Advice I wish I had as a complete forex newbie
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Thread: Advice I wish I had as a complete forex newbie

  1. #1
    Hi


    I think myself one of the great guys, thats the only reason I post this. I dont think ill get into heaven and I dont think ill be a bear instead of a fly in my life. Those things are speculation. I do it because it feels kinda nice, and thats because I believe people deserve it but because some people deserve it. To be specific, a few of the people in this forum are great guys, a few of the seniors and a few of the noobs, the others I dont even need to think about.

    So onwards. A couple of things I wish I knew when I started out trying to trade FX.

    Its going to take you a lot of tough work, misery, soulsearching and pure angst to even have a chance of trading FX profitably.

    Learning how to trade FX in my experience isnt generaly pleasant and fun. I've seen people litteraly walking from theyre computer after hammering a lot more then they planned on. Its not fun to get dre and hopes smashed. If ever you get to a point of a continuous system you trade, which may be OK, but its not fun, its not pleasant, its difficult job (EDIT: to get there).

    The real reason why I started trying to learn how to trade would be that I dont need to have any shithead telling me what to do (a boss), ive had enough of this. So it wasn't due to any hopes of large gain that I wanted to learn how to exchange. If you have fantasies, and the big reason that you would like to learn how to trade, I will say thats probably a bad thing, it will lessen likelihood of profit.

    I dont believe there is any so called system which works. I've tried nearly all of them. There's little golden nuggets of clever items in a number of them, but they are largely clay, lies, treachery, bullshit and individuals wanting to rip you off. The 1 thing that you should attempt to do is trust tough empirical evidence, facts it. How takes some time, but suficed to mention, dont belive ANYBODY just because they tell you its so, not me. Id say that whay men and women believe a system is in fact maybe the core of something which could maybe, just perhaps be worthwhile. What people think about a system that is complete is more like 10-20percent of what you need to be profitable.

    How I ended up trading is VERY, VERY complied, I wish it wasnt so, but I do it because I dont know how I would do it otherwise. Because its so damn complied Frequently I misinterpret my system. I doubt I can, and I doubt I will try to edue anyone my way of trading. Its probably better for everybody to develop theyre own, very personal method of trading.

    Ive read many times that trading is simple, which you JUST do this and that and then you're in the green. I havent seen a single speck of empirical evidence it is and I've looked and I've looked and tried and tried. I've done a lot a things in my life, and I could confirm that trading currency is the weirdest craziest and toughest thing I have ever attempted. And I plan on doing this until I get old (over 65).

    About individuals selling webinars and charging you for theyre system I say this: Dont buy into theyre damned bullshit. If they successfull they wouldn't sell anything, they would trade. If someone wishes to collaborate or teach you something for free, well that just may work, but probably not.

    You must be willing to fail. You have to try things you believe will fail to prove it so that you can proceed. Should you believe trading could be something for you: use demoaccounts till you've got a lot of experience and all kinds of price action. Every time you believe Hmm whats going on? You dont have enough experience, and ought not to trade that.

    The problem with searching for some thing and this maybe look paradoxical, like when searching for a profitable system, is that its not sure you will ever find it. You must be happy to accept that you may never have the ability to loe what you're looking for, otherwise you dont stand a chance of finding it. I searched and searched constantly knowing I may not find it. This means that at some point you have to be willing to give up. I cant tell when that is, maybe its smart that you keep searching for 20 decades, thats an existential question I cant answer to you.

    Most of anything you see occurring on almost any price in any market is orders created by EAs. This mean what happens is predictible, most of the money is controlled by EAs which is not readily available for individuals EAs that is very advanced or even large businesses. These EAs are secret, and the men and women who code them understand just a very small portion of what they are doing. These EAs belong into the banks. The banks have many advantages, among other items because money they profit they could multiply in no interest in other banks. Profits they make frequently counts for security to borrow 10 times the original amount. Some of these EAs operate with a wiev of price as a physical thing. Suficed to state, most of the money is controlled by EAs we on this forum could never and will never have the ability to code. So dont believe you could easily. It is easy to make/use an EA that trades well for about 1-2 months, and it will probably start to loose money. If you would like to use EAs I suggest shutting off it when london opens, and putting them to use after london near. I dont use EAs because I havent found one that I believe is great enough, because there isnt enough periodicity/predictability in PA..

    I dont really like the concept of money. I dont like the notion of modern economy. I dont enjoy the banks and theyre ways. I dont enjoy authorities. I dont like the idea of countries. I dont like the idea of separate races of individuals. Actually I believe we're all equal so that we're not, and each of these items would make it. So I enjoy individuals. But, trading is currently stealing from eachoter, you need to understand that. Mostly stealing from your banks however, which stole from us in the first loion.

    So perhaps something about the upside: Currency trading is looking into the thoughts of individuals, either through the work of the EAs people coded for its banks and investors of several types, and the thoughts of real individuals putting down orders. This is fascinating, its really by definition, trying to read the thoughts of different men and women. If you are not fascinated by this, then I believe that lessens chance of being profitable.


    If my advice is solid or not, you will not know if you dont start discovering things on your own. My advice is worthless In case you dont find out things on your own, you shouldn't take my word for anything other then something somebody. I dont understand I dont claim and the truth those hwo do are currently bluffing hoaxmakers and charlatans. Where you are, I wish you the best items in all aspects of life, whomever you are.


    EDIT: A small clarifiion: It was the path to get here that wasnt that fun and a lot of hard work, now my way of analysis is finished, its own appliion is quite fun, that is somewhat more like fun and games with fiat money The particulars of the intraday analysis takes rather a lot of brainpower though so its finest implemented before childbirth.

  2. #2
    Quote Originally Posted by ;
    Along with the million dollar phrase is Diversifiion of Risk. This is what I see in this film.
    Well in that case I understand. And of course there will always be people hwo believe its honest to do things. There will of course be a move to illegalize EA trading, but that wont work as we all understand. It may be forced upon company that was small and the average guy but the wall road industrial complex will always do what they need, bomb who they need . That will go on and escalade until the day that humankind realises its on the knees, dying, at a curve that is exponential. Which will stop 1 way or the other when that day comes there are 1 thing which may happen.

    That is much because of technology and the fact that a lot of understands just how to read. In a way, we are still to restrain us. Anyhow I dont have time things are starting to move on M1.

  3. #3
    Quote Originally Posted by ;
    I come across traders on this forum that seem to consistently make 100's of pips a week - and they are trading mini-lots. Wtf? If you are able to get that done with mini-lots it is possible to do it with $100/pip transactions and up. Go for it.
    Not necessarily. Since the facet that is plogical comes in along with the account needing to be capitalised to exchange $100 each pip. Earning money doesn't make money. I was not very clear when I stated my T/P was slipped a couple of times. It had been slipped by 20-30 pips once the market gapped. Not by 1 or two pips. If you're on the side of having your S/L slipped by 20-30 pips, being down $2,000-$3,000 in a split second can be quite damaging both emotionally and to your account balance.

    Although I have read your thread and I still check in from time to time and I respect that you can exchange $100 each pip without blinking, I still adhere to slow and steady wins the race.

  4. #4
    Quote Originally Posted by ;
    Not necessarily. Since the aspect that is plogical comes in along with this account having to be adequately capitalised to trade $100 each pip. Money doesn't make money. I wasn't very clear when I stated my T/P had been slipped a few times. It had been eased by 20-30 pips when the market gapped. Not only 1 or 2 pips. If you are on the side of having your S/L slipped by 20-30 pips, being down $2,000-$3,000 in a split second can be damaging both emotionally and to your account balance.

    Although I have read your thread and I check in...
    and the leverage laws now limit many start-up traders that have less capital

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