General discussion : Help for new traders - Focussing on Now Part 1

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SweetLyrics
Posts: 105
Joined: Sat Jun 16, 2018 7:57 pm

Sun Sep 22, 2019 7:28 pm

Ah, I see what you mean.

Yes, becoming a pro trader is like getting into the SAS - many are called, few are chosen. And as with getting into special forces, success generally requires extraordinary effort and isn't guaranteed. People might look at the success of the top traders, and think 'This sounds like money for old rope. It could be me'. However, the harsh reality is 'It probably won't be. As in, there is a 99% chance that what looks so easy in a video will forever elude you'.

BTW, I'm sure that being a pro trader can be psychologically challenging (and I wasn't triggered). :) However, I was just making the point that so can many other jobs.
Kai wrote:
Sun Sep 22, 2019 7:18 pm
Probably poor choice of words on my part, didn't mean to trigger anyone :) I meant because only a small % actually get paid doing it. Sometimes it seems like it must be easier to become an astronaut than a trader, when I look around and see how many people actually make it.

stueytrader
Posts: 606
Joined: Tue Dec 15, 2015 6:47 pm

Mon Sep 23, 2019 12:21 pm

It's a bit like the point made by Mark Douglas in Trading in the Zone - anyone (almost literally anyone) can put on a trade, and even make a profit on that trade.

It takes 0 intelligence or ability (other than opening a computer etc).

The tricky part is moving away from that area of 'ease' into the far more challenging area of being a successful trader, longer term.

In terms of work/profession however, I agree with Shaun's point that there are many much worse ways to spend our days and time for certain. I've done several, and still do in part (I'm part time employed still).

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ShaunWhite
Posts: 6188
Joined: Sat Sep 03, 2016 3:42 am

Thu Nov 28, 2019 5:22 pm

GodInyou wrote:
Thu Nov 28, 2019 4:50 pm
have you ever tried CFD trading?
Biggest issue with financials is the size of the bank you need, and getting used to factoring in transaction fees. And just like sports markets the combat is mano-a-mano and you're in the ring with the big boys, there's easier pickings elsewhere imo unless you want to be doing 6 & 7 figure trades.

Archery1969
Posts: 749
Joined: Thu Oct 24, 2019 8:25 am

Thu Nov 28, 2019 6:16 pm

GodInyou wrote:
Thu Nov 28, 2019 4:50 pm
have you ever tried CFD trading?
As Shaun said be careful with financial trading. Some years back I lost a 4 figure some in the blink of an eye while trading forex. There was unannounced Swiss bank intervention which blew through my stop loss and I also ended up owing the broker money.

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Kai
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Thu Nov 28, 2019 9:00 pm

It's weird, I've talked to a couple people that just couldn't crack sports trading no matter how hard they tried, but when they tried Forex they found it relatively "easy" to become profitable in comparison.

I personally always thought of sports trading as just a stepping stone towards financials, like a training ground or a playground to develop your skill set in order to use it elsewhere, but have since probably changed my mind and I'm realizing there's more to the endgame with sports trading than it maybe first appeared. Might be naive thinking but I think I'd rather have a massive edge on a small exchange than a small edge on a massive exchange.

If the only reason why sports traders are able to develop a big edge here is because this is a niche market, then I don't see why anyone would want to give that up.

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ShaunWhite
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Joined: Sat Sep 03, 2016 3:42 am

Thu Nov 28, 2019 9:12 pm

With financials it pays to look at the returns institutional investors make before taking the plunge. Offices full of some of the keenest minds on the planet and every technical assistance under the sun, and if they make 10% a year it's been a good one. 20% and the FM gets their name over the door. I once read you need a bank of between 1/2 and a million to make a living off it and that sounds optimistic to me.

Archery1969
Posts: 749
Joined: Thu Oct 24, 2019 8:25 am

Thu Nov 28, 2019 9:36 pm

Between 1980 and 2009 it was fairly easy to make money trading the JPY pairs in Forex every day.

Why ?

If the JPY pairs became overbought / oversold prior to Tokyo open then the Japan bank would intervene to temporarily reverse during and just before their officially trading hours finished. It was really like taking money of a child.

However, something happened from 2010 onwards whereby their main bank stopped interventions during and before market close.

We would either sell or buy all the JPY pairs each day around 9.00pm UK time, goto bed and wake upto to some large returns over a consistent period. The only times it failed to work is if the following day was a public holiday or earth quake hit the region.

You will find the intervention paper on-line if you google/search for it. It was basically riding the wave up/down as the Japan banks traders unleashed their buying/selling power on behalf of the government. I was averaging around GBP 700 to 900 per day for basically doing fcuk all.

Unfortunately it all came to an end but doing it for 12 years was a good knock!!!

Here it is, hope its ok to post here: https://www.boj.or.jp/en/intl_finance/o ... ainyu.htm/

Someone in our Forex group read it several times and came up with 2 strategies for the rest of us to run in MT4. Dead simple compared to this sports trading stuff. :lol:

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Derek27
Posts: 8628
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

Fri Nov 29, 2019 12:11 am

ShaunWhite wrote:
Thu Nov 28, 2019 5:22 pm
GodInyou wrote:
Thu Nov 28, 2019 4:50 pm
have you ever tried CFD trading?
Biggest issue with financials is the size of the bank you need, and getting used to factoring in transaction fees. And just like sports markets the combat is mano-a-mano and you're in the ring with the big boys, there's easier pickings elsewhere imo unless you want to be doing 6 & 7 figure trades.
God moves in mysterious ways. When I click on the link I get messages that the quoted post and the user doesn't exist!

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