Ramblings of a Forex Junkie | Page 93 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Forex Trading: Incorporating Price Behavior into a Forex Trading System 4 replies

Forex Training: What to Look for in a Forex Training Program 1 reply

The Journal Of A Macro Fundamental & Technical Analysis Junkie 26 replies

Trade Anatomy - ramblings of an old-timer 147 replies

Attachments: Ramblings of a Forex Junkie
Exit Attachments

Ramblings of a Forex Junkie

  • #1,841
  • Mar 30, 2013 10:37pm Mar 30, 2013 10:37pm
Quoting kokopelli
Statements like this makes me sad. Are you for real??? 1) Have you ever thought that the anonymous guru on the internet that you're about to spend some of your time/money/effort to follow is a fraud? 2) Have you ever thought that things on the internet might not be what they're claimed to be? 3) Have you ever thought that a system that is presented as profitable (with many worshipers/followers) doesn't actually have an edge? Answers (PROOF) to (1), (2), (3) will prevent you from wasting your precious time/money/effort to get on any "real journey"...
Weekends are the perfect time for course deviations. I actually find this discussion interesting. I will never show my main account on any website due to security concerns. I can see the benefit, though, in making my test account available to others to observe. I am learning a lot about myself in the process. Other than a short period back when I traded index futures I have never had my trading scrutinized. I have found that even a tiny 300 dollar account can pull my strings a little when other people are watching. I have also joined RAPA and have the added pressure of performing well to try to convince them to allocate some capital my way in a few months. I think that this experiment will benefit me much more than any of you.
  • #1,842
  • Mar 30, 2013 11:00pm Mar 30, 2013 11:00pm
Quoting Seneca pilot
Weekends are the perfect time for course deviations. I actually find this discussion interesting. I will never show my main account on any website due to security concerns. I can see the benefit, though, in making my test account available to others to observe. I am learning a lot about myself in the process. Other than a short period back when I traded index futures I have never had my trading scrutinized. I have found that even a tiny 300 dollar account can pull my strings a little when other people are watching. I have also joined RAPA and have...
I want to add one more point. As a profitable trader I have a framework from which I can fairly accurately assess a trading method quickly. I think it is very possible that a trader who has not yet reached profitability may not enjoy the same framework and struggle to decide whether to test a system or not. Many of the junk systems for sale on the internet fail my tests early and often. For me to even bother evaluating a system on this forum or from some internet "guru" I look for a few key things.

1)Are the trading decisions made based on indicator readings? If yes fail.

2)Does the system trigger trades after a move has exceeded twenty or thirty pips from its origin? If yes, fail. ( this is for intraday)

3)Does the system take real support and resistance into account when triggering a trade? If no, fail.

4)Are there more than two or three key rules to trigger a trade? If yes, fail.

5)Does the trader recommend martingale money management, averaging down, or trading without a stoploss? If yes run away.

6)Is the system based on basketing, grid, or hedging? If yes, fail.

If any of these six things appear on the first page of a system thread I am done and can continue on with no time spent.
  • #1,843
  • Edited Mar 31, 2013 12:24am Mar 30, 2013 11:23pm | Edited Mar 31, 2013 12:24am
Quoting Seneca pilot
Weekends are the perfect time for course deviations. I actually find this discussion interesting. I will never show my main account on any website due to security concerns. I can see the benefit, though, in making my test account available to others to observe...
... I think that this experiment will benefit me much more than any of you.
Totally understand. I too would never show my main account on any website due to security concerns.

The gurus all said that they're too busy trading for real and don't have time to provide proof to backup their claims or to enhance their credentials, but yet they don't mind spending thousands of hours and writing thousands of posts here on FF. For me, a demo account would be suffice. Hell, it doesn't even have to be an active demo account. An f'ing inactive demo account over a period of several weeks trading the method to back up the guru's profitable claims would still be better than nothing.

The funny thing is, even with the low standards set forth above, we don't even have that here in FF. Just look at the thousands of FF threads on trading systems (all claiming to be successful and glorious), how many of them actually have any shred of evidence backing up the claims of the system/method providers??? And no, posting only winning trades after the facts don't count as evidence of success.

Again, these proofs won't do a thing to improve the follower's bottom line. But they, at least, will enhance the guru's legitimacy. The sad thing is, there's no shortage of gurus with worshipers here on FF, but there's a real shortage of members with legitimate credentials.

The statistics said that the vast majority of traders don't know the differences between their elbows and their asses...you certainly wouldn't think so after reading this forum. There are just so many market wizards here. Someone should alert Jack Schwager.

Just all talk and no substance.

I agree with that statement also.

Nonetheless, I still appreciate what you're doing. You're amongst a rare breed of FF members that are willing to provide proof to backup their claims.
Wishing you the best!
  • #1,844
  • Edited 12:25am Mar 31, 2013 12:15am | Edited 12:25am
Quoting Seneca pilot
I want to add one more point. As a profitable trader I have a framework from which I can fairly accurately assess a trading method quickly. I think it is very possible that a trader who has not yet reached profitability may not enjoy the same framework and struggle to decide whether to test a system or not. Many of the junk systems for sale on the internet fail my tests early and often. For me to even bother evaluating a system on this forum or from some internet "guru" I look for a few key things. 1)Are the trading decisions made based on indicator...
I don't have them labeled in steps and quantified the way you do. But after a while, a person with some experience can sniff out the reals from the fakes in a timely manner. Hopefully, by that time, it's not too late...and that not too much time/money/effort were spent for naught.

Unfortunately, I don't think the majority of FF members have the experience or the nose. Case in point, just look at how many bullshit systems out there (free and for-sale) with thousands of pages, posts, followers and sycophants.
  • #1,845
  • Mar 31, 2013 2:38am Mar 31, 2013 2:38am
Quoting kokopelli
Again, apologies as this is my last post on this subject matter. I'll just go back to the ninja mode of reading and not posting. Good luck to everyone!!!
When you are quite done here, come over to MPC's thread and let him know what you think.
FREE Trial Offer to our Website Forex Signals

He was forced to show his pathetic $1K account on Myfxbook and the truth revealed ..... he can't trade, http://www.myfxbook.com/members/MPca...italnet/462070. But he had to cheek to argue on TPOTrader's thread and ban the critics from his own thread.
Quoting TPOTrader
here you are trying to defend the legitimacy of your service on my thread. Why don't you grow some balls and unban these people from your thread and let them have the discussion there? Of course you wouldn't do that, cause a scammer has something to hide and can't bear the criticisms. It's pretty pathetic. Forget about the competition.. Your service is shot dead already..RIP mpc
Welcome you to MPC's thread, http://www.forexfactory.com/showthread.php?t=394089 and expose this scam. We should leave Seneca Pilot to do his thing here.
Attached Image (click to enlarge)
Click to Enlarge Name: MPC.png Size: 41 KB
No longer trading forex. Looking for full time job.
  • #1,846
  • Mar 31, 2013 3:41am Mar 31, 2013 3:41am
Quoting kokopelli
Statements like this makes me sad and angry. Are you for real??? 1) Have you ever thought that the anonymous guru on the internet that you're about to spend some of your time/money/effort to follow is a fraud? 2) Have you ever thought that things on the internet might not be what they're claimed to be? 3) Have you ever thought that a FREE system that is presented as profitable (with many worshipers/followers) doesn't actually have an edge? Answers (PROOF) to (1), (2), (3) will prevent you from wasting your precious time/money/effort to get on any...

Have you ever thought that with just a little time and education, and a little time spent testing a proposed method you can erase 95% of the crap that's posted here.

You don't need to waste months or years, it's just not true unless your a real dummy. It's actually very quick and easy unless you're lazy.

How about finding your own proof Mr sad and angry, stop blaming everyone else you're sounding like a juvenile.

Yes I am for real.
  • #1,847
  • Mar 31, 2013 3:43am Mar 31, 2013 3:43am
Quoting mmaker
We should leave Seneca Pilot to do his thing here.
Yes.
  • #1,848
  • Mar 31, 2013 3:44am Mar 31, 2013 3:44am
Quoting Seneca pilot
I want to add one more point. As a profitable trader I have a framework from which I can fairly accurately assess a trading method quickly. I think it is very possible that a trader who has not yet reached profitability may not enjoy the same framework and struggle to decide whether to test a system or not. Many of the junk systems for sale on the internet fail my tests early and often. For me to even bother evaluating a system on this forum or from some internet "guru" I look for a few key things. 1)Are the trading decisions made based on indicator...
Exactly!
  • #1,849
  • Mar 31, 2013 7:33am Mar 31, 2013 7:33am
Quoting FX Alex
Have you ever thought that with just a little time and education, and a little time spent testing a proposed method you can erase 95% of the crap that's posted here.
Sound like you can get rich quick in trading
  • #1,850
  • Mar 31, 2013 7:36am Mar 31, 2013 7:36am
This is a serious question.

How do I continue this thread without giving Les Lau the tools to sell this method?
  • #1,851
  • Mar 31, 2013 7:39am Mar 31, 2013 7:39am
Quoting Seneca pilot
This is a serious question. How do I continue this thread without giving Les Lau the tools to sell this method?
If he doesn't take your tool, he can take others...
And even if you don't continue, he can still take what there already is on the thread....
He will find his way, no matter what happen...
And if not him, there are someone out there can do the same thing....
  • #1,852
  • Mar 31, 2013 7:52am Mar 31, 2013 7:52am
Quoting kk007
If he doesn't take your tool, he can take others... And even if you don't continue, he can still take what there already is on the thread.... He will find his way, no matter what happen... And if not him, there are someone out there can do the same thing....
I was warned by senior members that I would regret making this public. I guess now I know what they were so adamant about. I made a new discovery last night with regard to UJ. This pair has given me fits for years and I finally figured out why. Now I am afraid to publish it.
  • #1,853
  • Mar 31, 2013 7:58am Mar 31, 2013 7:58am
Quoting Seneca pilot
I was warned by senior members that I would regret making this public. I guess now I know what they were so adamant about. I made a new discovery last night with regard to UJ. This pair has given me fits for years and I finally figured out why. Now I am afraid to publish it.
Don't publish it, if you have any worries.
  • #1,854
  • Mar 31, 2013 7:59am Mar 31, 2013 7:59am
Seneca are you seriously suggesting that you invented support and resistance trading or london breakout?

Previous days hi, low has been used for ages and ages and theres hundreds of threads on here and babypips,

come on guys remain grounded...
tradewith60
  • #1,855
  • Mar 31, 2013 8:00am Mar 31, 2013 8:00am
Quoting 60minuteman
Seneca are you seriously suggesting that you invented support and resistance trading or london breakout? Previous days hi, low has been used for ages and ages and theres hundreds of threads on here and babypips, come on guys remain grounded...
This is a fair comment, in my opinon.
  • #1,856
  • Mar 31, 2013 8:02am Mar 31, 2013 8:02am
Quoting kk007
This is a fair comment, in my opinon.
https://60minuteman.jux.com/874635
tradewith60
  • #1,857
  • Mar 31, 2013 8:05am Mar 31, 2013 8:05am
Quoting 60minuteman
https://60minuteman.jux.com/874635
I think SP has some specific rules that may be different from others.
  • #1,858
  • Mar 31, 2013 8:07am Mar 31, 2013 8:07am
every technical strategy / idea is already out there, all indicators work of the same basic data, trading is just finding the fine balance between risk and reward and then finding a way of repeating it.

London Breakout http://www.forexfactory.com/search.php?searchid=5452272

Daily Hi/low http://www.forexfactory.com/search.php?searchid=5432621
tradewith60
  • #1,859
  • Mar 31, 2013 8:08am Mar 31, 2013 8:08am
Quoting kk007
I think SP has some specific rules that may be different from others.
yes everyone will, even the people following the thread will... but if you were really afraid of people stealing ideas you wouldn't put them on a public forum in the first place...
tradewith60
  • #1,860
  • Mar 31, 2013 9:09am Mar 31, 2013 9:09am
Quoting 60minuteman
yes everyone will, even the people following the thread will... but if you were really afraid of people stealing ideas you wouldn't put them on a public forum in the first place...
I am not afraid of people using my ideas. If I was I wouldn't have put them out there. I am sickened by his attempt to profit from them.

Show me a thread, any thread on this or any other forum that explains how to trade a daily open like the one I teach here. Show me a London breakout thread that uses the closes in the way that I do. You can go through the entire search you linked here and all you will find is a bunch of guys bracketing the area and taking every breakout or setting pending orders above and below hoping to catch a trend. Unfortunately this world is a slimy place filled with slimy people. Don't have their own ideas so they profit from the hard work of others.
2 traders viewing now