Is it a shame not to know how to make money in the forex market after 8 years of experience?
It seems to me that such a person should be ashamed that they are not earning, because in 5-6 years people become highly skilled surgeons, programmers, engineers, etc. Spheres that require a lot of knowledge, thinking and working with their hands. Unlike forex/exchange, where you just need to know how to press buoy/sell buttons, set up a terminal and know basic computer functions, as well as know maths and be able to count.
I haven't learned how to earn in 14 years. There were some occasional moments when I earned a lot. I am not losing money now, at least I am trading on demo. I am not ashamed. There is a strong feeling of resentment and defeat. When I think about how much money I have lost on Forex, I feel really bad. I think and worry that I could have spent it and could have bought it.
I feel like I didn't see it coming, and I should have.I haven't learned in 22 years. But I am not ashamed. After all, sooner or later I will definitely learn!
Unlike forex/exchange, where you just need to know how to press the buoy/sell button, set up a terminal and know the basic functions of a computer, as well as know maths and be able to count.
I have mastered these skills, and got 2 higher education degrees (IT + finance) in the process. Unfortunately, this did not help.
It seems to me that such a person should be ashamed that they are not earning, because in 5-6 years people become highly skilled surgeons, programmers, engineers, etc. Spheres that require a lot of knowledge, thinking and working with their hands. Unlike forex/exchange, where you just need to know how to press buoy/sell buttons, set up a terminal and know basic computer functions as well as know maths and be able to count.
It is a shame to sit back and not try to do something worthwhile with your life, to not achieve what you want and dream of.
If you learn to earn a steady income in 20 years, it is worth it.
The difference between Forex and medicine is that in medicine there is a theoretical basis. In six years you learn the experience that scientists have been accumulating for centuries. But in Forex there is no theoretical basis, only speculations, fallacies and unsubstantiated statements. Once you have studied that, you will realise that it is nonsense and you need to start your own developments.
Isn't there a theoretical basis in forex/business? It's extensive too. But the difference is that in trading, unlike in medicine, it is enough to learn and follow just a few principles - and money will pour into your pocket.
General principles without the specific tools and methods are worthless, but they are a real bummer. The smart people of antiquity also guessed about atoms, microbes and all that, but they could not apply this understanding, because an idea is as far away from the applied results as the moon.
What's so unspecific about Livermore's principles, for example? As far as I'm concerned, people (and I especially) fail not because they don't have methods and tools, but because they don't follow logically, practically and statistically verified methods and rules.
Jesse Livermore's rules of thumb
- Trade with the trend - buy on a bull market and sell on a bear market.
- Do not enter the market when no clear trading opportunities exist.
- Trade using major turning points.
- Wait for your assumption to be confirmed before entering the market.
- Enter the market as soon as major turning points are in play.
- Allow profits to grow. Close trades that show losses (good trades usually show profits immediately).
- Trade with stop orders determined before you enter the market.
- Exit trades if the prospect of further profits becomes uncertain (the trend has ended or weakened).
- Trade the leading instruments in each market - trade the strongest stocks in a bull market and the weakest stocks in a bear market.
- Let price determine your actions.
- Do not average losing positions.
- Do not wait for a broker to force you to close positions(margin call), and close unprofitable trades in a timely manner and on your own.
What's so unspecific about Livermore's principles, for example? As far as I'm concerned, people (and I especially) fail not because they don't have methods and tools, but because they don't follow logically, practically and statistically proven methods and rules.
Jesse Livermore's rules of thumb
- Trade with the trend - buy on a bull market and sell on a bear market.
- Do not enter the market when no clear trading opportunities exist.
- Trade using major turning points.
- Wait for your assumption to be confirmed before entering the market.
- Enter the market as soon as major turning points are in play.
- Allow profits to grow. Close trades that show losses (good trades usually show profits immediately).
- Trade with stop orders determined before you enter the market.
- Exit trades if the prospect of further profits becomes uncertain (the trend has ended or weakened).
- Trade the leading instruments in each market - trade the strongest stocks in a bull market and the weakest stocks in a bear market.
- Let price determine your actions.
- Do not average losing positions.
- Do not wait for forced closure of positions by your broker(margin call). Close losing trades in a timely manner, and then close them yourself.
Forget point #13
13. Do not jump from a window higher than 2 floors
What's so unspecific about Livermore's principles, for example? As far as I'm concerned, people (and I especially) fail not because they don't have methods and tools, but because they don't follow logically, practically and statistically verified methods and rules.
Jesse Livermore's rules of thumb
- Trade with the trend - buy on a bull market and sell on a bear market.
- Do not enter the market when no clear trading opportunities exist.
- Trade using major turning points.
- Wait for your assumption to be confirmed before entering the market.
- Enter the market as soon as major turning points are in play.
- Allow profits to grow. Close trades that show losses (good trades usually show profits immediately).
- Trade with stop orders determined before you enter the market.
- Exit trades if the prospect of further profits becomes uncertain (the trend has ended or weakened).
- Trade the leading instruments in each market - trade the strongest stocks in a bull market and the weakest stocks in a bear market.
- Let price determine your actions.
- Do not average losing positions.
- Do not wait for forced closure of positions by your broker(margin call) and close unprofitable positions in a timely manner.
These are all for naught: too abstract, too vague principles, something like "do well and it will be OK". They only make sense when a person already has more or less reliable criteria for determining the notions of "trend", "pivot point" and the like. Don't forget that Livermore wrote this 100 years ago, when the market was much less technological, liquid, knowledge-intensive and competitive. Livermore himself wrote his quotes with chalk on the board by specially trained people. Chalk! On the chalkboard! To hope for success upon Livermore's advice now would be like going up against an opponent with a modern firearm.Who would spend a lot of years trying to get into trading if they could just quickly grasp a dozen simple theses and go out and make a buck? But they do, and obviously not out of the goodness of their lives.
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It seems to me that such a person should be ashamed that they are not earning, because in 5-6 years people become highly skilled surgeons, programmers, engineers, etc. Spheres that require a lot of knowledge, thinking and working with their hands. Unlike forex/exchange, where you just need to know how to press buoy/sell buttons, set up a terminal and know basic computer functions, as well as know maths and be able to count.