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Are you in trouble as a trader?

  • #81
  • Jan 9, 2017 6:13am Jan 9, 2017 6:13am
Markets will always be there as long as there are humans. All world trade would grind to a halt if the currency markets were not there.
Only if the world had one currency only then, forex might be dead but there would still be the commodity markets.

A bigger market is surely better for trading costs being lower due to more competition. Couldn't get below 1 pip spread for many currency pairs
only a few years ago. Faster & more widely available Internet has made trading a lot easier for Joe Public.

Markets will do what they do best is find deals, find profit, find liquidity and we as retail traders find an edge to skim a little profit opportunity
when it is presented. If you can't do that then forex is dead for you already.
It never gets easier, you just get better
  • #82
  • Jan 9, 2017 6:26am Jan 9, 2017 6:26am
Quoting cat
{quote} and it can be a long, hard road back, as many of us will know.
Indeed, comforting to know there is support on here if needed!
  • #83
  • Jan 9, 2017 6:33am Jan 9, 2017 6:33am
Price movement never changes fundamentally because it is driven by the human emotions of greed and fear, and because human nature remains static, at least as far as our life times are concerned, then so does the market in that it does what it does over and over again without very much variability.

Certainly one of the best books for explaining this process, first published in 1912, is this one. If you haven't read it, then I suggest you do.
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  • #84
  • Jan 9, 2017 6:43am Jan 9, 2017 6:43am
In a nutshell:
1. Find an edge.
2. Trade the edge.
3. Repeat.

It takes a lot of work & dedication to find an edge, most never find one or cannot trade one. Those that do will succeed.
Knowledge has to be earnt, both in time & money. Most people are not prepared to put in the work that is required.
You only fail when you give up.
It never gets easier, you just get better
  • #85
  • Jan 9, 2017 7:01am Jan 9, 2017 7:01am
Quoting bparker
{quote} Indeed, comforting to know there is support on here if needed!
Support, advice and constructive criticism...the rest as they say, is up to you.
  • #86
  • Jan 9, 2017 7:16am Jan 9, 2017 7:16am
Quoting cat
"I still trade fx, but with much smaller size. FX was a great market for day trading 5-10 years ago..... today it's very close to random. Almost all of my previously profitable strategies no longer work. The ones which still work, all have diminishing expectation per trade. And it's getting progressively harder to find new profitable patterns...." Alphaomega. Then you are on Mars and I am on Pluto, because that's not what I see, experience or find. The patterns are still there, still identifiable, and the price, whether on forex or any other, still...
Pluto is no longer considered a planet.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #87
  • Jan 9, 2017 7:17am Jan 9, 2017 7:17am
Quoting Shabs19
In a nutshell: 1. Find an edge. 2. Trade the edge. 3. Repeat. It takes a lot of work & dedication to find an edge, most never find one or cannot trade one. Those that do will succeed. Knowledge has to be earnt, both in time & money. Most people are not prepared to put in the work that is required. You only fail when you give up.
How long did it take you to crack than nut?
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #88
  • Edited 7:41am Jan 9, 2017 7:25am | Edited 7:41am
Quoting TooSlow
{quote} How long did it take you to crack than nut?
A lot faster than Too Slow

Quoting TooSlow
{quote} Pluto is no longer considered a planet.
It is a saying, or are you just being facetious ?
It never gets easier, you just get better
  • #89
  • Jan 9, 2017 8:01am Jan 9, 2017 8:01am
Quoting TooSlow
{quote} How long did it take you to crack than nut?
Quoting Shabs19
In a nutshell: 1. Find an edge. 2. Trade the edge. 3. Repeat. It takes a lot of work & dedication to find an edge, most never find one or cannot trade one. Those that do will succeed. Knowledge has to be earnt, both in time & money. Most people are not prepared to put in the work that is required. You only fail when you give up.

Thank you. I could not have said it better. Go fortune in everything that you do.


Benjaminis
  • #90
  • Jan 9, 2017 8:05am Jan 9, 2017 8:05am
Quoting Shabs19
In a nutshell: 1. Find an edge. 2. Trade the edge. 3. Repeat. It takes a lot of work & dedication to find an edge, most never find one or cannot trade one. Those that do will succeed. Knowledge has to be earnt, both in time & money. Most people are not prepared to put in the work that is required. You only fail when you give up.
This ironically gives me more trouble than I thought...

One really has to be 100% disciplined, focused, let all feelings out and react properly to the setups your edge gives you.
My problem is that I get setups on many pairs simultaneously and then things go fast, I still sometimes start to think twice instead of just trusting my system (Even though I know it's good) and executing it like a robot.

It's not like a BIG problem like losing money but missing out also feels bad, especially if you're system gave you the right setup.

Any advice maybe?
"Men Who Can Both Be Right & Sit Tight Are Uncommon" ~ Jesse Livermore
  • #91
  • Jan 9, 2017 8:09am Jan 9, 2017 8:09am
Quoting michisuperfr
{quote} My problem is that I get setups on many pairs simultaneously and then things go fast,
Quoting michisuperfr
{quote} It's not like a BIG problem like losing money but missing out also feels bad, especially if you're system gave you the right setup. Any advice maybe?
Trade less pairs
  • #92
  • Jan 9, 2017 8:12am Jan 9, 2017 8:12am
Quoting michisuperfr
{quote} This ironically gives me more trouble than I thought... One really has to be 100% disciplined, focused, let all feelings out and react properly to the setups your edge gives you. My problem is that I get setups on many pairs simultaneously and then things go fast, I still sometimes start to think twice instead of just trusting my system (Even though I know it's good) and executing it like a robot. It's not like a BIG problem like losing money but missing out also feels bad, especially if you're system gave you the right setup. Any advice...
Use alerts and manually execute semi-automated experts for trade entry.
  • #93
  • Jan 9, 2017 8:34am Jan 9, 2017 8:34am
Quoting michisuperfr
{quote} It's not like a BIG problem like losing money but missing out also feels bad, especially if you're system gave you the right setup. Any advice maybe?
Your edge is defined to what pairs you are going to trade and at what session you are trading.
Emotions only come into it, if you are unsure of your edge. Focus on the process of trading the set-up when you see it.
Missing out on pairs, or late on set-ups are par for the course. They happen get over it.
Imagine you are a golfer, your first target is par (break-even) then if you are skilful enough go for the birdie ,eagle or albatross.
Avoid Bogeys.
It never gets easier, you just get better
  • #94
  • Jan 9, 2017 8:34am Jan 9, 2017 8:34am
Quoting cat
Price movement never changes fundamentally because it is driven by the human emotions of greed and fear, and because human nature remains static, at least as far as our life times are concerned, then so does the market in that it does what it does over and over again without very much variability.
This is not true! (not anymore)
Today the markets are not driven by human emotions, they are driven by algorithms. And the algorithms have no emotions.
Over 70% of the volume today comes from algo systems and HFT... in the future this percent will go up to 99%.
And when you have hundreds and thousands and millions of these algos, all of them trading based on different logic, the end result from this is random price action. The more automated the market becomes, the more efficient it becomes.

More automation = higher efficiency!
Higher efficiency = more randomness!
More randomness = no edge for manual traders!

It's the people who create the inefficiencies.
No people = no inefficiencies!

The machines do not make mistakes. They only do what they are programmed to do. And in the near future they will program themselves. So they will become exponentially smarter than humans. (This is the birth of AI).

I can show you some simulated charts which look more real than the real charts. You can find all kinds of patterns in them. Trends, breakouts....everything. But its all random.
And randomness is impossible to beat (mathematically) when you have negative expectancy per trade. (cost).

If you do not understand all this at least at basic level, it's your choice!
You know the saying ....."If the fool would persist in his folly he would become wise."
  • #95
  • Jan 9, 2017 8:47am Jan 9, 2017 8:47am
Quoting alphaomega
{quote} This is not true! (not anymore) Today the markets are not driven by human emotions, they are driven by algorithms. And algorithms have no emotions. Over 70% of the volume today comes from algo systems and HFT... . (cost). If you do not understand all this at least at basic level, it's your choice! You know the saying ....."If the fool would persist in his folly he would become wise."
I don't care whether the markets are driven by algorithms or monkeys, all that matters to me is whether I can trade them, and 70% or 2%, as long as I can I really don't care. For me , every word you've written is hyperbole which may be interesting if one wants to speculate on what direction the markets may take at some point in the future, but has zero relevance for any approach of mine. If others choose to disagree, that's fine, as naturally I can only speak for myself. I understand what I need to understand as a professional trader - no more, no less.
  • #96
  • Jan 9, 2017 9:00am Jan 9, 2017 9:00am
Quoting cat
{quote} I don't care whether the markets are driven by algorithms or monkeys, all that matters to me is whether I can trade them, and 70% or 2%, as long as I can I really don't care. For me , every word you've written is hyperbole which may be interesting if one wants to speculate on what direction the markets may take at some point in the future, but has zero relevance for any approach of mine. If others choose to disagree, that's fine, as naturally I can only speak for myself. I understand what I need to understand as a professional trader - no...
It never gets easier, you just get better
  • #97
  • Jan 9, 2017 9:01am Jan 9, 2017 9:01am
Quoting cat
{quote} I don't care whether the markets are driven by algorithms or monkeys, all that matters to me is whether I can trade them, and 70% or 2%, as long as I can I really don't care. For me , every word you've written is hyperbole which may be interesting if one wants to speculate on what direction the markets may take at some point in the future, but has zero relevance for any approach of mine. If others choose to disagree, that's fine, as naturally I can only speak for myself. I understand what I need to understand as a professional trader - no...
I perfectly understand what you mean!
As long as the equity is rising, everything is fine and nothing else matters, life is rainbows and sunshine........ I've been there... for a long time!

Enjoy it while it lasts, because it never does.
My advise - Keep doing what you are doing(as long as it's working), and make as much money as you can! (while you can).
  • #98
  • Jan 9, 2017 9:12am Jan 9, 2017 9:12am
Quoting alphaomega
{quote} I perfectly understand what you mean! As long as the equity is rising, everything is fine and nothing else matters, life is rainbows and sunshine........ I've been there... for a long time! Enjoy it while it lasts, because it never does. My advise - Keep doing what you are doing(as long as it's working), and make as much money as you can! (while you can).
Like you, I wasn't born yesterday, but thanks for the advice anyway.
  • #99
  • Jan 9, 2017 9:36am Jan 9, 2017 9:36am
Quoting Shabs19
{quote} A lot faster than Too Slow {quote} It is a saying, or are you just being facetious ?
Watched 60 Minutes last night.
Story about Planet 9.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #100
  • Jan 9, 2017 9:45am Jan 9, 2017 9:45am
Hi guys, I´m relatively fresh to trading (just about 4-5 years) and do it with my own money so far. Till now I have only lost but that is due to my own mistake of not following money management, which I have hopefully understood now.

I want to ask you, especially the ones more experienced :
1) how long did it take you for the break-through
2) where did you get extra funds from (besides 5-9 work)

Thanks in advance for all answers.
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