As i am a “Newbie to Forex Trading” i would like to make a few observations (probably to my detriment and be flamed unmercifully, so be it). Please take this as it is truly intended, and that is to say to increase the functionality of this wonderful site, all the while streamlining the education of all who dilligently due their “Due Dilligence”!
First: While it is true that most here will probably fail, as is evidenced by the “Senior Members” comments and their use of the 95%, 5% chart that is thrown about, who is to say what percentile anyone is in? This will be accomplished by the individual on their own merits. This is also compounded by the fact that people are placed into “Personality Archtype” like boxes where they are doomed to failure, just like"Schrodingers Cat!". By the way “Senior Members” we still have great respect for you even if you do flame us, that is still part of the learning process IMHO!
There are people here that due their “Due Dilligence”. As in my case i began on the “Equity side of the House” using fundamental analysis. However noting that while looking at the charts i was still dumbfounded by what all the indicators and oscillators meant and “how and why” that they are used. So i eventually gravitated to the “Technical Analysis” side of the house, and look to have a well rounded education on all aspects of the “Financial Markets”; Equities, Futures, Commodities, Forex, et al (I sit at my computer and research and learn for 12 or so hours a day, and have been for more than several months now, and plan to do this for more than a year, the “Good Lord Willing”, before i actually trade live)
So as i have read the other members comments on that the information is here on the site and that the “Newbie” just has to search for this information to find it, ad nauseum. However as noted the “Newbie is a Newbie” and there is a language barrier that must be overcome.
To that end would it not be wise to post “Stickies” on such information as is deemed worthy by the senior members so as to belay the constant barrage of the “Same Old Questions” by the “Newbies” who then are directed to such information before asking the same repeated questions?
Second: There is a difference between “Gambling and Playing Poker”. I spent months playing “Internet Poker” all the while duing my “Due Dilligence”. That is to say learning every aspect of the game. Reading and studying just like i am now doing with the “Forex Market”. As a “Poker Player” you are not gambling per se, you become a statistician, however at times you do “Gamble”. Venture over to the “Poker Players” forums and you will know what i mean. Some of these “Online Poker Players” make money, some in the “Hundreds of Thousands” of dollars per year. However, they started just like the “Directed” (Notice the term “Directed”) Newbie. I do know that the school of pipsology is first, however there is a vast wealth of knowledegable information buried deep within the posts of this site. (Oh and by the way, my first live attempt at playing poker was in Las Vegas where i won $365 in a tournament and still have poistive Bankroll while playing poker!)
There are similarities between “Playing Poker” and “Forex Trading”:
[U] Grinding[/U]:
Poker - Sart with the required minimum “Bank Roll” while starting at the low limit tables and becoming a profitable consitent winner until you graduate up to the next level. If however you become “Unprofitable” at this new level you step back to a level that suits your present conditions. Add water, shampoo, rinse then repeat! Repeat again if necessary!
Forex -(My assumption) Again, Sart with the required minimum “Bank Roll” while trying to obtain a few positive pips without becoming greedy. Not “Scalping” however, using good “Fundamental & Technical Analysis” to make a good disciplined discretionary trade. IMHO “Successful Scalping” is an acquired trait accomplished by competant traders.
[U]Money Management[/U]
Poker - called “Bankroll Management” or BM for short. This is having sufficient funds in your account to play at your desired tables AND not overloading or overtaxing your bankroll so as to get it wiped out foolishly. (This is exactly like the Forex) Good BM calls for certain percentages to be used also, at all times.
Forex - Starting with sufficient funds and using the 2% rule as i have learned from this site to protect your “Bankroll”.
[U]Rules[/U]
Poker - Money in the “Pot” is no longer yours, it belongs to the table and eventually to the winner of the pot, if it is you, great, if not, leave the emotion of the loss alone and move on. Never “Emotionally” try to win your money back, this is a terrible mistake! Never bet what you are not willing to lose. You may have to place all of your money on the table in “one hand”. Become a poker statistician and not a gambler, poker statisticians win where gamblers eventually lose all.
Forex - Create a system, that is personally suited to your personality, as is directed within the school of pipsology. Become disciplined, adjust, modify and adapt as you grow as a trader.
Hope i have not bored you. And look forward to any comments. Thanks for your patience.
