Breeding Negativity

Trading Discussion
1

Anyone else feel that many forums, this one included, are full of folks who put the downer on newbie Forex wannabees?

When someone comes around saying ‘I made 10% this month! I will be a millionaire by 2015’ they get hit by a downer straight away. Now many of those people probably are losers who have got lucky:41:. But there are some who probably aren’t?

I have lost a ton of money on Forex learning. I was one of those people who got great demo returns and switched onto a live account and found my ‘master strategy’ :53: soon evaporated along with thousands of $'s. Unrealistic/unsustainable risk and entering trades for no other reason other than I felt like it. Cost my dearly in the pocket.

Then I learnt and for the last 3 months I have been successfully making weekly % returns that most people on here scoff at. Not crazy returns which turn my account into the millions in months but respectable returns which will see me right. Not returns based on a trade I entered on a whim but those I analyzed and predicted. I suppose I should ask as well, without cheapening this thread, what returns to you guys aim/achieve?

2

I will probably be flamed for this… But I think what the more experienced traders are trying to do when they they forwardly tell an excited newbie trader that they shouldn’t even expect 5% a month and should be happy to be positive at the end of year one is try to let them know this is a business, you get out of it what you put in and no more, If anyone could just pick a profitable strategy and trade it everyone would be millionaires eventually, I agree many of the forum posters here can turn off newer traders when they try to give them that shot of reality, anyone can make calculations on paper that prove they should be a millionaire in a year but it takes a dedicated, resolute, and intelligent mind to overcome the emotional aspects of trading and actually do it

That being said… I regularly make what most would think are impossible amounts of returns, the system I developed was literally out of spite for the established logic which I find redundant and illogical, don’t let anyone tell you what you can and can’t make, at the end of the day you are the mind determining your own success, I suggest everyone looks up the book millionaire traders, it is about regular people just like most of you that trade the exact same ways we do, yet are able to turn spare cash in to millions in months or years, it’s not about the method you trade or the system you use, it’s about overcoming your own psychological weakness and exploiting the markets weaknesses and consistencies, I won’t say how much I make because then I will DEFINITELY get flamed, but I will say It is based off a very simple market psychology consistency that I exploit in all markets, on all currency pairs

I do want to point out however that was after I spent hundreds of hours and months of my life analyzing data and studying, I am a member of MENSA and my passion is physics, especially theoretical physics :slight_smile: I’m not saying I’m a genius because that would disguise the point, peoples minds work in different ways, there are things my mind can easily do that others can’t, and there are things others can easily do that I could only dream of, but my mind is especially good at quantifying data and interpreting it, as well as three dimensional thinking and reasoning, so any dynamic problem or equation like the forex I am very good at figuring out :slight_smile:

http://forums.babypips.com/free-forex-trading-systems/44602-j-w-s-experimental-price-indecision-system.html

Please to any newer traders reading this realize that this IS a business, if it seems as easy as picking a strategy and trading it, its not, trust me, the main reason most people do well on demo accounts and then fail miserably live is once they lose money they lose their head, start acting irrationally, and their accounts bleed as a result, would you start a professional job with little to no training and expect to succeed at it once you get hired? Probably not, so do not expect the same in the forex, this is what I suggest people do:

  1. Go through the babypips school at least a couple times, learn it, memorize it. I can tell you out of the many trading learning packages I’ve bought that the babypips school has all the information in them and more, for free, it is invaluable information
  2. Go to the trading system section of the forum and begin learning peoples strategies, learn how they work, why they work, their pros, their cons, how they can be made better, how the concepts user in them are being exploited etc. you will learn so much about trading that way

Remember, it IS possible to become very wealthy trading the forex, but most people DO NOT have what it takes, most people WILL lose money, but you give yourself the best chance possible by putting as much effort as possible in to it, that being said never give up! Learn your psychological weaknesses, learn what mistakes you make when you trade and fix them, it takes a lot of work but jt can be done, that’s my advice :smiley: happy trading and good luck!!

3

Hi i would say less babypips but to be fair i would say it is almost non-exsistant on babypips compares to other forums unless i have missed loads of posts?

But i do agree i have seen lots of different forums negative comments when people cant get the strategy to worl their way!

Thats the reason i didnt join other forex forums and why i am comfortable here :slight_smile:

But it is good here :slight_smile:

4

Couldnt agree more with everything you wrote lol

Also just as you asked for it “flame” :wink:

But seroiusly the moment i forgot about £’s and thought of forex as my second job and just ending each day with +1 pip im getting better as a newbie and getting closer to live trading.

But like you Jawa i have spent months and i think about 4 hours a day on top of day job to get as i can in forex.

It is true the more you put into a business the more you get out. Steve Jobs would not o made apple what it is by being lazy.

5

I can’t tell you how much I appreciate honest, practical yet encouraging posts like this. For me, the negativity I have to overcome is from those around me – family and friends who do not hold back on their opinions that they think Forex is too risky and no different than gambling and that I’m wasting my time. It doesn’t feel that way to me as I learn and read and practice and know that my plan includes teeny risks and never more than I can afford to lose. It helps to hear others on here say what I FEEL, which is that if I put my mind to it, work hard at my learning process and stick with it, I can develop this as a side business just as I could if I were selling real estate or starting a lawn care service. I guess I need to acknowledge that it is a huge shift in thinking for people in my universe (me included) to believe that you can make money without selling a service, selling products or building something tangible.

6

@Alpine Buttercup: I know what you mean, many people have the mindset that the only way to be successful is to fork over loads of cash to pay student loans and get an education, and then a high paying job, then working 45 years only to retire with little to show for it :l and then of course there are the people who are closed to all investment opportunities that appear to be or are high risk, not realizing that the higher the risk is the higher the reward is, in most business you invest time and get out money, or you invest in product and can be assured that you will eventually be able to sell it at a set price, but the reward is little and the expenses are great, if you have what it takes the forex and other financial markets offer the best opportunities :slight_smile: you should check out my strategy, i guarantee you if you take the time to learn it and the concepts behind it you’ll do more then prove them wrong…

7

Negativity is perception.

One could argue that the forums get brought down by people alluding to making outrageous claims of success with nothing more than words.

This is a place to learn and grow. Some confuse it for another sandbox to dig through in search of the Holy Grail.

8

If you havent already, open up a “myfxbook” account or similiar to track your progress, its is pretty good for newbie and pro traders. It is for your reference or if you want to show it off to others why not? I was reading one of the thread here about progress and Im surprised very few knew about or use it.

When people start boasting how much they make a day/week/month and have done 4+ consecutive wins but as soon as they blow their account they go into hiding. This is actually giving wrong information to newbies. Every new comer would think wow, thats easy, Ill be a millionaire in a year at this rate. So they go to try live, a few months later they kill their account.

9

LOL dont tell anyone around you what you do. Very few are interested in this, and all they wanna tell you its a waste of time. As soon as they see the money flowing, they all wanna join. Some would even want to see you fail so they can have a laugh and say I TOLD YOU SO

10

Hah. Now you tell me! :slight_smile:

11

I must have got that attitude built in. I love geeking and when I tell people Im trying to “invent” something, they either goes huh or tell me its a waste of money. Only fellow geek would understand me, that goes for the traders I bet. I used to smuggle things in the house because I didnt want my parents to know I just bought some funky equipment with lots of lights, switches, dial and knobs. Last thing I would tell them is I bought it or have paid alot of money for it.

So with these kind of things it is best to keep it to yourself I guess. If you do lose the money, no one will know LOL.

As for the OP :
I can understand why some people get upset when you tell them you just made 10% gain today. I mean someone might have just lost their account and you comes along and tell them you just made money. I can bet some people do these to wind up other members, some are just trolling.

I personally dont take much notice of such claims, I mean if they want to tell the world how well their are doing, why be selective? Why not show the whole trading history (win or lose) by having a link to myfxbook on their signature or something.

Im a newbie myself and I love following other people’s progress by looking at their myfxbook account. I think its a great tool to learn from as well as see what is possible and what is realistic.

Right now I dont have much to show as I only just started :slight_smile:

12

Very nice of thread.

My goal is 10%/month, but it doesn’t necessarily mean I’m going to hit it no matter what. I wanna say that as far as I’m 60%+ within a year, I’m grateful and happy.

13

Man i know this feeling… So many times i have been told "Why are you on the computer, always on it etc etc…

But i do understand the frustration of when you take the time to explain what your trying to learn / invent / create and you get the starry eyed look when you know they don’t understand…

Well i hope everyone here does succeed so you can one day quit your day jobs and show those people who never believed you.

But forex is hard work.

14

Year thats what i don’t get, 10% a month sounds easily do-able unless im a naive newbie but then again im sure there are some very good traders than get that 500% a month we all here about.

But then i doubt they are the loud mouth types we hear and see. I imagine their too busy trading to start trolling :slight_smile:

Nice work on the 10% :slight_smile:

I just got to get off demo trading and take the bullet live trading, but a few more weeks practice won’t hurt :slight_smile:

15

Well it depends really. 10% seems very easy, in fact it seems ridiculously easy. But why are so many people loosing money then? More than 95%!? - Ask all the professionals and they will tell you that, the minute that you think ‘YOU GOT IT’, market will bite you. That’s why, small and gradual steps. Imagine if you’re sure of your abilities, you’ve proven to yourself for a couple of years in a row that could consistently gain 5-10% in one month. What else do you want? - You invest 100,000 Euro’s and the monthly revenue averages is 7,500 Euros within a month. I’m happy with it. And if you don’t have your own money, you can easily apply for a 2 year loan just in case. With 10% interest, you’ll be well on profit. Of course you can always do more, but, the less you risk, the more consistent you’ll be. :smiley:

I’m attending in Dukascopy Trader contest, you can find with this nickname if you wanna follow. I won’t be super-active but I’ll be around.

Have fun.