Help for new traders - Focussing on Now Part 1

Learn sports betting strategies and discuss key factors to consider when placing a bet.
SweetLyrics
Posts: 207
Joined: Sat Jun 16, 2018 7:57 pm

Ah, I see what you mean.

Yes, becoming a pro trader is like getting into the SAS - many are called, few are chosen. And as with getting into special forces, success generally requires extraordinary effort and isn't guaranteed. People might look at the success of the top traders, and think 'This sounds like money for old rope. It could be me'. However, the harsh reality is 'It probably won't be. As in, there is a 99% chance that what looks so easy in a video will forever elude you'.

BTW, I'm sure that being a pro trader can be psychologically challenging (and I wasn't triggered). :) However, I was just making the point that so can many other jobs.
Kai wrote:
Sun Sep 22, 2019 7:18 pm
Probably poor choice of words on my part, didn't mean to trigger anyone :) I meant because only a small % actually get paid doing it. Sometimes it seems like it must be easier to become an astronaut than a trader, when I look around and see how many people actually make it.
stueytrader
Posts: 863
Joined: Tue Dec 15, 2015 6:47 pm

It's a bit like the point made by Mark Douglas in Trading in the Zone - anyone (almost literally anyone) can put on a trade, and even make a profit on that trade.

It takes 0 intelligence or ability (other than opening a computer etc).

The tricky part is moving away from that area of 'ease' into the far more challenging area of being a successful trader, longer term.

In terms of work/profession however, I agree with Shaun's point that there are many much worse ways to spend our days and time for certain. I've done several, and still do in part (I'm part time employed still).
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ShaunWhite
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Joined: Sat Sep 03, 2016 3:42 am

GodInyou wrote:
Thu Nov 28, 2019 4:50 pm
have you ever tried CFD trading?
Biggest issue with financials is the size of the bank you need, and getting used to factoring in transaction fees. And just like sports markets the combat is mano-a-mano and you're in the ring with the big boys, there's easier pickings elsewhere imo unless you want to be doing 6 & 7 figure trades.
Archery1969
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Location: Newport

GodInyou wrote:
Thu Nov 28, 2019 4:50 pm
have you ever tried CFD trading?
As Shaun said be careful with financial trading. Some years back I lost a 4 figure some in the blink of an eye while trading forex. There was unannounced Swiss bank intervention which blew through my stop loss and I also ended up owing the broker money.
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Kai
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Joined: Tue Jan 20, 2015 12:21 pm

It's weird, I've talked to a couple people that just couldn't crack sports trading no matter how hard they tried, but when they tried Forex they found it relatively "easy" to become profitable in comparison.

I personally always thought of sports trading as just a stepping stone towards financials, like a training ground or a playground to develop your skill set in order to use it elsewhere, but have since probably changed my mind and I'm realizing there's more to the endgame with sports trading than it maybe first appeared. Might be naive thinking but I think I'd rather have a massive edge on a small exchange than a small edge on a massive exchange.

If the only reason why sports traders are able to develop a big edge here is because this is a niche market, then I don't see why anyone would want to give that up.
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ShaunWhite
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Joined: Sat Sep 03, 2016 3:42 am

With financials it pays to look at the returns institutional investors make before taking the plunge. Offices full of some of the keenest minds on the planet and every technical assistance under the sun, and if they make 10% a year it's been a good one. 20% and the FM gets their name over the door. I once read you need a bank of between 1/2 and a million to make a living off it and that sounds optimistic to me.
Archery1969
Posts: 3192
Joined: Thu Oct 24, 2019 8:25 am
Location: Newport

Between 1980 and 2009 it was fairly easy to make money trading the JPY pairs in Forex every day.

Why ?

If the JPY pairs became overbought / oversold prior to Tokyo open then the Japan bank would intervene to temporarily reverse during and just before their officially trading hours finished. It was really like taking money of a child.

However, something happened from 2010 onwards whereby their main bank stopped interventions during and before market close.

We would either sell or buy all the JPY pairs each day around 9.00pm UK time, goto bed and wake upto to some large returns over a consistent period. The only times it failed to work is if the following day was a public holiday or earth quake hit the region.

You will find the intervention paper on-line if you google/search for it. It was basically riding the wave up/down as the Japan banks traders unleashed their buying/selling power on behalf of the government. I was averaging around GBP 700 to 900 per day for basically doing fcuk all.

Unfortunately it all came to an end but doing it for 12 years was a good knock!!!

Here it is, hope its ok to post here: https://www.boj.or.jp/en/intl_finance/o ... ainyu.htm/

Someone in our Forex group read it several times and came up with 2 strategies for the rest of us to run in MT4. Dead simple compared to this sports trading stuff. :lol:
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Derek27
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Joined: Wed Aug 30, 2017 11:44 am
Location: UK

ShaunWhite wrote:
Thu Nov 28, 2019 5:22 pm
GodInyou wrote:
Thu Nov 28, 2019 4:50 pm
have you ever tried CFD trading?
Biggest issue with financials is the size of the bank you need, and getting used to factoring in transaction fees. And just like sports markets the combat is mano-a-mano and you're in the ring with the big boys, there's easier pickings elsewhere imo unless you want to be doing 6 & 7 figure trades.
God moves in mysterious ways. When I click on the link I get messages that the quoted post and the user doesn't exist!
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BFTb2b
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Joined: Wed Sep 09, 2020 10:43 am

Thanks for the nice post!
b4freddo
Posts: 3
Joined: Sat Apr 22, 2017 12:06 am

Iron wrote:
Thu Sep 05, 2013 7:13 pm
A financials trader I know recently wrote the following in a forum:

'How to test if a system of trading is right? Just check if at the end of any trade you end up hoping and expecting. When the factor of hope is totally eliminated from your system and mind, then you have truly arrived.'

Jeff
kelpie wrote:you have your approach, an edge it has to be if you are sustainable, and you end up doing the same clerical and bureaucractic tasks again and again. And the more clerical it is the calmer you should be.

" When the factor of hope is totally eliminated from your system and mind, then you have truly arrived.'"
i bought a 12 month subscription 24/06/21, then proceeded to lose my entire bank the same day. Its a lesson. just searching the forum when i came across the quote above, which is just logical to my thought pattern. So am just asking a question as to whether there are members that are using a strategy or strategies that are completely controlled by the software?
As an example, i lost my bank because i bet on favourites when i see that 7 favourites have lost in sequence. It took until the twelfth one before the favourite won, but i didn't have the money i needed left to stake to recoup the losses, so i staked the balance, it won, so i put the lot on the next favourite. Poof, all gone .
This brings me to the crux of the need to eliminate hope. what i did notice was that during the race there were greening opportunities flashing past that i had no idea of how to take advantage of. If i could programme the angel to take advantage of these, i would have no need for hope so i would know that i have truly arrived. Anyway nice to be associated with you all and any insight is a positive. I know how to laugh at myself also, but in the end i'm searching for that 'arrival' point.
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mcgoo
Posts: 898
Joined: Thu Jul 18, 2013 12:30 pm

After more than 10 years of trying (sometimes on and off sometimes years consistently) I have realised I don't have the makings of a trader-mathematically, psychologically or via coding (slow learner huh :lol: ). I have had bespoke systems developed & I have tried 4 different software types (GT ,MF, BFExp &BA), doing the manual thing. I have learnt a lot about myself and changed a lot mentally for the positive, so few regrets. My big fight over the last 8 months with stage 4 cancer is quite similar to trading actually..life is uncertain, you have to live in the now, you take risks but have to know when to foldem and run for the hospital :D , you appreciate the good happenings and try not to focus on the negative, life is a mystery and will likely always be so, cancer treatments vary greatly and one size does definitely not fit all, this life is not for sissies ;) ..etc etc
I like tinkering so I have slowly learnt some python while on chemo and this has been quite fun . I like the flashing lights of trading :D as well so I will watch markets when I can but I am calmer now and not obsessed ;) Trading is one of the hardest things I have ever attempted. I am disappointed that I failed but it only cost be about 3k per annum so not bad for a hobby the delivers so much in terms of growth. I never did get where value lay, if it is better to hedge or not and I could never really predict a swing in any direction, but guess that is one of those things.
I have been thinking about this for a month or 2 now and saw this thread which triggered a written response I guess, so I'll take this opportunity to say thank you for the help over the years and all the best to you and yours.I'll be finding out how my new treatment is looking next week so I might be hovering around in the background watching the forum from time time(old habits and all that) if it is good news or not be here if it isn't :D
Take care peeps.Its been fun
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Black Ladder
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Joined: Tue Jul 02, 2019 2:40 am

Bravo mcgoo, your a good sport, and I wish you good health & happiness going forward.
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Realrocknrolla
Posts: 1903
Joined: Fri Jun 05, 2020 7:15 pm

Great post.

All the best and sending healing thoughts.
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decomez6
Posts: 651
Joined: Mon Oct 07, 2019 5:26 pm

mcgoo wrote:
Fri Jun 25, 2021 6:18 am
.Its been fun
you cracked it without realising it. you get the satisfaction of acquiring some of the skills needed to deal with whatever life throws at you .
wish you a steady recovery .Stay smiling and stay strong MCgoo.
you are the real defination of a trading warrior.
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wearthefoxhat
Posts: 3205
Joined: Sun Feb 18, 2018 9:55 am

Luv your post and contribution(s) McGoo.

The battle is sometimes about an Ego versus the Market. If the market behaves/co-operates, all is good in the world, the test is when the market says...F%&$K you pal...that's when the examination of the personality/pysche/ability occurs.

You're showing great character after 10 years of effort and attrition against the markets as you are with the stage 4 cancer and chemo.
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