Frustated in SA
Results 1 to 8 of 8

Thread: Frustated in SA

  1. #1
    I've been analyzing Currency Market for over a year. I have a basic understanding of indiors, subject and risk management. I've spent hundreds of hours coming up with a egy only for this to shed in the long run. I've read some egies on this particular forum. As much as I'd like to use another persons egy I also have the need to understand whats going on so by developing my own I understand why I'm placing the transaction. I try developing a egy based on the KISS principle. I think where I'm stuck is SL and TP. The feeling I have is like when you are speaking to someone and you are interrupted or you wash out and everything you want say is correct at the tip of your tongue but it just wont come out. From what we see in these forums is that it isnt the entry that is that important as far as the depart. What I have read concerning Currency direction but what I've read relates to how much do I need to risk per trade 1 percent or 50%(maybe not ). But I am searching for some thing more about the exit egy. Can it be as straightforward as having a macd xover and loing the right exit, is it more complex than a macd xover, am I asking the right or wrong questions?? I've read books, forums and asked questions. I think my problem is I am self teaching myself it is more like the blind leading the blind. They say practice makes perfect but what when I'm practicing wrong. Anybody know of any training appliions within range of a working persons wages or the way to discover local te. Good, bad or indifferent any information is welcome.

    Thank you beforehand.

  2. #2
    Very well said, myself are in the sabbatical point, after I blew my fist life account after 7 months, but because of this”fantasy” I will continue, tx for pointing out that you will find a life cycle to undergo before succeeding.

  3. #3
    There is a group called the James 16 Personal Forum. It has plenty of info. It runs $130 per month. The price is fair for the amount of quality info that you get. It is not for everyone....but Damn worth a shot. I think that you would be glad if you checked it out, it covers the points that you were talking about. Gook luck


  4. #4
    Quote Originally Posted by ;

    38 steps to becoming a trader

    Good stuff. Thank you for sharing them.

  5. #5
    Do an Internet search for a book called Trading as a Business by Charlie Wright. You should be able to find it at PDF. It should spark some thoughts and put you back on our path to enlightenment.

  6. #6
    Thanx for everyones answer especially parlenk for taking his time to write the 38 steps. It annoying and lonely sitting in front of the computer. It's nice though to have people from all walks of life to share thoughts or to obtain information from.
    Thanx again


  7. #7
    Oh c'mon. It's nothing.I didnt actually wrote it.I got that record from somebody on this forum also ( if I'm correct).and as much as I recall,I got that when I'm planning to quit my trading live .it help me a lot back I still carry it till now.hope it helps you also. Cheers

    Quote Originally Posted by ;
    Thanx for everyones answer especially for taking his time to write the 38 steps. It annoying and lonely sitting in front of the pc. It is nice though to get people from all walks of life to share thoughts or to obtain information from.
    Thanx back


  8. #8
    Demo trading
    first reside money account (5k)
    reading forums
    reading a couple novels

    Read a lot of novels
    start programming using tradestation
    create mechanical trading systems
    exchange my mechanical methods

    Read a lot of novels
    real cash account
    recognize I am constructing systems the incorrect way
    develop more mechanical trading methods
    exchange my mechanical methods

    Read a lot of novels
    begin to check out my trading as a portfolio
    begin to concentrate on cash managment and place sizing
    recognize I am constructing systems the incorrect way
    develop more mechanical trading systems
    exchange my mechanical methods

    at the end of the first year I had pretty much figured out the game. Although I wasnt successful, I was in the begining of my path to sustainable profits. My trading nevertheless consists of three things...

    1. reading
    2. Study
    3. trading

    38 steps to becoming a trader

    They are as follows:

    1. We collect advice - buying books, going to seminars and exploring.
    2. We begin to exchange with our'new' knowledge.
    3. We always'contribute' and then realise we might need more knowledge or advice.
    4. We collect more information.
    5. We switch the commodities we're currently following.
    6. We go back in the market and trade together with our'upgraded' knowledge.
    7. We get'beat up' again and begin to eliminate some of our confidence. Fear begins setting in.
    8. We start to listen to'external news' and also to other traders.
    9. We go back in the market and continue to'contribute'.
    10. We switch commodities again.
    11. We search to learn more.
    12. We go back in the market and start to see a little progress.
    13. We receive'over-confident' along with also the market humbles us.
    14. We start to understand that trading successfully will require more time and more knowledge than we anticipated.


    15. We get serious and start focusing on learning a'real' methodology.
    16. We exchange our methodology with some success, but realize that something is missing.
    17. We begin to understand the need for having rules to use our methodology.
    18. We take a sabbatical from trading to develop and research our trading principles.
    19. We start trading again, now with rules and find some achievement, but over all we still hesitate when we execute.
    20. We add, subtract and modify rules as we see a need to be more proficient with our principles.
    21. We feel we are extremely close to crossing that threshold of successful trading.
    22. We start to take responsibility for our trading outcomes as we understand that our success is in us, not the methodology.
    23. We continue to trade and become more proficient using our methodology and our principles.
    24. As we exchange we nevertheless have a tendency to violate our principles and our outcomes are still erratic.
    25. We know we're near.
    26. We go back and research our principles.
    27. We construct the confidence in our principles and go back in the market and trade.
    28. Our trading results are getting better, but we're still hesitating in executing our principles.
    29. We now see the significance of following our principles as we view the outcomes of our transactions once we don't follow the rules.
    30. We begin to see our lack of success is within us (a lack of discipline in following the principles because of some kind of panic ) and we begin to work on understanding ourselves better.
    31. We continue to exchange and the market teaches us more of ourselves.
    32. We master our our trading principles.
    33. We begin to always make money.
    34. We get a tiny over-confident and also the market humbles us.
    35. We continue to learn our lessons.
    36. We stop thinking and allow our rules to exchange for us (trading becomes boring, but successful) and also our trading account
    continues to grow as we increase our contract size.
    37. We are earning more money than we ever dreamed possible.
    38. We go on with our lives and achieve lots of the goals we'd always wanted.

    Most traders will recognize with this list and needs to be able to put themselves within these steps. Remember that very few people progress through these steps in an orderly manner. Creating your trading abilities is an iterative procedure. For instance, you might reach Measure 13., discover that though you're earning money, your basic assumption for trading was faulty (you might have been benefiting from the bull market, instead of your own trading prowess and then have been rudely awakened when the market entered a bear period ) and you may drop back to Step 4. And begin'scaling' the steps again. Possessing the proper mindset, attitude and mental makeup becomes increasingly important as you advance through the steps. The focus
    of the earlier steps is on outside issues, i.e. developing proficiency in the mechanics of trading while the focus of the latter steps (particularly from Measure 30, on) is on internal problems, i.e. improving ourselves emotionally and plogically, maturing as

    I receive this out of this forum too when I get stuck on my first year of trading..luckily I'm still on..yeah it hard..learning Foreign Exchange is hard time but once you can only delight in the travel like turtle's said.hmm just dont give up yet.hmm good chance then.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners more information