Attend more seminars?.... You're joking right? Those seminars just empty your wallet, nothing else.
Stay away from seminars !!
I just want to trade profitabily
- Thread starter fxstudent
- Start date
Attend more seminars?.... You're joking right? Those seminars just empty your wallet, nothing else.
Stay away from seminars !!
It seems as though you have all this knowledge probably much of it learned from people trying to sell services or products . Learn from a trader that has no vested interest to selling you something. With the exception of material that is on topic with market mechanics , price action. And studies that are self fulfilling prophecies the rest is all BS. I was lucky I learned from an old grain trader and Bond trader when I was on the cbot floor. And an SP pit trader when I was at the merc. 2 of 3 of them would have been hard pressed to calculate a fib retrace . Yet they where successful traders for tens of years. Basic trading 101 . Bricklayer kind of trading is how most have become very wealthy. Be a trader not a speculator, singles not home runs.
Be reactive not predictive. If you have a grasp of the basics. Focus on application of some of them. Find a tutor. Most likely there are some around you . And almost anything can be learned online. these days. THERE IS NO HOLY GRAIL OR RED LIGHT GREEN LIGHT TRADING SYSTEM . Most beginners look a red light green light method. By design it will fail. markets are dynamic and systems are static. good results can be achieved with system bending and back-testing but moving forward to achieve the same results you wound need to change either the inputs or weights of inputs similar to get same results and that isn't systematic.
Be reactive not predictive. If you have a grasp of the basics. Focus on application of some of them. Find a tutor. Most likely there are some around you . And almost anything can be learned online. these days. THERE IS NO HOLY GRAIL OR RED LIGHT GREEN LIGHT TRADING SYSTEM . Most beginners look a red light green light method. By design it will fail. markets are dynamic and systems are static. good results can be achieved with system bending and back-testing but moving forward to achieve the same results you wound need to change either the inputs or weights of inputs similar to get same results and that isn't systematic.
FX Student:
I am of the firm belief that the first step to successful and profitable trading is to: "Develop the Traderâs Mind-Set". See if any of these quotes below strikes a chord within you?
"Itâs easy to see why most traders donât succeed. Instead of learning to think like traders, most traders think about how they can make more money by learning about the markets and technical analysis, its almost impossible not to fall into this trap".
"However, the consistency you seek is in your mind, not in the markets. Its attitudes and beliefs about being wrong, losing money, and the tendency to become reckless, when youâre feeling good, that cause most losses, not technique or market knowledge".
"Attitude produces better overall results than analysis or technique. Of course the ideal situation is to have both, but you really donât need both, because if you have the right attitude, the right mind-set then everything else about trading will be relatively easy, and even simple, and certainly a lot more fun".
"Positive Winning Attitude = Expecting a positive result from your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development, and what you need to learn to do better. Carefree Mind Set = A by-product of a winning attitude".
"When youâre feeling confident an unencumbered by fears and worries, it isnât difficult to put on a string of winning trades because its easy to get into a flow, a kind of natural rhythm, where what you need to do seems obvious or self-evident; you need very little in the way of analytical sophistication".
"Because you have no fear, you can execute your trades with no internal argument or conflict. Winning in any endeavor is mostly a function of attitude, and attitude the primary role in results".
"What makes trading so fascinating and, at the same time, difficult to learn is that you really donât need lots of skills; you just need a genuine winning attitude, along with an edge".
FX Student,
If what is written above rings as truth in your mind, then please, do yourself a big favor and buy: Trading in the Zone, By Mark Douglas. I believe Amazon has the best price. In my mind there is no better place to start your profitable trading experience. I also suggest that before you decide to buy anything else, you need to start to build a Trading Plan. Just Google "Trading Plans" and a load of freebies will descend upon you.
Take a look at them all before you begin your own. Again, leave your checkbook at home, and do not be tempted to buy any at this time. This also Includes "canned" Trading Plans. After you've completely finished the Douglas book, you'll have a better idea of the game you are attempting to play, and where you fit into the scheme of things.
Also, stop emptying your pocketbook on seminars, gurus, and Teaching Academies, and start filling your brain with the proper knowledge and skills. After you have completely finished the Douglas book, then take a look on this and other free Forums for advice. You will then be better able to judge for yourself the quality and the content of the advice given within this and other Forums.
It is best you now start on the road to independent thinking, you will then begin to understand market principles and truth when spoken. Return here after your reading, and you will be better able to judge the quality and content of what is said on this forum and others.
I suggest you pay close attention to any post discussing Price Action Trading. It only took me 13 years to learn that lesson. The best website I've seen for an explanation of Price Action is www.dacharts.com. Look for "Buffy's" paper on Price Action. BTW- I understand that she answers Price Action related questions at no charge. She does it just to help out, with no hidden agenda. She makes enough money trading.
"One Must Learn To Differentiate Clearly The Fundamentally Important, That Which Is Really Basic, From That Which Is Dispensable, And To Turn Aside From Everything Else, From The Multitude Of Things Which Clutter Up The Mind And Divert It From The Essential."
Albert Einstein
My gift to you,
kvector
I am of the firm belief that the first step to successful and profitable trading is to: "Develop the Traderâs Mind-Set". See if any of these quotes below strikes a chord within you?
"Itâs easy to see why most traders donât succeed. Instead of learning to think like traders, most traders think about how they can make more money by learning about the markets and technical analysis, its almost impossible not to fall into this trap".
"However, the consistency you seek is in your mind, not in the markets. Its attitudes and beliefs about being wrong, losing money, and the tendency to become reckless, when youâre feeling good, that cause most losses, not technique or market knowledge".
"Attitude produces better overall results than analysis or technique. Of course the ideal situation is to have both, but you really donât need both, because if you have the right attitude, the right mind-set then everything else about trading will be relatively easy, and even simple, and certainly a lot more fun".
"Positive Winning Attitude = Expecting a positive result from your efforts with an acceptance that whatever results you get are a perfect reflection of your level of development, and what you need to learn to do better. Carefree Mind Set = A by-product of a winning attitude".
"When youâre feeling confident an unencumbered by fears and worries, it isnât difficult to put on a string of winning trades because its easy to get into a flow, a kind of natural rhythm, where what you need to do seems obvious or self-evident; you need very little in the way of analytical sophistication".
"Because you have no fear, you can execute your trades with no internal argument or conflict. Winning in any endeavor is mostly a function of attitude, and attitude the primary role in results".
"What makes trading so fascinating and, at the same time, difficult to learn is that you really donât need lots of skills; you just need a genuine winning attitude, along with an edge".
FX Student,
If what is written above rings as truth in your mind, then please, do yourself a big favor and buy: Trading in the Zone, By Mark Douglas. I believe Amazon has the best price. In my mind there is no better place to start your profitable trading experience. I also suggest that before you decide to buy anything else, you need to start to build a Trading Plan. Just Google "Trading Plans" and a load of freebies will descend upon you.
Take a look at them all before you begin your own. Again, leave your checkbook at home, and do not be tempted to buy any at this time. This also Includes "canned" Trading Plans. After you've completely finished the Douglas book, you'll have a better idea of the game you are attempting to play, and where you fit into the scheme of things.
Also, stop emptying your pocketbook on seminars, gurus, and Teaching Academies, and start filling your brain with the proper knowledge and skills. After you have completely finished the Douglas book, then take a look on this and other free Forums for advice. You will then be better able to judge for yourself the quality and the content of the advice given within this and other Forums.
It is best you now start on the road to independent thinking, you will then begin to understand market principles and truth when spoken. Return here after your reading, and you will be better able to judge the quality and content of what is said on this forum and others.
I suggest you pay close attention to any post discussing Price Action Trading. It only took me 13 years to learn that lesson. The best website I've seen for an explanation of Price Action is www.dacharts.com. Look for "Buffy's" paper on Price Action. BTW- I understand that she answers Price Action related questions at no charge. She does it just to help out, with no hidden agenda. She makes enough money trading.
"One Must Learn To Differentiate Clearly The Fundamentally Important, That Which Is Really Basic, From That Which Is Dispensable, And To Turn Aside From Everything Else, From The Multitude Of Things Which Clutter Up The Mind And Divert It From The Essential."
Albert Einstein
My gift to you,
kvector
Trading in the Zone is an incredible book. I'm due for the third reading. I think third time's the charm.
Learning price action trading and exceptional risk management made me profitable despite a total inability to adhere to the concepts covered in Douglas' book. My next level is mastering the trader's mindset, not just believing it, but actually living it every day.
Learning price action trading and exceptional risk management made me profitable despite a total inability to adhere to the concepts covered in Douglas' book. My next level is mastering the trader's mindset, not just believing it, but actually living it every day.
The Expert proved several things. He knew how to use foul language, he shrouded empty words in obtuse verbiage, he craved attention, and he knew little about trading. Based on your many dialogues with him in your post history, I seriously doubt you are any closer to profitable trading.
The first sane thing I've read in this thread I think.
To the OP. I'm new here man but I've got to tell you it sounds like you're searching for the wrong thing. There are no tricks or shortcuts. Keep a detailed trading journal. Print out the chart each day for the vehicle you're trading and mark the entries and exits. Study this and correct your mistakes.
I agree there is no trick or shortcuts. And as I said earlier newbies look for red light green light system. By design they fail. There is however systematic trading, methodical execution. And quantitative decisions "meaning one or more criteria has to be met "no
"hunches" or "the market feels heavy" Look at your trading methodology. Make sure it is defined . Decide whether or not your on the right side if the trade most of the time. If so look at you execution. This is all oversimplified . But the jest of it is figure out if its your trade decisions or execution. To find out exactly what your starting out with. After a lot of years in the industry and 7 yrs as a trader. I myself use a "pit" trader methodology adapted to screen .
That yields "rounded off" Of all trades 1/3 +1 scratch ,1/3 losers, 1/3 winners. small objectives 6 ticks. YOU CAN MAKE 1 MILLION DOLLARS $62.50 AT A TIME. Like a guy said earlier in the thread roll up your sleeves and play a hand. My trading works for me and how I learned to trade. Its all simpler than any one selling you something "books and seminars" would ever want you to believe.