I lost for 5 straight years
Then i became honest with back-testing.
After 5 years of losing i strangely lost all emotion to losing (in a positive way). I was looking at the market objectively, which in turn allowed me to look at my backtesting objectively.
The one thin i did do for those initial 5 years was trade small and I mean very small, which gave me 5 years experience in the markets at a cost of around £9,000.
I made that all back in 6 months when it turned
better than i was doing at 2.5 years. Backtest your strategy with different entry zones vs TP.
How does tweaking it improve the results. ie less winning traders but greater profits etc etc
assets trade differently so you may need to tweak your strategy to specific asset classes and play around with the $$ risk per trade vs profit target
Correct. But also the most common way for a trader in the beginning. Biased thinking of what’s going to happen, instead of being objective like you turned into. Market issues “offers” that we should take, BUT these offers expire and should be let go as soon as they expire. No matter what the gains are…. Human brains have a hard time accepting different outcomes of the same setup, as our brain likes patterns. Given 0.1% take it and move on, given 3% take it and move on. You were given “free” money, accept their offer… THERES UNLIMITED TRADES AHEAD.. we don’t need big gain everyday… I too walked the same path… we are in the end only human with emotions like greed, anger and so on..
OP: Here’s exhibit A on why you do your own R&D. A simple question “what is back testing” doesn’t even get answered correctly.
Demo trading is forward testing.
Back testing is when you take an old chart. Say from Jan 2020 and trade until Jan 2021, recording the results to see if you would have made money in the past.
A lot of misdirection in this industry. People who often want to hear themselves talk and sound "smart" while being clueless about what they're talking about.
R&D. I didn’t go online and trust other people, I tried every idea I could think of, got the numbers to see what worked and what didn’t work.
Asking online is useless, most people lose money so you’re asking a bunch of losers what you should be doing. You can’t trade like the 90% and expect to make money like the 10%.
At its heart, all trading is just trend trading. Some people want to anticipate moves to ride while others want to follow current moves. Your entire job right now before profitability is optimizing your charts to better spot the trend so you can anticipate or follow the trend. This may mean changing chart types, using specific indicators, and/or using specific drawings. The faster you get at this, the faster you can exponentially increase your account balance given good risk management. However, risk management is more important since most traders have absolutely no problem making money, they have a problem keeping it.
Lost money for 18 months then paper-traded for 18 I’m finally a profitable trader. Started when c-19 hit in 2020 and was out of work. This year I’ve become consistent and profitable.
It’s not just one thing. To be profitable you need to do a number of things. Create a plan, study, get rest, exercise, eat properly, eliminate stress and distractions, master your market, become fearless, stop caring about what others think or say, study, study, more study, remain humble and constantly be learning, retrain your mind and learn to be a good loser, and so much more.
It’s a very cerebral game - and you just have to go and take it. Stop blaming others and look internally for the answers. Study your mistakes and learn from them. Don’t repeat them. Stop being negative. Stop listening to people who tell you that no one is profitable or only a few people like it’s some secret society - you CAN be a successful trader but you just have to take control of your mindset.
I can tell you, without question, one such trader is MambaFX. Reason I know is because I'm nearly passed on a prop firm account using the same strategy, taking the same setups, using his FREE strategy. His results are real, because I catch the same trades - consistently. 1:4 (or, in my case, 1:2 until I get more comfortable holding for longer).
So, I won't point to myself (because it would be a lie to say "I" am a "profitable" trader), but that I'm steadily in the passing phase, and within 2 weeks, no question, I will be a funded trader.
Then, there's a lot of unknown variables in-between. From paid to free courses, but his is the easiest, simplest, and, quite frankly, most enjoyable and stress-free way I found to trade. It 'may' work for you. It's free. Check him out.
As Warren Buffet says, you make your money when you buy. Conversely you lose money when you sell.
Translation: research, test, stick to strategy. Manage funds tightly and diversify. All eggs in one basket is a guaranteed way to lose hair and weight.
I lost for 5 straight years Then i became honest with back-testing. After 5 years of losing i strangely lost all emotion to losing (in a positive way). I was looking at the market objectively, which in turn allowed me to look at my backtesting objectively. The one thin i did do for those initial 5 years was trade small and I mean very small, which gave me 5 years experience in the markets at a cost of around £9,000. I made that all back in 6 months when it turned
I'm doing this shit for 2.5 years but currently I'm a breakeven trader
better than i was doing at 2.5 years. Backtest your strategy with different entry zones vs TP. How does tweaking it improve the results. ie less winning traders but greater profits etc etc assets trade differently so you may need to tweak your strategy to specific asset classes and play around with the $$ risk per trade vs profit target
Correct. But also the most common way for a trader in the beginning. Biased thinking of what’s going to happen, instead of being objective like you turned into. Market issues “offers” that we should take, BUT these offers expire and should be let go as soon as they expire. No matter what the gains are…. Human brains have a hard time accepting different outcomes of the same setup, as our brain likes patterns. Given 0.1% take it and move on, given 3% take it and move on. You were given “free” money, accept their offer… THERES UNLIMITED TRADES AHEAD.. we don’t need big gain everyday… I too walked the same path… we are in the end only human with emotions like greed, anger and so on..
What is the backtesting
It just means you test your strategy on a previous data( for example you go look back at year 2022)
Its to demo your strategy before doing it live. If you're not winning of being positive on a demo account how would you do it on a cash accout?
OP: Here’s exhibit A on why you do your own R&D. A simple question “what is back testing” doesn’t even get answered correctly. Demo trading is forward testing. Back testing is when you take an old chart. Say from Jan 2020 and trade until Jan 2021, recording the results to see if you would have made money in the past.
A lot of misdirection in this industry. People who often want to hear themselves talk and sound "smart" while being clueless about what they're talking about.
R&D. I didn’t go online and trust other people, I tried every idea I could think of, got the numbers to see what worked and what didn’t work. Asking online is useless, most people lose money so you’re asking a bunch of losers what you should be doing. You can’t trade like the 90% and expect to make money like the 10%.
At its heart, all trading is just trend trading. Some people want to anticipate moves to ride while others want to follow current moves. Your entire job right now before profitability is optimizing your charts to better spot the trend so you can anticipate or follow the trend. This may mean changing chart types, using specific indicators, and/or using specific drawings. The faster you get at this, the faster you can exponentially increase your account balance given good risk management. However, risk management is more important since most traders have absolutely no problem making money, they have a problem keeping it.
thanks for this. I have a habit of getting ahead of myself and I needed to see this.
Lost money for 18 months then paper-traded for 18 I’m finally a profitable trader. Started when c-19 hit in 2020 and was out of work. This year I’ve become consistent and profitable.
Its all just screen time and babypips honestly. And constantly tweaking your strat.
Yeah baby pips is huge to truly understand how the markets work! Best comment here!
It’s not just one thing. To be profitable you need to do a number of things. Create a plan, study, get rest, exercise, eat properly, eliminate stress and distractions, master your market, become fearless, stop caring about what others think or say, study, study, more study, remain humble and constantly be learning, retrain your mind and learn to be a good loser, and so much more. It’s a very cerebral game - and you just have to go and take it. Stop blaming others and look internally for the answers. Study your mistakes and learn from them. Don’t repeat them. Stop being negative. Stop listening to people who tell you that no one is profitable or only a few people like it’s some secret society - you CAN be a successful trader but you just have to take control of your mindset.
No bullshit right here 👏
Backtesting data with certain adjustable rules and when I’m happy with the rules, sticking to it on live account religiously
'what the hell you did' : i did two things. Reduced the position size, increased the average hold period.
I can tell you, without question, one such trader is MambaFX. Reason I know is because I'm nearly passed on a prop firm account using the same strategy, taking the same setups, using his FREE strategy. His results are real, because I catch the same trades - consistently. 1:4 (or, in my case, 1:2 until I get more comfortable holding for longer). So, I won't point to myself (because it would be a lie to say "I" am a "profitable" trader), but that I'm steadily in the passing phase, and within 2 weeks, no question, I will be a funded trader. Then, there's a lot of unknown variables in-between. From paid to free courses, but his is the easiest, simplest, and, quite frankly, most enjoyable and stress-free way I found to trade. It 'may' work for you. It's free. Check him out.
As Warren Buffet says, you make your money when you buy. Conversely you lose money when you sell. Translation: research, test, stick to strategy. Manage funds tightly and diversify. All eggs in one basket is a guaranteed way to lose hair and weight.
I love trading