Market quotwisdomquot )

Here's an e-mail I got yesterday from a colleague trader - only to reveal a bit - I redacted some things since e-mail is tailored to pique an interest in order to participate in this individual's blog/web - IN OTHER WORDS - I am not promoting anything NOR do I need this to be marketed. (NEITHER IT CAN BE SOLD).

Here it is:

1) Attitude: Save Money All the manner
Dont spend money you dont need to, actually, and especially when starting out!
There's a lot to learn before you may become a consistent trader. The counterbalance to this sobering thought is that a lot of it's available free these days.
Trading can cost you money over both the long and short term. Trading itself conveys costs, not least of which will be the inevitable declines you will suffer, especially in the early stages even though you're receiving on your toes. Dont compound your company costs by throwing money away getting knowledge you could have got free of price tag.

2) The Kiss Principle
I often refer to the KISS principle: Keep It Simple Stupid! I dont believe in calling anyone stupid however, so I shorten it to only KIS
Appearance, each beginning trader becomes overwhelmed by the complexities they encounter. Thats understandable, it's a complex subject and it takes some time to become comfortable with of the new knowledge. The mistake newbies make is to presume they must attempt to incorporate everything into their trading, find out absolutely everything at the same time, and most notably pile every tool and indior and other resource available to them into their trading arsenal.
The very best thing you can do when beginning is to narrow your field down to one or two things you feel comfortable with, and add to those one at a time till you've got a repertoire of acquired knowledge areas and abilities. Dont believe you need to get it done immediately. Climb the mountain one step at a time, taking rests.

3) Have or Get Realistic Expectations
Dont expect to do some course in Foreign Exchange trading and then go out and trade for a living! It wont work, not for you but your broker will be content with of the commissions in your losing trades.
Dont expect to begin trading and also be in a position to cover the bills and increase your family following six months. It doesnt work that way, simply ask any trader who actually made it to the consistent level. It takes longer than this, usually more.
Expect to spend money at a certain time on eduion, and also to lose money when you actually begin live trading. Even in the event that you begin winning there is going to be the inevitable series of losses which will puncture your self and shake your own workout. Be ready for that. NOTE by - THIS, NOBODY CAN TEACH YOU! NOBODY!!!!
The truth is that the path to Foreign Exchange success is like any other travel: punctuated with failures, characterized by varying levels of hardship, plagued with uncertainty, fear and greed. Yes, you will find triumphs along the way and that pot of gold at the end of the rainbow might exist, but it is going to take you some time to get there. Which brings us to the next step

4) Study Your Profession. HARD!
Ive already said the fact it is going to take some time and you will need to work hard. Dont believe you can make it in Foreign Exchange however much cash you have stored in your account in a brief space of time just like 3 to 6 weeks. I almost want to cry when I hear folks say they're going to leave their day job because theyve saved $10,000 to begin trading, without needing any homework concerning the markets that they will be trading. NOTE: happened to me three times - and it is not excluded it won't occur again ().
To start with, I was not so good at trading it took me about 6 to 7 decades of horrendous losses before I eventually stabilised! And seriously, Im not such an extreme case. Most traders I know who are successful will tell you it took them a few years before they began to enjoy consistent success. Be ready to examine your subject. HARD. And LONG.
A long time is a serious understatement in my view.

5) Be Ready To Fight. HARD!
Youve seen the advertisement: the lucky sod reclining on a gorgeous shore somewhere as a bikini clad twenty-something wafts up to serve him a exotic cocktail in a glass frosted with ice nestled onto a silver platter while seagulls drift in the sun-drenched haze yada yada yada yada yada
The truth is that lucky sod (if hes actual) spent his time in the trenches earning that reward. (OR HE NEVER SUCCEEDED AND JUST SELLS FOREX STRATEGIES FOR A LIVING). Every successful trader I know may recount nights spent tossing and turning, walls hit in fruion, shameful days when stupid mistakes wiped out accounts and so on. Keep your eye on the prize with means, but keep your mind about the task available.
You will lose, get accustomed to it. You will lose. I repeat - you will lose. Sooner or later in your trading account, even in the event that you begin on a winning streak, the Foreign Exchange market will belt the heck out of you. Plus it wont stop there. Trading Foreign Exchange will test your resolve like nothing else can. Its not for dilettantes, therefore conduct an honest appraisal of yourself today. You'll need stamina and courage in abune. Dont have them? Save yourself pain and money: exit today!

6) Identify the Lions, Sharks and Other Predators
As Ive said elsewhere the world wide web is swamped with so-called Foreign Exchange guns gurus pushing their expensive systems and promising to have the ability to turn completely anyone into overnight millionaires. Most of these men are sc to be averted in any way costs. How can you tell if they're a scam? Simple:
If It Seems Too Good to Be True - It Is!
A true mentor will be upfront and honest about the risks and the costs, and especially about the effort required to achieve success. Look for a sales pitch which incorporates these realities while at the exact same time demoning the advantages which may be enjoyed using whatever it is they're selling.
The other side of learning to detect Foreign Exchange sc is learning how to identify those folk you can trust. For the most part that includes experience, as you learn more and see more of the market.

My notice ():cliqforexneeds MUCH more of articles such as these and MUCH less articles like will you get rich trading, simple proven 95% egy, just how much can you earn money Foreign Exchange etc.. .

You get the point.

Yet another thing: Do you know anybody/anyone/anything that may teach you experience?

Thanks a lot for your participation! I think, it is a complete guideline for your newbie's who just joined here! By the way, it is a knowledge based livelihood so, there is no way without understanding!

Apologies this query is not directly related to the article, do we have a tool that reads the posts? I want to hear audio rather than reading this lengthy article,it's filled with very good ideas.please suggest any internet audio reader.i attempted some from google but they don't attach to the forums or page or post to read out.thanks

I discovered this ,however we must select cut n paste on the website,I want the audio icon we fall on this post also it reads a loudly immediately.

https://ttsreader.com/online-reader/

Such valuable advises.... Love this thread... Thank you.

I've posted this before, but I think it's well worth repeating.

Gil Blake, interviewed in Jack Schwager's New Market Wizards (Harper Business, 1992), attributed his success to the following formula (see p 248):

1. Focus on trading vehicles, egies, and time horizons that suit your personality.

2. Identify non-random price behaviour, while recognizing that markets are random most of the time.

3. Absolutely convince yourself that what you've found is statistically valid.

4. Use this to install trading (entry and exit) rules.

5. Adhere to these rules.

IMHO this advice, despite being awarded 30 years back, is still pretty great now.

Thank you for this thread. cliqforexrequires more of what you suggest and less of the usual tripe.

What first comes to me, regarding a donation for this thread, would be the balance between what you think you know and what you don't understand that you don't understand. Allow me to explain.

After trading stocks for many years I got started in currencies in September of 2007. I traded short-term options just, and I devised a delta egy based on correlations, and a theta egy based on the seasonality of the trading day. I left amazing returns for about four weeks, until the crisis started to set in. The egies stooped working, and I dropped back cash until I realised.

Then in 2008, I started trading spot currencies with a S/R egy. Again stellar returns until it stopped working a few years after. Again, I paid some cash for attempting to continue.

In the following years I did nicely using a pullback egy on range candle charts....until that stopped working towards the end of 2012. I paid some cash to find that.

Then I discovered stock indices, and I did nicely trading the DAX with an extremely high-probability counter-trend egy. Until that stopped working in 2016. I then paid some cash for that discovery.

Then I developed a trend trading egy for DAX predied on tick charts. That works however, on account of the short-term nature of the chart installment, one easily misses out by taking just a little chunk of the huge moves. And learning not to act out my fruion within that has cost me some cash.

More recently, I have added Hurst analysis to the tick chart egy, in order to have the ability to plan for the huge moves at a systematic and consistent manner. Works wonders at present.

In conclusion then, regardless of being successful over and over again based on what I knew to be working, I have had to bite the dust - thereby leaving the comfort of what I knew and being confronted by what I didn't understand I didn't understand.

I think those who hope to trade for a living should know about these realities. They are the exact same for everybody I know who has been successful in the long term. Just because you've got something that works, it does not mean you're set. A change of market conditions may be just around the corner.

And one could ask oneself:What's functioned in any way times for many asset classes?

Under/over pricing happens in most products/markets as time immemorial.

Damn I forgot next part

Here it is:

7) Start About Demo</b>
Having done your home work in the previous steps it's time to start trading, but only having a demo account. Never risk real money before you are always profitable over a significant time period, e.g. at least 3 to 6 weeks.
Opening a demo account together with the Metatrader platform may be done with many forex brokers nowadays, at no expense to you.

8) Proceed!
Start small: open a real account with the minimal amount (this could be anywhere from $100 to $1000 or more depending on broker) and transaction according to the understanding of risk parameters and procedures you'll have acquired by following the steps above.

Evaluate your performance according to the principles of system verifiion and backtesting. (BACKTESTING = PRACTICE)
Fine tune your own body and increase your risk exposure as your performance and confidence boost.

9) Do not Go It Alone
No one leaves it alone as a trader. Every successful trader at some point associates with trader teachers along with other traders of like mind in order to improve learning chances and get positive feedback for their own ideas.
On the other hand, be selective in the relationships and friendships that you form. Some free forums are excellent in small doses. Others can be a snare, nothing over time wasters in which you are likely to get swamped by parting from losers. It's a sad fact that several of these forums have been largely frequented by unsuccessful traders with an extremely bad outlook. Prevent these people and these facilities; they'll at best cloud your mind, at worst place you at the frame of mind where you yourself become a loser.

10) Enforce
Some of the best traders and some of the best systems/egies hardly ever exchange, compared with what your expectations probably are.
Be patient with the market, and above all be patient with yourself. Do not let lack of signs force you to sub-optimal trades; you'll only eliminate money over the long run.
It's frequently said because it's always appropriate:
The Market Will Be There Next Week: Simply Be Sure You Are!Well, having read this far you have passed one of the major tests: persistence, so congratulations :-)