Thread: NOT The Conventional Type! Journal Of My Stubborn Trading Life...

Dear ForMeFact0ry - I got your PM. I too am in the exact same camp as you, perhaps just a little further ahead. I am not worthy of giving you some advice, nor should you be taken any from me. As a trader, you always need to be skeptical (particularly in a public forum).

Like I wrote previously, I don't have any advice, but I do have personal expertise. This is what I have found useful for me personally.
1) I started out in stocks and then futures, trading like a jackass, and losing a shit load of cash - a fantastic, but pricey learning experience - I learned a lifelong lesson when I personally got burnt off by the markets and by my own stupid action. Reading books and listening to others' warnings just didn't do it for me personally.
2) Pick a trading style - from (1), I found out that I am not a scalper, but instead a counter-trend trader. I expect things to come back to balance. By way of example, if a market is over-extended in 1 direction, then I would anticipate its return to the mean. Hence, I love to pick tops and bottoms.
3) Once I determined that I am a counter-trender, then I focused the majority of my learning/reading with this style. If I do not have a focal point, I would just be overwhelmed with the substances out there.
4) I demo'ed for half of a year doing counter-trend trading. I demo now to try new procedures and egies (currently, I am trying to learn to trend trade).
5) I exchanged actual accounts (actually, really, really small accounts) and just in short-term duration (intraday), employing the M15 chart. This wayI awakened my learning curve I did hundreds of transactions in a brief couple of months. Yes, it's safer to exchange with longer term charts (daily, H4), but the experience that I had obtained in a few months would have taken me a few years with the longer time frames.
6) I just focus on pip counts rather than complete $$$ amount. This way I will not eliminate confidence and focus when my trading accounts get large. What I am hoping to accomplish is to objectively look at 10 pips because just 10 pips and more - regardless if the place is 1 micro lot or several normal lots.

At the end (again just from personal experience), I came to a realization that my trading entrances are less important as personal plogy and money/trade management.
1) Plogy - the hardest parts for me was to deal with the personal demons and also to suppress my personal pride/ego so I can keep on keeping on and stick to the plan even through losing stretches. This is the reason why I decided to connect my personal demo accounts to my profile and journal. Thus far, it has been an embarrassing and embarrassing experience because there are no where for me to conceal. I feel totally naked and helpless as my trading prowess or lack-there-of are entirely exposed for everyone to see and to pass judgement . All my trading sins and personal short comings are represented within my transactions. Fears, greed, cockiness, lack of discipline, impatience, holding on to a losing position for too long, depart a wining trade too quickly, average down, excessive risks, more than trading, etc. - they are all out there because hard evidence. I can't sugar coat, denied, lie or make excuses!!!
Two ) Money/trade management - exit a losing commerce quickly and take profit slowly do work!!!
These 2 concepts aren't hard to understand, just very hard to put into practice (for me anyhow ).

Good luck to you and most of us on this trip!!!


EDIT: As for sharing my market analysis and predictions (from the post #7) - I am an intra-day trader utilizing M30 charts, so my market sentiment changes such as the end, from 1 second to the next. What I believe strongly now, I might not do so in a little while later. But if you want to learn, then just go to my demo trading accounts that are connected to my profile and my trading journal. From what I have seen, this website appears to update the hyperlinks almost simultaneously. So in the event that you want to gauge my opinions on a particular market at a certain moment in time or reside, then you can just go to the link and have a look at my longs and shorts. The link will also compute my win/loss ratio and a lot of different stats - hence giving you your TRUST rating - for what it is worth.

Originally Posted by ;

Congrats on your healthy attitude toward borrowing cash. I hope you keep it that the rest of your days.

We should not think about borrowing unless we are certain about how we'll get the money back (forex is not sure ) and have the intention to settle.

Originally Posted by ;

About the learning material for trading being so much:
Well, you can find out how to skim,
examine the inherent concept of each group of conventional stuff on charts yourself and then refuse needing to find out in-depth what you rationally dismiss as unsuitable for how you're capable of narrowing down risk and increasing reward,
or move over news/charts yourself while doing other things before you feel comfortable interpreting them for a tradeable projection.

Any dwell personal instance of skim examine the inherent concept?

Originally Posted by ;

For anforexforum.co.zamember or other (would-be) trader justifying their existence, the rest of this article:


Four or five new chart patterns, depth of experience in a couple of chart drawing devices, and innovative, ongoing work on trading plogy --
That is about all I have to offer.

Lots of leading members here have done something similar, albeit with much more trading achievement and thus greater credentials about what they have provided.

I'm not so well-verse using the forex terminology, so excuse me for asking:
1) What's chart patterns?
2) What's chart drawing devices?
3) What's conventional chart patterns

Originally Posted by ;

Everyone assembles on the shoulders of giants, also, and nowadays their job in chart drawing and indiors and fundamentals, order flow, plogy and cash management is a lot better compiled than in the late 90's when I began (losing at) trading. I studied all that before delving into unusual indiors, my own PA procedures, and eventually plogy.

I'm glad you've had an opportunity to study a lot. What are your trusted indiors, PA procedures, and plogy in gambling? (If you don't wish to talk about, you can be upfront so we can proceed )

Originally Posted by ;

Well, honestly, plogy appears to be too stered and ineffective for my tastes, which explains why it's my primary goal.
And there are other openings, for example chart explanations of how news impacts, which I left a method for in stocks (as I'm sure experienced news traders may replace if prepared ) but put to the side because I focus on charts only with forex.
That conventional chart patterns have just a slightly-better-than-50% chance of succeeding, had me...

For the para Well,... bad habits
I get a bit of what you're trying to say, but I wish you can clearly state out what you mean as things, such as me, I could be messy occasionally, but clearing it up and composing things will surely help.

Originally Posted by ;

The rationale most seasonedforexforum.co.zamembers, regardless of stage of growth in earning profits from trading, don't succinctly explain their trading contributions to other people, is that they have posted their approach within their own jumbled, strung-out-everywhere type of way, and also need some kind of extra impetus to make it distinctly legible.

I agree that they (and me) talk in our own Forex language. However, my issue is that I would prefer them to make it legible for us. Or have a legend article on what these abbreviations/jumbled words mean. 1st time) is it better to share something that people understands and may benefit from or discuss something that no one may benefit from, moreover, you're wasting everyone else's time reading something they don't understand.

Originally Posted by ;

I believe that if you examine the job onforexforum.co.zaevery one of those skilled members have in common and drop that, and then find what is first and note and research that, you may add it to the finishing school babypips has.

I have heard that tone of'gimme your things now'. While off-putting if a newcomer only asks anybody to inform them how to exchange without effort -- many traders fail in the long run, therefore it's hard to pin down something definite that provides an edge; rather, something inner frequently makes the grade, commonly called unexplainable....

For me, you're talking in code, when the above para (if I understand correctly) could be easily understood as:
Most individuals don't like rookie who needs matters without putting any effort. Through experience, you'll get knowledge.

Originally Posted by ;

It's powerful if someone's setting off as having something valuable to say. I'm no exception, but the more common target is these leading popular threads in ff's Trading Systems or Commercial Forum (main section). It's a fantastic thing, only have to vary per individual suggesting a newer approach to exchange.

Please connect me to a few of those popular threads out of Trading Systems Commercial Forums.

Originally Posted by ;

It's also more effective if you are asking a (would-be) trader that does discretionary/manual research for each transaction, because it's then up to this asker what to emphasize anyway.

I am no offense but I wish I could understand you better. You are writing like an English Literature, I understand the gist of it, but it's very hard to decode...
Again, this was what you intended:
I consent to ask someone who focus in that specific field, thus, asking a specific question.

Originally Posted by ;

Ask someone that has a genuine, proven, winning EA, however, and you'll hit a wall. They are very secretive, and rightfully so.

I'm waiting by the wall where they all gather and discuss all their actual, proven, winning EA. They need to gather somewhere perfect?

Originally Posted by ;

When it was easy we'd all be gazillionaires, You remind me of myself when I started trading Currency Market, really excited to understand and very ambitions I'd dre of making it big fast, but sad to mention like all of the old timers in Currency Market trading, there isn't any 2 hour lesson, Why do you believe there are so many progr out there promoting that idea. If you would like to understand, you will learn, but you will not find out in two hours guaranteed, It took me a couple of years to become profitable in trading, for me personally I needed to see all of the cycles of the currencies, so many...

Being a millionaire will be sufficient for me.
I'm happy that I could remind you of who you're, how are you different now?
Thanks for the suggestion, I'll check out zulutrade soon.

Originally Posted by ;

wE AS HUMANS TEND TO OVERTHINK IT, trading forex has to be a long term profitable venture if you are going to continue to do it, unless it is amusement for you and ther money you lose is only the total cost of the amusement. I like trading currencies espeically GBP/JPY. I love mrroboto's short bias on gbp/jpy, I will be adding longs from the dips all the way down into 126.55 when we get there. I caught a lengthy today @ 128.84 and shut it near the top of the previous run up, and now we go again, running down then up again, guppy is similar to an elevator.Interbank...

Some individuals do overthink, though some don't. You can believe 23 hours a day for weeks and months, to receive a winning style of trading, that could be overthinking it, then you simply require a man who you aspire to run it for you, then need not believe for the rest of your life. That might not be thinking it.
It's not entertainment, it's analyzing the opportunity.
It's good you mentioned receive your own style, what should you copy everyone's commerce and develop your own style then I replie your own style, why need I develop my own? You've done it .
Then bringing together a number of your styles together and enhancing it.

Experiential knowledge can be taught to others if you notice it down. Teach it for free and charge only to what pips(profit) your pupil makes.
Let them burn their hands, but be there if they have baked the cakes.

Originally Posted by ;

Dear - I got your PM. I also am in exactly the exact same camp as you, maybe just a little further ahead. I'm not worthy of giving you some advice, nor should you get taken any out of me. As a trader, you should always be skeptical (especially in a public forum).

Thanks, I'm still doubtful.

Originally Posted by ;

Like I mentioned earlier, I don't have any advice, but I do have personal experience. This is what I have found useful for me.
1) I began in stocks and then futures, trading like a jacka**, and losing a sh*t load of cash - a wonderful, but pricey learning experience - I learned a lifelong lesson once I got burnt by the markets and by my own stupid actions. Reading books and listening to others' warnings simply didn't do it for me.

Yeah man, that sounds like me, just thankful that you are upfront with it, that's cool.

Originally Posted by ;

two ) Select a trading style - from (1), I found out that I'm not a scalper, but instead a counter-trend trader. I expect things to come back to balance. For instance, if a market is over-extended in one direction, then I'd anticipate its return to the mean. Hence, I like to pick tops and bottoms.
3) After I determined that I'm a counter-trender, I then concentrated the majority of my learning/reading with this style. If I do not have a focal point, I would just be overwhelmed with of the substances out there.
4) I demo'ed for half of a year performing counter-trend...

Amazing points. Lovely! I love this rather post!

Originally Posted by ;

At the conclusion (again just from personal experience), I came to a realization that my trading entries are not as essential as personal plogy and money/trade management.
[color=Red]1) Plogy - the hardest parts for me were to deal with the personal demons and to suppress my personal pride/ego so that I can keep on keeping on and adhere to the program even through losing stretches. This is the reason why I chose to link my personal demo accounts to my profile and journal. Thus far, it's been an uncomfortable and humbling experience since there aren't any where...

that I need to re-read this again. Such a good post.

Hello ForMeFactory.

If you maintain this momentum in trading, then I acknowledge you'll go very far even outside of your imagination. Keep it up mate.

Originally Posted by ;

4)
ForMeFact0ry
I LIKE THE EASIER WAY: Look at the screen for hours, days, etc? I've got lots of different items to do, badly I have a life, I have housework such as laundry, sweeping my room, cleaning the toilet, etc.. To perform, and I really like my loved ones, I wish to spend as much time with them, and irritate my own nieces. I really like them much...

Agree..we have different side ( real life ). . .Discover our nature and look for a trading system which fits with us, scalper, intraday or swing a match with us, and it does not mean we need to stay whole days in the front of this PC.
When we got enough that's enough and stop

Best Regards

qs

Originally Posted by ;

I will need some time to really read it and respond.

Meanwhile, I've got an idea. Have you ever noticed among Darren Brown's series where he utilized the energy of the masses to attack lottery? It was shown on television in the UK as the lottery number was being called out.

At exactly the exact same logic, why can not we collate everyone's idea collectively on the different analysis they've made. PLEASE NOTE: this will not be acceptable for those stingy folks, so I am glad we can filter those nasty folks from the way in the initial procedure.

I will volunteer to collate...

hi-tech,
I think that it sounds like a fantastic idea to have a lots of individuals working together trying to fix the market, but in addition this it also creates another sets of problems. Individuals may have different opinion and debate about something, and in this particular situation there is really no one really know exactly what the'right' answer is. And if a person have a fantastic judgement based on the expertise on the market, there is absolutely no guarantee that individual want to split the view on public/forum.

It is more likely however for somebody to share their trading system and also the analysis but finally the choice is still up to each trader. Sharing their trading diary is the closest thing to this idea.

Nevertheless I do not really know what's going to be going to occur next, maybe there are a number of men and women who would love to combine in.

cheers

Merely to notify the rest your PMs have been replied.

Update and reply to articles will come after. Thanks!

Originally Posted by ;

Only to notify the rest your PMs are replied.

Update and reply to articles will come later. Thanks!

Hello ForMeFactory,

Just wanted to state that I have replied to a PM.

I will really understand your fruion with FX trading.

Allow me to tell you straight out what your issue is and mine and 95% of all the small RT's out there. We talk about trading a plan and arranging a commerce, we talk about money management, cutting a losing trade short and allowing a winning commerce run, blah blah, blah. But the majority of the time we DON'T put the good things into training. The most important things which should be added to the learning curve are: brain management and emotional response management.

Heres's a few other pointers:

1/ Forget about demonion trading in order to learn live trading. Doesn't work. The only way to learn live trading would be to reside commerce! Finest thing to do would be commerce micro lots. With many brokers you may exchange 10 pennies a pip so in the event that you lose 40 pips (as an example) you've only lost 4 dollars! But the BIG thing is you're trading the true thing.

2/ Naked trading - just trading the chart (whether it's 15min, 30 min, 1 hr) as one sees it or even as it's portrayed by a few 50/50 trading system is well named - you'll wind up stripped naked with not a bean left at the bank! One simply really needs a viable trading egy and most importantly one that is giving ONLY in the most two or three signals or set-ups a week. I have develop such a system. It is quite powerful and I'm going to post it on my own thread.

3/ Somebody who replied to a thread the other day saidI found out that I am not a scalper, but instead a counter-trend trader. I expect things to come back to balance. For instance, if a market is over-extended in one direction, then I'd anticipate its return to the mean. Hence, I like to pick tops and bottoms. Think it not, that man is really on the ideal path. And finding a system or method which could pick a new fad or counter-trend and may indie the ideal MOMENT to input a trade (we don't need any huge draw-downs!) Is going to bring us lots and lots of pips which equals lots and lots of dollars at the bank (hopefully!) .

4/ been to Mexico or Brazil and tried to get by? You wish you can talk the language and boy is it a lot less difficult to survive if you can! Well FX trading is really exactly the same. Small traders expect to create money but they don't know nor can they see a FX chart. The snare they encounter each time is they believe that they can see what is happening - it's an uptrend! (so that they buy) and guess what? The price drops by 100 pips almost instantly. WHY? Of course it's because they input their commerce in the wrong direction at the ideal time and in the ideal moment.

5It IS a learning curve and there is no getting away from it, particularly in the event that you want to make a success of the game. But it IS possible! Learn from folks like me who have themselves learned the hard way and been there, done that .

Rgds

Jerry