Can YOU make money as a trader? | Page 30 | Forex Factory

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  • #581
  • Feb 26, 2018 11:57am Feb 26, 2018 11:57am
Quoting Spreadbetter
Christ, it’s like a throwback to 1999, fools who still kid themselves and self delude that their T/A works. It’s be hysterically funny, if it wasn’t so tragic. {quote}
trading is a beautiful thing.
while it is fun to debate on things working or not working, in the end it is only a quick glance to P/L statement of anyone to find out what they do is worthless or not.
one can do this self-examination, privately, especially if feel embarrassed to back their words. it is good to be pro, fantasy or real, obviously each have benefits.
there is always, always another trade!!
  • #582
  • Feb 26, 2018 12:34pm Feb 26, 2018 12:34pm
Quoting profitfarmer
{quote} trading is a beautiful thing. while it is fun to debate on things working or not working, in the end it is only a quick glance to P/L statement of anyone to find out what they do is worthless or not. one can do this self-examination, privately, especially if feel embarrassed to back their words. it is good to be pro, fantasy or real, obviously each have benefits.
They won't do it even privately because they gave up trading a long time and keep believing in their own fantasy....misleading at the same time newbies who may genuinely believe them. I feel almost sad for them.
Don't give up on your dreams. Keep sleeping.
  • #583
  • Feb 26, 2018 12:35pm Feb 26, 2018 12:35pm
Quoting newbegger
{quote} Pretty good results for something that will never work. The 2 left prices were where I shorted (Upper BB and the channel touch) and price on the right was where I exited (the pinbar).
This becomes pathetic.
Don't give up on your dreams. Keep sleeping.
  • #584
  • Edited 1:43pm Feb 26, 2018 1:14pm | Edited 1:43pm
Quoting newbegger
{quote} There it is! You just gave another mindset that keeps you from making money as a trader (spreadbetter) Technical analysis will never work, or the inverse, Fundamental analysis will never work. I will explore how by Spreadbetter's mindset, that there is only one way to trade, is a path to failure in trading. But no time now, ECB President Draghi Speaks in 10 minutes.
Time for next lesson of successful trader's philosophy.

Spreadbetter said earlier in his tirade against me that technical analysis (TA) does not work. Then he backpeddled and said his type of TA works but not any other types of TA. First, let me explain what TA is.

TA is when you look at charts to attempt to gauge market sentiment, whether it is going up, down, or sideways or the structure of the chart. Everything is based on chart movement.

Fundamental Analysis (FA) is when you do not look at charts, you look at the fundamentals or structure of a company (or Country) and gauge market sentiment from news announcements, 10k reports, higher or lower interest rates, etc, etc, etc. Bottom line is no charts other than a tick chart.

Almost every modern day trader uses some form of TA. Indicators, Price Patterns, Market Structure, Pivots, Oscillators, on and on. IMO, the only people who can make money on pure FA are floor traders and Central Bankers who print the money. If you don't use some TA in your trading, you have a tough row to hoe.

Now the opposite - If someone has a mindset that FA does not work. I knew the Elliot Wave Trader who said he never watched news announcements because he could see what will happen it the structure of the wave. I warned him several times the Greenspan is going against him but he would not listen. As I recall Greenspan was raising rates and he was buying EURUSD every 1 or 2 cent down,a little foggy on the pips. Anyway, it was not long before he started "topping off his account." Then the fateful day arrived, a Monster blowout to the upside NFP report wiped him out and he quit trading. Such a pity as he was a really good EW trader but he refused to look at FA.

My advise - take advantage of every tool you have and keep learning new tools. When I first started trading back in the stone age, I had to go to the office of my broker and watch the ticker tape stream across the wall. Or call the broker and get a quote which the bid/ask was usually padded with slippage.

Happy trades to you. Until we meet again.
Ecclesiastes 1:9
  • #585
  • Feb 26, 2018 1:29pm Feb 26, 2018 1:29pm
yes I can.
  • #586
  • Feb 26, 2018 1:29pm Feb 26, 2018 1:29pm
Look it’s easy for me to forget that I loved the period in my life, over 2 decades back, when I came across T/A and the wide eyed innocence with which I experimented with it all, despite real, professional mentors (with outstanding reputations), raising their eyebrows. You have to remember that this was pre internet trading, but all the indicators are the same, they were created from the 1930’s to the 1970’s and the daily, weekly and monthly charts were our templates. I/we modelled them all a few years back, none work, doesn’t matter what combination over what time frames, if you enter and exit exactly when they align they’ll fail, your only option is to corrupt them using gut feeling, which ruins their purpose.

What astonishes me is that the conversations I saw on trading forums approx fifteen years back, are still happening; “anybody tried B.B. bands, with MACD and DMI/ADX on a one hour chart? Been having good results (for a day), I think I’ve discovered the holy grail.” Wtf? Seriously, this kind of nonsense still goes on, it still gets discussed?

Or using candlestick action, the abhorrent creation Steve Nison adopted, from discovering how Asian merchants would count commodities at ports, for supply and demand, four centuries back. Hey it’s called price action this century.

I appreciate newbies have to go through some of the mistakes many traders made, but ffs, it’s like stating that old hob nail boots were good for running a mile, as opposed to wearing spikes, or that smoking is good for your lungs. It’s complete and utter madness because after decades of use there is zero evidence that any T.A. works. Not even moving averages, what time frame, which one, are you telling me that two moving averages crossing on a one hour chart actually matters? Jeezus.

Quoting Artcool
{quote} This becomes pathetic.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #587
  • Feb 26, 2018 2:27pm Feb 26, 2018 2:27pm
Delusional and tl;dr, I clearly explained that I don’t regard using price action, or using pivot points, as the kind of technical analysis you referred to, with your novice and infantile MACD/DMI/bollinger bands drivel. And the fact you cited such risible nonsense as proficient and useful, and claim to be profiting from it, demolishes any claims you've made that you’ve traded since the Stone Age and are profitable.

By proposing insulting technical indicator combinations, you exposed yourself as a wet behind the ears, innocent, novice. No successful traders (on both sides of the bets I’ve seen) and at all the levels of the real industry I’ve worked with, have ever used your type of T.A. consistently, to take money out of the markets. But be my guest, code it up, automate it, take a step back and let us all know how you get on over the next 12 months.

Quoting newbegger
{quote} Time for next lesson of successful trader's philosophy. Spreadbetter said earlier in his tirade against me that technical analysis (TA) does not work. Then he backpeddled and said his type of TA works but not any other types of TA. First, let me explain what TA is...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #588
  • Feb 26, 2018 2:52pm Feb 26, 2018 2:52pm
Quarles is done and looks like more of the same no surprise here.

I am going to post my template for tomorrow. So far I have only got negative feedback on it. If anyone is getting any benefit, please let me know to continue posting it.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 99 KB


The ADX continues to fall indicating less trend strength. Both +di and -di are below 20 so they agree with ADX. The Bollinger Bands are getting tighter indicating market may be getting ready for a big move. The Osma MACD is also beginning to compress also indicating big move coming.

The trade is still in range trade mode. This may change when Powell talks tomorrow at 8:30am NY time. I am probably going to stay sidelined until the testimony is under way. From the way markets are acting, I expect some fireworks which may break us out of the range and safety of capital is best position to take.

Happy trades to you.
Ecclesiastes 1:9
  • #589
  • Feb 26, 2018 3:08pm Feb 26, 2018 3:08pm
Quoting Spreadbetter
Look it’s easy for me to forget that I loved the period in my life, over 2 decades back, when I came across T/A and the wide eyed innocence with which I experimented with it all, despite real, professional mentors (with outstanding reputations), raising their eyebrows. You have to remember that this was pre internet trading, but all the indicators are the same, they were created from the 1930’s to the 1970’s and the daily, weekly and monthly charts were our templates. I/we modelled them all a few years back, none work, doesn’t matter what combination...
30 yrs ago I was paying 1/32% to BOA just to buy or sell USD never mind about leverage.

Hehe
GS
  • #590
  • Feb 26, 2018 3:19pm Feb 26, 2018 3:19pm
Quoting genghistar
{quote} 30 yrs ago I was paying 1/32% to BOA just to buy or sell USD never mind about leverage. Hehe GS

Then, you maybe remember Telerate terminal.
  • #591
  • Feb 26, 2018 3:30pm Feb 26, 2018 3:30pm
Quoting kk100
{quote} Then, you maybe remember Telerate terminal.
We hedge thru bankers against USD GBP DM against our local currency. Started of paying 1/8% just to hedge. Those were the cowboys years.

Hehe
  • #592
  • Feb 26, 2018 3:45pm Feb 26, 2018 3:45pm
Quoting Redeflect
{quote} If you aren't saying it then how was it 'a waste of time'? For something to be a waste of time the objective has to be able to be accomplished more quickly and easily through different means which you only become aware of in retrospect otherwise you wouldn't have 'wasted' the time initially. All time inevitably leads to a situation where you're able to decide it was wasted. I think that's a pretty silly way to look at the continuum.
No. I can see that I will probably waste my time on something before I actually will.It's a good skill not only in trading but in everything in life.if this not making sense to you,then I apologize and you can inscribe another win to your "Internet warrior history".

Quoting newbegger
{quote} Time for next lesson of successful trader's philosophy. Spreadbetter said earlier in his tirade against me that technical analysis (TA) does not work. Then he backpeddled and said his type of TA works but not any other types of TA. First, let me explain what TA is. TA is when you look at charts to attempt to gauge market sentiment, whether it is going up, down, or sideways or the structure of the chart. Everything is based on chart movement. Fundamental Analysis (FA) is when you do not look at charts, you look at the fundamentals or structure...
Bla, bla, bla... You talking like profitable pro trader,but yet providing his webinars/seminars for a "small fee".
  • #593
  • Feb 26, 2018 4:15pm Feb 26, 2018 4:15pm
Quoting G.Kad
{quote} Bla, bla, bla... You talking like profitable pro trader,but yet providing his webinars/seminars for a "small fee".


This is new information. But I am really not surprised...
Don't give up on your dreams. Keep sleeping.
  • #594
  • Feb 26, 2018 5:10pm Feb 26, 2018 5:10pm
Quoting newbegger
I was discussing the topic and wanted to post my thoughts on making money as a trader. Many people have the idea that they are almost there, just missing one piece and then they will be able to quit their job and buy a mansion and yachts and expensive cars. Well, you may be almost there. And maybe not. Over the next few posts as time permits, I am going to tell you how I became a profitable trader. Some of it's ugly, terrible disappointments, humbling experiences, horrible crashes that many do not walk away from. You really have to have a burning...
"
Many people have the idea that they are almost there, just missing one piece and then they will be able to quit their job and buy a mansion and yachts and expensive cars."
You will be able to quit your job and buy a mansion and yachts and expensive cars. But as a Trader impossible, " It is just like a lady fucked fucked in ass, but will never tell to anybody , instead will act over smartly, but the fucker knows. Brokers are the real fuckers
Neither a Bro Nor a Pro I am I
  • #595
  • Feb 26, 2018 6:26pm Feb 26, 2018 6:26pm
Quoting newbegger
{quote} Thanks for the complement. And the tip. Got shorty on your long call at 11;44 am and s/l now sitting a BE +10. {image} Fellow traders - I already tried to clock this trader, does not post too many trading calls but this is great example of why I don't ban people from threads. Every now and then, they will tip their hand.
I dont care about after the fact posts...never did never will
  • #596
  • Feb 26, 2018 7:10pm Feb 26, 2018 7:10pm
Quoting G.Kad
{quote} No. I can see that I will probably waste my time on something before I actually will.It's a good skill not only in trading but in everything in life.if this not making sense to you,then I apologize and you can inscribe another win to your "Internet warrior history". {quote} Bla, bla, bla... You talking like profitable pro trader,but yet providing his webinars/seminars for a "small fee".
"Of course I COULD HAVE, but I WOULD HAVE wasted my time still."*

Simple mistake since you already know better.
"The fun is in the hunt. Not the kill."
  • #597
  • Feb 26, 2018 7:45pm Feb 26, 2018 7:45pm
Quoting Spreadbetter
Delusional and tl;dr, I clearly explained that I don’t regard using price action, or using pivot points, as the kind of technical analysis you referred to, with your novice and infantile MACD/DMI/bollinger bands drivel. And the fact you cited such risible nonsense as proficient and useful, and claim to be profiting from it, demolishes any claims you've made that you’ve traded since the Stone Age and are profitable. By proposing insulting technical indicator combinations, you exposed yourself as a wet behind the ears, innocent, novice. No successful...

Totally agree. Actually technical analysis does not work.

This is a great video explaining.

Inserted Video
  • #598
  • Feb 27, 2018 12:58am Feb 27, 2018 12:58am
Quoting jmn5611
{quote} The EA you found most likely is a Marty. It works well until the globalists decide what they are going to do for this year and next. Then you will find that currencies will go on a multiple monthly trend. That is when your EA will die, and you along with it unless you watch price bar by bar.
there is only two type of market

sideway and trending.

if your EA can survive both type , you can make money.. not all EA can survive both type.

I have modified and make it to make it survive for all type.

^.^
  • #599
  • Edited 2:51am Feb 27, 2018 2:15am | Edited 2:51am
“Those who fail to learn from history are doomed to repeat it.” Sir Winston Churchill.

“Whatever gets you in gets you out!” is one of the most ridiculous trading comments I read in relation to FX trading using T.A., many years back. Back test, forward test, whatever, try just about any combination of technical indicators you want and none will work over a consistent basis ever. Sure they’ll get you in, sure they’ll get you out, but there’s no plan, for when you get to a daily, weekly, or monthly trend ending and you’re getting mixed signals as price ranges (as it does close on 80% of the time), that’s when gut feeling, or discretionary decision making kicks in, which renders the whole point of using indicators redundant.

I’m genuinely shocked that debates wrt tech analysis still rage on forums, I’d have thought most punters would be too embarrassed to even bring the subject up by now, given that attempting to FX trade as a retail punter over the web is circa two decades old. Perhaps it’s a new generation of fools and willing lambs to the slaughter who just won’t listen? But wtf, they’ll learn, their accounts will be crushed, then they’ll put another $500 in, choose another combination of indicators, rinse and repeat the same mistake, until they give it up as a bad job. Pitiful.


Quoting goose4
{quote} Totally agree. Actually technical analysis does not work. This is a great video explaining. https://www.youtube.com/watch?v=jBpPGAJD7gw
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #600
  • Feb 27, 2018 2:30am Feb 27, 2018 2:30am
wow, so many profitable traders are in this thread!!
wonder where those 90% of losers are hiding!
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