Hi, i do have admiration for both James16 and Soultrader, but in this case the Soultrader's post seems unfair, simply because Soultrader also sells a forex course for GBP 39.99 and had an offer for managed accounts on his web blogsite. so he talks as he is not doing it....sort and short of Spitzer morale.
yep, it's not easy to make a living one way or the other.
Liviu
yep, it's not easy to make a living one way or the other.
Liviu
Dislikedim sorry James, but the experience oif someone who lives off the $200 a month of other traders isnt worth much to me. No disrespect meant as i'm sure you are a nice guy and there's plenty of money to be made from other traders. But i trade every day real size in these markets and that's the experience im using - your answer was rather patronising.
not to ruffle feathers of course.
question - if that was an 'almost 100% certainty' trade how many hundreds of lots did you have riding on it? did you re-mortgage the house when you saw it? if it was a large trade can we see?, did you call it in your room / site? and if no to any of these why not?
You can show rejection bars all day long and for every one that you show i can find one that didnt work. Hindsight is a wonderful trading system and rejection bars are far away from 100% sure thing - to suggest they are is ridiculous.
However, on saying that I do use rejection bars and support and resistance in my trading, just because i do does not mean that luck does not play a large part. anyone who says otherwise must believe in prediction and we all know where that leads.
rejection bars have the ability to keep losers small and if you've any sense you'll just follow em upwards / Downwards and not have a target. you never know where they'll go and if they don't then you'll still take some pie. Ive even written code the autotrade the things so i'm not saying they are useless. But they do lose and often.
No-one takes a trade thinking 'man i hope i'm lucky' of course (well, not often ), but it doesnt matter how you approach it, sometimes you're the hunter an sometimes the Fox. everything else is just invented in the traders mind - like the craps players who believe they can influence the way the dice fall by how hard they blow and throw.
when talking support and resistance - remember support isnt support until it's held and resistance aint resistance till it's rejected - until then it's potential and even then how far till it really is support and not just a breather? 10 pips? 20? 50?
my rules are like this - don't need a chart - if its going up buy, if its going down sell. if it keeps going up - keep buying etc etc - you get the idea right?
lady luck plays a big part - ask John Henry or Ed Seykota if it does - they'll tell you that if they are lucky enough to tag into the trend then they'll milk that luck as much as they can.
Don't take my word for it - just ask the masters.Ignored
Once A Trader Always A Trader.