Everyone,
Well, I wish I could say it's great to be back, but the truth is I could stay in the Caribbean forever.
Over the last 10 weeks the USD has gotten pummeled. Markets have moved very rapidly in short order. As the USD got weaker, the number of emails I received got bigger. Hundreds, maybe even a thousand reached my desk. Oh Vegas, what to do? Oh Vegas, I'm getting killed, my demo is gone! Oh Vegas, I'm frustrated and have losses, what do I do? On and on the same themes kept repeating. I kept looking for that special email [from any of you] that would tell me at least one [or some] of you had taken the true nature of trading to a higher level. Sorry, it never came.
Every method [or system if you prefer] has a weakness. Let me repeat this: EVERY METHOD HAS A WEAKNESS. The weakness of VWB is a market that moves very rapidly, in one direction, and then drifts in the same direction for weeks maybe even months without correction, hugging the extreme fib lines and even putting in some type of reversal days.
I can say, with a great deal of certainty, that the great majority of traders do NOT spend enough time [if any at all] analyzing and ultimately understanding their method for weaknesses. They spend all their time backtesting and dreaming about the millions they will make. They spend no time figuring out what to do when the "market reaper" comes for them. This lack of attention will eventually drive you out of the market.
As my C2 subscribers know, I have addressed these screaming markets by doing 2 things: 1) reducing position size to reduce exposure, and 2) looking for free trades and keeping my stops intact. In spite of repeated violations of the fib lines, we are still slightly up money for the period.
As all of you know, I don't care what method you use to trade. I'm not an egotistical pro who says "my way or the highway". But I do know that most of you should hit the drawing board and figure out what to do when your method isn't doing well, or is in a period of no profits. Position size, stop placement, entry of position, possibly stop trading certain pairs, etc., are a good place to start.
Tomorrow I will post some possible time-tested techniques that will improve profitability. They won't be for everyone, but even if they don't help you specifically, they may get you to start thinking.
It's great to be back.
Well, I wish I could say it's great to be back, but the truth is I could stay in the Caribbean forever.
Over the last 10 weeks the USD has gotten pummeled. Markets have moved very rapidly in short order. As the USD got weaker, the number of emails I received got bigger. Hundreds, maybe even a thousand reached my desk. Oh Vegas, what to do? Oh Vegas, I'm getting killed, my demo is gone! Oh Vegas, I'm frustrated and have losses, what do I do? On and on the same themes kept repeating. I kept looking for that special email [from any of you] that would tell me at least one [or some] of you had taken the true nature of trading to a higher level. Sorry, it never came.
Every method [or system if you prefer] has a weakness. Let me repeat this: EVERY METHOD HAS A WEAKNESS. The weakness of VWB is a market that moves very rapidly, in one direction, and then drifts in the same direction for weeks maybe even months without correction, hugging the extreme fib lines and even putting in some type of reversal days.
I can say, with a great deal of certainty, that the great majority of traders do NOT spend enough time [if any at all] analyzing and ultimately understanding their method for weaknesses. They spend all their time backtesting and dreaming about the millions they will make. They spend no time figuring out what to do when the "market reaper" comes for them. This lack of attention will eventually drive you out of the market.
As my C2 subscribers know, I have addressed these screaming markets by doing 2 things: 1) reducing position size to reduce exposure, and 2) looking for free trades and keeping my stops intact. In spite of repeated violations of the fib lines, we are still slightly up money for the period.
As all of you know, I don't care what method you use to trade. I'm not an egotistical pro who says "my way or the highway". But I do know that most of you should hit the drawing board and figure out what to do when your method isn't doing well, or is in a period of no profits. Position size, stop placement, entry of position, possibly stop trading certain pairs, etc., are a good place to start.
Tomorrow I will post some possible time-tested techniques that will improve profitability. They won't be for everyone, but even if they don't help you specifically, they may get you to start thinking.
It's great to be back.
vegas
thank you again....
Very Interesting Concept! Cant wait to hear more about it.
and got some great moves. (Of course not on the cable, because it never came back.)