Hard Way, Easy Way
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Thread: Hard Way, Easy Way

  1. #1
    Looking back my entire life, I have despair as Al Pacino elaborated in Scent of Women.

    I don't recall clearly though I really like that scene very much. The colonel said: everytime in my entire life, when I face a cross street. 1 way is tough, and the other one is easy. I always picked the easy one.... And I regret....

    Something like this, I don't care if I recall , but do more and more realise the meaning of it.

    But this really is trading forum, this is all about trading, why this tough easy crap???

    I feel it is same today. When a guy (or woman ) approaches this business, it requires same hard/easy mindset to make it. I need to select the'hard' way to make it in this game.

    I never bothered to post to warn so-called newbies NOT to perform so or that as I've been a rookie too. But I feel that a newbie trying to succeed here must understand the way is the way to go, NEVER take the easy way.

    And therefore don't just haul a fancy EA out of a forum and hope to be wealthy. Even if the EA is a profitable system, you still cannot make money. That's as it is an'easy' way. And one you can easily become/find a capable coder, but not true for a profitable trader.

    Do not attempt to beat the market without analysis and egy but with a grid/martingale system. Right, you'll lose, as it is an'easy' way.

    Do not attempt to follow a few bigshots' big shouts of buy xxx sell yyy now. You'll lose, as it is also a simple way.

    And the hard way is the situations you run away from by doing easy crap above.

    I get deeper and deeper understanding of this'hard' and'easy' after hundreds of hours analyzing in trading simulators. It has to be you to exchange.

  2. #2
    Quote Originally Posted by ;
    I read his website on his collapse story -- a very poor and decent illuion poor is becoz his story shakes my view in FX trading, which makes me skeptical within my egy -- again, this is a tough way, always not sure in my way forward good is becoz he made another illuion of mechanic failure -- which I believe retail traders should remain away from I connect the morale from his story to Rags2Riches thread: man, take tens of transactions and get rich enough to leave this fucking business asap! Or safer, hundreds of transactions, lol quote
    I believe most people in the start think about earning couple trades that are great, rest in a heaven with a hot chick pouring you margarita... dre overtake truth. So we become aggressive, overconfident, so leveraging up big, dismiss risk management... which leads to A. you get lucky and fuck up next time... or B. do not get lucky this time, and reload and blow up.

    The failure stats from pit traders in the 80s are much like retail stats I believe... lot of ultra aggressive men who use their home as collateral to lev up and trade day in and outside... see'floored' - a good quote I recall from the guy who is obsessed with cigars... I paraphrase here...'lots of men have made more money than I have, but for 1 reason or another, they dropped it in the end'

    Also consider winning poker players... Tom Dwan... that kid is in his 20s... though I really don't know his whole story, but he was able to build to millions from basically scratch... maybe it's a good idea to check at how he did it. He has talent and advantage, and doesn't hesitate to take real risk when opportunity arrives... that's only way I know to get that exponential climb in p/l curve... through changeable gambling, wager larger on better opportunities and much less when advantage isn't clear. . B/c you are forced to make some type of wager in poker every round through ante w/e... but for trading we do not have to.

    So you develop a egy / mindset to perform this sport smart to the long haul or literally risk blowing up but ch a few lucky trades and NEVER PLAY AGAIN*.

    Option is clear...

  3. #3
    I believe that we must throw the too optimistic sentiments you typically find at the'Rookie Talk' section out the window.

    We can do it! , one newcomer said. Yea! We have to set in the thousands of hours of screen time and we're going to be consistent! Rome wasn't built in a day after all! , because he winked at his friend shouted another. Holding hands they jumped to the library to study price action beneath a giant rainbow.

    How about we face the cold hard facts? We are playing in a stadium were probability and momentum will change directions and are overriding. In case you have any regrets about creating a living tommrow off of trading only forget them. Focus on your own life. Go back to school. Concentrate on your career. So that if one day you do decide to go you've got the funding required to achieve that, create a base for yourself. In the beginning you can't look at Forex as anything but a hobby which could grow to be an investment platform and eventually a form of income. Most rookies are currently searching for method which will permit them to be successful month following month or a Holy Grail.

    Whenever you've got a job, put in the hours and perform, 100 percent of the time you'll get paid at the end of the week. Hell, if you work in corporate America, you can work from home 3-4 days per week and not do anything and still 100% of the time have paid at the end of the week. It is the largest arbitrage regarding return on effort I've ever seen. You can spend 80-90 hours per week analyzing Forex and still have a negative.

    With that said it isn't all negative. In my view, any investment platform is no different than a casino and the way we exchange at the retail level is no different than gambling. We can have glorious conversations about walk, Weiner procedures and Brownian movement but at the day's close when we hit'Buy' or'Sell' and just have one leg at the trade; we're gambling.

    But is that so wrong? Provided that you understand the risks of losing your investment capital, your wager, anything is possible. Maybe one day you can hit that string of trades to make you a millionaire. So forget about investing in a living; lose any optimism you may have about Forex or anywhere else you invest or gamble. Focus on building wealth elsewhere so that you will have that 100K to dabble in Forex and a couple of lights at the end of the tube may begin to come through the debris blocking the flow.

  4. #4
    Quote Originally Posted by ;
    quote I believe most folks in the beginning think about creating couple great trades, rest at a heaven with a hot chick pouring you margarita... dre overtake reality. So we become aggressive, overconfident, thus leveraging up big, dismiss risk management... which contributes to A. you get lucky and fuck next time... or even B. don't get lucky this time, and reload and blow up. The collapse stats out of pit traders at the 80s are similar to retail stats that I think... lot of ultra aggressive men using their home as security to lev up and trade day...
    Nice post Orientxpress.

  5. #5
    1 Attachment(s)
    Quote Originally Posted by ;
    quote As example I believe the EurUsd has gotten to a swing area, with a high border around 1.3850. A lot of liquidity on the market and a massive exotic choice barrier at this price. This amount will be attacked and defended, and it's very likely the next fomc minutes will trigger the movement against the ko barrier, opening the way into the liquidity (cease orders) needed by the swing to occur (market dynamics). Exactly why the minutes? Becos it's the main focus of this end of year (tapering or trimming ). And forex isn't able to...
    This was stated before it occurred. I'm adding shorts on pullbacks around S/R numbers that are near rounded, since the swing took place. The core place opened at 1.3855 is currently multiplied by 12 (average of 21 short positions), every add on is started only when the risk of the previous one is coated. An individual has to await alysts like unexpected news to get a better price prior to entering (like the one at 1.3700). I leave just when my bullish/bearish certainty starts to wane. I'm holding the same kind of place on UsdJpy from 77.00 or so (before Abenomics). Hope this support.

  6. #6
    Quote Originally Posted by ;
    quote I think many people in the beginning think about making couple great deals, remaining in a heaven with a sexy chick pouring you margarita... dre overtake reality. We become competitive, overconfident, so leveraging up large, dismiss risk management... which leads to A. you get lucky and fuck up next time... or even B..... Poker every round through ante w/e... but for trading we don't have to. So you develop a egy / mindset to perform this game smart to the long haul or literally risk blowing up but ch a few lucky trades and *NEVER...
    LOL, well written and yes, almost all the newbies make the same mistake. The ones who learn to clinic MM and not to over-leverage, are the people who stay in for the long haul. .

  7. #7
    I remember a quote from watching couple of video of Anton Kriel. . (ex goldman macro long/short trader, now retired)... which he says he does not understand any successful trader that has not paid a salary. He now has he trading school now which teaches wanna be traders to trade like hedge funds. etc.. .

    He basically looks down in the intraday trading, arcades... and considers trading is for building wealth and not for earnings. For earnings, he urges buying some high yield dividend stocks. For trading, end purpose is to increase your'fund' in multiples until you market and retire it. He retains lots of virtue in his words, but clearly there are exceptions to what he says.

    Anton's goal is obviously trying for individuals who wants be an actual big time hedge fund manager, in which due to size of fund, have to use that kind of approach into the market.

    For regular Joe who just wants to sustain itself, trading ought to be handled as a business, as meticulous as possible. Being patient, using appropriate risk management protocol, being aggressive / defensive when market tells you to function as secrets to success.

    Exactly like anything... it requires enormous amt of dedied practice, critical opinions and emotional control.

    There are lots of benefits to not have over 250m aum like a hedge fund, you can eliminate liquidity risks they can't, and smartly maneuver in and out just like a parasite.

    But think about how many times a fly simply gets squished by a human palm.... Too greedy you end up killed fearful, you starve to death.

  8. #8
    Wonderful place,

    however, for this part, it's a rather valid mindset, in case a new trader seriously takes 1000 hours screen time. In fact, 99% new traders do not take this route and hence fail eventually.

    1000 hours is similar to 3 hours every day for close to 3 years. It's really some magnificent efforts separate a star.

    I did just 300 hours, I quote. And I see the difference already.

    Quote Originally Posted by ;
    Yea! We just have to set in the thousands of hours of screen time and we'll be consistent! Rome wasn't built in a day!

  9. #9
    Quote Originally Posted by ;
    fine post, but for this particular part, it's a rather legitimate mindset, if a new trader seriously takes 1000 hours screen time. In fact, 99% new traders fail and hence don't take this path. 1000 hours is similar to 3 hours every day for close to 3 decades. It is some magnificent efforts separate a star from dusts. I did only 300 hours, I quote. And I see the massive difference. quote
    everything comes down to what the trader does during the hours and how well they can use what they have picked up. .

  10. #10
    Quote Originally Posted by ;
    quote It all comes down to what the trader does through the hours and just how well they can apply what they have picked up. .
    It comes down to trying new things until something sticks, don't waste much time, on something that you can't exchange live, no matter how great it looks history wise.


    If you can't see / trust that the installations reside, try something else.

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