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Spoof's Trading Made Simple(r) Journal

  • #781
  • Edited 7:36pm Aug 30, 2019 6:44pm | Edited 7:36pm
Hey guys. I did a bit of a fiery video responding to the guy above who decided to come to my journal to discredit me as well as just talking generally about systems - again - and how they aren't the be all and end all of long term successful trading. August produced some bad losses for me and for others and it isn't the fault of the system it's simply that the market conditions did not follow through with the signals. You can't squeeze blood from a stone and if the market is flat what do you think you are going to get out of it? How do you think your trading system will somehow change market conditions? It won't - the market doesn't respond to our systems. The market presents us with potential opportunities and then may or may not deliver. We just need to be better aware of trading conditions that best suit the system/methods we are using, use good money management and not lose our minds during periods of draw down. August is over and we need to put that behind us, learn what we need to learn and continue to move forward. Now is not the time to panic and try using the Turbo Elliot Wave Donkey Kong trading system complete with uber duber indicators

Inserted Video
Emotion - it steals your money.
  • #782
  • Aug 31, 2019 1:51am Aug 31, 2019 1:51am
Quoting TheSpoof
Hey guys. I did a bit of a fiery video responding to the guy above who decided to come to my journal to discredit me as well as just talking generally about systems - again - and how they aren't the be all and end all of long term successful trading. August produced some bad losses for me and for others and it isn't the fault of the system it's simply that the market conditions did not follow through with the signals. You can't squeeze blood from a stone and if the market is flat what do you think you are going to get out of it? How do you think...

Can u post the donkey Kong system and indicators please
  • #783
  • Aug 31, 2019 2:54am Aug 31, 2019 2:54am
Hi Guys, this is my first post on this journal and I want to congratulate The Spoof on all he is doing here. I really enjoyed watching all the videos and reading all the comments, but especially liked this last video.
We are all different when it comes down to personality and even more so when it comes to trading. Who are we to decide if this or that system will work for me or you. We need to find a system that suits our individual personalities. I think The Spoof has a great system where one can see the trend more clearly, RH has a great system as well. I personally try and use both systems to my advantage. There is absolutely nothing wrong with taking a system and tweaking it to suit you.
Well, as The Spoof says, who knows what the market will do at the right edge of your screen, you have to rely on your system, otherwise why use a system in the first place.

Keep on doing what your doing The Spoof, don't become disheartened by negativity.

Kind regards
Gerald
  • #784
  • Aug 31, 2019 3:36am Aug 31, 2019 3:36am
or the Turbo Elliot - an EA preferred - it must make lots and lots of money - or don't bother me !
  • #785
  • Edited 9:36am Aug 31, 2019 7:47am | Edited 9:36am
Quoting portergw
Hi Guys, this is my first post on this journal and I want to congratulate The Spoof on all he is doing here. I really enjoyed watching all the videos and reading all the comments, but especially liked this last video. We are all different when it comes down to personality and even more so when it comes to trading. Who are we to decide if this or that system will work for me or you. We need to find a system that suits our individual personalities. I think The Spoof has a great system where one can see the trend more clearly, RH has a great system...
Thanks. I knew it was a matter of time before some goofball would show up who doesn't understand long term trading just looks at the surface of things. One bad month doesn't make or break a trader. The sky isn't falling. Good grief

This
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Emotion - it steals your money.
  • #786
  • Sep 1, 2019 8:50am Sep 1, 2019 8:50am
Some thoughts on trading the daily charts:
https://www.learntotradethemarket.co...rading-results
https://www.learntotradethemarket.co...t-price-action
Emotion - it steals your money.
  • #787
  • Sep 1, 2019 4:35pm Sep 1, 2019 4:35pm
Quoting TheSpoof
Some thoughts on trading the daily charts: https://www.learntotradethemarket.co...rading-results https://www.learntotradethemarket.co...t-price-action
Im all for growing and learning but maybe close this thread down and start “TheSpoof’s journey to simplicity,” because originally this thread was a play off of RH’s thread. In my opinion, it is just rather confusing for noobs to see a journal named after someone’s else’s original thread, and once you come in, it just feels rather bait n’ switch.

Love your videos, and I agree that not one system is full proof, but the original idea is now something else- maybe label it as such so other people don’t take your search for growth as a bash on theirs.

Best,
  • #788
  • Sep 1, 2019 4:41pm Sep 1, 2019 4:41pm
Quoting NewbTrader7
{quote} Im all for growing and learning but maybe close this thread down and start “TheSpoof’s journey to simplicity,” because originally this thread was a play off of RH’s thread. In my opinion, it is just rather confusing for noobs to see a journal named after someone’s else’s original thread, and once you come in, it just feels rather bait n’ switch. Love your videos, and I agree that not one system is full proof, but the original idea is now something else- maybe label it as such so other people don’t take your search for growth as a bash on...
Good call. I may revive my original journal and lay this one to rest.
Emotion - it steals your money.
  • #789
  • Sep 2, 2019 5:16am Sep 2, 2019 5:16am
Shorting at 1,6303. A bit risky because of 6300 support. And ranging since 3 weeks. Chart is 6 Hours.
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  • #790
  • Sep 2, 2019 7:13am Sep 2, 2019 7:13am
Waiting confirmation for a continuation entry, but yet again price in a strong resistance area.
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  • #791
  • Sep 3, 2019 1:38am Sep 3, 2019 1:38am
No new trades on day charts some of the AU pairs seem like they are setting up maybe this week or next.
  • #792
  • Edited 3:15am Sep 3, 2019 2:27am | Edited 3:15am
Quoting pipking-tr
Waiting confirmation for a continuation entry, but yet again price in a strong resistance area. {image}

resistance broken, entry triggered last night.
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  • #793
  • Sep 3, 2019 7:34am Sep 3, 2019 7:34am
Where are you continuing this thread, Spoof?
  • #794
  • Sep 3, 2019 9:18am Sep 3, 2019 9:18am
TRADING UPDATE

Sorry for being MIA lately folks. Just getting settled into my new place and life in central Mexico. It's always a bit of a challenge moving to a new city...even more so when you don't speak the language well The climate is sooooooo much better here than on the Caribbean side. I am going to put a pin in this journal for a bit since I am focusing back on my price action trading and unfortunately that is fairly difficult to easily share with people. I've already made back almost half of the losses from August so that makes me happy. Essentially what I am doing now is trading price action signals i.e. pin bars and inside bars that form around recent support and resistance levels. This method gives me more trade opportunities as well as the added confluence of reading what price is doing based on the candles, support and resistance levels as well as trend confluence.

As I alluded to in my last video, as much as I would like a super easy way to trade like simply waiting for an indicator to change color and pressing a button it doesn't seem to be working out consistently enough for me to continue on trading it. RHs methodologies seem to only be successful during trending conditions where as trading PA at S&R allows me to trade ranges in addition to trending conditions. PA at S&R was where I found consistent success for several months before mistakenly abandoning all of it for a method that seemed too good to be true. RH's methods still have validity for sure, but a lot of extra care is required to trade consistently and I am not so sure that the methods are for me after two months of live trading and better understanding what the methodologies are doing. Even the beginning of the original thread, RH stated that any combination of the indicators would be fine to trade and that traders should do their own thing. He also withheld some information that I don't know if he eventually shared (not that I think it would radically change the core of the ideas anyway). During my trading and observations I did indeed find several of the indicators to be largely redundant and I stopped using them.

If I do decide to attempt to share how I am trading I will likely do so over on my original journal since continuing under the Trading Made Simple(r) banner (as if it is some trademarked phrase ) doesn't make much sense even though PA@S&R is simple trading. I do want to share my journey in order to perhaps help some struggling traders, but honestly though, I don't believe most people are interested in trading this style as there is much more thinking and discretion involved and based on my personal experience and seeing threads here on FF most traders are looking for the easy wait-for-an-indicator-to-change-color-and-press-a-button type style of trading. I will admit that I am a tad embarrassed for abandoning the solid and time tested price action methodologies that finally lead me to being a profitable trader, but, hey, mistakes are made, I own those mistakes, and the journey to becoming a professional trader is all about eliminating those mistakes. Like I've said before, systems are a dime a dozen and it all boils down to finding one that gels with you, that you can understand and trade consistently. Here is the link to my original journal for future reference if anyone cares - I'll post a few of my trades from this week over here https://www.forexfactory.com/showthread.php?t=924769
Emotion - it steals your money.
  • #795
  • Sep 3, 2019 12:19pm Sep 3, 2019 12:19pm
Quoting TheSpoof
TRADING UPDATE Sorry for being MIA lately folks. Just getting settled into my new place and life in central Mexico. It's always a bit of a challenge moving to a new city...even more so when you don't speak the language well The climate is sooooooo much better here than on the Caribbean side. I am going to put a pin in this journal for a bit since I am focusing back on my price action trading and unfortunately that is fairly difficult to easily share with people. I've already made back almost half of the losses from August so that makes...
Best of luck going forward.

I have used a saying here on FF many times and it always holds true and most certainly does for you just now: It's only a mistake if you don't learn from it.

You most certainly seem to have learned from it and it has reinforced your old thoughts, so in that sense, the diversion has been worth it.

As someone who has used your original style and techniques in the past, on the very high time frames - albeit with Supply + Demand, not support and resistance - I would say that you are well on the road to redemption.

I don't post these here for discussion as I have moved onto the scalping style and don't trade that way (much) any more but believe it or not, a lot of the techniques are transferable. PA is PA is PA.

I look forward to following along with you on your new (old) path!
  • #796
  • Sep 3, 2019 1:29pm Sep 3, 2019 1:29pm
Quoting lemercenaire
{quote} Best of luck going forward. I have used a saying here on FF many times and it always holds true and most certainly does for you just now: It's only a mistake if you don't learn from it. You most certainly seem to have learned from it and it has reinforced your old thoughts, so in that sense, the diversion has been worth it. As someone who has used your original style and techniques in the past, on the very high time frames - albeit with Supply + Demand, not support and resistance - I would say that you are well on the road to redemption....
Very well said. You hit the nail on the head. I believe I have learned valuable lessons here...one of the biggest ones and not so much of a lesson as it is a confirmation of previous knowledge I had gained months ago and that is solely trusting indicators to trade is largely a fruitless endeavour IMO. I should have known better - I did know better - but human nature is what it is and it is the most difficult aspect of trading to conquer and it needs to be controlled in order to be successful. I know that and need to really drill it into my head. So I had a profitable month away from my usual methods and gave it all back in the next. Not the end of the world...identify the error, fix it and continue on.
Emotion - it steals your money.
  • #797
  • Sep 3, 2019 2:11pm Sep 3, 2019 2:11pm
Quoting TheSpoof
{quote} Very well said. You hit the nail on the head. I believe I have learned valuable lessons here...one of the biggest ones and not so much of a lesson as it is a confirmation of previous knowledge I had gained months ago and that is solely trusting indicators to trade is largely a fruitless endeavour IMO. I should have known better - I did know better - but human nature is what it is and it is the most difficult aspect of trading to conquer and it needs to be controlled in order to be successful. I know that and need[/highlight]...
There is one good use for indicators: To establish a directional bias. That's it. Once you have that bias, draw a line somewhere above and below wherever price is at at that moment and enter when price crosses it.

It's up to the trader to decide which is the best indicator to give them the most reliable bias they can get. You pays your money and you make your choice.

So anyway, now you have the direction you are going to trade. The variables you then have to work on, are how you know or choose where to draw that line and how and why you pull the trigger. No indicators can do that for you. You need to understand the chart patterns and price movements you are looking at in front of you. Those are what tell you where and when.
  • #798
  • Sep 4, 2019 2:34am Sep 4, 2019 2:34am
Quoting TheSpoof
TRADING UPDATE Sorry for being MIA lately folks. Just getting settled into my and discretion involved and based on my personal experience and seeing threads here on FF most traders are looking for the easy wait-for-an-indicator-to-change-color-and-press-a-button type style of trading. I will admit that I am a tad embarrassed for abandoning the solid and time tested price action methodologies that finally lead me to being a profitable trader, but, hey, mistakes are made, I own those mistakes, and the journey to behttps://www.forexfactory.com/showthread.php?t=924769...
All the best going forward, looking forward to following your next chapter.

Regards,

Mart.
  • #799
  • Sep 4, 2019 12:40pm Sep 4, 2019 12:40pm
Quoting TheSpoof
TRADING UPDATE Sorry for being MIA lately folks. Just getting settled into my new place and life in central Mexico. It's always a bit of a challenge moving to a new city...even more so when you don't speak the language well The climate is sooooooo much better here than on the Caribbean side. I am going to put a pin in this journal for a bit since I am focusing back on my price action trading and unfortunately that is fairly difficult to easily share with people. I've already made back almost half of the losses from August so that makes...
To be fair it have been a rough month for a lot of people, I hope you don't write this system off yet.
  • #800
  • Sep 4, 2019 2:07pm Sep 4, 2019 2:07pm
Quoting jado911
{quote} To be fair it have been a rough month for a lot of people, I hope you don't write this system off yet.
Yes...August was a nasty month all around - should have taken it off. This system may be profitable if traded in trending conditions with defensive money management and patience. At the end of the day what I believe to be true is that trading systems solely with indicators is not as accurate as trading with price action and market structure. We all know that indicators lag and they also lack the clues to potential future price direction that the candles themselves can give. Throw in some market structure for added confluence and I think that beats blind indicator following in the long run. I had a great July with the system and gave all the profits back in August before I realized that the methodologies are a complete failure in ranging, choppy conditions - you cannot simply take the indicator signals without added confluence. So if we are going to start adding extra confluence then I might as well just trade price action and market structure Here is a good article explaining the pitfalls of indicator trading: https://www.theforexguy.com/forex-indicators-failure/
Emotion - it steals your money.
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