Pipcrawler's Thoughts on Setting Newbie Expectations

[Blackduck]

Hi Pipcrawler
I received your thread but I don’t have enough postings to send you an email. However I have added you to my contacts if that is alright.

Cheer
Black Duck

[pinoypips]

Hi Pipcrawler, I was quite surprise when I read from this site daytradingforexlive that the forex market is manipulated by the banks, what are your thoughts on this?

[ForexPaul]

yeah I’m interested in hearing about that as well

[forexokay]

sometimes it will manipulate when have news or Central bank intervention… Like Japan …BOJ

facebook.com/forex.okay

[GRIX_FX]

Good advice here:
My Advice to all newbie: Start small( small lot sizes), walk first(increasing lot and account size while tuning your trading system)…then run( first mini or standard account and for the first years stick to a max of 0.5 lot)

[forextrader2000]

This is my first response in the forum. I believe the philosophy of Ronald Reagan which stated, “Trust but verify.” I believe this is true for many things including my child’s story as to why the lamp broke… but also applies to trading.

[ktrade]

I think a newbie´s real focus should be on discipline. Discipline is not just the skill to develop a trading plan and to adhere with it, it is also the strong mindset to know when your strategy is not showing the results that you desire and therefore, knowing when to stop employ it in your trading.
Discipline also entails the capability to give your trading plan enough time to work for you, or alternatively, work against you.
Discipline is the ability to take another trading position, after you have taken a loss. Discipline is the involves ignoring external information and distractions which are not related to the system you are utilizing.
Discipline covers being aware of using a correct position size, according to your plan. Distinguish a balance in the amount of trades you enter to avoid over trading.
A consistent discipline requires a full 100% understanding and knowledge about your plan, whether you are implementing a discretionary or automated trading system.
Most importantly, discipline is the ability to return to the market, regardless of yesterday results.

[wilsonjames829]

Thanks for the information.This can be challenge to all of us to improve their determination in life.

[PipMeHappy]

Hi traders. I started on my demo with FXCM in Sep.'12 with a 50$ initial sum.
There is a lot to learn: oscillators, trading approaches, chart patterns, averages,
Bollinger Bands… etc. etc. I have been doing a lot of reading and practising,
specialising in the EUR/USD pair. I am sure I am doing all the right things, e.g.
losing more money than earning it (typical learner mistakes, including getting to
grips with the trading station): about $11k lost in the first eight months, and $6k
regained in the last three weeks. I seem to have found a better approach in the last
month… I have a journal, and am becoming more organised with goals and strategies.
Knowing the best trading style that works for me is a journey that has taken nine months
and is finally starting to come into focus. I have a f/t day job and work extra hours some days,
so it has taken a while to find a way to balance my trading practice with the rest. I trade a lot
from my mobile ‘phone and that too takes a skill separate than accessing a full-screen computer.
My plan is to re-gain my initial quota ($50k) and then open a $1k demo account to practise nano-trading,
as that ($1k) is the amount I hope to invest if/when I decide to go live (no rush).
My main reason to use Forex would be to gain small but consistent profits over a period of time on
the initial deposit - it beats the meagre returns offered by most bank accounts.
I am very happy with putting the time into it, and Babypips’ “School” has helped a lot, and still does;
I am also on mailing lists from DailyFX.com, following mainly John Kicklighter and Ilya Spivak, followed
by all the others (David Song, Chris Vecchio, Michael Boutros, etc.)… My average daily study and trading
time is at least two hours - sometimes more - as that is the time I need to prepare, watch, open/close positions,
and take notes, including reading up on fundamentals and events commentary.
Thank you for listening.

[KaterinaEK]

Hello guys,
Well, discipline is good. But the biggest enemy of newbie trader are Emotions! And it does not matter how good your discipline is, your emotions will dominate. For me it is the biggest problem. I enter late or early, I close trades earlier or too late. I know about trading system I use, I know about rules, but anyway…

[Andrew_Flanders]

Depends on how attached you are to the money you use to trade with. If it’s too important to you, your judgment will become clouded. Being emotional about the money will create pressure. losing a bit now and then shouldn’t be treated as a disaster, even if it persists a little bit longer then you are comfortable with. It’s all about sticking with it.

[PipMeHappy]

Hello guys,
Well, discipline is good. But the biggest enemy of newbie trader are Emotions! And it does not matter how good your discipline is, your emotions will dominate. For me it is the biggest problem. I enter late or early, I close trades earlier or too late. I know about trading system I use, I know about rules, but anyway…

I agree with Katerina, and with Andrew: emotions cloud judgment… That is what being human entails, though, so unless you use automated systems, you will have to control when to open a trade or not, and when to close it…

But some trading styles definitely encourage emotional trading: if you are into scalping, for example, you will have more
opportunities to experience a heightened state (thrill seeking) than, for example, position trading or day/intra-day trading… I am moving into the latter just because I know that scalping is the way to kill my (demo) account, and to
over-trade, or to make decisions in haste: by standing back, looking at longer time frames (Day/Month/Week charts),
I can see the bigger picture, the fundamental themes, and let my heart rate not jump up when I finally open a trade - nor do I need to keep checking the screen every minute of the day…

[conimo]

the pipcrawler technical method is what i use…

[DayTrader]

Thanks for this thread guys, very useful to newbs like myself, and a good point of departure for other research. you’ve all given me at least one thing to go and explore further now.

Thanks again!

[hbhanot]

Very nice information mate. It’s all about learning and controlling emotions and greed.

[3DApex]

Very nice information mate. It’s all about learning and controlling emotions and greed.

When you lift weights, your goal is to wear out the fibers in your muscle, signaling to your body that the muscle has inadequate power and needs to be added to. You huff and puff your way through a bunch of tough and painful repetitions to get to that point of exhaustion. The last rep is the most important.

BUT it takes discipline to push through the pain and the feedback from your body saying I"M TAPPING OUT STOP RIGHT NOW! Your body is sending you signals, but your understanding and knowledge of how to grow muscle makes you comfortable to ignore those signals and achieve your goal.

Trading is the same thing, except your pain is mental, and fear and anxiety are “the burn”. Know that these are proper defense mechanisms which are triggering to get keep you safe from risk. It is your proper understanding and knowledge of how to grow the money in your account that makes you comfortable to IGNORE these signals and achieve your goals.

-Bo Yoder

[Noah_McKenzie]

hello all , i like all comments and idea , its awesome .

[currencye]

90% of trading is influenced by emotions… So if we take emotions out of the equation, anybody can become a successful trader…

[dani24da11]

I agree with what your saying but i use fxpremiere group forex signals and it works for me. Success in anything, especially trading is the same thing. You’ve got to learn, practice, and make the efforts to improve. And the reason why I compare trading to these different fields is because I see it as an art - where its not an exact science and every moment is different. Micheal Jordan didn’t play against the same 5 guys his whole career, nor had the same teammates. Every song Miles Davis played didn’t have the same chord progression or melody. And every patient in some way or another is different than every other patient a doctor may see in their career.

This is why it is important to learn and master the fundamental skills of trading. Learning and mastering the fundamentals will help you create a plan that you understand and works for you, and it will help prepare you to quickly react and adjust to the infinite amount of situations the market will throw at you. And it doesn’t matter what your style of trading is (whether it’s discretionary, systems, fundamental, technical analysis), the environment is constantly changing and you WILL have to make adjustments to your system or methods periodically.

[sonicgold91]

Thanks a lot for this post im a newbie and this helps a lot my background is Economics/Mathematics and this is all new to me so im taking all the advice I possibly CAN thanks again