hey guys…maybe this is not the place to ask this question…as i know you are all working hard and learning the great ways to trade…
i know most of you are demo’ing whilst you get a few good techniques and ways under your belt…but for those of you who arent…my question is…are any of you guys actually accumilating a decent amout of profit on your equity consistantly every month…and compounding it and generating nice profits…
for me … i need to make money fast .
so lets skip the demo and get some action.
dont worry i only risk max 1.5 percent of my account per trade…and i dont trade that often.
but i am profitable this month at least…and next month i hope to be more profitable.
are any of you guys actually interested in making bucket loads of dosh…or are you just happy to learn how its done and maybe in 5 or 10 years you can go live and trade 1 percent of 100 dollars for another 10 years…
im just giving food for thought…please dont take offence…
life is short…and maybe some of us wont be here in 12 months time…the point is this game is about trading to make money…and ive never seen anyone make money in demo.
i can let you read 200 books on love …and still until you have been in love you wont know the reality of it.
i can let you read 50 books on learning how to swim…but until you jump in the water…you wont really know how to swim.
all im saying is …jump in guys…jump in…
with 100 dollars or 100 pounds…but get in the water.
if you are too afraid to jump in …then maybe you are not suited to the game.
jumping in the water will enable you to quickly sort the wheat from the chaff.
and develop your trading quicker…
get involved…get emotional …and see what a big mistake that is, get burned …and learn not to play with fire.
dont get burned on a computer game…if you only got burned in a computer game you wont learn until you have truly been burned…
i bet ICT has been burned to a cinder in the past…and now look…now he knows his stuff…i just think its the best way to learn.
There’s been a lot of talk on demo trading really…
Tbh, it’s obvious demo-ing is going to make you real money but i dont think some are giving enough credit to it…
Theres so much you can learn while demo-ing before ever having to risk a single penny. I realize that going live and trading real money will bring its own battles to it - probably the toughest to deal with, but im going to tackle those when the time is right for me… Id rather now have to tackle all my problems in one go, instead deal with them at my own pace, solve one problem at a time… Im starting to feel more and more comfortable with the strategy, money/risk management and patience, and these are all important things which i want to be able to have some level of control over before risking real money… At the end of the day, everyone will learn differently, this is just my way…
Im not afraid to ‘jump in’, but personally, im not in a situation in my life where im really producing a stable income - im a student… So for me even blowing £100 would affect my life in some way…
Personally, i think your in the wrong game if your going in with the ‘get rich quick’ mindset. I agree life is too short, but for me, this is about get rich slow… If getting rich was so easy, and could be done in a short amount of time, there would be a lot more financially free people in this world…
I’m still young, i’ll be happy making my millions in 10/20 years from now…
Lol, you presume too much my friend… Im not at University for the qualification, leading to a safe secure job, which will pay me well til im old and grey and that will give me a nice pension when i retire… Ive known this isnt for me for a long time, tbh, i wouldn’t be here if i wanted spend my life working a 9-5… Im at University for the experience (and parental influence lol)
Your definition of quick is based on opinion, when you say 10 years is quick, i dont think it is that quick, ive seen and heard of people growing millions and billions in a shorter space of time…
The way i look at things, there are only certain people in this world that really have what it takes to become wealthy… If getting rich was easy as your making it out to be, as i said, there would be more wealthy people in this world… I dont think there’s any big secret in how to acquire money… Its how to get there and how to keep it which is what splits the ‘shepherd from the herd’
Since were going out on a limb here, if getting rich is not hard, may i ask why your not rich yet?
1st) Demo accounts, if used correctly are about [I]self-control[/I] and nothing more.
2nd) ICT introduced his material predicated on the [I]historical proofs[/I] that without self-control, character flaws of every variety [I]will plague[/I] new traders.
3rd) Having gotten sober 24 years ago, I am intimately versed in the insidiousness and the ravages of addictions and the mindsets that cultivate them. Brinkfx, your post reveals a number of thought processes that are mere fertilizer for these addiction processes. “for me, I need to make money fast.” hints at an underlying desperation - a perfect set up for revenge trading, chasing price and just generally making a huge muck of organized, methodical, deliberate and purposeful trade execution, management and closing. To say nothing of wise, patient and disciplined money and life-management skills.
Take a breath and slow down. It will all be here for you - though it’s possible to wreck this for ourselves by diving into what will only end up being tragic, heartbreaking financial traumas of loss, terror, confusion and injury. Don’t do that to yourself and I ask, don’t suggest we do that to ourselves. None of us can afford it.
Peace, friend. If you have to change as a person, the results any effort in that direction will bring you are [I]far[/I] more valuable than getting it [I]now[/I].
whey hey sanj …i dont know what you are talking about…but i have removed the posts as i am clogging the thread.
and pipowski…hope you are well and healty…you sound like you had a battle.
good luck.
i would like an answer to brinkx’s question about anyone making real money yet. im guessing there’s only a few people that have gotten to that point so far as the most time consuming and hardest part of ICT’s teachings are the beginning about mastering yourself. His material has only been out a couple years right? I know everyone has a different pace and I’m a pretty off individual when it comes to emotions but even I succumb to the paranoia of trading when it comes to the $100 of money it took me 8 hours at a very physical job to make. Leads me to think there may only be a handful of people who are consistently profitable so far.
SanJ, about your earlier post about results, I’m glad you’ve posted your processes as it’s given me a bell-weather for learning ICT’s material. It’s been a lot to pull together into something cohesive so when I can begin to understand what you’re saying, I feel like I’ve begun to learn it myself.
Right on, thanks I guess “you sound like the CO of the scared straight program when I was a kid” I appreciate your advice and warnings. I can see where I want to just stay and read this stuff for days, weeks and months or forever. Like captain picard in that star trek movie where he is in a place like a fantasy world, he had to leave and I have to leave it for a short time any way so I can feed the addiction to eat! Lol, sorry this seems off the wall. Even as I am here typing my wife is calling me to leave to a BBQ and a Beer, I would rather be on this computer in babypips school and learning my new addiction. One day and I am freaking out! Thanks again Akeakamai, your name is really cool sounding bro! or Sis I guess no offense…
Addiction/obsession can be a good thing when you are first learning, but if you are in a hurry to make money, the only thing that will come fast is the losses. And that’s a promise!
Take it easy, enjoy that BBQ and beer, and just approach this material with a calm and patient attitude if you can. It will take time to learn the concepts by themselves, then even longer to form a sort of “network” in your brain, which will allow you to see the market from multiple perspectives and really gain an edge.
If you want to focus your positive energy somewhere “exciting”, I recommend opening an Excel sheet and start learning the wonders of compound interest. Show yourself how small, yet consistent gains will turn small amounts of money into respectable fortunes in just a few years. Then you will have a good mindset to appreciate the power of these tools as you learn them.
your name is cool too (makes no sense to me tho lol), and off the wall posters make this place interesting. stick around, and take lotsa notes
Well, like all of us, I think of ICT as a mentor. I would not be trading if it was not for his generosity. I do like to read about different things though. This past week I checked out an older thread by a fellow who uses Linear Regression Channels, that sounded interesting from a scalping perspective. I also did watch a Raghee Horner video, and as a late father’s day gift, my wife ordered me Ms Honer’s 'Trading for Maximum Profit book. My wife and daughter were out all day today, so I spent the day reading and relaxing. Her approach (meaning Ms Horner, not my wife) is to use trend lines, S/R (horizontal lines), and she uses a 34 period EMA (3 lines, each 34 period) but one is plotted for the high, one for the low, and one for the closing prices. These three average lines create a tight channel that she uses for S/R, as well as looking at the direction of the lines (1:00-2:00 - bullish vs 4:00-5:00 - bearish on a clock.) She uses the Fib retracements / extensions that we are all familiar with, and the CCI oscillator.
I thought it was an ok book designed for someone who just finished the Baby Pips school. I like collecting books about things I’m interested in, and there were certain things about the book that I thought were pretty good. However, it is not especially well written and a little jumbled here and there. Aside from learning about how she uses the 34pd EMA in conjunction with trend lines, there was nothing about the book that I thought was amazing. We have ICT giving us great things for free, that in comparison RH’s book (with an $85 cover price) is just OK.
BTW, I read the book ‘The Four Promises’ that ICT recommended as summer reading. I totally recommend that book. I’m happy to give out any more information regarding RH’s book. I’ve received several pieces of assistance from folks on the thread, and am happy to give back any way I can.
And Tycoon, some of his recent performances in his threads were just too flaming for the mods liking i guess, check out some of his topics… You’ll see why by the tone of his responses…
i have gone through all of ICT’s videos at least 4 or 5 times over the months but for some
reason that particular video about Fib concepts has gone “under the radar” a little bit.
I will take a look again now, act like a sponge and try to soak it up.
