Insights from a 14+ year trading veteran

Please feel free to share your knowledge/experience and suggest you ignore the obvious…

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@thetradinggod is legit. And you are missing the point.

Profitable traders can typically tell, very quickly, whether or not another trader is also profitable. As the OP has pointed out, it does not matter what the strategy is, when profitable traders get together they can all agree on the psychology. They may use different terms - Mark Douglas refers to ‘beliefs’, for example, whereas Bill Williams refers to ‘the paradigm’ - but the ideas are instantly recognisable.

Profitable strategies are easy to find and easy to put together, but they are ‘hard’ to run, in the sense of requiring a particular mental framework. You are asking @thetradinggod to tell you who made his riding boots, and for the name of his horse. Implicit in your question is the assumption that if only you had this information you, too, could ride like he does. This is incorrect; the skill is in the rider, not the horse, or the gear. He is trying to tell you how he rides, while you challenge him and demand these irrelevant details.

“It is like a finger, pointing the way to the moon. Don’t focus on the finger, or you will miss all that heavenly glory.”

- Bruce Lee

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If you feel this is the same long essay with zero results feel free to continue your search elsewhere for whatever it is you are looking for.

No need to waste your time on me. :slight_smile:

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Hi Gillie81

I’m also from South Africa :smiley: living in Hartbeespoort! Yes an extra $1000 would certainly double my income, but for now I am dabbling around with a measly $100 live account and have been doing so for the past 2 years (Trader in training!).

Thank you thetradingrod, no I am not even close to having a trading account of $10 000 :rofl: I have been trading with a $100 account for the past 2 years as part of my training to become a consistently profitable trader, and I am not even remotely at a point where I could risk that much capital (for a South African that is a lot of cash :joy:).

My aim though, is to grow my account consistently until I retire in 9 year’s time and perhaps then, when I am a lot more experienced, add some capital from my savings to my trading account in order to use trading as a supplement to my retirement income.

So far I have been lucky not to blow my account, and I find that trading with such a small account helps alleviate a lot of the psychological stress associated with live trading.

Yes perhaps after another 9 years I will be in a position to work with other people’s money, but I think that brings a whole new ball game to the park, and whether I will be prepared to take on that additional risk remains to be seen.

Thank you once again for a great thread!

Long time lurker, first time poster.

I really like what you have to say though!

Following this thread

This is not exactly a planned post but I have had some posts wanting my exact strategy, wanting to view the markets in the way I do, and challenging if I am really what I say I am. To the latter I say I don’t suffer from the need to boost my ego by proving anything. (A lack of ego is a positive in trading and learning that has probably helped me in this way)

My experience should be apparent to you in what I share. If it is not feel free to continue on to another topic.

To the first my exact strategy is based on years of market experience as I mentioned a short trade on USD/SEK daily chart that I now have moved my stop into profit and it is slowly but surely approaching my first TP (though I do not know if it will hit, I do know I will make some money on this trade.) This trade jumped off of the charts at me. Very obvious. But others did not plainly see it and that is okay, I don’t see trades that other traders see. If I just gave my strategy out with out my experiences it wouldn’t make them anymore likely to see that trade or be a profitable trader.

This brings us to the question: “How long until I am profitable?” Or “Can’t you just give me your strategy so I can just start being profitable from day one?”

These are logical questions to ponder when one begins their trading career. A more seasoned trader sees it as a lack of knowledge and a need for more training. If you become obsessed with being a “Profitable Trader” you will likely find yourself spending much money on courses getting half way through them and having lost 3 trades in a row, be once again handing over your payment info to some new “guru”. While a lot of trading gurus are full of it you probably have had a profitable system in your hands at least once.

You will also be more likely to fall into forward testing only and not thoroughly back testing your system because ultimately you want to see the profits rolling in TODAY. And any number of mistakes that such a short sighted view will produce.

I will qoute a great trading pyschologist Rande Howell who says “Patience is the TRUE work of trading.” And oh how right he is.

Now what questions should we be asking ourselves?

A good question would be:

What do successful traders actually DO differently than losing traders in the markets?

We could all be trading Support and Resistance reversals or breakouts and some will be profitable and others not. You can even have two traders follow the same signal provider and one lose money and the other make money.

Why?

Due to their expectations, their true grasp of thinking in probabilities, their mental toughness to handle draw downs.

To just give you my strategy without explaining to you how to approach the markets and explaining about draw down would cause MORE blown accounts than if you read my posts and began practicing whatever strategy you use currently with good risk management and a sound mindset. (Whatever strategy you are currently trading should already at least be back tested and if you are forward testing it, it should be in demo.) So I trust if you are applying the info I have shared so far you are either in demo (No risk of blown account) or trading live a strategy that had already been back tested and forward tested as profitable.

My next post will be focused on a better topic but I felt this needed to be explained.

Thank you all for your time reading my posts.

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Absolutely appreciate the wisdom and the reassurance that it’s only mind over matter…at lease from my perspective :+1:t5::+1:t5:

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So to speak, i.e. 2 F1 drivers with identical formula 1 car and setup would produce different results due to their driving style and their approach to sectors and corners. The result may seem similar but still different. Over time, the car is tweaked and adjusted to suit the individual driver’s style. If Lewis and Bottas now is to jump onto each others car for their next race, they will most probably end up disaster.

Trading strategy is the same. One strategy works for someone because they learned and tested and tweaked as per their trading style. They can teach you their strategy but whether you can utilize it and profit is yet another question.

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Hi tradinggod, i am a beginner/new to babypips site and have read the thread you post and was wondering if you could mentor me.
I’m not interested on how to make cash fast instead i want to learn the proper way of trading.

Have never been trading my whole life and don’t know how trading works except i read those training guide in this site that they provided.

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Thanks mate.

Also looking for a mentor - been trading for 10 years without any success. Need guidance for sure

I woke up this morning to a nice surprise my TP1 on USD/SEK was hit while I was asleep in the night. (This took 75% of my position off the other 25% left to run)

My in profit stop was just pips away from being hit with the remaining 25% but so far is still alive, and will be given the chance to run the rest of the week for a bit more profit or hit my stop for a little less profit.

Always a nice way to start the day. Especially in contrast to all the stopped out mornings I have also woken up to!

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@thetradinggod

Well, this is reassuring.
I personally just blew all my 5 trading accounts, am experiencing financial difficulties BUT… I believe I will make it. This is a learning curve for me and I shall never give up.

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If there is a will there is a way, yeh?

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What do you mean by saying if you trade from institutional setting?. Also I want to know if u want to know the trend of a particular pair what is the best time frame to view it from. Once again thank you for sharing your past experience with us. We are grateful.

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Institutional trading = Banks, Trading Firms, Insurance companies, Hedge funds ETC.

The first thing you want to do when you pull up a chart is identify the current state of the market. Is it ranging? is it an uptrend or downtrend? And who is in control of price? Buyers or sellers?

Trades with the trend will definitely produce a higher probability opportunity for you and even give you the opportunity to extend your take profits, but I have no rule against trading against the trend for a smaller 2:1 RR. I am mainly a short term trader.

Catching a market that is trending can sometimes generate >10:1RR depending on the momentum of the move and your patience to let it play out.

Determining the trend is going to come from higher time frame charts daily weekly and monthly.

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Hi “thetradinggod”,

It is a good thread indeed and your first trading method is what I was demo trading for the last few months with some success!

Your last message was posted 3 days ago and there are no other posts in these 3 days! Eagerly waiting to learn which method you use NOW! Is it something related to your first method in lower time frame?

@thetradinggod I have been trading for sometime now. Till now, I would say I am breakeven!
I am looking for some recommendations for a new broker. What would you suggest?