A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

This is a discussion on A "First Steps" forum ? lol! Here is my advice: newbies, just quit ! within the First Steps forums, part of the Reception category; The patience and discipline thing is absolutely vital and most can't master it....for eg: Loook at spot gbpusd this morning ...

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Old Mar 19, 2012, 11:12am   #25
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

The patience and discipline thing is absolutely vital and most can't master it....for eg: Loook at spot gbpusd this morning so far - a 29 pip range inbetween the Friday hi 5860 and the Friday pullback lo off that Hi-5816. Now I have only seen 1 hi-probability trading opportunity since 0730am this morning and that was the re-test of the previous 1hr swing lo zone created by that pullback lo..other than that - nothing in over 2.5 hrs of being sat at the desk.

Of course there is a good chance of an upside follow thru on Friday's bullish thrust candle/last week's weekly bullish engulf candle (at some point.)

G/L
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Old Mar 19, 2012, 11:24am   #26
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Ok I'm adding two more....
8. The ability to take a positive from a crushing negative (the ability to come back).
9. Totally ignore the good feeling from a good win.
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Old Mar 19, 2012, 11:26am   #27
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Quote:
Originally Posted by MoonRocket View Post
Ok I'm adding two more....
8. The ability to take a positive from a crushing negative (the ability to come back).
9. Totally ignore the good feeling from a good win.
What happened to 6 and 7 ?
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Old Mar 19, 2012, 11:33am   #28
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Quote:
Originally Posted by counter_violent View Post
What happened to 6 and 7 ?
See post #17
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"Human beings are best understood as being risk-averse when making a decision that offers hope of a gain
but risk-seeking when making a decision that will lead to a certain loss." - Daniel Kahneman

"Men who can both be right and sit tight are uncommon.
I found it one of the hardest things to learn."
- Jesse Livermore
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Old Mar 19, 2012, 11:39am   #29
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Quote:
Originally Posted by MoonRocket View Post
See post #17
Oh right, seems we have overlapping number lists on this thread.....quality !
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Old Mar 19, 2012, 11:42am   #30
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

Hi bbmac,

my point is that an efficient trader knows his/her stuff. This is because they have proceeded down the correct path (eventually) after a realisation that this is more about oneself than "conquering the market".

So an efficient trader knows that the current state of the pound/dollar is in a wait zone until we move up later on (from a high probability POV). Whats more, an advanced trader could have switched to channel mode this morning to trade the range (but this takes time and experience and the correct platform to understand the various stages of the market development).

People should focus on what needs to be done to achieve their goals rather than posting a long list of what it takes to fail and ultimately become bitter because of this experience.
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Old Mar 19, 2012, 12:07pm   #31
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

The main reason most newbies fail is because we are set up phychologicaly to fail at trading, there are many reasons for this but an example is letting losers run and cutting winners short.

Agree with Douglas when he says trading is 80% phychological 20% method,wish I had read his book (the disciplined trader) a long time ago.
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Old Mar 19, 2012, 12:27pm   #32
 
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Re: A "First Steps" forum ? lol! Here is my advice: newbies, just quit !

So... some say it is profitable.... some not... haha I will keep on virtual operations... I wont put a real buck on the markets after finding out by myself if this is really working or not!!

Anyway...I like trading!! Maybe because it looks like poker (in which btw, only 5% of the players win), making decisions using statistics and information to win money!! I like it also because it embraces economy knowledge and stuff so i also get educated!

For me its like a game now... i was hoping it could be a profitable game though

Thanks for the advices!!
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