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One year later into my trading career...........seeking guidance and direction
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One year later into my trading career...........seeking guidance and direction

  #141 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,220 since Jun 2009
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budfox View Post
...



Big Mike View Post
OK I cannot take it any more. You even got someone else to pay your Elite Membership!

..................

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  #142 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
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cory View Post
..................

lol I dont get the NInja? (PM me)

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  #143 (permalink)
Elite Member
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I think it's safe to say some trades(threads) are better off not taken. Oh but I think I just jynxed myself

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  #144 (permalink)
Trading for Fun
Bodoe , Norway
 
Futures Experience: Intermediate
Platform: Fxcm tradestation II
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Posts: 142 since Jun 2014
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@ budfox
Have you checked out "forex tester 2" , I did purchase it and it has helped me thrust my tradingsystem. Much better than any book I invested in.
FT71's webinars have helped me think about how I can make things work out the way that suits me best. A big thank you to FT71 & Big Mike for doing them.

One advice I was given by Walter Peters has been good :
First step -> test your system with the forex tester . Then you will have a clue if it works or not. and you will gain confidence in it.
Second step -> trade demo account until you have trippled your demo account.
Third step -> Go live with a small part of your money. when you have successfully trippled the small account you can move to next step.

Step Four-> you can now trade live with your full size account that you have been saving until you proved to yourself that you were able to trade consistently profitable for a long time .

This is the path I'm at... step 3 now.

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  #145 (permalink)
Trading for Fun
West Java
 
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sharpshoota View Post
@ budfox
Have you checked out "forex tester 2" , I did purchase it and it has helped me thrust my tradingsystem. Much better than any book I invested in.


Totally agree ...

---

and .. budfox, there are many resource/experiment for this kind of Q @ more focused FX forums, for your reference.
even if we find profitable method over certain period of time, how do we know that this result is not due to random chance ? ...



Last edited by Thxo; December 14th, 2014 at 05:59 AM.
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  #146 (permalink)
Trading for Fun
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tigertrader View Post
@budfox

my most profound piece of advice is not to look at the market in the same way as everyone else looks at it. do not read the same books on trading as everyone else, and certainly do not trade as everyone else trades. if your inputs are the same as everyone else's, you will have no advantage as a trader and your results will be the same as everyone else's. you will operate with the same heuristics and have the same predictable biases that emanate from those heuristics. and, do not determine honestly, what style of trading I am most suited for! instead determine what style of trading is suited for making the greatest amount of profit under the current regime and market conditions.

OBSERVE the market and its attendant price action. markets are complex adaptive systems, which by nature are non-linear and obscure cause and effect. therefore, it is impossible to predict what is going to take place in the future. nevertheless, when you see something occur you are going to create a narrative to explain what happened -and you will probably be mistaken. cnbc does this on a daily basis and is wrong on a daily basis. so, the trick is to see the market, for what it is, and not what it appears to be. this skill takes years and years of screen time observing the markets, and one's approach to trading has to be constantly updated and modified as the markets change. this is why you will not find the answer on how to profit from trading in any book. as soon as it would be uncovered it would be obsolete.

i personally, never read books on trading. instead, i like to read books on decision and game theory. this helps me to be aware of the factors that distort my judgement. one must be able to eliminate the deleterious effects of emotion, stress, and bias in the decision process otherwise one can throw all one's methodology out the window.

from a previous post of mine...

aside from being under capitalized, the biggest mistake aspiring traders make, is underestimating the amount of knowledge and deliberate practice required to become a successful full-time trader. for some reason, they assume trading is different from other performance related activities, and that they can read a book and step right into the market and make money. unfortunately, this is about as naive as someone sitting down at a table with poker pros, after playing a only few hands online, and thinking they're going to be competitive. ironically, the market and vegas have more in common than one might think. they were both created by the top-feeders for the sole purpose of taking advantage of the bottom feeders. the only real difference is in vegas you get free drinks. the narratives that are used to sell the dream are the same; and like all good narratives, there is just enough of a ring of truth to them, to make them believable. inevitably, they always appeal to our intellect and emotions, yet they only exist for the benefit of those who would like to take our money. understand this very salient fact and you will stand a much better chance of succeeding.
  • know you have enough Money- if you don't have enough capital to begin with, you're finished, before you started.
  • know the Market- the trader who has the better (more complete) and more timely (current) analysis will enjoy the greatest edge and have the greatest success- if you don't believe that a comprehensive knowledge of the market is important, you're well on your way out the door.
  • know your Methodology-it's taken me 8 years of trading electronically (after having been a professional trader for +30 years, to reach my current level of competency. if you truly believe, that you can compete against the most sophisticated traders in the world by drawing trend-lines and channels and employing anachronistic trading methods, you're sadly mistaken, and soon to be broke.
  • know how to Make-Money- there is a big difference between knowing how to trade, and knowing how to make money. the latter is about doing whatever it takes to get the job done. it's about trading the right markets, in the right ways, for the right reasons. in other words, you don't trade a market , because you like its trading hours; you choose to trade a market because its the best vehicle for making the most money. and you trade it in the way, that affords you the highest probability of making the most money.
  • know yourself & your Mentality - there are a variety of different stressors, emotional/personality flaws, and biases, that effect a trader's ability to make objective decisions. be smart enough to know you're dumb enough, that you don't know everything. The successful performances are those that really aren't about you- don't let who you are get in the way of your trading success.
one last general piece of advice - consider the source of the information you seek. as daniel patrick moynihan once said, everyone is entitled to an opinion, but not their own facts. most books geared to the retail trader, are out-dated, irrelevant, ineffectual and misguided - and quite frankly, so are most of the posts you read on this forum. once again, everyone is entitled to an opinion, but only a few posters on this site are sufficiently qualified to render one. you can also choose to try to show everybody how much faith you have in your own methodology, even if it's never been profitable, or you can use the forum to learn from others who have actually been successful. if you really want to learn, find ways to assess information systematically and surround yourself with experienced, knowledgeable, and proven people, who will challenge your opinions; even when they tell you something you don't want to hear..

Well said, certainly sage advice, it's amazing how these opinions will be derided and ridiculed on some sites. To succeed at this business the list of required attributes is almost endless, with rational independant thinking at the head of the list. I've found my greatest edge to be my 30+ years as a businessman, trading is about money, when it involves money then success will always be about business, not the latest indicator/method. Cheers John

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  #147 (permalink)
Elite Member
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Johno1 View Post
Well said, certainly sage advice, it's amazing how these opinions will be derided and ridiculed on some sites. To succeed at this business the list of required attributes is almost endless, with rational independant thinking at the head of the list. I've found my greatest edge to be my 30+ years as a businessman, trading is about money, when it involves money then success will always be about business, not the latest indicator/method. Cheers John

thanks, mate. still never met an Aussie i didn't like... -g

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  #148 (permalink)
Elite Member
Buffalo NY/USA
 
Futures Experience: Beginner
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Posts: 1 since Jan 2015
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I'm a long time lurker, first time poster. I'm new to futures trading.

@tigertrader: your posts are extremely well thought-out and intelligently written. They have increased my big picture understanding of the futures market.

@tturner86: I've read the first few pages of your journal. It looks good so far! I'm interested in reading more.

I'd like to thank not just those two, but everyone who took the time to post something constructive in this thread. Your efforts and advice are much appreciated.

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