Jacko, thank you so much for what you've done here. I'm a 5.5 year veteran of the stock, futures and options markets and brand new to Forex. I've been a scalper/daytrader for 95% of my career. I've had my successes, but also my failures with this style. The reason that I'm moving to Forex...or at least 75% of my trading will be on Forex, is because of its ability to trend longer, thus allowing me to switch comfortably from daytrading into position trading.
Let me just say that I DESPISE indicators. It took me 2-3 years to figure out that with indicators, they work some of the time and don't work some of the time. There is no magic indicator or system. A lot of people compare trading to poker, myself included. In poker, everybody gets the same type of cards. The best players in the world don't get great hands each hand. The worst players don't get horrible hands all the time. In the long run, everyone gets the same cards. The difference between the guys who CONSISTENTLY end up on the final tables of these huge tournaments is that these guys manage their emotions, they have discipline. They know how to wager. They know when to push. They know when to stand aside. Thats why they are winners. They know that one hand doesn't make or break them. There will be thousands more of them...even if it means folding a great hand sometimes. The losers put too much weight on each individual hand. Same goes for trading.
Sorry about the rambling here. I discovered this thread on Friday and have been reading it all weekend. This is great. Here you have a pretty simple method. As simple as one can find on any trading message board. I've seen some people's systems where you can't even see the candles or bars because of all the trendlines, fib fans, moving averages, astrology indicators and so on. Your method captures everything you need in a system or method as well as discipline and money management which are the most important things in trading. Its all there, its simple and easy to see...if you want to see it. I always used to joke with the group of traders that I worked with that when the market is trending, I can train a monkey to execute the trades and be profitable. There's not much to it. Or as has been said here, hand a 5 year old two crayons. One green for uptrends and one red for downtrends. Connect two or three dots and you're set. Its really one of the simplest concepts around, but its human nature to want to complicate things. I've definitely been guilty of that. LOL!
So again, thank you so much for showing us just how simple this business can be...if you let it be. Keep on preaching, Jacko!
Let me just say that I DESPISE indicators. It took me 2-3 years to figure out that with indicators, they work some of the time and don't work some of the time. There is no magic indicator or system. A lot of people compare trading to poker, myself included. In poker, everybody gets the same type of cards. The best players in the world don't get great hands each hand. The worst players don't get horrible hands all the time. In the long run, everyone gets the same cards. The difference between the guys who CONSISTENTLY end up on the final tables of these huge tournaments is that these guys manage their emotions, they have discipline. They know how to wager. They know when to push. They know when to stand aside. Thats why they are winners. They know that one hand doesn't make or break them. There will be thousands more of them...even if it means folding a great hand sometimes. The losers put too much weight on each individual hand. Same goes for trading.
Sorry about the rambling here. I discovered this thread on Friday and have been reading it all weekend. This is great. Here you have a pretty simple method. As simple as one can find on any trading message board. I've seen some people's systems where you can't even see the candles or bars because of all the trendlines, fib fans, moving averages, astrology indicators and so on. Your method captures everything you need in a system or method as well as discipline and money management which are the most important things in trading. Its all there, its simple and easy to see...if you want to see it. I always used to joke with the group of traders that I worked with that when the market is trending, I can train a monkey to execute the trades and be profitable. There's not much to it. Or as has been said here, hand a 5 year old two crayons. One green for uptrends and one red for downtrends. Connect two or three dots and you're set. Its really one of the simplest concepts around, but its human nature to want to complicate things. I've definitely been guilty of that. LOL!
So again, thank you so much for showing us just how simple this business can be...if you let it be. Keep on preaching, Jacko!