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Why did you start trading and what do you expect from it? 19 replies

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How did you find success?

  • #21
  • Nov 11, 2013 10:20am Nov 11, 2013 10:20am
Ah you mean learning from the mistakes of others..fair enough. A better bet would be to open a demo and apply your knowledge..
  • #22
  • Nov 11, 2013 12:42pm Nov 11, 2013 12:42pm
Quoting Forexnuts
Ah you mean learning from the mistakes of others..fair enough. A better bet would be to open a demo and apply your knowledge..
Of Course... That is obviously.... After u read a lot of things, after u learn... the people need to open a demo and apply your knowledge. I mean about the learning from the mistakes of others, its maybe u need days, weeks, months for learn a mistake... and reading you can learn the same mistake in very less time. But well, im a noobish, im still learning a lot.
  • #23
  • Nov 12, 2013 4:17am Nov 12, 2013 4:17am
Quoting Forexnuts
Ah you mean learning from the mistakes of others..fair enough. A better bet would be to open a demo and apply your knowledge..

We should learn from our mistakes rather than looking for others mistakes.
  • #24
  • Nov 12, 2013 5:03am Nov 12, 2013 5:03am
People always say stuff like
- don't go against your system
- don't be emotional when trading
etc etc

So why don't we just automate everything and win all the time?
  • #25
  • Nov 12, 2013 8:45am Nov 12, 2013 8:45am
Quoting Alanamc
{quote} We should learn from our mistakes rather than looking for others mistakes.
Yes you are right. Personally i learn from both. I just only start with learning how is this bussines and then learning for my own mistakes.




Quoting moomooforex
People always say stuff like - don't go against your system - don't be emotional when trading etc etc So why don't we just automate everything and win all the time?
If u create an automate trading and win all the time... please share to us !
  • #26
  • Nov 13, 2013 6:21pm Nov 13, 2013 6:21pm
I'm working on it!

There are so many different "strategies" out there, and when I automate them, sure they worked for a year or so but nothing I've found consistently works for the last 10 years say and some of the draw downs have been way too big(40%).

I'm sure I'll find something. Definitely everyday there is some good learning to be had.
  • #27
  • Nov 14, 2013 3:31am Nov 14, 2013 3:31am
Quoting moomooforex
People always say stuff like - don't go against your system - don't be emotional when trading etc etc So why don't we just automate everything and win all the time?
nice ssuggest)) but if it's so, brokers will become bankrupts))
  • #28
  • Nov 14, 2013 4:44am Nov 14, 2013 4:44am
I thin k that the mindset is important and a clear objective. I think that focusing on Income as compare to trading for the sake of trading is critical for success.

So newbies should learn how to be profitable everyday even a little and not over trade.
If you are profitable everyday then you increase your confidence if you increase your confidence then you can increase your size, if you increase your size then you increase your income.

Happy trading
  • #29
  • Nov 14, 2013 8:38am Nov 14, 2013 8:38am
Quoting Patrik_Forex
{quote} nice ssuggest)) but if it's so, brokers will become bankrupts))
If everyone wins all the time..the market, as you know it, would cease to exist..
  • #30
  • Nov 15, 2013 3:15am Nov 15, 2013 3:15am
Quoting moomooforex
People always say stuff like - don't go against your system - don't be emotional when trading etc etc So why don't we just automate everything and win all the time?
The key is not the system, any system potentially will work, the question is whether or not you can handle it. Psychology is the most important factor in Trading. It is easier said than done to deal with psychology and not be emotional.

As far as automation because the market is so emotional and so big, automation does not work long term for the simple fact the the markets changes. What works today or this year may not work next month or next year. Better learn to be a trader. If there were a 100% successful Automated system out there do you think it would be for sales?
  • #31
  • Nov 15, 2013 6:28am Nov 15, 2013 6:28am
Quoting Sft
{quote} The key is not the system, any system potentially will work, the question is whether or not you can handle it. Psychology is the most important factor in Trading. It is easier said than done to deal with psychology and not be emotional. As far as automation because the market is so emotional and so big, automation does not work long term for the simple fact the the markets changes. What works today or this year may not work next month or next year. Better learn to be a trader. If there were a 100% successful Automated system out there do...
It is not good to talk bullshit to inexperienced traders and make them believe in the wrong things. Psychology is an important aspect of trading but it stands after the trading method and techniques. Without proper understanding of markets and how to trade them, all the psychological strength is completeley useless. And it is absolutely stupid to say that every system has the potential to work. Very few systems have a potential, and most of them have limited potential which evaporates sometime slowly, sometimes in a sudden, because as you said markets change, but most importantly - because they had no real edge implemented in them . The real market edge that one should try to obtain has to take into the equation the market changes and be adaptable or indifferent to them.
  • #32
  • Nov 15, 2013 7:10am Nov 15, 2013 7:10am
Sorry but not all the systems work all the time, that's a given and if you have traded on a live account, you would know this by now..the fact of the matter is that no system can predict the market and all it can do is point out to the direction. Of course, with volatility, you would need to adapt your strategy..
And going to second the last post, knowledge is the key and that's an understatement. And of course, you have to apply what you have learnt effectively..
  • #33
  • Nov 15, 2013 11:46pm Nov 15, 2013 11:46pm
Quoting feline207
{quote} It is not good to talk bullshit to inexperienced traders and make them believe in the wrong things. Psychology is an important aspect of trading but it stands after the trading method and techniques. Without proper understanding of markets and how to trade them, all the psychological strength is completeley useless. And it is absolutely stupid to say that every system has the potential to work. Very few systems have a potential, and most of them have limited potential which evaporates sometime slowly, sometimes in a sudden, because as you...
Thank you for " It is not good to talk bullshit to inexperienced traders" I think a lowering of tone would be appropriate.None of my comment were offensive or meant to be offensive or disrespectful. Market knowledge is important as well as understanding of the dynamics of the market. It is my experience that no matter how good a system is in order to work you need to be able to follow it. It is also my experience that once in the market, a lot of traders have a tendency to lose their focus and forget their system and trading plan, this happens to the best of us. Psychology and emotional control is the key to success first and foremost, system comes second.
  • #34
  • Edited 12:48am Nov 16, 2013 12:19am | Edited 12:48am
I will discuss my experience, since that's what you asked for.

Started trading and made the same rookie mistakes. Focused too much on systems and not enough on the simple rules that we hear over and over again. Market wizards is the best book out there for trading, btw.

At some point, I had my aha moment. Scrapped my entire system. Stopped using indicators all together. Not even moving averages. Instead focused on these things. I use price action a little bit, especially when I'm losing.

1. Add to winners.
2. Cut losers
3. Follow proper MM rules. I don't use 2% or whatever number people throw out, but I don't risk the house on any trade either. I risk more when I'm on a winning streak and cut risk when I'm on a losing streak.
4. Ignore what analysts and other traders have to say. Sometimes, when I notice that too many people are on 1 side, I will take the other side.
5. Started using fundamental analysis to figure out long-term direction.
6. I spend a lot of time reading. Not analysis. Just interesting articles on macroeconomics. My favorite publication is The Economist. It's a weekly issue and I make sure to read the whole thing EVERY week.

I have listed the things I do in order of importance. I strongly believe that anyone who can figure out what these really mean and apply them in the order listed above will have spectacular success. By spectacular, I don't mean turning 100 into 1M in 6 months. Anything above 500% per year is not sustainable in the long run, IMO. But imagine making 500% a year for 5 years, starting with 10,000.

I don't spend the money I make from trading. I also save around 50% of my salary every year. I make good money at my job, so money is not an issue for me. I realized that I don't enjoy money very much. I don't own a car. My home is very modest. I have decent quality furniture, a cheap laptop, phone and tablet. I really enjoy learning more about what's going on in the world and trying to figure out how current events will affect the future. The trading is just validation for my research. Also, I'm not quite at that stage where I can quit my job for good and quit trading for good and still have enough money to last the rest of my life. If I get to that point, I might stop trading and just make long-term investments.

I also got to a point with my new 'system' where I don't really look at my p/l or charts every minute. I spend maybe 10 mins every day looking at charts and making trades. I spend more time observing in trade explorer how others are blowing money. It's fun watching people leverage up 1:200 and lose 80% of their accounts in 5 mins. I just saw someone go from +70% to -99.9% in 2 days.
  • #35
  • Nov 16, 2013 5:56am Nov 16, 2013 5:56am
Quoting Sft
{quote} Thank you for " It is not good to talk bullshit to inexperienced traders" I think a lowering of tone would be appropriate.None of my comment were offensive or meant to be offensive or disrespectful. Market knowledge is important as well as understanding of the dynamics of the market. It is my experience that no matter how good a system is in order to work you need to be able to follow it. It is also my experience that once in the market, a lot of traders have a tendency to lose their focus and forget their system and trading plan, this happens...
I have not offended you or anyone else. I am really sorry if i have insulted you that much, i didn't mean to, but i am just being direct since i think it is best to express exactly what i feel. It is only my opinion that some of the things that you wrote are not true and could be misleading inexperienced traders. And I am speaking also based on true experience. I lost so many years believing the wrong things about trading and my thinking was so damaged by that ' Stay tight and it will be allright ' type of mentality. It has been just recently that I started to see serious improvement mainly because of the fact that i took responsibillity for my trading, i stopped blaming systems or psychology issues. If you are not in profit, 99% there is one main reason for that - lack of proper knowledge and skills. This is my purest and honest advice to everyone. Admit to yourself that if you are not doing good enough, you still don't know enough and have so much room to imrpve and gain knowledge. And that knowledge has nothing to do with withstanding a losing streak of trades from a psychological point of view. If you have a very solid understanding of trading and know exactly what you are lookin for, know your methods and their strong points and disadvantages, and you are making money with them, then it will be easy to believe and to have a strong pyschology. But it comes second after the trading methodology. The problem for most of us is that we have believed the wrong things and traded the wrong methods that can never bring us the profits that we want, and we try to explain all of our misery with weak psychology, inabillity to follow rules, when the very reason is that we have been trading in the wrong way at the first place. Good luck.
  • #36
  • Nov 16, 2013 8:01am Nov 16, 2013 8:01am
I found success by buying low and selling high and holding on to winners in good fundamental environments.
  • #37
  • Nov 16, 2013 8:15am Nov 16, 2013 8:15am
Quoting Sft
{quote} I think a lowering of tone would be appropriate.
Yea, right. The fact is you were called on a ridiculous statement and your feelings are hurt. You then skirt the issue by saying you THINK that psychology is preeminent in trading, avoiding the fact that your statement is bullshit, it is misleading, and it's not based on trading at all, for if you had any experience in trading, you'd know, as mentioned above, that few methods are profitable. I never ceased to be amazed by the number of morons in the world. How's that for "lowering of tone"?
  • #38
  • Nov 16, 2013 8:29am Nov 16, 2013 8:29am
Quoting Dopey
{quote} Yea, right. The fact is you were called on a ridiculous statement and your feelings are hurt. You then skirt the issue by saying you THINK that psychology is preeminent in trading, avoiding the fact that your statement is bullshit, it is misleading, and it's not based on trading at all, for if you had any experience in trading, you'd know, as mentioned above, that few methods are profitable. I never ceased to be amazed by the number of morons in the world. How's that for "lowering of tone"?
LOL damn tell it how it is Dopey.
  • #39
  • Nov 17, 2013 2:03am Nov 17, 2013 2:03am
Quoting Sft
{quote} The key is not the system, any system potentially will work, the question is whether or not you can handle it. Psychology is the most important factor in Trading. It is easier said than done to deal with psychology and not be emotional. As far as automation because the market is so emotional and so big, automation does not work long term for the simple fact the the markets changes. What works today or this year may not work next month or next year. Better learn to be a trader. If there were a 100% successful Automated system out there do...

Just want to add that most Trading books on trading is by people who are "consultants" meaning failed TRaders.
Mark Douglas "Trading in the Zone" bible of Trading Psychology was a failed Trader.He admits it himself as well.
Just wanted to throw this because lot of BS goes around from mediocre books.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #40
  • Nov 17, 2013 2:16am Nov 17, 2013 2:16am
Quoting Davit
{quote} Just want to add that most Trading books on trading is by people who are "consultants" meaning failed TRaders. Mark Douglas "Trading in the Zone" bible of Trading Psychology was a failed Trader.He admits it himself as well. Just wanted to throw this because lot of BS goes around from mediocre books. Regards
Trading in the zone is very good book and its very helpful , but don't expect a book/author to make decisions for you , this is the thing you have to do yourself only.
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