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The Big secret to trading success

Quoting PeterFXlover
Trading regularity or Trading frequency is not linked to profitability, so trade valid time frames and that means either long term trend following or swing trading. Leave day trading alone unless you want to lose quickly.
That kind of thinking is faulty in my opinion. I never understood this mystical clarity that people tend to attach to TFs above H1. It is just waves within waves. The only perk you get trading H4 or D1 as a newbie is that you might get wrecked later rather than sooner. That is, if you have a large account. Trade D1 with 500$ and you will be gone pretty soon.

Anyway, from what I observed is that experience plays a crucial role in trading profitably. How do you get experience? By actually trading. Pulling the trigger, managing your trades and following your method. You can read 1000s of books and listen to hundreds of seminars but the fact is that it won't get you much further unless you draw your own conclusions based on your experiences. Trading huge TFs means gaining experience much slower than a day-trader.

Daytrading has it's drawbacks too, but it has nothing to do with "unpredictability of small TFs". It is more of a psychological issue. Since most traders are trading without an edge, have inconsistent management techniques (both trade and money wise), they are going to lose money faster because of the frequency of their trades. Not to mention the psychological burdens of the unavoidable losses that can impair the performance of an inexperienced trader, exposing him the the typical trading errors (overtrading, revenge-trading, overleveraging, etc.).
Invincibility lies in the defence; the possibility of victory in the attack
I sometimes lose the will to live reading this website.

The unsubstantiated notion that day-trading is going to demolish an account is just that - unsubstantiated.

As has been correctly pointed out - waves in waves. Whatever wave a trader takes his setup in - book the profits in that wave.

GBPJPY M5 wave

Risk on booked (2R) first position was the green box. Rest is free to run - or not.

SR gives direction - trade the pullbacks.

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Quoting simond2002
Rest is free to run - or not.
Booked.

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Quoting BBalazs
{quote} That kind of thinking is faulty in my opinion. I never understood this mystical clarity that people tend to attach to TFs above H1. It is just waves within waves. The only perk you get trading H4 or D1 as a newbie is that you might get wrecked later rather than sooner. That is, if you have a large account. Trade D1 with 500$ and you will be gone pretty soon. Anyway, from what I observed is that experience plays a crucial role in trading profitably. How do you get experience? By actually trading. Pulling the trigger, managing your trades...

"You can read 1000s of books and listen to hundreds of seminars but the fact is that it won't get you much further unless you draw your own conclusions based on your experiences." couldn't agree more!!! Here is mine Big secret to trading success...take a 1000 trades write down reason why did you take them . Analyse it ... even the bad ones...make a strategy avoid the bad ones ... now take another 1000 trades if your profit improve (as it should) you on something aren't you? repeat until you get some good results.... This changed my life about 20 years ago...!!! green pips
Full disclosure: Been demoing cTrader because I want to look into trading different TFs. So this is a demo trade but it illustrates the point about TFs.

UJ M3 trade.

The original break of SR gave direction. Entry was the retest - actually a few candles late but it still gives 2R (risk was above that outside bear bar).
Closed it on opposing PA.

Direction is absolutely critical - or more importantly, being able to identify where direction has or is changing and then getting in asap with the weight of the swing behind us.

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forex secret is patience and money management if u follow this u will success.
You need to watch the charts day in day out for 4-5 years a way to speed this up is to use a trade simulator and draw key levels and see what points the market responds to.

You need to learn all the theories and indicators and throw 99 of them away and stick with 1 or 2 of them that you find that work.

Money management is key and setting hard stops and profit targets is a losing strategy as the market expands 90% of the time hitting everyones stops only a matter of time no matter what direction.
Find your Favourite Pattern
Quoting Davit
{quote} after 9 years this is what you are discovering... Better have deep account for DD because you will be tossed around in corrections or get stopped out repeatedly.I am just baffled all the crap is being shared here as wisdom. Where is the trend chart below? Are you whiling to accumulate 200pip DD? Considering forex is 70%ranging saying your success depends on 30% trend probability is not an EDGE more like recipe for disaster. Good luck {image}
This guy is a fool. Anyone can make money with a 100% win rate. A trained monkey can make money with a 100% win rate. A fool like him needs a 100% win rate because he is not a skilled trader but a losing trader who hides his losses. A talented, skilled trader can make money with only 20% or 30% win rate.

If you believe you need a 100% win rate before you make money in the markets you are doomed.

I repeat this again and again: You are at most risk of losing money when you do not know what you are doing! And do not follow fools who do not know what they are doing!
You came here for the truth and let me unveil it for you
Quoting cat
{quote} Not even that. The big secret is that there is no secret. Everything we need to know about trading is right there in front of our faces every time we pull up our charts. Just like the code breakers at Bletchley Park during WW2, the code is in there, it just needs to be discovered. Trading is the ultimate puzzle, and solving it opens the door to success. Those who fail, the majority if this forum is anything to go by, do so only because for one reason or another. they fail to solve the puzzle.
There are secrets to making money trading but it's a secret for a reason. Some call it intellectual property. The beauty of the markets is that there are many ways and different ways to make money from it. And that's the secret. But they are very hard to find. The very few that have found them keep it a secret

It's like a maze. You must find a way out from being a losing trader and become a winning trader. Most people get stuck and feel trapped in the maze.
You came here for the truth and let me unveil it for you
Quoting RondaRousey
{quote} There are secrets to making money trading but it's a secret for a reason. Some call it intellectual property. The beauty of the markets is that there are many ways and different ways to make money from it. And that's the secret. But they are very hard to find. The very few that have found them keep it a secret It's like a maze. You must find a way out from being a losing trader and become a winning trader. Most people get stuck and feel trapped in the maze.
There are no secrets to trading, not in the market itself nor in the trader. Anyone who finally becomes profitable has solved the puzzle, but they have not found the secret, neither do they harbour it. They have become consistently profitable because they have amassed enough cumulative knowledge of the markets and of themselves as traders to become so. Trading knowledge is not something that can be shared, it can only be learnt. This is why buying or using a so called ' system ' or ' strategy ' will never work without the requisite cognitive knowledge of the markets, and is the reason why the overall majority of people who attempt to become traders never will do so, because they do not appreciate the absolute requirement of many year's trading knowledge and experience. The statistics speak for themselves, and they will never alter because of the ' get rich quick ' mentality that most people bring into trading.
oh yes, there is a big secret to trading success.
and since it is a secret, then it will not be told will not be revealed to the public.
who will share his/her secret to strangers, hah?
patience is a virtue
Quoting cat
{quote} There are no secrets to trading, not in the market itself nor in the trader. Anyone who finally becomes profitable has solved the puzzle, but they have not found the secret, neither do they harbour it. They have become consistently profitable because they have amassed enough cumulative knowledge of the markets and of themselves as traders to become so. Trading knowledge is not something that can be shared, it can only be learnt. This is why buying or using a so called ' system ' or ' strategy ' will never work without the requisite cognitive...
You have said all. Individual just needs to work on himself ( Psychological aspect ) after learning the basics of trading. There is no magic. As you rightly said it comes with experience- learning from mistakes.
Quoting blueseahorse
oh yes, there is a big secret to trading success. and since it is a secret, then it will not be told will not be revealed to the public. who will share his/her secret to strangers, hah?
True. There are secrets but you won't find it on FF that's for sure.
You came here for the truth and let me unveil it for you
Quoting RondaRousey
{quote} Then you go on to say the secret is trend trading and that is the big secret: the secret to trading success, and you guessed it, it's trading with the trend in your favour You contradict yourself and really don't know what you are saying. You are a losing trader and have no secret. I agree to that. You trade GBP/JPY yet never post your trades or analysis on a GBP/JPY thread. I have said many times you are most risk of losing money when you don't know what you are doing. You don't know what you are doing or saying. THese so called high impact...
No contradiction at all, you need to read between the lines...the big secret is that there is no secret, and I then say that the big secret lies in trading with the trend, which I assume most people here are intelligent enough to realize that there are no secrets to trading with the trend, even though most people do not do it. Then you make the bold assumption that because I do not post trades, I am a losing trader. This is pretty pathetic coming from someone who only became a member within the last few weeks. It is usually always the losing traders who criticize others here on ff for no good reason, and I am only sorry that this thread has made you feel so inadequate.

I am not in the business of posting my trades, and have never had any intention doing so. You like what I say or you don't. Worthless criticism of others will do nothing to improve your trading I can assure you, so best divert your energies to something that will.
Cat, don't sweat it (I know you're not). Rhonda Rousey is a busted flush, a) everyone knows that now, and b) it's no secret!
Road To Wisdom? To err and err and err again, but less and less and less...
Quoting RondaRousey
{quote} intelligent like you? So if I agree with you I'm intelligent? Most people here are intelligent enough to realize that you cannot trade and your skills are limited to just posting. Basically you created a thread called the biggest secret to trading success is that there is no secret? If so, why write all the other rubbish?
You see the difference between you and I, and it is an important difference, is that you see it fit to judge and pass sentence on someone you know nothing about, on a thread you know nothing about unless you've been furtively spying from non-membership status, whereas I post from time to time when I feel I have something helpful or useful t post. I do not assume it will be helpful for everyone, or will generate discussion, so the fact that it has pleases me. Your attitude, if I know anything about life, betrays an embittered individual who finds it very difficult to accept that there are traders here on ff who not only make money from trading, but like to pass on what knowledge and experience they have gained over the years to others, for what help, if any, that it may offer.

I actually feel rather sorry for you if I'm honest, as I've come across many such people as yourself on this forum over the years , though thankfully, you are in the minority. And yes, of course you are perfectly entitled to call this forum rubbish. You are obviously endowed with far greater wisdom than I.
Quoting Calculus
Cat, don't sweat it (I know you're not). Rhonda Rousey is a busted flush, a) everyone knows that now, and b) it's no secret!
By the way, for those new to this thread, I'll just briefly recap on what I said above about the ' Big secret '. Obviously as we all know, there is no big secret as such, but there is a way of greatly improving our chances of success, and that is to trade, or learn to trade, with momentum already on our side. I do not like to use the word trend, because to most people trend refers to a price which is firmly set in one direction or another, which it can be, but trends have to be related to time frame, because although the Daily may be showing a firm trend, smaller time frames may be showing a ranging market. Momentum on the other is a cleaner concept to visualize than trend, as people will often ask how to identify a trend, to which I always reply - it is the direction with price momentum already on your side, and this can apply to a daily chart or a 10 second chart.

Trading with momentum, provided you can determine which way the momentum is running, is the easiest way to capture winning trades. Trading against momentum, say on what you hope or think is a direction change, is much more difficult, and it is where most inexperienced traders come unstuck - trading against momentum with the hope of capturing a top or a bottom. It can be done, but it is much trickier than picking an entry when the price is about to resume its previous direction following a pull back, which, provided your entry is a good one, usually sees the price moving away very quickly. So no secret, even though something which is so hard to master for so many seems it must have one.
Quoting cat
{quote} There are no secrets to trading, not in the market itself nor in the trader. Anyone who finally becomes profitable has solved the puzzle, but they have not found the secret, neither do they harbour it. They have become consistently profitable because they have amassed enough cumulative knowledge of the markets and of themselves as traders to become so. Trading knowledge is not something that can be shared, it can only be learnt. This is why buying or using a so called ' system ' or ' strategy ' will never work without the requisite cognitive...
I think you are wrong in the comment.
Quoting whateveridon
{quote} I think you are wrong in the comment.
I may well be, but it would be helpful for all followers of this thread if you would kindly explain why...
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