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The Trader's Academy - by Traders for Traders

  • #1,461
  • Edited 7:53pm Oct 12, 2017 7:16pm | Edited 7:53pm
Quoting cat
{quote}[/b] I think you are slightly misunderstanding the original point I was trying to make, which is probably due more to my failure to explain it well enough than anything else. My original post on this subject was not to imply that red diamonds were the only traders who know how to trade, far from it, and some may well be useless traders, who knows? What I was attempting to do was help relatively new and inexperienced traders see through the maze of information that is freely available here on ff, by highlighting the importance of selecting...
This post is not directed at you, ofc not. You are one of the few posters, red diamond or not, who is genuine in helping others imho. That's why I check out this thread whenever there's any post made and I've done that for quite some time.

Specifically about English, I've seen far too many times that the posters flair for writing is mistakenly taken by the masses as reflective of his/her ability to trade. Case in point, dukas_trader being a german who writes on english forums, is conversely seen by the masses as the lesser able. (I'm not expressing my opinion about dt as a trader, just the language usage)

Imagine if this was a german or chinese.... forum, how would each one of us come across to others as traders ? I hope I've conveyed clearly my point and I felt it was important enough to highlight that.

Quoting cat
But it has to be this way, it is the only way. Consider the learning process as trying to find the centre of a maze - it would be impossible to find it in one single attempt without any dead ends unless you knew exactly where to go. I too ran into a succession of dead ends, and I've been trading for ten years. But it was never time wasted, it was the path I had to take, as others must, along the road to profitability.
I agree, it's important for someone new to know that.

Quoting cat
{quote}[/b] Yes, but there should never be ' one big mistake ' should there? Discipline and strict money management should ensure that this never happens.
Often times there's too much focus on winning trades to the extent the design of strict money management is neglected. It is prudent money management that keeps us in the business and reduces the risk that our capital is exposed to in an uncertain financial market. Winning trade strategy does not do this job.
  • #1,462
  • Oct 12, 2017 7:23pm Oct 12, 2017 7:23pm
Quoting skyway
{quote} This post is not directed at you, ofc not. You have are one of the few posters, red diamond or not, who is genuine in helping others imho. That's why I check out this thread whenever there's any post made and I've done that for quite some time. Specifically about English, I've seen far too many times that the posters flair for writing is mistakenly taken by the masses as reflective of his/her ability to trade. Case in point, dukas_trader being a german who writes on english forums, is conversely seen by the masses as the lesser able. (I'm...
i use simple english and simple grammar. i know.
but until now only some fakers or scammers did call me as bad (or less good) trader. but most of time only because they was angry or attacking, when you correct some of their bigger mistakes.

of course the style you write you cant judge, when its not native language, but what someone tells is possible to judge.
  • #1,463
  • Oct 13, 2017 1:47am Oct 13, 2017 1:47am
Guys, writing isn't important, how you trade is. I, and all the other traders here whose native lingo is English, are fortunate and grateful that we don't have to communicate in French, German, Spanish or Swahili. No one should ever feel that their English is not good enough to post here on ff, even if they can only string a few words of English together, it'll be understood anyway, plus if someone is learning, then it's good practice for them.

Right, enough natter for a Friday. To the markets.....
  • #1,464
  • Oct 13, 2017 3:08am Oct 13, 2017 3:08am
[quote=cat;10384249]
Quoting simond2002
But it has to be this way, it is the only way.
I'm afraid we'll have to agree to disagree on this. My comments regarding time wasted are couched in the issue of red diamond status, which you've raised and which I thought we were discussing.

These red diamonds are a sham in many respects and sometimes the way they're allocated is directly contributing to people being needlessly led into dead ends from which they'll struggle to get out of. I won't name names but I'll give an example:

 

  1. A person starts spamming FF interactive/discussion threads requesting people to follow his free signals. Even though in his method he risks 12 pips to make 10 pips he looks genuine enough because hey, he's posting actual prices and instructions on how to plot his levels. A turnkey solution right?
  2. For evidence of his rising equity curve he posts an Excel spreadsheet.
  3. When quizzed why he doesn't just post a verifiable T/E he acts dumb.
  4. He suddenly has over 350 subscribers and is a red diamond superstar.

We know one glaring reason why someone like this won't post a verifiable T/E: even though the market may print 150 it doesn't necessarily mean to say a trader will get filled at 150 due to spread etc. We also know that in a system where one is supposed to risk 12 pips to make 10, factoring in a couple of pips for spread is going to make a huge difference to the figures. Without going into finer detail, it's highly likely this red diamond trader's T/E won't look anything like his Excel spreadsheet, which in my opinion, especially given that 6 months later he goes commercial, is an outrage.

The red diamond is a contributing factor by helping snowball events like the above example. So yes, learning to trade is tough and time-consuming, but no, it certainly doesn't need to be as time consuming as it becomes when applying something like the red diamond effect.

  • #1,465
  • Oct 13, 2017 3:48am Oct 13, 2017 3:48am
Quoting simond2002
Quoting cat
{quote} I'm afraid we'll have to agree to disagree on this. My comments regarding time wasted are couched in the issue of red diamond status, which you've raised and which I thought we were discussing. These red diamonds are a sham in many respects and sometimes the way they're allocated is directly contributing to people being needlessly led into dead ends from which they'll struggle to get out of. I won't name names but I'll give an example: A person starts spamming FF interactive/discussion threads requesting people
...
Then with most things in life it has to come down to each and every one of us using our own discretion. If the red diamond has not been active on ff for very long, then that should raise alarm bells. If it looks like this trader is trying to actively get as many subscribers as possible in as short a time as possible, then again there should be something fishy about this. Anything is open to abuse, we all know that, and we have to be on the look out for charlatans each and every day whatever business we're in. My best advice to anyone reading your comment, which is perfectly valid by the way, is if people are looking to glean something of value from another trader, then check him or her out, and if something looks fishy, then it probably is. There are some great people on this forum, and some great traders, but inevitably where money is involved, there will always be scammers, so just be vigilant and approach people will caution. It it looks like someone is genuine, and you truly see the value in what they are trying to put across, then learn as much as you can from them.

One more thing though, which you, I , and all experienced traders know, which is that no one ever became profitable in this business by copying someone else. We have all earned it the hard way, alone, using our wits, ingenuity, and sedulity to progress along the learning curve.
  • #1,466
  • Oct 13, 2017 3:55am Oct 13, 2017 3:55am
Quoting simond2002
Quoting cat
{quote} I'm afraid we'll have to agree to disagree on this. My comments regarding time wasted are couched in the issue of red diamond status, which you've raised and which I thought we were discussing. These red diamonds are a sham in many respects and sometimes the way they're allocated is directly contributing to people being needlessly led into dead ends from which they'll struggle to get out of. I won't name names but I'll give an example: A person starts spamming FF interactive/discussion threads requesting people to follow
...
You can call their bs live on their thread. That would save some people from following them and perhaps saving them some money (subscription, bad calls etc). Oh well you will get some hate pm's too, but that's normal

Trader-dale which you picture as well as some others who ended up commercial follow some pattern before they end up there. They start making calls, their calls are 'almost always' correct (bad ones are hidden), they start spamming around the interactive threads where most people reside and advertise their journal page, then they get enough followers in their thread and silently advertise to them their paid subscription service (their webpage). Don't think the red diamond had any part to play in this as it was just a natural evolution due to the way it is given by FF. The reason behind this is that most people are gullible when you promise them that something works and they will make money. I can post a fake semi-complex break even EA under platform tech and say that it's a million maker only it needs to be optimized - will get a red diamond within a few hours... then if a person goes through my history and see what bs I got my red diamond on he will just ignore me. Diamonds only get the weight you decide to give them, for the newbies they might mean much, once they spend some time here they learn to just ignore them or scrutinize the persons behind them. What snowballed the effect with Dale was that he had a very active interactive/journal thread with many followers (and couple shills) who kept it on top of forum lists and on highest liked posts.
  • #1,467
  • Oct 13, 2017 4:07am Oct 13, 2017 4:07am
Quoting sakisf
{quote}{quote} You can call their bs live on their thread. That would save some people from following them and perhaps saving them some money (subscription, bad calls etc). Oh well you will get some hate pm's too, but that's normal Trader-dale which you picture as well as some others who ended up commercial follow some pattern before they end up there. They start making calls, their calls are 'almost always' correct (bad ones are hidden), they start spamming around the interactive threads where most people reside and advertise their journal...
Well said.

You could be right in that the red diamond status was overplayed in that particular case. But let's say for a minute it wasn't. I'm interested to hear your view; if you could see FF make changes to the way red diamonds are allocated, what changes would you like to see them make?
  • #1,468
  • Oct 13, 2017 4:21am Oct 13, 2017 4:21am
Quoting simond2002
{quote} Well said. You could be right in that the red diamond status was overplayed in that particular case. But let's say for a minute it wasn't. I'm interested to hear your view; if you could see FF make changes to the way red diamonds are allocated, what changes would you like to see them make?
Remove them completely. There's really no need for them. Just add a sign if someone has a demo/live TE and that's it. If you are to follow up someone you should be following him for what he is posting - trades or other stuff - not for the coloured thing next to the name. For me the diamond is a curse because people think that I know how to trade and when I post a chart they take the same trade and then pm me bs when it fails or they think that I am a pro coder because I can fix a thing or two in code and when I fix and post an indi I get a million pm's requesting me to code things I am not even remotely interested in - these two are connected to the red flag I reckon.
  • #1,469
  • Oct 13, 2017 4:36am Oct 13, 2017 4:36am
Quoting sakisf
{quote} Remove them completely. There's really no need for them. Just add a sign if someone has a demo/live TE and that's it. If you are to follow up someone you should be following him for what he is posting - trades or other stuff - not for the coloured thing next to the name. For me the diamond is a curse because people think that I know how to trade and when I post a chart they take the same trade and then pm me bs when it fails or they think that I am a pro coder because I can fix a thing or two in code and when I fix and post an indi I get...
Yea I thought something similar - either remove them completely or assign them only to traders with live T/Es.
Anyhow, will get back to work - don't want to become one of those red diamond members I'm deploring by keeping people away from their charts lol
  • #1,470
  • Oct 13, 2017 1:08pm Oct 13, 2017 1:08pm
Quoting sakisf
{quote}{quote} You can call their bs live on their thread. That would save some people from following them and perhaps saving them some money (subscription, bad calls etc). Oh well you will get some hate pm's too, but that's normal Trader-dale which you picture as well as some others who ended up commercial follow some pattern before they end up there. They start making calls, their calls are 'almost always' correct (bad ones are hidden), they start spamming around the interactive threads where most people reside and advertise their journal...

Commercial members are the only intelligent beings you could ever see on trading forums.. yeah yeah we have Copernicus damn it.. but who else ?
  • #1,471
  • Oct 16, 2017 8:41am Oct 16, 2017 8:41am
Sorry.
Just bumped into this one and couldn't resist.
Attached Image
  • #1,472
  • Oct 16, 2017 1:40pm Oct 16, 2017 1:40pm
Quoting Jupiter
OK! Who is the enemy? The "indicator" shown in this chart is the FXCM/IG SSI... the so called "Speculative Sentiment Index". This is what really happens in the markets every day. Essentially SSI is a ratio that gives us a picture of trader positioning. SSI reveals trader positioning by determining if they are net long or short, and if so by how much. SSI is a strong trading tool due to the nature of most traders. Traditionally most Forex traders look to pinpoint a market top or bottom while fading market trends. That means that more often than not,...
Is that a Daily chart ?
And what is that trend line setting on the chart please ?
Thanks.
every Saint has a past. Every Sinner has a Future
  • #1,473
  • Oct 16, 2017 10:58pm Oct 16, 2017 10:58pm
Quoting turnip15
{quote} Is that a Daily chart ? And what is that trend line setting on the chart please ? Thanks.
-Yes. D1.
-Separation/Distinction between Trending phases and Ranging phases.
  • #1,474
  • Oct 25, 2017 1:40pm Oct 25, 2017 1:40pm
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  • #1,475
  • Nov 5, 2017 10:19am Nov 5, 2017 10:19am
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  • #1,476
  • Nov 7, 2017 8:14am Nov 7, 2017 8:14am
Are you over-leveraged on your trades?

Here's a simple theoretical test -

If you lost your next twenty trades, all to your full initial stop loss, would your account still be healthy enough for you to continue trading? ( forgetting the psychological effect this would have on you )

If the answer is no, then unless you have years of experience and you know exactly what you are doing, you are risking too much on each trade.
If the answer is yes, then chances are you are on the right track.
  • #1,477
  • Nov 7, 2017 12:23pm Nov 7, 2017 12:23pm
Quoting cat
Are you over-leveraged on your trades? Here's a simple theoretical test - If you lost your next twenty trades, all to your full initial stop loss, would your account still be healthy enough for you to continue trading? ( forgetting the psychological effect this would have on you ) If the answer is no, then unless you have years of experience and you know exactly what you are doing, you are risking too much on each trade. If the answer is yes, then chances are you are on the right track.
some traders might not be aware of this also...
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  • #1,478
  • Nov 16, 2017 7:18am Nov 16, 2017 7:18am
Why longs tend to be easier to take and time ( for me anyway ) than shorts.

This has got everything to do with our hard-wired, inbuilt cognizance towards viewing 'UP' as positive and 'DOWN' as negative. Sayings such as ' down in the dumps ' meaning depressed, or ' things are looking up ' indicating a positive outcome not only come from this inherent ' bottom up ' approach to life, but also act to reinforce it.

This means, as traders, we are far more likely to see a positive outcome when taking a long trade, than we are a short one, which, because of its hoped for downward, negative projection, fills us with a good deal more uncertainty and skepticism which in turn can affect our judgement and approach with regards to taking the trade, and, make the trade more likely to be a losing one.

My thoughts, and they could be just nonsense...they usually are!
  • #1,479
  • Nov 16, 2017 5:29pm Nov 16, 2017 5:29pm
Quoting cat
Why longs tend to be easier to take and time ( for me anyway ) than shorts. This has got everything to do with our hard-wired, inbuilt cognizance towards viewing 'UP' as positive and 'DOWN' as negative. Sayings such as ' down in the dumps ' meaning depressed, or ' things are looking up ' indicating a positive outcome not only come from this inherent ' bottom up ' approach to life, but also act to reinforce it. This means, as traders, we are far more likely to see a positive outcome when taking a long trade, than we are a short one, which, because...
Correct. At least in the USA. Shorting stocks has a stigma to it.
If you are good at something, never do it for free--Joker
  • #1,480
  • Nov 29, 2017 3:35am Nov 29, 2017 3:35am
A quick note for traders who are new to this business ( there are many thousands each day chasing instant gratification ). I would say 80% of traders who subscribed to me up until six months ago haven't been active on forex factory for six months or more, which means either that they no longer use ff, or that they are out of the game, and more likely the latter.

There is no instant gratification in this business. It requires as hard a graft as anything else in life worth achieving, perhaps more, and there is no place for dreamers in forex or any other kind of trading.

Just as long as we appreciate that fact, then we all stand an equal chance of achieving lasting success.
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