What Every New & Or Aspiring Forex Trader... Still Wants To Know

Beginner Questions
1380

Definately had a “get rich quick” mentality for a while. I spent all the money I made bagging groceries when I was 14, on “Home Business” ideas which depicted achieving six figure incomes in less than a month and it’ll only grow exponentially from there. I think I have spent a few hundred on these scams, but since I didn’t have alot of money, or the ability to apply for a credit card back then I wasn’t able to actually put in a lot of money into these ventures. I know for a fact that I probably would have spent thousands if I could. I think I just got lucky that I got started at a young age compared to others.

Regards,
Clark.

1382

lol, I like this. Pretty the same for me. I started my first business also in my age of 13-14. I was very good in swimming in my teen age (junior national champion) and wanted to go to olympics in Atlanta 1996, besides that I wanted to buy a new computer Commodore 64 (lol) and new bicycle, because I wanted to do also triathlon next to swimming. I found an advertisement in newspaper which offered home based job. I quickly realised that it was a scam, but I made my own ads in different newspapers and soon people started to send me money. Hundreds letters every week…

I almost had all the money I needed, but my mom found out what I’m doing and that it is illegal and took all that money and sent it back to the people. Lol, some of them wrote back that we are the only honest thieves in the world.

1383

I wanted to share a little crystal of an idea with everyone here that’s related to trading psychology when experiencing losses.

The idea is simply this “mathematical-like” equation:

Net Psychological Damage = Financial Damage x Ego Damage

As professional minded traders, we want to keep the potential for net psychological damage to a minimum, and ideally have losses pose no risk of damaging our professional mindset.

We can control the financial damage by controlling bet size, risking the smallest fractions of our accounts on each trade, and also by taking fewer trades in general (think spread costs). Assessing and controlling the damage to our Ego is of course wildly subjective, but doing so will be absolutely crucial to these efforts, since the loss’s affect on our mindset will be multiplied by the damage to our Ego. I believe having a consistent, trusted method, alongside modest expectations of profit, will serve greatly in controlling that side of the equation.

If the idea seems vague and a little too theoretical to be use, I understand. I just find the urge to increase bet size and give in to my ego’s desires will never go away, and I like having something concrete to do daily battles with those demons. This is just a little test of the waters, to see if maybe someone else finds the idea useful and might want to run with it (on top of the normal posting of trade setups and whatnot).

Also, great Bios from everyone, good weekend reading! :smiley:

edit:
alternatively, listen to Chumbawumba’s “I Get Knocked Down” after getting stopped out bahahaha

1384

Sorry guys, this post is just my childish mind wanting to have the 1337 post in the thread (that’s l33t for all you h4x0rz out there hahaha) WOW is it bedtime or what! :cool:

1385

n00b! =P lol

1386

Happy Palm Sunday!

I have been reading the thread and have enjoyed the brief bios on those that have shared. That is such a cool addition to the thread. I have been working on the release of the London Close course and have had no trading this past week. In observance of the Passover week, I again will not be trading this coming week.

I wanted to post a little diddy on what this thread is and what it is not…

First and foremost, I am not a CTA, I am not registered to provide live trade signals. I have shared this information with you all out of my time and generosity… just to do so as a gesture for those who A) are clueless starting out, B) can’t afford good resource material, C) want a structured approach even if it is not 100% sure proof against loss.

I could very easily promote a Live trading room and charge a ridiculous amount of money for people to sit in there and wait on spoon-fed signals… I do not need to earn money from selling signals. I do not need seed capital as some who do these things. I don’t need your money, I do however, enjoy reading your improvement and development. This is why I do this and I realize I might not deliver what some or perhaps most of you new traders are seeking. Namely, handouts in the form of live trades.

Listen folks, this business is full of scam artists, peddlers, system creators and well just plain ole’ liars. I have chose to take the high road and stick to my original plan as a struggling newbie… if I ever got it, I’d share it. This is my story, this is my legacy I lay before you. I’m not trying to be better than the next Thread author… or better than the system of month. I just want to see new traders avoid getting hurt… blindly throwing copper into the Forex pit and leave before ever really giving themselves a chance.

If you don’t succeed initially with these concepts… do not give up. If there is a compatibility issue with these tools and your psyche… then by all means, look for something that fits your beliefs. If you do not find it tickles your fancy, leave the ignorant comments to yourself. I realize this is one of the most difficult things to learn as a newbie and when you fail, it’s only human nature to blame the method, creator, guru, author, wife, kids, job, sun, moon and stars… but it really all comes back to you in the end.

I have always requested others to post their trades either demo or actual trades to illustrate my methods are universal and can be applied by anyone. It can be a bit of a one man show at times and this not only breaks up the monotony and redundancy of the same old same old… but it encourages others reading in the cheap seats. I make no apologies for those I have created barriers who seek to sell and peddle useless wares in the form of “Midas touch Forex”. I make no promises of entertaining you daily and or weekly with dazzling posts or videos. I promised you in the beginning, this road is a lonely one… it is boring, it is tedious, it is above all risky.

I am responding to a comment posted on a video I produced and posted on the first page of this thread… the poster made this comment “ICT it is all hindsight crap”. Now I disabled the comments on this video but I am completely secure with myself to receive criticism and willing to address it maturely. As the poll counts reflect we have had many new traders find this thread and methods useful. To this party I target with my material… we have seasoned traders who have found this thread useful to new traders and to those I give a nod and appreciation… then we have those who didn’t find this thread useful. It goes without saying I, nor would anyone be able to please or supply everyone’s expectations. However, I believe those who do not stick to the methods and apply them as they have been detailed here will no doubt find this thread and the next seventy-seven threads useless… that is excluding that thread that makes them a regular celebrity or potential sales pitch for future customers.

Perhaps, what I’m getting at here is… the point of all this material and my sharing it with the world watching… is to educate… not show off. I want to lay the foundation to the methods I will be using this fall. I will not be posting “resources” after September… no in fact, I will be focusing on the task I presented myself… $5000 USD and a goal of $1,000,000.00 in 36 months. If I make 375k with it be a failure? To the trolls, it will be, but whatever it ends with… I’m doing it with seven digits in mind. I will be trading with GFT and I will have video of the entries and exits and statements to support the journey. I will leave no room for Trolls to spit their venom and if all goes as I plan… I will leave such a mark that many will strive for many years to come.

I’ve never had difficulty making money. I have owned 900 numbers in the 90’s, I had websites for sale, Newsletters, E-books, futures, stock option trades, seminars the list goes on and on. I never felt satisfied with the end result… I was a salesman with no passion or desire to make the sale. Remarkably, I realized that I was addicted to the moment of astonishment of others… the precise moment an individual experiences when dreams are born and hope is energized. I have lost that in my trading… it’s become routine. I am seeking the emotional charge others find when they suddenly grasp the potential that awaits them in trading.

Now I will be honest, it feels like I have failed when any one walks away from this thread feeling it hasn’t helped them. I genuinely wish everyone a very prosperous journey in Forex. However, the truth remains… I will like in trading, experience losses… but equally so in trading… I’m letting my winners run!

Enjoy this most beautiful time of year and I wish you Good Health & Good Blessings! :57:

1387

^^ very well said ICT, who cares about those fools who post bad comments up on the vidoes, they are the same people who just dont take the TIME to learn and STUDY this material, and they think they can do it all within a week and fail horribly … i would love to see any of these people post their live results too, because with those famous numbers of 95% failing and only 5% making money in this busniess, i highly doubt that 5% of traders is actually sitting on youtube looking for forex lessons to judge:p…or maybe they are just mad because your giving info out for free and more and more people are finding out about it lol

1388

Clark,

Have you heard of Nial Fuller? He teaches price action, I’ve really benefited a lot from his material. I enjoyed reading your post. I’m 28, and you sound a lot like me when I was your age. If there is one thing I would tell you it’s that you definitely should finish your schooling. I have only thus far finished my associates degree because I’ve been trying to make money in the markets consistently since I was 19. I’ve learned a lot but I’m still not where I want to be. I am totally with you on trying to avoid the 9-5 grind, I’ve been that way ever since my first job bagging groceries.

1389

Hey there. I don’t post much here but I tend to lurk a lot and decided to give off my story too. Sorry if its hard to understand, my English can get wonky or so since it isn’t my main.

When I graduated from high school and so, I decided to go to college , do the whole getting a bachelor’s thing and so. I decided to try for Computer Science since by the last minute I still haven’t made my mind on what I wanted to do and since I always had an affinity with computers, might as well chosen that.

After around 3rd year of struggling to make payments while having to tend to an abusive family in turn [[even longer story]]. It really depressed me , that and having to juggle a hideous job to support a family that made their own problems really offsetted me, that in turn when my brother got a free ticket in life by having everything paid for and wasted it. So as I sat there on my computer just surfing the internet, wondering what to do to get away from it all, I stumbled upon this site in particular around October last year.

I went through the babypips school in record time [[at least for me, when it came to focusing on non-play related things]] and decided to try a demo account for 50k. I was oozing with confidence at the beginning since I read as well a technical trading book and so, and with confidence in my mind, i dropped 7k from my 50k demo to 43k. After a bit of losses, i started to get demotivated in so when it came to studying, but thinking this was my last chance, I decided to open my live account which i currently have, this was around the beginning of this year and by the same time I saw the ICT posts.

More studying and so, and after a long while of banging my head. I’m finally taking trades [[small ones though to start] and practicing well to the point that I don’t get frustrated at all if I can’t trade or miss big moves. Although i’m still not “there” yet, my goal being to trade my account to equity 10k , which in turn will make me live comfortably and be able to get a bit of equity in the process. This has been the only thing I’ve focused so much on in my life even after failing and even though ive missed moves out of being a coward beforehand, i’m moving out of that and so far, ive only had losses in my account that to the point , ive been breaking even on most of my trades back to my starting equity, all thanks to the ICT topics which ive caught up upon a few weeks ago.

1390

Yes, I have heard of Nial Fuller, I have read most of his free articles. Unfortunately, I’m still underage, so purchasing his paid material is difficult (it would involve buy a prepaid Visa card or something). I have heard most of his material can be found free on the web, and we just have to search for it, that’s what I’ve been doing and am doing quite well.

But I agree, his free content was done quite well, I can only imagine his member’s content is even better. I was lucky that I found this thread though. It has definately taught me the most!

Regards,
Clark.

1391

I hope you realize that even if you don’t meet your goals of this September project( i hope you do) that you have already allowed dreams to be born in many of the individuals following this thread… To me that is a very quite but awesome feat. Keep up the good work.

1392

ICT, I really like the part about why you do this and the emotional charge.

In a previous life (seems like) I was very deeply involved in the creation of hand made
classical guitars for a few decades. The biggest thrill was the look on the face of a
player, who maybe had no previous experience with a high level instrument, and then…
a moment of recognition, a realization that they had entered another world where
possibilities loom large. That is a moment of inspiration that can push one forward.

We always hear about emotions in trading and it mostly refers to the negative
but there is, or can be, a positive aspect to emotions which leads us to pursue
things with vigor and passion.

It is always the emotional charge, subtle or otherwise, that pulls the cart forward.

No one really wants money, they don’t even want the things that money can buy.
It is the emotional charge that comes from life’s moments connected with those
things that they really want.

Gurdjieff said:

“First of all you must realize that you are not you.
Be sure of that, believe me You are the horse.”

And regarding my trading life, I am like most. I have chased different systems and
methods, I have made all the newbie mistakes that can be made, I have looked on
with horror at the flaming wreckage of another blown account, etc., etc. But I will never
give up. ICT has layed this stuff out with a thoroughness and thought that must leave
other would be teachers with feelings of inadequacy. And it inspires me.
As do the reports from Manta and others who seem to be getting it.

1393

ICT,

I’m really looking forward to your accelerated compounding project. I think you will be doing it right about the same time I’m going to be attempting to rapidly compound my account. The account I’m working now ($2200) is just for my learning phase, and I’ll have enough to ramp that up to $5000 at the very minimum.

That’s why I don’t really mind my current dayjob, I know that it’s directly contributing to my soon-to-be trading career, and that change in mindset (I used to really hate my job) is most likely the result of what I’ve learned here. I have learned to truly,honestly, sincerely appreciate patience in compounded gains. I always understood the concept, but the way I was trading showed that I actually thought it was too slow. I also had trouble dealing with losses (which would lead to epic losing streaks) because I worried that each and every loss meant that my latest system was failing–was going to crash and burn ‘any minute now’ with my account in the backseat. Now I have confidence in the system I’m trading, I know that each loss just puts me closer to the next win, and I just don’t even venture into that “loser cycle” as you so aptly described, hahaha.

I just ‘know’ that I’m going to reach my goals now. I’ve always had humble aims with trading, I just want a respectable income to raise a family on. If I end up going for more, that will be a hobby interest, not my career aspirations. I see you being humble in the thread and your videos and I really connect to that character trait. I know you aren’t trying to show off, only the people who can’t think outside their egos would see what you’re doing as showing off. The honesty in what you post is crystal clear to me, so I’d just like to remind you that you aren’t failing here in any way, even if some of the trolls try to make you feel that way.

anyways, I hope that is the type of ‘thank-yous’ you are looking for, because everytime I try to thank you, I feel like I’m falling short.

Also, I’ve had 5 profitable weeks in a row, so I think I’ll be taking a break with ICT to cool down my ego (haha). I’d rather be watching hockey anyways!

1394

Can you see me salivating at the prospect of a whole course on the London close? It is not a pretty sight:p

1395

I’ll get the bucket!
I am also looking forward to the London Close content, it is perfect for my time zone and I can see how these little scalp trades truly add up!

Regards,
Clark.

1396

lol… i guess many ppl are anxiously waiting for the course too… so… not only u will be salivating … haha

btw… one weekend and suddenly so many “life” stories posted… many things to read for me… :slight_smile:

1397

Anyone gonna be in the chat room tonight for the London session?

1398

I’m hopping into chat now!

1399

The ICT chat room subsection is 7/3rds as popular as the main chat room on Babypips. I think that’s a testament to the awesomeness of this method - go ICT!

Also - According to the poll, 94% of the people who have read this thread approve of its teachings. I don’t think you’ll find a success rate quite that high anywhere else in the world, ever. More kudos for ICT!

1400

Thanks for the bucket, dude! Those London close scalps really do add up, and if you are risking 2% on each trade then the compounded returns look pretty nice. Based on my first month of CONSERVATIVE trading, you can expect to pull in 15% a month (I pulled in 7.5% with 1% risk per trade). If I am not mistaken, 15% month on month compounded returns equate to 400% for the year. If you are looking for more than that right now, then you are just damn greedy! In terms of monitoring this that and the other (COT, Futures etc), then I don’t believe it is necessary (I may be mistaken, we’ll just have to wait for the course in order to find out). There can be a certain amount of multi-tasking involved when there are multiple breakouts, but your bio suggests you are well equipped for that.

GLGT!