Successful traders are very, very rare to find | Page 39 | Metals Mine

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Successful traders are very, very rare to find

  • #761
  • Feb 4, 2020 11:58am Feb 4, 2020 11:58am
Quoting nubcake
{quote} Excursion. Maximum Favorable Extension is what my girlfriend is a fan of, whereas Maximum Adverse Extension is prison-talk.

I never much understood the term Excursion given the context of trade signal analysis. Excursion sounds like some random walk at a Casino, or when you pack-up the ole Winnebago and head out to parts unknown. Extension (at least in my mind) sounds a bit more "firm" and "structural" and in some way supportive. However, I'm sure your girlfriend would appreciate the Cullinan to the Winnebago despite the "Extension."
  • #762
  • Feb 4, 2020 7:42pm Feb 4, 2020 7:42pm
Quoting JetTrader
Excursion sounds like some random walk at a Casino, or when you pack-up the ole Winnebago and head out to parts unknown.
That's what it is.

Quote
However, I'm sure your girlfriend would appreciate the Cullinan to the Winnebago despite the "Extension."

She likes what she likes
Congratulations ScalaFX for coming out of the closet!
  • #763
  • Feb 24, 2020 5:26am Feb 24, 2020 5:26am
Only 5-10% of traders consistently makes money, 90% are the losers in the market. Trading is simple but not easy it takes years to understand what it means to be a trader.
  • #764
  • Mar 6, 2020 4:28pm Mar 6, 2020 4:28pm
Guys, need your "help"... What do you think about this system/strategy/thread... It came to my attention recently... People claim their trades work aka making GOOD money... I do not have time to review it atm since involved into other areas, but what do you think? It claims extraordinary (supposedly) timestamped predictions that happen... There are also some crazy returns posted, in absolute money! Just haven't verified yet. This is the thread in question: https://www.metalsmine.com/showthrea...7#post12795907 Supposedly 1mio profit in one day. Demo or Real?

I might check it later, but could you please check/tell in the meantime what you think, tnx.
Can you afford to take that chance?
  • #765
  • Mar 6, 2020 9:58pm Mar 6, 2020 9:58pm
After 15 years of looking for the winning system. I can tell you that If it's to good to be true, then it usually is. All systems work some of the time, NO SYSTEM WORKS ALL OF THE TIME.
  • #766
  • Mar 7, 2020 1:13am Mar 7, 2020 1:13am
Quoting Zeus20
NO SYSTEM WORKS ALL OF THE TIME.

We are all working on it.
Attached Image (click to enlarge)
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  • #767
  • Mar 7, 2020 4:01am Mar 7, 2020 4:01am
a successful trader is indeed rare.
many people are not honest about this forum.
many people put their own systems in place and I see that it can never be profitable.
I see this from experience.
  • #768
  • Mar 7, 2020 2:35pm Mar 7, 2020 2:35pm
Quoting tiborf71
a successful trader is indeed rare. many people are not honest about this forum. many people put their own systems in place and I see that it can never be profitable. I see this from experience.
sounds obvious to me.
  • #769
  • Mar 7, 2020 3:29pm Mar 7, 2020 3:29pm
Quoting Zeus20
After 15 years of looking for the winning system. I can tell you that If it's to good to be true, then it usually is. All systems work some of the time, NO SYSTEM WORKS ALL OF THE TIME.
Of course, that is why some people, that are aware of this, set "the number" at which they would quit... The people that compare it to "bank deposit" expecting a "fix" (monthly or yearly) return got burned in the longrun... I say that enjoy/exploit the system while/until it works because it can change in the next trade...
Can you afford to take that chance?
  • #770
  • Mar 7, 2020 3:30pm Mar 7, 2020 3:30pm
Quoting tiborf71
a successful trader is indeed rare. many people are not honest about this forum. many people put their own systems in place and I see that it can never be profitable. I see this from experience.
Yes, but not all are here for profits They like to hang our, be part of something and also some trolls/nuts find their place here, so it is somewhat diverse
Can you afford to take that chance?
  • #771
  • Apr 18, 2020 3:17pm Apr 18, 2020 3:17pm
What makes you think that there are few successful traders, I think there are a lot of them, but a lot depends on how you define this success - by what people manage to earn on a permanent basis, or by what they get more than others or probably use larger amounts. It's just that in my opinion a successful person is everyone who trades and develops, so his work is displayed in financial equivalent, because it can't be that you work every day and you don't see the result at all. Even here on the forum there are many people who trade successfully, but no one has to declare their income loudly, because it's not safe and in general it's a personal matter of everyone, maybe someone does not want to attract attention to themselves - it's normal.
  • #772
  • Apr 19, 2020 11:28am Apr 19, 2020 11:28am
In fact, the correct remark is that success for everyone is determined differently, because we all reason in different categories, and for someone the achievement is just to start trading, and for someone the profit of a thousand dollars per day will be small and he will consider that he did not do enough. Probably success is really growth over itself and the desire to get better and better. Money is of course important, because for many people it's really a great opportunity to solve their financial problems and start to live the way you want, I just want traders to value themselves and what they do more, because we all make huge efforts to survive in the market and to get money. So be a little more forgiving to yourself..
  • #773
  • May 3, 2020 4:06am May 3, 2020 4:06am
Successful traders are very rare to find. This means that it is easy to find traders who lose money. Reverse trades, and make money with this Holy Grial
  • #774
  • May 4, 2020 10:15am May 4, 2020 10:15am
Quoting Zeus20
After 15 years of looking for the winning system. I can tell you that If it's too good to be true, then it usually is. All systems work some of the time, NO SYSTEM WORKS ALL OF THE TIME.
One of the hardest things to learn in trading:

Just because a system loses 1 trade, or 2 trades, or even 10 trades in a row, that does not mean it doesn't work. Just because a system loses more trades than it wins, that does not mean the system doesn't work.

Losses are an intrinsic element in trading.

Put another way: Trading is a loser's game; he who loses best wins.

Put another way: Successful traders are not successful traders because they never lose, they're successful traders because they lose better.

With respect to the notion that successful traders are very rare to find, think about this.

There are an estimated 2.5 million youth football players in the U.S.
The NCAA estimates there are 1,006,013 High School football players in the U.S.
The NCAA estimates there are 73,712 College football players in the U.S.
There are 32 teams in the NFL comprised of 53 players (plus 6 practice squad players) each for a total of 1,696.
1,696/2.5 M = 0.00068.

So why would the success rate in trading be any different? With a low barrier to entry ( one only needs a dream and as little as $200) many will enter. But as time passes, those who transform from the "get rich quick", to the "hobbyist", to the "income supplementer", to the "trading is my sole source of income", pyramids.

A study by the Harvard School of Business concluded that the lower the barriers to entry into a business/profession, the higher the rate of failure. That is why there are very few failed cardiothoracic surgeons. and a plethora of actors waiting tables while hoping for their "big break". The barriers to entry for trading are similar to the latter, not the former.
Without VSA, you're playing checkers while the Smart Money plays chess.
  • #775
  • May 4, 2020 10:29am May 4, 2020 10:29am
How I almost lost thousands on a CADJPY trade:

Inserted Video
instagram: stepbystepforex
  • #776
  • Edited 1:00pm May 4, 2020 12:49pm | Edited 1:00pm
Quoting HiddenGap
{quote} One of the hardest things to learn in trading: Just because a system loses 1 trade, or 2 trades, or even 10 trades in a row, that does not mean it doesn't work. Just because a system loses more trades than it wins, that does not mean the system doesn't work. Losses are an intrinsic element in trading. Put another way: Trading is a loser's game; he who loses best wins. Put another way: Successful traders are not successful traders because they never lose, they're successful traders because they lose better. With respect to the notion that...
That's a really good way of putting things into perspective. Barriers to entry are now so low it makes my head hurt.

On a pedantic note, there are just maybe four actual "professions"in the UK and its colonies. Medicine, law, clergy, and military. There might be another one or two on the margin which I'll think of later.

They are so because of the much higher standards required of them. Should you be found wanting in the eyes of those who make the rules or the law of the land, you don't just get the sack - you get banned from practising pretty much for life, anywhere in the world.

Try that benchmark on any other outfit that calls itself a profession. Brokers/hedge fund managers etc may go to jail, and what happens then is probably reviewed on the circumstances, or they go on the sell schemes online (we know who you are!).

I know that Nick Leeson is back in business, although highly circumscribed.
  • #777
  • Edited May 5, 2020 12:28am May 4, 2020 11:31pm | Edited May 5, 2020 12:28am
Quoting HiddenGap
{quote} One of the hardest things to learn in trading: Just because a system loses 1 trade, or 2 trades, or even 10 trades in a row, that does not mean it doesn't work. Just because a system loses more trades than it wins, that does not mean the system doesn't work. Losses are an intrinsic element in trading. Put another way: Trading is a loser's game; he who loses best wins. Put another way: Successful traders are not successful traders because they never lose, they're successful traders because they lose better. With respect to the notion that...
All the activities that you mention are based on skill and talent, not luck.
It's more relevant to "compare oranges to oranges" lest some hopeful soul will be mislead (:
(granted that in in this less than zero sum game like retail forex, we want the market participants to be as dumb as possible, hence the low barrier to entry)
Best to compare the success rate of "trading in retail forex is my sole source of income" to "playing poker is my sole source of income" as both are essentially betting games.
  • #778
  • May 6, 2020 4:03am May 6, 2020 4:03am
There are so many traders in the Forex market, not all traders can become successful & not all more experienced traders are successful. The main thing is trader has to have traits like being confident, not having fear to fail, good knowledge, and skills to trade.
  • #779
  • May 7, 2020 9:40am May 7, 2020 9:40am
Is there any sucessful trader facing issue of withdrawal of big money gained?
  • #780
  • May 8, 2020 12:29am May 8, 2020 12:29am
Quoting ventureinves
Is there any sucessful trader facing issue of withdrawal of big money gained?
I find its always a good idea to withdraw a bunch once some big money is gained. Not an issue.
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