@FarhanFadzli Thanks for that answer, it’s great!! what would you say to someone who just now starts with this method?
As you say Its not a proper way of trading especially for newbies. Personally I follow everything that has taught me @the_baller S/R, the big picture, position size etc…
Is there anything else can help me with, for example, control of psychology or learn about smart money strategy?
Since I found this thread I find it hard to trust outside information.
Thanks in advance and I sorry for my English, I’m also studying the language
Just to clarify a thing, Naked Trading is mostly misunderstood and often thought to be what you’ve just described. It is not. There are clear rules as to what you have to do and those are the essential foundations of the strategy itself. Your friend does not come across as a Naked Trader but a betting man. Clear differences there but good for him if that’s his choice. There are tons of ways to skin a cat and when the job is done properly, they are all profitable. I can naked trade, trade with gazillions of modified indicators, aka NNFX way, trade with Harmonic Patterns or trade with just simple Price Action and still can deliver the goods. None of them is better than the other one, long as done properly. (Btw. it takes as long as it takes for one to read a naked chart, I wouldn’t draw references with other chaps and feel intimidated. But still think 5 years is exaggerated beyond belief, nonetheless.)
This is a good book to read if you wish to understand what Naked Trading is all about, then you can go up to your friend and brag about him not being a Naked Trader
Do a personality test and see what is the real you inside of you that even you yourself never realized it before and measure it with your goals or how you can achieve it with your type of personality. (www.16personalities.com)
Always, be the empty half of glass ; always study and make room for improvement everytime. There is no perfection, there is no holy grail.
Study all. Useful informations and knowledge are all scattered throughout the net/world. Many of them even come from unreputable sources (scammers/cowdunks). Take advantage of it all and study all that you come across. Just dont fall for the scam part.
Scam or not scam? How do I differ scam and not scam? The formula is easy;
-If the source is making you take out money out of your pocket = scam
-If the source is making you put money in your pocket even for no fee = real*
as long as you dont lose money in the long term than its okay.
There are so many great free sources available, you are now in one of them.
Ok now all those above are the easy part, the hard part is that psychology and smart money stuffs. It will take a lot of time to develop skills for them depending on a persons aproach and its harder if you dont have a coach. So, if you know you going to lose money in the short term, trade demo, or if you still insist, trade micro accounts with the smallest capital posible. Find brokers that offer opening cent accounts (accounts that give you $1000 capital when you deposited just $10). This comes to point number:
Lose your money and be proud of it. Find lose changes, look for coins in the dustbins or trashcans, collect tin cans and sell it, sell old newspapers, quit smoking, quit redbull, quit porn and save all the money you could save to make it as your account deposit. Just dont gamble and lose money you could not afford to lose.
DONT WIN. Just learn how to NOT LOSE MONEY / break even.
When you are so bored of not losing money and not winning at the same time. Take a mirror look at it. Look a your face. Are they cringing?
Take a trade and look at the mirror again. Cringging?
Do and repeat all of this process untill you stop showing any signs of emotions.
No happiness, no sadnest, nothing, nada.
You should feel exactly just like a robot. A stupid robot that just take orders without any emotions or questioning.
Now if you made it here alive, treat yourself with a pizza and a beer or twelve. This is the advance part.
Search the term “P&P threshold”. You will find ample of thorough research where I will try to compress it all here with a few sentences;
-Humans are born with loser mindsets, this grows by age. Nothing can be done about it unless the person itself is willing to sacrifice all of their insecurities and reach far beyond in their own heads and save themselves from a failure mindset.
You are your own creator of success or failure, all around you are nothing but just catalyst.
8)Review your goals, do they need retailoring? is it realistic enough?
9)Help yourself, help your family, help your country, help human kind.
10)repeat 1-9 and never ever give up.
Remember, just take your own time to do all this. The market will always be there tomorrow. Its not going to be the end of the world.
DO NOT PUSH YOURSELF UNTILL YOU DIE, just push yourself untill the point that you will still have the strengh to get back up.
But trust me, once you are in the air, the plane will start to fly by itself with no effort.
The bottomline is,
Congratulations mate, you are on your way to find the INVISIBLE LEPRECHAUN!
Yes I did. Its probably the only book I’ve ever read in my life.
The backstory behind the fact that good traders can be taught is true. Richard Dennis made a ton of money on Wall Street and his rules were as simple as they can get, so it can be done.
No doubt most the book is actually about Richard Dennis and his trading life etc. but there were some good nuggets in there.
Okay! Had to read all the way from May-November, sharing some love on my way down. Baby pips had to notify me of the limited love left lol. Trust me, touched every bit of comments here and I don’t have any questions to ask. I am fully loaded by the read and have started bagging live profit with Boss strategy. I just have one thing to say Boss @The_Baller thank you for teaching me how to fish.
This is definitely good information for me, thanks.
I will follow those steps and concentrate my mind on emotions and control my self.
At the moment and think this thread provides the necessary pills to start, I feel fortunate to be here, let’s continue!!
“I used to say we take a small loss, but I think it’s better to take
an optimal loss. You don’t want to take one that’s too large
and yet you don’t want to have your stops so close that
you’re going to get bounced out. [Just] hang on to the trade.
Don’t get too excited. If you’re not making very much money,
that’s fi ne. If you got a little loss, that’s fi ne. If you make a decent
profit that turns into a loss, that’s fine. Just hold onto it and then
really get aggressive when you’ve been rewarded by a big, huge
profit” ------------- Jerry Parker
Loving the turtle trader, you guys need to buy this book, it’s an extended view of this thread.
