Very destructive suggestions made.
no nonsense forex.it seems to me that he is preparing the ground for selling his customised indicators in future.
he never tells what indicator he is using.Although he shares his experiences about pros and cons of indicators out there in market.
Sorry but this guy has no understanding of the ADX at all ...... if you watch the vid....... he has no clue
I would take that alone as a warning to all other vids
Thats my whole point in my post....... how do you know his info is valid..... I personally base this on--that the maker of the vids........
does not understand the ADX at all. If your going to bad mouth a indicator .... you should at least know how the indicator works....
its very evident if you Yourself have a very good understanding how the ADX works....... So be careful you dont wast a lot of time on invalid info.
Just giving heads up ...... its up to you to make a informed decision on where you put your valuable time,...... Having said that ...To each his own.
you are not wrong either,but we are in the time of technology and knowldge society,there is lot of information out there in the internet ,good and bad,its one's responsibility to filter and take what is good,season traders know what to take from his videos.
Are markets Logical and technical? Or are they moody and impulsive?
I believe the markets have bi-polar disorder and can act both ways.
Its your job as a trader to know which mood market is in..
This is why you need lots of screen time. And every setup you have will always be at risk of failure.
This is a trade I took...
I saw gbp was being bought once London opened. But didn't want to chase a move.
I waited for price to come back to where I thought the buyers were and I could control my risk.
price came back and I got the entry i was looking for. Right where the buyers steeped in last time.
I got 11 pips in 4 mins.. And was out before data was released.
I took profit at apex top/ support resistance.
I then shot my self up with some insulin, took a shower, and had a few shots of whiskey.
Ps. "Low vol move" means low volatility (small candles) in the chart.
It dosn't mean low volume.. as there is no central exchange in FX to measure volume.
there is no forum in no nonse forex.com blog site? is there anyone following his videos? because there are so many likes and followers.
The masterful trader isn't the trader who takes 1000 different entries (techniques) 1 time, but rather the trader who takes the same 1 entry (technique) 1000 times.
So far so good. Thanks and
Everthing works some of the time. Nothing works all of the time.
Sorry - I have deleted the offending post, as pointed out by SirOrigami below.
Bloodpoodle - I did not set out to be as acerbic as I have -there was no intention to personally attack you as a Forex dilettante.
Rather, I saw the attitudes and ideas you supported in your diatribe as not being helpful in this difficult endeavour people face - REAL people with families and rent to pay, groceries to put on the table - to succeed in this world of shady banks and brokers, and a market-of-choice that is based not on reality, but whim; not on the actual but on the derived.
Your erroneous and superficial presentation of the Forex markets as Bank 'A' being offered Price 'B' and just taking it 'at market' in order to settle a transaction is intrinsically flawed and if not, then it is mendaciously misleading. You need to do a lot of work on your understanding of the true function of the major players (large transaction houses) as they effect large settlements. It is a very different world. It is not as simple as trader 'X' accepting the price offered by trader 'Y.' It is more closely aligned to both of those traders firstly attempting to push price in a favourable direction, and then buying/selling into that price.
Take a look at the COT sites (Commitment of Traders).
Each month price is pushed to eclipse the Options targets, prior to expiry.
Price sometimes gets there - sometimes not.
Surely that is evidence enough for you that powerful interests have the ability to move price to advantage?
For any or all of us to succeed in trading, we have to understand these things.
Doing the same things year after year does not work - why persist?
If someone has discovered or devised a strategy that is delivering a measure of success, then surely only the foolish would turn away without a cursory examination of the facts at least. It is foolishness to continue to operate an approach that clearly fails the trader, while at the same time ignoring something that may address that failure, in my view.
I would like to see you take a look at the new ideas presented by this anonymous trader.
Look at the videos; listen to the podcasts; find the indicators; try out the ideas; ask the questions; understand the approach.
Maybe you will see why certain indicators are continuing to fail us as traders, while useful other indicators right in our line of sight, are ignored by us.
I have tried not to make this personal, since you seem to be trying very hard to be of help to people.
But the blind cannot lead the blind.
When there is light - there is sight - and insight.
Grasp it with both hands, because only knowledge leads people out of darkness and despair.
Nearly 20 years of retail Forex, and 100+ years of indicator-based charting in equities trading has not made retail traders successful.
The old ways do not work, and not everyone understands or wants to use price action. I don't.
It is not useful to continue to promote to others that failed approaches can be made to succeed.
And it is not nice to flippantly and out-of-hand dismiss new initiatives before investigating and understanding them.
Particularly it is demeaning of yourself to slander the messenger.
Hopefully you may see fit to take a look yourself and come back to your disciples with the view of a leader.
Someone with the attitude of a student - humble and teachable - would be a huge asset to their friends, themselves and this site.
This can be you, if you have the insight to understand my rant.
I would like to join this conversation, not as the 'sergeant-at-arms' but in the manner of a humble undergraduate in this most interesting endeavour.
I hope you would make me welcome here.
If i am not mistaken, this is Bloodpoddles thread. About how he trades inefficient market behaviour, its not a nononsenseforex fanboi thread.
but i could be wrong, lets ask the thread creator.
My previously-deleted post contained some merit.
I am re-instating my views in this post, but deleting reference to another educator, and at the same time, highlighting some differences of opinion with the OP.
There is little in the thread that has not been peddled and rehashed a thousand times over past years, in books and videos; by Forex educators, workshops, courses and so on.
But the one thing all of the above have in common, is that they confuse the equities markets with the Foreign Exchange markets.
The indicators and technical Analysis approaches used by most in the Forex Education Industry are simply of little value.
Why can I say that?
Because even those same educators are unable to say with conviction that they earned more from their trading than from their educational business activities.
Now that is quite a moot point simply because it is unprovable. Which educator is going to admit that his approach does not work?
He'd be out of a job by tonight!
I am not going to posture myself on the side of saying that certain approaches do not work - out-of-hand useless. No.
Indeed, I have no idea if the methods espoused here do or do not work.
But that is not my concern or focus.
It does concern me when someone will slander another educator, without having regard to what that educator is saying.
I have read through this entire thread, and while the OP's authoritarian approach to imparting his knowledge is commendable, that does not necessarily make it successful or correct.
It may well be, but what I have read is not so much a strategy, but a series of regurgitated ideas and quotes which could have been gleaned from any number of well-known tomes on this subject. Having read Mark Douglas' "Trading in the Zone" and Van K. Tharp's "Trade Your Way to Financial Freedom" as well as a couple of Alexander Elder's classics, I can see that there is much of the same stuff put out here. No doubt there is something to be learned from those texts mentioned, but I stand by my view that it has not been of very much assistance to traders over the years, other than to "educate" them in the same old approaches that we all cut our teeth on. Approaches that no longer work - if indeed they ever did.
I am not some Johnny-come-lately to this game, having been a money-down trader since 2004, and stuffing it up royally over many years as well.
My conclusion is that we need a new paradigm if we are to ever succeed in trading, and eventually be able to call ourselves traders, based on what we tell the ATO, or the IRS or the HMRC etc.
I freely admit to never having earned more than $25k in a single year through trading.
Most of it I gave back over time, and my Taxation return still reflects that my income is reported from my day job, not my trading activities.
Not happy about it. But have to accept reality.
My initial intention was to try to point out to the OP that Banks are not just instruments of settlement.
They are also TRADERS.
Most of us should recall how Nick Leeson broke the Baring Bank in 1994 - 1995.
They called him a rogue trader, but nevertheless he was still an employee of Baring Bank, in their Foreign Exchange Trading branch.
In case there is any doubt of the manipulation that occurs with the BIS - the Central Bank at the top of the tree. (BIS = Bank of International Settlements), I would turn trader's attention to this site, which shows that the big banks, whom I shall list shortly, are responsible for taking the opposite side of trades, forcing losses.
Banks also now where traders put their stops, conditional orders etc, and they are also capable of drawing Support and Resistance, and checking Fibs, Moving Averages and any number of indicators for themselves.
Just click on any one of those Client Sentiment links, and scroll down a little, and tou will see the commitment of traders, compared with the position of the Banks.
You will also see these words, wrt the EURUSD, and repeated underneath EVERY other currency pair listed:
"We typically take a contrarian view to crowd sentiment, and the fact traders are net-long
suggests EURUSD prices may continue to fall. Yet traders are less net-long than yesterday
and compared with last week. Recent changes in sentiment warn that the current EURUSD
price trend may soon reverse higher despite the fact traders remain net-long."
There are about 60 Central Banks involved, but the major players are Citi, JP Morgan, Deutsche Bank, Barclays, UBS and HSBC, and so on.
These banks do not simply settle transactions as people walk in the door.
It takes many weeks at times before an exchange can be effected. Banks may choose to pay out a client on the spot, or offer an opportunity to "get a better price" for a currency exchange transaction. Banks use their Traders to try to drive prices up/down in order to make profits above and beyond the commissions and fees they have already extracted from businesses.
This explains why traders have such a difficult time following the settlement of $2 billion in Caterpillar machines sold to Brazil ... or $5 billion worth of Toyota's sold to the UK. If you don't get that the banks push the price where they want it before selling into a rally, or buying into a correction (the opposite side of YOUR trades) then you will never truly understand why you are losing.
As soon as traders capitulate and bail out of their shorts when price is hitting new highs, the banks switch the direction, and sell to them as they buy in.
There is always someone on the opposite side of your trade. There is a reason for that.
And here's the rub: it is NOT beneficial to YOU ... it serves THEM!
I did not come onto this thread to knock anyone; rather I am here for two reasons:
1) To point out the foolishness of denying other educators their right to have an approach which may or may not be valid.
Such an attitude represents a closed mind, and does a disservice to readers of the thread who are really here to try to find out what works in Forex Trading.
ie "How the heck can I make some money in this business?"
2) I also came here because I get my hackles up when I see other people being slandered when it is clear the person doing that has not apprised themselves of the approach or methods of the person they are slandering. That is very shallow, particularly from someone setting themselves out to be educating others.
Surely if the approach of this OP is solid, then there is no insecurity when the approach of someone else is mentioned.
The defensiveness of the OP hints that he is feeling threatened by the mere mention of approaches used by other people.
Such is not professional, and ought not to be the case if he indeed has something to say that can change the fortunes of his readers for the better.
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