There is no point in teaching people what not to do; all the trading books out there already have this information. A beginning trader doesn't really believe in anything until proven to him with experience (losses), and it may not even matter beyond that. "Mentoring" in what not to do will only serve to pass on your issues to others.
Ripley....if you have time...please read my thread i posted for new traders....i breifly say how with no knowledge whatsoever of markets...my account never went bellow 6%. I know your not new...but you might find it interesting....we both been trading about same time.
I've mentioned this before, might as well mention it again... late 90's. had no idea how to trade... went into the NASDAQ during the big daytrading craze - made over 300 trades in 90 days - did very good! last 4 trades I lost over 80% of my port. did not trade again until 2 years ago, in forex. been trading ever since BUT (this time) I put the main emphysis on trading, not on making money but learning the dynamics of trading itself. For the first 6 months, I lost my arse numerous times, blew acct after account but in forex they give you demos to learn and trade on - I wiped out all my accounts until.... until I got the basics of core trading down pat, only after losing 100s of trades. this is very important. had I not had demo accounts to destroy, I wouldn't have made it two WEEKS let alone two years like Ripley has. plus, once I did start trading live (about 1-1/2 years ago) every system I had, the market ate - I'd go from trade to trade winning for a while then narrowly escaping death. I re-wired many times and continued building trading systems until I began not narrowly escaping death anymore - doesn't mean each day I don't have to stay on my toes - this market is not forgiving at all - either you're winning or you're gonna get eaten - very treacherous and dangerous. It'll bag you in a heartbeat. doesn't mean I am not going to be wiped out sometime in the future, but as of right now I feel I am a better trader than I was even a month ago - been booking pretty solid profits. This British silver trade I am currently in (long) will probably make me or break me.. About giving Ripley some trading money... with my size account?? ha! my 1% increase last week after busting my @$$ is enough for him to maybe go out to dinner one or twice.
Definitely. Guys, trading really isn't that difficult - the vast majority of people simply approach it wrong. I spent about 2 years trying everything and anything, luckily I made a bunch of money before I gave a lot of it back. Only after that did I realize that I needed a real edge; now that I have one trading is just a game. To be honest, I never get emotional about it - there's no reason to as long as I know I will win in the long run. If you're having trouble making consistent profits (I haven't had a losing day for a little over a month) you either: A) Don't have an edge. B) Are too emotional and can't execute on your edge - the reason why the market should pay you money in the first place. At first I thought the market was all a mind game, all about controlling your emotions. However, I have come to the conclusion that it really isn't that hard once you have an edge (I simply don't feel emotion - fear nor greed - when I'm trading an edge). Consequently, I can conclude that the vast majority of "traders", even a lot of those currently making money, don't have an edge and will eventually blow their account until they realize this and find one. Ripley, you don't have an edge. To be honest, I highly doubt Skalpz has one either. I could be wrong, I'd rather not argue about it. My opinion on finding edge trading forex will be saved for future posts
Yes, Jayford, spot. You're correct, I'm a contrarian but one who works with the market, since the majority of market participants lose, being so enables me to win. To ig0r: You're right about having an edge. Do I have one? Totally! More than one, actually, I'd like to think. Without them, the market would have buried me long ago because I get in hairy situations then say, "Try to bury me." When it cannot I nail it. When indications materialize that it can, I close the trade. I've been over 2000-pts deep in GBP before, and the market was still unable to kill me. And I've earned good money in such situations. But the line between dying and getting money has been thin sometimes. Some call it stupid. I call it advanced risk-taking, since our profession does have to do with taking risks, who is to say what is the correct amount of risk to take in order to gain reward? As a currency-trading scientist, each trade I put on is a test. If the test is a flop my losses are minute. When it is a success, my gains are significant. Professor Coinz
Coinz/scalpz or whatever. Why do you marry yourself to one view? You are not a Scientist, you are a guy who sticks to one view until BOOM. Try having a view where EITHER can happen. Coinz, or whatever you call yourself, YOU CANNOT TAKE HUGE LOSSES Period. Jay I know for a fact you were the truck driver I helped before I left for awhile. You never had a loss, and had no idea of slang. I am a linguist by trade. Coinz/etc/etc Same person. No clue how to trade.
Look, moron, I never drove a truck in my life. whoever you think you "helped" apparently he/she is not around to sing your praises. hm... wonder why. how long ago are you saying you and me talked? I "CANNOT TAKE HUGE LOSSES?" rather, I will not take huge losses. there is a difference. you like to take huge losses, then that is your problem. plus, you have no idea who I trade so presuming you do makes you look like an idiot. but, since you are the self-proclaimed super trader, ramble on.... Professor Coinz