meridian Posted August 22, 2009 Report Share Posted August 22, 2009 Re: You may hate me for telling you this Well, I have to agree with this story but I still fall into this trap. OK, let's start with the first thing, having a large pot of gold (EAs, Indicators, Systems). But, take a step further, what good is GOLD, if you cannot find water to drink. Gold will not make you survive. In the same manner, all these various things (EAs, Indicators, Systems) being equivalent to GOLD, unless you dig your own well (i.e. pick a system and thoroughly test it and make it your own). This is your water. The problem is, is the water sweet water or sea water (i.e. Which system is good for you, does it match your psychology). Ah, I am really digressing. Just pick a method and follow it as there are no Holy grails. All systems will lose but by how much (i.e. MM), to help you control your account. More later. Excellent point. Pick a system and make it your own. Only when you really understand what makes an EA or a manual system 'tick', get to know it's every habit, will you make progress. YES money management is critical. A good system or EA will only be mediocre unless the MM is good. Then the system/EA will be sound and make money in the long run. When you work for a living, you do not expect your employer to make you a millionare in one month, so why expect that from Forex. It is another job, just more pleasant, because you are your own boss. You create your own stress !! Quote Link to comment Share on other sites More sharing options...
siscop Posted August 29, 2009 Report Share Posted August 29, 2009 Re: You may hate me for telling you this I am sorry to say this but a lot of people just try to find an EA and hope to get rich fast. I always read the statement about MM and that MM is the most important thing in trading. Sorry but don’t over estimate MM. MM will come along but the more important thing is to train your eyes. I never read the fact that training the eyes is important. I do think that this training is the holy grail. That is what makes money. Sorry but MM is one of the first step you learn but after that step I don’t need on reading the same old story over and over again. Training the eye is something you will never get enough from. That is the source of new strategies. A second part is… learn to write programs. It is important to backtest your ideas as fast as possible to advance. The longer you have a “looser” strategy in your head what you think is the holy grail the more it will burn in your head and effect your future trading. Quote Link to comment Share on other sites More sharing options...
pichoo Posted August 29, 2009 Report Share Posted August 29, 2009 Re: You may hate me for telling you this To quote from others, a doctor need to spend 6 years of study to get a $100,000/year in US, same thing as doing forex trading, learning and experience is the process we have to do in order to succeed. It may take few months to few years, but won't happen in a few weeks. Quote Link to comment Share on other sites More sharing options...
Doms Posted August 30, 2009 Report Share Posted August 30, 2009 Re: You may hate me for telling you this I think that I'm the luckiest guy because i have friends that make mistakes instead me. I am not able to work real due to my low age and I work only on demo.... mostly observing behavior of my indis. I have friend which lost his whole account because his crappy MM. We use almost the same systems so I can compare my and his working. He's now 2 years in forex business and I'm now 9 months. I know English pretty well, but he doesn't know sh*t so I progressed much faster \m/ Learn on your friends mistakes, not yours 8-) Quote He who can, does. He who cannot, teaches. Link to comment Share on other sites More sharing options...
mubi99 Posted August 31, 2009 Report Share Posted August 31, 2009 Re: You may hate me for telling you this Well I've been trying my hand at forex earlier this year after losing my job. Initially made some money, about $800, then I lost $1000! So now I'm back to practicing on my demo account. I have not really found a reliable system, or any system that one can use for more than a few days before it becomes obsolete.... Quote Link to comment Share on other sites More sharing options...
bali2002 Posted September 2, 2009 Report Share Posted September 2, 2009 Re: You may hate me for telling you this I promised myself to practice in a demo account until I havr +100 wins, only then switch to live Quote Link to comment Share on other sites More sharing options...
wvic Posted September 5, 2009 Report Share Posted September 5, 2009 Re: You may hate me for telling you this Ok, Just find a system that works.... understand it ..... the risks ..... the rewards make it "your own" then their is no reason why you can't be successfull. Also setup a trading room and charge $50 per month.... get 1000 users..... get rich thanks Quote Link to comment Share on other sites More sharing options...
kakan6 Posted December 22, 2009 Report Share Posted December 22, 2009 Re: You may hate me for telling you this And it works. And it works because many, when it comes to the subject of trading, think as consumers. We associate experiences we usually have in other areas in the same way with trading. This is dangerous. In everyday life, we learn certain habit patterns. - being right is good - being wrong is bad - be productive - work 9 to 5 - etc etc now the next little task for you guys: can anyone here explain why this behavior you learned all your life doesnt work with trading? why would it be even dangerous to apply consumer type of thinking? Looking forward to all the numerous replies ... :) Phewwwh,... Has been quite long ago since you post "little task" thingy,... I think right or wrong shuold be accepted by trader since account statement will show as it is. We don't have to be right all the time to be profitable, do we? And, I don't think the amount of time we spend on trading is directly correlated with success. Overtrade may just bring more losser trade. Quote Link to comment Share on other sites More sharing options...
Marchello Posted August 22, 2010 Report Share Posted August 22, 2010 my humble thoughts to this just found relic,,:) Please google the following 1- 10,000 hour rule 2- Edward L. Bernays. (He was Sigmund Freud's Nephew) 3- W. Edwards Deming Key principles & Seven Deadly Deseases) especially on setting quotas and apply those that will enhance your trading.. thus why set 20 pips a day as example..?.. Me, I take what the market gives when IT wants .. and take the losses comfortably as SL are well thought out. 4- Beleive in yourself and don't try to prove you are right to "others" .. Each trader in the market has points to teach ME .. Use the standards that G-D gave us.. One mouth and 2 ears.. use them in that proportion .. BTW> humbly, over 25,000 hours here, only for Forex trading Good trading to all Quote Link to comment Share on other sites More sharing options...
johnjet Posted September 24, 2010 Report Share Posted September 24, 2010 I think this place is a mountain of treasure. But even in a treasure vault, not everything is treasure to different people. Goes the same for EA. How would you decide how much time you're going to spend on a particular EA and whether the EA even works... Personally, I'd rather build my own EA after finding a suitable trading strategy for myself and just take the information here for learning purposes. Reading "educated" EAs and other people's EAs helps me learn a lot about coding an EA by myself :) Quote Link to comment Share on other sites More sharing options...
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