Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Was this post helpful? Would you like more posts from this user?  

4 members have voted

  1. 1. Was this post helpful? Would you like more posts from this user?

    • Yes! I found this post helpful.
    • No, could have been better
      0


Recommended Posts

There are so many novice traders who get introduced into the "Forex world" and they hear about all the money you can make in this profession, but after 6 months, a year, or maybe even 2 years if you a persistent, they give up trying to master the markets because they say its impossible or too hard, does this sound familiar? Sadly i hear about this far too often...I am a piano instructor, and lesson after lesson i hear "Teacher, i'm so excited, i practiced for 8 hours this week!" only to be disappointed because the piece sounded exactly as it did last week. The students weren't lying, they did indeed play the piano for hours, just like they told me, notice how i changed the word from "practiced" the piano, to "played" the piano? Just changing a single word, can have a huge impact on its meaning. To PLAY the piano is something i do for enjoyment, just pleasure for myself or for others, not planning on improving much of my performance during this period, but to PRACTICE the piano, to practice is to take your time, go slowly, look at the bigger picture, fine tune the timing, the finger positioning, the accents, dynamics, muscle control, muscle movement, taking a step forward in your skill/performance level by improving something that will better you as a pianist. This can be directly related to trading, people think that if they make tons of trades, they are gaining "experience" yes and no, you do need to make trades, and get the feeling of what making trades is like, watching the market unfold against you or for you, BUT taking trades alone, wont give you the experience needed to one day have the financial freedom we all ache for. There is a saying that practice makes perfect, but i think PERFECT practice makes perfect. Anyone can learn to have financial freedom from the markets, but it takes time, dedication, and will. Take the time to get the knowledge needed, PRACTICE and apply this knowledge on the market, and then start building up your experience. There are no short cuts in this field, but take one small bite at a time, and eventually those bites will get smaller and smaller and smaller. Go make some pips! :D

Share this post


Link to post
Share on other sites

This is very true indeed. However, in an industry which requires so much self-direction I fear that those who need such an important facet to their developmental process to be pointed out to them, may not have the appropriate character to succeed at trading in the long run anyway.

Share this post


Link to post
Share on other sites

A little bit of semantics maybe....

 

additionally getting the wrong habits early on, from a poor educator, or a teacher who may be good at teaching but in fact teaches habits that dont suit all people is also a big issue.

 

As luck plays a big part in many vocations.....often stumbling not only on the right teacher, but the right teacher for that student, and prior to getting any ingrained habits is vital.

 

Poor habits can be overridden, but its makes it that much harder and even just practice might actually be considered harmful as well.

 

Perennial bulls and bears are often forged in particular markets under particular teachers and never really change or adapt. Scalpers find it hard to trade longer term, fundamental analysts often dont want to believe the market, maths whizzs might want too much certainty....etc;

Share this post


Link to post
Share on other sites

Now new traders got more tools to learn...I am not talking about indicators-books-web sites only...

I think analyzing your traders help you to understand yourself...Checking statistical facts on your trades definitely would help you...

the pairs you trade..the pair that you are more successful...trading durations..average of winning and loser trades...getting all these type of info is so easy now...so use it :cool:

Share this post


Link to post
Share on other sites

IMHO... the best way to gain success as a trader is to develop an edge, My edge is confidence. For me confidence is gained by playing out a setup or scenario so many times via backtesting, forward testing, and live testing, that I have a reasonable expectation of how my trade should play out. With this edge I can eliminate, or at least greatly reduce the tendency to cut my profits short, or, let my losses run.

Share this post


Link to post
Share on other sites

Thanks guys for the posts, i agree with all of them, understanding yourself is a huge part of becoming a successful trader, knowing each pair individually, does this pair like to pay attention to pivots, moving averages, which moving averages etc...developing an edge is a big thing as well, all traders need an edge, and there are so many "coaches" or "classes" that "teach" Forex out there, some even with silly promises such as "can make a consistent 5000$ every month with this system!" Don't fall for these kind of promises, most likely if someone gives you a promise like this in an industry that is more or less a variable, is usually a scam, i have been very fortunate to find an outstanding coach, one of the best in the industry, but before paying for any kind of Forex mentor ship, make sure to do your research before spending your hard earned money.

Share this post


Link to post
Share on other sites

You got that right! there's a simple rule to follow "when it seems to good to be true, it's because its not true". For god sake, forex is NOT easy money! It's not rocket science as well, but it demands time, discipline, patience, knowlegde and a lot of other skills!

Share this post


Link to post
Share on other sites

In light of recent developments at Peregrine I have to suggest that people take a long look at forex and how its structured.....I never did get the attraction (I realize its cheaper to trade it but look at what you get "with the package")

 

with regard to learning how....the same impediments exist for forex as for any market...you still have to develop an edge (as others have pointed out).....since "guarantees" of performance are not permitted, what we see is the other alternative as vendors try to make trading appear simple and easy......the most interesting development is what I call "aggregating bars"...for this technique the vendor goes and finds a programmer and they "invent" a new way of displaying data where each bar is colored (and/or shaped) differently so that trending behavior is seen (in theory) earlier (and more accurately?) ah.....well that technique has been around for quite a while and as with all things it looks good in theory but in practice...it simply doesn't provide much of an advantage.

 

I think what I wil do is to provide some new info with regard to characterization of markets. With all these new vendors coming in to tell us the "top 10 reasons why traders fail" I think someone should provide some substance for a change.......

Share this post


Link to post
Share on other sites

xXatheist,

you talking about distinctions like the following ?

practice <-> performing

explicit learning <-> implicit learning

quantitative <-> qualitative aspects of trading (see [ame=http://www.youtube.com/watch?v=ew1L6SLpHgM&list=FLv8kAMSj7njj14yvMwZY5WQ&index=3&feature=plpp_video]What Makes a Successful Trader? - YouTube[/ame]

)

etc?

Share this post


Link to post
Share on other sites
In light of recent developments at Peregrine I have to suggest that people take a long look at forex and how its structured.....I never did get the attraction (I realize its cheaper to trade it but look at what you get "with the package")

 

with regard to learning how....the same impediments exist for forex as for any market...you still have to develop an edge (as others have pointed out).....since "guarantees" of performance are not permitted, what we see is the other alternative as vendors try to make trading appear simple and easy......the most interesting development is what I call "aggregating bars"...for this technique the vendor goes and finds a programmer and they "invent" a new way of displaying data where each bar is colored (and/or shaped) differently so that trending behavior is seen (in theory) earlier (and more accurately?) ah.....well that technique has been around for quite a while and as with all things it looks good in theory but in practice...it simply doesn't provide much of an advantage.

I think what I wil do is to provide some new info with regard to characterization of markets. With all these new vendors coming in to tell us the "top 10 reasons why traders fail" I think someone should provide some substance for a change.......

 

much appreciated Steve

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Similar Content

    • By Jonh Smith
      I searched in google with keywords best forex robot 2019 and in the end I found fxflightproEA from their website fxflightpro.com . if anyone has ever bought, I was interested in their ea. I saw a very small drawdown, and monthly profit looks great.and I see myfxbook profit reaching 50% in 50 days. if there are buy please review here and I say thank you if anyone would like to share here.

      thanks
    • By StraussX
      Hi GUYS, Happy Wednesday!
      I'd like to share daily forex analysis from Followme, hope this information helps your trading.
      Today, Let's focus on AUD and NZD.
      AUDUSD is trading at 0.6761; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6765 and then resume moving downwards to reach 0.6635. Another signal to confirm further descending movement is the price’s rebounding from the descending channel’s upside border. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6825. In this case, the pair may continue growing towards 0.6905.
       
      NZDUSD is trading at 0.6447; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.6455 and then resume moving downwards to reach 0.6315. Another signal to confirm further descending movement is the price’s rebounding from the resistance level. However, the scenario that implies further decline may be canceled if the price breaks the cloud’s upside border and fixes above 0.6525. In this case, the pair may continue growing towards 0.6645.
    • By Georgebro8
      So I've been 18 for about 4 months, since I turned 18 I started up an account, and basically thought I was doing amazing because of beginners luck, put in some of my savings and managed to do well, some days I would make £200, one day I even made £900, after time I lost my profits and made a loss as well. I've realised I need to spend the time analysing the market and making technical judgments. I'm trying to read more and spend a lot of my time looking at the charts. is there any advice people can give me. and is making 5% a week a realistic goal to set myself? before anyone assumes that im looking for a get rich quick scheme, im certainly not, I see every loss ive made as a lesson and ensure that I learn from each mistake I make. 
      any advice about indicators, strategies, how to analyse the market, or even analysing earning reports would help me.
    • By edakad
      Firebird is an indicator to identify the price spikes in the market. Firebird indicator first calculates a 10-period moving average, then shifts this moving average a certain percentage above and below the 10-period moving average. The shifted averages are drawn on chart as the red and green line. When price touches these lines, price spike is identified. Usually after a price spike, the trend reverses for some time. The indicator can be used to take advantage of this price behaviors. In daily chart usually the 10 period MA is shifted by 2 percent to form the price bands. On lower time frames like Hourly, Four Hour a smaller percentage price shift is used like 0.5% . The important consideration here is most of the price bars must be contained within the upper and lower bands.
      When price reaches above the upper red band, a sell position is opened. When price reaches the lower green band, buy position is opened. Trades can be managed with proper stop loss and take profit. In the picture, Firebird indicator is attached to daily chart of EUR/USD with 2% shift on MA. Note that almost all price bars are within the price bands. And when price extends beyond these bands, price trend reverses and comes back into the bands.

      FireBird.zip
  • Topics

  • Posts

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.