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Question to Soultrader 17 replies

Why can't I post on Soultrader's clinic? 2 replies

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Soultrader's Clinic :)

  • #121
  • Oct 11, 2007 6:03am Oct 11, 2007 6:03am
Quoting philmcgrew
Therein lies the problem with elliott waves. You don't know that you've experienced a wave 2 until you see wave 3 and by that time most of the move is over. If it turns out not to have been a wave 2, EW traders just relable it to a B wave. Those guys are never wrong (after the fact).
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  • #122
  • Oct 11, 2007 7:34am Oct 11, 2007 7:34am
Quoting philmcgrew
Therein lies the problem with elliott waves. You don't know that you've experienced a wave 2 until you see wave 3 and by that time most of the move is over. If it turns out not to have been a wave 2, EW traders just relable it to a B wave. Those guys are never wrong (after the fact).
Very true, hence why I say using it for exits and entries is a waste of time, however if you realise as you say above that wave's 2 and 3 have happened already, would you add to your position? Anyhow as I say, I don't trade Elliot, I don't like it particularly, I was just using it as an example of a theory.
You can quit and they won't care, but you will always know.
  • #123
  • Edited 10:17am Oct 11, 2007 8:13am | Edited 10:17am
Quoting Akuma99
however if you realise as you say above that wave's 2 and 3 have happened already, would you add to your position?
yes, because elliott waves are like most theories- total bollocks I'm a trend trader and whilst price is moving in a certain direction then i'll trade that way regardless of waves, trendlines, forks, regression lines, grids, gann squares, fibs etc etc.

None of them are any use whatsoever IMO and should be thrown into the dustbin of obscurity

https://linktr.ee/Soultrader
  • #124
  • Oct 11, 2007 8:23am Oct 11, 2007 8:23am
Quoting Akuma99
if you realise as you say above that wave's 2 and 3 have happened already, would you add to your position? Anyhow as I say, I don't trade Elliot, I don't like it particularly, I was just using it as an example of a theory.
Akuma, I think your theory is correct. The market does move in waves, I just don't spend a lot of time assigning numbers and letters to them. I don't try to guess when the trend is over. It's my job to punish it until the market shows me that I'm wrong. I'm just as happy to add to wave 8 as I am 3 (yes, I know there isn't an 8).
  • #125
  • Oct 11, 2007 9:34am Oct 11, 2007 9:34am
Quoting philmcgrew
(yes, I know there isn't an 8).
really? shit, there goes my 1000+ pip trades then
https://linktr.ee/Soultrader
  • #126
  • Oct 11, 2007 9:36am Oct 11, 2007 9:36am
I didn't know "whilstever" was a word either. We really do learn somethingnew every day.
  • #127
  • Oct 11, 2007 3:02pm Oct 11, 2007 3:02pm
Quoting philmcgrew
Akuma, I think your theory is correct. The market does move in waves, I just don't spend a lot of time assigning numbers and letters to them. I don't try to guess when the trend is over. It's my job to punish it until the market shows me that I'm wrong. I'm just as happy to add to wave 8 as I am 3 (yes, I know there isn't an 8).
Nor do I phil , I only relate this to adding to positions, as that was the topic, not to opening initial positions and staying with them, so basically I am giving advice on a method I don't employ anymore, using a technique I don't believe in ...... I think I will return to my corner
You can quit and they won't care, but you will always know.
  • #128
  • Oct 11, 2007 3:50pm Oct 11, 2007 3:50pm


nice exit!
https://linktr.ee/Soultrader
  • #129
  • Oct 11, 2007 4:16pm Oct 11, 2007 4:16pm
Quoting soultrader
yes, because elliott waves are like most theories- total bollocks I'm a trend trader and whilst price is moving in a certain direction then i'll trade that way regardless of waves, trendlines, forks, regression lines, grids, gann squares, fibs etc etc.

None of them are any use whatsoever IMO and should be thrown into the dustbin of obscurity

I am glad to hear that from a Vet trader coz I am trying to move in this direction. The only tool I am trying to use is support resistance and trendline that is all otherwise if the chart on the right is higher than on the left it is an uptrend.
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  • #130
  • Oct 11, 2007 4:33pm Oct 11, 2007 4:33pm
Nice clean charts. Pure (naked ) price action.
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  • #131
  • Oct 12, 2007 1:14am Oct 12, 2007 1:14am
Quoting bullrock
I am glad to hear that from a Vet trader coz I am trying to move in this direction. The only tool I am trying to use is support resistance and trendline that is all otherwise if the chart on the right is higher than on the left it is an uptrend.
You're getting there - just ditch the trendlines and you'll be very close
https://linktr.ee/Soultrader
  • #132
  • Oct 12, 2007 4:24am Oct 12, 2007 4:24am
Quoting soultrader
You're getting there - just ditch the trendlines and you'll be very close
Okay MASTER. I have cleaned the whole lot.
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  • #133
  • Oct 12, 2007 8:16am Oct 12, 2007 8:16am
Quoting soultrader
You're getting there - just ditch the trendlines and you'll be very close
I give up

Phil doesn't even assign any meaning to any particular prices, you won't accept anything drawn on the chart..

Sometimes I wonder what on earth causes either of you to ever enter other than a feeling along the lines of "today's a nice day to buy, my ham and eggs weren't as salty as usual"


It's pretty darn hard to figure out what's left to trade with after having every single (for me repeatedly functional) TA tool thrown out the window one after one..

You can take this as a question - "Dear ST, repeated reading of the 1kT Trading Room has made me believe there's nothing left to be trusted to actually work in forex. What the heck am I sposed to trade the market with that can actually be viewed as perpetually reliable? Entries, exits, stops..it all seems uncertain to me now...please help..."

*crosses fingers and in his mind bets on the lucky shilling answer* ;d
Trust price. Know yourself.
  • #134
  • Oct 12, 2007 8:22am Oct 12, 2007 8:22am
Quoting SeekingLight
I give up

Phil doesn't even assign any meaning to any particular prices, you won't accept anything drawn on the chart..

Sometimes I wonder what on earth causes either of you to ever enter other than a feeling along the lines of "today's a nice day to buy, my ham and eggs weren't as salty as usual"


It's pretty darn hard to figure out what's left to trade with after having every single (for me repeatedly functional) TA tool thrown out the window one after one..

You can take this as a question - "Dear ST, repeated reading of the 1kT Trading Room has made me believe there's nothing left to be trusted to actually work in forex. What the heck am I sposed to trade the market with that can actually be viewed as perpetually reliable? Entries, exits, stops..it all seems uncertain to me now...please help..."

*crosses fingers and in his mind bets on the lucky shilling answer* ;d
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  • #135
  • Edited 8:48am Oct 12, 2007 8:37am | Edited 8:48am
Quoting SeekingLight
I give up

Phil doesn't even assign any meaning to any particular prices, you won't accept anything drawn on the chart..

Sometimes I wonder what on earth causes either of you to ever enter other than a feeling along the lines of "today's a nice day to buy, my ham and eggs weren't as salty as usual"
I'm not proud of this but if I close my eyes right now I couldn't tell you a single currency price current or past (and definitely not future). I can tell you what Avagardro's number is or the half-life of U-235 but for the life of me, I can't remember market prices. That's how much importance I place on numbers on the chart. As for indicators, I stated elsewhere that my system will plot a small dot or line and alert me to that fact. Everything I care about that can be mechanically assesed and coded is in that maker. I am nuts about keeping my charts clean and price visible.

As for knowing when to trade I can't define that. I basically only traded two days this week. Some days the market just isn't active enough to interest me.

mmmmmm ham and eggs
  • #136
  • Oct 12, 2007 9:34am Oct 12, 2007 9:34am
Quoting SeekingLight
I give up

Phil doesn't even assign any meaning to any particular prices, you won't accept anything drawn on the chart..

Sometimes I wonder what on earth causes either of you to ever enter other than a feeling along the lines of "today's a nice day to buy, my ham and eggs weren't as salty as usual"


It's pretty darn hard to figure out what's left to trade with after having every single (for me repeatedly functional) TA tool thrown out the window one after one..

You can take this as a question - "Dear ST, repeated reading of the 1kT Trading Room has made me believe there's nothing left to be trusted to actually work in forex. What the heck am I sposed to trade the market with that can actually be viewed as perpetually reliable? Entries, exits, stops..it all seems uncertain to me now...please help..."

*crosses fingers and in his mind bets on the lucky shilling answer* ;d
If you are making money and enjoying trading, WHO THE HELL CARES WHAT OTHER PEOPLE THINK IS THE CORRECT WAY TO TRADE? Hard cold cash speaks loudest and most true. LOL If I could make money with a smiley face indicator that would be my new best friend. And no, I will not share. Could be just a smiley faced inefficiency. I would not want to many happy traders out there, because that would negate my smiley face.LOL
  • #137
  • Oct 12, 2007 10:03am Oct 12, 2007 10:03am
Quoting SeekingLight
I give up

Phil doesn't even assign any meaning to any particular prices, you won't accept anything drawn on the chart..

Sometimes I wonder what on earth causes either of you to ever enter other than a feeling along the lines of "today's a nice day to buy, my ham and eggs weren't as salty as usual"


It's pretty darn hard to figure out what's left to trade with after having every single (for me repeatedly functional) TA tool thrown out the window one after one..

You can take this as a question - "Dear ST, repeated reading of the 1kT Trading Room has made me believe there's nothing left to be trusted to actually work in forex. What the heck am I sposed to trade the market with that can actually be viewed as perpetually reliable? Entries, exits, stops..it all seems uncertain to me now...please help..."

*crosses fingers and in his mind bets on the lucky shilling answer* ;d
Okee Dokee, you asked for it - your shilling just got you a million dollar answer - now i'ts just whether or not you are advanced enough to read the language it is written in ......

Here is the secret to riches beyond your wildest dreams ...

1. Decide on your method and timeframe(s) to define a trend and stick with it come hell or high water.

2. trade the trend.

and in my opinion, the most important lesson I ever learned in trading - the one that took me years to accept and even longer to make a habit is ...

3. Buy strength or sell weakness.

if you dont do that then you are picking a bottom or a top.

ok, you will now say - "i do mr soultrader, honest - I trade the pullbacks of a strong move"

my answer

youre still trying to pick the bottom of a retrace or the top of a rally - you concentrate like hell on that entry when you shouldnt, entries dont matter nearly as much as you think they do.

dont buy the bottom of the retrace - buy it when it's SIGNIFICANTLY on its way back up or sell the rally when it's already dropped a significant amount.

I cannot stress enough that the buying strength and selling weakness is the single most important thing you can master. buying high and selling low takes some getting used to , but it pays off in spades. - made even harder when every asshole from here to new jersey turnpike says 'buy low and sell high' - I say buy high and sell low.


4. let the trade run till the trend is dead

these rules are the epitome of trend trading - you can use indicators - maybe 2, but eventually you will use them different to anyone else - if someone can tell me what i mean by that you get a cigar from your own stuffed box of them because you are already wealthy.

you dont need 20 indicators - in fact, you don't need any (im guessing this because i use 2 but not the same way most would use them)

your win / loss will only be 30% to 50% max but your winners will generally be 5 - 10 times the value of the losers. Thats what trading is all about.


5. Don't ever ever ever predict the market - just follow it according to rule 1.

This last rule makes it impossible to pick bottoms or tops - think about it.



That's it - all you need in one post to make a million bucks.

Ask a smart question like seekinglight here and you get a smart answer! - the question is can you read what i'm saying?
https://linktr.ee/Soultrader
  • #138
  • Oct 12, 2007 11:03am Oct 12, 2007 11:03am
Quoting soultrader
Ask a smart question like seekinglight here and you get a smart answer! - the question is can you read what i'm saying?

And I thought I was walking a fine line between actually asking a sound question and being a smart...alex ;p

It was a serious question though.

You have to admit though that your approach NEEDS that "far away" disaster stop..

But you know what, I actually started out doing just that...I traded with the trend, bought dips when they occured, placed "insanely" far away stops and just at some point x when stuff had run pretty far and for an incredibly big profit (beginner days, overleveraged like heck, don't ask, I blame spreadbetting) and well, it worked until...the trend turned ;p

Then after making 300% in 6-16 weeks(can't remember exactly, it was a really, really short period of time compared to what I am thinking/expecting realistically now), around 100% (well, not all, preeeetty close to though) of that account then in turn disappeared again the next 6-12 months ;d

(there's someone to blame for that - he changed me and what I was doing..)

So really you are saying, I started out by doing 1:1 the right thing?

Great....
Lacking a time machine to go back and cash in after the win streak....hey Phil, borrow me that point/line/make-me-rich indicator thingie plz

(I would still argue however that entries can matter truckloads...if I can get into a 500 pip move on a 40 pip stop at 1% risk, well, then I just have an advantage over your "far away mental stop" entry at the same 1% risk going 500 pips...entries are really the true leverage we can choose ourselves - not the margin of our account imho)
Trust price. Know yourself.
  • #139
  • Oct 12, 2007 11:34am Oct 12, 2007 11:34am
Soul,

Your last post is a good strategy, with the right MM. But for those that don't get it, think of it llike this. How hard is it to sell the top or buy the bottom? Well, the answer is very hard. So what he is saying is do the opposite. When a market starts making new highs....buy it. But.....you really do need to use a stop-loss. This is the where the thinking comes in. Where do you place the stop, and where/how do you plan on exiting for profits?

I've traded like this before, and did ok. But...I am much more profitable and consistent with the way I do things now.

Anyways...good advice, Soul.
  • #140
  • Oct 12, 2007 12:19pm Oct 12, 2007 12:19pm
Quoting SeekingLight

I would still argue however that entries can matter truckloads...if I can get into a 500 pip move on a 40 pip stop at 1% risk, well, then I just have an advantage over your "far away mental stop" entry at the same 1% risk going 500 pips...entries are really the true leverage we can choose ourselves - not the margin of our account imho
To carry this a step further...why not put your stop at 20 pips and double your contracts or put it at 10 pips and quadruple the number of contracts traded?
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