It has hit me like a TON of bricks!!!!

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ajaymein
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Postby ajaymein » Thu Sep 23, 2010 1:51 pm

prochargedmopar wrote:
newschool wrote:If an edge isn't that hard to find, why do we have almost 40 000 posts in the forum?


es/pip is close, but no cigar.

Its 98% psychology!!!!
That's why.

I see my dad getting all pissed off while trading and I'm sitting there telling him to take the emotion out of it......"what, I'm not taking emotional trades", he proclaims......

I laugh, because I know exactly how he feels, but most like him are blind to see they are acting out of animal instincts and emotion.

So funny.

I read by barry thornton in the long candle pdf....... 'HOW YOU HANDLE AND FEEL ABOUT LOSSES IS WHAT WILL DETERMINE YOUR SUCCESS OR FAILURE AS A TRADER"...

Getting an edge is the easy part.


Very very very true!

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eudamonia
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Postby eudamonia » Thu Sep 23, 2010 5:10 pm

prochargedmopar wrote:
newschool wrote:If an edge isn't that hard to find, why do we have almost 40 000 posts in the forum?


es/pip is close, but no cigar.

Its 98% psychology!!!!
That's why.

I see my dad getting all pissed off while trading and I'm sitting there telling him to take the emotion out of it......"what, I'm not taking emotional trades", he proclaims......

I laugh, because I know exactly how he feels, but most like him are blind to see they are acting out of animal instincts and emotion.

So funny.

I read by barry thornton in the long candle pdf....... 'HOW YOU HANDLE AND FEEL ABOUT LOSSES IS WHAT WILL DETERMINE YOUR SUCCESS OR FAILURE AS A TRADER"...

Getting an edge is the easy part.


This exactly ^
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

xtremeforex
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Postby xtremeforex » Thu Sep 23, 2010 9:33 pm

AJAYMEIN is EXACTLY on the right track with the support/resistance ideas.

How do you get rid of emotion when you trade? TRADE SMALLER!!

That is the SIMPLE benchmark to know what risk is good for you. If you can't trade without leaving the screen, this means your trade size is way too high. If you can't trade without a stop-loss and can't accept a draw-down, you already lost.

Who cares about the 2% rule, it all comes down to what money means to you. For somebody, losing $100 is not a big deal, to another losing $10 is a big deal.

When you figure out what trade size will make you emotionless, you are one step in the right direction. That is the trade-size you work with.

Don't aim for high profits. Aim for consistency in winning (even if small) and emotionless trading FIRST

xtremeforex
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Postby xtremeforex » Thu Sep 23, 2010 9:38 pm

We have 40,000 posts because people are too GREEDY trying to find a magical formula to become millionaires instantly.

Even when they are winning, they become greedy letting those little winners turn into BIG losers.

They don't realize the goal is to get out when your trade is POSITIVE.
THAT'S IT. DON'T WAIT, there may NEVER be another opportunity.

A winning trade is not a winner until you close it. A losing trade is not a loser until you close it.

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eudamonia
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Postby eudamonia » Thu Sep 23, 2010 10:24 pm

Taking emotional trades has NOTHING to do with trade size. It's all about how you perceive the market. The larger trade size I do the less emotional I become. This is purely a psychological barrier. Ultimately you either trust yourself to trade well or you don't. I don't trust myself any less just because I am trading more contracts. The money is irrelevant - it is all about what the market is telling me.

Greed can also be a force of good. Wednesday morning I woke up and made 19 pips. The next trade was even better and so I traded larger size. I made 45 pips. I let the market tell me how to trade - not my ego. What I made on the last trade, last week, etc. has no bearing on how I take the next trade. Only the market tells me how to trade.

Winning traders know how the make the MOST of a winning trade, whether it be for 5 pips or 500 pips. Losing traders hold losing trades to prevent a loss. Thus they make their losing trades far outweigh their winning trades. Ironically their fear of losing only perpetuates more losing. As a winning trader I do the opposite, by holding winning trades until the market tells me to exit, and by exiting losing trades when the market tells me I am on the wrong side of the trade.

Those are the ingredients of a winning trader. Not indicators, but emotions. Observe the market's emotions, observe your own emotions. Trade in the direction of market momentum based on the emotions of the markets.
Eudaimonia (pron.: you-die-moan-e-a) (Greek: εὐδαιμονία) is a classical Greek word commonly translated as 'happiness'. The less subjective "human flourishing" is often preferred as a translation.

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Postby forexjake80 » Fri Sep 24, 2010 3:36 pm

Jesus! I see the banks sucking in all those little orders of those 98% of the people who loose trading forex.

Startrek Voyager comes to mind... where there is this giant monster, who makes itself look like a wormhole, the instant way home for the stranded spaceship crew, desperate to be re-united with their families. Only one person tells the crew "this looks to good to be true", and is thrown into jail immediately. Anyone not thinking of tro now? :P

http://www.youtube.com/watch?v=R9em2J3acgI

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Postby jakehunter » Tue Sep 28, 2010 6:36 pm

Thanks for a very useful info. I've tried to find any useful info about the same experience, but there was no good stuff. And not so long ago I?ve found some free soft archive from some expert?s site or something like that. And you know what - it worth all my searching time. Saving your time ? you can find it [url=http://ritalasker.com/free.htm]here[/url]

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Re: It has hit me like a TON of bricks!!!!

Postby ZEN » Thu Oct 07, 2010 10:25 pm

xtremeforex wrote:Yes TRO, you are.

From another Engineer to another, I commend you.

IT HAS HIT ME LIKE A TON OF BRICKS.

I AM SCARED TRO.

I feel like I have earned some kind of new power and I have absolutely no clue how to use it or control it properly for my benefit. It is just so easy that it feels like why do I deserve it??

I know YOU KNOW what this feels like.

What do I DO NEXT??



Same here!

ZEN
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Postby ZEN » Thu Oct 07, 2010 10:32 pm

xtremeforex wrote:Another thing I have realized in my enlightenment which is incredibly scary is, how much people are being SCAMMED by some brokers all over the internet. Even the so-called legitimate ones too. Although what they do is surprisingly LEGAL, it is completely IMMORAL.

DO NOT UNDERESTIMATE THE IMPACT OF THE SPREAD. FIXED SPREAD IS A SCAM.

I FEEL SORRY FOR PEOPLE ON BABY PIPS. They have no clue that their forum and their moderators are the devil in disguise.



A few days ago I was banned out from babypips because I've wrote a few posts about brokers who scamm traders with their tricks.

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Postby pablo101 » Fri Oct 08, 2010 2:16 am

ZEN wrote:
xtremeforex wrote:Another thing I have realized in my enlightenment which is incredibly scary is, how much people are being SCAMMED by some brokers all over the internet. Even the so-called legitimate ones too. Although what they do is surprisingly LEGAL, it is completely IMMORAL.

DO NOT UNDERESTIMATE THE IMPACT OF THE SPREAD. FIXED SPREAD IS A SCAM.

I FEEL SORRY FOR PEOPLE ON BABY PIPS. They have no clue that their forum and their moderators are the devil in disguise.



A few days ago I was banned out from babypips because I've wrote a few posts about brokers who scamm traders with their tricks.


My posts on BP were being edited for no reason without my knowledge of why and what, they just did it! Sure, its their site, they can do whatever they hell they want, but that is not my definition of a 'public' forum :(

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