success as a trader

[neil]

it isn't easy so, if you want a sure fire system - go somewhere else. If you want an idea of what it takes to succeed then read on


james16 Chart Thread - Page 2789 @ Forex Factory

And this guy is well regarded as a young high flyer:

benji533's Profile @ Forex Factory

The quote from a post by Tia Forex:
"Man, this is the holy grail written out if ever I saw it........etc"

james16 Chart Thread - Page 3274 @ Forex Factory

Note the absence of signal services, "systems"etc; there may be people out there who will help you along the way but no one will give you "winning signals" tips etc - because if they could pick winners everytime would they then share them with you for a fee ? (It's called a rhetorical question.)

It's a long road but, with hard work, practice and time (including sifting threads to follow from those to discard and spotting sharks and grail merchants) one might become good at this trading business.
Happy reading and Good luck

 

[neil]

it isn't easy so, if you want a sure fire system - go somewhere else. If you want an idea of what it takes to succeed then read on


james16 Chart Thread - Page 2789 @ Forex Factory

And this guy is well regarded as a young high flyer:

benji533's Profile @ Forex Factory

The quote from a post by Tia Forex:
"Man, this is the holy grail written out if ever I saw it........etc"

james16 Chart Thread - Page 3274 @ Forex Factory

Note the absence of signal services, "systems"etc; there may be people out there who will help you along the way but no one will give you "winning signals" tips etc - because if they could pick winners everytime would they then share them with you for a fee ? (It's called a rhetorical question.)

It's a long road but, with hard work, practice and time (including sifting threads to follow from those to discard and spotting sharks and grail merchants) one might become good at this trading business.
Happy reading and Good luck

Here's another poster- also seek out posts from Ryanmcd (a scalper) on Forexfactory and in Jankones thread below:
Jankone M5 thread @ Forex Factory

 

[neil]

Here's another poster- also seek out posts from Ryanmcd (a scalper) on Forexfactory and in Jankones thread below:
Jankone M5 thread @ Forex Factory

Here is something on Swing Failure Points and Rounded Re-tests.
Enjoy.
http://www.forexfactory.com/showthread.php?t=287794&page=268

 

[resistance]

Do all these threads are worth reading. I mean if we will be reading so many systems it will make us confuse. Moreover, I think that there is no one sharing the exact profit system as they only sell those systems.

 

[neil]

Do all these threads are worth reading. I mean if we will be reading so many systems it will make us confuse. Moreover, I think that there is no one sharing the exact profit system as they only sell those systems.

Clearly you no read the links. There be no systems to make us confuse. Price action it all be about. No sell system for all is free. No signal service or magic system. You see price in action so you decide trade. Simple yes sir

 

[resistance]

I know about the price action but I was talking about so many threads in forums about the success of a system but I don't think that these systems in threads are the real profit making things shared.

 

[neil]

I know about the price action but I was talking about so many threads in forums about the success of a system but I don't think that these systems in threads are the real profit making things shared.

No -these approaches (NOT SYSTEMS) are analogous to me giving you a choice of several pencils - but you have to pick one and write your story, no-one else can do it for you.
If you persist looking for"systems" and other magic bullets you will become/remain a poor man chasing moon beams

SEE MY FIRST POST ABOVE !!!

 

[WinnerSinner]

Do all these threads are worth reading. I mean if we will be reading so many systems it will make us confuse. Moreover, I think that there is no one sharing the exact profit system as they only sell those systems.

Sometime's its better to just put the hours in looking, and back-testing that there comes a point where you start seeing things a little clearer.

HTH

 

[neil]

Sometime's its better to just put the hours in looking, and back-testing that there comes a point where you start seeing things a little clearer.

HTH

Well done Winner - Yes, put in the hours reading and testing -it will take a long time before a person gets to grips with trading. As with any other endeavour, you have to put in the time and effort to achieve even a modicum of success ( there is a theory that plus 10000 hours of study is required for success in most things).

There is an abundance of posts on this site, some useful but many not so. Your task is to sift the useful from the dreadful -this takes time and experimentation.

The hardest of the dark trading arts to master is ones' psychology, but many do not appreciate this until real money is on the line and you are watching the price making an initial foray in the opposite direction to that desired.

Good luck

 

[WinnerSinner]

Well done Winner - Yes, put in the hours reading and testing -it will take a long time before a person gets to grips with trading. As with any other endeavour, you have to put in the time and effort to achieve even a modicum of success ( there is a theory that plus 10000 hours of study is required for success in most things).

There is an abundance of posts on this site, some useful but many not so. Your task is to sift the useful from the dreadful -this takes time and experimentation.

The hardest of the dark trading arts to master is ones' psychology, but many do not appreciate this until real money is on the line and you are watching the price making an initial foray in the opposite direction to that desired.

Good luck

I agree.

I tried to post up my thread on my honest battle psychology, but it isnt letting me. I shall try again.

 

[Rambo35]

Clearly you no read the links. There be no systems to make us confuse. Price action it all be about. No sell system for all is free. No signal service or magic system. You see price in action so you decide trade. Simple yes sir

Lol Neil, you made me laugh with this response. I do want to emphasize that without hard work there will be no positive results and those who look for a holy grail are in the wrong industry.

 

[Giovan]

keep on searching for the holy grail....yeah....if you happen to find it why don't you post the account statement here.......

 

[wallstreetwarrior87]

It all takes time;

T - Theory and Testing
I - Inquisitive and Implementing
M - Mindset and Management
E - Education and Emotion.

IT ALL TAKES TOO MUCH BL***Y TIME.

Now where is that link:cheesy:

 

[mike.]

I have found the holy grail, yes indeedy, it was hiding among the threads on a wine making forum, Its a simple recipe followed by a simple method, after about 3 weeks this beautiful red liquid is created which will change your trading style forever, it makes you trade much larger amounts, laugh when you loose loads of money, "warning though!!" it does contain some kind of software conflict that makes your charts and platform become seriously out of focus, but this will usually right its self next day.

 

[wallstreetwarrior87]

It all takes time;


Now where is that link:cheesy:

It's what you do with the time that counts. May sound obvious, but there is no point in sitting in a classroom when you have no idea what you are about to learn. Unless you just like sitting on chairs:clap:

 

[neil]

I have found the holy grail, yes indeedy, it was hiding among the threads on a wine making forum, Its a simple recipe followed by a simple method, after about 3 weeks this beautiful red liquid is created which will change your trading style forever, it makes you trade much larger amounts, laugh when you loose loads of money, "warning though!!" it does contain some kind of software conflict that makes your charts and platform become seriously out of focus, but this will usually right its self next day.

Too much wine hence incorrect spelling of "Lose."

 

[mike.]

Too much wine hence incorrect spelling of "Lose."

Not possible

 

[bigboyfx]

Do all these threads are worth reading. I mean if we will be reading so many systems it will make us confuse. Moreover, I think that there is no one sharing the exact profit system as they only sell those systems.

That's why it is good to focus on not all systems. Take the ones that look understandable to you and use them. Its not necessary that you have to welcome all ideas or strategies.

 

[neil]

Win some - Lose some

What is a "good" win compared to a "bad" win - read on dear reader:


Merlin touched on an extremely important point that seems to be grossly neglected. I see over and over again losses referred to as "bad" trades. You can spout all you want about words, semantics, etc, but let me tell you, your choice of words reveal your mindset. I'm a linguist by profession and my background includes 17 years of teaching in universities, socio-linguisitics, psycho-linguistics, and years of observation.

People refer to "bad" trades in the same manner as they refer to viruses or diseases...as something to be completely eradicated. Just a cursory glance through the larger system threads will show you how pervasive this mindset is. Each and every thread becomes a quest to "eliminate" all losing trades by many of the posters. I've seen great systems torn apart in a futile effort to eliminate the inherent losers. In the end, the remnants are unrecognizable from the original system.

Allow me to share a classification system that some of you will recognize the value of, while others will dismiss as bull****. It's your choice, but give it some thought.

There are four types of trades.

Good Winning
Good Losing
Bad Losing
Bad Winning

A good winning trade is one in which you did everything you wanted to do. If you have a detailed system, you followed it to the letter. Even if you're more intuitive and free-wheeling, you followed your intuitions to the letter. You made money on the trade. These are the best trades of all.

A good losing trade is one in which you did everything you wanted to do. Even if you're more intuitive, you followed your intuition. The trade didn't make money, but you got out when you were supposed to or wanted to. Not every trade is a winner. You took your shot based on whatever it is you base them on, but it lost. These trades are the ones that display to us that we have the necessary skills to compete in this game.

A bad losing trade is one in which you borked your system. It doesn't matter why, but you screwed up. If you're halfway normal, your first reaction is to try to justify your aberrant behavior. Don't do that. Admit you screwed up and try to learn why. You lost money on the trade and usually, if you're semi-honest and semi-intelligent, you should be able to easily identify where you screwed up. Try not to do it again. These trades are the ones the highlight where you need personal and psychological growth as a trader. Pay attention and try to learn something.

A bad winning trade is one in which you borked your system, but you made money. These trades will destroy you. You'll get cocky, overconfident, and you'll lose big some day and wonder why. These types of trades reinforce bad habits. Sure, you made some money, but eventually when you triple down one time too often, you're going bust.

I strongy suggest you (for you non-native English speakers, all of the "you"s contained herein refer to the general "you". As we say in the US, if the shoe fits...) stop using the word "bad" to refer to a losing trade. One of the most difficult skills to attain in trading is that of accepting losers as an inevitable part of the process. Many people pay lip service to this notion, but few actually do it. Once you can do it, you're on the way to successful trading. And the first step towards this is to change your reality by changing your language.


(Taken from: http://www.forexfactory.com/showthread.php?p=260392#post260392 - "Dopey."

 

[wackypete2]

Fundamentally, success as a trader

... blah blah, bullsh1t, bullsh1t...

trading policies convenient.

eh??

I'm not doing the mod's homework...

Peter