The learning cycle for a newbie trader - PART 2

[Soul-Trader2004]

Jtrader - it's a fair question - or at least it would be if I were inviting you to invest. some of the others are part of a development team I am part of and some are not.

I'm not inviting you to invest so the answer is none of your business to be honest. I can verify to those I need to but you arent one of them. There are people who read this board who do see my results every day, and some who see them now and again.

as our relationship is merely chit chat on a forex board you either believe me or not - entirely your choice

Jtrader, no-one has a magic bullet for forex including me - at the moment I have a method which makes good money and has for some time - however that method evolves around the market and changes slightly every six months or so or when we discover something new about it.

I certainly hope that my method continues to work in this 'test of time' but the market does have a tendency to humble the best of us and i'm no exception.

I am not saying that I have the 'magic secret' to wealth - because it could just shaft me to death in the next 3 weeks to teach me a lesson. So far fortune has smiled on me and I hope it continues, but with all due respect i don't have to prove it to you.

[zuijlen]

All animals are equal, but some are more equal that others.

Originally Posted by Soul-Trader2004

oh, and i changed his signature as he is not allowed to have links in it - it's a moneytec rule - applies to all except moderators. I didnt make the rules, i just enforce em with some humour.

Read My Mad Trading Diary (click)

[Soul-Trader2004]

only in orwell's world and the labour party's communist section conference are all animals equal - if they were in real life trading and ambition would be pointless.

[gyda62]

What happened to the post where Soul-Trader called trader 02 a moron, said that he was banned etc etc.

[static]

That was a different thread:

http://www.moneytec.com/forums/f14/r...74/page11.html

[gyda62]

Thanks... oops silly me

[clifton]

Hey guys, OK here is the deal, im a high school business teacher who is totally burn out and wants nothing more then to trade for a living, before I was a teacher I was a stock broker trading mostly MF so this really is quiet different then anything I have done to date. I know there are no shortcuts….but if you guys were to give you best piece of advice, what would it be? I have read Forex made easy, Making it in the Forex , and some other Forex book (titles may not be exactly correct but close).There were repetitious and not much help. To be honest they really were not that good, Soul Trader…I know you don’t make it a habit of responding to a lot of nebe post but I hold your and Mick’s response in high regard. 4xmadez, before you tell me im greedy and I just have to put in my time…I know this….but like I tell my students there is a hard way to learn thins and an easy way. Do i really need to put in 3 to 4 more years? I know as well that there is no silver built. Soul trader from you post it looks like you have developed a system that is all your own. I would really like to know more about it. OK, OK ill say it like a mean it…..i would like to try your system its seems to be based mathematics (I think I have even read that in your postings) ..that has always made the most since to me, but I cant seem to pin it down. I don’t really want to spend $4,000 on a trading system, if it was that easy we would not need this forum now would we, however if it could help me retire a little early, hay im in!!

[static]

SoulTrader has departed this and all other forums, according to him anyway. If you want to get in touch with him I think your best bet now would be through one of his blogs or to drop him an email.

Just as a general response to your question however, pretty much everyone has a different approach to trading so you are going to get a variety of opinions on what the best way to trade is. Some people will swear on fundamentals, others on TA with multiple indicators and still others with nothing but raw price action. The three to four year thing is to develop your own approach to trading and see if you can overcome greed and not blow your account out in the meantime. That has been my experience anyway.

Personally, I gave up trying to predict what the market will do. Some people can do it, but I can’t, and I am 100% ok with that. Look for a system or develop your own that will give you a hit rate of 60%+ and then do the math, know how big of a drawdown you can expect and what your risk tolerance is. Money management is key to developing consistent returns. After that strap in for the long haul, because it probably isn’t going to happen overnight.