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Beginners - Kill your emotions

Supertradermike
Mar 21 2017 at 07:58
1 posts
yep... I actually taught trading for a while and then stopped. I couldn't in all conscience teach people to put their emotions and money at risk to go into a field of endeavour that was specifically structured and engineered destroy their money and take it away from them.

I've worked with a mate who has published 4 books and 500 articles on Technical analysis and trading. We evaluated and discarded over 60 indicators and have written an EA that has taken 500 versions from the original copy. It took us 6 years and over 12000 hours to get it sorted out.

That is what it took to be successful in this game. It's a deadly serious zero sum game and EVERYTHING is done to confuse the retail trader and get him to do the wrong thing at the wrong time and them take his money from him.

It's working now just fine but... the skills required to be successful take years of figuring out and they arent learnt in a 2 day course.

Mike

snapdragon1970 (snapdragon1970)
Mar 21 2017 at 11:38
1944 posts
fxmills posted:
snapdragon1970 posted:
mlawson71 posted:
snapdragon1970 posted:
I just watched a video on Youtube, someone trying to explain trend lines and support to students, totally wrong to teach new traders BS, hope his followers have deep pockets.


Did these students pay for it or was it a free tutorial? Either there's a problem with it - if it's paid, they're obviously paying for wrong information, if it's free, then it's just yet another example how the market is full of bad information and how difficult it is for newbies (and often experienced traders too) to be able to differentiate between the two.


This was a paid webinar, there was 200 people attending, bad enough paying for this but actually using the info to trade with, its not difficult to find professional training if you do your research.


I think that kind of disinformation about the market will never cease to exist on the web. It is a 'business' for some. And a waste of money altogether.


I posted a warning to his students on his youtube video, his inbox will be busy.

"They mistook leverage with genius".
mlawson71
Mar 21 2017 at 13:07
1487 posts
snapdragon1970 posted:
mlawson71 posted:
snapdragon1970 posted:
I just watched a video on Youtube, someone trying to explain trend lines and support to students, totally wrong to teach new traders BS, hope his followers have deep pockets.


Did these students pay for it or was it a free tutorial? Either there's a problem with it - if it's paid, they're obviously paying for wrong information, if it's free, then it's just yet another example how the market is full of bad information and how difficult it is for newbies (and often experienced traders too) to be able to differentiate between the two.


This was a paid webinar, there was 200 people attending, bad enough paying for this but actually using the info to trade with, its not difficult to find professional training if you do your research.


Now that is just unacceptable. I'm sorry for these people. One could easily move on - albeit with some annoyance - from a free tutorial that taught wrong things, but misleading paying students like this is unacceptable, to put it mildly.

snapdragon1970 (snapdragon1970)
Mar 21 2017 at 13:38
1944 posts
Supertradermike posted:
yep... I actually taught trading for a while and then stopped. I couldn't in all conscience teach people to put their emotions and money at risk to go into a field of endeavour that was specifically structured and engineered destroy their money and take it away from them.

I've worked with a mate who has published 4 books and 500 articles on Technical analysis and trading. We evaluated and discarded over 60 indicators and have written an EA that has taken 500 versions from the original copy. It took us 6 years and over 12000 hours to get it sorted out.

That is what it took to be successful in this game. It's a deadly serious zero sum game and EVERYTHING is done to confuse the retail trader and get him to do the wrong thing at the wrong time and them take his money from him.

It's working now just fine but... the skills required to be successful take years of figuring out and they arent learnt in a 2 day course.

Mike


I only started teaching someone a few months ago, one other person looking for training, had a few requests here to but time zones and platforms don't match up. When I worked in London I never seen any trader using more than 2 indicators if any, jez you have put in a lot of work, it pays off though.

"They mistook leverage with genius".
gustabofx
Mar 26 2017 at 07:30
12 posts
The term emotional intelligence refers to a person's ability to recognize and manage their own emotions and those of others

danuska
Mar 26 2017 at 07:31
8 posts
Emotional intelligence plays an important role in the performance of any FX trader. The most important point to remember is that humans have the innate power to increase their level of emotional intelligence. A little effort on the part of a trader will help you nourish the level of emotional intelligence. The increase in the level of emotional intelligence will soon begin to be reflected in the commercial performance.

oscarbc
Mar 26 2017 at 07:32
9 posts
Self-esteem is another virtue found in people with higher levels of emotional intelligence. Emotional intelligence allows a person to trust their abilities. A forex trader who lacks confidence would hesitate to place a buy or sell order even if there is an ideal trading pattern. After placing the order, the trader will not wait patiently for price movement to begin as desired. Ultimately, the trader will leave early and miss an opportunity to generate good profits. On the other hand, the experienced professional will stay on profits and reduce losses quickly. The maturity and confidence demonstrated by the professional trader is the result of the influence of emotional intelligence.

bestools
besttools (besttools)
Mar 27 2017 at 21:45
898 posts

automated trading is best solutions

mlawson71
Mar 28 2017 at 10:32
1487 posts
To be honest, robots give me even more anxiety than trading by myself, due to the loss of control.

PanMajk (PanMajk)
Mar 29 2017 at 06:25
10 posts
besttools posted:

automated trading is best solutions


I agree only to a certain extend - in fact all emotions are gone, because trader does nothing, however there is no automated system that would work always and forever due to the volatile nature of market. The market is constantly changing and evolving so that some intelligence is required to adapt to the situation. What is more, automated trading stops process of gaining experience. That means that basicly when auto system becomes outdated, trader ends up where he/she started untill a new, working one, is found - and that brings to traders additional risk and uncertainity which could be simply nullified in the process of dedicated learning and practice and discipline.

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