Trading is easy - making money is hard

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Old Mar 4, 2010, 5:08pm   #17
Joined Mar 2010
Re: Trading is easy - making money is hard

Dinos - that sounds almost exactly like the type of trader I'd like to become. Can you point me in the right direction on how to get started in that area? I've looked into IB as a broker but was wondering if a US-based broker would be better for me.
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Old Mar 4, 2010, 5:21pm   #18
 
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Re: Trading is easy - making money is hard

Just copied this from another thread on here from SHANGHAI, for me this says it all,

"The single biggest piece of advice I would give is that there is no holy grail that is only available to the successful traders and institutions. Most profitable traders make their money from simple strategies but they execute those with great discipline and experience. They also understand the market conditions that those strategies work best under."

Couldn't have put it better myself.

Last edited by Dinos; Mar 4, 2010 at 6:03pm.
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Old Mar 4, 2010, 5:41pm   #19
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Re: Trading is easy - making money is hard

Quote:
Originally Posted by Dinos View Post
I day trade only, and have done for over a decade, I never under any circumstances keep a trade open over night, I trade FX only and focus on 2 pairings, I regard myself as a short term momentum trader, not a scalper and look to trade 2 or 3 times a day maximum with consistency. I trade a set up, which is simple, allows me to enter and exit trades with ease and little thought, more mechanical, based on my set up I suppose, I trade set stops and limits, never add to a losing in the hope I will get it back, I take the losses along with the wins, I trade 1:2 risk /reward. I record the statistics of every trade taken and those not taken to maintain a statistical database of my trading to enable me to be on the top of my game at all times.

Don't get greedy it has an uncanny knack of biting you when you least expect it, if you want to increase your exposure, do it gradually and within managed and sustainable limits.

Just my 2 penneth, good luck
Good to see you back man, top advice (as always)
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Old Mar 4, 2010, 5:44pm   #20
 
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Re: Trading is easy - making money is hard

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Originally Posted by oildaytrader View Post
Most pussies think they are ready to trade in one year.All these pussycats are S and P traders ,counter trend monkeys,support and resistance traders /random zone traders and swingers on Tarzan's rope.

Clicking a mouse button and placing a buy or sell order isn't trading,it is gambling buy is black and sell is red, your broker did not tell you that.You need knowledge and skill before clicking the mouse.

All these gamblers who are not professional traders but gamblers.

Professional don't trade every day, and some days do not need to trade at all.Those who rely on a daily wage are f**cked up traders who often trade without an edge.They will only see true profitable set ups two or three times a week, the rest is gambling.

It will take several years to be consistently profitable.

Does that help?
I don't know if I would have put it the same way as you Oil, but you are absolutely right. Takes most people years to figure this out.
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Old Mar 4, 2010, 6:03pm   #21
Joined Nov 2008
Re: Trading is easy - making money is hard

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Originally Posted by oildaytrader View Post
Most pussies think they are ready to trade in one year.All these pussycats are S and P traders ,counter trend monkeys,support and resistance traders /random zone traders and swingers on Tarzan's rope.

Clicking a mouse button and placing a buy or sell order isn't trading,it is gambling buy is black and sell is red, your broker did not tell you that.You need knowledge and skill before clicking the mouse.

All these gamblers who are not professional traders but gamblers.

Professional don't trade every day, and some days do not need to trade at all.Those who rely on a daily wage are f**cked up traders who often trade without an edge.They will only see true profitable set ups two or three times a week, the rest is gambling.

It will take several years to be consistently profitable.

Does that help?
Not entirely sure which is funnier, the hypocrisy, the irony, the sweet hint of bitter invective, or the fact that you're just plain wrong...knock yourself out..
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Old Mar 4, 2010, 6:22pm   #22
 
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Re: Trading is easy - making money is hard

Thats like saying

'Roulette is easy, making money is hard'

You play roulette doubling up, you keep winning, you keep winning ... but every now and again your bet size gets too big and it wipes you out



Although i know this isn't the case with you, was just a joke.
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Old Mar 4, 2010, 7:53pm   #23
Joined Mar 2007
Re: Trading is easy - making money is hard

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Originally Posted by Black Swan View Post
Not entirely sure which is funnier, the hypocrisy, the irony, the sweet hint of bitter invective, or the fact that you're just plain wrong...knock yourself out..
Go on tell everybody you are trading with your 20 trades a day at bucketshop gold index.

and tell them ,S and P will close at number x or 1150 , yet on the roulete you will have a different number.Thats not trading ,its gambling on S and P.You win and lose, never overall profitable.

Trading profitable set ups with an edge is very different, the end result is very certain, better than the 50/50 chance, infact 75 % chance of a win.

O D T
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Old Mar 4, 2010, 8:01pm   #24
Joined Mar 2007
Re: Trading is easy - making money is hard

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Originally Posted by BSD View Post
Well mate I have the highest respect for your mechanical trading, and I think that the advice you're giving him is wise, but it's not the only way to go about it is it.

Everyones gotta figure out what works for them right.

If you talk with Tom who was at Futex there they have some of the biggest players in the S&P's who are pure scalpers, as were most of their predecessors on the floor or their later off-floor brethren like Paul Rotter who has made 50 - 60 million €uros / year for over a decade scalping the bund.

This guy here was a consistent loser until he started scalping:

http://www.trade2win.com/boards/gene...one-month.html

So while I agree with your point that for most it's much more sensible to trade off of higher time frames providing fewer high probability opportunities per week giving you more time to think things over, at the end of the day you'll have to do what provides the best mesh between your needs and personality which may well be diametrically opposed to what makes up the girl / guy next to you right.

If cutting losses very quickly poses no problems for you and profits start burning holes in your pockets pretty soon odds I'd say are pretty much against you that you'll succeed as a position trader, you just won't have the patience.

I think that's the biggest challenge in trading as in life, figuring out who you are, and what you want, two of the most important issues most probably remain clueless about for the remainder of their days on this planet I'd wager.

Which usually results in ending up where one didn't want to.

BSD i am in agreement with your post ,but don't really want new traders to get their nickers in a twist with scalping.It requires a different type of skill to scalp.Trading noise and wind isn't for new traders.

O D T
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