suppose thats why apparently 95% of traders fail. I suppose the 95% cant understand they will have losing days.

Your gonna have to let go of trades that move against you! Because your probably wrong most of the time. And there will be trades you close out with a small loss and the market goes in your favour. But the sooner you can remove yourself from being right all the time, to managing your expectations, the sooner, you, as a trader will have success.

Planning out a trade is so very important, From your SL, entry point, TP and a trailing stop. And if price doesnt do what your expecting it to do its because your analysis was WRONG, plan and simple. And the biggest underlying point, who cares..............who the hell cares. Let it go, you want to live another day, there will always be another one.

The sooner you can rap your head around that, the sooner your patience will increase, and your discipline will thrive and your success as a trader will grow
Learn, a forex trader must, unlearn and relearn he will.
  • #11
  • Aug 26, 2016 8:34am Aug 26, 2016 8:34am
Quoting Fangker
{quote} market not random..
Correct.

I award you 10 pips.
Boxing clever since 76.
  • #12
  • Aug 26, 2016 10:37am Aug 26, 2016 10:37am
Quoting copi88
{quote} Correct. I award you 10 pips.
Not correct... the market is random in 90% of the time

In the other 10% lie the money and success everyone wants
  • #13
  • Aug 26, 2016 11:34am Aug 26, 2016 11:34am
Quoting alexpi
{quote} Not correct... the market is random in 90% of the time In the other 10% lie the money and success everyone wants

,
Attached Image
Learn, a forex trader must, unlearn and relearn he will.
  • #14
  • Aug 26, 2016 12:48pm Aug 26, 2016 12:48pm
Quoting alexpi
{quote} Not correct... the market is random in 90% of the time In the other 10% lie the money and success everyone wants
I read in your Bio - "Started trading in 2007, consistently failed at trading for 6 years. Not failing as much and as often nowadays"

I dont mean to be offensive but that statement that the market is random is said by people who do not understand market movements. The sooner you realise its not random but driven with purpose the sooner you will begin to understand why the market moves, who is doing what and what their intentions are and then maybe you can then remove that statement.
Boxing clever since 76.
  • #15
  • Aug 26, 2016 1:13pm Aug 26, 2016 1:13pm
It's so obvious those ticks up and down are random

The recipe for any move in price:
It's all pareidolia with a heavy helping rorschach of on the side ...
  • #16
  • Aug 26, 2016 1:18pm Aug 26, 2016 1:18pm
pursue consistent income will get consistent loss
the gambler
the devils apprentice Return Today: na
  • #17
  • Aug 26, 2016 1:22pm Aug 26, 2016 1:22pm
Quoting copi88
{quote} I read in your Bio - "Started trading in 2007, consistently failed at trading for 6 years. Not failing as much and as often nowadays" I dont mean to be offensive but that statement that the market is random is said by people who do not understand market movements. The sooner you realise its not random but driven with purpose the sooner you will begin to understand why the market moves, who is doing what and what their intentions are and then maybe you can then remove that statement.

Hi copi, it is a real pleasure to speak with someone new in the forum.

The markets are in fact random most of the time. Central banks and corporations large enough to be central banks acting in the market are the only time a market becomes truly directional. Even with supply demand/ bull bear analysis, it is important to know the size of the bulls and the bears. One big bear will neutralize many small bulls as you know.

So, I have to agree that most time the markets are random. Only a couple of times a month are they non random.
If you are good at something, never do it for free--Joker
  • #18
  • Aug 26, 2016 1:46pm Aug 26, 2016 1:46pm
Quoting copi88
{quote} I read in your Bio - "Started trading in 2007, consistently failed at trading for 6 years. Not failing as much and as often nowadays" I dont mean to be offensive but that statement that the market is random is said by people who do not understand market movements. The sooner you realise its not random but driven with purpose the sooner you will begin to understand why the market moves, who is doing what and what their intentions are and then maybe you can then remove that statement.
The moment I remove that statement will be the moment I get too full of myself and lose everything

You're not even trying to get what I'm saying
  • #19
  • Aug 26, 2016 2:14pm Aug 26, 2016 2:14pm
Quoting copi88
{quote} I read in your Bio - "Started trading in 2007, consistently failed at trading for 6 years. Not failing as much and as often nowadays" I dont mean to be offensive but that statement that the market is random is said by people who do not understand market movements. The sooner you realise its not random but driven with purpose the sooner you will begin to understand why the market moves, who is doing what and what their intentions are and then maybe you can then remove that statement.

Sure you hold onto your beliefs in spite of seeing actual reality.

Steve never failed at trading I have known and worked with him since 1998 and he had 3 losing years out of 33 when you can do that then lets talk about understanding markets.
  • #20
  • Aug 26, 2016 3:41pm Aug 26, 2016 3:41pm
really good video!) In any case, I think trading is random partly, because we don't control it, we just can catch the moment and get profit
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