I've been following this thread for at least 2 months. This is very enlightening. So far, in my very limited experience I agree with the philosophy, but have not yet been able to put it to profitable use (demo).
Something I find really interesting though is how the markets move. There seems to be a rhythm, but not a totally predictable pattern. I have only a couple of hours a day to dedicate to this, and it seems to be during a fairly quiet time. Not terribly exciting, but I can usually find some action.
Fortunately I found this thread before going to far down the TA "system" route. Funny how everyone is willing to teach the basics of TA, but few are wiling to provide guidance without $$. I have the basics of TA indicators etc. down, but really didn't find any way to correlate indicators with current price action. Some indicators seem to match past price action fine, but finding an indicator that reliable matches current price action ... I'm not seeing it. Certainly not anything I would want to consistently use for entry and exit points. So I have given up on indicators. I have nothing but PA on my screen. I don't feel like I have given up too much, since I didn't have faith in anything else I had on the screen.
So, I'm going to give this a try for a bit. Seems quite interesting and at least it's free! Thanks FTI for your time and dedication to this thread. You have given a lot of your time to teach the rest of us something about FOREX trading, and a bit of philosophy about life itself. I suppose if nothing else I learn from this thread, I have at least learned that in order to be successful in this business, I will need to find my own way, and it is on me alone to dictate my success.
I am currently working on skew and lot size. I wiped out an account last night working with standard lot size. I'm practicing with small capital ($5K) and mini lots. I enter at .3 mini's and go from there. I am noticing I can keep things very close to even, but then greed gets the better of me, and instead of taking small profits, I wait, then PA goes against me. Well then, instead of taking the few pips I end up down a few and I end up running out of time to stay in the game.
I am focusing on the book though, and not just the single order, especially since multiple orders will be open at once.
Thanks again FTI and everone else for your time and dedication to this thread.
Wow your 1st post, well welcome aboard and I must say you couldn't have found a better place to start your journey. It is obvious that you are educated and open minded so this should be an easy transition for you, I hope you enjoy Fti's philosophy on trading, I can't tell enough you how much it's improved my trading, thanks Fti.
Thanks for the que fti. I'll try to keep it short.
Just to give a little background, when I discovered this thread, which was at about page 2, I had been trading reasonably successfully over the past few months, however, over a matter of days I put a huge dent into my account and that gave my confidence a good slap. I realised that something was wrong but couldn't put my finger on it. At that point fti came along and I was very impressed with his background so I thought if anyone knew what was going on, it would be him.
So I decided to put aside my trading, wipe the slate clean and listen to what he had to say. I generally stopped trading and I also started to get busy at work so whatever spare time I had was dedicated to this thread. Anyway, as I was going through it, I came to a significant insight when I read the scorpion story. I then knew exactly what was wrong and knowing that I had a self-destructive nature helped me overcome that weakness.
However, as the thread was progressing I could manage to understand most things but if anyone had noticed, I kept probing about the technical analysis part. I had been following this thread fairly closely but that part seemed elusive. I had my own experience and knowledge but I wasn't sure what I should use. Each time I asked fti, he seemed to discount it or had some better method. It was something I couldn't put my finger on but I knew I was familiar with what was being said. I had this idea that before starting to practice fti's teaching I wanted it to be clear in my head. That meant the TA part as I didn't really have issues with the rest.
Finally, I just decided to jump into the deep end. Even though I wasn't sure about the TA part, I knew fti's teachings so I wanted to see what I can do with it. I had my naked chart in front of me and I did what I thought was right. So as I was watching I started to feel the market and its pulse. Then I could see the dance starting to change so I thought here is an opportunity to enter. I waited a little longer for some confirmation and since it was doing what I expected, I entered. It worked out well and as I could see the dance changing again, I closed it. I did it again and then I came to the realisation that this was the missing link. There was a little explosion in my head and a flood of parked information rushed in. While I was searching for the elusive TA part, it was in fact the dance and feeling the market pulse that was missing. My problem was simply that I did not put into practice what I had already known. Once I did I could finally move onto the next level and this felt very liberating.
Since I've been watching charts and action for two years, it came fairly naturally. I didn't need any indicators or analysis, just the naked chart. My knowledge of TA still came into use, but it was normally after entry. Patterns would develop to confirm my position or to alert me of potential developments but feeling the market seemed most important. By the end of the day, I caught 5 or 6 good waves and rescued one entry. I was only dancing with the scout but that was enough for the first day. Time to start using the spirals.
So to those people who are just observing this thread and to those that are still a little uncertain, my advice is to read the thread, get naked and jump in. There are a few of us here now so don't be shy!There is still some parked information that continues to trickle in. If we listen to the market and ourselves, the scorpion is history.
Anyway, I am off for an Easter break with my family so wishing everyone all the best. See you when I get back.
Trade well and do not forget to be a sandpiper for some of the unfortunate, with some profits when you can. Then it makes it all worthwhile. When was the last time you did something nice for your family or strangers in need?
Most do not help others, because they cannot afford to. When you have means and not do it, then its somethings else, deep within. And this goes for all who can find their way from this thread. Otherwise watch that mindset. Remember. tt can eat you from within.
"Beware, the enemy within you."
Thanks for the reminder, to get you gotta give, otherwise whats' the purpose.
Cheers!
All,
Another great week on the markets as patience paid once again, wish the same for everyone. Wishing you all a very happy holiday weekend, see you all next week.
Regards,
NP
