{quote} Yes, thank you. Too overconfident was my fault....have close it around 4227_25. Will learn more
but for me the main thing was forget the trade. Profit or loss.
its new day new setup.
i swear to Allah i dont care about profit, Just minimizing the risk. and i sometimes dont even understand how much the profit came from which pair.
no offense but you guys learned from internet, if that was the case then trust me 44M traders are doing it every single day.
for years for decades why only few can make it. i means consistent profit for years and millions?
because this is by design
they want you over confident
greedy
emotional.
so they provided you with tools.
indicators, currently there are 1.3M indicators EA etc.
did you ever thought where it comes from every single day new indicators are being made.
who is giving these programmers the money to make them?
now you have 3-4 platforms and all have indicators etc.
anyways
then it comes to charts technicals.
books on patterns,
free websites free articles,
Leverage it was before 30:1 then new brokers came they observe what traders are doing and what they want.
so they gave you 10 20 times more now you can have 500:1 leverage, 1000 even.
why they do it?
because they know you will use it, one way or another you will.
i dont trade futures but my mentor does and i searched it: Futures trading is 10:1 leverage some brokers big one dont even provide you leverage.
but now again they are also giving you 30:1 some of them.
that is fact, traders will use it. maybe few trades a month at first, but once you get the profit. 3 or 5 times more profit them you did with same trade with less or no leverage.
that i when human mind play tricks, we convince our selves we can do it every time.
and soon its 2-3 high leverage trades a week, then its 1 trade a day. and then finally most of your trades are leveraged.
.
and that is why you will not find many or even few traders who can show you 2 years 3 years live trading account. because i and another Indian guy we tried for months to find traders who have that.
only few we found verified by brokers they have millions already invested in them.
and i personally checked many of them.
one thing i was told to is LEVERAGE.
and my god
he was right. LEVERAGE IS POISON
they don't use it.
i have seen my self 450k account and trade 1s 120k
3 times less then the money.
.
i promise you if that was my money i will not be able to trade in half a million$ account with 1lot
i will at least use 5 lots so that will still be 1:1 leverage.
.
but again the Mindset is every thing.
they dont do it because because for them 5% a month is better then 2% loss.
so that is where i learned how to see the money trades in % not dollars .
i hade 1.5% yesterday honestly that is more then i usually make.
mostly its 0.5 0.7%
even 0.5% is not bad on average i could make 10% a month or 5% with good or bad trades, or days etc.
so 5% is 60% a year.
you think its simple math.
but when compounded well that is when i stop doing the math.
because every month as the account grow the trade size automatically grow.
i dont do anything its the software
after one month its 22k so now its 0.12 lot before it was 0.1
that means 10% more profit next month.
and then compound it for a year
i have done that and that is when i realize why the hell millionaires dont even want big profits.
they just want a trader who can manage risk.
so they will not loose money.
and
hell 10K account 5% a month
10 years it will be 1.5M
and honestly i know most traders can make 5% a month.
even with low leverage.
but the patience to wait for 10 years
well that is where we fail.
.
most of us actually all of us came to this market to get rich.
i am too same thing used leverage to make it fast.
but again 3 years loosing and almost gone broke
didnt even teach me that i was loosing not because i was bad trader most traders are actually good but the things this market does to our brain is
what makes us greedy, emotional, revenge trading. cannot cope with loss. money management,
trust me to be successful you must learn, understand, and then Apply the rules
you are the one who is trading not market.
it will move always ups and downs highs and lows will be there.
its your money, so learn to manage it.
.
every trade is a risk
but how much that is up to you to decide.
.
i am still just trying to get better at managing risk.
trust me nothing else.
first i do risk assessment and then trade.
and profit is if adn when the trade will be in profit and then i decide where to close it.
.
just doing the opposite as of most traders are doing.
i was like you guys so i know
i was thinking sold ok now how low it will go so i can close.
most of the time not bothered with the loss.
.
sorry for the long message, free today just watching the market.
nothing there.
Yen i told you guys before i was selling so few trades in the morning in yen was good enough.
.
and i i think this week was good enough.
so i will take tomorrow off .
will be back on monday and will see there is gold and yen.
these are till feb the YEN
then GOLD is GOLD dec meeting will make a chaos but dont think it will hit 5k just because they cut the rate.
.
i have checked the history many time after the rate cut the gold dropped
go check past 10 years.
you guys dont do that right.
i was told history is the best guide to future.
so i do that just ot get the knowledge
so when the time comes if i saw the market reaction is not good.
i will sell not just gold eur pound which ever looked good.
good luck guys.
The Ones who make it, are the the ones who Manage RISK
