A Funny Thing Happened On My Way To The Forum

[Mysticforex 13]

I have been trading Forex for over seven years now. The last five profitably ( though last year just barely ). In my travels I have met many others in the pursuit of success in Forex trading.

Most of whom were failing. From time to time I would take a failing trader under my wing and try to advise or coach them. Mentoring, or teaching does not come naturally to me. I found it very difficult. Sure, I could teach the rules of a method, a few of the tricks like trading Gaps etc. But I could never seem to get across what I think is the essence of trading. Self Disicipline and patience.

I once knew a trader that was in such a rush to make money I asked, did a Doctor just tell you that you only ave six months to live? The answer was no, but the idea went over his head.

 

Well to make a long story short ( I know, I know it's too late for that ), 2 nights ago while checking my Gmail a IM popped up from a trader I used to work with. We exchanged pleasantries and I finally got around to asking her if she were still trading, and how was it going?

 

She told me that she has been consistently profitable for the last 10 months ( I had not spoken to her since mid 2010 ). She still had not made back all the money she had lost

( about $600K when last we spoke ) but was making sure and steady progress.

Then I asked the Sixty Four Dollar question, what are you doing differently ?

She told me she was trading smaller lot sizes and being PATIENT. Only taking slap - you -in - the - face obvious setups.

 

It was great to hear from her and learn of her success. It also made me feel that all the work and sometimes feeling it was hopeless was worth it. Maybe I had a very very small effect on her.

[ForexTraderX 10]

I have been trading Forex for over seven years now. The last five profitably ( though last year just barely ). In my travels I have met many others in the pursuit of success in Forex trading.

Most of whom were failing. From time to time I would take a failing trader under my wing and try to advise or coach them. Mentoring, or teaching does not come naturally to me. I found it very difficult. Sure, I could teach the rules of a method, a few of the tricks like trading Gaps etc. But I could never seem to get across what I think is the essence of trading. Self Disicipline and patience.

I once knew a trader that was in such a rush to make money I asked, did a Doctor just tell you that you only ave six months to live? The answer was no, but the idea went over his head.

 

Well to make a long story short ( I know, I know it's too late for that ), 2 nights ago while checking my Gmail a IM popped up from a trader I used to work with. We exchanged pleasantries and I finally got around to asking her if she were still trading, and how was it going?

 

She told me that she has been consistently profitable for the last 10 months ( I had not spoken to her since mid 2010 ). She still had not made back all the money she had lost

( about $600K when last we spoke ) but was making sure and steady progress.

Then I asked the Sixty Four Dollar question, what are you doing differently ?

She told me she was trading smaller lot sizes and being PATIENT. Only taking slap - you -in - the - face obvious setups.

 

It was great to hear from her and learn of her success. It also made me feel that all the work and sometimes feeling it was hopeless was worth it. Maybe I had a very very small effect on her.

 

solid post man. it's funny, over this summer i've made some significant changes to my trading plan, the vast majority focusing around playing to my strenghts, and shielding myself from my weaknesses.

 

I used to have a daily routine. I'd do it every day. I have 3 catagories of trades I would look for every day, plus some stat arb, and the occassional more exotic or sophisticated trade if I had more time and was compelled to do so.

 

Over this summer, i've now totally thrown away that daily routine. I used to trade every day. Now I only trade when I feel like it. I used to have goals, and daily tasks to prepare, to develop, to research...etc. now I only have my trade review. I've greatly reduced structures and routines, as well as mental goals and "deadlines". I now only trade if I feel like it, and I only trade the setups I feel like trading. I essentially have replaced drive and focus with "new age-y vibes" and almost a lazzie faire attitude. some days, i almost flip a coin...heads I open the charts, tails i don't even bother.

 

funny thing, is my trading is slowly but very surely stablizing after a very rough 4th year of full time trading.

 

How is this possible? because i've been able to remove expectation from the equation. without expectation, i've found a more organic approach to the markets, only trading how i want, as i want, when i want, for the time i want. And this has had the elegant outcome of letting the markets convince me of an opportunity, rather than the other way around.

 

If I place an order, I want to. I believe in it. but most importantly, it's the orders I DIDN'T place on the previous days when I lacked the desire to act. I've found that desire to act is my own subconcious seeing a truly wonderful, not-to-be-missed trading opportunity. And the other times? well obviously, the market doesn't want me bad enough, because i don't see anything that catches my attention.

 

And I couldn't care less. And I've never felt more confident that the rest of the year may not be a good example of highly efficient, effective work on my part, but it will be a great example of how to let the trade come to you, rather than set a standard or process to work ones butt off to find the trade at a regular scheduled time and place.

 

THis is not to say I don't have specific rules. I do, fairly comprehensive ones.

 

I just don't even bother to play the game i don't feel like it. And this, in effect, has organically instilled a greater degree of discretion than I've had before.

 

after the hardest year of the last 4, I'm looking forward to the rest of the year, and 2013

 

We all have our own ways to play the game the way we NEED to, in order to win. The hardest part is finding those needs within ourselves, and learning the best way to channel them to be compatable both with us, and the nature of the capital markets.

 

For myself, i'm finding greater patience and discipline by sleeping more, going on more walks, and looking for reasons NOT to "go to work".

 

this is a very interesting business, isn't it.

 

FTX

[Mysticforex 13]

@FTX

 

"this is a very interesting business, isn't it."

 

 

Indeed it is. You summed things up nicely.

 

It's late, and I am just rambling a bit. I like to bitch and moan all the time and new govnt regs restricting my freedom, but I am one grateful and lucking dude.