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Adrienne Toghraie Trading on Target Complete Course
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geneaux, in The Marketplace
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By jason.lee
Does it mean that you are an expert just because you make a lot of profit? The amount of profit cannot be used to measure the value of a trader. Yes, you must be doing something right if you are making a frequent profit. However, that does not determine if you are an expert or not just by your profit. This is quite a common misunderstanding in the forex industry.
Making a large profit is only one side of the forex market. Majority of forex traders tend to lose most of the time after they have experienced profit. But why?
So many traders fall into a fantasy land where they make an endless amount of money at the beginning. Many beginner traders tend to gain profit at the start not knowing the importance of technical analysis of the market.
The experts on the other hand who stayed became wealthy and stayed that way, continue gaining profit, are all knowledgeable when it comes to the basics. Experts have dialed many ways to control their minds to be set right to be a trader.
Understanding of the market is a must know anyway. Expert traders wait patiently until the right opportunity comes. Opportunity comes to everyone.
What differentiates the experts and the beginners is that experts know when the opportunity has come and knows to take advantage of it. Making profit by luck is possible, and yes luck is also very important. But can you profit with luck every time?
How an expert trader is determined is not by how much the person gained, it’s about the precision and the frequency of results. Profit can’t be maintained by luck. It is maintained and is a result of precision and strategical execution. You shouldn’t worry because you’re not gaining any profit right now.
You should be building your skill sets to be a better trader by experiencing many trading situations of losses and wins. If you invest in your time to improve, your results are guaranteed to increase more frequently and will become more stable.
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I'm still a dove regarding crypto trading. Not because of the instruments traded, but because of the lack of market centralization. It reminds me of the early days of forex trading where no broker-dealers offered trade clearing via the interbank market. This is basically betting against "the house" which is its own captive market-maker, has its own one-off price feed, and has its own one-off trade execution policies. As a side note, I always opt out of broker-dealers' arbitration clauses within 30 days of account opening pursuant to the U.S. Federal Arbitration Act. Unscrupulous broker-dealers and platform sellers don't even provide opt-out terms in their trading/subscription agreements, but it still exists pursuant to federal statutes and federal court precedent. Sierra Chart also collects unspent platform subscription deposits from traders in their website's online "wallet." This subjects them not only to FINRA liability but CFPB liability as well. I figuratively atom bombed Sierra Chart with this info and they refunded all platform fees and data fees that I ever paid to them before I closed my Sierra Chart account. On a more general note, virtually all broker-dealers are either partnered with, or straight up are, Wall Street investment banks and hedge funds. These are the folks that refer to retail traders as "cannon fodder" and "fish food." To me, any broker-dealer is nothing more than a counterparty to a series of my transactions. If I find any reason not to trust a broker-dealer, I'm out. Crypto trading, as it presently exists, fits the bill. Crypto owning/investment might be a different story, but I'm strictly a trader. -
Consider this... While a human trader has emotions, a bot does not. All a human trader needs to do to code a statistically profitable strategy on a good emotional day. And it can be coded for any timeframe, intraday or overnights.
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Well said. Broker-dealers that aren't connected to centralized exchanges or the prime interbank exchanges are, in fact, casinos--where nothing extends beyond "the house."
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My latest trick... After successfully live trading forex for years, switch to trading futures in the U.S. Chicago Mercantile Exchanges. Futures spreads are generally 1 or 2 ticks with no swaps, and data fees and commission fees are fixed. As a caveat, leverage changes throughout every day based on international sessions, so this is not for small accounts.
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@analyst75, I am just dying for you to write a sequel... Why Some Young People Prefer to Live Alone.😂
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