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Can YOU make money as a trader?

  • #501
  • Feb 23, 2018 9:24am Feb 23, 2018 9:24am
Quoting nealpek
Newbegger, time to solidify some of your earlier thoughts and beliefs about trading. All success in the markets is based on "YOUR" understanding of it. If people believe they've figured it out, their accounts should reflect this. Any of the following beliefs, eventually solidify and become reality only when "YOUR" understanding of the markets is solid! So: . It's easy to make money trading, yes, with a solid understanding of the market . It's hard to make money trading no, with a solid understanding of the market . The market is predictable yes...
I just rattled off a few of the mindsets and I have had many over the years. I think I have shaken off most of the them but still have trouble with the "superman" concept from time to time. Usually hits me AT THE WORST POSSIBLE MOMENT and my account gets smaller because of it.

Here are my answers to those mindsets I mentioned and I shall try to answer each individually later.


. It's easy to make money trading - No
. It's hard to make money trading - No
. The market is predictable - No
. The market is random - No
. The market is like a casino and my broker is the house - No
. My broker is trying to run my stops - No

The markets are at any given time, the emotions of the players currently in a trade. And sometimes emotionless governement entities who have a printing press and an agenda to fulfill.
Ecclesiastes 1:9
  • #502
  • Feb 23, 2018 9:39am Feb 23, 2018 9:39am
Quoting M3d
{quote} give me a break I say bullshit to this post, you are a scalper and you teach others how to trade? Now that is quite funny hehe, you cant teach scalping cause we all know that scalping is a result of years watching charts, not to mention it requires extreme emotional stabillity and it's the toughest way to trade. 2nd, any more LIVE account results you can offer, cause come on you are showing a demo account hehe, so funny, buying houses from scalping, giving a demo account results, teaching to pay bills, don't want to know more really hehe...
Based on your comment, and you have 2 likes on your comment, I am guessing there are at least 3 people on this thread that believe it is not possible to make money as a trader.

"If you think you can do a thing or think you can't do a thing, you're right."
Henry Ford
Ecclesiastes 1:9
  • #504
  • Feb 23, 2018 9:47am Feb 23, 2018 9:47am
Quoting bespoke
This forum is titled “can you make money as a trader?” and the answer is a resounding yes. From a philosophical position everything in life is about risk, discipline, confidence and routine. We all drive, there are huge risks involved with driving and we all have our own style of driving but we still do it and successfully make our journeys every day without incident, of course, yes, there are the odd occasions when things go wrong but in the most part we succeed. We cross the road often without thinking, we have a routine and normally perform the...
Wow that is a lot, I just now had time to read it all - well said. I am going to quote your 9 essentials for the trader mindset.


1. You have to really want to do this for a living, not play at it or mess about occasionally but really dedicate yourself to it
2. Learn, study and practice, as if it was a university course or an apprenticeship opportunity (think how many hours of work it takes to get a degree at university? Or years to become a tradesman?)
3. Understand how your head works and adapt everything to your strengths…..i have never seen a plumber or an electrician nervous when carrying out their work, have you? And this is where you must aim to be with your trading
4. Become boring…….Monday to Friday work, work and work until you get good at it…..i cannot stress this enough, if you go out and have a sore head in the morning or are tired then you can’t focus, simple…it’s your money why waste it!!
5. Demo trade until the emotion is gone, people who ‘blow’ their accounts have pressed the button to early, they haven’t ‘perfected their system’ yet, patience is required all through your trading journey especially in the beginning
6. Keep a trading record / journal…in a book paper form and log everything including pictures of trades (print them out and paste them in)….this will become a major reference book for your trading life
7. Plan, plan and plan …DON’T DEVIATE
8. Trade in pips and not in £/$ work your system to make your planned pips per day/ week/ month not an amount of money, this reduces the pressure and as your account grows you automatically start making more money with the same trading plan pip objectives
9. Accept defeat…nobody likes failing but we need to embrace it in trading, everyone has their own % success rate. There is no other profession were loosing/ being wrong is acceptable. Get over it and move on – this is hard but essential

Bespoke
Ecclesiastes 1:9
  • #507
  • Feb 23, 2018 10:31am Feb 23, 2018 10:31am
Quoting bespoke
This forum is titled “can you make money as a trader?” and the answer is a resounding yes. From a philosophical position everything in life is about risk, discipline, confidence and routine. We all drive, there are huge risks involved with driving and we all have our own style of driving but we still do it and successfully make our journeys every day without incident, of course, yes, there are the odd occasions when things go wrong but in the most part we succeed. We cross the road often without thinking, we have a routine and normally perform the...
good post, but 2 points i would see different.
5. Demo trade until the emotion is gone, people who ‘blow’ their accounts have pressed the button to early, they haven’t ‘perfected their system’ yet, patience is required all through your trading journey especially in the beginning

-> i would never tell someone to train in demo account. demo account is good for learn the trading station and for test programmed code, for the rest it is extrem dangerous and time consuming. it is always better to use a very very small cent account and learn in this (you lose near nothing and dont have the disadvantages of demoaccounts)
with a demo account you have:
- no slippage, so many strategies have extrem wins,in news the win is extrem, you come out always much better then normal,.... alone this points can kill many strategies who works in demo and will fail in live account
- best execution server time, because any trade is possible to do, whatever price offquote or amount... because broker dont need rechecking..
- broker will present all best way... because demo account should produce wins for trader , so he gets fixed and wants open real account and bring in money.... so only best possible way is shown
- demo has no real money in, so no feelings and emotions, ....
- in demo you dont learn the account opening process and get all material from broker statements.,.....
- in demo can work strategies that will not work same way in real accounts, like arbitrage trading, news trading,....
- you dont have to control you greed, to not invest more money in this account to trade higher amounts to get all faster, you learn to control you and get one step after other...


8. Trade in pips and not in £/$ work your system to make your planned pips per day/ week/ month not an amount of money, this reduces the pressure and as your account grows you automatically start making more money with the same trading plan pip objectives

--> when you calculate in pips for each trade, all is ok.
but when you do this in statistic (day, week , month) you get a problem!
when you trade only 1 currency all the time with all time the same trading amount, dont do any partial closing,.... then it can work. for any different you have much more work to do, to even know if you are in win or in loss this day/week /month...
when you calculate in pips in statsitics (so add each pip together)
- many currencies have different pip value, so different results
- differnet lotsizes brings much different results
- you need to add rollover and recalculate in pips
- you need to add commission and recalculate in pips

when calculating in pips it is the most complicated way for using a statsitic. when you calculate in money all is fine, easy fast and exact (no mistakes possible). any seperate trade you can calculate in pips, no problem, but with statsitics and add many trades together will get trouble and makes you so much work total without any reason.
its same why noone looks at balance, because its useless parameter, only equity is important. so its with added pips, only money counts.


but i dont say you cant do it (demo trading and counting pips), but it is not the best way and by counting pips even a very bad way. no advanced trader will do this (and guess why), and if they do they are not advanced trader (its really this simple), thats really normally one of the basics of trading (one topic in math basics), what you dont have to do. there are many other statistical parameters with same problems. so its better to learn it the easy correct way, and the complicated way some can do when they have to much time later for informations to calculate what total unimportant, because money already tells all the number whats important.

but you sound smart and speak about some fact only real trader whould know, so anyway you do, it looks like you are on your path.
  • #508
  • Feb 23, 2018 11:24am Feb 23, 2018 11:24am
I'm pretty sure it was here, in this thread, where there was some discussion about 'seeing' levels.

To which end I submit the below chart of EurUsd.
Hands up all those who can't see the supply at 12295....
Hands up all those who can't see that supply become exhausted....

Anybody with at least one hand in the air ..... give up trading and play Lotto instead.
I might play this supply-failure as follows:
... wait for a return to 12295 to enter long
... set a stop below 12290, something like 12287
... set target at or above 12230, the obvious choices are 12301, 12305 and 12309

Attached Image (click to enlarge)
Click to Enlarge Name: EUR_USD_20180223_17.05.png Size: 89 KB
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #509
  • Feb 23, 2018 12:17pm Feb 23, 2018 12:17pm
Hi all . I have been trading more than 5 years and have been sending posts here since 3 years ago , by the way if you have time and look at my suggestion about market you find out 9 out of 10 time i predicted the market correctly, but never use these tolls you see in this site or others for predicting and i can talk about pairs even at the first of the week.( give big picture about pairs and News precisely)
If you want to be able to make money
1- Finding good broker, is very important
2- Consider a reliable strategy for trading
3- consider just real Lot for position. you will be sure you can make money with acceptable Lot according your balance.
4- forget Scalping, and also Not Trading second or minutes after important News
5- just trade on 2 Pairs not more to be understand the behaviour of traders for these pairs
I don't tell you money managment or other bull shit issues but try to be logical about making profit you have to know you can make money with $1000.00 just $100 or max $200 weekly if you think more you will be sure you have been hired by your broker to give money to them
Wish you best
imi
  • #510
  • Feb 23, 2018 12:27pm Feb 23, 2018 12:27pm
Quoting newbegger
{quote} Based on your comment, and you have 2 likes on your comment, I am guessing there are at least 3 people on this thread that believe it is not possible to make money as a trader. "If you think you can do a thing or think you can't do a thing, you're right." Henry Ford
you are funny, I was sceptical only towards one single post in this thread, that makes me negative towards everybody? : ) come on man, I dont even know you can like a comment, like that is important, crazy how some are looking for a niddle in the sand...

...
  • #512
  • Feb 23, 2018 3:00pm Feb 23, 2018 3:00pm
Quoting M3d
{quote} you are funny, I was sceptical only towards one single post in this thread, that makes me negative towards everybody? : ) come on man, I dont even know you can like a comment, like that is important, crazy how some are looking for a niddle in the sand... ...
M3d - There are little thumbs up / thumbs down buttons in the lower right corner to like or dislike a post on a windows platform. Macs or Linux I don't know if it's there. I use them all the time.

As for being skeptical of success, you need to eliminate any negative thinking about profitable traders as it may infect your thinking like The Suicide and Forex gang. That thinking is like coffin nails to a aspiring trader.

Some Pros freely giving back to the community. We have had a few pop in to this thread.

Sadly, Some are here to give impression of profitability, to sell their products. But it's very pretty easy to spot after you seen the pitches over and over. I don't know for sure but the person who you called out seemed to talk about making small monies trading and had other ventures like rentals and some coaching to supplement. Most pitchmen will make bold claims like turning 10 dollars into 1 million dollars while sitting on a beach drinking pina coladas.

Learn to give people benefit of doubt and it will sink in to your unconsciousness that if others can succeed so can I. Some have no need to sell any services or products, just giving back.

Happy Trading
Ecclesiastes 1:9
  • #513
  • Feb 23, 2018 4:19pm Feb 23, 2018 4:19pm
A stop 8 pips below entry? Aiming for 10 pips, on an IG platform? "Give up trading and play the lotto"? Is that some form of self effacing irony that's escaped me?

Quoting Exodus
I'm pretty sure it was here, in this thread, where there was some discussion about 'seeing' levels. To which end I submit the below chart of EurUsd. Hands up all those who can't see the supply at 12295.... Hands up all those who can't see that supply become exhausted.... Anybody with at least one hand in the air ..... give up trading and play Lotto instead. I might play this supply-failure as follows: ... wait for a return to 12295 to enter long ... set a stop below 12290, something like 12287 ... set target at or above 12230, the obvious choices...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #514
  • Feb 24, 2018 4:28am Feb 24, 2018 4:28am
So now, it looks like I need to clarify a few points from my earlier post, more back ground stuff…to help explain where my opinions come from.

I am in the UK and spread bet straight off MT4 charts. The main reason I trade this way is that all the profits are Tax Free.

When I came off demo (5 months to figure everything out) I set myself a target of 200 pips per week, this could be based on a series of multiple small trades or just a few bigger ones.

The principle of spread betting is to ‘bet’ a fixed amount of money per pip of movement in a direction for any currency pair – simple, I can’t increase my lot size when in, I can only close out. The spreads are fixed and slippage can be managed with a ‘guaranteed stop’ – so there is no additional exposure.

So now assume I trade at £1 per point for the week at 200 pips then my profit is £200 for the week. If I am at £10 per point then my profit would be £2000 per week. But I am still only looking for 200 pips!!!

Now think of the emotions involved with trading for £200 as opposed to £2000 they are huge and can seriously mess with your head….but if you approach your trades on achieving just 200 pips per week and rule out the money then it is manageable. We are all not that naive to not think about the money but for me my target is pips, I know and fully believe in my system and my own ability to deliver the pips ( my demo trading has proven this to me – build your own personal level of confidence), the money only follows after the pips. Don’t over trade for the results you are after

I stick by my “recommendation” to demo trade for as long as is required, in my case I needed to have a system that I could understand and work that would give me my target of 200 pips per week – simple. When you can deliver your pip target consistently then go live – simple.

For those of you who don’t have emotions when demo trading, then I am sorry for you, as you obviously lack that competitive edge where you are striving for the best possible rewards, do you play any sort of competitive sports or games? Dont you always want to win even if it is a friendly match? and for me this is not the correct approach for long term success, you’re not taking your trading serious enough. Why would you risk any amount of money, even if it’s a small amount? That is gambling.

Words are just words….we all have opinions and our own outlook on life….but how many will have the confidence to hand in their notice at work, sit down every day at home and trade for a living without having a really strong belief in their own abilities, a track record of proven success? You wouldn’t quite you job and start up your own company if you didn’t truly believe in your ability to deliver a quality and competitive service…would you?

I had a boss once who used the expression…”how do you eat an elephant? One small piece at a time”. Set your goals and work on them.

And lastly trading is NOT a competition between anyone else but yourself, I am not any better than anyone else, I don’t make any more money than you do, I am not here to prove how great I am or to put anyone else down. If you are meeting your personal targets then well done and if you are not then I truly hope you get there. We all take different paths and have a different approach but here I have tried to explain the principles of my path and my approach to trading and learning to trade – simple!!
  • #515
  • Feb 24, 2018 4:42am Feb 24, 2018 4:42am
tl;dr, just noticed this last part, what contemptuous, intelligence insulting, delusional, sickening drivel. A full time, day trading, profitable, spread betting trader, yeah right, and I’m Elon Musk. What do you trade, unicorn crypto coins, that defecate rainbows?

Quoting bespoke
day tading is a profession and one that can make you a living but you have to deserve to be successful through hard work Personally, I am a dedicated day trader, for just over 4 yrs now, Monday to Friday at my desk for a working day every day, I have a family to support and this is my only source of income and not only do I enjoy it but it has proven to meet and exceed my financial requirements to live and enjoy life and the above is my personal opinion.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #516
  • Feb 24, 2018 4:43am Feb 24, 2018 4:43am
Quoting Spreadbetter
A stop 8 pips below entry? Aiming for 10 pips, on an IG platform? "Give up trading and play the lotto"? Is that some form of self effacing irony that's escaped me? {quote}
Hello sir, I noticed that you reappeared here.
It has been a year or 3 since we were previously blessed.
I wonder, are you preparing to move to Frankfurt?

Are you dissing IG? The trolls will surely CoC you for that!

I unsubscribed from this thread when it became a pissing contest.
Carbon-Dioxide: the gas of life! https://youtu.be/ttJBdr6eBuo
  • #517
  • Feb 24, 2018 5:14am Feb 24, 2018 5:14am
Quoting Exodus
{quote} Hello sir, I noticed that you reappeared here. It has been a year or 3 since we were previously blessed. I wonder, are you preparing to move to Frankfurt? Are you dissing IG? The trolls will surely CoC you for that! I unsubscribed from this thread when it became a pissing contest.
given the name of the thread it was bound to happen, pissing contest i mean : )
  • #518
  • Feb 24, 2018 9:29am Feb 24, 2018 9:29am
I trade with people who have helped instill in me the notion that planning and preparation are critical to trading. I have two levels of planning, and I thought I’d share one of those planning levels here. Every Sunday morning before church, I spend several hours working up my charts for the week ahead (with an update to this level every Wednesday afternoon). I’ll post one or two of those charts tomorrow, with some comments on how this level of planning impacts how I trade that pair starting with the open. This level of planning is on the 4H charts, focused on the structure of the pair.
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