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There are no secret patterns and there will never be one

  • #241
  • Oct 20, 2010 12:17am Oct 20, 2010 12:17am
Quoting Venice
One thing that I truly believed help make me a better trader...

1. Open up your practice account.
2. Always keep a position open. Stocks are either moving up, down, or sideways. If you believe it is going down, short it. If you believe it is going up, go long.

If you feel a long is going to reverse... short it... you get the idea, but always keep a position open.

Why would you close out a correctly chosen direction if you didn't plan on getting back in? Because you thought it found the bottom? Well, if it found the bottom, doesn't that mean...
I completely 2nd that.
  • #242
  • Oct 20, 2010 2:02am Oct 20, 2010 2:02am
As a newbie to Forex I read a great deal about how you should go with the Trend or the Tide and not with the ripple or wave. However I don't follow this logic. Isn't the Tide made up of ripples and waves and therefore should we not be paying attention to the changes during the smaller time frames?
  • #243
  • Oct 21, 2010 9:36am Oct 21, 2010 9:36am
Quoting Venice
One thing that I truly believed help make me a better trader...

1. Open up your practice account.
2. Always keep a position open. Stocks are either moving up, down, or sideways. If you believe it is going down, short it. If you believe it is going up, go long.

If you feel a long is going to reverse... short it... you get the idea, but always keep a position open.

Why would you close out a correctly chosen direction if you didn't plan on getting back in? Because you thought it found the bottom? Well, if it found the bottom, doesn't that mean...
I have to disagree. This approach is a very risky way to trade. It assumes you have a high degree of confidence on the direction of the market 100% of the time.

Most traders do not have a high degree of confidence in a particular direction all of the time. Probably not even most or some of the time.

This is what led to the trader's axciom, "When in doubt, stay out."

When you're in a position and you feel the price move has run its course, that would be a good time to close all or part of your position.

However, that doesn't mean you immediately take a reverse position. That would depend on how confident you are that the move is over and is ready to reverse.

Always having an open position leads to over-trading...which is a very common reason why traders end up blowing up their accounts.
  • #244
  • Oct 21, 2010 10:15am Oct 21, 2010 10:15am
Quoting OceanOfPips
I have to disagree....
Hi Ocean... I do agree with your thoughts here, and I would never do this in a live account. It helped me build a TON of confidence in my indicators though.

Generally with my indicators it takes some retraction action to properly give a new signal, but at the same time, it could be just that... a retraction. Trying to scalp those mini moves is surely going to end in disaster.

The idea isn't so much to catch tops and bottoms, but build confidence that your indicator is doing what it is suppose too.
  • #245
  • Oct 21, 2010 11:04am Oct 21, 2010 11:04am
Thanks for taking the time to start your thread.

Very, very interesting input. Subcribed. I bit confusing after I have read all the post the thread. I will keep looking in this thread..
  • #246
  • Oct 21, 2010 11:31am Oct 21, 2010 11:31am
Quoting OceanOfPips
I have to disagree....
I think what he was getting at was not using that as a strategy, but using that as an exercise to build strength in predicting market trends and confidence that you are correct in your assumptions. When you do this, you only make trades at the points where you feel are the very peak of trading for a trend, and reverse it. I don't see the harm in running a market replay simulation for a month on an hourly chart or a year on a daily chart doing this exercise a couple times. You get to see how accurate your skills are at identifying peaks and bottoms.

If that were someones actual trading strategy and they were trying to capture EVERY pip in the market... ooooohhhh goddd... that would be a disaster haha.
  • #247
  • Oct 21, 2010 11:32am Oct 21, 2010 11:32am
Quoting Venice
Hi Ocean... I do agree with your thoughts here, and I would never do this in a live account. It helped me build a TON of confidence in my indicators though.

Generally with my indicators it takes some retraction action to properly give a new signal, but at the same time, it could be just that... a retraction. Trying to scalp those mini moves is surely going to end in disaster.

The idea isn't so much to catch tops and bottoms, but build confidence that your indicator is doing what it is suppose too.
somehow I didn't see your reply! And apparently we both did the same thing in practice with slightly different objectives! Interesting, but great minds think alike.

  • #248
  • Oct 22, 2010 7:07am Oct 22, 2010 7:07am
To Venice and DKallDAY...

Thanks for clarifying. I didn't want other traders reading this thread to misinterpret Venice's post that it was okay to trade this way on a live account. It's just too risky.
  • #249
  • Oct 22, 2010 10:46am Oct 22, 2010 10:46am
Here's a great forex cliche:

Best pattern is yourself.

  • #250
  • Oct 22, 2010 10:49am Oct 22, 2010 10:49am
Quoting DKallDAY
I completely 2nd that.
3rd it.
  • #251
  • Oct 22, 2010 3:41pm Oct 22, 2010 3:41pm
Quote
"To Kingfisher"
I notice you mentioned meditation. Do you train your T.E by any chance? (If you do, you will know what T.E is)

Hi Esuffw,

No..i have not been training my TE..yes i have idea about them.
  • #252
  • Oct 23, 2010 11:05am Oct 23, 2010 11:05am
To all
New, bigger and stronger DELL arrived! (I also hope it is more reliable).

There is no spell check on this one, so my spelling might get worst then before. Bare with me thou, I have more then one language to deal with each day.


Quoting Waforex
Could you please explain a little more what we are looking at here.
Hi Waforex

1. Read the PDF's provided
2. Read about what might happen during thin markets (first you must know what makes a thin market)
3. Look at the chart I posted again.
4. If you still not understand, please tell me which part of it you don't.

To blackchapman

Welcome. Please, do ask when you don't understand anything. I won't tell you, but I hope to show you, like the above post. Some might find me annoying, but it is very important for everyone to do their own searching, that way, they can both understand and know.

To kingfisher

I don't want to go too deep into this topic, so I will stop here. Afterall, it is hard to talk about an apple when everyonelse have never seen an apple before.

Okay, as I promised, the METHOD OF OBSERVATION.
Attached Image (click to enlarge)
Click to Enlarge Name: MOO.png Size: 39 KB
Life is a school for the soul
  • #253
  • Oct 23, 2010 12:58pm Oct 23, 2010 12:58pm
HI, I am new in this Thread which PDFdo I have to read. what page or number of posts?
  • #254
  • Oct 24, 2010 6:04am Oct 24, 2010 6:04am
esuffw,

Good to see you are back with a better computer. Your not annoying, but you should be considered enlightening especially for the new traders trying to understand this business without being confused by the many indicators that are floating around.

Yes, spell check is a wonderful assistant, but type on anyway.

I've trade for many yrs, but I am enjoying your fresh approach to a great profession.

_____________________
  • #255
  • Oct 24, 2010 7:37am Oct 24, 2010 7:37am
Quoting esuffw
To all
New, bigger and stronger DELL arrived! (I also hope it is more reliable).

There is no spell check on this one, so my spelling might get worst then before. Bare with me thou, I have more then one language to deal with each day.




Hi Waforex

1. Read the PDF's provided
2. Read about what might happen during thin markets (first you must know what makes a thin market)
3. Look at the chart I posted again.
4. If you still not understand, please tell me which part of it you don't.

To blackchapman

Welcome. Please, do ask when you...
Very nice chart, RH and TTE are useful, thank you.
  • #256
  • Oct 24, 2010 9:26pm Oct 24, 2010 9:26pm
Quoting k.k
HI, I am new in this Thread which PDFdo I have to read. what page or number of posts?
K.K scroll to the top of the page. At top right alongside the page nos. there is a paper clip with a no. (15?). click on it. In the popup you can click on hide images when the list becomes too long.
Good Trading
  • #257
  • Oct 25, 2010 9:33am Oct 25, 2010 9:33am
Hi all,

This is pretty heavy stuff if anyone is still interested... I have ran out of things to say. So I will let other writers do the hard work while I just copy and paste their work.
Attached File(s)
File Type: pdf ecbwp629.pdf   777 KB | 884 downloads
Life is a school for the soul
  • #258
  • Oct 25, 2010 9:39am Oct 25, 2010 9:39am
Quoting aud
K.K scroll to the top of the page. At top right alongside the page nos. there is a paper clip with a no. (15?). click on it. In the popup you can click on hide images when the list becomes too long.
Thank you for helping

Quote
acetrader Good to see you return with new DELL
esuffw,

Good to see you are back with a better computer. Your not annoying, but you should be considered enlightening especially for the new traders trying to understand this business without being confused by the many indicators that are floating around.

Yes, spell check is a wonderful assistant, but type on anyway.

I've trade for many yrs, but I am enjoying your fresh approach to a great profession.

Thank you frd, I hope to bring even more fresh ideas. Do share with us your experience in trading!

Good Trading to you


Quote
jag1966
Very nice chart, RH and TTE are useful, thank you.

Thank you frd, I am glad you found them useful.
Life is a school for the soul
  • #259
  • Oct 26, 2010 3:20pm Oct 26, 2010 3:20pm
Quoting esuffw
Hi all,

This is pretty heavy stuff if anyone is still interested... I have ran out of things to say. So I will let other writers do the hard work while I just copy and paste their work.
OK, can anyone summarise that document in English?
  • #260
  • Oct 27, 2010 11:01am Oct 27, 2010 11:01am
Bear in mind forex is the "last man" market, so take your chance in the next 10 years to come...

http://www.zerohedge.com/article/gue...ops+to+zero%29ed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Life is a school for the soul
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