Pete, I get the impression that you’re rather successful, yes? What traits do you feel have contributed to that and what, if any, do you still need to work on? 
[QUOTE=“petefader;483662”]After all the studying, the trial and error, finding your edge and your rules, there is one thing left to work on.
YOUR MIND.
The mental aspect of this game cannot be underestimated. It’s a make or break issue.
The most extreme example I can think of is the great Michael Jordan. Probably the best basketball player of all time! Did you know he did NOT make his high school basketball team? A big fat NO. But this guy had something else. A very strong desire to win that seemed to be a natural part of his personality. A teammate of his once called him “evil” for lack of a better word to describe his drive to beat his competitors.
I don’t have that trait and chances are neither do you. So I compensate. I get myself revved up. I remember what I’m doing this for. I find the inner fire. If I am less motivated and focused, it shows in my results.
I rarely start new threads but this is crucial. I want a place for people to go to get inspired. To learn the ways of the winners and emulate them. If you are chasing your tail, loosing money, chances are you have come across a system or two that works. The problem is you. Your state of mind.
I’ll update this page over time to have a collection of vids on this topic.
YouTube Link: http://www.youtube.com/watch?v=XBLTbTi49gw
The 7 Habits Of A Highly Successful Trader - YouTube
.
.
.
.
Take a close look at your trading and what do you see? Be honest with yourself. Pull out those weeds from the roots. Contributions are welcome.[/QUOTE]
I think the most important trait that most winning traders have in common (that I’ve met) is the ability to think, learn and make decisions independently. Typically, this seems to manifest in ways such as not looking at other people’s technical setups for potential trades, putting in the legwork to independently research and find answers to questions, to formulate concepts that are unique to them, and to be able to sift through mountains of biased data, commentary, and trading signals to glean the important information that is useful to them, without getting side tracked into group thinking.
Independently thinking is not so common this days. Especially in trading this hold true the most. Everyone try to copy someone else when it comes to trading. I’m in opinion that everybody’s got to find their own way. You can for sure learn from other people, but don’t try to be like them. I always advice new traders to study the market by themselves like the old saying:“Formal education will make you a living; self-education will make you a fortune.”
I’m am the definition of an introvert. That means if I’m going to accomplish something it’s most likely going to be done on my own. Trading from home is a perfect fit as opposed to something that requires relationships and networking etc…
I like to figure things out on my own too. It has to make sense to me or it’s nonsense. I taught myself how to play multiple instruments, sound engineering and more. So I naturally took the trading information available, got to the bottom of it all and made it make sense. Like VSA. People don’t get past some of the confusion involved in learning VSA or trading in general because they don’t think so logically for themselves.
The bad side is I like to play things safe. That doesn’t sound bad but it’s an emotion, fear driven, and there is no place for that in trading. It means I take smaller positions than I should when entering a trade, and taking profits too early. It’s become a part of me that is acknowledged and put aside while trading…usually LOL.
My trading, teaching and music production bring the main source of income in this house and we are comfortable. But, I can’t slow down there and start playing if safe. I literally have nothing to lose by setting my goals higher. I needed to get motivated…which led me to create this thread.
One thing I really liked from that video and will try to start doing. Not counting the money. I play with a small account and have a pretty large drawdown right now it doesn’t stress me out RIGHT NOW. But I do find myself checking my unrealized profits quite often. I’m good at not touching my trade after its placed so far. But Im thinking when I upgrade to a larger account this might start to cause problems.
[QUOTE=“IyaJenkei;484102”]One thing I really liked from that video and will try to start doing. Not counting the money. I play with a small account and have a pretty large drawdown right now it doesn’t stress me out right now. But I do find myself checking my unrealized profits quite often. I’m good at not touching my trade after its placed so far. But Im thinking when I upgrade to a larger account this might start to cause problems.[/QUOTE]
Still using mastergunners methodology…?
[QUOTE=“ILovePizzaMore;484103”]
Still using mastergunners methodology…?[/QUOTE]
I’m tweaking it but yea I’m still lookin at all 28 pairs. I’ve stayed out of the yen tho. Right now it’s more of a problem of getting stopped out prematurely. Which is something I’ve always had a problem with. Past few weeks it has gotten better it seems. It takes awhile to know because my trades last for weeks.
Only thing I use from him is watching 28 pairs on the daily and small positions. Even smaller than his i use half what he does. But I am adding to the positions as I go. I’ve never had negative unrealized profits. But I’ve never had positive realized gains lol.
2 separate accounts different entry strategies.
Nice performance you display here.
Tassie don’t worry about it, that was AK.
It’s hard to keep up with him many profiles, I think we should start an AK ALERT thread informing members whenever he returns. He’ll be back.
Thanks Piptronix,
It get to me as times when you have a lot of new people here to learn and then you get the few who ruin it for them. There have been an amount of carcinogenic threads here since I joined up, but Petes threads have been pretty clear of that, which creates a good learning environment for those who are interested in learning that particular technique.
I dare say AK will be back under some other guise.
Hope you’re doing well Piptronix
I noticed since yesterday the trolling, arguing and negativity was through the roof. First I’m thinking wow, if anything this usually happens on the weekend because people are bored or something. Is there something in the air or water? Then I remembered the price action yesterday soo…[I]it’s quite obvious who got burned[/I].
The fact is that no trader can be positive at all the times. This is not all a rosy picture and we do have to deal with losses as well as bad trades. It is at this time we need a good motivational support
For sure. Countless times I’ve taken a loss, been pissed of, only to make it back on the next trade or two. That’s what I think of now when I take a loss.
Yes. We do have experienced those bad days or bad “hair” days (ohh it is so much trouble I tell you ). But how we deal with it on a daily basis or in that event is hard sometimes. When a person post some kind of negativity, trolling, arguing, are we assuming that person is just having a bad day? What if it is constant event? What it is then… mental problems? It’s hard to tell…
Mental problems either way lol, but I notice it’s worse when the charts go crazy, and on weekends.
Nothing is gained by stirring up trouble in a forum. I always take it as…this person is unhappy and using this place to unload, put people down to feel better about themselves. Usually what they are saying is what they need to tell themselves in private. When they say “Nobody really wins at FX” they are really saying “I never win at FX”. They are asking for proof so they can believe…in themselves and so on.
1 Like
the mind is a terrible thing to waste
protect your mind by eliminating fear,hope and greed! most trader’s say start with a demo. I say start with $50 because your training yourself to learn how to trade with REAL money. and 2. the same habits you form on demo, you will form on a live account!~Nuff Said
O and being a successful trader really means you need to have discpline,patience, and a good strategy.
well one that u feel confident with and O we can’t forget Money Management and Risk Managemen!
*It starts off loud, you might want to lower your volume.