Beginners - Kill your emotions

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.

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.

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.

The term emotional intelligence refers to a person's ability to recognize and manage their own emotions and those of others

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.

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.

automated trading is best solutions

To be honest, robots give me even more anxiety than trading by myself, due to the loss of control.

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.

danuska posted:
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.

BS
EI is good to understand other people
For forex you need math skill

What do you guys mean by 'emotional intelligence'? Self-awareness?

Don't get to hung up on this business of killing your emotions, you need to be able to shoot from the hip too, stick to your plan if you have one.

snapdragon1970 posted:
Don't get to hung up on this business of killing your emotions, you need to be able to shoot from the hip too, stick to your plan if you have one.

Hahaha good point. 😁

All joking aside though, having a trading plan and sticking to it is one of the things that can help one deal with trading-related stress.

Everybody got plans....until they get hit.
Mike Tyson

A good plan takes the hit into an account too, doesn't it?

mlawson71 posted:
A good plan takes the hit into an account too, doesn't it?

Definitely it should. On Forex everything could happen.

togr posted:

mlawson71 posted:
A good plan takes the hit into an account too, doesn't it?

Definitely it should. On Forex everything could happen.

That was my point exactly. One should always be prepared for the worst.

As a somewhat new trader, the battle with emotions are fresh memories (or should I say scars). I completely blew one account being too stubborn to take a loss and took a 20% loss doing the same thing again. RISK MANAGEMENT, RISK MANAGEMENT, RISK MANAGEMENT. This lesson cost me about $300 but I give it to the world for free. Limit losses an let profits run. Simple stuff i know, but when emotion is involved, not so simple.

I had a plan, then I got hit. My plan wasn't ready for that.

It is easy to plan to cut losses and let profit grow
It is hard to execute it though :)