BECAUSE I CAN !
- | Joined May 2005 | Status: Just Lighty | 194 Posts
"The market will rally from this or lower levels"
- | Joined May 2005 | Status: Just Lighty | 194 Posts
"The market will rally from this or lower levels"
Simplicity is the ultimate form of sophistication ( Elite ) 866 replies
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The Journal of Simplicity Trade 12 replies
Quoting PeterFMDislikedMost people don't want to work, they want it all, and they want it now. Why should they work for it when they can use someone's indicator and cruise all the way to the bank.
If those on the outside survive long enough to realise it's all smoke and mirrors, they'll end up here, or in the PF trying to climb out of the hole.
Even here, with the wealth of information freely available, it's the same. Give them a system which someone's already refined and it's like the starting gun in Whacky Races. When they find that there is work (thinking) involved, they stick another indicator on, thinking it will take the work out of it. You can see how little they want to work at it when you watch them post their trades and you realise they haven't even bothered to read the method's rules properly. One of the latest methods on the Forum calls for nothing more complicated than drawing a couple of trend-lines, and hitting some keys on a calculator, but all of a sudden lines are heading in the wrong direction, indicators are appearing on all their posts, all because it's easier than doing the job properly in the first place.
I thank my lucky stars that I stumbled over FF, or I don't think I'd still be in the game. I'm a long way from being any good at this, but I'm not going backwards as fast as I was. For this I thank Jim, Dial, Fiji and too many others to list.Ignored
Quoting diallistDislikedBut as for the rest of the 90% losers, it is simply because they refuse to put in the necessary effort. (See my sig).
DialIgnored
Quoting LightKeeperDislikedIn the end, it doesn't really matter how many indicators you use. 99% of indicators (my own estimate) do not much more than identify a trend. Identifying a trend is not the problem. It's what you do with it that mattersIgnored
Quoting LightKeeperDislikedHi diallist
Yeah, too right. I think there's a reason for that too. Many people turn to trading in search of an effortless way to make lots of money. They're sick of working 9-5 and they want something that doesn't require any effort at all.
But it's not all down to plain lazyness. If you look at the way some systems that are sold on the internet (I'm having a hard time holding myself back from saying what I think of people selling forex "systems" for profit) advertise themselves, you'll see how often they say "make $2000 a day working 3 minutes a week" and things to that effect. Many new traders were introduced to forex by one of these things in the first place. They simply googled for "make money online" and found one of these too-good-to-be-true promises.
Whenever I talk to a newbie on the marketiva chat, they seem absolutely perplexed when I tell them it can take months or years to learn a method that works for them and become disciplined enough to use it and make a profit.
In the end, it doesn't really matter how many indicators you use. 99% of indicators (my own estimate) do not much more than identify a trend. Identifying a trend is not the problem. It's what you do with it that mattersIgnored
DislikedHi all!
Having witnessed a few weeks and months of the factory at work I've come to wonder....why do people need things to be complicated? Vegas and James16 have made it clear to me that you can have a strategy as simple as "enter and exit on slope change, take profit at fibs" and turn out thousands, and I mean this is literally, thousands of pips of profit.
Compare to systems with stochs, MAs, RSI, bollinger bands and sometimes - and I know this from my own experience - even all at once.
You end up looking for 2,3,4,5 confirmations and when finally all indicators line up - 90% of the move seems to already be over. Well, at least it feels like it.
So if the simple stuff works - and this is being proven daily on the PF and by traders like Vegas, Diallist, James16 and many others here on the factor - then why do we strive to keep on inventing new ways of combining indicators and learning new rules and rulesets, if the most simple of systems are proven and work?
Is there maybe some subconscious urge at work here, refusing to let us make money with too simple a system, not being able to say you mastered something as there really isn't much to master other than consistently applying a most basic logic?
Is it a lack of achievement or the conviction that one doesn't deserve something so simple?
Why, why do we strive for constantly new (and potentially complicated or just plain different) systems when we have perfectly functional and profitable ones at our disposal?
Why bother with others?
Greed in the form of trying to achieve just that little bit more profit by finding the "ultimate" system no matter how complicated or exotic it might be is just another vice in the life of a trader, lost in a state of perpetual searching instead of being set on a path and travelling with a set destination.
So, what are we waiting for?
What are we looking for that isn't there already?
Something to think about, something I've been thinking about.
SeekingLightIgnored
DislikedIn agreement w/all the good posts above on Price being king. . . and though i know, realy know, that this is true, i still have my cloths on and have yet to truely trade naked. I'm trying to do work in some changes to my charts/style, time will tell as to when i'm able to make the transition profitably.
I also know this, that without the comradery and great interaction here at the factory i'd surely be lost without a compass. The search for the perfect indicator will hopefully shed some light on the market in ways one might not have thought of if simply trading of bars/candles, at least for me it has. I remember situations where i would come accross a new-to-me indicator, say the CCI at the time. I'd study that indicator till the light bulb went on and figured out what price was doing in the candles against the median ma. Then i'd jettison the CCI, but the MA remained. Maybe someday even the last MA will vanish off the chart? I think that is one way to simplify things. Learn what an indicator such as our MACD,RSI,Stoch,CCI etc do, and learn the price pattern/behavior that corresponds to the indicator, then go back to price without the indicator...but i suppose for some ppls learning style this would be more complicated than actually having the indicator?
Just rambling on a day off.
: ) Thom
: ) ThomIgnored
DislikedHey, thanks for the bump.
It is, isn't it. Wrote it almost a year ago and just reread my first post and it makes me smile...as this is still one of the last few points that can mean living in pain over positions and entries etc or feeling at peace with it all...
I feel it's both one of my nicer posts and one of the most true ones you can find..and it's as striking to me now as it was when I wrote itIgnored
DislikedOnce there was a hawk standing on a tree watching a tiger and a lion fighting on the ground. He think the tiger and the lion are both stupid because, "why don't they fly high and then dive down toward their enemy? that's the simplest method to win."
A story from a Chinese Kongfu novel authored by Yong JingIgnored