The 10,000 Hours and Beyond Club

Entry 101316 - Dealing with Draw Down
New entry every Wednesday

Recently recovered from my late DD on one of my swing account.

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I must say the one of the keys to get this DD recovered is keeping your head clear, know what your setup can and cannot do in any given time, and finally to have your position executed correctly.

100% hit rate for the month of October.

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I have also spotted several margin call accounts across the community. After i closely looked into these account, I found traders often over commit to their position plus not having the protective SL to protect their accounts. These are the typical mistakes among novice FX traders.

DD is okay because it's a part of the trading business. What most traders ignored is that dealing with DD is equally important to growing your FX trading account.

Let me know what's your thoughts on this subject, and give this entry a "Like" if you find it helpful. ▼

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Trade Tweet on Twitter @MidnightLambada

Entry 101916 - Being Brave
New entry every Wednesday

We all have these negative self talks, quitting talks that go in our head. Guess what? There are enough people already tell us what we can’t do it, that we are not good enough when it comes to Forex trading. Unfortunately, sometimes we listened and let it become a part of our believe, action and excuse.

Why do we want to tell us that? We know that the thought influences action. We need to get ourselves the self-affirmation. Muhammad Ali, what was his self-affirmation? “I am the greatest! There is no one better than me” Now, who else is going to tell you that? We need these moments in our bed room, quiet moment brushing our teeth reaffirm that I am the captain of our ship and the master of my fate.

Looking forward to a time that I would feel good again helps me keep moving forward. And sometimes I have to be brave, and it wasn’t always easy. Sometimes I fault turned, I had bad days, but then I realize that being brave isn’t supposed to be easy. For me, I feel it is the key way of keep going forward. So all of all I don’t waste energy feeling bad for myself and my mistakes, I surrendered myself with the people whom I want be with and I keep moving forward.

The difference between winning or losing, the different between those who do and those who don't makes the live. It is not about the talent, it is not about any magical formula. The difference is your character, your human sprite.

I am the captain of our ship and the master of my fate. If I don’t say it, I don’t believe it, no one else will.

Entry 102616
New entry every Wednesday

Spent the week redoing my trading station to handle all of my heat and passion in currency trading. I must admit this is by far the most fun setup I have had for years. If you track back my history on FF or know me long enough, you would know how my old setup looked like.

I love to trade while I being outdoor and traveling. With the current setup, trading indoor would also give me a sense of relaxing and most importantly, I am being HOME with the people I love.

When I look back I also realize my trade station is also evolving as I advancing on my goals. 2 more months and then 2016 will be gone forever. and what awaits in 2017?

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Hi man.
Thanks for the good stuff you publish. 
 
Any new entries soon?

I had a friend who told me she is really afraid of the height, fortunately, she was the type friend who is willing to fight her fear and taking on more and more challenge from time to time into the wilderness. and now, she hikes more than anyone I have seen. And the photos taken were just too amazing.
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Now you may lose 5, 10 trades in a roll, or you may lose 2,3 live accounts in a roll, That's really nothing compared to how much effort you will have to put down to study this subject in your first 10,000 hours just like every other profession in life. I have been there, done that and on my way toward my 40,000th hour.
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Losing is just a part of the process in order to success, and you have gotta to have these ups and downs just to feel how great the winning taste like. the famous build builder Greg Plitt (1977-2015) who I pay great respect who died tragically in his late 30s once said "the champion is s not the potential, is not genetics, is the perseverance, is always show up, is always willing to fail because failure is a part of the success. Success is not running a marathon that always ups. Success is through failures, through facing your fears, through falling down, wiping off the dirt and getting back up. That's what creates a champion. Success does not define us. We define success."
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Have it sink in and think about that this weekend.
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Until next time, Keep Clam, Carry On, and Trade Hard.

One of the reasons I am done mentoring is because when I ask you to get up and get ready to hunt 3 o’clock every morning, you wake up at 5, twice, and then tell me you can’t this and that. Gary Vaynerchuk once said “Dwelling, pondering and crying doesn’t do shit. It especially doesn’t do shit in this ecochamber. In this arena, there is no crying. Crying only makes you lose more, and nobody’s give shit about your complains.”
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Here goes another #forex week, stay driven or stay home.

Last week I learned a trader who lost his wife and now wanted to dedicate himself learning FX and provide a good future for him and his kids. The conversation brought me back the time where my sky was the darkest. As I am continue walking in the front line, I think everybody who is currently involved in FX trading has both love and hate towards this subject and everyone has that one dream they work so hard for. If you have involved in this fx trading for the past 10 10 yrs, like i did, you know we have lost many trader friends who have shared the excitement, passion, and hope together. Now they only live in our memories and their trader ID became some cold gray fonts. I am sure they know we are still here and fighting for the things they left behind. Now i am just a lone wolf out on the hunt day and night. Sometimes I thought I am doing this for them, and for these who is about to give up. I can careless about my world rank or money. Making 1 post at a time, making 1 motivation at a time. I think if we have this one mission and one mission only, this mission should be work it, grind it, and proof them wrong when they tell you that you cannot do something.

Proof them wrong every fucking day.

Proof them wrong
every
fucking
day

It's a war.

My opinion on that a successful trader mindset should be when it comes to dealing with the failures.

I am a runner in real life, so I will put this subject in a runner's perspective.

If you run after your destiny, you will automatically distance yourself from history. If you focus what's in front of you, you will escape what's behind you. You can never fix what's behind you, you have run for what's in front of you.

At the end of the day, I don't dress like you. I don't walk like you. I don't act like you. I don't like you. I don't think I like you. I am a runner.

My question for you now is if everyone is running, why are you standing here?

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Let’s be reminded again how important the failure is before become success in any field of work especially trading.

So what I did this month was pulling the trigger on every possible trade I could do on both high and low possibility trade, and let my s/L and risk manage rule take care of the rest.

As you can see, I have made plenty of losing trades, either it was because I made a wrong judgment or picking a low probability trade, at the end of the day, my s/l and risk management always sorta kept me from going anymore worse UNTIL the next winner(s) popped up. You may also be noticed even after I had a series of losing trades, my maximum drawdown was still within the 10% range that I am okay w/ on this account. 10% is the risk I predefined after I have a good idea of what the general probability is in my setup I use to execute in this account.

44 trades made, HALF (22) were losers, but we still managed to come out ahead +10% gain for the month w/ a fixed position size on each bid.

I want to post this up because I have spotted many many traders do not set s/l or a proper risk plan (risk plan that they can truly accept and act on), and they generally don't end well, or still miserably holding their losing position as we speak.

so here it is, a live example I put here. Hope you learn something and feel free to share your thoughts as well below.

take every opportunity seriously. Don’t get left behind.

I always believe there will be a time that you only need to work 3 days and enjoy the rest of the years.

that is a trader’s wet dream, but I see it. So far away but yet I can touch and feel it on my finger tips. Do you see it?

let us pursuit.

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Are you feeling down because you've failed before? Don't worry, you're not alone. Many successful people have failed before they achieved greatness.

One of them is Michael Jordan, the basketball legend.

Did you know that Jordan was actually cut from his high school basketball team? Yes, it's true. But instead of giving up, he worked hard and became one of the greatest basketball players of all time.

Jordan's success story is an inspiration to all of us. He once said, "I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game-winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed."

Imagine if Jordan had given up after being cut from his high school basketball team. He wouldn't have become the legend that he is today.

So don't give up on your dreams just because you've failed before. Keep working hard, and success will come. Remember, it's not a failure till you give up.

66 days huh? How cool is that? Another tip to reach the excellency.

This is by far the most uplifting speech I have listened in years. I found it quite inspiring especially when it comes to how Rock deal with all the fames and titles he has been receiving and how he keeps his ego checked.


hope you found it interesting as well.

The better you are , the higher you want to climb. eventually you will risk your life for every challenge you take next.


Trading and climbing, what is the difference?

how does it make you feel to stand shoulder to shoulder with the legend? Thanks for letting me have the honor. Rest in peace, Eelfranz.

Hope I will make some good runs out of me in the next 10, 20 some years.

I would like to get in touch with you to discuss one of my methods. You seem like a good candidate to share it with. I've been working on it for the past 4 years but I need extra partner in the group to solve this algorithm.

Thank you but no thanks. I venture alone. Good luck.