@MyTbo
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Technical Analysis Fallacy
- #14,122
- Edited 6:23am Mar 30, 2010 6:05am | Edited 6:23am
Hello, fti. Nice to see you back. Thanks for "The art of war" links. I watched the whole film on youtube
@pete.alfa
Let say if they put their scout more$$$ per lot imagine on attacking!!!! rewarding would be glory fantastic$$$$$$ with lesser time but if lose only allow 2 scouts lose per day 'that's it bad day' go to beach enjoy life - there will be tomorrow.
[color=blue][color=black]That is one of the important things we newbies have...
I can feel your frustration, this happened to me 3-4 months ago - rescused & rescued.
read this post few times(posted by GEfx) & work on demo. Try to understand 3Kingdoms & feel the flow(if you can't feel the market flow you will end up rescue job but no 100% guarantte). It might help.
http://www.forexfactory.com/showpost...ostcount=13579
Cheers,
- #14,124
- Edited 11:03am Mar 30, 2010 10:50am | Edited 11:03am
- | Joined Aug 2007 | Status: Trader | 2,219 Posts
- #14,125
- Edited 12:59pm Mar 30, 2010 11:24am | Edited 12:59pm
- | Joined Aug 2007 | Status: Trader | 2,219 Posts
- #14,132
- Mar 31, 2010 6:58am Mar 31, 2010 6:58am
- | Joined Mar 2009 | Status: Trader | 1,849 Posts
Hi Fana
You misunderstood ... this will follow ... maybe.
- #14,135
- Mar 31, 2010 1:04pm Mar 31, 2010 1:04pm
My "scout" or first trade would be at the point where you see downside momentum has failed, with a very tight rope on it (notice that the PA had broken the previous ST trend line and then attempted to pull back, which is where you saw the failed attempt). Start adding when you see breaks/pullbacks. When you see the trend broken, it is a first indication that the market is no longer going to do what it had been doing (maybe). Aside from that, you have the right idea, you're just late. Addionally, be careful with targets and too much S/R thinking,...
I get the idea, that when trend is broken and reverses, the dealers will want to push the price to the levels where people, who don't realize that trend is over, will put their stop losses. So when this happens I imagine where would I put my stop loss if I though it is a retracement and entered according to the old trend, then these levels will become my targets
If there are stops and they are triggered momentum will be built. Of course, PA and momentum in this case are very important since I am trading against the previous trend(I don't know if it is over, I'm just assuming it). That is the way I see it. Maybe this is nonsense. Maybe seniors here will tell me where I am wrong( I certainly hope they do
)@Setebos
I received a painful lesson in Monday. It wasn't expesnive, since I trade small lots while I'm learning, but still it was a painful one. I hope your account didn't get hurt.
Regards, MyTbo
P.S. To all newbies like me, watch out it's US unemployment and payrolls week. Very dangerous things happen in the market in such weeks.
- #14,136
- Mar 31, 2010 9:34pm Mar 31, 2010 9:34pm
- Joined Sep 2009 | Status: Trader | 5,979 Posts
Hi guys,
I received an expensive lesson in humility today. I hope you traded wiser then me and took advantage. I will have some food for thought for the rest of the day.
Good trading to everyone.
i'm sorry to hear that, but if you can explain the details of what happened maybe we can learn from your trading mistake.
i just finished reading 102 pages of this forum and everyday since last week i have learned a lot of valuable things. since last week i have been trading all the way naked and to my surprise i can se myself dancing nicely now and start building a intimate relationship with 2 kingdoms
i'm still practicing rescue excercise and correct timing for my scouts to enter... and follow up troops if chance for attack is immenentcheers mate!
Success consists of going from failure to failure without loss of enthusiam
- #14,137
- Edited Apr 1, 2010 2:02am Mar 31, 2010 11:02pm | Edited Apr 1, 2010 2:02am
- | Joined Mar 2009 | Status: Trader | 1,849 Posts
I agree with you about the first entry. I was going to do it but then hesitated and didn't do it
I get the idea, that when trend is broken and reverses, the dealers will want to push the price to the levels where people, who don't realize that trend is over, will put their stop losses. So when this happens I imagine where would I put my stop loss if I though it is a retracement and entered according to the old trend, then these levels will become my targets
Let me tell something. Some time when i was trading live for ...6month... I found myself in big drawdown. So i had to begin again... Seniors here recommended me to read the thread again. And i did it. Next 2month i was up 20%. But when i thought i "was there", i started to do it like i was already experienced pro. So i have lost this 20% and i have to build it again. I read the thread again.
EVERYTIME i read the thread, there is something NEW, because how my practise skills and my observing of market rise, i am able to eat it.
When i re-read some my "first" posts here, i have to say: "I was blind forex newbie...".
The point is, try to be honest to myself, not make some my own predictions... The best thing i can do is to get help from the seniors here.
Their help and the info from this thread. That is the key to real profitability.
regards
- #14,138
- Mar 31, 2010 11:49pm Mar 31, 2010 11:49pm
- Joined Sep 2009 | Status: Trader | 5,979 Posts
Hello MyTbo.
Let me tell something. Some time when i was trading live for ...6month... I found myself in big drowdown. So i had to begin again... Seniors here recommended me to read the thread again. And i did it. Next 2month i was up 20%. But when i thought i "was there", i started to do it like i was already experienced pro. So i have lost this 20% and i have to build it again. I read the thread again.
EVERYTIME i read the thread, there is something NEW, because how my practise skills and my observing of market rise, i am able to eat it.
When...
like you i'm also a newbee with this method, i'm still keep on practicing my dancing, one step at a time. one thing that is very clear to me from fti and the rest of the group here is not to predict PA's direction or reversals but merely follow it, like the water flowing... we need to feel the pulse of the market.
They also emphasized on the correct MM & MO. if we're on the correct direction but entered wrong timing, there is always the rescue method...
for me these are the very essentials of fti's teaching. I am still trying to absorb AOW's essentials and trying to relate to my trading attitude
since last week till now, i already have increased my equity dramatically and i'm very excited with it, considering i'm just learning. i average 3 wins and 2 breakeven trades, to my surprise zero loss.
i'm still observing ranging markets... a bit tough for me at the moment because i don't have much soldiers (rescuers) even a tight position.
cheers.
Success consists of going from failure to failure without loss of enthusiam
- #14,139
- Apr 1, 2010 12:14am Apr 1, 2010 12:14am
- | Joined Aug 2007 | Status: Senior Member | 1,798 Posts
To Live is the rarest thing in the world , Most people exist , that is all
- #14,140
- Apr 1, 2010 12:25am Apr 1, 2010 12:25am
- Joined Sep 2009 | Status: Trader | 5,979 Posts
Success consists of going from failure to failure without loss of enthusiam