So true.Originally Posted by ;
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So true.
Can the turtles concur? The secret lies in perfect execution.
Quote=TraderT;3239437]Hi Jacko, I wish I knew these concepts do not work, when I first entered the markets. [/quote]
These concepts do work, they're just not understood. They're not concepts anyway, they're facts. Expectancy is the value of your edge. Ris simply the ratio of average loss to ordinary win. These are not to be mistaken with the estimate of expectation (normally based on backtesting) and also the artificial R:R (choosing R:R before the trade). Expectation and R:R are completely critical, as they both exist in the formula which permits a profitable trade. R:R is one of the variables of that formula, and expectation is the result in this formula.
Very true Razor, it is shit hard work mentally...
I was able to get a few post it notes about my laptop saying, be disciplined and etc.. But that didn't actually work so great, it worked better when I see a paragraph from Alexander Elders living for a trading... or another publiion for that sake....
Anyhow, here's what I am studying before I sit pr today. Hope someone find it helpful
Discipline cheat
We give in to our fear when we do not take another trade because we've only been through a string of losers and fear losing again. We give in to our fear when we place our stop loss overly close and have stopped from a trade without giving the trade enough space to grow. We give in to our fear when we freeze as a trade starts to eliminate money, and we do not take the exit sign because we're afraid of losing cash.
We give in to our greed when we take a profit early, before the normal sign, because we do not want to give back any of their profits. We give in to our greed when we exchange more contracts than we normally would because we feel great about this trade.
For a disciplined trader, you need to know why and how to enter the market, when to exit the market, and in which to set your money management stops. You have to control your risk and maximize your cash flow.
Even the market professionals and famous traders do not earn money from their forecasts; they earn money from appropriate trading discipline. Over time, they've learned that the discipline to control their risk through money management. They have learned to take the transactions as they come, rather than forgot a trade because they're second-guessing their egy or the market. These are the very same practices that you will learn to include in your trading egy.
Who can you second guess your egy?
Sound money management and risk control are the keys to being a profitable trader. It's not the prediction or the most up-to-date and greatest indior that makes the profit in gambling, it is the way you apply sound trading discipline with superior cash management and risk control that makes the difference between success and failure.
Now, you will love to shed. You will love to shed because your cash management will let you bee from the market becoming it back plus more.
You're finished trying anything else.
Hello vincy balboa
My title at the dailyfx forum has been exactly the same as here ()
The major thread is http://forexforums.dailyfx.com/threa...ersations.html
I left to concentrate on trading and making serious cash since some young aggressive guys came in with the only intention of looking for fights rather than attempting to share trading wisdom and expertise.
Then later I came here and I discovered this Forum was much better moderated and the trolls get booted into the recycle bin very quickly (something that DailyFX didn't do).
And this is the only forum I post on
Hello TraderT
I think that the biggest issue is that youthful traders believe this urgent need to always be in a commerce and always trading.
They have observed the stereotypical trading movies (like the film Wall St some years back ) where traders are crying and having battles in the trading pits.
What they don't understand is that successful trading isn't like that at all. Can anyone envision Warren Buffett running around, and yelling and screaming down a telephone line while he trades like a madman??????
I don't think so...
The contrast with Buffett limps. He's not a trader, nor has he ever had a computer in his personal office. He buys companies (or their respective shares) as a long-term investment.
Secondly, you will find great traders out there who conduct a couple thousand round trips/day (such as Paul Rotter and comparable ) - So, successful trading could be like that.
Last but not least, since selection of trading style can be quite closely correlated to personality, long term trend trading might be the option for many but not for others - particularly in light of the fact that profitability is not essentially greater for the other (depending on money and risk management).
regards
Yes JACKO. . I also want a MAKING SERIOUS MONEY...
I am Elliotican and just on Student Gann master Analysis. .
Are you a long term trader...
my skype vincybalboa1
Hello, daytrading how you going
I am pretty sure Jacko meant it the other way around... as in, you do not see Buffett running about yelling buy/sell...
Assuming he knows Buffet long term investment style where he seldom changes more than 5 stocks a year and sometimes not a single inventory.
But I have to say since stocks are my place and I have really read several books from that guy he has been blessed. Quite lucky, I really don't find him as a very great guy (great but not un-normally great) because everybody which purchased stocks and kept them until 1950 are rich. However he's been smart and kept all his stocks getting money from dividends, other guys could sell and purchased something else at a higher price. Like individuals are swapping lanes in a car queue ending up coming later than they would if they'd have kept the exact same lane.
I may also like to spare people their own time and tell them not to read his novels as the methods he's using is only working if you are rich. He buys a stock as he's buying the whole business...
I totally agree about the personality need to fit the trading style, since you are supposed to be here in the long term and simple things may keep you apart from putting some trades that in return may end in a challenging drawdown... puh. .
Jacko, just puts on a couple of transactions a week I believe...
assess his blog (on his signature).
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I would also like to add that Buffet sold McDonalds in 1998... Because he tought people where going to become healthy and fit.... Was that a option? He went away from his plan... However agan he consistently has Gilette
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