Just ignore the guy, fihunts. The trading week is about to open, don’t let his big talk and arrogant attitude affect your own trading, and mine hahaha. Your emotions will just get in the way if this keeps up. Just gotta stay calm, think about it fi, in a few months he’ll blow up his first live account, with the humiliation and heartache, chances are, he’ll give up on forex, and look to find another get rich quick scheme. And his account will be quiet and this thread, dead. Everyone is skeptical of this guy, it’s quite obvious what’s going to happen to his trading…
Fi, you’ve got nothing to prove to him. We are both beginners as well and working on consistency as well, and eventually it’s his money we’ll be taking.
Dye, as for your comments concerning my age and priorities, school will always be my first priority. Currently graduating with a 97.45% average in full AP courses. So no need to worry about me. My goals are to gain experience into the markets and business world as that is where my interest lies. I’ve started many small-scale companies since the age of 13-14. So I know exactly what my goals are. After post-secondary (I will be trading still), I’m hoping to have developed a good trading sense and knowledge base to be able to trade as my primary source of income.
Honestly, most members were just trying to tell you that you are way over your head. But you return their advice with witty remarks. To double a demo account with anything over 100:1 leverage is a piece of cake. Been able to do that since my first month of studying. But as soon as live money is involved, the psychology changes. I personally experienced this just recently. I opened a measly $200 account but the first several trades really was something. But hey, whatever works for you. I can only participate in these threads on the weekends when I have time to kill, but it’ll be time to trade soon! Best of luck! I look forward to seeing your progress.
Okay, I’m done being a jerk. I’ve definitely gotten you pretty pissed off. It was kind of my intention, but for good reason.
The trade record you posted was Awesome!, but completely out of whack and unrealistic for many reason named here on this thread.
No OMG stop losses put in place to save your account should something happen to you and you had no control.
I know you hate hearing it. Money management… We all say it… Funny money is just that… Nothing to lose… screw it right… just start a new demo.
Risk reward, How much of that account can you afford to lose in one trade.
Psychology, You said it best. I want to do this for a living. If you want to do this for a living. Before you start forking over what you have from your inheritance. You might want to get a little taste of it. You said 500 bucks.
I started with that, my first time about 3 months ago. I chased a loser… i got put out and I was with a broker that wouldn’t allow micro lots. I did a mini lot 10,000… margin of 200 or so… didn’t think nothing of it… 50 pips later… im out of the trade and I cant make another trade. I’m left with 240 bucks in my account. I had to withdraw from forex and go back to demo’s to regroup.
I’m not a rich guy dye, not by far. Many of us here aren’t. What I do know is this. Those that talk to each other and try to give information by sharing experiences. Man that is some gold that you really can’t guy anywhere.
We are all very small fish to the institutions around here. We’re all just trying to get a little.
please regard my goals as well… whether or not I fail in this doesn’t mean I will fail at life.
I still have my clothing company and I am constantly networking with over 6 thousand twitter followers. Many connections with PR agents and DJ’s in NYC as well as club managers. So it is not impossible to accomplish what we want. It takes hard work and dedication.
This is not so much a living for me but more of a foundation to chase my other dreams. I find there is no better way to work then at home where I can work on company things as well as look at charts every once in a while.
I hope we all can share our successes at a later time
all of this talking has caused me to have dinner at 330 am!! lol… it was a well earned meal, I learn something new every day…
also I said that the demo might have been on a 500:1 ratio I’m not sure I have too many demos with different brokers lol… the point is all of my other accounts have been positive as well. I will try and reproduce these results within the next couple of days/weeks
Clark, you seem like a pretty good ole boy. Honestly, I don’t even think you need this forex stuff. I think it just interest ya. I like the fact that you look at it objectively, you will probably end up being a really good trader and possibly better than me. ONLY CUZ IM 23 YEARS OLDER THAN YOU AND ILL DIE BEFORE YOU! lol j/k bro. Good words and cheers.
You guys take care. Ill post up my trades this weekend though later today though.
Thank you both fi and dye for the rather entertaining exchange. I must speak candidly when I say that it has put quite the grin on my face. Now then…
fi, do you realize that giving as much attention as you have actually gives credence to dye? I mean no offense by this analogy but it’s as if a child starts claiming that they can fly and then you come along and start saying it’s impossible and then go into the physics of how that cannot be. And then you keep arguing about the impossibility. Just let dye do his thing and learn his lesson if he does in fact fail. If he doesn’t fail (lose a considerable amount of money) then I’m sure everyone here will be shocked.
dye, moving averages are nothing new. Do you really think that everytrader is just too dumb to have stumbled upon this great discovery that you have? As if using 4 specific MA’s are going to make you money magically? I don’t think anybody here is interested with you demo results and certainly you can understand this. I asked you previously when you were planning on going live and I have yet to receive a response. We are all wanting to know so we can then see how you do when real money is on the line. Feel free to post your demo results in the upcoming week, but what is more important is real money results.
I did say within the next couple of weeks. With all of your recommendations I will take as long as i need on demo to make sure i can produce the same results with real money.
As you all probably know. It’s not a gamble when you know what you’re getting in return. That’s how sure i want to be when I make a trade. Some of you may not believe me but i am close to 80% sure and most of the time I am right. I will see how sure I am this week…
Now Viper, I never said he couldn’t fly. I merely said several times that he was missing a few feathers was all. However, you might be right. I give you that, I did come on a little strong. But but sometimes, the more in the know around here sometimes don’t always want to hurt anybody’s feelers. Come on, I have had to pull teeth out of Clint, purple, dale and other to get cobwebs off my brain to understand things from time to time…
Maybe I’m just old and thick skinned, but this young man learned something from this. He know’s he did and he’s gonna learn more. I’m pretty sure, if he really wants to do this and put his money on the line. He’ll be listining to more then just his buddies as well. hehe, I’m gonna rag on him for ages for not having stop losses.
not gonna show you all of it because some is silly… but here is the overall report. The sharp incline is when I added another 100 bucks so I could do increased lot sizes.
Hey guys, when it comes to trading, your ego is your arch nemesis. That obnoxious little thing in our brain that wants to show everyone how right/good/perfect we are usually gets in the way of our true happiness, and in trading it can be the biggest barrier you’ll ever face on your way to consistent profits. It’ll take you $X and X years to overcome, but you’ll have to put in the real work to figure out what those values really are. It is possible that they can be infinite. Your ego has the natural advantage, it’s been stroked and fired up your whole life, it ain’t going down without a fight.
My ego cost me $14,500 and 3 years so far. I think I smashed its legs pretty good considering how easy it is for me to post my past failures, but you never know, it could rear its ugly head and come take a few more grand if it really wanted to. But I’ll be on guard, that’s for damn sure.
edit:
just let me clarify, I’m just talking about your “trading” ego. The part of the ego that wants your trades to be right and money to go into your account at your command, opposed to when the market is “offering” it. I’ll bet on hockey games with the guys at work, because that’s fun, makes watching the games more exciting. But it’s not my career, I can afford to have an ego there. In trading I can’t afford it (anymore) and I’ve come to terms with that fact, I hope you all can too
and to show you guys that I’m not full of beans, I offer you this:
Anyone, Pick any month between Nov.2007 and Present, and I’ll tell you exactly what my REAL MONEY P/L was for that month. To the Penny. I want to show you all how little I’m worried about you judging my failures. If you want to know why I lost the money that particular month, I can tell you in advance: it was a combination of over-leveraging, over-trading, an ego, and a lack of a consistent approach to trading. It was fear and greed at it’s nastiest. The winning months were temporary runs of disciplined trading and/or luck.
yeah i tried clicking on that link but I’m getting an error… maybe the post was deleted.
But I have learned alot… and it seems like trading is like everything else in this world. The only one that can put a limit on you is yourself. I do assure most of you that I’m not weak minded, I have really been through a lot. Before I lost my mother she had a mental breakdown, I guess from chemotherapy? But before she left us she definately taught me that life is too short to have regrets.
If there’s an opportunity I’ve got to go for it… Even if I fail at this I’m still going to push my clothing line to succeed. It’s all about drive and determination.
Why would I not need this forex stuff?
I have dreaded 8 hour shifts since I was 13 and have constantly been trying to find work at home related jobs. I discovered forex when I was about 14 years old, as I started trading on my parents’ stocks accounts. Unfortunately, at the time, my mind wasn’t experienced enough to understand the technicalities of it, and decided to give it a break. 3-4 years later, I reread Babypips School, and to my amazement, it all started to make sense almost instantly. But after finishing the school and reading other websites I didn’t really know what else to do. That’s when I bumped into ICT’s thread, it changed EVERYTHING about the way I traded. I’ve been making consistent gains for a couple weeks now (up about 37% so far from my initial deposit). And I’m starting to lose the ego most beginners have. So, with that, I don’t think it’s hard to trade well, just takes practise and setting realistic goals.
gonna wait a little while for the market to do some corrections and then I will probably make a couple trades… actually probably till the asian session it’s way too slow right now to open a position.
I did have a trade that ran over the weekend and made 87 pips off of it.
EDIT: how do you all even trade at such a small volume?? I’m up 5 pips and still negative. Can someone explain this more to me because its not showing any comission or swap fees… my guess is the space between profit and being negative is the space that is bought to open the position??
Idk it doesnt seem profitable at all too me… I opened a position on a different account after the other at a 1 volume and I’m up 78 bucks
if the power is out within several block, chances are cell towers will not work either! so that trade will still be open. You could always try calling your broker (and set a SL), but you will need a home phone that is not connected to the power!
