Trading is like a 200mph car race, little mistake allowed | Forex Factory

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Trading is like a 200mph car race, little mistake allowed

  • #1
  • First Post: Jan 13, 2017 12:31pm Jan 13, 2017 12:31pm
I just want to say that forexfactory has opened my eyes, and 10 years later I can say after paying my dues, I have learnt how to trade and trade well.
Its like a fast 200 mph car race in daytona - metaphorically speaking.
No mistake allowed when you car race daytona , right? same thing here. the mistake should be a controlled mistake, a mistake that you should learn and get out of and remember.

Its not luck at all


I am all technical trader. Not a gray haired fundi follower of fake news. lol

Trump hopefully will make taxes lower to say 15% for short term.

Good luck newb's - dont give up!

Thank you and long live FF and the members.
Pipology 101 student
  • #2
  • Jan 13, 2017 7:16pm Jan 13, 2017 7:16pm
Quoting pipology-101
I just want to say that forexfactory has opened my eyes, and 10 years later I can say after paying my dues, I have learnt how to trade and trade well. Its like a fast 200 mph car race in daytona - metaphorically speaking. No mistake allowed when you car race daytona , right? same thing here. the mistake should be a controlled mistake, a mistake that you should learn and get out of and remember. Its not luck at all I am all technical trader. Not a gray haired fundi follower of fake news. lol Trump hopefully will...
All wins are luck.
Why?
Other people have to move the market in your favor in order for you to win.
The reason you enter a trade ( technical, fundamental, coin toss, tea leaves, etc...) has nothing to do with what happens after you enter a trade.
It is up to the other traders.
You do not have to believe me.
Perhaps you have heard of Mark Douglas.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #3
  • Jan 14, 2017 1:25am Jan 14, 2017 1:25am
Quoting TooSlow
{quote} All wins are luck. Why? Other people have to move the market in your favor in order for you to win. The reason you enter a trade ( technical, fundamental, coin toss, tea leaves, etc...) has nothing to do with what happens after you enter a trade. It is up to the other traders. You do not have to believe me. Perhaps you have heard of Mark Douglas. Cheers!
I guess that makes all losses bad luck?
  • #4
  • Jan 14, 2017 6:31am Jan 14, 2017 6:31am
Mistakes do happen – they’re really part of the trading process and can’t be avoided 100%. The point is to make as few mistakes as possible, to learn from those mistakes so as not to repeat them and to have a trading plan that accounts for them.
  • #5
  • Jan 14, 2017 6:48am Jan 14, 2017 6:48am
Quoting TooSlow
{quote} All wins are luck. Why? Other people have to move the market in your favor in order for you to win. The reason you enter a trade ( technical, fundamental, coin toss, tea leaves, etc...) has nothing to do with what happens after you enter a trade. It is up to the other traders. You do not have to believe me. Perhaps you have heard of Mark Douglas. Cheers!
Actually I agree with the OP.... successful trading is not based on luck.

Successful trading is totally about having discipline in following a mathematically sound plan without deviation, along with the ability to analyze and adapt to the ever changing market environment. Consistent gains are calculated, they will not be consistent if results are based on luck... at least for most people.

Cheers.

-fighter-
  • #6
  • Jan 14, 2017 8:10am Jan 14, 2017 8:10am
Quoting BubaYaga
{quote} I guess that makes all losses bad luck?
No.
Some are bad luck.
Some are bad timing.
Some are mistakes.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #7
  • Jan 14, 2017 8:13am Jan 14, 2017 8:13am
Quoting fighterdude
{quote} Actually I agree with the OP.... successful trading is not based on luck. Successful trading is totally about having discipline in following a mathematically sound plan without deviation, along with the ability to analyze and adapt to the ever changing market environment. Consistent gains are calculated, they will not be consistent if results are based on luck... at least for most people. Cheers. -fighter-
I understand many will disagree.
Rather than see things as they are, many cling to false beliefs.
If you cannot control the outcome, any favorable outcome is attributed to luck.
There is no other logical explanation.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #8
  • Jan 14, 2017 9:40am Jan 14, 2017 9:40am
Quoting TooSlow
{quote} No. Some are bad luck. Some are bad timing. Some are mistakes.
If all wins are luck as you stated above... then all losses are luck as well... c'mon man... don't contradict yourself.

I can control the outcome of my overall equity curve... not of any single trades outcome, but I can control the parameters of both profit and loss, i.e. position size, profit target, and stop loss level... and if i consistently follow this plan along side strict entry and exit rules WITHOUT deviation(this is the trick), then I will get a controlled outcome. It doesn't matter if I cannot predict the exact outcome of each specific trade. This doesn't have anything to do with luck.

Cheers!

-fighter-
  • #9
  • Jan 14, 2017 12:18pm Jan 14, 2017 12:18pm
Quoting fighterdude
{quote} If all wins are luck as you stated above... then all losses are luck as well... c'mon man... don't contradict yourself. I can control the outcome of my overall equity curve... not of any single trades outcome, but I can control the parameters of both profit and loss, i.e. position size, profit target, and stop loss level... and if i consistently follow this plan along side strict entry and exit rules WITHOUT deviation(this is the trick), then I will get a controlled outcome. It doesn't matter if I cannot predict the exact outcome of each...


I agree with fighterdude 100%. TooSlow, you basically claim that all who loose are unlucky and the ones who are constantly profitable are the lucky ones. That makes no sense and is statistically impossible.
  • #10
  • Jan 14, 2017 2:46pm Jan 14, 2017 2:46pm
The outcome of any individual trade is luck, is like a poker hand. You can't control that, but if you have a favorable edge, the long term outcome is statistically predictable, and luck isn't there anymore.
  • #11
  • Edited 8:27pm Jan 14, 2017 7:28pm | Edited 8:27pm
I think trading is more like walking though a jungle in the Congo than driving a 200 mph car race. I have a compass and know the general direction I want to go, but it's impossible to see very far. And the snakes, sound of Uzi, blood curdaling screams, heads on spikes and booby traps make it a hazardous journey.
  • #12
  • Jan 15, 2017 12:06am Jan 15, 2017 12:06am
Quoting fighterdude
{quote} If all wins are luck as you stated above... then all losses are luck as well... c'mon man... don't contradict yourself. I can control the outcome of my overall equity curve... not of any single trades outcome, but I can control the parameters of both profit and loss, i.e. position size, profit target, and stop loss level... and if i consistently follow this plan along side strict entry and exit rules WITHOUT deviation(this is the trick), then I will get a controlled outcome. It doesn't matter if I cannot...
No.
Mistakes can be made.
Click buy when you wanted to sell.
Click 100 lots when you meant 10.
That's not bad luck.
That's human error.

You can not control profit.
You can not make a trade a winner.
Other people have to move the market to your profit target.
That's luck.

Green pips to all.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #13
  • Jan 15, 2017 12:08am Jan 15, 2017 12:08am
Quoting Paintomaker
The outcome of any individual trade is luck, is like a poker hand. You can't control that, but if you have a favorable edge, the long term outcome is statistically predictable, and luck isn't there anymore.
Luck does not vanish after it accumulates.
The edge can vanish in a blink of an eye.
One move by a bank, country or figure head can erase that edge forever.
Back to square one.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #14
  • Jan 15, 2017 12:09am Jan 15, 2017 12:09am
Quoting erud
{quote} I agree with fighterdude 100%. TooSlow, you basically claim that all who loose are unlucky and the ones who are constantly profitable are the lucky ones. That makes no sense and is statistically impossible.
Please reread my post and do not misquote me.
Thank you.
Cheers!
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #15
  • Jan 15, 2017 12:12am Jan 15, 2017 12:12am
Winning and being a winning trader are two different things…
Anyone, and I literally mean anyone, even a 5-year-old child, can find themselves in a winning trade. It does not require any special skill to get lucky on any particular trade and hit a winner. All you have to do is open your trading platform and push a few buttons and if you get lucky, you can make a lot of money in a short amount of time.
As a result of the above, it’s natural for a trader who has not yet developed his or her trading skills to take the leap from “it’s easy to win” to “it can’t be that much harder to make a living from this”.
This is how many traders’ careers get started. Needless to say, it is also how they get on the path to losing a whole lot of money just as fast or even faster than they made it.
A winning trader has the mental skills to realize, understand and utilize the FACT that any particular trade he or she takes has basically a random outcome. That is to say, they cannot possibly know the outcome of that trade until it is over. The winning trader knows this and they also know that they must trade in-line with this belief over a large series of trades and ignore all the temptations and feelings that get kicked up on each trade they take. They are able to do this because they keep their eyes on the bigger picture. That bigger picture is the fact that IF they execute their method flawlessly, over and over, over a long enough period of time / series of trades, they will come out profitable.
Thus, do not mistake a winning trade for you being a winning trader, yet. A very easy trap to fall into.

- Mark Douglas
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #16
  • Jan 15, 2017 1:08am Jan 15, 2017 1:08am
TooSlow, appropriate handle as apparently you're "too slow" in the head.

All losses are bad luck.
Why?
Other people have to move the market in against you in order for you to lose.
The reason you enter a trade ( technical, fundamental, coin toss, tea leaves, etc...) has nothing to do with what happens after you enter a trade.
It is up to the other traders.
You do not have to believe me.
Perhaps you have heard of a little book called "Trading in the Zone".
Cheers!

I understand many will disagree.
Rather than see things as they are, many cling to false beliefs.
If you cannot control the outcome, any unfavorable outcome is attributed to bad luck.
There is no other logical explanation.

No.
Mistakes can be made.
Click buy when you wanted to sell.
Click 100 lots when you meant 10.
That's not good luck.
That's human error.

You can not control loss.
You can not make a trade a loser.
Other people have to move the market to your stop loss.
That's bad luck.

Green pips to all.
Cheers!




  • #17
  • Jan 15, 2017 1:55am Jan 15, 2017 1:55am
Quoting TooSlow
Winning and being a winning trader are two different things Anyone, and I literally mean anyone, even a 5-year-old child, can find themselves in a winning trade. It does not require any special skill to get lucky on any particular trade and hit a winner. All you have to do is open your trading platform and push a few buttons and if you get lucky, you can make a lot of money in a short amount of time. As a result of the above, its natural for a trader who has not yet developed his or her trading skills to take the leap from its easy to win to it...
I think it will take a while for some on this thread to understand what you are trying to say. It takes a while for a trader to become a winning trader versus a trader wins some trades. We are all betting. Some of us employ a type of probability. Most of us do not consider it and we take trades everywhere, all the time, with no money management an a position size that is usually too large. It is neat to watch some traders progress however.
If you are good at something, never do it for free--Joker
  • #18
  • Jan 15, 2017 2:15am Jan 15, 2017 2:15am
I think it will take a while for "TooSlow" to realize everything he said can be inverted. That's why his handle is "Too Slow".
  • #19
  • Jan 15, 2017 2:24am Jan 15, 2017 2:24am
Quoting TooSlow
{quote} Luck does not vanish after it accumulates. The edge can vanish in a blink of an eye. One move by a bank, country or figure head can erase that edge forever. Back to square one.
Depends on your edge, but if your edge is related with market structure is very difficult that a single entity can change that structure forever.

Anyway I recommend you reading about statistics and probabilistic theory. Studing a series of trades you can learn lots of things about your trading.
  • #20
  • Jan 15, 2017 2:25am Jan 15, 2017 2:25am
Quoting BubaYaga
I think it will take a while for "TooSlow" to realize everything he said can be inverted. That's why his handle is "Too Slow".
No, nothing he quoted from Mark Douglas can be inverted. Not really trying to be adversarial, but try re reading the material.
If you are good at something, never do it for free--Joker
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