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Myth Busters the Forex Edition

  • #181
  • Oct 14, 2009 12:22am Oct 14, 2009 12:22am
Quoting Turveyd
I'm shooting for well over 5% per day and the days I trade I 95% of the time get it
And when you don't get it you lose 90%. This is the reason you're losing time here trying to convince others instead circling the world on your new yacht.
  • #182
  • Oct 14, 2009 1:30am Oct 14, 2009 1:30am
Quoting Turveyd

Not many can trade this well and most of wasting there time on higher TF's cause of that Myth being preached, l
what's this talk of wasting time on higher time frames???

I think you generalize a little to much. you may have failed on higher time frames but many out there don't.

James 16 on daily 4hourMACD on 4 hour, there's no perfect time frame to trade only the time frame or frames you feel comfortable with.
  • #183
  • Oct 14, 2009 3:31am Oct 14, 2009 3:31am
Juneman, bapxyz, Turveyd, Endroute, Indianguyinny24, TraderT, Hanover, Pips Cruiser and all the rest. Thank you for the kind words and please forgive me for allowing myself to get drawn into the recent exchange.

I know you can't change a mind already bound in it's own chains, but I always hope you can give just enough light that perhaps they can begin to see a way free of them. If they don't choose to be completely blind there is hope. If not there is none.

Not even God could give sight to a blind man who will not open his eyes. Perhaps better said, He could give it, but it would never be used and the recipient would continue blindly.

With that, I may have added all I can to this thread for the moment.

  1. The final myth of Forex is the myth of impossibilities.

    1. It is possible for one to do very, very well from day one. Just ask Tim Morgue, who paid his way through college trading Forex!
    2. It is possible to gain great wealth in a relatively short period of time. The period will vary from trader to trader.
    3. The "Holy Grail" is the trader not the system and the better the trader's discretion, the more powerful the Grail and the results
    4. Time frames are not as relevant as many want you to think. The only two times the market itself even recognizes is the open and close of the market. The rest is how we perceive and dissect it for our own purposes.
    5. Larger time frames allow for longer periods of decision making, eliminate the "noise" often talked about.
    6. Shorter time frames require the AAA game from any and all traders using them, but they also take great advantage of the "noise" or "breathing" of the market allowing for more and greater returns in a shorter period of time
    7. Safety is a personal thing for each trader and is based exclusively on that specific trader's personality, psychology and emotional self control.
    8. Risk is also a very personal thing. Entrepreneurs engage on a daily basis in activities starting businesses that others would never dream of because of the perceived "risk" in doing such things. The risk of larger percentage trades, smaller time frames is exactly the same thing.
    9. Strong returns depend also exclusively on the trader's "style" and ability to trade his or her plan flawlessly. Compounding increases returns more rapidly if done an a per trade basis as does letting the account grow without withdrawals for a period of time.
    10. Skill is gained with every trade, whether or not one understands or even comprehends that. The Human mind was designed to learn and the only people who don't learn are those who set themselves in the concrete and chains of their own self limiting beliefs.
    11. Only quiting can ever stop you from achieving your goals. The markets can't, other traders can't (unless you listen to their negativity and become infected with it) your bank account can't, only you can quit. If you refuse that, you WILL get there, where ever your "there" is!

I could probably go on and on, but it's late and I want to go trade.

God bless and good trading

Clay

P.S. the threads are getting a lot shorter to read now that I have started adding idiots to my ignore list!

  • #184
  • Oct 14, 2009 4:55am Oct 14, 2009 4:55am
There have certainly been some interesting posts the past few days, some more insightful than others, but even in a forum where we talk about dispelling myths we end up with the my way is better than your way BS, which is a complete myth. The first reality of trading is that there are very few hard and fast rules, price goes up or it goes down, its up to you as trader to figure out what works best for you not everyone else but YOU!
  • #185
  • Oct 14, 2009 4:58am Oct 14, 2009 4:58am
Quoting >Apocalypto<
what's this talk of wasting time on higher time frames???

I think you generalize a little to much. you may have failed on higher time frames but many out there don't.

James 16 on daily 4hourMACD on 4 hour, there's no perfect time frame to trade only the time frame or frames you feel comfortable with.
Well Said
  • #186
  • Oct 14, 2009 5:08am Oct 14, 2009 5:08am
Quoting Sauron
And when you don't get it you lose 90%. This is the reason you're losing time here trying to convince others instead circling the world on your new yacht.
Care to post a picture of your yacht!!!
  • #187
  • Oct 14, 2009 4:40pm Oct 14, 2009 4:40pm
Quoting endroute
There have certainly been some interesting posts the past few days, some more insightful than others, but even in a forum where we talk about dispelling myths we end up with the my way is better than your way BS, which is a complete myth. The first reality of trading is that there are very few hard and fast rules, price goes up or it goes down, its up to you as trader to figure out what works best for you not everyone else but YOU!
Exactly. What one trader sees as a myth could well be another trader's winning methodology!

Example: this thread: Why indicators will fail you. "They're lagging"; "they only show the past"; "they have no predictive quality"; "they only confirm what price is already telling you"; "divergence is their only possible use"; "trading naked is the way to go". How many times have I read comments like that?

Counter-example: this thread: Trade what you see..... Look at eohater's charts - lots of MAs, that (if I understand correctly) are a key ingredient of many of his entry strategies. And is he profitable? From what I can tell, very much so!
  • #188
  • Oct 14, 2009 5:25pm Oct 14, 2009 5:25pm
Quoting Sauron
And when you don't get it you lose 90%. This is the reason you're losing time here trying to convince others instead circling the world on your new yacht.
Yep fed up of the BS and everyone losing there asses so obviously doing the same old same old with high TF's and trying to pick tops and bottoms cause thats what the cool kids do ( read idiots ).

My loses are average 1/2 the size of my profits so where do you get that from ??



Yacht, not really my scene
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #189
  • Oct 14, 2009 5:27pm Oct 14, 2009 5:27pm
Quoting >Apocalypto<
what's this talk of wasting time on higher time frames???

I think you generalize a little to much. you may have failed on higher time frames but many out there don't.

James 16 on daily 4hourMACD on 4 hour, there's no perfect time frame to trade only the time frame or frames you feel comfortable with.

You must be right if James 16 says so, why did he setup a paid area where his followers can preach to him again, after all surely he's ridiculously rich from his great trading method, or maybe thats a Myth to.

And nope haven't failing on higher TF's, traded stocks profitably on D1 charts, Forex IS NOT THE MARKET for anything over M5!!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #190
  • Oct 14, 2009 5:33pm Oct 14, 2009 5:33pm
Quoting eclayf
Juneman, bapxyz, Turveyd, Endroute, Indianguyinny24, TraderT, Hanover, Pips Cruiser and all the rest....
Thanks to you to do, atleast we can say we've tried but sadly we are out numbered ( we being the people who are still capable of thinking and changing out opinion, rather than believing the first thing we read and digging our heals in ), sadly most people who comes to Forums end up talking to wanna be traders who are losing there ass and teach others to lose there ass and so the cycle continues.

The big boys must love forums and all the just plain stupid ideas that get taught in them!!

Love no.6 by the way, couldn't of said it better myself!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #191
  • Oct 14, 2009 5:38pm Oct 14, 2009 5:38pm
Quoting hanover
Exactly. What one trader sees as a myth could well be another trader's winning methodology!

Example: this thread: Why indicators will fail you. "They're lagging"; "they only show the past"; "they have no predictive quality"; "they only confirm what price is already telling you"; "divergence is their only possible use"; "trading naked is the way to go". How many times have I read comments...

If you understand the math's behind most indicators you'd never bother with them anyway for instance RSI :-

The number shown, is the percentage of where you are between the last high and the last low, so a reading of 100 ( or 0 ) means your above, so the trend is up, but the general idea is >80 ( or 20 ) go Short, so your shorting a market thats moving up arrgggghhhhhhh!!

MACD is just the difference between 2 SMA's.

I trade purely off SMA's like EOHater I use the M1 chart he uses M15, our actual charts SMA value wise are very similar, in years of testing SMA's uses as S/R ( general teaching is, this won't work, errr IT DOES ) is the only way to profit from Forex. ( which I've found )
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #192
  • Oct 14, 2009 5:51pm Oct 14, 2009 5:51pm
Quoting Turveyd
......And nope haven't failing on higher TF's, traded stocks profitably on D1 charts, Forex IS NOT THE MARKET for anything over M5!!!


I really don't know how anyone is successful trading the higher time frames. For me I like 15m, 5m and 1m. Heck, even the 30m TF I enjoy. Anything over that....you have to have 100, 200, 300, or even 400+ pip stops. Just isn't for me. I'd rather have my 5-20 pip stop loss and trade 1+ lots. Spend a couple hours a day trading, spend the rest with the family, golfing, etc...

I believe most make trading a helluva lot more complicated than it needs to be.
  • #193
  • Oct 14, 2009 5:55pm Oct 14, 2009 5:55pm
Quoting GulfCoastPip


I really don't know how anyone is successful trading the higher time frames. For me I like 15m, 5m and 1m. Heck, even the 30m TF I enjoy. Anything over that....you have to have 100, 200, 300, or even 400+ pip stops. Just isn't for me. I'd rather have my 5-20 pip stop loss and trade 1+ lots. Spend a couple hours a day trading, spend the rest with the family, golfing, etc...

I believe most make trading a helluva lot more complicated than it needs to be.

Most of the stuff they believe is just utter rubbish I mean Myth's.

Once you get to 200TP/200SL and your just waiting for 1 or the other, your basically just letting the market go, with no control or input, the initial entry gives you a edge turning a 50/50 game at best into 55/45, as you sit around through news watching the market move up and down for sometimes weeks to make 200 just to get SL'd for 200 on the next trade.

M1 only for me, as Said if you want long term holds swing trade Stocks Via a Spot account, Forex is not the tool you want!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #194
  • Oct 14, 2009 6:30pm Oct 14, 2009 6:30pm
Quoting Turveyd
If you understand the math's behind most indicators you'd never bother with them anyway for instance RSI :-

The number shown,...
You made a comment of higher time frames are a waste of time. I don't care how u trade and I have a decent idea on the constrution of a MACD and RSI, that's not the point here.

many people make a lot of money at this and I sure much more then you and me, based of what i have read in your posts.... from higher time frames.

I trade 1min, but I find it very strange you would make a comment like that.

every one out there needs to find the right set for them, some like tick some like 8 hour some trade of a DOM with depth with out charts.

Quote
And nope haven't failing on higher TF's, traded stocks profitably on D1 charts, Forex IS NOT THE MARKET for anything over M5!!!

That's your humble opinion.

not looking to continue this with you...

cheers,
  • #195
  • Oct 14, 2009 6:32pm Oct 14, 2009 6:32pm
Quoting GulfCoastPip


I really don't know how anyone is successful trading the higher time frames. For me I like 15m, 5m and 1m. Heck, even the 30m TF I enjoy. Anything over that....you have to have 100, 200, 300, or even 400+ pip stops. Just isn't for me. I'd rather have my 5-20 pip stop loss and trade 1+ lots. Spend a couple hours a day trading, spend the rest with the family, golfing, etc...

I believe most make trading a helluva lot more complicated than it needs to be.
can't make money on higher time frames? check out Dan Zanger
  • #196
  • Oct 14, 2009 6:38pm Oct 14, 2009 6:38pm
Quoting >Apocalypto<
You made a comment of higher time frames are a waste of time. I don't care how u trade.

many people make a lot of money at this and I sure much more then you, based of what i have read in your posts from higher time frames.

I trade 1min, but I find it very strange you think you can make a comment like that.

Correction :-

many people CLAIM to make a lot of money at this and I sure much more then you, based of what i have read in your posts from higher time frames.

I make a comment like that for good sound reason which is backed up my math's and statistics and probability, don't buy into the Myth's without thinking about them for yourself objectively is my advice.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #197
  • Oct 14, 2009 6:39pm Oct 14, 2009 6:39pm
Quoting >Apocalypto<
can't make money on higher time frames? check out Dan Zanger

Has he got a pay site aswell ?? Or did he write a book to sell ???


If you can't trade, convince others you can and sell them a system / book!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #198
  • Oct 14, 2009 6:52pm Oct 14, 2009 6:52pm
Quoting >Apocalypto<
can't make money on higher time frames? check out Dan Zanger
Thanks, but no thanks. I'm doing quite well trading the time frame(s) that are suitable for me. Different strokes for different folks. It seems the guys that trade the higher time frames find it difficult to trade the lower time frames and vice versa. I just don't have the patience and find it absurd to have a 200-400+ pip stop loss! For me it'd take twice as long to double my account on a higher time frame.

For me it's much easier to make money on the lower time frames. I don't claim to be a FX guru or anything, but I'm positive I do better than most on this board trading a live account.
  • #199
  • Oct 14, 2009 7:01pm Oct 14, 2009 7:01pm
Quoting GulfCoastPip
Thanks, but no thanks. I'm doing quite well trading the time frame(s) that are suitable for me. Different strokes for different folks. It seems the guys that trade the higher time frames find it difficult to trade the lower time frames and vice versa. I just don't have the patience and find it absurd to have a 200-400+ pip stop loss! For me it'd take twice as long to double my account on a higher time frame.
mentioned his name as it's said he made million off normal chart patterns in stocks. that is ture I have the same issue once i go over 15min i can't trade! I also agree on the stops, 1min gives me a stop of 10-12 pips allows me to trade 100+ lots. with comfortable risk management. I never try to double my account, just try to bring in % per day.

Quote
For me it's much easier to make money on the lower time frames. I don't claim to be a FX guru or anything, but I'm positive I do better than most on this board trading a live account.
what being said here is not an attack at you, I making a point that people are different like you and feel comfortable on different time frames. I am happy to hear you have found the time frame that suites you as this is very important for you as a trader.

It's great to be confident but why does it matter if you do or not? as long as you make consistent profits that's all that matters.

cheers,
  • #200
  • Oct 14, 2009 7:03pm Oct 14, 2009 7:03pm
Quoting Turveyd
Has he got a pay site aswell ?? Or did he write a book to sell ???


If you can't trade, convince others you can and sell them a system / book!!
another great reply..... still not getting the point???

good trading to u.....
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