There is a very good principle behind sharing this sort of information. Sure it will attract braggards and liars but it is information. The opposition to this thread reminds me of that close friend who thinks discussing ones earnings is 'personal' when the real issue is insecurity.
Ignored
Nicely said..
I think everyone needs to read Entry & Exits a book by Alexander Elder.. a good informative.. where traders share there views, even profits and losses.. for us to learn..
So this thread is basically to pass own information, learn from each other, not to make a joke, and this thread will itself pass own the message to others, who is serious, and who is making a joke of them selves....
To others: If you dont intend to share, then dont post, keep it clean..Thanks in Advance and Appreciated..
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Joined Mar 2006
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Status: Pip Samurai
|975 Posts
Joe,
I realize that there is conceptually a premise of utility from sharing this information, but what we are sorely missing from this exercise are 2 very important things to getting any use from this:
First and foremost is the context...if I told you that a person died today, that information isn't particularly useful without context...people die every day. The same can be said for this trade data. Someone can say that they made 35 pips or $175, but that information isn't useful without a context...because people make trades in NFP conditions and make that much all the time. What makes the information particularly useful or useless is a relation to the context in patterns. Did you take a long position? what made you choose that position? what was the setup? what was the scheme?
Statistically speaking, there could be useful information there, but statistically speaking having a 30 or so traders chime in actually statistically insignificant...not to mention misleading because of the likelyhood that you aren't getting a good sampling. So just giving us numbers and dollar figures isn't useful without the context. THIS IS PARAMOUNT.
Secondly is verification of the data...people can spew whatever numbers they choose to show. Maybe you took 2 trades and one trade lost and one trade won...maybe people are withholding information...there's no way to verify this data. So not only do you NOT have a good sampling, you don't have any way to verify the statistics you collected.
I understand we're on an honor system here, and I get that there is some nobility in trying to collect a sampling of the average trade, but there is no way that you can equate any sort of "trend" without enough reliable data points...which means that in order for this thread to be useful, we have to get a context for the trades being made and discussed. It doesn't have to be system revealing or anything...but it has to be something that will not only verify the trade, but add validity to the style of trading.
There is a very good principle behind sharing this sort of information. Sure it will attract braggards and liars but it is information. The opposition to this thread reminds me of that close friend who thinks discussing ones earnings is 'personal' when the real issue is insecurity.
I realize that there is conceptually a premise of utility from sharing this information, but what we are sorely missing from this exercise are 2 very important things to getting any use from this:
First and foremost is the context...if I told you that a person died today, that information isn't particularly useful without context...people die every day. The same can be said for this trade data. Someone can say that they made 35 pips or $175, but that information isn't useful without a context...because people make trades in NFP conditions and make that much all the time. What makes the information particularly useful or useless is a relation to the context in patterns. Did you take a long position? what made you choose that position? what was the setup? what was the scheme?
Statistically speaking, there could be useful information there, but statistically speaking having a 30 or so traders chime in actually statistically insignificant...not to mention misleading because of the likelyhood that you aren't getting a good sampling. So just giving us numbers and dollar figures isn't useful without the context. THIS IS PARAMOUNT.
Secondly is verification of the data...people can spew whatever numbers they choose to show. Maybe you took 2 trades and one trade lost and one trade won...maybe people are withholding information...there's no way to verify this data. So not only do you NOT have a good sampling, you don't have any way to verify the statistics you collected.
I understand we're on an honor system here, and I get that there is some nobility in trying to collect a sampling of the average trade, but there is no way that you can equate any sort of "trend" without enough reliable data points...which means that in order for this thread to be useful, we have to get a context for the trades being made and discussed. It doesn't have to be system revealing or anything...but it has to be something that will not only verify the trade, but add validity to the style of trading.
Agreed?
Ignored
Yes and no. We have already touched the fact that the information shared may be less than reliable. As for the context, I thought that was known - trading around the NFP report. Sure this is in no way a scientific study Jacob has started but it can provide inspiration to some who are trying to figure out if scalping big news events works.
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Joined Mar 2006
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Status: Pip Samurai
|975 Posts
So if the information is less than reliable, how can it be useful?
Furthermore, I suppose that NFP provides "some" context, but again, the amount of information that is being divulged in this thread isn't particularly useful yet. We yet to have figured out how people chose their trades, how they entered and exited their trades, how many trades they made during the session, what direction they've made their trades, or even what currency they made their trades in.
It's the equivalent of saying to you that I made 35 pips yesterday. Any piece of news could have driven any one of the dozens of currency pairs. Without any sort of useful information about the actual trade, you're relegated to the irrelevant.
There is almost no direct correlation between the numbers being spewed and the fact that there was an NFP release...at least not without that all important trade context.
Yes and no. We have already touched the fact that the information shared may be less than reliable. As for the context, I thought that was known - trading around the NFP report. Sure this is in no way a scientific study Jacob has started but it can provide inspiration to some who are trying to figure out if scalping big news events works.
