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Old 24-01-2006, 19:30   #4
Trader Raider
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Re: The Key Of Success In Forex Trading Is Not Just Education

Mate I think you have got your undies in a knot because you have not read my quote in the context of the whole paragraph. also what is this crap about associating the term "rewarding outcome" that I have used to something akin to seeking a greater spiritual experience? Read it again but better still let me rephrase it by simply saying "focus on getting the process right the outcome will take care of itself". You are beating yourself up because you are too focused on the wrong end of a different stick.

Trading is like studying short-term WEATHER PATTERNS (I'm sure everyone can relate to this unless you live in the tropics it will be either wet hot or dry hot). The day you can objectively step back into the larger timeframes observe your trade setups how they play themselves out in the smaller timeframes * you should see your trading performance greatly improve. You are doing yourself a psychological disservice by eyeballing your broker platform to see how many pips / dollars you are up or down in the moment or whether the notional 30 or 100 pip target or stop loss is about to be hit or that you are just 5% away reaching your monthly ROI target or doing your dough. Work on developing a disciplined money management process to "take care" of these monetary-based psychological issues BEFORE you enter the trade. especially for newbies those who haven't quite reached there yet they shouldn't even get hung up at this stage on what their stats or equity curve looks like. Their ideas processes tools are not locked down yet are constantly being re-baselined through the trials tribulations. Remember the market doesn't give a rat's backside what your trading status or position is. It moves to the beat of its own drum you just need to be available when those alerts go off as the market presents a potential opportunity.

On a final note it is all part of shifting your existing paradigm of what constitutes trading I will say it again that trading is NOT ABOUT INVESTING OR TO MAKE MONEY. See trading as a sport a chess game a mental challenge a trade / profession or whatever vehicle or self-expression for yourself to excel in. if you refine your tools processes to the point where you can consistently achieve positive results the byproduct or "rewarding outcomes" that you seek in the form of money lifestyle will follow - it doesn't work the other way with the "tail wagging the dog". If you must see it just like your "poker blackjack sports betting" you might even enjoy it more.

Boy liven up people - I'm outta here

* NOTE : (Better clarify myself before I get jumped on again ...) Before you enter a trade you would have technically identified entry exit points determined your position size based on the technical stop to manage your risk confirmed the chart patterns for clear momentum to give a sporting chance of seeing the move project towards a logical exit point (refer to original post on how) then entered the trade with a stop or OCR unless you intend to trail.

But you should still see these defaults as guidelines because anything can happen in the market - unless you are away then your defaults will hold. However if you are still available to periodically monitor how the pattern unfolds in your PRIMARY timeframe until momentum is exhausted (by this I mean not constantly glued to the monitor unless you work off the 1min charts) you can then determine whether your initial analysis was about right or that you need to exercise some discretion with a manual override.

Last edited by Trader Raider : 25-01-2006 at 17:59.
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