Just1pip

- Joined Feb 2006 | Status: Blah blah blah | 1,410 Posts
The breaking of a wave cannot explain the whole sea.
Naked Chart Trading 122 replies
Trade Naked Candlesticks strategy 15 replies
Trading Naked - Reading Candlesticks and other Price Analysis 146 replies
Naked Options Selling! 60 replies
Trading Naked EA 15 replies
DislikedI like what I see! Care to share some of your personal input into the trading naked concept to us?
Just1pipIgnored
DislikedOn the contrary, in the daytrade basis, I never try to mentally do anything, just wait for the result, limit or stop.
And I do revert as the system signals.
This is a live account by the way. And of course, this month is a harvest month for the system.Ignored
DislikedReading this thread is reminiscent of the God-Atheist debate. The naked traders seem to have an attitude of : They don't believe in indicators, they think indicators are foolish, they think indicators have no use. That someone else's belief in indicators is wrong and that the truth is indicators are useless and foolish. Sort of like the way Atheist's think.
I would like to point out that Mr Trend made a joke that is at the heart of the issue. 'I don't even use charts anymore to trade.' Or something to that effect. That's the meat and potatoes. If you are still using a chart you are still using an indicator.
All indicators(most) are is calculations based off of five basic things found on charts. Price:open, close, high, low. Also used is number of time periods. Most every indicator is a hashing and rehashing of those basic values. People use volume, too, but that isn't available on price charts. Things like EW, Fibs and TLs aren't quite like other indicators but they are still basing their calculations on price history. So if you are reading a chart you are exposing yourself to those basic values and you are still using an indicator, the chart itself. All the commotion about using only price action and nothing else but price action is an indicator. All the ruckus about indicators are lagging, well, price action is lagging too. It's all a record of past price action. One tick ago is lagging, it's the last tick, not current.
Years ago when I first started studying forex I looked at a sample of three months worth of demo trading. I looked at every entry and recorded how many of them would have been in a profit at any point. Out of nearly 1000 demo trades I found only one, yes one trade that did not go positive at any point. Some went only a few pips negative and stayed positive from then on, some went a few pips positive then negative from then on. But overall I found that it did not make a difference whether you longed or shorted from any price point and that if you had enough margin to wait out the trade it eventually would be a gainer.
That inspired me to experiment with something. I called it my monkey method, because a monkey could do it. Without even looking at a chart I would enter a trade and set my limit at 75pips and my stop at 25pips and just let it run it's course. When my trade station was opening all I would do is flip a coin to decide whether I was going to go long or short. I did this in a separate demo for about two months. I was amazed at what transpired. My win to loss ratio was just under 50%, about 48%, and the account balance was up by around 300% after the two months. I could not believe it. What's funny is I never tried that experiment again and have not used that type of method in my trading.
All those two things showed me is that trading isn't about reading charts or coming up with a nifty method. It was risk to reward ratio management. It didn't matter whether you bought or sold, it didn't matter if you timed anything right, it wasn't about having the right system, even though those things can but not always help your overall success rate. We are still talking about a market that is 50/50, either you're right or you're wrong. All the research in the world might only help you by a few percentage points difference in the success ratio. I've had some real good runs where I was right 9 times out of ten. Then had some equally bad runs.
What made the difference was sticking to the limit/stop risk to reward ratio that allowed me to be wrong 2/3 times, right only once, yet still make money. Other than that all the research and study I do is to make other people believe this is harder than it looks and keep myself occupied with something to do.Ignored
DislikedIMHO, forex is about attitude to life, about displine, about patience, about courage, about persisting to what you believe, and only a tiny little bit about technical skills.
Maybe (in fact true) we are not clever enough to master those fancy technics, but apart from that, we all have our individual wonders inside. Try not lose your way burried by the indicators.
Still, I do believe 95% of the participants will finally proofed to be losers, because they are borned to be.
Are we one of them?Ignored
DislikedThat inspired me to experiment with something. I called it my monkey method, because a monkey could do it. Without even looking at a chart I would enter a trade and set my limit at 75pips and my stop at 25pips and just let it run it's course. When my trade station was opening all I would do is flip a coin to decide whether I was going to go long or short. I did this in a separate demo for about two months. I was amazed at what transpired. My win to loss ratio was just under 50%, about 48%, and the account balance was up by around 300% after the two months. I could not believe it. What's funny is I never tried that experiment again and have not used that type of method in my trading.Ignored
DislikedReading this thread is reminiscent of the God-Atheist debate. The naked traders seem to have an attitude of : They don't believe in indicators, they think indicators are foolish, they think indicators have no use. That someone else's belief in indicators is wrong and that the truth is indicators are useless and foolish. Sort of like the way Atheist's think.
I would like to point out that Mr Trend made a joke that is at the heart of the issue. 'I don't even use charts anymore to trade.' Or something to that effect. That's the meat and potatoes. If you are still using a chart you are still using an indicator.
All indicators(most) are is calculations based off of five basic things found on charts. Price:open, close, high, low. Also used is number of time periods. Most every indicator is a hashing and rehashing of those basic values. People use volume, too, but that isn't available on price charts. Things like EW, Fibs and TLs aren't quite like other indicators but they are still basing their calculations on price history. So if you are reading a chart you are exposing yourself to those basic values and you are still using an indicator, the chart itself. All the commotion about using only price action and nothing else but price action is an indicator. All the ruckus about indicators are lagging, well, price action is lagging too. It's all a record of past price action. One tick ago is lagging, it's the last tick, not current.
Years ago when I first started studying forex I looked at a sample of three months worth of demo trading. I looked at every entry and recorded how many of them would have been in a profit at any point. Out of nearly 1000 demo trades I found only one, yes one trade that did not go positive at any point. Some went only a few pips negative and stayed positive from then on, some went a few pips positive then negative from then on. But overall I found that it did not make a difference whether you longed or shorted from any price point and that if you had enough margin to wait out the trade it eventually would be a gainer.
That inspired me to experiment with something. I called it my monkey method, because a monkey could do it. Without even looking at a chart I would enter a trade and set my limit at 75pips and my stop at 25pips and just let it run it's course. When my trade station was opening all I would do is flip a coin to decide whether I was going to go long or short. I did this in a separate demo for about two months. I was amazed at what transpired. My win to loss ratio was just under 50%, about 48%, and the account balance was up by around 300% after the two months. I could not believe it. What's funny is I never tried that experiment again and have not used that type of method in my trading.
All those two things showed me is that trading isn't about reading charts or coming up with a nifty method. It was risk to reward ratio management. It didn't matter whether you bought or sold, it didn't matter if you timed anything right, it wasn't about having the right system, even though those things can but not always help your overall success rate. We are still talking about a market that is 50/50, either you're right or you're wrong. All the research in the world might only help you by a few percentage points difference in the success ratio. I've had some real good runs where I was right 9 times out of ten. Then had some equally bad runs.
What made the difference was sticking to the limit/stop risk to reward ratio that allowed me to be wrong 2/3 times, right only once, yet still make money. Other than that all the research and study I do is to make other people believe this is harder than it looks and keep myself occupied with something to do.Ignored