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NEW skool trading or OLD skool trading

Elkart
Elkart
Jan 12 2010 at 12:56
941 posts
I don't think he would be to pleased if I start mentioning him around forums. Then he could be found and bothered.

The man is retired, spends his days on his farm watching the cows, goats and ducks. He certainly doesn't consider himself a super trader or has any further interest in money or reputation.

Buffet is rich yes, but there will be wealthier traders relatively soon I think. Within a decade I think a small herd of a new breed of automated trader will shuffle their way up the money rankings. Wouldn't be surprised if they dominate the forbes list for a decade or two.




Elkart
Elkart
Jan 12 2010 at 13:18
941 posts
There was a BBC interview not so long ago with a hedge fund guy. He trades automated and turned his USD position 15 times for the month, made like 40%. On a few billion none the less.


PipCollector
Jan 12 2010 at 13:18
92 posts
I'm not gonna look him up and don't even asked for any private details, just interested to hear more about him 😄. Not every day you hear about such success.

I think there are already some automated millionaire traders out there, it's just that you don't hear about them - I don't think this mentality will ever change; there are very few who brag of their success.

I do agree with you and times have changed - more traders start to unleash the power of automated trading, however it's still a slim chance of finding the holy grail, so I don't think many will get there; after all it is a zero sum game.

Patience is a virtue.
Elkart
Elkart
Jan 12 2010 at 13:33
941 posts
I know a few actually. Generally they don't do forums. Always get some 10 pip pilot on your six.

As I pointed out somewhere else, statistically it's inevitable we'll see a few super star traders emerge.

And it's not a zero sum game. I can be long USD and sell it to you, then I'm out. You can make money from the long and the next guy.

PipCollector
Jan 12 2010 at 17:23
92 posts
I see your point.

Since you know some successful traders, have you picked up their trading style? I mean you've must have learned something from them.

Patience is a virtue.
mettall
Jan 13 2010 at 13:30
27 posts
i'd known a guy who was working for a local broker company. he told me that only 2% of all real accounts are actually winning.
And most of the rest accounts are getting margin call.

So if you want to be profitable in the forex world - become a broker 😝 😑

mettall
Jan 13 2010 at 13:34
27 posts

biz0101 posted:
you can spread your risk by trading conservatively or trading different instruments.


thanks, that is good but not enough. i have to add a clause for closing on red. i hope it will not eat much of my profit.

Elkart
Elkart
Jan 13 2010 at 13:49
941 posts
Pip,

No not really. I don't ask. I don't want to know. Everyone must find their own path. I'm to far gone down my path to ask others. At best they'll just re-iterate what I know already. There's really only a few basic principles at work anyway.

Trading styles are just semantics really....

Mettal, few brokers there will disagree with you. Had some spectacular failures recently. Refco comes to mind.

Oanda boasts 50% retention....


Elkart
Elkart
Jan 13 2010 at 14:49
941 posts
Not going to ask another man to take his wife for a spin. I think a trader has to be reaaaaaaal close to his system to make it work. Kind of a personal intimate thing, so I don't ask.

A system is like a wife. Got to learn to trust her, how to make her happy, when to keep your distance. When she's grumpy, but agreeable and when things are just right.

And if it's for sale, you're dealing with a pimp. Never trust a pimp. And never trust the girl he offers. You'll get what you want short term, but fall asleep with that girl in your bed you'll wake up minus the wallet....

Chikot
Jan 18 2010 at 08:20
2299 posts
I am relatively new in trading. Have been trading Live for 1 year and 4 months but I agree with the author. I know quite a few guys using grids, hedging and telling me not to use stop loss as market is coming back. I personally do not think it is trading.
However as I started trading stocks , I could not help but to notice a huge difference between stocks and FX markets. In stocks, I am absolutely sure risk control can be applied a way better than in FX which has a different kind of price movements. Elder was not trading FX but stocks. While I can trade with 1-3 ticks stop loss in stocks, I cannot do same in FX.
FX trading actually looks like trading air to me. This is not a real thing. Nothing of substance is attached to these pairs while stocks and commodities is as real as it comes.
 

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