Englishisamust:


Bro this matter no easyoo. I analysed all my trades from last two weeks I had 8 losses about 5 out the 8 came about by me breaking my rules. Today again, I did the samething it ended in loss.

maybe you need to take like three days break to reflect consciously and subconsciously about things!

Make una no dey listen to that Tony guy oo,
Na failed trader wein don turn life coach,

He has been in fx less than 3 years,
And traded less than 2 months,

Don't be like Tony

abham:
Lmfao you and Feshizzy no go kill me this night.

Some time I don’t see setups and it’s like I don’t know what I’m doing or like the market has left me.

You no lie bro. Especially when you just lose a trade. My money management skill is getting better but you see that emotional part na hin hard pass

Feshizzy:
Make una no dey listen to that Tony guy oo,
Na failed trader wein don turn life coach,

He has been in fx less than 3 years,
And traded less than 2 months,

Don't be like Tony

Hahaha, I will always be a mystery to you, what u did not know is bigger than you #smile

Englishisamust:


You no lie bro. Especially when you just lose a trade. My money management skill is getting better but you see that emotional part na hin hard pass

The emotional part is not the hardest, having a solid strategy is the hardest

Tony142:




The emotional part is not the hardest, having a solid strategy is the hardest

Okay bro

Tony142:




The emotional part is not the hardest, having a solid strategy is the hardest

I disagree with you, having a solid strategy without the emotional backup to execute your strategy will keep you failing over and over. Imo, risk management and emotions(psychology) are two limiting factors every trader needs to overcome.

karkinase:

Having a solid strategy without the emotional backup to execute your strategy will keep you failing over and over. Imo, risk management and emotions(psychology) are two limiting factors every trader needs to overcome.

facts

karkinase:

I disagree with you, having a solid strategy without the emotional backup to execute your strategy will keep you failing over and over. Imo, risk management and emotions(psychology) are two limiting factors every trader needs to overcome.

Una dey fall hand oo,
That guy is not a trader,
He doesn't even know what he is saying,
Others dey trade, my guy dey find motivational quotes wein he go use hold body,

Make una ignore am, i don tell una already,
That dude knows nothing about the market

Tony142:




The emotional part is not the hardest, having a solid strategy is the hardest

If solid strategy can get the job done,
They would have built a robot for it,
But you wouldn't know that because na motivational speaker you don turn to

Englishisamust:


Okay bro

Just like the way the spiritual control the physical, so also solid strategy (spiritual) controls most of your emotions (physical)



If u place 20 trades and 18 were lose and only 2 were win, when u want to place another trader again you go dey fear (emotions) why are u afraid?....it is because of past experience (the experience of losing 18 trades out of 20 trades before) so this will affect your psychology and you will start doubting yourself


Most of the things I say are from experience and practical not theory, when I was still using a poor strategy my psychology back then was between 0 - 5% but when I later developed 2 solid strategy my psychology increase to 90%+


Most people think trading psychology is limited to only emotions, but from my studies over the Yeats I discovered that trading psychology is divided into 4 parts which are


1. Emotional quotient (e.g fear, greed, hope, ego e.t.c)

2. Intelligent quotient

3. Mindset

4. Attitude/Behavioral part



I do not want to go deep into this, because each of the parts about is very broad

Tony142:




Just like the way the spiritual control the physical, so also solid strategy (spiritual) controls most of your emotions (physical)



If u place 20 trades and 18 were lose and only 2 were win, when u want to place another trader again you go dey fear (emotions) why are u afraid?....it is because of past experience (the experience of losing 18 trades out of 20 trades before) so this will affect your psychology and you will start doubting yourself


Most of the things I say are from experience and practical not theory, when I was still using a poor strategy my psychology back then was between 0 - 5% but when I later developed 2 solid strategy my psychology increase to 90%+


Most people think trading psychology is limited to only emotions, but from my studies over the Yeats I discovered that trading psychology is divided into 4 parts which are


1. Emotional quotient (e.g fear, greed, hope, ego e.t.c)

2. Intelligent quotient

3. Mindset

4. Attitude/Behavioral part



I do not want to go deep into this, because each of the parts about is very broad

Na writer you suppose be. Well!! thanks for the advice.

Feshizzy:


If solid strategy can get the job done,
They would have built a robot for it,
But you wouldn't know that because na motivational speaker you don turn to

Hahaha, my boy how are you? I know u have missed me a lot, but your uncle (me) is back, so be happy

Oluwa I don tire for this audio money ..I need the real mullah.

karkinase:

I disagree with you, having a solid strategy without the emotional backup to execute your strategy will keep you failing over and over. Imo, risk management and emotions(psychology) are two limiting factors every trader needs to overcome.

With this your mindset I can tell that u are still inside the box, I do not argue with people that are still inside the prison (box) of the forex gods

karkinase:
Oluwa I don tire for this audio money ..I need the real mullah.

over the years in this business I discovered that there are 12 stages all traders pass through and one of the stages is called "fake reality stage" , what is this stage all about?....well, it is a stage were a trader usually have alot of winning streak for some few months, so he or she think they have finally cracked the forex code, but unknow to him or her they were just being lucky, they only realize they have being lucky all this while when they get to their live account and the market humbles them again and again



So, Oga calm down enh, do not be in a hurry to go live account yet, just chill 1st

Tony142:




over the years in this business I discovered that there are 12 stages all traders pass through and one of the stages is called "fake reality stage" , what is this stage all about?....well, it is a stage were a trader usually have alot of winning streak for some few months, so he or she think they have finally cracked the forex code, but unknow to him or her they were just being lucky, they only realize they have being lucky all this while when they get to their live account and the market humbles them again and again



So, Oga calm down enh, do not be in a hurry to go live account yet, just chill 1st

Post charts............or GTFO.

Tony142:




Just like the way the spiritual control the physical, so also solid strategy (spiritual) controls most of your emotions (physical)



If u place 20 trades and 18 were lose and only 2 were win, when u want to place another trader again you go dey fear (emotions) why are u afraid?....it is because of past experience (the experience of losing 18 trades out of 20 trades before) so this will affect your psychology and you will start doubting yourself


Most of the things I say are from experience and practical not theory, when I was still using a poor strategy my psychology back then was between 0 - 5% but when I later developed 2 solid strategy my psychology increase to 90%+


Most people think trading psychology is limited to only emotions, but from my studies over the Yeats I discovered that trading psychology is divided into 4 parts which are


1. Emotional quotient (e.g fear, greed, hope, ego e.t.c)

2. Intelligent quotient

3. Mindset

4. Attitude/Behavioral part



I do not want to go deep into this, because each of the parts about is very broad

You are very correct here, i must say. There are things no one can teach you, only experience will.

GabsonFX:
I will be making 3 or 4 calls on gold today and show the power of trade swings (NOTE: not swing trading)....this will be a day trading.

1st: short gold now @ 1986.74, SL = 2002, TP = open

Oh my gawd!!!, my left balls is now congealed, the first signal didn't work out bro, this market na wild beast , normally beast are wild but with what am seeing the market is a wilder beast, please let me smoke my loud while listening to Roddy ricch hibachi!!

How far, any trade update today?

V100(1s) have always been my b*tch..

Views on gold.

Will be waiting for the downfall once it has changed structure.

Sell stop is already in place

Will ba looking at 1997 for my tp

Englishisamust:
As he don be nw. If I ever break my trading plan again make I no dey successful in this business.. you can add your own so that I can be discipline by force. I don't know the spirit controlling me to be trading setup that doesn't align with my rules.

Unfortunately, imo, I don't think we as traders can stop doing some indiscipline once in a while, I think we can only reduce it by being more mechanical than using intuition. I think staying disciplined to our trading plan is a permanent war with ourselves. I'm a newbie in trading and two things I have found useful so far to help with discipline are: staying away from the charts especially if it hasn't hit your levels, not sitting and staring at it all day.
Secondly, I keep a daily journal of how many times my setup appeared in a day and if it worked or not. At the end of the week and month I calculate the RR it gave minus the losses. This makes me see that I don't have to trade everyday and my setups won't appear everyday but that I'm confident that I will end up profitable at the end of the month. I trade only EU just like you.

IMHO

Make a list of your entry rules on paper.
Tick them off as they appear.
When something is off, it will be easily noticeable and then you can't ignore.
If you ignore, e done become gambling.
Something else...
It will help you grade the quality of your set ups.
If all the requirements are met, then it's a grade A set up. You risk 1%
If only a few requirements are met, then it's grade B. You risk half.

rhynoemmie:
Views on gold.

Will be waiting for the downfall once it has changed structure.

Sell stop is already in place

Will ba looking at 1997 for my tp

Update

It has finally fallen..

Taken my quick scalp and I'm out.

For those trading us30, I think it has a negative correlation with gold, that is, if gold is going up, us30 is going down... Have been watching this for like a week..

It even happened today sef

Has anybody noticed this before?

Tony142:




over the years in this business I discovered that there are 12 stages all traders pass through and one of the stages is called "fake reality stage" , what is this stage all about?....well, it is a stage were a trader usually have alot of winning streak for some few months, so he or she think they have finally cracked the forex code, but unknow to him or her they were just being lucky, they only realize they have being lucky all this while when they get to their live account and the market humbles them again and again



So, Oga calm down enh, do not be in a hurry to go live account yet, just chill 1st

No vex oo big man
How do you tell when you've been lucky and when you've been having profits for following your own trading plan?

I'd like to know if there's a difference so this won't happen to me.

rhynoemmie:


No vex oo big man
How do you tell when you've been lucky and when you've been having profits for following your own trading plan?

I'd like to know if there's a difference so this won't happen to me.

Foolish people attack other people opinion, while smart people ask question about others people opinion in order to know more, so with this your question I think u are smart



In my years of trading I discovered that there are 3 types of profitable strategy cut off mark, when a strategy meet this cut off mark then it is considered a good strategy


For example, let assume u applied for medicine and surgery at the university of lagos (UNILAG)

And the university said that in order for any student to be admitted into medicine department he or she most have a minimum jamb score of 320, this is to say that the cut off mark for medicine in unilag is 320




Now, let assume u score 290 in jamb, u will not be admitted into medicine by unilag, why?...because u did not meet the cut of mark (320)



Since I love inventing things, what I did was that I invent a "strategy cut off mark" that all strategy most meet in order for it to be considered as a profitable strategy




Below is the 3 strategy cut off mark I invent



1. 80% win rate + 1:1 RR
2. 50% win rate + 1:2 RR
3. 30% win rate + 1:3 RR




Note: the 3 strategy cut off mark above is just the minimum amount needed for a strategy to be considered profitable, for example if u have 90% win rate + 1:2 RR u are profitable while because this strategy is above the 1st strategy cut off mark, so when I say 80% win rate + 1:1 RR, it does not mean it will always be 80% win rate + 1:1 RR, it can be above it too, what matters is that your strategy meet the cut of mark


For your strategy to be considered as a good strategy it most meet one of the above cut off mark or else it is a useless strategy


So, how do u know if your strategy meet the above cut off mark?....very simple all you have to do is to use a trading simulator to backtest or forward test the strategy with atleast 1,000 signals, 1,000 signals is the minimum trades set up u have to take or back test before u can conclude if your strategy is good or not, after using the 1,000 trades signal then compare your results with the strategy cut off mark above to see if your strategy passed the cut off mark or not, if it does not passed it then you will have to re-write jamb again (look for another strategy to test)




Back to your question, in order for you to know if u are just being lucky or not is to check if your strategy have being tested with all the types of market




There are 3 types of market

1. Trending market
2. Ranking market
3. Choppy market




Every strategy has a particular market that it works best in, for example let assume u have a strategy that works best in a trending market, and the market has being in an uptrend for the past 3 months, if 80% of your trades is a BUY, u will win 80% of your trades, why?...because the market is in an uptrend for the past 3 months and most of your trades are BUY, so the market will favour you because u are following the direction of the trend so you will be having a lot of winning streak, but guess what? When the market change to a ranging market or choppy market u will started losing money, while? Because your strategy is only good In a trending market, but now the market is no longer trending it has changed, it is now ranging or choppy so you will surely lose money




So the way to know if u are being lucky or not is to make sure u test your strategy in all type of market condition (trending, ranging & choppy)



If after testing it in all the 3 types of market and the strategy passed the strategy cut of mark above then congratulations, you have got a solid strategy





One of the way to know a good or bad strategy is to backtest or forward test it, but since I hate stress and love inventing things, I decided to invent 2 ways to know if a strategy is good or not without even backtesting or forward testing it, but I do not want to go into that, I have reveal enough secret already, so that is it

[quote author=alphaNomega post=110831510] Guy find someone you can sit with and trade together. It will greatly shorten your learning curve

If na books you wan read for Forex, you go read tire and nothing come out. Let the books be your 2nd option.



Thank you chief. I go try run am. Thanks again

orchin:


Focus on a single pair, I will recommend EU...Stick to pure PA, react only to market moves (trend), don't dictate. Find a system with minimum SL with unlimited profits...and you can read some books on Trading psychology....This should help.

I'm a supply and Demand Trader...

I would love to continue this conversation on WhatsApp. Are you comfortable with the idea ?