Article Inside the Successful Trader

T2W Bot

Staff member
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With the changes in the perception of Forex trading from being a high speed, high risk gamble, to being a scientifically driven investment vehicle, supported by social media, there are likely to be many more Forex traders in the coming years.
All of these will have dreams, big or small; some are destined to fail, many more will make a success of trading and if we were able to see inside the minds of each, we’d find clear reasons why some made it and others fell by the wayside.
Jump in a car for the first time, set off thinking you know what to do because you’ve been a passenger so many times and you’re heading for a crash unless you’re lucky enough to be a natural driver.
The analogy could well be applied to trading Forex where disaster can be just as painful, not just to your purse but also to your pride and emotional well-being. Looking inside the successful trader you’ll see a complex organism where the sum of the parts is greater than the whole.
It cannot be stressed strongly...
Continue reading...
 
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aag100

Established member
613 35
i dont get why sun tzu is quoted by so many people in trading.
as traders we're not out to fight wars all we do is click a few keys to try and make a few g's.
we dont need to be positioned on high ground,send in spies into opposing camps to stir dissent,spread rumours and cause panic,travel light and forage on caught enemy gains..........
my only take away from sun tzu was something about order.keep everything tidy and not cluttered.clutter distracts the mind(or something along those lines)
theres no need to pretend we're so macho and some sort of warriors when all we do is hit a few keys.
 
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Forexmospherian

Legendary member
39,928 3,299
i dont get why sun tzu is quoted by so many people in trading.
as traders we're not out to fight wars all we do is click a few keys to try and make a few g's.
we dont need to be positioned on high ground,send in spies into opposing camps to stir dissent,spread rumours and cause panic,travel light and forage on caught enemy gains..........
my only take away from sun tzu was something about order.keep everything tidy and not cluttered.clutter distracts the mind(or something along those lines)
theres no need to pretend we're so macho and some sort of warriors when all we do is hit a few keys.

Hi aag100

i think over time - you will see many similarities with the "art of war"

We as traders are not using guns or tanks or fighter planes

Instead - its money - we want to keep hold of ours and trade and grow it and repeat many many time and then in 10 -20 yrs retire to Bermuda - or wherever

BUT - our enemy - the players - the large Banks -the Hedge Funds - the big boys with the knowledge and the war chest - ie millions and millions - dont want YOU to win - they want your money and my money and everybody's money and will play tricks and games to fool us - and take our money off us

The FX game is a massive table with millions and billions of dollars sitting on it - waiting for it to be taken

The retail traders consisting of millions of trader around the world - ( some say less than a million - other say over 2 million - nobody really knows) only make us say 10 -12% of the massive market - and basically 5 large banks make up over 50%.

The large Banks and 100's of Hedge funds will battle for their share and anyone in the way - will just get trodden - and lose their money

One of the most well know tricks - is false sentiment

Setting up a 4 hr - daily chart up with a pattern saying this currency pair should fall in price and so it attracts all the bears and price starts falling

More and more join the bandwagon and newbie traders think this is a cert 100%

So they either put the farm on it - ie go with it big time - or even to them just 20% of their capital - thinking that's safe - and then we all know what will happen

One hr later price rises - and rises and rises - and rises - and all the bears are stopped out - and many say - dont worry - it will come back - and of course - one year - or a few or certainly within 10 years - they might see it come back to their entry point ;-)

YOU - as a trader are in a MONEY WAR

You don't need a bullet proof vest - or a tank - but your enemy only wants your money - nothing else

Can you compete with them - have you got a few million to lay on the table and say - yes- I am not frightened of you ?

Most of us cannot do that - we cannot out psych them - but we can beat them at their own game -as long as we know what we are doing - and are not too greedy and accept - we are never going to keep winning every trade.

Read the "art of war" - it's can apply to so many things in life - and will certainly make you more "streetwise"

(That remind's me Random 12345 was in the army for 4 years before going into his commercial world - I really miss that member ( honest) he was good ;) )


Regards


F
 
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Profitatlast

Newbie
4 0
Intelligent Advice

Thank you for the comments above. Not only have you made me aware of many important factors to consider before entering the traders market, but you have interpreted it beautifully. I feel I have so much to learn and from what I have read above I realise that I am not nearly ready to start trading. I wish I had a GURU to advise me on whats steps to take to become a successfull trader.

However, this forum is full of wonderful advice and I am starting from the beginning and will also read the book by Tsu to prepare myself emotionally and psycologically.

Thanks for the article. It is great!
 

aag100

Established member
613 35
so.........I have to take the samurai outfit off ?
yes and put on a buddhist robe.we dont need to be on a war footing at defcon 5.
we should calm and relaxed,breathing in harmony with the markets.
 

aag100

Established member
613 35
Hi aag100

i think over time - you will see many similarities with the "art of war"

We as traders are not using guns or tanks or fighter planes

Instead - its money - we want to keep hold of ours and trade and grow it and repeat many many time and then in 10 -20 yrs retire to Bermuda - or wherever

BUT - our enemy - the players - the large Banks -the Hedge Funds - the big boys with the knowledge and the war chest - ie millions and millions - dont want YOU to win - they want your money and my money and everybody's money and will play tricks and games to fool us - and take our money off us

The FX game is a massive table with millions and billions of dollars sitting on it - waiting for it to be taken

The retail traders consisting of millions of trader around the world - ( some say less than a million - other say over 2 million - nobody really knows) only make us say 10 -12% of the massive market - and basically 5 large banks make up over 50%.

The large Banks and 100's of Hedge funds will battle for their share and anyone in the way - will just get trodden - and lose their money

One of the most well know tricks - is false sentiment

Setting up a 4 hr - daily chart up with a pattern saying this currency pair should fall in price and so it attracts all the bears and price starts falling

More and more join the bandwagon and newbie traders think this is a cert 100%

So they either put the farm on it - ie go with it big time - or even to them just 20% of their capital - thinking that's safe - and then we all know what will happen

One hr later price rises - and rises and rises - and rises - and all the bears are stopped out - and many say - dont worry - it will come back - and of course - one year - or a few or certainly within 10 years - they might see it come back to their entry point ;-)

YOU - as a trader are in a MONEY WAR

You don't need a bullet proof vest - or a tank - but your enemy only wants your money - nothing else

Can you compete with them - have you got a few million to lay on the table and say - yes- I am not frightened of you ?

Most of us cannot do that - we cannot out psych them - but we can beat them at their own game -as long as we know what we are doing - and are not too greedy and accept - we are never going to keep winning every trade.

Read the "art of war" - it's can apply to so many things in life - and will certainly make you more "streetwise"

(That remind's me Random 12345 was in the army for 4 years before going into his commercial world - I really miss that member ( honest) he was good ;) )


Regards


F
hi F,
i get the analogies.some are pertinent to trading,some not and some i doubt are even pertinent to war in these modern times.
what remains the same is the universal attributes required for success in any field,discipline,focus,patience,practice etc.
i hope a newbie armed with any knowledge he thinks he has gained from sun tzu doesnt think he can now declare war on the markets and annihilate them.read it by all means and know that you have read a classic(why it is such a classic is beyond me,but thats just me)
 

sportbilly

Junior member
37 0
Forexmospherian said: "The retail traders consisting of millions of trader around the world - ( some say less than a million - other say over 2 million - nobody really knows) only make us say 10 -12% of the massive market - and basically 5 large banks make up over 50%."

When you realize that fact about market micro-stucture and being aware that trading is zero-sum game than you realize why most of retail traders will always been on wrong side and there just as piranhas food.

Few retail traders know that big banks (50% of the market) placing the trades continuously because all of us can than easily place the trade at every possible moment. Eventually,when there is enough easy money sucked in the market the big boys start defend their positions gathered through ice-berg trading (they trade big blocks fractionally) and push the market as they want or need.

To stay on topic with "Art of War", only big boys strategy can be aligned with Sun Tzu war philosophy and principles because market information they possess it make them privileged on biased FX battlefield.
 
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FXLord

Junior member
19 0
The Idea is the attitude you have to be at to success, the right mind set.
I think Forex trading might be the only profession that you have to "visualize the goal" literally in order to make money and succeed in trading Forex
 

FXLord

Junior member
19 0
Thank you, I appreciate your comments. Make sure you visit my page, there's a lot of articles written differently and targeting real traders