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The Trader's Academy - by Traders for Traders

  • #1,181
  • Apr 22, 2017 5:36am Apr 22, 2017 5:36am
Quoting shoen123
It seems i'am in a constantly rotating loop...i know i should get out of it and i know the way out. But i just can't enforce the proper discipline to do so and i'am still struggling.Every single day i'am struggling to get out of that loop and enforce discipline in my life and trading but i lack the strength to follow my own rules for more than 2 weeks tops.. I would greatly appreciate if anybody can share their experiences in how to be disciplined. And mmm Thanks in advance for reply
I see you're varying you lot size a lot, Does your strategy calls for it? If so it aint working in your favor right now (see this for example, not a great performance but I was making some dough) else fix that problem.

Consistency with risk/money management is key even if you're failing to make a net profit. Try to play with your typical winning trade % & loosing trade %, see how it affects your win-rate
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  • #1,182
  • Apr 22, 2017 6:52am Apr 22, 2017 6:52am
If the trade is a great probability trade i risk 2% of a predetermined amount and otherwise risk 1% of it...Actually i am able to obtain good R:R with my strategy,My actual problem is with the exits.Most of the time i am undisciplined enough not to exit at the predetermined level in hopes for more profits and wait too long to exit and actually gets out with much less profit.
  • #1,183
  • Apr 22, 2017 11:24am Apr 22, 2017 11:24am
Quoting shoen123
If the trade is a great probability trade i risk 2% of a predetermined amount and otherwise risk 1% of it...Actually i am able to obtain good R:R with my strategy,My actual problem is with the exits.Most of the time i am undisciplined enough not to exit at the predetermined level in hopes for more profits and wait too long to exit and actually gets out with much less profit.
In that case, place limit/stop orders & sit on your hands..
  • #1,184
  • Apr 25, 2017 9:38am Apr 25, 2017 9:38am
Quoting cat
The idea behind this is to have one single thread where anyone here on Forex Factory can share ideas, tips, strategies, knowledge, anechdotes and experience for the benefit of others. You can post anything you like as long as it is designed to help others master the many facets necessary to become a successful trader, whether it be market knowledge or psychological hurdles that need to be overcome. This thread therefore is meant to compliment the interactive trading threads where traders call their trades and discuss levels etc, by concentrating...
Hi Cat,

Just wanted to say thank you for setting up this thread, I am currently reading through from page 1 and I can already see this group will be massively beneficial to me.
I self started mostly focusing on EUR/USD back in 2015, had a few good wins, but shied away from the markets after some heavy losses.

Im determined not to let my time invested go to waste so for that reason Im back with an open mind and pen & paper!

I look forward to being a part of this group and hope to be able to add value in the future.

Thanks again!

Miles
  • #1,185
  • Apr 25, 2017 9:46am Apr 25, 2017 9:46am
Dow just hit the all important 21,000. I have resistance there, but no final resistance, which would be 21,200-300, and above that, we are in for new highs with US stocks. However, should we break and hold above 21,000 and continue to move up, then the 200-300 level 'should ' offer very strong resistance. I say 200-300 because although the resistance I have on my daily chart is currently 200, this can typically be broken, but not by much if I am right about the level.

French election aside, this has also been an up move in line with what I was expecting this week, off of the daily 100sma, which was always likely to provide strong support when hit, as it indeed has proved to do.
  • #1,186
  • Apr 25, 2017 9:51am Apr 25, 2017 9:51am
Quoting MillzRG
{quote} Hi Cat, Just wanted to say thank you for setting up this thread, I am currently reading through from page 1 and I can already see this group will be massively beneficial to me. I self started mostly focusing on EUR/USD back in 2015, had a few good wins, but shied away from the markets after some heavy losses. Im determined not to let my time invested go to waste so for that reason Im back with an open mind and pen & paper! I look forward to being a part of this group and hope to be able to add value in the future. Thanks again! Miles
Hi MillzRG, thanks for that, and I'm really happy that you are finding the thread useful. If you have any questions, don't be afraid to ask, I or perhaps some of the others will always do our best to answer. The posting on this thread is intermittent as you can see, but I for one come back to it from time to time when I feel inspired enough to do so.
  • #1,187
  • Edited Apr 26, 2017 12:36am Apr 25, 2017 12:13pm | Edited Apr 26, 2017 12:36am
Most experienced traders will know this, but for those who don't -

Nearly all significant moves that already have established momentum behind them will give traders an opportunity to get into the trade by way of a pullback. The best opportunities usually present themselves around the major Stock Market's opening times, so 7am London time fore the Frankfurt open if you are trading the Dax, 8am for the London open which is the most important time to be at your trading desk, and 14.30 for the New York open. Although these are the main ones, others may want to add Tokyo, but as I'm asleep at that time, I'll leave that one out. For Forex however, especially the GBP pairs, you really need to be up and running by 6am London time, as there are very often significant moves soon after 6am, and although there will always be pullbacks, the early ones are often the best in terms of risk/reward. The most important thing is to recognize these pullbacks for what they are, and not get tricked into trading them the wrong way!!

As the saying goes - ' the early bird catches the worm ', and this is never so true as in forex.
  • #1,188
  • Apr 25, 2017 1:53pm Apr 25, 2017 1:53pm
Quoting cat
Most experienced traders will know this, but for those who don't - Nearly all significant moves that already have established momentum behind them will give traders an opportunity to get into the trade by way of a pullback. The best opportunities usually present themselves around the major Stock Market's opening times, so 7am London time fore the Frankfurt open if you are trading the Dax, 8am for the London open which is the most important time to be at your trading desk, and 14.30 for the New York open. Although these are the main ones, others...

One thing to consider if time is an issue is to think about price levels.
If you are good at something, never do it for free--Joker
  • #1,189
  • Apr 26, 2017 7:20am Apr 26, 2017 7:20am
Just some inspiration for those traders staring at the screen alone. You are not alone. But when you are, be the wolf.

https://au.pinterest.com/pin/576038608578185282/

https://au.pinterest.com/pin/576038608578185182/

https://au.pinterest.com/pin/576038608578184908/

https://au.pinterest.com/pin/576038608578185624/
  • #1,190
  • Edited 10:47am Apr 26, 2017 10:01am | Edited 10:47am
Losing? Why?

We have to be able to answer this question, because if we're struggling to make any money from trading, we have to have a pretty damned good idea why?

These in my opinion are the two main reasons why traders lose.

- Insufficient experience and knowledge of price action, market dynamics, and crowd psychology. If we have less than five years trading experience, and are failing consistently to make money, then this probably applies.

- Psychological hijacking. We do well on demo, but when it comes to live trading, we fall prey to all or some of the psychological self-destruction so many traders are prone to. These include fear of pulling the trigger; Fear of missing out; Taking profits too early/late; Ill discipline ( moving stop losses etc, lack of patience ). All of these are normal, but these are weaknesses all successful traders have learnt to overcome.

And that is it, those are the reasons traders fail. If we fall into any of these categories, then we have to do something about it. If we lack the necessary knowledge, then we must keep working tirelessly to acquire it.

If we are being hijacked by our own psychological weaknesses, then we have to make it our priority to overcome them.

Either way, it is helpful to make a list of those aspects of our trading that we know are letting us down, in order of importance if applicable. Then, we must set about correcting these, because unless we face up to reality, nothing will change. Having delusions as a trader is fatal, because they will be ruthlessly exploited by the market every time. In this business, we either make money or we lose it, there is no middle ground. We either acquire what all successful traders have acquired to get where they are, or we fail, not because we are not smart enough, but because we do not appreciate the depth of knowledge and skill required to trade successfully, and/or we are blind to the type of person we need to become.
  • #1,191
  • Edited 4:46am Apr 28, 2017 3:00am | Edited 4:46am
Those of you seeking a really good pair to trade - good, consistent volatility, big range, lots of movement both ways, low spread ( I have 2.5 ), and no harder to trade than anything else despite its reputation, then look to GBP/JPY. You will find there are more than enough pips on offer from this one pair alone to make a highly lucrative living provided you can trade it. It moves all through the night, day and evening as well. Fantastic pair...I've long since wondered why so few people trade it.
  • #1,192
  • Apr 28, 2017 4:19pm Apr 28, 2017 4:19pm
Quoting cat
Losing? Why? We have to be able to answer this question, because if we're struggling to make any money from trading, we have to have a pretty damned good idea why? These in my opinion are the two main reasons why traders lose. - Insufficient experience and knowledge of price action, market dynamics, and crowd psychology. If we have less than five years trading experience, and are failing consistently to make money, then this probably applies. - Psychological hijacking. We do well on demo, but when it comes to live trading, we fall prey to all or...

Look I'm a very diligent person, I practiced many sports including Martial Arts.. there's nothing you can do to "improve" your trading.
  • #1,193
  • Apr 28, 2017 5:13pm Apr 28, 2017 5:13pm
Quoting HeyYou
{quote} Look I'm a very diligent person, I practiced many sports including Martial Arts.. there's nothing you can do to "improve" your trading.
Look we all have opinions but obviously this comment is not true.

There's you bringing your experience of other things in your life to trading.. nothing quite compares and you can very much can improve, problem is if you feel you have hit a ceiling then your not receiving the right guidance
It's in fear when people show what they truly value.
  • #1,194
  • Apr 28, 2017 5:16pm Apr 28, 2017 5:16pm
Quoting ensale
{quote} Look we all have opinions but obviously this comment is not true. There's you bringing your experience of other things in your life to trading.. nothing quite compares and you can very much can improve, problem is if you feel you have hit a ceiling then your not receiving the right guidance
No it's not just my personal experience but yours as well, otherwise you would post your stats to prove your point.
  • #1,195
  • Edited 4:48am Apr 29, 2017 4:13am | Edited 4:48am
Quoting HeyYou
{quote} No it's not just my personal experience but yours as well, otherwise you would post your stats to prove your point.

I want to add some advice to those who understand me and give a practial solution, which is, if you see little to no improvement over the years, still blowing accounts like an idiot, stop trying to improve anything and accept yourself as you are.

greed, impatience and even revenge trading can be strengths !

if you can't take losses, why not trying "no stop loss", this way you take only one loss lol, or adding to losses or martingale... whatever

I guarentee this works better.

recklesness is a product of overcoming anxiety so don't worry about it, as long as you trade your way no anxiety will come.
  • #1,196
  • Apr 29, 2017 4:21am Apr 29, 2017 4:21am
Quoting HeyYou
{quote} I want to add some advice to those who understand me and give a practial solution, which is, if you see little to no improvement over the years, still blowing accounts like an idiot, stop trying to improve anything and accept yourself as you are. greed, impatience and even revenge trading can be strenghts ! if you can't take losses, why not trying "no stop loss", this way you take only one loss lol, or adding to losses or martingaling... whatever I guarentee this works better. recklesness is a product of overcoming anxiety so don't...
You talk as if the most important thing is just trading when really the most important thing is having a chance to begin with bu way of appropriate market knowledge.

I drink a bit, sometimes i drive knowing full well im over the limit. I get away with it... eventually, and as probabilities will have it... I wont
Time hides Nothing
  • #1,197
  • Apr 29, 2017 4:25am Apr 29, 2017 4:25am
Quoting CindyXXXX
{quote} You talk as if the most important thing is just trading when really the most important thing is having a chance to begin with bu way of appropriate market knowledge. I drink a bit, sometimes i drive knowing full well im over the limit. I get away with it... eventually, and as probabilities will have it... I wont
That's definitely a very important factor, but you can still trade with an edge even if use no stop loss, I just would not recommend adding to losses but I see people making money this way, and that's the most important thing... MAKING MONEY damn
  • #1,198
  • Apr 29, 2017 5:29am Apr 29, 2017 5:29am
Quoting HeyYou
{quote} That's definitely a very important factor, but you can still trade with an edge even if use no stop loss, I just would not recommend adding to losses but I see people making money this way, and that's the most important thing... MAKING MONEY damn
I believe the most important thing is to preserve capital... maybe for 1000 trades you made money with no stop loss but it only takes one flash crash, nuclear bomb, assasination, earthquake and a blink of an eye

would you trade like that on a 10 million dollar account?

So if your strategy can only work without a stop loss then really what is the point and who are you kidding?

just my thoughts
Time hides Nothing
  • #1,199
  • Edited 6:32am Apr 29, 2017 5:38am | Edited 6:32am
Thanks for the above posts, as all opinions and commentary is valid as far as I'm concerned as each and every one of us has something valuable to offer.

May I just stress with this thread though that no one should be trying to prove anything here, that is for the interactive threads. All this thread is about is for myself and others to air our experience and knowledge of the markets from what we have learned thus far, on every aspect of trading. Each post will find its own audience, and will be useful to some and not to others.

I'm not interested in how much money a trader has made or lost, what their stats are, and how long they have been trading, traders can advertise that information if they wish and others may be influenced by it, but that is really superfluous to this thread, which is all about traders sharing their experiences of the markets they believe will be of benefit to others.

My posts, I hope, are along these lines. I have never claimed to be the world's greatest trader or of having any particular secret to trading success, but what I do try to do is illustrate what I have learned thus far in my life as a trader and the many hurdles I have overcome and am still attempting to overcome, because trading is a never ending process of learning and improvement. I do this because I know that every single challenge I have faced, everything I have learned during the last ten years since I first looked at a chart, applies to each and every one us in our quest for trading success, without exception. For this very reason alone, we can all learn a great deal from each other, and that, is what this thread is all about.

I wish everyone a very nice weekend, charging our batteries as we are for the battles that lie ahead next week.
  • #1,200
  • Apr 29, 2017 6:06am Apr 29, 2017 6:06am
Quoting CindyXXXX
{quote} I believe the most important thing is to preserve capital... maybe for 1000 trades you made money with no stop loss but it only takes one flash crash, nuclear bomb, assasination, earthquake and a blink of an eye would you trade like that on a 10 million dollar account? So if your strategy can only work without a stop loss then really what is the point and who are you kidding? just my thoughts

There are two ways to make money:

1 start big and focus on RISK
2 start small and focus on reward

I found the second options to be "stressfree" and fun. Withdrawing frequently is key.. then rinse and repeat.

start small, win fast, lose fast is my motto, hope you understand!
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