When will a lot of you guys learn?

[stirampage]

I have one through the newbie stages and now I accept and embrace a lot of what people expect out of a good trader... Although, it seems like people who have been here much, much longer than I. In every thread, if someone happens to mention they have x amount of success... people will ask them for what they use. "What system do you have?!?!?!".. followed by a pathetic trail of people posting their emails.

I know someone who has been trading less than a year and has returned well over 1000%. People don't seem to understand that the market is random and based off of human emotion. They may know and acknowledge it but they don't seem to embrace it. Realize that this person's system (and this statement will be grossly underestimated and possibly ignored) is very, very simple. Consisting of one basic indicator, 2 MA's, and a few s/r and fib levels. That's all. He sticks to his plan and uses a lot of discretion.

Realize that any mechanical system without discretion is linear.. meaning it's based on past results. Just by assuming you can achieve half the success as a semi-good discretionary trader, you are not acknowledging that the market is not unique and not based on human emotion.

I have been working 10 hour days for months now and I still have not been able to get to my short term goals, but I won't stop; although, I can say without hesitation that using and applying this knowledge to my benefit saves me 100s or even 1000s of hours trying to find my grail.

There is one problem, as a side note, that I have incured now.... I'm not sure if it's the charts confusing me, the past month or two... or anything else hindering my ability to see a clear cut strategy work. When I started out it seemed like I can make 20+ PIPs with a 60% success rate and now I seem to not be able to figure it out anymore. I know that the past month has not been a GREAT one, but I still have not been able pull anything off. Probably "trader's block"?

[currencia]

Ten hour days for months is really a very short period of time. You are hardly past beginners luck as is evident by your last sentence.

Support/resistance and moving averages are so basic that if they worked long term any and everybody could be easily profitable. New traders start out with that stuff, then the oscillators, then various grail seeking systems that massage all that crap to death. Most everyone of them trade breakouts on the small chart while they listen to the news and scalp over it.

Trading less than a year and made ten times the boot already?? I'll chalk that up to an extended period of beginners luck. If he started out with $100,000, then he is set for life and ought quit while the beginner's luck is with him. If he started out with a paltry $10,000 as all he could justify at his station in life, then he has over a million bucks in his pocket. And that's where he ought keep it going forward because it is more money than he has ever seen in his life and more t han he is likely to see again.

There is support and resistance everywhere on a chart.

[happytree]

Originally Posted by currencia

Ten hour days for months is really a very short period of time. You are hardly past beginners luck as is evident by your last sentence.

Support/resistance and moving averages are so basic that if they worked long term any and everybody could be easily profitable. New traders start out with that stuff, then the oscillators, then various grail seeking systems that massage all that crap to death. Most everyone of them trade breakouts on the small chart while they listen to the news and scalp over it.

Trading less than a year and made ten times the boot already?? I'll chalk that up to an extended period of beginners luck. If he started out with $100,000, then he is set for life and ought quit while the beginner's luck is with him. If he started out with a paltry $10,000 as all he could justify at his station in life, then he has over a million bucks in his pocket. And that's where he ought keep it going forward because it is more money than he has ever seen in his life and more t han he is likely to see again.

There is support and resistance everywhere on a chart.

Well you have said a lot of nothing. Talking in absolutes while being completely abstract. You have learned your lessons well.

[Wallace]

Stirampage, Price Movement isn't that random according to my use of the 'fibonacci' ratio, but you might be oversensitizing yourself, try a longer timeframe.

[Nonpiker]

Hahah...I have seen a really successful professional trader use nothing more than support and resistance. He really uses NO indicators. I mean successful for 10+ years, so I would not chalk that up to luck. Maybe he sees the right levels, and not all the noise in between?

[q827]

Something seemingly so simple yet in reality so difficult. That's Forex for ya!

[forex777]

Currencia,

Post one of your account statements. Block out personals of course.

Show these gentlemen that you know what you're talking about.

Then they will understand you at a deeper level.

[honeyeater]

Currencia,

Without wasting time looking up blind alleys (plenty of that here), what would you describe as being the roadmap to success as a trader?

First and foremost, I would see the first step is the learning of the mechanics of trading. No problem there. Open a demo and go for it.

Second step...Learn the dynamics of price action and the superimposition of Fib ratios and the thousands of other tools available to try and ascertain low risk/high reward entries and exits as price action unfolds.

Third step...Lay down a trading plan that fits one's chosen setup and defined risk management and profit taking strategy.

Fourth step...Enter the live market and test the pscyhological implications of my attitude to trading.

You mention that a lot of time is required to be expended into the act of trading before the confidence and skill level of a trader begins to show returns.

What I would like to do, is shortcut the the trial and error method of going hither and thither, to just find to find a course or mentor who can take one straight to the epicentre where only the necessary info and skills are honed in on.

There is that much information, that many egos crying out for Godly status hoping to fleece the floundering, how does one summarise the journey to the art of trading to maximise the short period of time we are running around on two legs and half a brain?

And thanks for the measured insights and contributions you have made at Moneytec.