Any young newbie traders out there?

[email]

Firedave/ maji.

I am very familiar with the course you guys are talking about 4x...... , I bought it two years ago or so. I tested it to death, it does not work at all. I also tried his options one (may god have mercy on me) another pie in the sky.
What this guy does is finds these indicators on these trade platforms and turns them into so called systems. He passes himself as some math major and says he has done all these calcs.
I think he is using grade 3 math because it does not add up in this civil engineers book.
Cheers to all you great guys,
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[pumpkinpie78]

Originally posted by edmundm



The million dollar question is "HOW TO MAKE 25 PIPS A DAY" Consistently.

Happy trading everyone.

Yes that would be the million dollar question. Actually if you can consistently make just 10 pips a day, that can easily turn into millions. The only problem with trading is that consistency does not exist. As traders, we are not here to predict what the market will do. Regardless of what software, technical analysis, and mathematical equations you have, the market will do what the market will do, and that is - it will go in your favor or it will go against you (it can also go in your favor for a little while, then turn around and go against you, and vice versa). This is a game of probability. We enter a trade when the odds are in our favor, then we exit our trade when the odds are not in our favor. Here are some other interesting facts to look at - 90% of trader lose their money, feeding the other 10%. Bank of America 100x it's income in 1 year through the Forex. GMC makes more money in the Forex than they do selling cars. I personally know successful traders. So, can trading be lucrative? Yes. What about consistency? If you want consistency, sell a trading system or become a consultant of some sort. If you want to be a successful trader - I'm beginning to think that success lies in money management and discipline, and not so much the system.
Well, good luck everyone, and may the trend be with you.

[Burtakus]

I wonder why almost everyone on this thread is an engineer?

[Maji]

Burtrakus,

This is my speculation why so many engineers. I am going to say we, but perhaps it is not so general about all engineers. Please pardon me for generalizing.

As engineers we thought we could analyze the markets successfully, as in general we have developed good analytical skills. We can analyze and design grandiose bridges and buildings, marvelous machines, super fast computers and so on. Thus, we thought that if we could analyze and design that, we should be able to analyze and design trading systems that will slaughter the markets. However, in reality we found that it was not that easy. That makes us wonder why all our analysis does not work for the markets. We then start looking for answers, and the forums are a place, one of many, where we are looking.

I am out of breath typing so much

Maji

[TheSundanceKid]

Originally posted by Maji
Burtrakus,

As engineers we thought we could analyze the markets successfully, as in general we have developed good analytical skills. We can analyze and design grandiose bridges and buildings, marvelous machines, super fast computers and so on. Thus, we thought that if we could analyze and design that, we should be able to analyze and design trading systems that will slaughter the markets. However, in reality we found that it was not that easy. That makes us wonder why all our analysis does not work for the markets. We then start looking for answers, and the forums are a place, one of many, where we are looking.

Maji

It's because engineers are statistically smarter than everyone else, therefore we are all drawn to the markets...sooner or later. The market is the only true match, and greatest challenge, for our analytical skills/minds.

I was studying to be an engineer before I started trading. However once I discovered trading and realized that I was a financial genious , there was no turning back!

Good Trading,

Sundance

[email]

Sandance,
Thank the good lord that last year of school I did not pack it in as I was about to do, or God, there would be no way I would be able to walk on the same side of the road as you.

Give me a break

[TheSundanceKid]

Email,

I was just being sarcastic/humorous - no offence intended.
I only completed 1 1/2 years of college, before I dropped out to trade full time. Therefore, I don't think I'm able to walk on the same side of the road as you! At least not academically...

Good Trading,

Sundance

[email]

Hey Sundance,

It seems I did not get your humor,no probs. Seems we are now standing side by side so do not worrie about it.
Sundance, I think this finishing college thing is a bit over rated by everyone in this society.
I am a civil engineer and always worked in the field I was never a design guy. I have worked with all kinds of trades and allot of them are real good friends of mine. Let me tell you that some of these guys that had years of experience and intelligence were the smartest people I knew at work. They were the ones that went off and opened thier own company and within ten years become big, and all the other engineers and MBA guys back at the office where still sitting there (thinking how great they were) .

People that studied engineering I think gravitate to trading because they are curious open minded beings. Where I live many engineers are in sales, realtors, mortgage brokers, and running different companies.

I know I am going on and on, but I just want to tell a small storie about two guys were I worked. I was was at the time studying for my series 7 and all slue of other exams to become a stock broker so the subjet of trading come up and these guys (one a steel erector and the other bulldozer operator) were telling everyone that they were going to a presention on the weekend on how to trade curreincies. Well, they both got right into it and took this three day course and started to play around demo accounts and bought twenty books each and just went nuts for the next year. To shorten the storie, now heres how it ends; they both did not return to work after last years winter break and are making a very good living trading FX. So much for an engineering degree or an MBA.

Cheers to all, and sorry for going off on a tangent,
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