Developing trading when others disapprove

Trading Discussion
#21

@ gp00053. I have heard about professional poker player but I have never met one. So it is nice to meet you, we’ll atleast virtually :slight_smile:

It’s funny because I have never gamble. I don’t even know how do those things works. My friend took me to casino before and played the slot machine then I was soo upset when I’ve lost 20 bucks! The machine took my money and run off and I said never again lol… Imagine just 20 bucks…However, I view it differently when dealing with the market ( such as Forex) I don’t know something about it that is fascinate me than playing slot machine… I could deal with the lost here and everything it comes with it… It’s just weird to me…

I am glad you found a good partner/ support In your life…And yes, not ALL women are like that… Though, some men do of those things too…

1 Like
#22

Perfect example. Gamblers play the slots:( Pros, play black jack or other table games where the house doesn’t have so much of an edge:) Same as Enjoying what we do for a living is not the same as the enjoyment we get when we’re not. The one we get from approaching our business as a pro is long term. The one we get during non working is more short term.

I’m sure to some women, men are like buses with a new one coming along every 15 minutes, End result is the same for both of us

#23

Seriously I mean it. You always encourage and give very nice advises.

#24

Lol… Okay, if that’s the case I’ll charge you next time :)… J/k thanks!

PS: I am just trying to make my post count so I could be an FX-women soon! Lol

#25

Anytime dear, Any amount lol :slight_smile: Ok jokes apart, I really like it when I see women traders succeeding in Forex. Its time now that women should stop doing conventional jobs and think out of the box and you are a nice example of that.

By the way do you mind if I ask you about trading strategy? Is there any specific system you use? If you like you can answer in pm too.

Thanks.

#26

For technical, I like to keep it simple such as Support and Resistance, fib, chart pattern, pin bar, stochastic as inducator I use. I also do fundamental news releases/ events as well. Interest rates, policy changes and unemployment numbers are my favorite.
Dealing with the market is always a test. Even if you think you have a well plan out strategy, still you have it wrong. The market will always push you away and test your emotion. I am not sure if it is the same as playing poker maybe it is. So what I have found is the best way to deal with losses is to keep calm and collected so it will be easy to pick myself up and will be ready again when the next opportunity come… There is always opportunity just wait for it… Though, waiting is tough for me to practice sometimes lol

#27

Well, Your woman is right, well in part, this is not precisely a gambling but a betting. Market movementss are completely random but very few are willing to recognize it cuz you will never now what really moved the prices. If you do well in demo trust me you will suck at life.

Tell her “Ok you are right, it is a gamble but I will try it anyway”. An start with just 100 USD and say goodbye to it. Tell her the loss in innevitable and you will try with only 100 wich wouldn’t be as problematic as losing 1000. Let her know the facts and never lie about the balance of your account. Also tell her about the innevitable: everybody with no exception blows at least one account. Trust me, everyone does, the one who claims not is a complete liar.

#28

Same suit just a different color. You build a nice pot, odds are in your favor everything working in your plan and the guy beats you on the last card :frowning:

#29

Because the guy new all along your weaknesses… Cheater! :mad: …:16: lol

#30

Well may be your GF doesn’t know the potential of forex trading business, try to explain this in a manner which she understands. At the starting my Husband didn’t like me doing trading, but when i started showing consistent income, he did appreciate me for that. :slight_smile:

#31

Actually in poker they call it blessed by poker gods, or the real zinger is when someone says “” That’s poker’ what can you do. To which most likely the losing player would reply;s F off and take a break from cheering me up :(. It’s nice when you can say it; not so nice when it gets said to you.

I think it would be the same with trading. If you didn’t place a stop because you didn’t think the market would go against you with the news releases for the day, and all of a sudden that spike against you comes and you lose a couple hundred pips, post in the forum you can’t believe what happened and somebody says “that’s trading” what can you do. Of course you’re to refined to say F off and take a break from cheering me up; but not all of us are that refined :cool:

#32

Well same thing when you place a very tight SL then it comes back to your favor then you start kicking yourself… Though I have tried all of those, tight SL, wide SL, and No SL. Though, what I have learn the wider the stop the fear of losing it does not getting into me than tight SL does. It depends what is your risk tolerance and your bias is that is why it is good to test them all and see what it fits you. For news releases, I’ll wait till the release comes out and if it is better or worse than expected then I get in. I am not looking for a home run just winning trades no matter how many pips it is… It is just my preference… I know everyone is different how they view and apply their trades…

#33

Thanks a lot for the explanation. I think my problem is that I dont follow news and also I jump from one system to another pretty quickly. I still have to learn price action. So still long way to go. Thanks for the help. See ya around.

#34

That’s what new and some experienced traders need to be taught in my opinion; there is no 1 size fits all. Everyone is different and has different bias, different risk tolerance levels, different definitions of value, living conditions, money, goals etc. That’s why before someone asks for advice, they should include some of their bias with their question. The same goes for giving advice a lot of traders want to give back, because of what they got, but before they can give accurate advice they have to know some of the person’s bias. To have a chance to be successful you need to make good decisions. But before you can make good decisions, you need to have relevant facts, relevant options, so at least if there’s not a clear choice you can pick the least of the evils.

#35

Yap, in short , do independent research then ask specific question/s…

#36

Indeed, PipNRoll (and gp00053)… Thank you for your replies. I have now got to grips with the fact that I will have to continue my trading apprenticeship without making a big deal of it, keeping it under wraps until such a time as I will KNOW
it will be making me a profit…Then I will bring it out into the open again and remind my girlfriend why it was worth it… So, back to work! Let’s look at the charts!
Happy trading.

#37

Your welcome :slight_smile:

Keep us update if you can!

#38

Hello, PipNRoll, I have been reading Kathy Lien’s book on Day Trading and found it really fascinating… Have you read any FX books yourself?

#39

Good for you. Yea, I’ve read her books too…
Lol… you are asking me if I’ve read any books? Me? Never…lol j/k

Here’s my list:

Day Trading and Swing Trading the Currency Market ~ Kathy Lien
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex ~ Kathy Lien
Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game ~ Kathy Lien
Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude by ~ Mark Douglas
Trading for a Living: Psychology, Trading Tactics, Money Management ~ Alexander Elder
Super Trader: Make Consistent Profits in Good and Bad Markets ~ Van Tharp
Trading Beyond the Matrix: The Red Pill for Traders and Investors ~Van Tharp (I haven’t read this one yet, I have been procrastinating! I need to watch the Matrix Trilogy before I read this one and see what the Oracle have to say, I think lol)
Market Wizard ~ Jack D. Schwager

I probably have a few more somewhere, the hard copy one. Most of this are on my Kindle…

#40

Thank you PipNRoll, this is a fantastic list… Evidence that you are a teacher’s child :wink: