Hi everyone!
Golf, Baseball, Basketball, Football and so on are games. But not for everybody. For some people these are not just games. Can we say the same here talking about Forex? It’s just a game? Yes? Why you think so? No? Why you think so? How you see what you are doing as a trader? And how does your viewpoint affects your results as trader?
Hope you help me (and not only) answering and sharing 
Well, if you’re only demoing and plan only to demo, then you could look at it like a performance-based game.
A live trader, however, cannot look at this like a game. Professional sports players do not risk their own money to play. Professional traders do.
Thanks for your comment. That’s what I would like to state. Attitude is the heart of successful trading. Here in Russia publicity place Forex side by side with casinos and gambling. In one word, just a GAME. And that’s how many see what we do, and for me was interesting to find even traders with that viewpoint. That’s why I would like you to share about attitude and the effect attitude=performance. Not all here are yet professionals, right?
I don’t like to much demo trading, I prefer live 
.
Hello [B]forexdawn2010[/B]!
I had no intention to start a discussion with anyone about “trend” cause for me personally that blah, blah, blah is not to much helpful. Any trader knows about this [B]“foundation stone of trading”[/B] and still the majority lose consistently. I shared my point of view as another possible angle to see things but at the end each one personally must to do his/her homework and filter all the info (good one, nice one, bad one, ugly one). I think that the more the individual relies on himself better for him. I have no right to put responsibility on others (pros, signal providers, systems, mentors, etc). That’s what I try to share with others: be your own boss, think by your self, don’t take for granted anything that others say, build confidence on yourself. If what I share is somehow helpful for someone (majority or not) it’s their own business. What I can not accept is comments like “NOT ALLOWED”, “STOP DOING LIKE THAT”, “THIS IS NOT THE WAY”. Comments like that I think don’t help in this goal: [B]“help each other create ways of thinking that work, and work for the vast majority not just for a few special folks”[/B].
And something else. I ask my question to our friend because his way of sharing is not that one of a newbie lost in desert but a teacher who knows what he’s talking about.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
cuban… I hope this friend is not me, as I am more lost in the desert than anybody else.
What I am trying to do is to find my path to the market movements, and by doing this LIVE. So IF I am able to find this path, it will be online, and open for everyone to see.
I am perhaps one of the people who know less than anybody in this forum, believe me, if not… I would have been profitable. :o
Hello [B]gasanvill[/B]!
Although I answered you already I would like to point some things. I don’t expect that market will give ANYTHING. When I enter the market I go just to TAKE what I’m interested in. No hopes, not second thinking, not seeking someone else opinion. Saw opportunity and acted accordingly. You have NO RIGHT my amigo to tell me: “STOP” or “YOU ARE WRONG” even having the best intentions, I’m sure and appreciate your concern. BUT your “experience” gives you any permission to talk in that way. You don’t pay my bills or feed my kids. I don’t work for you or manage your money. I don’t care where “MOST money is made” cause I don’t need MOST money. For someone who start working at 16 earning $5 a month, what I’m earning now is MORE than enough. I am a beginner yes, BUT concepts don’t give me profit, CONTROL OVER FEAR, PATIENTE, DISCIPLINE, CONFIDENCE do that.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
I’m sorry [B]Carnegie123[/B], but yes I mean you are this friend. In Cuba old people use to say: “before you run, you must learn to crawl”. I’m sorry but, the way the manner you present your info, you look like someone who knows and teach others not someone looking for advise. My apologizes if I’m wrong.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
Cubanpip my friend, you don’t need to apologise, as you haven’t done anything wrong.
I am familiar with this saying and I find it very powerful, it is the way I started with trading, a year ago. I thought it was all about the algorithmic and mathematical equations in trading but I was wrong…
Perhaps the way I present my info states that I know allot about forex but this is because I love to have my info organized, so other aswell as myself can look back on it and understand it!
And let me tell you my friend, I am the last one in this forum who should be teaching others, as the fact of the matter is - I am totally ignorant of trading, believe me!!
The day I become profitable for six consecutive months I will say that ‘I know how to trade’… Until then… Don’t listen to what I say!!! :D:D
…ah! I found you cubanpip
… your view on ‘self responsability’ is one I share, it’s an all to rare thing these days when the western society that we live in promotes a victim mentality, where we always look outside of ourselves to find the blame, the culprit. To be a good trader you need to be able to take personal responsability for all your actions… no good blaming some guy on the internet that told you to do it, he’s already closed shop and moved to the next town.
For anyone new to trading there is a mass of information to absorb, and as you say try and ‘filter’ the good from the bad, but novices haven’t the knowledge to rewrite the rule book. A novice can’t be that free-spirited, it just won’t work in this profession that demands so much discipline.
When I talk about ‘foundation stones’ I mean just that, something on which to construct your own trading style. Without these fundamental rules to guide the eager student they can easily get caught up in some very dark alleys that will likely be expensive financially and mentally.
All I’m trying to do is encourage people to be diligent, professional and to anchor their little Forex adventure in some solid sound principles that will serve them well, principles that are part of the essential structure of price movement.
I would be interested to know why you think ‘trend’ is just blah blah blah?
I didn’t said “trend” is blah, blah, blah. Re-read, please, I said “discussion with anyone about “trend” […] for me personally [is] blah, blah, blah.”
I think that you can make profit trading with the “trend”, you can lose money trading with the “trend”, you can make profit trading against the “trend”, you can lose money trading against the “trend”, because in the market ANYTHING can happen and NOBODY knows what will happen next with certainty. Opportunity DO NOT depends on the “trend”. I can’t believe that SHARKS rely on “trend” to eat others. When you are looking to the right edge of your chart, how can you know where price will go right now for sure?
I have no right to even think what others (regarding who they are) can or cannot do. I simply don’t know your potential, your learning capacity, your personality, your mindset, your background, that’s yours and in your own best interest you must focus more just in that and bring out the best of you. Every single person is UNIQUE and has his OWN. What others share (if they want to share it) is to be USED in your personal best way. I have nothing against group or masses, my point is just that the root resides in the INDIVIDUAL. BTW, Who has the knowledge to rewrite the “rule book”? And, in order to make profit it is necessary to acquire a “especial knowledge”?
Maybe I am wrong but I think that that’s precisely the same I’m trying to do when sharing something here, not just: “do this”, “don’t do that”, “this does works”, “that doesn’t”.
And regarding big money or little money I want to say that if YOU are able to take from the market 10 pips each day (as the minimum), having an account and a MM that allows you to trade standard lots, YOU are already making $100 each day. An each day is one day, but at the end they sum weeks, months and years. ALL DEPENDS ON YOU and if you can’t build trust in yourself, how can you trust others???
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
I think that you can make profit trading with the “trend”, you can lose money trading with the “trend”, you can make profit trading against the “trend”, you can lose money trading against the “trend”, because in the market ANYTHING can happen and NOBODY knows what will happen next with certainty.
What to my mind is missing in your phrase are a few key words which make the difference.
The probability is that we can make ‘more’ money trading with the trend and we can lose ‘less’ money trading with the trend.
This is based on what has just happened will continue to keep happening, higher highs and high lows (uptrend) until such time as it stops. Risk can be managed effectively on just this rule alone.
The higher the time frame the less noise we find and the less risk of witnessing manipulation of the market. A quick look at the Swissie daily chart would have even the most contrarian trader keeping a little short trade going on under the table.
Where I think we differ is actually not on this technical question but on what we trust to be helpful or not. Everybody has to make a judgement call on what they read but I don’t see the uniqueness or otherwise of the reader having a bearing on the actual information being transmitted.
I could be talking to the dalai lama or mickey mouse, I would give them both the same info because it carries a higher probability of getting them to where they want to be, which is winning. I think importantly as well is that it is not just my idea but a generally very well regarded idea. Everybody has to make a leap of faith into some idea at some point otherwise you just keep turning around and around getting nowhere.
Why not grab an idea that has the majorities backing and try and make it work for you?
Those “key” words are missing because if you read what I wrote in another post this is my personal position:
I don’t care where “MOST money is made” cause I don’t need MOST money.
You can change word most for more.
Question: How can I control my GREED if I start looking for “more money”?
I like what I see on the lower timeframes, I like how SHARKS work. There is were I find myself comfortable finding opportunity and taking decisions.
We can agree and that will be OK. We can differ and that will be OK too. The point resides in mutual respect. What I find very funny in forums is the point or idea that if I share my points of view that means necessary that I’m trying to get somewhere. I am where I want to be and I feel great about. Are you where you want to be?
Because that’s the way I am personally, that’s the way I came up in life, setting myself apart from majorities and having success even when those majorities always said “no, not that way” “do like we do” “be part of the crowd” “you will fail in life doing your own way”. I prefer to ALWAYS, in everything, have my personal style regarding what others say or think, of course with respect. IF I DON’T NEED OR WANT THE WAY OTHERS THINK OR DO, THEN IT IS SIMPLY IMPOSSIBLE FOR ME TO GO UNDER. I respect others but we CAN have parallel ways to go in life (and in trading), you are happy and I am happy too.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
I forgot to say amigo George one thing. I am not here to teach others. I am here learning as well as everyone. I have no blog (yours is really interesting and your intentions look very commendable) and I am here not to socialize with fellow traders, simply learning my own way. This is a virtual world, the real one is outside and my real life is in that world. If I decide to share view points it is simply that, sharing with others ideas I find myself interesting but no compromise, if somehow for someone my sharing is helpful, good, if not no problem.
Best regards
“Me quedaré, me quedaré, siempre cubano me quedaré…”
That’s cool cubanpip, I’m a fan of honest talking. Thank you for your considerate comments on my blog.
Hi, I’m a newbie of forex trader and just take a little time to do with demo account, And I really think that it’s just a game no more no little. because when I take the demo account I don’t care about the profit that I have after one day , I just consider the way I did with up and down of rate, so funny
there is no market that will give you everyday a profit.
The power and control that are necessary to manipulate the markets (make them do what you want them to do) are beyond all but a handful of individuals. And the external constraints that exist in society to control your behavior don’t exist in the market environment. [B]The markets have absolutely no power or control over you, no expectation of your behavior, and no regard for your welfare.[/B]
If, in fact, you can’t control or manipulate the markets and the markets have absolutely no power or control over you, then the responsibility for what you perceive and for your resulting behavior resides only in you. The one thing you can control is yourself. As a trader, [B]you have the power either to give yourself money or to give your money to other traders[/B]. And the ways in which you choose to do this will be determined by a number of psychological factors that have little or nothing to do with the markets. And this will be so until you acquire some new skills and also learn how to adapt yourself to suit conditions as they exist in the market environment.
To operate successfully in this environment you will need to learn how to control yourself in ways that may be completely alien to you. You will also have to learn how to grant yourself the mental freedom to shift your perspective to notice alternative possibilities to getting what you want in the trading arena, regardless of your expectations of how you are going to get it. There are only a few traders who have come to the realization that they alone are completely responsible for the outcome of their actions. Even fewer are those who have accepted the psychological implications of that realization and know what to do about it.
- The Disciplined Trader, - M. Douglas.
When you say IT ALL DEPENDS ON YOURSELF, well my friend you are wrong.
As you begin to understand the negative relationship between fear and perception, you might be surprised to learn that in your attempts to avoid losses, you actually create them. Fear will also limit your range of responses to any given situation. Many traders suffer considerably when they know exactly what they want to do but, when the moment to execute arrives, find themselves completely immobilized.
Before anyone can become successful in an environment with the unstructured character of the trading environment, one needs to develop a supreme sense of self-confidence and self-trust. I am defining self-confidence as an absence of fear and self-trust: knowing what to do at the moment it needs to be done, and then doing it without hesitation. Any hesitation will only create self-doubt and fear. To whatever degree self-doubt exists as a state of mind, to that same degree you will feel fear, anxiety, and confusion.
The negative experiences that result from trading in a state of fear, anxiety, and confusion, will create or add to an already-existing belief of inadequacy and powerlessness. [B]Regardless of how hard any of us may try to hide from others what is going on, we obviously can’t hide our results from ourselves If the market’s behavior seems mysterious to you, it’s because your own behavior is mysterious and unmanageable. You can’t really determine what the market is likely to do next when you don’t even know what you will do next, regardless of what you may perceive or want.[/B]
- The Disciplined Trader, - M. Douglas.
… at the most fundamental level, there is a problem with the way we think.
There is something inherent in the way our minds work that doesn’t fit very well with the characteristics shown by the markets. Those traders who have confidence in their own trades, who trust themselves to do what needs to be done without hesitation, are the ones who become successful. They no longer fear the erratic behavior of the market. They learn to focus on the information that helps them spot opportunities to make a profit, rather than focusing on the information that reinforces their fears.
While this may sound complicated, it all boils down to learning to believe that:
B you don’t need to know what’s going to happen next to make money;
(2) anything can happen; and
(3) every moment is unique, meaning every edge and outcome is truly a unique experience.[/B]
The trade either works or it doesn’t. In any case, you wait for the next edge to appear and go through the process again and again.
With this approach you will learn in a methodical, non-random fashion what works and what doesn’t.
And, just as important, you will build a sense of self-trust so that you won’t damage yourself in an environment that has the unlimited qualities the markets have.
- Trading in the Zone, - M. Douglas.
a good trader
Good traders tend to be hardworking and shrewd men. They are open to new ideas. The goal of a good trader, paradoxically, is not to make money. His goal is to trade well. If he trades right, money follows almost as an afterthought. Successful traders keep honing their skills. Trying to reach their personal best is more important to them than making money.
[…]
[B]A successful trader is a realist[/B]. He knows his abilities and limitations. He sees what is happening in the markets and knows how to react to them. He analyzes the markets without cutting corners, observes his own reactions, and makes realistic plans. A professional trader cannot afford illusions.
Once an amateur takes a few hits and gets a few margin calls, he becomes fearful instead of ****y and starts developing strange ideas about the markets. Losers buy, sell, or miss trades thanks to their fantastic ideas. They act like children who are afraid to pass a cemetery or look under their bed at night because they are afraid of ghosts. The unstructured environment of the market makes it is easy to develop fantasies.
[…]
A successful trader must identify his fantasies and get rid of them.
- Trading for A Living, - Dr. A. Elder
[B]Trade with Your Eyes Open[/B]
Every winner needs to master three essential components of trading:
[B]A sound individual psychology,
A logical trading system, and
A good money management plan.[/B]
These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. Losers try to build a stool with only one leg, or two at the most. They usually focus exclusively on trading systems.
[I]Your trades must be based on clearly defined rules. You have to analyze your feelings as you trade, to make sure that your decisions are intellectually sound. You have to structure your money management so that no string of losses can kick you out of the game.[/I]
- Trading for A Living, - Dr. A. Elder
Two days, two trades. 256 pips
10 pips daily x 20 days = 200 pips x $10/pip = $2000 / month in only one account.
[B]Happy trading…[/B]
[B]ALL DEPENDS ON YOURSELF[/B]
Best regards
[B][I]Yo soy un hombre sincero
De donde crece la palma,
Y antes de morirme quiero
Echar mis versos del alma.
Yo vengo de todas partes,
Y hacia todas partes voy:
Arte soy entre las artes,
En los montes, monte soy.[/I][/B]
- José Martí
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
Hola [B]Pitagoras[/B]!. Bro, te respondo aquí porque en el otro thread de momento NO tengo nada más que decir.
[U]Translation:[/U]
Hello [B]Pitagoras[/B]! I’m answering you here cause I have nothing more to say in the other thread by the moment.
I would like to answer in English to your question cause it’s directly regarding trading and this is an English forum and I already had the not so nice experience when some fellow trader who doesn’t understand Spanish was p***ed off with that although I was not talking about trading in what I shared in Spanish.
Ok. I don’t use indicators. What I use for my decisions in trading is: PDH/PDL (Previous Day High/Low), PWH/PWL (Previous Week High/Low), Daily Pivot Points, Weekly Pivot Points, Bank’s Exchange Channel, US Dollar Index, Institutional Levels and some other pairs and Gold and Stock Indexes for TRYING to identify where SHARKS are swimming. BUT for me the MORE important is PATIENCE, DISCIPLINE, CONTROL over FEAR, CONTROL over GREED. This is without seeking perfection cause that’s out of our capacity. Then I don’t need to be “right” or “wrong” or know exactly what will happen next in order to make profit.
My chart for analysis looks like this:
I think that if I add to that indicators I will complicate things more and I don’t need more complications. We have more than enough in this tricky game.
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
Hola Cubanpip:
How long have you been in the trading bussiness , how long you take to close a position and to set up your trades what are the basic chart frame times that you use.?
Hola bro!
My first real account was opened in November 2009 (before that +/- two months demo), so, I am as newbie as anyone else.
how long you take to close a position
From less than 1 hour to more than 3 months
and to set up your trades what are the basic chart frame times that you use.?
15 minutes, 4 Hours and Daily. I generally use Limit Orders but some times enter with Market Orders.
My suggestion to anyone SERIOUSLY interested in this tricky “game” is take a look here and benefit for free doing YOUR own homework:
http://forums.babypips.com/newbie-island/32915-what-every-new-aspiring-fx-trader-wants-know-78.html#post181471
http://forums.babypips.com/newbie-island/36328-what-every-new-aspiring-forex-trader-still-wants-know.html#post221818
Best regards
[I]“Me quedaré, me quedaré, [B]siempre cubano[/B] me quedaré…”[/I]
In my opinion there is far too much of this guru style balogne.