Give Up ?

This is a discussion on Give Up ? within the General Trading Chat forums, part of the Reception category; Originally Posted by advfntrader I have a problem, I LOVE trading and keep doing it even though I have not ...

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Old Dec 2, 2008, 4:29pm   #31
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Originally Posted by advfntrader View Post
I have a problem, I LOVE trading and keep doing it even though I have not made 1 SINGLE PENNY from it.

my question is - do I just keep plodding on and hopefully eventually the penny will drop ?
Lots of sensible replies already to this BUT I would add that whilst I agree that trading profitably is extremely tough that doesn't mean that it has to be extremely complicated.

When you are banging your head against a wall there is a tendency to think the solution is to bang it harder. Take a pause, go back to the basics, be professional and disciplined.

Ben
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Old Dec 2, 2008, 4:35pm   #32
 
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This is why most trading courses and systems are a CON.

Because the people that pay for them, do so believing all they need is a profitable strategy to make them money.

Sadly, there are profitable systems all over the web for free.

But few traders implement them correctly.

And if they do, they bring a whole other host of other personal issues to the table which impede their success.
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Old Dec 2, 2008, 4:40pm   #33
 
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advfntrader started this thread so does anyone have a basic system that I can try that IF I follow to the letter I can make money ? does such a thing exist ???
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Old Dec 2, 2008, 4:40pm   #34
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Originally Posted by trader_dante View Post
This is why most trading courses and systems are a CON.

Because the people that pay for them, do so believing all they need is a profitable strategy to make them money.

Sadly, there are profitable systems all over the web for free.

But few traders implement them correctly.

And if they do, they bring a whole other host of other personal issues to the table which impede their success.
And you've just doubled your workload by volunteering to test/report on a vendors "system" (that can save all our asses?) for him

Like there isn't enough

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Old Dec 2, 2008, 4:46pm   #35
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Originally Posted by trader_dante View Post

Sadly, there are profitable systems all over the web for free.

But few traders implement them correctly.
.
Agree totally, but I'd go further (what the hell, I need some abuse on a cold, wet afternoon) and say there are profitable systems all over the charts. Prices trend, prices react to S/R etc. None of it is rocket science but with small spreads it should be enough at the very least to get you to break-even. A few subtle improvements will quickly deliver a small profit (although I am not sure people are happy with small profits?).

For me at least, the tough learning curve was seeing this.

Ben
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Old Dec 2, 2008, 4:46pm   #36
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so does anyone have a basic system that I can try that IF I follow to the letter I can make money ? does such a thing exist ???
trader dantes system is as good as gold and im not just saying that because i know hes taken a pinkie (£50) and made six figures out of it
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Old Dec 2, 2008, 5:01pm   #37
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so does anyone have a basic system that I can try that IF I follow to the letter I can make money ? does such a thing exist ???
It's not so much about following something to the letter, you need to find a system you like, play around with it until it feels right, suits you (sir) and of course makes money. I'm still not consistent after a few years of trading, but i adjust my system and add rules to get closer to this goal with each change.
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Old Dec 2, 2008, 5:48pm   #38
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so does anyone have a basic system that I can try that IF I follow to the letter I can make money ? does such a thing exist ???
There are simple rules ('only trade with the trend', 'enter/exit in region of validated S/R', etc) which will actually get you quite a long way.

What you should also have by now, if you have been *really* watching the FX charts is the start of a 'sixth sense' about where price is more likely to head.

I'm not giving you the answer you requested, but I *honestly* believe that with a couple of hours work you can get yourself a workable and tunable strategy. If you can promise yourself to follow it then you may notice a step-change in performance once you have executed a sufficient number of trades to be meaningful.

Ben
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Old Dec 2, 2008, 5:51pm   #39
 
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Advfn,

You should also spend some time on your system devoted in determining when NOT to trade as well as when to trade.

I only became profitable when I learned to sit on my hands in choppy markets and also by not trying to catch all of a move. Very often I would make a profitable trade and close it - to find the market continuing - so I'd jump back in again and subsequently give up a chunk of those profits.
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Old Dec 2, 2008, 6:30pm   #40
 
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so does anyone have a basic system that I can try that IF I follow to the letter I can make money ? does such a thing exist ???
This document is part of a longer series of documents that I have produced that make up an overall methodology. It contains a discussion on both trend, support/resistance, and indicator based techniques such as divergence and band/channel deviation. It may prove useful in helping you to devise your own trading edge comprised of the confluence of proven technical phenomena, with the emphasis on the word confluence (the coming togther of.)

The wider discussion is at this thread http://www.trade2win.com/boards/fore...thodology.html and the further discussion (Parts II and II) are on post 74 (page 10) of the thread.

Edit; the doc (called: Part I) will not upload for some reason, but it is located on post 74 of above thread.

G/L
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Old Dec 2, 2008, 6:41pm   #41
 
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Hi Advfn,

Here's trading plan template that was kindly created by "timsk".
T2W Day Trading & Forex Community

In terms of a trading method, I would recommend that you focus on Support (Demand) and Resistance (Supply), Price Action and Trendlines.

Oh and finally, please stay away from sub 1hr timeframes.
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Old Dec 2, 2008, 10:08pm   #42
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Advfn,

You should also spend some time on your system devoted in determining when NOT to trade as well as when to trade.
I only became profitable when I learned to sit on my hands in choppy markets and also by not trying to catch all of a move. Very often I would make a profitable trade and close it - to find the market continuing - so I'd jump back in again and subsequently give up a chunk of those profits.
Very true.

Wait fore setups that have the potential to offer a good reward. i.e. with a long way to S/R.
When price is congested in tight ranges - My advice - stay clear, and wait for some expansion.

There is nothing worse than giving back the mornings profits in the afternoon......

Knowing when not to trade is part of becoming a profitable trader. The no.1 rule of trading is CAPITAL PRESERVATION. Every trader learns this the hard way.
Sure, you might miss some profit opportunities along the way, but if you wait for idealish setups, and they still lose, which does happen from time to time, you will at least know that you were following a disciplined plan and did all you could by maximising your chances of success.

Last edited by JTrader; Dec 2, 2008 at 10:13pm.
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Old Dec 3, 2008, 5:03am   #43
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Very true.

Wait fore setups that have the potential to offer a good reward. i.e. with a long way to S/R.
When price is congested in tight ranges - My advice - stay clear, and wait for some expansion.

There is nothing worse than giving back the mornings profits in the afternoon......

Knowing when not to trade is part of becoming a profitable trader. The no.1 rule of trading is CAPITAL PRESERVATION. Every trader learns this the hard way.
Sure, you might miss some profit opportunities along the way, but if you wait for idealish setups, and they still lose, which does happen from time to time, you will at least know that you were following a disciplined plan and did all you could by maximising your chances of success.
I soooo believe in the importance of designing your own trade plan. A good trade is one entered and exited based upon rules - regardless of the outcome. However, it's also importance to master your emotions. Yes, a trade plan can help that but you have to dig deeper than that. It does seem that trading might have become and addiction for or perhaps a competition. You vs. the market. Problem is, is those type of competitions, the market always wins.

You've received a ton of great advice here - take time read, review, reflect before you invest another dime. Or you could just mail me a check - at least one of us will be happy
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Old Dec 3, 2008, 11:35am   #44
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90% fail. The odds are firmly against any of us succeeding at trading.

Trading is far from simple. Poor implementation of a near perfect trading plan can result in heavy losses.

Many new and old T2W & other trading forum members talk as if they are highly successful high flying traders to whom success came easy.
Sadly, regarding profitability, i think many members are lying, or kidding themselves, or both.


Trading is not simple. It is a mine field.
In fact, i reckon that for every 3 T2W members who claims to be consistently profitable at trading, only 1 will be. The markets are a tough place to try and earn a crust.
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Old Dec 3, 2008, 1:46pm   #45
 
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so heres the thing. if its all about following a system 100% why do automated EA's not work ? perhaps some kind of automated system would suit me better
yes i use automated. its not holy grail but what it does do is remove the human trading errors which for me was a lot of it. I use it on semi automatic ie you can set automated on confirm which means all the thinking is done you just have to confirm the order. with a sound alarm you don't have to watch the screen.

24hr automated can quickly burn an account. In my book there is no 24 hour automated that can deal with three different markets london usa and asian as they have different characteristics.

day trading for me is about trading the day not part of it like 5mins. that is 5m trading. Day trading is where one looks at the daily candle and thinks i would be happy with the body of pips between the open and close. so on day trading a max of say three trades should cover the day trend. it could be as simple as drawing a line on the open and with a filter buying when above and selling underneath. there will be times when it chops about others when it sails through. I have also tried it with reasonable success on 1 hour candles. ie just trading the trend of the 1 hr candle. if its above the open buy below sell. with a filter its do-able if a bit freaky because in effect one is not using TA but playing binary betting [with a smaller stop loss ].

my aim is one trade a day. zigzags are helpful to spot a direction.
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