10 Things A Trader Needs to START DOING if They Want to Make Money

Know your VMENDEST
V - Volatility (when not to trade)
M - Money Management
E - Market Emotion (Trend, interventions)
N - New Events (Adds Distortions on the chart and changes trends sometimes)
D - Direction - which?
E - Entry - where?
S - Stop Limits - where?
T - Target - where?

If you have a strategy that answers above
you are on right track -

"ALL that really matters is current price action not your opinion of what might be price action later."

Never a truer word said.

It's good to know who's giving the advice? Anybody seen his equity curve?

i like newtraderu.com. The articles are very worth reading.

Good advice

Pretty solid advice

unfortunately...as all rules, its easier said than done

Except they are difficult to follow unless you are a) able to read charts fairly accurately b) setup your charts in such a way that the topology of the flow (wave patterns and S/R) is well defined.

I have found that these would respond to points (1) and (10) in the piece. To do the first most effectively, I find that one needs to be versatile at reading the fractal structures that define a flow (learning and understanding fractal wave theory). For example, one must be able to find the active fractal primitive and by transposition find the implied signal primitive and extrapolate by plotting the triangle. The FE tool is handy doing stuff like that.

This allows near certainty as to direction. But then there is timing (given we all have different levels of capital employed). Therefore, responding to (10) I find the employment of a polynomial regression channel most effective. Indeed, I would consider it a professional tool with stark and significant advantages over Bollinger Bands and 1st and 2nd degree regression models.

Polynomial channels provide the trader with a clear directed channel along which price moves . So it will confirm direction visually. Secondly, there are those implementations that employ some pretty acute filters and can, through interpolative algos, provide incredibly accurate stop levels and S/R curves that help you implement not only a trade idea effectively but also help time your entry. Third by extrapolating a modeled data set the predictive channel resulting might be the next best thing to a crystal ball (not all poly indies have the desired filters of course and here is where money allocates the best models to those who have the means). Because, like it or not, eco releases and fundamental shifts have a feedback loop to price and therefore define the wave structures we deal with, these mothers are reliable to the point where not much is a surprise in the development of a given flow or structure.

Importantly, learning to read, understand and employ fractal wave techniques requires some theoretical background but it is not so difficult if you have been trading awhile. It is a lot simpler and more effective than Harmonics and EWT. In the case of the first I find the symmetry required on the time and price dimensions unnecessary and spurious. Gantley and co just introduced conservative strictures in the name of science without any evident improvement to or guarantee of outcome. Elliotism on the other hand is a hit miss venture, time consuming and a bit outdated. Analysts of course love it because of its snob value - but are they any better for it? Compared to all these fractal wave theory is elegant and demonstrably effective. Learn it and it is a real meal ticket whether you trade short or long term. Finally, even the most basic polynomial channel will suffice provided one has the skill set to read fractal structures. Best of trading to all.

how do we know the right broker to choose? Am begining to believe these guys want us to keep funding our account and losing without winning.

Alpari does good on their NDD - good spread at all times, very rare if any noticeable interruptions of data flow and stable execution times and so on - I think more than meets what you have outlined. They got a nice book too - for newbies. Nice lot, I think Russians and Russians seem to be extremely good traders and programmers. They seem to approach it from a different angle.

Excellent needs to be followed and I am sure results will improve

I would add:

- Choose a broker that doesn't disconnect your mt4 when you have winning positions;

- Choose a broker that doesn't show "Trade disabled" and "Context busy" messages when opportunity are setting up

- Choose a broker that doesn't do stop loss hunting

what happens if i follow the 10 rules & yet lose money?

the first thing is stop reading comments on forums ....