After years in trading, do you still believe in get-rich-fast BS?
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Thread: After years in trading, do you still believe in get-rich-fast BS?

  1. #1
    It has been almost 3 years since I started trading - I started trading for fun on demonstration. I've been performing bets with couple of men who'll earn the maximum - demo account with 100k and we're going - I had no clue what it is about, so the account would melt days or even hours - later on I've lost some money, I've had better and worse periods and in the present time over the 3 years I've about 2k significantly less, but the positive side is that the understanding I gained, lots of understanding, I could likely do workshops in trading plogy but I cannot help myself

    anyway, return to subject - following couple of years spent in fx market - do you still believe you can get wealthy fast?

    I do not - I've had worse and better times, and I understand that the markets aren't trending all of the time, you might sit on your ass for days and will hardly get 1-2 signals. How I see it is you want to give yourself 5-10-15 years for to larger money - 5-10-15 decades of subject, and to be honest - when I had a fantastic job that is safe (which is these days) - I'd give up on fx. I'll keep trading, but will concentrate on my entire time career more, will try to start side business and will carry on with forex, but I am aware that it requires years to become rich (or fortune ), and I think then and only then whenever your principal focus won't be getting rich fast on fx, when you'll begin treating it as investment for many years - just you might succeed (most people at least, as there are some individuals with steel balls who can stick to subject constantly )

    how about you guys - do you still believe in get rich fast in fx market? What are your views? Did some of you get to stage where you live of fx? I know only one person here that did succeed

  2. #2
    Quote Originally Posted by ;
    LOL quote
    Ironically, sad but true (considering writing a trading plogy book too haha).

  3. #3
    Quote Originally Posted by ;
    quote IMHO, plogy is easily the most overrated aspect of trading ever, largely thanks to writer Mark Douglas. My opinion is that thing a trader needs is a proven border. In most cases, plogy problems can be easily corrected once the trader perceives he/she has a proven border. Automated trading is a lot more friendly and practical than trading in both regards. It makes analyzing if there's an edge a lot easier. It allows to skip plogy problems. I am of the opinion that people have much greater potential than any EAs in trading....
    Agree 100% on the psych bullshit, but not the discretionary/auto part since the couple traders that I know who make money all use a discretionary aspect and that is all I will say on that. I am aware of 0 entirely automated profitable traders without a discretion, we could discuss that in the event that you want but it will run deep. But anywayback to the psych...

    Psych won't turn you into a professional player in any game or sport. It will assist a professional player that is struggling with a plogical issue. That's not the case the majority of the time with FF retail traders. What is the situation is lack of advantage or money direction for it which causes loss of money and stress. So psych issues are the effect not the cause.

    Douglas is not a plogist you are right, he's only capitalizing on this crap, however there's a guy in the trader psych field Brett Steenbarger who's qualified so in the event the slim possibility this is what is holding you backhe has material on the subject. You being a plogist might want to test it out I don't know.

  4. #4
    Quote Originally Posted by ;
    quote Agree 100% on the psych bullshit, but maybe not the discretionary/auto part since the couple traders I know who earn money all use a discretionary aspect and that's all I could say on that. I know of 0 fully automated profitable traders without a discretion, we could discuss that if you want but it is going to run deep. But anyhow back into the psych... Psych will not turn you into a professional player in any game or sport. It will assist a professional player that is struggling with a plogical issue. That is not the case most of the time with FF retail traders. What is the situation...
    Well, my experience is exactly the opposite. I know and have seen several automated traders that are and are consistently profitable for quite some time for sure. The thing I cannot say about discretionary traders, however I know that they exist. I am capable and honestly already over qualified when it comes to plogy. Trust me that is not what is holding me back from being a discretionary trading star Discretionary trading for me is not about following rules. EAs (provided that correctly coded) will follow principles better than any individual. Discretionary trading for me is all about knowing when to break the rules. It is about being flexible at the right timing. It is about being able to comprehend an (impossible to code) exclusion to the rule and act upon it in real time. It is about sensibility, intuition, gut feeling whatever ultimately functions and cannot be coded. That is the one thing I can think of, that us people in theory can do better than robots. That is why I've mentioned genius and art associated with discretionary trading. Just a couple will make it at trading. Odds are that I am not among these. I am only playing the odds while trying to reap maximum benefit in my best strength which lies in approaching things in a scientific method.

  5. #5
    Quote Originally Posted by ;
    quote My experience is precisely the reverse. I understand and have seen many automated traders that are and have been consistently profitable for quite some time for sure. The identical thing I cannot say about discretionary traders, but I understand they exist also. I'm competent and honestly already over qualified when it comes to plogy. Trust me this is not what is holding me back from being a discretionary trading superstar Discretionary trading for me is not about following rules. EAs (provided correctly coded) will follow principles better than any human....
    See that's what, I presume everything you're referring to as discretionary trader (genious artist) is not what I mean. And all of them have instinctive market feel. Everybody is simply playing the chances when they have a border you can never understand 100% that is impossible things can occur that are entirely out of everyone's control that affect markets, think geopolitical material, etc..

    Some of those men use automated systems to help find the trades, and for scaling in/out of trades but I really don't believe there's a fully automated system that's profitable without recourse in the long run. I am speaking about hedge funds using the best available systems, they all use it.

    When I say profitable traders that are discretionary, I am speaking below 100k to over 1MM and a few up to 10MM . I don't understand how well you understand your auto traders or just how long some time is but one issue, you are implying they run automated systems that are coded, EA's, that do not need to be touched that are pulling profits for considerable lengths of time during changing conditions, state more than 2 years? Hell, even a year would impress me. If that's the case, that I cannot believe. Are these running spot fx just? Is there a link where they show performance of these bots?

  6. #6
    Quote Originally Posted by ;
    quote See that is what, I presume what you are referring to as discretionary trader (genious artist) is not what I mean. And all of them have instinctive market sense. Everyone is merely playing the chances when they have an edge you can never understand 100% that's impossible things can happen that are completely out of everyone's control that affect markets, think geopolitical material, etc.. A number of these men use automated systems to help locate the transactions, and for scaling in/out of transactions but I truly don't think there is a totally automated system that...
    OK, I get what you mean by discretionary trading. It's not way from what I supposed. We see it as trading where the trader him/herself is in control of the whole decision making process.

    When I talk of automated trading, there is always some amount of discretion demanded, but it is minimal. Minimal discretion means changing the EA ON/OFF, having the frequent sense to not trade on Monday when there were major impact events such as elections over the weekend, observation performance/drawdown and adjust accordingly (position sizing, re-optimization, etc). Things like that. Note that I am not talking about having a EA either. I am talking about using a portfolio of EAs fit together.

    Most hedge funds have pathetic average returns. That is something I will never know but it does not matter either...

    The traders you understand have far more money than I have or am used to determine anybody trade. 10 million!?

    There are a couple EAs profitable for more than two years. Virtually all of them have to be corrected to changing market conditions from time to time (ie, re-optimized). I know of FX EAs because I don't trade other markets, but I don't see why 2y profitable EAs shouldn't exist for other markets as well.

    Cases (both running the very same configurations all of this time):

    http://www.myfxbook.com/members/TulipFX/kangaroo/68427

    http://www.myfxbook.com/members/auto...bot-real/95290

    Hope it's ok to post ! I am certainly not affiliated with the owners of these EAs/accounts.

  7. #7
    Quote Originally Posted by ;
    quote can not tell, but in few years guy got to stage where he deals full-time
    Does it have to be such a freaking secret to stage to a profitable trader?

  8. #8
    Quote Originally Posted by ;
    quote OK, I get what you mean by discretionary trading. It's not far from what I meant. We see it at which the trader him/herself is in control of the whole decision. When I speak of automated trading, then there is always some amount of discretion involved, but it's minimal. Minimum discretion means changing the EA ON/OFF, using the common sense to not trade on Monday when there were major effect events like elections over the weekend, tracking performance/drawdown and adapt accordingly (position sizing, re-optimization,...
    Fair sufficient man, yea those men I know of (not personally) are serious. They are not just trading FX, rather than just place, this should be noted, but I heard of some working nice gains solely on FX place, not 10MM though, more like low to mid 6 figures maybe a few up to 1MM but I am not sure about that. Remember some big BS going on with myfxbook has been heard of by me, but do appreciate the links, I'll discuss them. FX is a really hard market, most endure big drawdowns and risk reward.

  9. #9
    The two myfxbook accounts submitted are well know and reveal accurate data.

  10. #10
    Quote Originally Posted by ;
    quote Why does it have to be such a freaking secret to point to a profitable trader?
    I don't like to rely on someone else's money so I will not point the trader, but can point you profitable method - you need to know a lot, and will take you some time to learn it, but in few years your life may alter

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