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Looking for Real Trading Method

  • #141
  • Jun 17, 2014 10:07pm Jun 17, 2014 10:07pm
Quoting Chicky
{quote} For some reason, it never respects these levels when we want it to, or if it does so, we normally miss these trades.
Either you are not drawing proper respected levels and guessing these...

Or you are not using the application properly.

Supply and demand can follow whole numbers, but is not limited to this. Sessions trade directional...don't look for a quick turn during an active session, unless it is testing support or resistance. The market trades in weekly cycles, figure this out and you will see when to trend and when to trip.

Follow the trade, not a random arbitrary line you have drawn on a chart.

60MM, is a moron...look at his chart...even at a glance you can see that there is no relevance to where he put the line...he's missed that sucker.

If was drawn correctly, you could actually see where resistance was first broken then tested.
Next, you can see where support was broken and not tested as resistance.

Doesn't mean that price will never make it back to test this area...just means it hasn't made it back there yet.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #142
  • Jun 17, 2014 10:29pm Jun 17, 2014 10:29pm
So Technical Analysis provides no edge, Fundamental Analysis is crap and the news are useless because by the time they reach us they are obsolete. So what is left to use? Everybody says "know the market" and "watch the economy" etc. but nobody doesn't explain how to do this.

I am really curious what successful traders are watching besides the charts.
  • #143
  • Edited 10:51pm Jun 17, 2014 10:34pm | Edited 10:51pm
Quoting Magix
{quote} Either you are not drawing proper respected levels and guessing these... Or you are not using the application properly. Supply and demand can follow whole numbers, but is not limited to this. Sessions trade directional...don't look for a quick turn during an active session, unless it is testing support or resistance. The market trades in weekly cycles, figure this out and you will see when to trend and when to trip. Follow the trade, not a random arbitrary line you have drawn on a chart. 60MM, is a moron...look at his chart...even at a glance...
I am yet to learn many things from experienced technical traders like yourself and I appreciate your help. It is very difficult for me to digest that there can be any kind of precision in pa movement. There maybe millions of robots working at the same time and aiming at particular levels, but still hard for me to believe precision exists. So there is no point where you, I or 60mm draw our lines as long as we have a logic behind it.

I 100% agree with you on following a trade and not an arbitrary line. In fact this statement of yours is exactly in line with what I just mentioned above. My positions are so small that following trades is not a problem ........not at all. It is just like we eat. I eat bite by bite three or four times a day, sometimes more, sometimes less, sometimes just fast, sometimes sweet and sometimes bitter........... but when it's time to shit, its always in one go.
The Thief of Wall Street
  • #144
  • Jun 17, 2014 10:36pm Jun 17, 2014 10:36pm
Quoting KMidas
I am really curious what successful traders are watching besides the charts.
Porn...because, really, why not put at least a couple of monitors to good use.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #145
  • Edited 11:08pm Jun 17, 2014 10:38pm | Edited 11:08pm
Quoting 60minuteman
Everyone wants to build their systems on the technical analysis illusion. How many people will look at this chart and see it as a line of resistance being respected? and how many will look at it and see it being ignored as often as it is respected? {image}

Lol I like how you put things man, you always get straight to the point. The truth is technical analysis gives a good edge, but there are different levels to it, it's not just about S/R, it's also about Effort and result, and cause and effect, these are what makes up the law of supply and demand. Many people talk about Supply and Demand but they never learn the whole thing, so that can cause bad trading habits. Chart Position, heck even time of day can have an effect on your trade. But that's the great thing about the market, you can make money all kinds of ways, so if you're doing ok, then keep doing it and don't let anyone tell you different.
Being a trader is lonely, but being a great trader is lonelier still
  • #146
  • Jun 17, 2014 10:42pm Jun 17, 2014 10:42pm
Quoting KMidas
So Technical Analysis provides no edge, Fundamental Analysis is crap and the news are useless because by the time they reach us they are obsolete. So what is left to use? Everybody says "know the market" and "watch the economy" etc. but nobody doesn't explain how to do this. I am really curious what successful traders are watching besides the charts.
Successful traders are the ones who have links with market makers. Market makers are the ones who make the fundamentals. Technicals is just a by-product of bargaining between the Market Makers and the Brokers. Don't believe me, watch the news when weekly charts get to critical level and tell me what you see. Money is closely linked with polictics and polictics has the power to make news (your fundamentals).
The Thief of Wall Street
  • #147
  • Jun 17, 2014 10:44pm Jun 17, 2014 10:44pm
Quoting Chicky
{quote} I am yet to learn many things from experienced technical traders like yourself and I appreciate your help. It is very difficult for me to digest that there can be any kind of precision in pa movement. There maybe millions of robots working at the same time and aiming at particular levels, but still hard for me to believe precision exists. So there is no point where you, I or 60mm draw our lines as long as we have a logic behind it. I 100% agree with you on following a trade and not an arbitrary line. In fact this statement of yours is exactly...
So, what if the robots are creating the precision and it's the rest of retail creating the noise?

Are you one working in the noise and helping create?

Over the last few weeks, within the matter of single pips, I have forecasted tops and bottoms...some, EXACT.

HERE
HERE
HERE
HERE
HERE
HERE

Same ideas that I use to trade daily...but I don't have all of my charts cataloged and saved...

Is it possible that I am controlling the market?
or
Is it more likely, I just have a better read?
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #148
  • Jun 17, 2014 10:58pm Jun 17, 2014 10:58pm
Quoting Magix
{quote} So, what if the robots are creating the precision and it's the rest of retail creating the noise? Are you one working in the noise and helping create? Over the last few weeks, within the matter of single pips, I have forecasted tops and bottoms...some, EXACT. HERE HERE HERE HERE...
May be you are good at technicals than many here. I too try to calculate precise levels, here is an example for eur/usd. But do I trust them? No.

4909
4640
4559
4377
4371
4196
4192
4155
4102
4024
4014
3922
3893
3832
3761
3742
3734
3698
3652
3650
3637
3630
3562
3539
3499
3472
3469
3441
3429
3368
3343
3295
3287
3246
3236
3161
3148
3105
3050
3027
3024
2892
2758
2755
The Thief of Wall Street
  • #149
  • Jun 17, 2014 11:03pm Jun 17, 2014 11:03pm
Quoting Chicky
{quote} May be you are good at technicals than many here. I too try to calculate precise levels, here is an example for eur/usd. But do I trust them? No. 4909 4640 4559 4377 4371 4196 4192 4155 4102 4024 4014 3922 3893 3832 3761 3742 3734 3698 3652 3650 3637 3630 3562 3539 3499 3472 3469 3441 3429 3368 3343 3295 3287 3246 3236 3161 3148 3105 3050 3027 3024 2892 2758 2755

So why bother with them?

And, you've calculated them based on what? The fact that up until now, you have been able to control the market for tops and bottoms?

This is a meaningless list of numbers unless you are trading with hundreds of pips worth of stops on loss and thousands of pips on profits...are you doing this? If not, throw this list out and never look back to this post.

You cannot control the market. You have to observe and trade with it.

The faster you have a handle on that, the faster you can move past irrelevance and lunacy.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #150
  • Jun 17, 2014 11:11pm Jun 17, 2014 11:11pm
Quoting Magix
{quote} So why bother with them? And, you've calculated them based on what? The fact that up until now, you have been able to control the market for tops and bottoms? This is a meaningless list of numbers unless you are trading with hundreds of pips worth of stops on loss and thousands of pips on profits...are you doing this? If not, throw this list out and never look back to this post. You cannot control the market. You have to observe and trade with it. The faster you have a handle on that, the faster you can move past irrelevance and lunacy.
I use them as benchmark not to the pip. Sometimes, I too wonder why I need them.

I don't go for tops and bottoms, they are meaningless for me.

I don't use stoploss. If you check my account summary snap shots posted earlier today, there are no "Orders".

1,000 to 2,000 pip move against any of my position in a day won't bother me. Same is true if it goes in my favor.

How do you know I am not a professional trader but just a joker here?
The Thief of Wall Street
  • #151
  • Jun 17, 2014 11:16pm Jun 17, 2014 11:16pm
Quoting Chicky
How do you know I am not a professional trader but just a joker here?
I respectfully refuse to answer this question.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #152
  • Jun 17, 2014 11:19pm Jun 17, 2014 11:19pm
Quoting Magix
{quote} I respectfully refuse to answer this question.
That means you have not read the first post of this thread. Never mind.
The Thief of Wall Street
  • #153
  • Jun 17, 2014 11:22pm Jun 17, 2014 11:22pm
Quoting Chicky
{quote} That means you have not read the first post of this thread. Never mind.
Actually...I did...

Has nothing to do with how and what I have based my opinion on.

But...

That's as far as I am willing to go on this one, Chicks.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #154
  • Jun 17, 2014 11:25pm Jun 17, 2014 11:25pm
Quoting Magix
{quote} Actually...I did... Has nothing to do with how and what I have based my opinion on. But... That's as far as I am willing to go on this one, Chicks.
Good decision.
The Thief of Wall Street
  • #155
  • Jun 17, 2014 11:31pm Jun 17, 2014 11:31pm
If one is looking for a real system, my advice would be to focus only on what is logical and makes sense to you.

What we learned from Magix is that one should follow the trade and not a line only because it is there. This makes a whole lot sense to me.
The Thief of Wall Street
  • #156
  • Jun 18, 2014 2:37am Jun 18, 2014 2:37am
I love this thread Chicky. Only a couple of pompous, foul mouthed hoodlums but some awesome dialogue by everybody else.

I am convinced that just about every trading method or system (and I don't care about the semantics) will work...support/resistance, supply/demand, moving averages, bands, channels, indicators, formations, whatever.

I am also fully convinced that everything you trust and believe in will fail you when it comes to trading. The chart by 60minuteman was a pretty good example.

Here's one sure fire way to prove my point for anyone who wants a challenge...show a close family member "your system" in detail privately. Keep it simple as though you were talking to a 10 year old child cause let's face it, they ain't gonna get it.

Show them everything about it and be honest. Specifically, show them the set ups that looked identical to your successful trades but that didn't materialize...they should then ask you why your MEGA METHOD didn't work.

And do you know what you will say? Something to make yourself sound as intelligent as possible but they will, more than likely, privately lose respect for you.

Forex is brutal and only the resilient and the relentless survive.
Everything easy was hard at first
  • #157
  • Jun 18, 2014 3:42am Jun 18, 2014 3:42am
People have 2 very clear options.

1. Believe simple technicals have an edge, even though it has never been proven.

2. Accept they are no better than a coin toss and adjust risk accordingly.

but, based on some comments here, people will choose option 3.

Swear they have proof technicals have an edge, but not be able to give proof. Instead they will argue that they somehow have a better read of the market, they are somehow more enlightened or have a secret technique.

All these things are easily understood if we spend a little time studying how the brain works, and how humans make decisions in uncertain environments,

Denise shull made me re-examine my trading, it took some time, but I think it is some of the best information I have ever seen
Inserted Video
tradewith60
  • #158
  • Jun 18, 2014 7:09am Jun 18, 2014 7:09am
Quoting 60minuteman
People have 2 very clear options. 1. Believe simple technicals have an edge, even though it has never been proven. 2. Accept they are no better than a coin toss and adjust risk accordingly. but, based on some comments here, people will choose option 3. Swear they have proof technicals have an edge, but not be able to give proof. Instead they will argue that they somehow have a better read of the market, they are somehow more enlightened or have a secret technique. All these things are easily understood if we spend a little time studying how the...
There are various colours between black and white.

The lines on my chart are the average price ,pre Europe open, They represent various time frames. Can I take a buy or sell from these levels with any certainty greater than 50 50 ;no,

But if I combine the price action unfolding in front of me with obvious influx on markets opening ,these levels start to tell me something ,with the knowledge that the market is anticipating news release at 9.30 again a hint of indecision ,these levels are again helping me to make entries,watching multiple pairs ,related to cable and doller ,:I only trade cable:,im able to see by default the flows.

im scalping ,but the same principles apply for a lengthier outlook.the thing that is often missed with any form of lines whatever they represent.is the perspective of a reference point in time and price.

those that are successfully trading s/r or channels or whatever there lines represent are combining a number of key elements together.

if one is creating there own imaginary bias with expectation of what should happen at a given price level ,without other key elements then its doomed to fail.but in certain circumstances a given level will provide the entry and result you expected .you see if your unaware of why on this occasion a level should be traded in a certain direction ,one should not be trading lines on a chart.

having said that,its only my way and certainly not the only way.and probably not the best way ! but my way. love sinatra
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  • #159
  • Jun 18, 2014 8:50am Jun 18, 2014 8:50am
Quoting 60minuteman
People have 2 very clear options. 1. Believe simple technicals have an edge, even though it has never been proven. 2. Accept they are no better than a coin toss and adjust risk accordingly. but, based on some comments here, people will choose option 3. Swear they have proof technicals have an edge, but not be able to give proof. Instead they will argue that they somehow have a better read of the market, they are somehow more enlightened or have a secret technique. All these things are easily understood if we spend a little time studying how the...
Ya missed the inclusion of yourself here, 60seconds...

4. People who spend more time reading threads and posting worthless tripe than do committed to actually studying market and have convinced themselves that there simply can't be anyway possible to read the market.

Spend more time in charts, less time posting bullshit and when you come back, you will have a different philosophy...if not, your still not doing it right!
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #160
  • Jun 18, 2014 9:16am Jun 18, 2014 9:16am
.
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Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
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