Man who scratches ass should not bite fingernails
What is the Differences between Fibonacci Fan and Fibonacci Arcs 15 replies
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Reality Check......... 6 replies
Quoting philmcgrewDislikedDismissing fibs in favor of pivots is like dropping Santa Claus to believe in the Eater Bunny.Ignored
Quoting mosad2Dislikedit's not about fibonacci or pivots at all!
it's about the way people understand fibonacci levels.
most traders think of fibonacci levels as exact levels that price must or have to follow
while in fact fibonacci levels are mathmatical points that forms a range or zone where high probability set-ups should exit.
in order to benefit from them , or to IDENTIFY the most high probable fibonacci level , three things must coincide: price , time and pattern.
if ur ste up lacks one factor of the above , then it's low probability set-up
professionals use fibonacci levels to start looking for one of three things
pause in trend ( Accumilation or Distribution) , Continuation of trend or reversal of trend.
the Golden Ratio exists everywhere around us
it's just the way we see things and interpret them.Ignored
Quoting LeugimpDislikedMore like dismissing Santa to believe that its really your parents bringing all of those toys.Ignored
Quoting syd360Dislikedvery trueIgnored
Quoting fxbrokerDisliked-------------------------------------------------------------------
FIBONACCI IS NOT THE HOLY GRAIL _
Fibonacci + daily support and resistance + timing + candle stick formation + strategy (counter-trader or breakout trader) = Holy GrailIgnored
Quoting LeugimpDislikedI agree theoretically in what you say but I think that this simplifies the truth a bit, although that is exactly what most people search for is simplicity. However, money management will not earn you that much desired filth. While MM will keep you going, chugging along, and while it makes mathematical sense, ultimately I feel that a deep understanding of your trade and all of the little complexities involved is what will truly give you your big chance. I look at forex like a career in acting. Sure you can make a living at it being careful with a good system and MM, but if you are looking for filth what you really need to do is spot those great inefficiencies and big opportunities - ones which become so obvious to you and nobody but you, and you need to bet the house. Good MM will definitely keep you going while you wait for those opportunities, but putting your balls on the line when those big opportunities arise is what will make your filth. Essentially, what I am saying is that I believe we need good MM only because we are overtrading, as well as trading in a purely technical short time frame. We aren't speculating in its truest form, as we belive price contains all relevant information, we are truly just looking to follow suit. In a purely speculative manner, we would be making infrences on future economic conditions that we don't have any information on as of yet and placing bets on it. One example would be if I believed that England were to join the EU this year and placing a bet, wether on options, etc on how that would effect GBP wether against dollar or Euro. I think you see where I'm getting at. There is alot of research to be done, nothing is simple and easy, but once you draw on a theory that looks so opportunistic, I would only imagine that MM would only ruin your results. Something that big deserves big balls to go behind it. You don't break the bank of england with Money Management in the same sense that we describe. This is so off topic, sorry!Ignored
Quoting philmcgrewDislikedI have never seen some one murder the concept of money management better than this. Nicely done! I know a few ex-traders that would agree with you.Ignored
Quoting LeugimpDislikedI know a couple of ex traders myself that would agree - they are living out in the south of France while there property management companies cut them a check every month for 400K.Ignored
Quoting philmcgrewDislikedI have never seen some one murder the concept of money management better than this. Nicely done! I know a few ex-traders that would agree with you.Ignored
Quoting mosad2DislikedMoney Management and Fibonacci are two different aspects of successful trading approach!
Successful trading is 60% SELF MANAGEMENT , 40% RISK Management which by return subdivides into 20% MONEY MANAGEMENT and 20% TECHNICAL ANALYSIS!
Develop these three aspects and u will have YOUR holy grail that fits ur personality!
Happy HolidaysIgnored
Quoting HotshotfxDislikedI can't resist...MM is good. Gotta have it. It should be part of the whole package. For example, you have a trading strategy that includes pivot points, fibo, elliot wave, etc., you would not enter a trade just because a fibo number got hit, would you? Trading any leveraged instrument requires a package of tools to be successful - including a money management plan. You won't make it in the long run trying to make the big score whenever you think you see that opportunity. Consistant profits over time win the race. Over time, your "small consistant profits" become large consistant profits and you end up living anywhere you want!
Kind regards,
hotshotIgnored
Quoting syd360Dislikedvery trueIgnored
Quoting LeugimpDislikedI agree theoretically in what you say but I think that this simplifies the truth a bit, although that is exactly what most people search for is simplicity. However, money management will not earn you that much desired filth. While MM will keep you going, chugging along, and while it makes mathematical sense, ultimately I feel that a deep understanding of your trade and all of the little complexities involved is what will truly give you your big chance. I look at forex like a career in acting. Sure you can make a living at it being careful with a good system and MM, but if you are looking for filth what you really need to do is spot those great inefficiencies and big opportunities - ones which become so obvious to you and nobody but you, and you need to bet the house. Good MM will definitely keep you going while you wait for those opportunities, but putting your balls on the line when those big opportunities arise is what will make your filth. Essentially, what I am saying is that I believe we need good MM only because we are overtrading, as well as trading in a purely technical short time frame. We aren't speculating in its truest form, as we belive price contains all relevant information, we are truly just looking to follow suit. In a purely speculative manner, we would be making infrences on future economic conditions that we don't have any information on as of yet and placing bets on it. One example would be if I believed that England were to join the EU this year and placing a bet, wether on options, etc on how that would effect GBP wether against dollar or Euro. I think you see where I'm getting at. There is alot of research to be done, nothing is simple and easy, but once you draw on a theory that looks so opportunistic, I would only imagine that MM would only ruin your results. Something that big deserves big balls to go behind it. You don't break the bank of england with Money Management in the same sense that we describe. This is so off topic, sorry!Ignored