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That psychological stuff is tough and is different when u have ur money/ego on the line..
"Everybody's got plans... until they get hit".. No amount of simulation can duplicate that moment of truth and the agony of defeat. Its how one recovers from the failures, if u can, to stay in the game..
I,m one of those traders that are making what some would call big money from trading, $8215 gross profit last week, $7000 the week before, these are average weeks. Here are my broker statements for last week.
& yes I,m consistant only one losing day in the last six weeks.
Please don,t PM me & ask for my method , even if I gave it away most people would still loose money with it
because it requires you to know how to trade. That means knowing your instrument , knowing what the average daily ranges are & knowing when it is likely to turn. I use indicators , price action & divergence all together.
Some of the indicators on big mkes are great so don,t rubbish them they do help me make money. The price action swing indictor is good especially the ABC patterns it prnts., jeffs cci, is great for trend continuation longs,
after the zero line cross. Feltons indicators are good for divergence counter trend setups. Some of the pivot indicators are helpful.
I spent over 6000 hours before I became consistant, confident & the fear went away.
I offer this as inspiration to keep going forward & learning to struggling traders, many nasayers told me to
give up & quit in the first 3 years. I always believed I would make it. I,m a believer in you get what you expect.
So expect you will make it , hold the thought, hold the dream & keep praticing in sim & market replay over & over
untill you prove to yourself that you have the skill to make it as a trader. Good luck to all regards LOR.
I am on cloud 9 level SHOCK at what I am seeing.
Thank You, Thank You, Thank You!!!!!!!!
For the longest time I have been searching for validation/confirmation that THIS CAN BE DONE!
So much so that I had a thread called "ten-thousand in education and still not profitable" over 10,000 saw it and no one could produce the kind of evidence that you just have!!!!!
To it I have started " ten thousand in education finally paying off" however I have not really been able to OWN this statement as of YET.
I have 6 years/5000 hours at this, tried every ebook, system, course, trading room I could think of. Diveregnce was the only thing that I could count on, but alas, I could not maintain the precision it requires to make it a profitable play.
Loriley, this is one human being that will forever be in your debt for illuminating the overhang of dispair with concrete, evidence based proof that THIS IS REALLY AND TRUELY DO-ABLE!!!!!
I am going to make your broker statements my wallpaper on my PC !!!!!!!!!
Well, BRAVO Loriley! Now, why in the WORLD is this such a rare feat and you are the only one to post this? (not a question for you specifically Loriley)
Why is what you did so hard to do? Why why why? That is the amazing thing to me, not your statement (which is great) but why so few wish to help show the mountain top. I find that amazing in its own right, more-so than a profitable trader actually making money and not just doing it to sell something......
Yes, it's great that the poster is making money... but how exactly does that help you? Will looking at those statements help you win your next 5 trades?
Gave up paid employment Xmas 1997. Previously traded intermittently for several years, during which I studied tutorial after tutorial (free online ones) to find what approaches suited me best.
Now into Year 14. Better than any proper job I ever had.
Having found I could make a living without being sat at the desk day in day out, I trade actively for 4 months each year (the darker colder months, Nov/Dec/Jan/Feb) and only occasionally during the other 8 months when life takes priority. I trade small/medium UK stocks only - previously via conventional buy/sell through online broker accounts, but in recent years mostly via online spreadbetting the same stocks instead.
I utilise trailing stoplosses. I bet both upward and downward, and I actively adjust my stakes. Positions mostly quarterly but some same-day ones, sometimes for minutes or hours, sometimes days or weeks.
I occasionally dabble in 5-minute binary bets on indices (despite the ridiculous buy/sell spread percentage). But not with serious money (and not recommended).
We are all not the same. Some are motivated by sex, drugs, ego, etc..
Some don't believe money is important, some believe socialism is good.
Some learn to golf by doing, others by reading or both.
For me in a world of so many bullshit artists, this is a good sign. It inspires me to be a better trader, much like watching a surfing, snowboarding, skydiving video will inspire me to be a bit better at those things as well.
You may or may not be an athlete or an artist (I don't know) but before you perform, watch the best in the world and it will make you better, well, at least I have seen that done.
Notice u had multi instruments traded.. Was this part of the profitability formula?, rather then watching one instrument and taking some mediocre trades,, but cherry pick for the best setups?
I have thought a lot about whether to give my answer to this question. I am going to do it but please realize that I don't want to be critical and that I am giving my answer to offer one opinion on why there weren't more successful traders forthcoming with the information loriley was so gracious to post. I only suggest this because I know there are many profitable traders on this forum who have very likely decided not to post, possibly for the reason I suggest below.
The reason as I see it (and I've thought this for quite some time while reading this interesting thread) is that the folks who are asking for hard proof and also complaining that such proof has not been offered up have come across as very aggressive and "whiney". I'm being honest here - if I had a friend who offered up the sour grapes about "prove it to me, prove it to me" like has been done in this thread (and other places on this great forum) I wouldn't be inclined to help them in the least. Frankly I would be (am) repulsed by it. It is clear that many have suffered on this long hard road of trading and it is also clear that there have been genuine attempts to help those suffering and genuine sympathy all on this thread. I'm just voicing my opinion about why the proof has not been forthcoming as bluemele has asked no less than 5 times in the few short sentences I quoted above.
If this post is too rude for this forum, please let me know and I'll delete it in an instant as I have infinite respect for this forum and all its participants and don't want to cause a problem.
surly
Seek freedom and become captive of your desires. Seek discipline and find your liberty. - Frank Herbert
Calling someone a bag used to flush fluids from an orifice is seemingly offensive. I disagree that people are that, but they have mental blocks that keep them from accepting anything.
This is the only field I have ever seen where profitability is so hard to prove. Although, CTA's have no problems when managing others and it is all documented. I am a big fan of myfxbook.com as there is no smoking mirrors and ways to really scam the system unless you are incahoots with the broker which a few guys have proven.
If someone tells me they can shoot a -5 on a golf course, I most likely believe them. However, I don't mind watching them or seeing certified score card if my intent is to get better by watching them. If I don't care and don't want to watch them, then no harm, no foul, move on.
