Do full-time forex traders exist or is it just make believe?
- Thread starter zbojnik
- Start date
Quote from cornix:
99.2% figure sounds a bit too low of a failure rate for me considering most people don't invest even 1% of the efforts required to study this profession properly.
What should a person be doing if they wish to "study this profession properly"?
I think the majority of people who really try to crack this trading game put forth a great effort, but obviously, if you look at the success rate, they are not going about it the correct way.
People learn, when they are young, how to go about "mastering" a subject, but I think at least when it comes to trading that what we learn when we are young is just plain wrong.
I have seen many struggling traders and most had wrong expectations first of all. Trading is a complex skill and it takes time for proper synapses to build in your brain.
What does it mean? That one has to deliberately practice SAME THING for a time long enough (individual for every person, depending on her neural constitution).
Now what most struggling traders do in reality? Try something... ahh doesn't work... something else... ahh shit, doesn't work too... et cetera. Infinite deadly spiral. They put amazing amount of efforts into searching instead of learning to perform and end up completely exhausted and with severe post-traumatic syndrome due to losses and absense of positive stimuli.
When in reality it's as simple as choosing a SINGLE instrument, SINGLE time-frame, SINGLE set of studies (or no studies at all except price), same colors of trading platform even to teach the brain react on same stimuli intuitively and automatically.
And do it until... not "if"... UNTIL it DOES WORK for YOU. No excuses allowed, period.
That's it shortly.
P. S. "He can show you where to dig and what to dig for, but the digging you must do yourself" (c) Matisyahu.
Quote from Xspurt:
This is an example of someone with nothing positive to offer, whose mantra never changes and he just can't get it.
Do you think that if I can take a trader from a $10K account to over $1mm inside 12 mths I want to sell anything? Sit down with a calculator and go figure out if there could be a better way to gear that up much, much further or if I have time for mentoring. If that doesn't make the penny drop, then try getting on my mentoring list or show what I am vending.
I even had to show you the days of the week and mention you by name when I made a call because I knew you'd show up saying it was hindsight and sure enough, without even bothering to read you kicked off on your hindsight mantra. Then when I pointed out that I had mentioned you in the call you disappeared with your tail between your legs...
Quote from FreakofNature:
You have a funny way of making claims.
Before the fact you are Mr. Ambiguity Extraordinaire
After the fact you make it sounds like you were transparent.
You really think people are that stupid to swallow your BS?
I was even thinking of you too and how this mantra demonstrates your reading and comprehension difficulties when I wrote the last sentence from this post. You don't to read before that as you can't understand any of it.
Enjoy the mystery Freak.
Quote from marketsurfer:
What is your chart telling you about Monday? You TA folks speak in riddles that can easily be interpreted after the fact to mean anything. Please be specific. My Price Drivers are signaling bullish for Monday.
I maintain, once TA shows it, its too late or of negligible value in MOST cases. Enough so to negate the value of such an approach. Clearly, it can be shown in a very small number of circumstances to have value-- such as the daily candle in JCP-- but its not repeatable enough to be of interest.
surf
It is telling you the welcome mat has been replaced by the trap door. It's not talking about Monday, it's talking about now - take profits and reverse short. You hold that short until you get a buy signal and that might be on Monday. It might be in a week or a month as this has the potential to roll through a lot of time frames.
This is a dangerous position to be long imo because of the roll over potential. In any event bank profits, sell short and wait for the buy signal.
Xspurt
Ok, we have doubled down into the Dec YM long at 13497 signals are strong for a bullish monday and next week thus far. enjoy! Surf
Great! I do like the sound of doubling - we got double elephants
Xspurt
From the above it was clear that TA would have made a double profit by closing surf's long to bank profits and reversing short to add to profits from the fall.
However surf's price drivers not only overstayed their welcome, they were extra bullish in a TA short set up and doubled up for a double loss instead of a double profit.
Even reversing surf's price driver signals won't help much because of the lack of control.
(For Oilfxpro, freak and the gang of trolls, Monday comes after Friday as every call I make is hindsight to you)
http://www.elitetrader.com/vb/showthread.php?s=&threadid=250930&perpage=6&pagenumber=39
Defensive much ?
I'm onto you!
Sure: poor understanding of swings meaning S&R and Trend Line placement was weak. No use of velocity on S&R. Erroneous candle signal recognition. Incorrect trade execution and stop placement. Zero structural awareness. Absolutely no awareness of quality to distinguish between similar looking signals. No understanding of how to read bar by bar.
To digress a little, it's amazing the number of traders who subscribe to paid S&R services because they don't know how to read the best levels themselves or the number of traders who have given up on trend lines and claim they are worthless because they have no understanding of the rules of construction.
It will be nice for you to have something to do. See if you can come up with something original this time, which would be quite something for a troll
WARNING: I will be marking you out of 10 and if you drone on abut the same old same old you'll get embarrassingly low scores.
Real life moves on for traders, but never for trolls
Learning is ingrained and reinforced by emotion, if you lose your wallet you dont learn how to look for it more efficiently, you learn to double check its still in your pocket, in the markets you need a clean slate of mind, you need to learn to look and understand what you are doing in a much more effective manner..new comers get traped into a cycle of expecting to lose and then doing so...a lot never leave this cycle to go on and build the understanding and skills that would allow them in years to come, by looking back at their progress, realize how wrong they were when they started out.
I dont recall being abusive to anyone, if there is a stink its not coming from my end, conscious and unconscious emotional learning, the impact of emotion upon learning and the shaping/filtering of perception, the conditioned response etc are well understood, considering money is so closely linked to survival these issues play an important role here, nice contribution to the forum from you there though..