Dave the Trader

Quoting MizZu_X7

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Hai Dave,

Just wanna ask . do u considering about go Long on GBP/USD now ? i think GU starts to make a new bullish trend . How about opinion ? thx ...

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Quoting superdezign

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Iam done with indicators and all these so called profitable systems. Indicators are gunned down everyday by banks all over the world, so why use them? Unless, you enjoy losing money of course.

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Quoting boxingislife

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some advice for you

i noticed ur a bit overconfident.

Not in the slightest, Im sarcastic at times, but being confident is a sin in trading..

"indicators are absolutely worthless....im doin good tradin naked.....Ive made a small adjustment on my strategy that makes it about 80-90% accurate, not to shabby eh?.........is that entries are the least important..........."

Entries are the least important, its what you do once you are in the trade that counts.

please dont take this too personal. only tryin to help here and ur hearin it from a trader that took him a couple years to finally become profitable week after week for a little more than a year now.

Not taken personally, no worries.

ur a newbie. keep that in mind. when ur a newbie everything that is new or u havent seen before seems like the absolute fakin holy grail.

There is no holy grail, and Im way past that stage, but I will admit, I did go through it at one time, we all did

u increase ur stop here or enter when the bar close or up the timeframe a bit will all seem like u did somethin extremely amazing. remember tradin is not easy or else everyone would be doin it and winnin which we know aint the case.

I only trade on daily, but use other, larger timeframes as a reference.

Trading is not easy?? you must be crazy.. There is like a 5% success rate, those are incredible odds

u should have an open mind about trading.

Yea, Im pretty sure I do. Or else I would not be on this forum or trying to learn.

u cant say indicators are absolutely worthless.

They are.. At one time yes, they did work, but most of the major indicators used today have lost their edge because the market conditions for which they were created for disappeared, along with the profits they once produced. Indicators rely on parameters to work and parameters do not change with changing market conditions..


maybe u think so but trust me theres people using em and making millions. im one. not making millions but using them and making money.

If everyone could just look at an indicator and say hey its time to buy, press the button, and make money, Im sure we would all be rich..

Like I said, the people who created those indicators used them to make money because they were developed to fit the market conditions they traded, and work around unique formulas.. what I find funny is most people do not even know what the indicators that they trade by represent or mean. They just blindly use them..

trading with the trend is smart and i do believe that entry isnt the most important thing. so basically enter with the trend and wait till ur making money. well that wont work with u coz if ur entering according to the trend thats fine but if ur using stops well i can assure u 99% of the time ur stop will get hit before price goes ur way.

Ok... so you dont use stops? wow... I dont need to say another word

if u wanna use normal or tight stops u have to enter at the right time. u cant just enter blindly use a stop and hope to win coz ur with the trend.
if u wanna trade with the trend and u dont care about entries then drop the stops and scale in.

I scale in.. and use stops.. both.. If you load your entire position on at once then you are probably not managing your money properly or are under capitalized to begin with

i do as part of my strategy and it works. worst case scenario trend reverses have a wide mental stop and get out before u blow up the acc.

HA! ... I mean.. right...

ur lack of method is hurtin u.

I realize that..

go to the trading systems and find a system that suits ur style. theres dozens and dozens. i have one and the thread is pretty big now and lots of people are happy with. check it out if u like it give it a try if u dont theres plenty of others for u to pick.

my suggestion: pick a method stick to it and in 2-3 years ur experience in the markets will allow u to consistently make money if u give it enough time and enough chart watching and enough dedication. after a few years i can trade completely naked because my experience has helped me get to this point. but i dont coz indicators are colorful and nice to look at.

Yes I agree with you there.. indicators are pretty..

Pretty from a far, far from pretty

and trust me ur gambling.
but what i like to call it gambling with style
i never tell anyone i trade. it makes no sense to most people
"u can sell currencies? how?" i just say i gamble with style and i could really give a shit what people think when i say that.

ur girlfriend might enjoy the idea at first but will get pretty upset when she sees u spendin too much time lookin at colorful candles and squigly lines

also i suggest u dont take her money even if she offers it. never trade for anybody unless ur considering a career in that field. trust me it brings problems and u dont want that. i know from personal experience when i first started.

I would never trade anyone's money but my own. Period.


i just saw this
"and, as always... I would like to announce once again my utter disgust for indicators..."

trust me the sooner u drop that attitude the better off ull be. dont feel like trading naked is the cool thing to do its not its a certain style just like indicators are too. learn to accept all aspects. if someone wants to trade according to a squigly line accept it and maybe learn from it. if someone wants to trade according to a long term interest rate forecast accept it and maybe learn somethin from it.

I love to learn.. but most people do not know what they are trading.. ask someone the next time someone shows you the squiggly line they use to trade, ask them WHAT that line represents and WHY they trust their money with it... 9 times out of 10.. they wont be able to tell you..

When I say Im trading naked, Im looking at price action, trendlines, ect... how is that a bad "attitude"? Most of the successful traders on this forum, well thats basically all they use as well..

only here to help so if i pissed u off then dont be too harsh lol

Im not pissed off. I just think you may be a little off on some of the things you said.. I hope I wasnt to harsh

trust me though if u can follow a few things i pointed out ull do great.

...

remember trading aint easy and the market can and will kick ur ass all the time if it wants to.u just have to learn to fight back and it wont happen overnight unless ur related to chuck norris or friends with jet li.

ps: i never read a book about trading. the closest book to trading i ever read wasnt even a book i think it was an economics magazine.

Then you are missing out BIG TIME.. I think people who neglect how much you can learn from reading books should try and pick one up sometime, and stop being lazy.. no one just stares at charts and one day just figures it all out. Its like saying if you watch enough doctors do brain surgery then one day you might figure it out..

Knowledge is the only "holy grail" my friend... and books hold that knowledge

trust me watch charts and read what everyone is posting on the forums and ull be better off than wasting money on books and those long boring nights of cheap thrills everytime u see a black and white picture in those books.

take care

you do the same

if u have any questions or anything im ready to help and tomorrow's my birthday so all advice is free lol

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Quoting shadeslay

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I wish you great success Dave and look forward to seeing your progress.

To answer that question it depends how you use indicators. I agree though, if you use them for entry and exits, it will not likely work to well for you long term. If you use them purely as a means to gather a time frame for where price action may occur, they can be rather helpful. Price doesn't always reach Support and Resistance levels, indicators of one sort or another can help spot more possible entry and exits using price action.

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