Successful Trading - Advice and Guidance

What a complete load of crap.

Forex is a scam. Those of us here for more than a few hours have figured it out...

Nice little bit of spam though..congrats on that...

and now back to the "successful trading advice"


Steve
 
Quote from downrivertrader:

Have you ever wondered how they did it? I mean...you can read Market Wizards but some of these stories seem surreal and out of reach for most. I am talking about us average traders. How did they manage to begin trading and finally achieve the coveted status of full time trader?

Success seems to be out of reach for many new traders. Let's dedicate a thread to helping each other achieve success as traders....... Let's be respectful and understand that success has different meaning to all. The following pages can be filled with personal stories of success, discussions on markets traded, methodologies, sharing your wealth, quotes, books, good old fashion advice or anything that might help others understand how to imporve themselves and their abilities as traders.

I want this thread to be different and out of the box. Feel free to discuss how much money you make or lose, how many contracts/shares you trade, how long it took to get to where you are, what you learned along the way. As long as it is in this thread, it will not be considered bragging. Only helping your fellow man (or woman).

Let's make this a quality collection of advice and reference.

DRT
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I read thru your posts and found the book you recommended by Napoleon Hill. I am confident it is going to bring me the succcess I have felt capable of.
After reading the first couple of chapters I wrote my Definiteness of Purpose using the example he provides.

After I wrote my Definiteness of Purpose I feel a weight has been lifted. I have faith! I have confidence that with a purpose comes 100% control of my faculties(emotions, etc).

I am able to make a living as a trader. However, in the past mental road blocks have kept me from being consistent.

"My faith is so strong that I can see this money before my eyes. I can touch it with my hands. It is now awaiting transfer to me at the time, and in the proportion that I deliver the service I intend to render in return for it. I am awaiting a plan by which to accumulate this money, and I will follow that plan, when it is received." Quote from p. 52, Chapter 4 Autosuggestion, author Napoleon Hill, Title-- Think and Grow Rich.
 
Quote from steve46:

Forex is a scam. Those of us here for more than a few hours have figured it out...
Steve
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Steve, this is the second time I've read your opinion on this. I don't know jack about Forex. I bought a book on it and was going to read about it just because there's so much hoopla about it and I thought I was missing out on something. I'm already uncomfortable with the concept of speculating on currencies, but could you please tell me why you think it's a scam?

Chuck
 
Quote from Neodude:

An ok book, but your lack of previous posts makes it look like you are spamming the board and trying to promote the book.

May I suggest other goodies:

"Mastering the Trade" by Carter
"Methods of a Wallstreeet Master" by Trader Vic
"The Market Makers Edge" by Lukeman
"Phantom's Gift" by The Phantom Trader
"Trading Options to Win" by Johnston
"The Logical Trader" by Fisher

All of these are decent books, but they are not the holy grail. There are many methods out there to making money and many to lose money. It all comes down to figuring out what works for you.

On a side note, I always thought Fib retracements where a bunch of snakeoil, but a week ago I saw a big energy trader using them. Go figure, just when you think you know something, someone comes along and proves you wrong.

Cheers,
Neo
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Thanks for the information,I'm new to the site and I was just trying to help,NOT spam anything!!!
 
Quote from bluedemon77:

Steve, this is the second time I've read your opinion on this. I don't know jack about Forex. I bought a book on it and was going to read about it just because there's so much hoopla about it and I thought I was missing out on something. I'm already uncomfortable with the concept of speculating on currencies, but could you please tell me why you think it's a scam?

Chuck
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Personally I hate the lack of a level 2 screen... I need to know how many contract I can buy at a price without moving it... or how many prices I´ll have to eat if I was to take out my whole position at once.
 
Quote from bluedemon77:

Steve, this is the second time I've read your opinion on this. I don't know jack about Forex. I bought a book on it and was going to read about it just because there's so much hoopla about it and I thought I was missing out on something. I'm already uncomfortable with the concept of speculating on currencies, but could you please tell me why you think it's a scam?

Chuck
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I think he is trying to say that trading currencies through a bucketshop is a scam, by this I mean the current popular spot currency dealers/brokers. If you trade currency futures on an exchange (ie. CME) you will have a much higher probability of not getting cheated on execution, having fake spikes in the data feed to trigger your stops and being put on manual execution to prevent you from making money.

Cheers,
Neo

PS. Don't believe the no commission crap, its built into the spread.
 
First I would direct you to do your own research....I have MY opinion based on MY research....Do at least some of your own...

I don't like the lack of regulation, the spreads, the requotes, and the games the so-called brokers play with the clients. Many of these "brokers" will not allow you to trade short term or scalp..Its a scam....

If you want to trade currencies, trade on the exchanges.

Basically I agree with Neo.

Steve
 
Quote from coolweb:

ITs all about the KNOWLEDGE. everything else is secondary.
This is what seperates the wheat from the chaff.

This is what seperates the einsteins from the high school teachers,
This is what seperates Warren buffet from the average value investors.

If you had :legal: information that HPQ was going to have blow out earnings and you bought 2000 call options.
<b>
No understanding of self needed, just hit BUY BUY BUY BUY BUY BUY button. DONE!
</b>
You just made $500k right there.


Extreme knowledge in your niche market.
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You really think so? From someone who has been there, and learnt the hard way - I dont think so. Skilful action is what it takes - and action and knowledge have very little in common. Did Branson become the richest man in England by knowing more? No - he believed, had a value of fun, and took massive action. Did the guy next door to you end up with more money than you because he knew more? No - the guy next to me ended up with more money as he focused on it instead of focusing on travelling and learning.
 
Focus on one market. Learn it inside out. When value presents itself, take the risk. Focus on one instrument/market.

Simplify your trading to maximize profit.

DRT
 
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