Why is everybody different except me?

They say everybody is different, but I don’t think I am. I’m the same. I think I have a plan and a system and then I lose discipline and all my rules fly out the window for one crazy hour. Then I pull myself together and continue in a very controlled way until the next panic hits me.

I wanted to believe that robots and signals worked so I bought a few and then took refunds on all of them within a month. I realised I would never learn to trade if I relied on them.

The more I studied, the less I knew. Until it all came together in a glorious epiphany…a logical, irrefutable truth. Here it is.

If 95% of retail traders lose, they must, by definition, be following the wrong rules or following the right rules in the wrong way or following no rules or being consistently unlucky. Whichever it is, their way guarantees a loss so, as this is a zero sum game, the opposite of what 95% are doing will guarantee a win!

Now I’m looking for the worst trader in the world and I will sit him or her next to me and follow every single one of his or her trades taking the opposite position. I will then have the polar opposite of his or her results and become the best trader in the world! Perhaps that will make me different.:38:

Fun post… Thanks…

Wise not to rely on bots from other peeps. I think you learned a valuable lesson by thinking that you will never learn to trade if you’d continue that.

Watch out though. Placing opposite trades don’t mean they will be profitable…:slight_smile: But I assume you were half joking about it anyway…:slight_smile: In my opinion the mythical 95% keep continue to lose because they keep on ignoring their own rules and panic.

Happy trading.

Are you maybe trading a larger account than you should?

Good decision.
It’s your money at stake, so you have to take direct responsibility for it; trusting third parties with your hard-earned funds will indeed give you sleepless nights.

lol, I like that.
If you find that dude, please let me know. :53:

Cheers,
P.

:eek:

I haven’t been trading an account too large but (only once) took too many small positions when averaging down, which led to me getting uncomfortably close to a margin call. I had to close a few losses to recover my margin. Fortunately, the trend eventually reversed.

I will continue my quest to find the world’s worst trader and do the opposite of all his or her trades, If I don’t find this person it may slowly dawn on me that it is myself!:eek:

Edit: Wait, I may have misunderstood the quoted section. Are you saying “the trend of price reversed”, or “eventually the trend of closing losses to recover margin reversed”? If the first, everything below applies. If second, well… there’s still some useful insights. Maybe. I’m exhausted today so I could be talkin out my… yeah. you get the picture. /Edit

Woah. Let’s stop right here and look at this. Yes the trend eventually reversed and may have landed you with a healthy profit, however… If you allow your losing trades the space to complete profitably, you could be sitting on a losing trade for weeks. Most people don’t see this as that big of an issue until someone points out that rollover costs could potentially turn even a profitable trade into a losing trade.

Also, trends ALWAYS reverse. But trading isn’t about making every trade a winner. Capt. Currency around here likes to say that “trading isn’t about making the most trades, it’s about making the least mistakes.” Or something like that, I’m loaded with donuts right now, so I’m kinda close to a sugar coma and feeling exceptionally lazy. I was in the same boat you are in at one point. Except it took a massive chunk out of my account when I followed someone’s advice. After a trade hit my stop loss I made the observation that 3 hours later the trend reversed and hit my take profit. The advice? “Then just take off the stop loss and let it run.”

Biggest. Mistake. Ever. I woke up the next morning to a huge red -90 on the trade. -92.30 by the time I recovered and closed. Fun fact: If I had held that trade, it would’ve been profitable 2 days afterwards.

Use the drawdowns, and hell, even the winners to refine your strategy. Every time you enter a trade enter it in a journal with your position, where you want it to go and why you think it will. Every time a trade closes, go back to the journal, read your trade basis from the entry and see how it did compared to your desired outcome. If you notice that a pattern develops that’s positive, find a way to magnify its importance or effects. If you notice a negative pattern, put that up against your trading plan and find a way to solve it. Don’t be afraid to ask for help, either here on the forums, or via skype with people you trust to advise you in this realm.

I think you hit on a very important aspect of trading in your original post. Discipline. It comes easier in the stock market world because hey, the NYSE is only open so many hours, until you get sucked into the after hours markets. With forex, it’s a completely different beast. 24/5 live activity leads to something that can absolutely consume your life if you let it. It sounds like you need to work on setting a schedule, and gaining a little more self-discipline. I’m still working through that aspect as well. Through trial and error you’ll figure out exactly what works for you, and hopefully you find it before you nuke your first live account. I know everyone says that you should have this hammered out via paper trading before even considering a live account but let’s be real… You can’t simulate every aspect of a live account via paper trading.

Best of luck in the wild world of forex!

Well you’re in luck, you found me!


Hold on a second there… We might have to fight for the title. :stuck_out_tongue:

I’m right almost every time. But I still have a lot more losing trades than winning. I can predict which way price is going to go. but not when I get stopped out. There’s a lot more to trading than being right.

lolwut?
You’re right almost every time, yet you have more losers than winners?
You can predict the direction of the next movement, but not avoid getting stopped out?
What else is there to trading than making good trades?

Either your post makes absolutely no sense at all (you contradict yourself twice in a row, with only two sentences) or I simply don’t understand it.

Cheers,
P.

Yeah, I noticed it was a little… full of crazy. Honestly, if you’re always right but continue to get stopped out wouldn’t you, stay with me here, ADJUST YOUR STOPS? If you keep setting your stops that tight and don’t look at what you’re doing wrong, then being right just doesn’t matter. At all.

Maybe he has us on a technicality. Again, follow me here. I can enter two orders on separate accounts. Same pair, same entry. 1 is long at current price, 1 is short at current price. Given enough time and room to run they could BOTH be profitable. Either way, coming out and saying “I’m always right” is… only slightly misleading.

Well, if your stops get triggered you were NOT right, in the first place, hehe.
Often a trade needs some space to breeze, if you’re not in a mad trend (and how often does that happen?). Better to widen S/L and reduce position size accordingly.

Or you could just open them both on the same account … provided you don’t have the bad luck of being a US citizen, who is forced to comply with CFTC’s dumb rules.

Maybe IyaJenkei made that post after 20 beers … it certainly looks that way. :slight_smile:

Cheers,
P.

probably would have been better to word it different lol. I just meant being right on a trade is more than just being right on one certain thing. You have to be right on the time the direction the SL and TP. There’s so much to this profession or hobby or whatever. You could sit the worst trader down next to you but do you have the discipline to not second guess him or yourself? Maybe Im the worst trader because i lose so much lol. but that doesnt make your trades winning. What if you hold on to long or trade during very volatile time and get your stops run.

hehe, that sounds different and makes more sense. :smiley:

Yes, of course being successful at trading involves more than guessing direction of price correctly.
But I’d say achieving that is the core factor of any good trade … if you get it wrong, all other aspects are being voided.

Cheers,
P.

Great! Now that I have two applicants for the job, let me set out my criteria and proposition. First, to prove you are the worst trader in the world, I need hard evidence i.e. proof of live trades for at least three months showing [I]consistent losses[/I]. You won’t qualify if you have an account showing steady losses and then suddenly ruin it with a big winning trade which wipes out all the losses you have managed to accumulate. I need to have absolute confidence that you are trading a system that can be relied on to produce floods of red.

Once I have selected my partner, we will start trading together. You carry on with your system - we’ll call it something like MAIM (margin-seeking accelerated intoxicated martingale) - and I’ll trade another account doing [I]precisely the opposite of what you do[/I]. At the end of each month, we’ll close our positions and I will pay you 50% of my profits. That way, even allowing for slippage and brokerage, I’ll make nice, steady gains and you’ll have only about half the losses that you would have had trading on your own.

Wait - it gets better! After six months, we’ll take evidence of my account to people like Zulutrade, Etoro and Currensee and we’ll become signal providers. The worse you are, the better my account will do and the more followers we’ll accumulate. We’ll divide the commission 50-50 and, before long, I’ll be rich and you’ll be making a profit from trading. (If that’s not what you want, you could gift it to charity).

Is there anyone else out there who’d like to apply?

Throw “world domination” in the mix & I’ll be a sure fire candidate.

ahahaha … this has made me laugh out loud for the entire time it took to read the post.

MAIM … lol

P.

The problem with creating a system is the same as we started with forex, we want it over night. The system must be made by experience but we pretend to creat experience upon a system we just made up. A good system takes years to develop, you have to put your own stupidity under test. Me for example I am still developing my system. It became funnier than trading itself.

I agree in full. My trade plan takes half a page, but I never spent so much time on filling half a page. It took me three years and different system try outs befor I found and automated the system I work with now.

However, I was happy that I documented my first systems as well, as in my current system I implemented tactics that I used and threw away in the beginning. Your first system can be a good system, but you may not be using it properly, so put it on a shelve but don’t throw it away!

+1 to Averaging down lol