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  • Originally posted by 0Nova0 View Post
    Another one bites the dust!
    You must have read my post incorrectly ~_~

    I didn't say I was quitting, I said all my time is taken up otherwise atm.


    I assure you with 100% certainty I will be back in within the next few months.


    Sometimes the best training, is not to train at all. There is an unconscious configuration, puzzle piecing that goes on outside of our awareness, it tries to make sense of our past without any effort on our part.
    I am allowing for that process to take place.

    Maybe we all work a little differently....
    Last edited by Keiju; 04-07-2012, 11:45 AM.

    Comment


    • Sup guys.

      First post here, but been in a chat for a while. I'm not the best trader in the world, but I'd like to share some of the stuff I learned through personal experience. I'm gonna write this post as if I'm writing to myself when I was a relative newbie. If you get something out of it, awesome.

      Technical analysis is easy. Everything about it is a + b + c + d = buy/sell. Overbought/oversold indicators + inability to break resistance/support + whatever moving average confirmation you need + break/retrace of some sort = buy/sell. Nothing is e = mc squared, here. It's why you don't have to be a genius to do this shit.

      Once you comprehend all that, you need to sit there and watch charts in all time frames. After you spend months watching charts, you'll pick up price action. Yeah, just like any other money making endeavor in life, it requires real life experience. You'll learn how price moves and what is likely to happen because of it. Why? A gazillion traders around the world are looking at the same charts and are reacting to it. At this point, learning candlestick formations and learning to visualize what longer time frame candlestick formations may look like on shorter time frame charts is rather helpful. You'll also wanna learn what it looks like on 1 and 5 minute charts when the market is trending, ranging, consolidating or reacting to news. Once again, it's not hard, but it takes time and pattern recognition. If you can identify all the pieces in Tetris, this isn't much harder than that.

      As for entries and exits, it becomes easy once you figure out the above. If the play that you thought was gonna play out actually plays out, you hop in for the ride. If it doesn't, you find ways to deal with it. Some people use strict stops and target prices. Some give it enough leeway for the price to wave back before exiting. Some divide their positions and close the first half at t/p and let the rest ride.

      It doesn't matter how you do it, but there are a couple things you should definitely consider. Once the price starts moving against you and you're in the negatives, it becomes hard to make rational decisions. This is why it doesn't matter if you set a loose stop or a tight stop or whatever stop, as long as you adhere to it. It only matters that you don't move it back out of fear. Once you're in the negatives and you start moving it back, you'll backwards reason based on hope/unrealized losses to keep moving it back.

      With everything else in trading, you can create a set of protocol to follow. There are countless trading plans that work. However, when there's gobs of money involved, in either direction, it's becomes hard to make rational decisions. Not only that, the market is designed to criticize you after the trade. Unless you call perfect tops and bottoms (good luck), there will never be a perfect trade and the chart will tell you that. If you're executing your trades within your plan and you find yourself saying "shoulda coulda woulda or if only", you're shitting on yourself for no reason. If you're being impatient on entry or lax about moving your stops back, you'll pay with your account balance.

      Then there's something I call the death spiral. Where you take a loss and immediately enter into another position without really thinking about anything other than getting your money back. If you ask my friends about the type of person I am in a confrontational situation, they'll give you words like, "cold, calculating, manipulative". My whole life has been modern day reenactments of the 48 Laws of Power and 33 Strategies of War. I didn't just read that shit, I LIVED it. Based on that, you'd think my initial reaction to taking a loss would be to immediately go into analysis for the next best, most likely victory... but alas, I've succombed to the death spiral 3 times.

      If you think technical analysis and price action is hard, just wait til you start live trading. Self control in this game, especially when you start dealing with amounts of money you've never previously dealt with, is on another level. I have literally found myself acting like a fucking spoiled 8 year old over some of my trades. Simple things like stop management, entries/exits and learning to take losses can end up devouring your account.

      I'm sure this is long as fuck already, so I'll wrap this up.

      1. No self control, no money control. You can have the best plan, but without proper execution and money management, you're fucked.

      2. Scared money don't make money. You can have the best execution and money management, but the formula to exponentially increasing (or decreasing) your account is simple. No risk, no reward. Low risk, low reward. High risk, high reward. If you're scared to lose money, not only will it fuck with your decision making, but it'll also prevent you from making money. Find your own balance and dial it up as you go.

      3. Blood + sweat + tears = money. Think Michael Jordan. He poured blood, sweat and tears into basketball and became a legend. He bought a team with the easy money he earned through his brand recognition and he's become the worst nba team owner ever.


      Well, that's all folks.

      If you'd like for me to cover any other topics, I'm down.

      I enjoy writing explanatory posts because it helps me simplify the massive amount of knowledge I've accumulated over time.

      Comment


      • Hi guys,

        @Drifter, great post man. I wish to associate myself with all the comments in drifters post. Its true that two traders can take the exact same trade, with one ending a loser and one ending a winner.

        I'd also like to annouce I'm looking to help a few more people get started in this trading stuff.

        I can read PA (Price Action) and my trades are getting pretty good. I don't claim to be a master at this yet but I can nudge a few newbies in the right direction.

        How does a newbie take advantage of this? Be in the chat for London open. (8AM GMT time)

        You're not going to get direct tuition, I'm certainly not going to explain every bit of PA and I won't tell you when or when not to trade.

        This session is for us to observe how price acts at Support and Resistance. This is your key to learning PA.

        I will also be on for NY open.

        p.s. only rule that applies is that you must use a stop loss, I'm not goin to even respond to you if brag that you're not.

        p.p.s. dont' ask how to draw support and resistance. you can learn this read the thread, watch vids on youtube and practice it, it really isn't hard.

        Comment


        • It is really nice that the thread and the chat are coming back to life

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          • Yeh nice post drift..


            Blood sweat and tears really is the only way to succeed.

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            • Quick note guys,

              Had a really good turnout for London today, including myself there was 5 people, a good bit of discussion and I was happy to share some trading strategy information.

              You guys will make it if you keep showing up for London and NY opens to watch the price action. IT IS THE KEY TO LEARNING PA.

              Those who didn't rock up, well watcha waiting for?

              Comment


              • A reflection

                Just wanted to repost the original 1st post in this thread that started it all...

                Making a Fortune with FOREX
                I get a lot of private messages from my posts about Forex trading, which is cool. Rather than answer the
                same ??? privately again and again, I thought I'd post start this thread. You can still private me, but I'll post the
                answers here as well. I started trading 15 years ago I had been laid off from a $75k job which in Kansas is a lot
                of money, was going through a divorce a single dad and selling my plasma to feed my kids. I made my first trade
                with money from a student loan. Less than year after that first trade I got a recall notice to my old job. I told
                them to piss off. By that time I had the equivalent of 5 years pay in my trading account and knew I would never
                have a normal job again. Over the years I have had many people ask me "how did you make it so big". After
                awhile I stopped answering that question because 99% of the people who ask never take action to change things.
                Here at Venusian arts its different, all of us came here to better ourselves so here is what I can tell you to
                increase your wealth.

                First and foremost TAKE ACTION. Don't act like an AFC who hopes a HB9 will magically appear in his
                apartment (aka parents basement) and seduce him. We all know the only way to be an outstanding PUA is to get
                out there and do it always evolving always learning, always busting through AA to win the prize others only
                dream of. Same is true for amassing huge amounts of wealth. You have to take action and practice CANI,
                constant and never ending improvement in all areas of our lives.

                There is a lot more to investing than just the money aspects. The very best advise I can give you is to first
                master Anthony Robbins Personal Power II, and Time of Your Life series. The reason for this is 99% of traders get
                screwed because of emotions. Learn to control your emotions and trade using proper money Management and
                making lots of money is a given. In fact proper money management and guessing will make you rich in 20 years.
                Add in an 80% accurate system you can do it in 5. I have a teenage daughter who started out with a few grand I
                loaned her and will beak $100K this year. The ability to control her emotions is what gave her this ability. Like
                Mystery taught us a new and infinitely better way to meet women, Tony's stuff opens doors to fulfillment in every
                area of our lives. Without the balance I learned from Tony, I would not have the life I now have. Like AA the fear of placing a trade never goes away, a winning trades is like closing a HB10+ woman other men only dream about, and a losing trade is like getting blown out of a set. Controlling the way you react no matter what happens is essential. Robbins programs, properly applied, will jack up your DHV like it was on steroids in too many ways to mention.

                The money management formula I use is in Larry Williams Long Term Secrets to Short Term Trading. It is a book
                on trading Futures, but the formula is a must. Its simple to use but the background makes it too long to explain
                here.

                Other than that like each person has his own style of running gambits, each person has his own style of trading.
                You have to use the one that works for you and fine tune it till it pays out consistently for you.

                Comment


                • Originally posted by 0Nova0 View Post
                  Quick note guys,

                  Had a really good turnout for London today, including myself there was 5 people, a good bit of discussion and I was happy to share some trading strategy information.

                  You guys will make it if you keep showing up for London and NY opens to watch the price action. IT IS THE KEY TO LEARNING PA.

                  Those who didn't rock up, well watcha waiting for?
                  Yeah, thanks for doing that man, I really appreciate it. Your insights were super helpful. I'm not a newbie anymore but hey, if a more experienced trader is offering some help, I'm definitely there.

                  Learn as much as you can and never stop!

                  Comment


                  • Has anyone seen this recent video Tony Robbins posted about the national debt? It's mind blowing!

                    [URL="http://www.youtube.com/watch?v=jboTeS9Okak&feature=player_embedded"]http://www.youtube.com/watch?v=jboTeS9Okak&feature=player_embedded[/URL]

                    Comment


                    • A quick update for those of you who are also into futures trading.
                      The new version of the "Correlation Trading" Android app has been just released with support for the following indices:

                      - BOVESPA (Brazil)
                      - BSE Sensitive (India)
                      - Hang Seng (Hong Kong)
                      - KOSPI Composite (South Korea)
                      - Shanghai Composite (China)

                      Check it out at:
                      [url]https://play.google.com/store/apps/details?id=com.tradewhileyougolf.correlationtradin g[/url]

                      Comment


                      • Drift for Miles, that was a kick-ass post. Thanks. I'd like to add to it.

                        Use Rodehard's 3X rule! He calls it the 3X rule. I call it the clear your head rule. Basically, if you've gotten your butt kicked three times in a row, it's time to clear your head. Take time off. Go to the gym. Go see a movie. Meditate. Do anything that clears your brain. Then go back and see what went wrong. Paper trade for a while before using any real money again. The time to learn from what went wrong is when you have a cool head, NOT when your pissed off that things went bad.

                        The other thing: Choosing NOT to make a trade is a valid choice. If it's not there, it's acceptable -- in fact, it's smart -- to just not make the trade. The people who are making a bunch of money at this aren't making trades every single day. Be the smart QB who throws the ball away when all his receivers are covered. Make the throw when you know you can hit your receiver rather than throw an interception.

                        Comment


                        • I like to analogize it like this.

                          You make a proper trade and it results in a loss or break even, dropped pass.
                          You make a proper trade and it results in a gain, reception.
                          You make a proper trade and it results in a ridiculous gain, TOUCHDOWN~
                          You make a shit trade and lose money because you're an undisciplined faggot, interception.
                          When you don't trade, that's running the ball.

                          You can't pass every single down and win, especially in a game where dropped passes can take you backwards on the field, in a field where your endzone is a 300ft cliff and their endzone is at an upwards incline.

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                          • 3 years over 150 people come and gone. Trading is the true test of character.

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                            • This thread is pure gold on so many levels! Inspiring! :-)

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                              • Originally posted by chrismeister View Post
                                This thread is pure gold on so many levels! Inspiring! :-)
                                Absolutely, this is why I point everybody to the thread. Everything you ever need to be successful in this is hidden within these posts.

                                On a different note, how are your other businesses going CM?

                                Comment

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