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Technical Analysis Fallacy

  • #15,001
  • May 8, 2010 2:26am May 8, 2010 2:26am
... and the bag is the key ... ("three days and three nights in hell" ...)
  • #15,002
  • May 8, 2010 7:05am May 8, 2010 7:05am
I read the gann book when I got to fti's recommendations of it in the thread. At that time Robert's trading in cotton, wheat and grain martket didn't catch my attention, since I was new to Forex and I was searching for "do this, don't do this" tips. I didn't realize that Robert's trading was food for thought and not some "do this, don't this" guide.

Now when I reread some parts of the book, I remembered how Robert's familly treated him in the beginning. I'm getting a similar treatment now. My brother is complaining why I am not working with him in his own business(althoug I helped him so much to establish it) and other family members and friends were laughing at me that I was making 0.5-2% per day which was little money since my account is small.
All this affected my mindset and I decided that I have to win more and faster.Here is the whole history of my account, you can guess where bad mindset stepped in.

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As e result, I have now even smaller account. 2% is even less money. It's not them to blame for the failure, it's my fault listening to them and letting them ruin my mindset. Since the big dissapointment I'm trying to keep the book and slowly grow it. Maybe I'll use part of my scholarship to fund the account and then small percentage wins will be more money.
I guess I can't be a hero and make 200% a month, for those that can - good fortune guys

Have a nice weekend all after that battlestations on monday
  • #15,003
  • May 8, 2010 7:31am May 8, 2010 7:31am
i find it both hilarious, and sad, about all this psyche talk.

"oh i had a bad mental state and i lost my account"... errr, or did your methods fail and killed your account and in the process you got a dirty mindset as anyone would if they lose money.

i just have this feeling that so many are spending so much effort ignoring the facts (the titanic went down) and crutching on false excuses (bad psyche caused bad trading).

:nerd:
Congratulations ScalaFX for coming out of the closet!
  • #15,004
  • Edited 10:44am May 8, 2010 9:25am | Edited 10:44am
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The red arrows can fly just as well, but i cannot find their clips.
  • #15,005
  • Edited 10:55am May 8, 2010 9:37am | Edited 10:55am
Precision and Agility and Safety and Skillful minds during high G maneuvers. Ability to adjust to and focus and recover in difficult situations,

Inserted Video


During difficult ops and dogfights,like in trading, only 2 persons are present. You and God.

PS: know your limits, you can try do this in a spitfire. Some had. yeah, everybody thinks they can do it without the experience. Here's the flight plans and a hornet, Geranimo.
  • #15,006
  • May 8, 2010 10:05am May 8, 2010 10:05am
Hello FTI & Dancers

This is my first week of dancing live. I have danced 403 pips in total which I am quite happy about. My dancing was relaxed and music really helps to take that stress away.

The first day was stressful... I was up very early in the morning to prepare for the dancing in the afternoon and was worried when I finally put cash onto the table. But on Friday, my mind was very relaxed and was totally back to the stable mindset of demo training. Also, from thursaday onwards I was only doing Shorts, I was never able to attack fully but all trades went well with no rescures.

I am having this problem of not being able to attack... Does anyone struggle with that too? How should I conquer this problem? I let my losses run but profit taken short and I know this is going to put me down if I dont change.

Also, I have some thought about the spiral within spiral. I know its sensetive topic, so might I ask Mr. FTI if I could openly discuss what my thoughts are?
Life is a school for the soul
  • #15,007
  • Edited 10:41am May 8, 2010 10:20am | Edited 10:41am
Quoting esuffw
Hello FTI & Dancers

This is my first week of dancing live. I have danced 403 pips in total which I am quite happy about. My dancing was relaxed and music really helps to take that stress away.

The first day was stressful... I was up very early in the morning to prepare for the dancing in the afternoon and was worried when I finally put cash onto the table. But on Friday, my mind was very relaxed and was totally back to the stable mindset of demo training. Also, from thursaday onwards I was only doing Shorts, I was never able to attack fully...
Hi esuffw,
Good success. Some will call that beginners luck. You can attribute the success to your unadulterated mind and your focus. Forward, you have to be able to hold to basics and focus. As you mature , read and think about new chart skills. That which cannot jell should not be adopted. Study market form.

About attack. Do not worry about it.
As your P takes off and you have sufficient elevation . You will begin to try. Just watch the ego, as the G escalates, so will disorientation and if ego gets in the way it can get ugly. Stay in comfort zone.

About spirals, its been given earlier. Its a free world, mostly. I will not discuss that topic any further. You open that can of worms on your own indulgence.

regards
  • #15,008
  • May 8, 2010 10:50am May 8, 2010 10:50am
Quoting fti
Hi esuffw,
Good success. Some will call that beginners luck. You can attribute the success to your unadulterated mind and your focus. Forward, you have to be able to hold to basics and focus.

About attack. Do not worry about it.
As your P takes off and you have sufficient elevation . You will begin to try. Just watch the ego, as the G escalates, so will disorientation and if ego gets in the way it can get ugly. Stay in comfort zone.

About spirals, its been given earlier. Its a free world, mostly. I will not discuss that topic any further. You...
Thx for the quick reply FTI

I have to agree about the ego appearing on my mindset. I think I have been loosing too much before and finding it hard to cope with winning (may sound weird, but its almost painful to win at the moment. Its a mixture of ego + fear of loosing back). I will do some work on that. I still remember the story of the turtle crossing the river. The ego + fear combo might sting me very badly.

Regarding the attack, I will keep that in my mind. I guess the only way to learn that is to try!

BTW Mr. FTI, I have always had a question for you. I know you have been trading for many yrs. Have you ever felt sick of trading? Or you find joy in every moment of it? Just curious, lol.

Have a great weekend rest dear Mr. FTI and all dancers

Seriouly looking forward to monday market open
Life is a school for the soul
  • #15,009
  • Edited 11:55am May 8, 2010 11:36am | Edited 11:55am
Quoting esuffw
Thx for the quick reply FTI

BTW Mr. FTI, I have always had a question for you. I know you have been trading for many yrs. Have you ever felt sick of trading? Or you find joy in every moment of it? Just curious, lol.

Have a great weekend rest dear Mr. FTI and all dancers

Seriouly looking forward to monday market open
Yes, i got tired of the jail cell in the bank and decided to diversify my worth into properties development in some countries. Got my fingers burnt bad, lost heaps. Learned one very important lesson. Never trust money to anyone else. So i decided to come back to familiar airspace to do this for the rest of whats left of my life.

For me, the senses are very numbed, mostly fearless dogfights in the markets. This keeps my egos well in check and ambitions are to me things of the past. Recently I challanged myself with a very uphill task. Small project, but when succeed, will be most plesurable. Its Forex related but nothing commercial, very minisque. Just for the challenge, keeps me on my toes. And I keep my pockets lined with profits with some spot forex trading.

regards
  • #15,010
  • May 8, 2010 12:48pm May 8, 2010 12:48pm
"Ego builds wall but Love opens doors
Sun and Moon are aware of their cycles
Who knows the cycles, he stays out of cycles".
  • #15,011
  • May 8, 2010 3:40pm May 8, 2010 3:40pm
for those of you who were bottom picking:

from Bloomberg

EU to Set Up Fund to Prevent Spread of Greek Crisis

Jolted into action by the sliding currency and soaring bond yields in Portugal and Spain, leaders of the 16 euro countries said the workings of the financial backstop will be hammered out before Asian markets open late tomorrow European time.

http://www.bloomberg.com/apps/news?p...26BXQTVE&pos=1

regards
  • #15,012
  • Edited 4:21pm May 8, 2010 3:58pm | Edited 4:21pm
Quoting MyTbo
I guess I can't be a hero and make 200% a month, for those that can - good fortune guys
You won't be able to live off your account till it's about $50k. Just price it in your trading plans.

There will always be external factors.. rent, girlfriend, parents, friends. Better learn to deal with it while risking small.

At the end of the day, it's your own ego that is acting up. I have been there.

PS - the sooner you will get the 100% & 200% out of your head the better. MaMood made 500% in a day once but that is no benchmark. This is not a contest. Consistent 1% a day is huge already.
  • #15,013
  • May 8, 2010 11:18pm May 8, 2010 11:18pm
Quoting fti
Yes, i got tired of the jail cell in the bank and decided to diversify my worth into properties development in some countries. Got my fingers burnt bad, lost heaps. Learned one very important lesson. Never trust money to anyone else. So i decided to come back to familiar airspace to do this for the rest of whats left of my life.

For me, the senses are very numbed, mostly fearless dogfights in the markets. This keeps my egos well in check and ambitions are to me things of the past. Recently I challanged myself with a very uphill task. Small...
Sorry to hear about the properties thing. I guess we all get burned in somthing to let us realize who we really are. Anyway, what do I know, I'm just a kid! lol

Actually I have a challenge for myself too. That is to convince my family of what I am doing is right. I have a very triditional chinese background. You know, the RICE culture type. They think its a GET-RICH-QUICK scheme.

I had to admit thou, at the very start I thought of it as a way to get rich, but I am glad I carried on after I was proved wrong. Now I enjoy every moment of it even if its hardcore screen time ants work.

How did you feel when you were starting as a dealer? Were you addicted in your work? Or you just saw it as a way to make a living? I never worked in a bank, so I wouldn't know...

*fearless dogfights ---- Are you the cat??? lol
Life is a school for the soul
  • #15,014
  • May 9, 2010 3:38am May 9, 2010 3:38am
I think it's time to open the can of worms. Why not? Some will get it, some wont while others will abuse goodwill. Personally, I prefer to share, speak and express myself freely. I don't like secrets and in the past I have refused to be shown certain "secret" methods of "trading" because I wouldn't be allowed to share it with others. It's not that I particularly want to reveal a "secret", it's just that it prevents me from freely expressing myself. I don't want to remember what I can and can't say - I just want to say what's on my mind - freely.

Anyway, I have researched "spiral within spiral" based on information within this thread and elsewhere. We should all realise that when trading we are in the now, always - the fallacy is the predictiveness.

The base MO is to trade the smaller waves, to be nimble, to follow the trend (short term, intermediate). This is the short sword method.

What hasn't been discussed too much is how we hedge on the longer term trend reversals? How that becomes the background to our short sword trading.

I will post my thoughts later today for discussion. I don't believe I understand all of it but I believe I'm on the right track. It's mentioned by Gann, in DOW theory and elsewhere. How do we use it is the bigger question.

If anyone would like to express their thoughts, I'm all ears.
  • #15,015
  • May 9, 2010 4:10am May 9, 2010 4:10am
Quoting Zoran
I think it's time to open the can of worms. Why not? Some will get it, some wont while others will abuse goodwill. Personally, I prefer to share, speak and express myself freely. I don't like secrets and in the past I have refused to be shown certain "secret" methods of "trading" because I wouldn't be allowed to share it with others. It's not that I particularly want to reveal a "secret", it's just that it prevents me from freely expressing myself. I don't want to remember what I can and can't say - I just want to say what's on my mind - freely....

I agree and I am all ears.

May be later I will have something to say but right now I just want to say thank you for the clues posted a couple of days ago, and for the many posts you have made from the start of this thread.

Regards,
Baifu
  • #15,016
  • May 9, 2010 4:35am May 9, 2010 4:35am
Quoting Zoran
I think it's time to open the can of worms....
Hello Zoran

I dont believe there are "secrets" to trading. I think its only a matter of knowledge and skills. What we refer to as "secrets" are basically knowledge which is really hard to gather or understand.

i have been doing some research and thinking into the sprial within sprial thing too. I will gladly join you to discuss about this topic, for the sake of my curiosity to read kind hearted Mr.Gann's message to us.

Also, I was emotionally moved by the book. He must be a man of great emotions and love to even write stories like that.

*BTW, now when I look at a chart, I see strings of coiled lines. When you look at the prices from a different dimension, you can see coils within coils. Sombody please tell me if I am going crazy!!!
Life is a school for the soul
  • #15,017
  • May 9, 2010 5:40am May 9, 2010 5:40am
...
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  • #15,018
  • May 9, 2010 5:59am May 9, 2010 5:59am
Quoting esuffw
Hello Zoran

Also, I was emotionally moved by the book. He must be a man of great emotions and love to even write stories like that.

*BTW, now when I look at a chart, I see strings of coiled lines. When you look at the prices from a different dimension, you can see coils within coils. Sombody please tell me if I am going crazy!!!
Interesting, I mean no disrespect to you or anyone else who enjoy the book, it just proves we are all so very different, and that makes the world more interesting.

For me I cannot recall ever reading anything so ....... , and I only forced myself to skim the book out of my great respect for fti the trader.

If reading the book is the price for getting the "secret" I rather forego that privilege

On the other hand you are definitely not crazy for seeing coils within coils. Cycle within cycle, wheel within wheel, trend within trend, spiral within spiral, that's universal like the Law of Inertia. And the Law of Vibration, must admit my understanding of the latter is literal rather than official fti teaching, I take it to mean price does not move in straight lines (retrace appears as we zoom in, trend within trend).
And Gann does not own the patent to universal laws.

I have no quarrel with knowledge, faith, love, discipline. Just rather achieve it through understanding of self, not Ezekiel XX:XX or astrology, but again, that's just my own short coming

Regards,
Baifu
  • #15,019
  • May 9, 2010 8:16am May 9, 2010 8:16am
Quoting Baifu
Interesting, I mean no disrespect to you or anyone else who enjoy the book, it just proves we are all so very different, and that makes the world more interesting.

For me I cannot recall ever reading anything so ....... , and I only forced myself to skim the book out of my great respect for fti the trader.

If reading the book is the price for getting the "secret" I rather forego that privilege

On the other hand you are definitely not crazy for seeing coils within coils. Cycle within cycle, wheel within wheel, trend within trend,...
Hey Baifu

I am not offended, but happy for someone to share their view.

I really enjoyed the read as a story book. I think it helps to notice hints because when you are not bored, your brain works much better. When you are bored and reading, you tend to miss out a lot of useful insights.

There was small amount of hints that were given along the way. The bible part and astrology are not important. When he speaks in plain language, he drops sands of gold. Some points I still don't get, so I need to reread it.

However, that is what I think. I hope more could share their views about this subject.

Regards
Life is a school for the soul
  • #15,020
  • Edited 10:36am May 9, 2010 9:41am | Edited 10:36am
Quoting piccolo
for those of you who were bottom picking:

from Bloomberg

EU to Set Up Fund to Prevent Spread of Greek Crisis

Jolted into action by the sliding currency and soaring bond yields in Portugal and Spain, leaders of the 16 euro countries said the workings of the financial backstop will be hammered out before Asian markets open late tomorrow European time.

http://www.bloomberg.com/apps/news?p...26BXQTVE&pos=1

regards
Interesting week, last week.

I'm very confident there will be P&L holes somewhere on the books because of last week.
Looks like owners are very active this weekend.

http://www.reuters.com/article/idUSTRE6481A220100509


Staying nimble and trading the chart, high skews in play.
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