Cant find a substantial edge!
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Thread: Cant find a substantial edge!

  1. #1
    Hello everybody!
    Just to introduce myself- I first got involved forex about 8 weeks back - I went through all the typical procedures which most people appear to go through-i. E trying every indior. I went live with a account and a fairly naive egy. I never risked more than 1 - Regrettably my account has dwindled down to $350. I do not mean to top it up as I prefer to claw back the cash since I think it is a component of the learning procedure (too simple just to put more money back in my account)
    I have put in alot of chart time whilst learning- typically never less than 8 hours a day and often alot more! I have read pretty much every thread on here- a few very useful like Peter Crowns Gastons, james Therealthings 16 and a lot more. . I believe I am near - ish but still losing money!
    I mainly trade support and resistance (Particurlarly around round numbers) but it sometimes just doesnt feel like enough of an edge. I think I and am stubborn will find a way to become more profitable but its starting to drive me nuts!!! Oh well would love to hear if anyone else is suffering as much as me
    Cheers

  2. #2
    Quote Originally Posted by ;
    Due but really I am not looking for a system- more of a way to focus my eduion. I understand people relate learning to learning other challenging professions such as a surgeon.
    I don't have a problem putting in time and effort but can it be enormous amounts of knowledge that we require or is it more practice.
    For example I could explain to you just how you can play tennis but it would take you many years of practice practice practice before you could actually any good but even then you still need to understand what you're doing is the right technique.
    I understand...
    keeping in mind I'm cranky... no matter crap like the above really sits wrong with me. Nothing against the poster or anything the poster is saying don't get me wrong along with the needing direction for learning is ace and so on, but the remark after it that I hear repeated so often about the whole notion of'how long for a surgeon' vs'how long to become profitable as a trader' is such a HUGE WANK of a remark by allegedly successful traders and today people are starting to believe it since they hear it so often today, and comparing it to pro sports is just as much of a wank and totally useless!

    The market is the market. It's distinct... let's say, moods... but it is not like one day you're playing tennis from the friend next door and the next you're playing against the number 1 player in the world and you suddenly don't have any chance in hell of competing. If you understand how to profit from it you understand how to profit, and you do not, if you do not. Can we cut the crap? Someone please prove me wrong and put me directly, or let's all stop the melodrama of trading and the universe it encompasses:S

    everything necessitates learning. The problem with trading is discovering what is real and worth holding onto and discovering what is just crap. This is exactly what takes time. The stumbling round in the dark hoping to find something which makes some type of sense. It is like being dumped randomly and then having your eyes and been told to'learn to live'. Surgeons do not get given dead bodies (demo trading) and told to have at it and decent luck figuring it out and maybe you will be the 5 percent of surgeons that'gets it'. In precisely the exact same light they do not get given a live individual to operate on and hopefully get it someday (live trading). They have teachers who KNOW what is exactly what that take them through the intricacies of the human body and step-by-step edue them until finally they have all of it worked-out and may cut right into a individual understanding exactly what is going-on, not basing anything on some vague idea of an axiom they've'found' through trial and error. This eduion is what takes them years and years. This Isn't WHAT SPENDING HOURS LOOKING AT CHARTS DEMO-TRADING IS. That is more like going into the forests and having to work-out the way to successfully find food, water, shelter, and basically figure-out the way to not die.... All on your own helping you!

    Ne started-off barbaric, and the way knowledge was gained and passed-down to others. The exact same is true of trading. The problem is that we can't know actual traders and also have them tutor us. The majority of us are trying to teach ourselves because we don't have any one to specifically hold our handson. The majority of us are spending years stumbling around.

    Show me surgeon that has done this!

    /rant

  3. #3
    Quote Originally Posted by ;
    Thank you - I dont want to seem ungrateful or unpleasant however, the THV is the kind of system I am not looking for. Its not based on anything substantial like the way the markets actually operate and can stop working at any time. These mechanical systems...
    following from my previous post I notice you sir are most-definitely riding the identical train as I am. Would be interested in your ideas about what I was saying about the surgeon analogy you already mentioned.

  4. #4
    Yeah mate I agree thats why I would like to know whether the only resources we have are price action or is there something else - and I am not speaking indiors. We be spending more time studying about market construction - more about possibly orderflow or options.
    That I think the fact people discuss athletes surgeons or anything is just to illue the quantity of discipline and hard work it is to succeed. I don't believe thats not accurate - but you are correct they in fact have it more easy atleast someone who knows what they're doing teaches them. In unless one is fortunate enough to be mentored then its trip trading.
    As you say it's very much like being dumped in the woods together with hundreds of signposts sending you the wrong way!

  5. #5
    Just out of interest how long have you been doing this? Dont worry I have been cranky for the previous 6 weeks! It would be great to get some non cryptic answers from people who have been around trading and a while frequently years although this at the newcomer section not sure

  6. #6
    Plus it takes about ten minutes per day to eyeball a chart.

  7. #7
    Although I totally agree- I dont believe there's a secret you'll stumble upon and its finding this takes all of the time- I believe (thus far) that trading is much more of a skill that takes time to learn.I feel even if we have the instruments we still have to learn the art or skill of trading. All I need to know is if I have I have practised a lot but could be impossible without the right tools. I believe trading is substantially the same except we dont have many resources at our disposal.
    Is it feasible to master using price action alone? Or is there some thing else. In accordance with Darkstar yes (he's a substantial advantage )but I dont think he is gonna tell us

  8. #8
    Thanks 30xtci- Thats pretty much what I am attempting to do- I just have to know when to not trade I.e when its ranging strongly. I tend to get pushed down to lower timeframes too often looking for entries and I believe this is one of my major problems. Thanks for the charts, really appreciate itPerhaps you have been trading together time. Are you consistently profitable- (forgive me for asking but it helps me to understand that people are doing so consistently using price action because its still pretty optional )

  9. #9
    I found that trading bigger lot sizes helps out quite a bit. By way of example, I started with a $5000 account just to receive my feet wet. At first I was trading lots and I would tend to panic and get out to early if transactions went . Cut my lot dimensions in half to 5k. Today its a lot less stressful and if transactions do go against me I can average in. Granted you don't make on your own wins, but I find that I lose less once I trade lots. Mental advantage actually, but I believe that is what separates traders.

  10. #10
    Hi awesome- I trade microlots (0.01) I didnt fancy averaging in to losing trades though- I think its one of the most dangerous things in trading and becoming a bad habit of not being able to reduce your losses.There are times once the market wont return to rescue you!
    Averaging into winning trades is a different thing

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