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The Big secret to trading success

  • #801
  • Mar 8, 2017 1:39am Mar 8, 2017 1:39am
Quoting TradeGenuis
Cut your losses and let your profit ride.Be conservative when you are losing money and be aggressive when you are making some.
Trade Genius,

"Be conservative when you are losing money and be aggressive when you are making some."

I want to confirm if there is further essence to what you said:

If one were losing a couple of trades, does it imply one should reduce the position sizing to recoup what was lost before coming back to the original size.

When we are making money, we sort of add to winning positions sort of like pyramiding?

Thanks
  • #802
  • Edited 7:36pm Mar 8, 2017 7:16pm | Edited 7:36pm
Yeah, depending on your style, I don't advice pyramiding if you don't really have a deep understanding of the markets. You can simply increase back your trading to normal when you recover.The goal is to limit draw downs. Your account has to earn it's way out of the hole. If you can stick with this you will be successful. Sometimes you have to take one or two days off and stop trading completely. Go have fun with your love ones. You will sometimes get beaten up for a whole week.Keep protecting your ass that's your only Job as a trader.
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Sometimes I will withdraw my account to zero just to prevent me from trading.Whenever you feel emotionally beaten, DO NOT TRADE. But the difference is that I come back, when most will look for another holy grail. Again focus only on what you can control. In my opinion, any strategy with a risk reward ratio greater than 3 that doesn't incur too much spread in doing so has to make money.
Special one
  • #803
  • Mar 8, 2017 7:44pm Mar 8, 2017 7:44pm
The holy grail is not discovered, it is made. Quite back-testing and start forward testing, start with an amount you consider lost and risk small. Don't lose, learn.
Special one
  • #804
  • Mar 8, 2017 7:50pm Mar 8, 2017 7:50pm
I think are good ideas.
  • #805
  • Mar 8, 2017 10:46pm Mar 8, 2017 10:46pm
Quoting TradeGenuis
Yeah, depending on your style, I don't advice pyramiding if you don't really have a deep understanding of the markets. You can simply increase back your trading to normal when you recover.The goal is to limit draw downs. Your account has to earn it's way out of the hole. If you can stick with this you will be successful. Sometimes you have to take one or two days off and stop trading completely. Go have fun with your love ones. You will sometimes get beaten up for a whole week.Keep protecting your ass that's your only Job as a trader.{image} Sometimes...
Thanks Trade Genius for your thoughts which have definitely enhanced my trading wisdom...
  • #806
  • Mar 9, 2017 5:27pm Mar 9, 2017 5:27pm
Glad It did.
Special one
  • #807
  • Mar 26, 2017 3:31pm Mar 26, 2017 3:31pm
In Forex, the secret of success are working hard to gain profit . if you know a lot and have great skills as well knowledge and observation then you can make money in Forex. The success is possible but it comes with hard work and it’s not just overnight thing.
  • #808
  • Mar 27, 2017 6:49am Mar 27, 2017 6:49am
Quoting NeilWagner
In Forex, the secret of success are working hard to gain profit . if you know a lot and have great skills as well knowledge and observation then you can make money in Forex. The success is possible but it comes with hard work and its not just overnight thing.
100% agree!
I live entirely from the growth of my personal trading account
  • #809
  • Mar 27, 2017 7:11am Mar 27, 2017 7:11am
Quote
In Forex, the secret of success are working hard to gain profit . if you know a lot and have great skills as well knowledge and observation then you can make money in Forex. The success is possible but it comes with hard work and its not just overnight thing.

I agreed a part of it.
Indeed working hard is crucial,but not like study in school,you work harder and the score in exam is better, The nature of Forex market also include other financial markets is only 1% people can survive,which decide the majority of traders have to fail,although they always ignore it, that is the truth.
  • #810
  • Mar 27, 2017 11:12am Mar 27, 2017 11:12am
There is no special secret to succeed unless traders take constant practice. And take lesion from every mistakes and bad trades. Traders grow along with their bad experience in trading, understand the market and found good method to deal with, require long process of training. If traders able to be patient, it would be better.
  • #811
  • Apr 9, 2017 1:14pm Apr 9, 2017 1:14pm
Do you think it is possible to succeed in trading without a coach?
Can it be enough to read books, talk to other traders and learn out of your mistakes?
  • #812
  • Apr 21, 2017 12:59am Apr 21, 2017 12:59am
Quoting Kanewilliams
There is no special secret to succeed unless traders take constant practice. And take lesion from every mistakes and bad trades. Traders grow along with their bad experience in trading, understand the market and found good method to deal with, require long process of training. If traders able to be patient, it would be better.
Absolutely true. Learning from one’s own mistake is the best secret to your trading success. Consistency with your trades despite of facing losses, keeping up the spirit to trade and continue trading with more determination, patience and be optimistic.
  • #813
  • Apr 21, 2017 8:48am Apr 21, 2017 8:48am
What do ninety five % of forex investors do wrong?

This list beneath is not the total list but it indicates a number of the matters ninety five% of foreign exchange traders do:

insufficient investment
lack of proper hazard management
over buying and selling
revenge trading
loss of emotional manipulate.
No endurance to attend for proper trading setups
no trading plan
get wealthy quick mentality
counting pips rather than specializing in account boom over a long term period.
Can not receive trading loses as part of the manner

I’m positive you may add a few to your thoughts but you get the factor…

Foreign exchange buying and selling fulfillment could be very easy but very tough to attain

Now and again i simply don’t apprehend myself. I understand what to do and yet i do the opposite element.
What i’ve just defined is the biggest issues confronted with the aid of lots of foreign exchange buyers international. All of us understand what we want to do to achieve success in foreign exchange trading because we've examine books, we've got change money ourselves and we recognise from revel in what we did incorrect.
  • #814
  • May 8, 2017 8:50pm May 8, 2017 8:50pm
I THOUGHT OF A NEW IDEA.

Suppose it is not strategy, but intention, that drives people to become successful traders.

I remembered this passage from Chapter One of Fooled by Randomness. It's about a guy
who visits the Chicago Mercantile Exchange and has a "coup de foudre" a life-changing
revelation and decides to become a trader.

I don't know if he was a forex trader, but he became a successful trader and devised his own
methods. Here's the passage:

Hit by Lightning (from Chapter One of Fooled by Randomness by Nassim Nicholas Taleb)

Nero Tulip became obsessed with trading after witnessing a strange scene one spring day as he was visiting the Chicago Mercantile Exchange. A red convertible Porsche, driven at several times the city speed limit, abruptly stopped in front of the entrance, its tires emitting the sound of pigs being slaughtered. A visibly demented athletic man in his thirties, his face flushed red, emerged and ran up the steps as if he were chased by a tiger. He left the car double-parked, its engine running, provoking an angry fanfare of horns. After a long minute, a bored young man clad in a yellow jacket (yellow was the color reserved for clerks) came down the steps, visibly untroubled by the traffic commotion. He drove the car into the underground parking garageperfunctorily, as if it were his daily chore.

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Click to Enlarge Name: MANDOLUX ferrari - BLANK.jpg Size: 165 KB


(Yes, I know it's a Ferrari, but who really cares...)

That day Nero Tulip was hit with what the French call a coup de foudre, a sudden intense (and obsessive) infatuation that strikes like lightning. This is for me! he screamed enthusiasticallyhe could not help comparing the life of a trader to the alternative lives that could present themselves to him. Academia conjured up the image of a silent university office with rude secretaries; business, the image of a quiet office staffed with slow thinkers and semislow thinkers who express themselves in full sentences.

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Click to Enlarge Name: Kate Bock For GQ Magazine, June 2014 04.jpg Size: 113 KB
HELL IS EMPTY, ALL THE DEVILS ARE HERE. -- Shakespeare
  • #815
  • May 9, 2017 11:22am May 9, 2017 11:22am
I understand your emotions, but new traders shouldn’t invest their money until they are very sure on their trading skill! It’s a very easy way of losing money! Actually, which traders invest their real money so quickly, generally they lose huge amount of money here! Novice traders need to verify their trading strategy’s quality by many parameters! And there is no secret here, I follow general rules of technical and news trading!
  • #816
  • May 9, 2017 1:16pm May 9, 2017 1:16pm
[quote=cat;8883921] we humans are especially prone to over-complicating things and failing to see the wood for the trees. Such an approach to the markets is usually fatal. As Einstein famously quoted - " Out of complexity, find simplicity "
Dear Mr Cat. Here is the wood inside the tree
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  • #817
  • May 24, 2017 6:48pm May 24, 2017 6:48pm
The big "secret" varies among traders.

For me, it was discipline and patience. Learning to sit on your hands when you are trigger happy is extremely difficult. Overtrading is a large factor as to why traders fail.

Also, risk management and position sizing is important as hell. Ever wonder why you panic and can't sleep because of a certain trade? This means you are risking way too much on a single trade, learn how to appropriately position your trades and you will succeed. Over-leveraging your account will wipe out your balance in a heartbeat.

You MUST learn from your mistakes, that is how you become profitable. Learn, and continue to learn.
  • #818
  • May 26, 2017 4:24am May 26, 2017 4:24am
in order to me , the success in Forex is open secret of all. You need a most powerful analyzing trade knowledge besides a reliable support from a credible trading broker , if you want to make sure success from this volatile trading place.
  • #819
  • May 26, 2017 5:42am May 26, 2017 5:42am
Patience is key to success in Forex.

We all "i hope?" know that the banks, fund managers etc. all wanna make money "duh?" and that they are what "drives" the market, right?

So.. knowing this, we need to start thinking and identifying the begining of the sell or buy program that they use over and over again and having the patience to wait for the right moment to enter and then moving with, not the trend, but the momentum that they create, that for me is the key to success.

That, and as always - good money management to be able to maximize your profits and keep your losses in check will make you money in the long run.
  • #820
  • May 26, 2017 10:51am May 26, 2017 10:51am
Set and forget....
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -425
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