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Ridiculous Trading Myths

  • #241
  • Nov 7, 2010 6:17pm Nov 7, 2010 6:17pm
Quoting triphop
I really wish that was true, because I could turn the local creche into an economic powerhouse to take out Goldman Sachs.

Diamond, I don't think you're wrong, I just think that Gladwell is a bit of a tit, so nothing personal .
NP. I try not to be swept up in the emotion of it all.
The reason I even brought up the 10k thing to begin with, is that both myself, and a long time friend, have had our own businesses for a few decades. We both began as technicians. Now, 20 years later, we are as proficient as anyone in our fields, based on the response of our clients and those that choose to refer us to others without any misgivings. We are in different fields, also in different locations. The 10k thing was just something I could relate to. That's all, nothing more. (Meanwhile I will be racking my brain to see what kind of controversy I can stir up next... :nerd: )

"You will find yourself refreshed by the presence of cheerful people. Why not make earnest effort to confer that pleasure on others? Half the battle is gained if you never allow yourself to say anything gloomy." ~~ Lydia M. Child, 1802-1880, Abolitionist and Writer
  • #242
  • Nov 8, 2010 2:33am Nov 8, 2010 2:33am
Quoting hubbahubba
I never said anything about trading fundamentals. I simply said the market is driven by it and is therefore NOT random. I also trade PA. On news days I stay away until the market sorts itself out. The reason is that I am not trying to predict the future and trading news announcements is a fools game. It's how those fundamentals ultimately drive the market that I am interested in and that is done with PA.
Mate I totally agree with you, I wish I had never got into a convo about fundis.

Fundis are there, I know that, I cannot and do not want to trade them, there is absolutely no need for me to bother about them, candlesticks and a few static lines tell me everything I need to know.

Happy trading.
  • #243
  • Nov 8, 2010 2:56am Nov 8, 2010 2:56am
Quoting hubbahubba
...trading news announcements is a fools game...
I too have always believed that trading news announcements is more risk than it is worth.

However Cleaning Up the News says it is the bread and butter of professional traders.

Anyone here 'professional' enough to trade the news ?
  • #244
  • Nov 8, 2010 6:32am Nov 8, 2010 6:32am
I trade news reactions, definitely.
  • #245
  • Nov 8, 2010 7:32am Nov 8, 2010 7:32am
No one ever went broke taking profits.


Only if the profits you took were large enough to cover those pesky losses.
  • #246
  • Edited 4:21pm Nov 8, 2010 4:18pm | Edited 4:21pm
Quoting robdee
I too have always believed that trading news announcements is more risk than it is worth.

However Cleaning Up the News says it is the bread and butter of professional traders.

Anyone here 'professional' enough to trade the news ?
If you mean trade after the news - then sure, possibly not for a few mins if its an important release like NFP or FOMC because price can really bounce around. You have to trade when the market is moving, if you wait until it calms down then the move is likely over and you'll find yourself trading the noise after the move has ended.

You'll often see that big moves start with some news, that said there are easier trades.
  • #247
  • Nov 8, 2010 5:05pm Nov 8, 2010 5:05pm
Quoting pip_seeker
No one ever went broke taking profits.


Only if the profits you took were large enough to cover those pesky losses.

chalk that one up as another myth. Just because these short catch phrases instintively sound good doesn't mean they are true. "No one ever went broke taking profit" makes about as much sense as "no one ever died of thirst by drinking water". We could probably make a whole thread just on stupid catch phrases.
  • #248
  • Nov 9, 2010 4:35pm Nov 9, 2010 4:35pm
SEC begins to look into the Flash Crash on May 6. They obtain the computer of the supposed trader responsible for the series of events that ensued and began to question him.


SEC: Sir, what were you doing precisely during the time this suspected "Fat Finger Trade" was placed?

Trader: Well uh, I was uh.....(long pause).

SEC: Sir, please tell us what you were doing.

Trader: Well I was surfing the net.

SEC: Sir, How or why would you do this and trade large sums of money at the same time?

Trader: I accidentally hit the wrong button.

SEC: Sir, I'm sure you would have had to have done more than just hit one wrong button. Tell us just how FAT are your fingers?

Trader: Well I was surfing the net and came to a porn site... so
SURPRISE ~ SURPRISE it wasn't my FAT FINGER!
  • #249
  • Nov 11, 2010 5:27am Nov 11, 2010 5:27am
This one always gives me a laugh:

 

  1. There is no holy grail, you just need to consistently make more money than you lose.

  • #250
  • Nov 11, 2010 6:11am Nov 11, 2010 6:11am
Quoting Marv
This one always gives me a laugh:

 

  1. There is no holy grail, you just need to consistently make more money than you lose.

hmm, interesting. so how does one profit when they don't make more money than they lose?

did i step into a negaverse? is up down? is black white? am i... a woman!???
Congratulations ScalaFX for coming out of the closet!
  • #251
  • Nov 11, 2010 6:16am Nov 11, 2010 6:16am
Last time I checked, winning consistently = The holy grail.
  • #252
  • Nov 11, 2010 6:29am Nov 11, 2010 6:29am
lol, oh right. that was too subtle dude. agreed i guess
Congratulations ScalaFX for coming out of the closet!
  • #253
  • Nov 11, 2010 7:45am Nov 11, 2010 7:45am
Quoting Marv
Last time I checked, winning consistently = The holy grail.
are you trying to say that you don't win consistently? if so, why are you trading the forex?
  • #254
  • Nov 11, 2010 7:50am Nov 11, 2010 7:50am
Quoting brenzaj42
are you trying to say that you don't win consistently? if so, why are you trading the forex?
no, what he is saying is some people quote hypocritical statements

i.e. there is no holy grail, only making more money than losing is what matters.

if (making more money than losing) = profit
then holy grail = profit method
therefore : stating "there is no grail, but making more money than losing money is all that matters" = hypocritical statement.

like i said... he was being too subtle with what he meant.
Congratulations ScalaFX for coming out of the closet!
  • #255
  • Nov 11, 2010 8:01am Nov 11, 2010 8:01am
The holy grail is a term that, when used within the context of trading/gambling, refers to a system/method/strategy/style/whatever that wins consistently.

I'm saying that it's amusing to hear people say there is no holy grail, you just have to win more than you lose. lol

As for me being profitable or not, I don't see how that's even relevant. I do enjoy when traders think I'm a big loser though so you're welcome to assume that.
  • #256
  • Nov 11, 2010 8:04am Nov 11, 2010 8:04am
Just saw your post nubcake, spot on.
  • #257
  • Nov 11, 2010 8:29am Nov 11, 2010 8:29am
that you need charts to trade succesfully...
  • #258
  • Nov 11, 2010 8:32am Nov 11, 2010 8:32am
Quoting pride1760
that you need charts to trade succesfully...
Ive always wondered how people trade without them myself....?
Time hides Nothing
  • #259
  • Nov 11, 2010 8:56am Nov 11, 2010 8:56am
Quoting CindyXXXX
Ive always wondered how people trade without them myself....?
from what i gather, and imagine, it's purely charting in their own head. even if it's only on a 1 dimensional line. crucialpoint mentions this. if you know the price 4hrs ago, 1hr ago, 30mins ago etc... then you know the 'trend' of that timeslice. apart from that i can only guess that then trying to take advantage of the market rhythm and fighting for dear life is the rest of the equation.
Congratulations ScalaFX for coming out of the closet!
  • #260
  • Nov 11, 2010 8:58am Nov 11, 2010 8:58am
Quoting nubcake
from what i gather, and imagine, it's purely charting in their own head. even if it's only on a 1 dimensional line. crucialpoint mentions this. if you know the price 4hrs ago, 1hr ago, 30mins ago etc... then you know the 'trend' of that timeslice. apart from that i can only guess that then trying to take advantage of the market rhythm and fighting for dear life is the rest of the equation.
So whats the point o making it so hard? The chart could save a lot of headaches surely! but I see what your saying... Now THAT would take some skill...Almost like a blind man skateboarding!!!
Time hides Nothing
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