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Advice I wish I had as a complete forex newbie

  • #21
  • Oct 6, 2010 5:11pm Oct 6, 2010 5:11pm
Quoting Deusomega
Mmm ok.
Glad you finally agree.
  • #22
  • Oct 6, 2010 6:03pm Oct 6, 2010 6:03pm
Quoting hanover
"

So is trading incredibly easy or incredibly difficult? Take your pick, LOL. But I'd suggest that the only way anybody ever finds out is not by placing their trust in forum posts, but by the process of self-discovery.
______________________


.....zero sum context of forex, that there's nothing unethical about selling information that is extremely valuable. (However, there seems to be a growing mentality that those who are successful are obligated to gift their hard-earned wealth and/or intellectual property...
Hanover is the respected and esteemed member of the forum and that is truly well deserved. I portray the resident lunatic which is just as well deserved.
That said... I think there may not be a more true statement than the first part of the quote.
It's just that little "zero sum" thing that I'm still having a problem with.

"Zero-sum games are games where a win by one player means a loss by the other player; the term has little to no relevance when describing multiplayer infinite games. The reason economy is a positive-sum game is because it’s an infinite game where value is built throughout time due to value growth in the overall economy."

But to tell the truth, I could care less and it doesn't even matter.
  • #23
  • Oct 6, 2010 6:32pm Oct 6, 2010 6:32pm
Quoting yaed
Hi

If you want to use EAs i suggest putting them to use after london close, and shutting it off when london opens.
true
  • #24
  • Oct 6, 2010 10:17pm Oct 6, 2010 10:17pm
Quoting hanover

Given his comparative lack of expertise, capital, influence, etc, how can a small retail trader possibly compete against these giants...
I don't think he's trying to is he? Retail is a game of it's own....
  • #25
  • Oct 6, 2010 10:21pm Oct 6, 2010 10:21pm
Quoting mr.marketz

You're an imbecile, with a bad attitude... tell tale signs that you'll never make it in this business.
Someone having a bad trading day?
  • #26
  • Oct 6, 2010 10:50pm Oct 6, 2010 10:50pm
Quoting mr.marketz
Great advice... thanks for sharing.
Lol. This was awesome.
  • #27
  • Oct 6, 2010 10:53pm Oct 6, 2010 10:53pm
Quoting TradeRunner
But to tell the truth, I could care less and it doesn't even matter.
how much less? Or did you mean 'couldn't'?
  • #28
  • Oct 7, 2010 1:16am Oct 7, 2010 1:16am
We draw our conclusions from our experiences. Some of that i consider stuff that someone could benefit from. I see no reason to question any of those experiences that i have told you of, further then i have already questioned them. A lot of the things i wrote about i did not explain well, why i think it, what it is based on and so on. I could do this but that would take up 50-100 pages. I dont think anybody here would read it in a serious way, so i dont think i will do that. I have written such things on this forum, and it has mostly been met in a fashion that i consider counterproductive.

Therefore i am content with those things i wrote in the first post and i think i will remain content with that for quite some time, at least until i find some experience or logic that contradicts what i presented in the first post. So happy trading to all of you meanwhile. And please think of what you say to eachoter, fighting amongst eachoter will get you nowhere.
My signature is: "Classified".
  • #29
  • Oct 7, 2010 11:35am Oct 7, 2010 11:35am
Quoting yaed

experience or logic
Apply those two and I expect your conclusions will change in time.
  • #30
  • Oct 8, 2010 6:39am Oct 8, 2010 6:39am
Quoting pipmutt
Apply those two and I expect your conclusions will change in time.
Yeah mate, they have a way of doing that. Thats what learning is about i guess, that our view of the world changes that is.
My signature is: "Classified".
  • #31
  • Oct 14, 2010 3:56am Oct 14, 2010 3:56am
This may sound a tad academic, but is not ment so. Its ment very simple, and just read it slowly, dont even think of time or how long it takes to read this. If you are not willing or able to do this i suggest you dont read this at all, it will only confuse youre mind that is only used to getting the truth served to you. So really pronunce the words in youre head or out loud as you read this very slowly. (Akin to the way of "reading" in ancient times)

Of the really broad spectrum of issues concerning money management, one field of such issues is the visualisation of it in the chart. Why is this important, and what the hell am i talking about? Well, in the chart everything is numbers or another word is data. So everything in there is data, but as its not practical to visualize it in raw numbers such as "3", and "18" or "1.40880" and. I will go into why its not practical to wiev all this data in the form of raw numbers.

When i visualize price i have a lot of data that i need to look at and work with in order to understand the price. So its not practical to do so through presenting this data in raw numbers, since id have to look at hundreds of different numbers and while reading them adding and subtracting from them in a very very rapid pace to compare them to eachother. What i would need to do is read hundreds of numbers and cross compare them to eachoter, this would take an immense amount of brainpower, if i where actually able to pull it off, my brain would shut down in a matter of seconds, its not evolved for such things, its really NOT a computer. It resembles a computer in many ways, but it really isnt the exact same thing as a computer. So that you really and throughly understand this, i will explain this very clearly in a fashion that i know you can understand.

If i where to look at my data in raw numerical form i would have to some of these things and in an order that is somewhat like this:

1. Look at what the price is.

2. Add the spread to price to get what i pay for it.

3. Subtract the price for the nearest resistance above from the current real price i calculated in "2" from.

4. Calculate if the inverse of this number (3) is greater or lower then my maximum yeild TP.

5. Now its time to look at the price of the nearest support below and subtract that from my maximum yeild TP.

6. Calculate if this number (5) is greater or lower then my maximum yeild TP.

7. Look at what the fast RSI is.

8. Look at what the slow RSI is.

9. Look at what the CCI is.

10. Subtract the number...


And so on and so on, you get the picture. Since its interesting what the numbers here at other times, i would have to read them aswell as the recent ones. Instead i can just look at the graphical representations of these things in my software plattform. And after a good deal of staring, you arent even aware that you are doing these things as above, its just happening, just like you dont have to think about how you drive youre car when you are used to it. Ive noticed i dont really know why i put my orders the way i do, a friend asked my why i sold at a strange moment. I really had to think about why, i wasnt really aware of why. Once i analzyed the situation, i could see i had good reason to enter as i did. That deal had a slight drawdown of some 20% of takeprofit, and then it hit good profit right after and i closed it.

Its very important how we present this visually to ourselves. I have colors that i think is cool, but at the same time show me exactly what im looking for. Ive spent at least two days of full time on working on what colors to use. I have found that it actually very important how we deal with visualisation of the markets we are looking at. Right now today i think ill change the colors, im getting bored of the ones i have been using this week and last week.
My signature is: "Classified".
  • #32
  • Edited 5:35am Oct 22, 2010 5:21am | Edited 5:35am
Quoting yaed
Hi

...

Its going to take you at least somewhere in the region of 1.000 hours of hard work, anguish,

...
isn't 1000 hours, too little?

15 000+ I think is more appropriate, here is when the transition towards those who "can" accelerated a lot. Or maybe I was too slow?... hehe. Anyway, this was in my case. (maybe I'm a little bit off with the math, but I think that I'm around this number, 15K).



regards.
  • #33
  • Oct 22, 2010 8:50pm Oct 22, 2010 8:50pm
Quoting yaed
In fact i think we are all equal and all these things would make it so that we are not. So i like people. But, trading is stealing from eachoter, you need to know that. Mostly stealing from the banks though, which stole from us in the first place.
Nature disagrees. It was never her intention that we dance merrily around rainbows surrounded by puppy dogs and bunny rabbits. No, we're not equal, and I don't need to steal when people hand it over willingly.
  • #34
  • Oct 23, 2010 3:37am Oct 23, 2010 3:37am
Quoting Mr J
Nature disagrees. It was never her intention that we dance merrily around rainbows surrounded by puppy dogs and bunny rabbits. No, we're not equal, and I don't need to steal when people hand it over willingly.


I agree with the hand it over willingly opposed to stealing. Stealing implies we are taking form unsuspecting people. Hitting a buy or sell button means you are intending to $*%^ over the person on the other end of the trade. So let's say you won, the person that lost was still also trying to $*%^ you over. You wouldn't feel bad about winning a game of blackjack at a casino would you? Even if you were counting cards? Everyone that walks in knows the drill... and everyone is trying to win.
  • #35
  • Oct 23, 2010 1:51pm Oct 23, 2010 1:51pm
[quote=DKallDAY;4117307 You wouldn't feel bad about winning a game of blackjack at a casino would you? Even if you were counting cards? Everyone that walks in knows the drill... and everyone is trying to win.[/QUOTE]

Yes i would feel bad for winning it, regardless of if i won or lost i would calculate that the average chance of winning is greatly affected of which cards was put on the table in what order in the stack of cards. I would come to the conclusion that its a bad idea to play in the first place, so if i did win i would know that it had a lot to do with things i whose validity i empirically could not verify in advance. Hance i would stop and think "Why the hell im i doing this?".
My signature is: "Classified".
  • #36
  • Oct 23, 2010 2:05pm Oct 23, 2010 2:05pm
Quoting yaed
Yes i would feel bad for winning it, regardless of if i won or lost i would calculate that the average chance of winning is greatly affected of which cards was put on the table in what order in the stack of cards. I would come to the conclusion that its a bad idea to play in the first place, so if i did win i would know that it had a lot to do with things i whose validity i empirically could not verify in advance. Hance i would stop and think "Why the hell im i doing this?".
So basically you are against trading and don't want to take part in it...?... why are you here then? / why do you trade?
  • #37
  • Oct 23, 2010 2:10pm Oct 23, 2010 2:10pm
Quoting DKallDAY
So basically you are against trading and don't want to take part in it...?... why are you here then? / why do you trade?
I ask myself that a lot. And heres how i see it:

This economic system is based on (fiat) money and no matter what you do you are a part of that system if you use money. Doesnt matter if you work in wall mart stacking goods or if you have a suit and tie and work in an office, you are a part of the same economic system right? So as long as you use money you are a part of trading. Now my goal is to separate from that system, and in a short amount of time i will do that. I take part in it because i am a slave to it, but not for long. So i really dont want to trade, i dont like trading, i dont like the idea of money.
My signature is: "Classified".
  • #38
  • Oct 23, 2010 2:21pm Oct 23, 2010 2:21pm
Quoting yaed
I ask myself that a lot. And heres how i see it:

This economic system is based on (fiat) money and no matter what you do you are a part of that system if you use money. Doesnt matter if you work in wall mart stacking goods or if you have a suit and tie and work in an office, you are a part of the same economic system right? So as long as you use money you are a part of trading. Now my goal is to separate from that system, and in a short amount of time i will do that. I take part in it because i am a slave to it, but not for long. So i really...
Well trading is one step out of the system.

Here's a quote from another thread that kinda went this direction:

Quoting myself
There are two main dynamics to the world. You provide something to the world (a service or creation) that others need, and others provide you back with something you need. Currency is the foundation that equates this theoretical equality of exchanged services. Employers need you to work, they compensate in pay. You need food, you compensate someone to provide you with it with pay. They need what your employer offers, they compensate the employer with the pay. Trading is in a sense immoral because rather than participating in the give and take, you sustain to only take. Needless to say, you're taking from others who have the same immoral goal of only taking, but the point is you provide nothing to society but get everything back, if successful. You compensate others but are never compensated back for something you have provided to others.
With your sentiments over trading and the idea of money, I'm surprised you've even ventured into the trading world. Above whether it's right or wrong to win in a world full all potential killers, you end up still providing no societal benefit back for what you receive.

PS. If you don't want to be part of the system (society) then you can't use roads or share in services that others provide (such as your internet to make these posts, food, transportation, etc.) You either have to find some unclaimed land (which is impossible) and live alone completely self-sufficient by not participating in a specialized providing system (where each person provides something different for the whole) or become like this guy:
http://ecoble.com/2007/11/18/250000-...land-paradise/
  • #39
  • Oct 23, 2010 2:38pm Oct 23, 2010 2:38pm
Fast RSI, Slow RSI, CCI?

Subtract what from what?
  • #40
  • Oct 23, 2010 6:20pm Oct 23, 2010 6:20pm
I love it. This thread is right up there with Merlin's Amazing Strategy thread, and words of wisdom from warped trader Mr Albert Tater! Nice one yead you have them all fooled.
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