The learning cycle for a newbie trader - PART 2

[craig66]

Soultrader, I have been reading your blog with interest, it has inspired me to develop my own systems. I am very interested in the little tidbits you keep dropping about your system, more specifically,

1. The huge stop losses
2. The huge drawdowns you keep going into

I can only assume you either grid trade or your system works on the 'the market will come the other way eventually' stratergy. But it seems awfully inefficient for a system which has had so much backtesting and tuning.
Or am I missing something?...

Totally agree with your 'it's all bollocks' comment.

[lavista4u]

Soul trader thanks for the deep insight as always your thoughts are very inspirational for me to push ahead...Yeah now i come to know wht emotions mean...its all psycology of trading that important and im finding it very very slowly but steady...Thanks man..you rock !!

[wilkinson]

I agree and also wish to thank Soul for his insights.

[Shelbourn]

I love the way you wrote this and the first thread. I'm new and have know idea where I will end up, but your words are inspiring. I'm ready for the challenge. Cheers!

[ginx10k]

Soul, I'm just curious, where can I find these so called systems that you have mentioned? the 54% and the 20%. Do you offer them anywhere, I would like to study the fundamentals of your systems and perform my own experiments.


thanks,

Danny

[Soul-Trader2004]

Sorry Danny, they arent available.

[edge-t]

I've just started this journey into Forex trading... Sheesh... its going to be a long and tough journey. Your insights are encouraging. It somehow reminds me of "The Hero's Journey" written by Joseph Campbell. Everything you wrote is so NLP. It's great.

Hopefully I'll be able to reach my goals.

[weissdawg]

I have read many of your posts/threads, and I would greatly appreciate it if you answered a few questions I have for you.

First, let me tell you I have been trading and studying non-stop for 3 years now. I have learned about Elliott Wave, sacred geometry, Andrew's pitchforks, fibonacci, Gann, and numerous indicators. I've watched prices go up and down, almost all day and night long, now for 3 years straight. My point: I am not a newbie.

So now I am at a point where I can make money safely with a few different methods, but I won't be getting wealthy anytime soon nonetheless. So my questions are:

1) You make a lot of money, IMO. Did you take a small account (under $5,000 dollars/euros) and make it big (over $100,000)? If not, what did you start with, if I may ask you?

2) You've stated that TA is bullocks. That statement is very intriguing to me, since it is coming from you. So what then, do you base your decisions on? Or how do you have a system that makes the decisions for you? Is it just your gut feeling?

3) What kind of risk/reward do you use? And what is your money-mangement tactic?

4) What kind of returns/year are realistic?

Thank you.