Psychology of being successful
Why don't you simply help your friends and relatives since you have a working EA already?
No, I don’t want discuss what kind of psychology one needs to become a successful trader. I want to discuss the psychology needed to stay sane once you have become successful.
I’ve been a programmer for years in the field of Business Intelligence. I was fed up with sitting in offices all day, programming other people’s ideas. I had some experiences with trading in stocks, options and CFDs. Then I got introduced to Forex and MT4, and was hooked.
I created several EAs and found a strategy that really works. I tested it thoroughly and have been running it on a live account for the past four months. It works actually so well that I will be taking a sabbatical in a few months. One of several goals is to learn MQL5, because I think you have to keep developing yourself, otherwise you won’t be able to stay in the game.
But I ran into a problem I never thought about. My success got noted by friends and family. And now they come up to me saying they want in. They automatically assume you will share it with them because your friends with them. Family is a bit different, because I do think you have to help family members you’re on good terms with.
Someone suggested to me saying that I’m not successful at all. That line works until they see you’ve bought a new nice car. So how to keep people at bay but don’t lose your friendship over it?
Don't give them fish but teach them how to fish. Forget about your differences and help them.
But if you don't/do want to help them for free simply join the signal services of this website and tell the to subscribe to your signal services. or follow your trade through trade copier. you can find good free on at www.mt4i.com
Why don't you simply help your friends and relatives since you have a working EA already?
Well, there are a number of reasons why you shouldn't. First of all, there is always the risk of something going wrong. I am willing to take the risk for myself, but I don't think many of my friends and family understand the risk. They will blindly follow me, but will also get upset if they lose money. I don't want to be blamed for the risks they take.
There is also the risk of crowding the strategy. Once you start trading a specific "event", you influence that event. That influence can be either positive or negative. The point is that you don't know what the effect will be. The more people start trading a specific event, the more it will get influenced.
Don't give them fish but teach them how to fish. Forget about your differences and help them.
But if you don't want to help them for free simply join the signal services of this website and tell the to subscribe to your signal services.
Really teaching them how to is not going to happen. It is out of their league so to say. Plus many of them are not interested in the how. They're only interested in the money.
My third point, is that I don't want this to feel like work. I'm not interested in selling the EA in whatever way. I'm lucky that I have some money to invest, and the EA takes care of the rest. So joining the the signal service is not in my best interest.
So maybe it is better to be a cold hearted bastard ;-)
Well, there are a number of reasons why you shouldn't. First of all, there is always the risk of something going wrong. I am willing to take the risk for myself, but I don't think many of my friends and family understand the risk. They will blindly follow me, but will also get upset if they lose money. I don't want to be blamed for the risks they take.
There is also the risk of crowding the strategy. Once you start trading a specific "event", you influence that event. That influence can be either positive or negative. The point is that you don't know what the effect will be. The more people start trading a specific event, the more it will get influenced.
Really teaching them how to is not going to happen. It is out of their league so to say. Plus many of them are not interested in the how. They're only interested in the money.
My third point, is that I don't want this to feel like work. I'm not interested in selling the EA in whatever way. I'm lucky that I have some money to invest, and the EA takes care of the rest. So joining the the signal service is not in my best interest.
So maybe it is better to be a cold hearted bastard ;-)
Or even better: a warm hearted but tight mouth (don't let anybody know your fx trading) nice friend.
a strange story, only four months of trading you seem so sure of the future performance of your EA and you bought a car, how big is your account and how much leverage are you using?
your posts sounds un porfessional to me like you were trying to sell you expert.
a simple way is let they follow your trading, via TradeCopier
a simple way is let they follow your trading, via TradeCopier
a strange story, only four months of trading you seem so sure of the future performance of your EA and you bought a car, how big is your account and how much leverage are you using?
your posts sounds un porfessional to me like you were trying to sell you expert.
No, I have no intention of selling. I've tested this EA since februari 2012 and have been running it live for 4 months now. I can't test it any further back because I don't have reliable data from before februari 2012. The reason why I am confident is that it's based on a simple principle that will always exist in a market. It might shift over a longer period of time but I can always adjust the parameters.
I have a €50k account and use 1:100 leverage. And no, I haven't bought the new car yet.
And professionalism has nothing to do with it. I don't sell programming services.
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
No, I don’t want discuss what kind of psychology one needs to become a successful trader. I want to discuss the psychology needed to stay sane once you have become successful.
I’ve been a programmer for years in the field of Business Intelligence. I was fed up with sitting in offices all day, programming other people’s ideas. I had some experiences with trading in stocks, options and CFDs. Then I got introduced to Forex and MT4, and was hooked.
I created several EAs and found a strategy that really works. I tested it thoroughly and have been running it on a live account for the past four months. It works actually so well that I will be taking a sabbatical in a few months. One of several goals is to learn MQL5, because I think you have to keep developing yourself, otherwise you won’t be able to stay in the game.
But I ran into a problem I never thought about. My success got noted by friends and family. And now they come up to me saying they want in. They automatically assume you will share it with them because your friends with them. Family is a bit different, because I do think you have to help family members you’re on good terms with.
Someone suggested to me saying that I’m not successful at all. That line works until they see you’ve bought a new nice car. So how to keep people at bay but don’t lose your friendship over it?