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Re: The learning cycle for a newbie trader - PART 2
Well done mate
You have been through the the struggle of being a newbie trader to a very sucessful one, it hasnt been easy and has clearly taken alot of blood and sweat but you have come through shining. Now you have a truely mechanical system you now have all the time in the world to relax and enjoy yourself, but with a personality like yours will you be able to stop testing new ideas etc... or are you finished with trading and have mastered it to a point you can go no further? |
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Re: The learning cycle for a newbie trader - PART 2
Thanks for sharing your knowledge. It's interesting to read about going beyond the success of achieving your goal.
------------------ TraderKnowledge.com |
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Re: The learning cycle for a newbie trader - PART 2
I have read the first thread on this subject and find this one as good as the first.
I am now in my sixth year of active trading Spotforex and have had a similar experiences to what Soul-Trader writes about. I too believe there are no shortcuts. You do not start trading before you have successfully negotiated three major trends of 700-1000pips without wiping out your demo accounts, and showed a profit in the process. Contrary to what others believe I also maintain that backtesting a system is of no use. The history is fixed and will show any reasonable system as profitable. Whereas realtime is not and will affect the efficiency of the system. If you want to test your system the only successfull method is doing it with live feeds forward and not historical data. This takes time and is where the old virtue of patience is most needed. Develop your own strategies or understand 100% why a trade was called for by the signal service. If the signal service is no longer around or the strategy fails where does it leave you if you do not have ulternative strategies in place. Strategies should include entries, exits ,stops, take profits, trade management, money management, withdrawals, drawdowns, budgets,hedge strategies and a host of others. These strategies you should develop for yourself so you know them by heart. You must become machinelike in your execution because of the rigid application of your strategies. The marketprice is uncertain so your strategies should not be changed to accommodate this, but be pre emptive and know what action to take in any eventuality. Finally after all this has happened for a number of years and you become very successfull you mechanise the system and look at it a few minutes per day. My visits to my dealstation is limited to a few per day during which times I spend a few minutes adjusting existing trades. |
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LinkBack to this Thread: http://www.moneytec.com/forums/f14/learning-cycle-newbie-trader-part-2-a-19969/
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| Posted By | For | Type | Date | |
| The learning cycle for a newbie trader at Nobullshit Network Forum | This thread | Refback | 02-23-09 11:03 AM | |
| The learning cycle for a newbie trader - PART 2 - Masterforex-V | This thread | Refback | 02-15-09 08:32 AM | |
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