Guys, I just CAN'T do foreign exchange... I've tried

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pierre23
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Re: Guys, I just CAN'T do foreign exchange... I've tried

Postby pierre23 » Fri Jul 10, 2009 4:20 am

MightyOne wrote: If you have raw food in the fridge and you can't figure out how to cook it then you are just going to have to find someone who will cook the food for you.

Trading is the same way...


Not wanting to sound picky, but you're metaphor describes someone DOING it for you. I think "you are just going to have to find someone who will show you how to" would fit better.

Unless you are implying for him to get someone to trade for him?

Work's slow today.. sorry :D

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patriotstef
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Postby patriotstef » Fri Jul 10, 2009 1:26 pm

Hello guys,

No, I'm not looking for anyone to trade FOR me, my position is very simple... I want to, figuratively, play football so to speak. I know most, but not all of the rules of the game... but I'm not being told what the players need to do to beat the other teams on a routine basis. Is it in the quarterback? The defensive tackle? What are we huddling to discuss about how we are going to take down the other team?

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monolisa
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Postby monolisa » Fri Jul 10, 2009 1:56 pm

Hi patriotstef.

You are up against the "big boys". Don't think of "beating" them in the game, rather go with the flow and SEE what they are doing.

Honestly, the biggest opponent of you is yourself. If you can beat your fear and greed, and be disciplined, I think you would do well :)

Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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Postby Fxtraveller » Fri Jul 10, 2009 2:06 pm

per aspera ad astra!

Through difficulties to the stars!

Aut viam inveniam aut faciam

I will either find a way or make one...

Up to you if you want to give up.... But real rewards only come after many painful events.
You could do what I do, while learning how to scalp/day trade on a demo, trade tiny carrys on a live. It still makes a way better profit than a savings account, money is sloowly but surely flowing IN, and thus in the mean time Im in no rush to acquire necessary knowledge... I learn.. very patiently... very.... why? Im one hell of a persistent human being.

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Postby patriotstef » Fri Jul 10, 2009 2:10 pm

Thanks Lis and Fxtraveller,

I, however, would like to know what the rules are first and then know what first has to be done for the proper entry and then the proper exit - and the only way I'll know that is to know how to determine the probability of whether the trade will work or not. This is where I have had the most trouble. I know we need to go with the flow and not get separated from the herd, but the question is if the herd decides to head east, how do I know I'm not going west when the herd is first going in all directions? If I'm on the wrong train, do I get off at the first stop and walk back to the original train stop, or do I stay on the train in the hopes that it will go in the other direction soon?

A soon as I have all of this figured out, fear will be eliminated, discipline will be practical and greed will be abhorrent and thus prevented.

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monolisa
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Postby monolisa » Fri Jul 10, 2009 3:00 pm

Hi patriotstef,

From what I have learnt, do not follow the herd. Remember 95% of traders lose, and they are the herd being slaughtered.

Second, if you think you are wrong, get out of the trade. No point hoping for the price to come back to you. Minimize lose first, and profits will come later.

Last but not least, you need to learn how to find high probability trade. NLA thread is a good one to read :) High probability is not equal to sure win. Learn to control your risk and your account will grow.

My $.02

Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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Patch
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Postby Patch » Fri Jul 10, 2009 3:27 pm

Fxtraveller - Thanks for this quote:

per aspera ad astra!

Through difficulties to the stars!


monolisa

Sorry, I just don't like to misspell people's names, and the first time I saw your handle, I saw monalisa, because that is what my brain said it was, and it goes with your great icon, and if you didn't tell me I would not have figured it out. It is a how my brain works. And if I am correct, mono means "the one" so that is even better than a picture of someone else.

Potch
In VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby rolska » Fri Jul 10, 2009 6:27 pm

Hi patriotstef,
I know how you feel. This is what helped me:
I stopped live trading for a while, just demo, no stops no fear........just entered trades from what I "saw". By shutting off the money brain, your real mind can work and give you confidence.
Often it is good to have some spare buying power if you were too early on that reversal.
Trade both ways.
This gives me experience.......its not theory anymore.
I am really draining the banks now
DTB is a good start
Then I read and try to pick up some new ideas from other traders.
I am slowly starting live again. This time I will succede.
Big thanks to all pirates
Rolf

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Postby patriotstef » Fri Jul 10, 2009 7:38 pm

Thank you rolska,

May I ask what exactly is the enter/exit procedure that enabled you to do anything with the market whilst your "money brain" was in abeyance?

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Postby rolska » Fri Jul 10, 2009 9:01 pm

Start with DTB, load up the templates
Read Tro's rules and just do it.
When something works, do more of what seems to work.........less of what does not work.
You have nothing to lose.......
Rolf

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