Those who say it cannot be done should not interrupt those who are doing it
- #11,481
- Nov 11, 2013 9:29am Nov 11, 2013 9:29am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
- #11,482
- Edited 11:32am Nov 11, 2013 9:42am | Edited 11:32am
- Joined Nov 2012 | Status: Trader | 12,211 Posts
- #11,483
- Nov 11, 2013 9:46am Nov 11, 2013 9:46am
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #11,484
- Nov 11, 2013 9:47am Nov 11, 2013 9:47am
- Joined Sep 2009 | Status: Trader | 1,027 Posts
I want to buy PATIENCE
- #11,487
- Edited 1:37pm Nov 11, 2013 12:57pm | Edited 1:37pm
- | Membership Revoked | Joined Jul 2013 | 4,068 Posts
{quote}what is left, when you put both TA and FA out of the quotation? Only Sentiment is left - and that is the work for the Shrinks
EDIT: If you not happy with your trading, do yourself a favour, disregard what ever you have learned in all those years and pretend you know nothing, go on the daily with just price and try to come up with a system were subjectivity is not at play(entries can be made with smaller TF that suit your personality and availability considering that stress will not produce positive outcome in financial ways), spend a bit of time on it, let a say a good week end, do some back testing manually, bar by bar for the last two months
Please disregard everything you have learned and make sure it will not come to play. Concepts narrow views.
Milam
Wherever you go, there you are.
- #11,489
- Nov 11, 2013 1:42pm Nov 11, 2013 1:42pm
{quote} I simply can not understand why people trade pairs with high spreads. I mean, why do you give profit away, and doing so, increase your risk. Would it not be much better to only concentrate on some major pairs with very tight spread? Would it not be much better, to know the pairs you trade like an exert, than to trade any desired pair (you do not know very well at the end)? JMHO
Because some of the traders do not trade currency pairs but currency market. Fx market is a basket of currencies and best solution for traders is know about currency strenght at this basket. for example If I know that AUD is actually strongest currency and CAD or GBP are most weaker currencies, then its better to trade AUDCAD or GBPAUD even if they have spread higher than majors.there is lot of opportunities in basket trading. If you are trading just few major pairs, or one. then you can make more mistakes in low volatile days.If you trade basket, you have allways some favorites to trade.
I want to Make money from 0 to 444k USD.
- #11,490
- Nov 11, 2013 2:51pm Nov 11, 2013 2:51pm
- Joined Jun 2010 | Status: zero | 20,603 Posts
{quote} Price Action is left, unless you consider that TA. EDIT: If you not happy with your trading, do yourself a favour, disregard what ever you have learned in all those years and pretend you know nothing, go on the daily with just price and try to come up with a system were subjectivity is not at play(entries can be made with smaller TF that suit your personality and availability considering that stress will not produce positive outcome in financial ways), spend a bit of time on it, let a say a good week end, do some back testing manually, bar...
Have been there already.
For me, I have to see momentum on MTF, I have to see PA, I have to see Market Profile, and need to have an EW idea to make an educated guess.
I found pure PA on a daily chart annoying, boring, was like watching paint drying. In the moment I trade most of the time the 15min to 5min. OK, I know when we eventually get transaction tax in Germany I have to change my trading TF, or my domicile. But until then..........
BTW: I am not a fan of "non-subjective", hence mechanical, trading systems. That is attributed to my personality. I need the intellectual challenge with the price LOL
And of course: PA-trading is TA. You form a thesis like: when price formed a Doji, it will do the following "MOST OF THE TIME".
Same when you are a momentum trader: when you see divergence between price and momentum at some strong S/R levels, price is most of the time due for a pullback.
You said that PA was left out in my former posting. But in reality it was not, because I mentioned Sentiment Analysis.
Trading the candlestick pattern is sentiment analysis in real time.
Here is some good definition of PA by Wikipedia:
"Price action is simply how prices change - the action of price. It is readily observed in markets where liquidity and price volatility are highest, but anything that is bought or sold freely in a market will per se demonstrate price action. Price action trading can be included under the umbrella of technical analysis but is covered here in a separate article because it incorporates the behavioural analysis of market participants as a crowd from evidence displayed in price action - a type of analysis whose academic coverage isn't focused in any one area, rather is widely described and commented on in the literature on trading, speculation, gambling and competition generally. It includes a large part of the methodology employed by floor traders[5] and tape readers.[6] It can also optionally include analysis of volume and level 2 quotes."
Last question:
when I primarily judge from the daily, but then switch to lower timeframe for entry: do I then not open the door for subjectivity again?
Best to you,
Markus
- #11,491
- Nov 11, 2013 3:14pm Nov 11, 2013 3:14pm
- | Membership Revoked | Joined Jul 2013 | 4,068 Posts
{quote} I found pure PA on a daily chart annoying, boring
Last question: when I primarily judge from the daily, but then switch to lower timeframe for entry: do I then not open the door for subjectivity again?
. Or I go to play blackjack at the casino.Yes, there is some kind of subjective, but it is only chosen for convenience only to be able to trade in time that are convenient and that will take the anxiety out of it.
The subjectivity lays when you draft the system, after that it has to be objective, when you risk serious money, you do not want be much of a flamboyant because you will loose your pants. Yes, with objectivity you will also lose, but it is part of paying the bills, once you know that, you (not you
) are on your way.Mental attitude is also the key, as I showed with my results, I had 5 consecutive losses, which add to -5 %, if I did not stay with my system I would not be able to gain the fruits.
Anyway my friend, I am not trying to convince you or anyone, I just want to show a different way, we are all different and thank God for that.
Your friend Milam (the local)
Wherever you go, there you are.
- #11,492
- Nov 11, 2013 3:20pm Nov 11, 2013 3:20pm
- | Joined Jun 2009 | Status: nothing new under the sun | 1,428 Posts
{quote} It's certainly possible, but from where I am seeing things also highly unlikely we will see 1.36xx. But hey, I've been wrong before and it probably wasn't the last time
Allah has permitted trade and has forbidden interest [koran]
- #11,493
- Nov 11, 2013 3:35pm Nov 11, 2013 3:35pm
- | Joined Jun 2009 | Status: nothing new under the sun | 1,428 Posts
{quote} Price Action is left, unless you consider that TA. EDIT: If you not happy with your trading, do yourself a favour, disregard what ever you have learned in all those years and pretend you know nothing, go on the daily with just price and try to come up with a system were subjectivity is not at play(entries can be made with smaller TF that suit your personality and availability considering that stress will not produce positive outcome in financial ways), spend a bit of time on it, let a say a good week end, do some back testing manually, bar...
Allah has permitted trade and has forbidden interest [koran]
- #11,494
- Nov 11, 2013 3:59pm Nov 11, 2013 3:59pm
- | Membership Revoked | Joined Jul 2013 | 4,068 Posts
{quote} can u elanorate a bit,difficult to understand what u r saying?.to be honest there is no such thing as objectivity and ur saying take the subjectivity out of the play,which is ridiculous becos subjectivity is the only parameter which provide objectivity to my play.u cant observe urself while the play is on as once ur aware it changes everything.what u call subjectivity is the result of much more stronger forces which lay beneath ur conscious level and people call it,genius,intuition and if u go higher it is called prophetic insight.
http://www.forexfactory.com/showthre...78#post7083578
Wherever you go, there you are.
- #11,495
- Nov 11, 2013 5:57pm Nov 11, 2013 5:57pm
- Joined Jun 2010 | Status: zero | 20,603 Posts
{quote}
All is fine. I like to tease you
BTW, Mr. Local, where is the booze?
- #11,496
- Nov 11, 2013 6:01pm Nov 11, 2013 6:01pm
- | Membership Revoked | Joined Jul 2013 | 4,068 Posts
{quote} All is fine. I like to tease you
Wherever you go, there you are.
- #11,500
- Nov 11, 2013 6:39pm Nov 11, 2013 6:39pm
- | Joined Jun 2009 | Status: nothing new under the sun | 1,428 Posts
Allah has permitted trade and has forbidden interest [koran]