The secret to successful trading?
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  1. #1
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    Default The secret to successful trading?

    Hello traders,

    I have been listening to a few interviews

    with traders on Aaron Fifield's channel

    https://chatwithtraders.com/podcast/

    and what struck me was how all of these

    traders, a lot of whom had no schooling in

    economics and were just ordinary people,

    had one common quality: the ability to

    identify a way to trade that was very specific

    and be able to repeat that trading over and over.


    The topic of undercapitalisation came up

    several times, across different interviews,

    and I think that it is a huge issue for newbies...


    Another topic that came up from several traders

    was how most of them took years, an average of

    three to five years, to start getting good at trading,

    and how most of them experienced significant losses,

    especially (but not only) at the beginning of their trading.


    I would encourage anyone to go and listen to these

    interviews, either via the above link or through the

    Chat With Traders channel on YouTube...


    Happy trading.
    Last edited by PipMeHappy; 06-05-2016 at 01:42 AM.

  2. #2
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    If you dig a little deeper you'll also discover the majority of them didn't/don't overcomplicate their approaches & they didn't/don't think too much!

    Thinking too much f*cks up most amateurs, that + having lemonade pockets & champagne tastes. A lot of those guys also got lucky more often than most other folks too & a lot of that was down to having sufficient dosh to keep them afloat until they got lucky again, certainly long enough to realise their approaches actually returned positive expectancy.

  3. #3
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    Quote Originally Posted by speed bump View Post
    If you dig a little deeper you'll also discover the majority of them didn't/don't overcomplicate their approaches & they didn't/don't think too much!

    Thinking too much f*cks up most amateurs, that + having lemonade pockets & champagne tastes. A lot of those guys also got lucky more often than most other folks too & a lot of that was down to having sufficient dosh to keep them afloat until they got lucky again, certainly long enough to realise their approaches actually returned positive expectancy.
    Agree 100% ... They do not deny that they got lucky... Nicola Duke, Dan Shapiro, Adam Grimes, they all had their ups and downs (to name a few from the series)... All show that strategies take a while to develop (even simple ones) and that when market conditions change you may even have one or two losing years as you try to adapt... None of them got rich quick, and a lot of them had to work normal jobs for years to pay the bills... These are stories that open your eyes to what it takes to become profitable, the hard work and the emotional, personal, and financial hardships they went through...
    Last edited by PipMeHappy; 06-05-2016 at 01:58 PM.

  4. #4
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    Quote Originally Posted by PipMeHappy View Post
    what struck me was how all of these traders, a lot of whom had no schooling in economics and were just ordinary people, had one common quality: the ability to identify a way to trade that was very specific and be able to repeat that trading over and over.

    Interesting observation, there.

    I've always thought that successful trading is more about doing relatively straightforward things very well and very consistently and very repeatedly than about doing very difficult or complicated things.

  5. #5
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    Quote Originally Posted by lexys View Post
    Interesting observation, there.

    I've always thought that successful trading is more about doing relatively straightforward things very well and very consistently and very repeatedly than about doing very difficult or complicated things.
    not really important how you do it. everyone has his/her own way. the only secret to suceffull trading is to earn more then you loose. to sum it up in the most simplified sentence.

  6. #6
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    Quote Originally Posted by lexys View Post
    Interesting observation, there.

    I've always thought that successful trading is more about doing relatively straightforward things very well and very consistently and very repeatedly than about doing very difficult or complicated things.
    Quote of the month!!!

  7. #7
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    Quote Originally Posted by lexys View Post
    Interesting observation, there.

    I've always thought that successful trading is more about doing relatively straightforward things very well and very consistently and very repeatedly than about doing very difficult or complicated things.
    10000% agree........try to minimise rules or,at least automate them as much as possible to save time in thinking....and become a machine in entering / exiting trades with zero,emotion and again without to much thinking or time wasted

    It's also important to read the market .....if you can see what's happening it can save you a fortune in wasted trades hitting your head against brick walls

    And vice versa ......you could spend 7 hours grinding out a few pips verses identifying that perfect 20 minute spell when the market opens up the coffers

    N

  8. #8
    The main thing to focus on is the time aspect. The amount of time it took to get "profitable".
    The reason why 99% of people who trade FX will fail is because they are looking for shortcuts and a way to print money. Trading doesn't work that way.

    It's almost like, the harder you look for a shortcut and a lazy way to trade, the more money you're going to end up losing. And, the more effort you put into being disciplined, respecting the learning process, and trading with a professional mindset the more money you're going to make- over time. Realizing that when you step up to the plate, you're trying to hit singles the majority of the time, not put the ball out of the park.

  9. #9
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    Quote Originally Posted by FOREXunlimited View Post
    The main thing to focus on is the time aspect. The amount of time it took to get "profitable".
    The reason why 99% of people who trade FX will fail is because they are looking for shortcuts and a way to print money. Trading doesn't work that way.

    It's almost like, the harder you look for a shortcut and a lazy way to trade, the more money you're going to end up losing. And, the more effort you put into being disciplined, respecting the learning process, and trading with a professional mindset the more money you're going to make- over time. Realizing that when you step up to the plate, you're trying to hit singles the majority of the time, not put the ball out of the park.
    Absolutely, Jake! There is no short-cut to trading profitably, it takes time and hard work (and, as you said

    before, adaptability).

    What one of the 'Chat with traders' interviewees was saying also links in with what you said here, namely

    that trading is not something like sports, or music, where the more effort and hard-headedness you

    apply the better you become at it! You may REALLY WANT to be successful at trading, but the market

    may not care at all how many hours you spend in front of the computer... It is not a linear journey, and

    for this reason all the people that want to 'be full-time traders' think that by having more time to trade

    they will automatically become more profitable... The reverse may well come true...

  10. #10
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    Chat with Traders is an excellent and FREE podcast. You have these experienced traders sharing their knowledge for free. It's priceless. I always download MP3s and listen to these interviews while traveling. Kudos to Aaron for making an excellent resource.

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