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  • #1,109,901
  • May 12, 2017 2:36pm May 12, 2017 2:36pm
Quoting yanitsa
{quote} 10000 hours is the minimum . I'd recommend a book by Daniel Coyle , The Talent Code . Nothing to do with trading , but explaining how greatness is achieved . Deep practice , thats all .
Can't argue with that. Books like trading in the zone and other books that bring you psychological fortitude while trading is probably very beneficial.
  • #1,109,902
  • May 12, 2017 2:40pm May 12, 2017 2:40pm
Quoting wukatrades
{quote} Agree. Books waste of time. Bullshit information probably 99% of the pages. Truly profitable traders can give you golden nuggets easily and should be able to explain easily but of course they won't because a truly profitable trader probably spent 10000+*** hours to get to where he is and won't tell you the most important info. Chart time & experience > everything imho
have to disagree there

my recommended reading:

1. reminiscence of a stock operator
2.pit bull, lessons from a wall street champion day trader
3. market wizards (1st one)
  • #1,109,903
  • May 12, 2017 2:40pm May 12, 2017 2:40pm
Quoting wukatrades
{quote} Can't argue with that. Books like trading in the zone and other books that bring you psychological fortitude while trading is probably very beneficial.
No doubt !
Reading is beneficil by itself .But not everything , thats all I am saying ....
  • #1,109,904
  • May 12, 2017 2:42pm May 12, 2017 2:42pm
I miscalculated my EU ENTRY after 2 pm est by 1.7 pip. For those who doesn't read books - show me entry that close please with that type of time calculation. And next week I will give you some more entries like that just so you can think about it! Good luck !
  • #1,109,905
  • May 12, 2017 2:43pm May 12, 2017 2:43pm
One of my favorite pieces :

''Let’s pretend that one week from now you will take a test on the next ten pages of this book. You have thirty minutes to study. Which practice
method would help you get a better grade?
A) Reading those ten pages four times in a row, and trying to memorize them.
B) Reading those ten pages once, then closing the book and writing a one-page summary.
It’s not even close. Research shows that people who follow strategy B remember 50 percent more material over the long term than people who
follow strategy A. This is because of one of deep practice’s most fundamental rules: Learning is reaching. Passively reading a book—a relatively
effortless process, letting the words wash over you like a warm bath—doesn’t put you in the sweet spot. Less reaching equals less learning.
On the other hand, closing the book and writing a summary forces you to figure out the key points (one set of reaches), process and organize
those ideas so they make sense (more reaches), and write them on the page (still more reaches, along with repetition). The equation is always the
same: More reaching equals more learning.''
  • #1,109,906
  • May 12, 2017 2:43pm May 12, 2017 2:43pm
Quoting hilmy83
{quote} have to disagree there my recommended reading: 1. reminiscence of a stock operator 2.pit bull, lessons from a wall street champion day trader 3. market wizards (1st one)
Thank you! Those guys make me laugh! Unbelievable.
  • #1,109,907
  • May 12, 2017 2:52pm May 12, 2017 2:52pm
Quoting yanitsa
{quote} The leap from Demo to 100k account is unhealthy IMO . Psychological aspect of the game is very important !
Psychological aspect is VERY important. I dont risk more than 1% per trade and only trading the EUR/USD for now. it helps calms the nerves...lol honestly should have started with a smaller account...
  • #1,109,908
  • May 12, 2017 2:58pm May 12, 2017 2:58pm
Quoting Babypips101
{quote} Psychological aspect is VERY important. I dont risk more than 1% per trade and only trading the EUR/USD for now. it helps calms the nerves...lol honestly should have started with a smaller account...
Why smaller accounts? Just trade smaller volume. 100k can make you reach in few years if you will be patient enough.
  • #1,109,909
  • May 12, 2017 3:03pm May 12, 2017 3:03pm
Quoting Babypips101
{quote} Psychological aspect is VERY important. I dont risk more than 1% per trade and only trading the EUR/USD for now. it helps calms the nerves...lol honestly should have started with a smaller account...

Everytime I see "I don't risk more than 1% of my account", I remember the days when SnB decided to put a cap on EUR vs CHF @1.20 in Sep 2011 and when they decided to remove it in Jan 2015.
  • #1,109,910
  • May 12, 2017 3:03pm May 12, 2017 3:03pm
Quoting Babypips101
{quote} Psychological aspect is VERY important. I dont risk more than 1% per trade and only trading the EUR/USD for now. it helps calms the nerves...lol honestly should have started with a smaller account...
What do you mean by risking 1 % per trade? With 100k you mean 1000 bucks, if you trading 1.0 volumes it's only 100 pips and your 1% blown. Which is relatively easy with EU on 1 or 2 bad trades or high liquidity day. Don't really understand what is risking 1% means.
  • #1,109,911
  • May 12, 2017 3:04pm May 12, 2017 3:04pm
Quoting Connors
{quote} Everytime I see "I don't risk more than 1% of my account", I remember the days when SnB decided to put a cap on EUR vs CHF @1.20 in Sep 2011 and when they decided to remove it in Jan 2015.
  • #1,109,912
  • May 12, 2017 3:05pm May 12, 2017 3:05pm
Quoting denisius
{quote}

Don't laugh man, pain is still fresh
  • #1,109,913
  • May 12, 2017 3:07pm May 12, 2017 3:07pm
Quoting Connors
{quote} Everytime I see "I don't risk more than 1% of my account", I remember the days when SnB decided to put a cap on EUR vs CHF @1.20 in Sep 2011 and when they decided to remove it in Jan 2015.
I have prinscreen somewhere entering that day . Yea 1% was out the window in first 7 seconds
  • #1,109,914
  • May 12, 2017 3:08pm May 12, 2017 3:08pm
Quoting denisius
{quote} What do you mean by risking 1 % per trade? With 100k you mean 1000 bucks, if you trading 1.0 volumes it's only 100 pips and your 1% blown. Which is relatively easy with EU on 1 or 2 bad trades or high liquidity day. Don't really understand what is risking 1% means.
you're confusing 1% with straight $1000 position size..his/her 1% could be 50 pips, 100 pips, ..
  • #1,109,915
  • May 12, 2017 3:11pm May 12, 2017 3:11pm
Quoting hilmy83
{quote} you're confusing 1% with straight $1000 position size..his/her 1% could be 50 pips, 100 pips, ..
Thats why I said I don't really understand what it means !
  • #1,109,916
  • May 12, 2017 3:11pm May 12, 2017 3:11pm
Risking 1 % is risking 1% .
If Your stop is 30 pips , 1 percent off 100 k means Your size is 3.3 lots .
Or ( the way I play it ) if the trades is invalid say 25 pips way , and I am willing to risk 1 % , I'd bet 4 lots ( 40* 25 = 1000 ) .
So Your risk is allways the same , but the size depends on where the stoploss should be .
  • #1,109,917
  • May 12, 2017 3:12pm May 12, 2017 3:12pm
Quoting denisius
{quote} I have prinscreen somewhere entering that day . Yea 1% was out the window in first 7 seconds
I lost the whole account ca. 60K on the day Sep 2011 within minutes - stops didnt work, had a very hard time explaining what happened to my parents.
  • #1,109,918
  • May 12, 2017 3:12pm May 12, 2017 3:12pm
Quoting denisius
{quote} Thats why I said I don't really understand what it means !

See: http://www.noafx.com/forex-calculator.php
  • #1,109,919
  • May 12, 2017 3:19pm May 12, 2017 3:19pm
Quoting denisius
{quote} What do you mean by risking 1 % per trade? With 100k you mean 1000 bucks, if you trading 1.0 volumes it's only 100 pips and your 1% blown. Which is relatively easy with EU on 1 or 2 bad trades or high liquidity day. Don't really understand what is risking 1% means.
Yes that is what I mean lol true it only takes 1-2 bad trades for my 1% ($1000 US) to be blown. Most of my setups:

EUR/USD
Stop loss: 100 pips or less
Risk in percentage: 1%
Account size: $100,000
Lot size: 1 standard lot

Do you trade less than 1% of you're account size per trade?
  • #1,109,920
  • May 12, 2017 3:20pm May 12, 2017 3:20pm
Quoting Connors
{quote} I lost the whole account ca. 60K on the day Sep 2011 within minutes - stops didnt work, had a very hard time explaining what happened to my parents.
It was firs blown account for me too. After that I quit for 2 years.
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