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Attachments: DON'T trade Udine's 00 level Strategy
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DON'T trade Udine's 00 level Strategy

Quoting hanover
{quote} Anybody who bases their entries around price charts, instead of a coin toss, implicitly believes that technical analysis offers a better chance than 50/50. Sure, nobody can predict the future with 100% certainty, but there are analysis methods that can identify situations of probable directional bias in price movement.
proven methods? or is that just a bias that they MUST exist?
tradewith60
Quoting 60minuteman
{quote} proven methods? or is that just a bias that they MUST exist?
Hangovers point is a valid one. I would also agree their are proven methods. I have found that once a proven method is discovered we should also account for the expectations to that method. You will always have variations of formations/patters, but doesn`t accounting for those variations increase your odds of getting the outcome you expect?
I think more so when a person takes the time of sharing information via the web, we should look to perfect the system instead of accepting it as already complete. If a specific trade works sometimes, their has to be a reason as to why. Identifying that reason is much more important then the wins.
Banks scalp, why don't you?
Here in forexfactory are real good and stable working systems.

I canīt say if the 00 strategy works or not .

But in fact :

A proven strategy starts after one year livetrading and not before!

I cannot recomment to watch every goodlooking system and given it a chance with real money during the first 12 months.

Everybody who does will lose in the most cases.
.. as simple as it sounds , it is

Guido
The future(s) is mine!Risiko birgt immer auch die Chance.
Quoting Sesamstrasse
Here in forexfactory are real good and stable working systems. I canīt say if the 00 strategy works or not . But in fact : A proven strategy starts after one year livetrading and not before! I cannot recomment to watch every goodlooking system and given it a chance with real money during the first 12 months. Everybody who does will lose in the most cases. .. as simple as it sounds , it is Guido
Why only after one year. Why not 11 months and 29 days of live trading?

Donīt you agree that most systems FAIL, because the rules arenīt followed to the T. Or maybe that all variations and counters havenīt been accounted for?
Banks scalp, why don't you?
Quoting CholiPop
{quote} Why only after one year. Why not 11 months and 29 days of live trading? Donīt you agree that most systems FAIL, because the rules arenīt followed to the T. Or maybe that all variations and counters havenīt been accounted for?

My 6, 5 years experience in livetrading ( 4 of them successful ) say noe year.

But if you wanna do rookie mistakes jump on every " new " and fancy system you want ..
itīs a free world
The future(s) is mine!Risiko birgt immer auch die Chance.
Quoting 60minuteman
proven methods? or is that just a bias that they MUST exist?
I believe that you've answered your own question in your 'H4 Power' thread, where you post charts, and use price action to make prognostications on probable future price direction. If your own analysis offers a better than 50/50 directional bias, then that must surely tell you that proven analysis methods do exist.
  • Post #187
  • Quote
  • Edited 12:46pm Aug 11, 2014 12:33pm | Edited 12:46pm
Quoting pj9999
{quote} what do you do for money buddy ...live off your parents???would bet 20 k that you don't make money from trading??
I am 56 years old. I am retired. I win by trading more money than I need. And most importantly, more than 40 years I stopped blaming others for my own failures ago.
Life is hard, cruel and unjust man. In this business, your only partner is yourself. Only the hard and constant work will teach you to make your own decisions, not the decisions of others.
The work and perseverance have their reward. The kicking and whining also have a reward, but of another kind.

There are thousands of systems on the web. They are easy to find. Search and find the Holy Grail. When you get tired of looking, you'll notice that there is no Holy Grail. Yes, you will find ideas. But the market in its essence is not systematic. Therefore no system will work in all market conditions. Then you learn that before making a trading decision, you must establish the market condition, depending on the type of trading you want to achieve (Scalping, swing, long term). And you learn that you have to constantly adapt to the market condition. Adapting is the key.

The system of Udine, is tendential. Requires the price out of range. Also required to have momentum. The first two hours of London are usually the most profitable.

I suggest that, while studying the market, work with emotional intelligence. And you will grow.
Donde hay Patron no manda Marinero
Everyone asks: Why systems fail ?, Why I fail?

Systems fail because the market is not systematic (I have repeated hundreds of times).
We fail because we lack adequate emotional intelligence in the business.


What solutions are there?

To study the fractal nature of the market and constantly adapt ourselves to the market conditions have.
Studying ourselves and our emotions (there are lots of books out there, and if you are old enough get your experience)


And now I go and I will not go into here, I'm on vacation.
Donde hay Patron no manda Marinero
Quoting 60minuteman
{quote} proven methods? or is that just a bias that they MUST exist?
Proven methods are documented here / here / here / here & here & good traders who have such proven methods are here / here / here / here / here / here / here / here & here .... somehow they pick right direction & good entry points.... And many of them have stopped coming to FF forum. Some people certainly have found their way to hold edge in this market, so I wont say there is only 50-50 proposition to technical analysis. There is certain degree of edge but not with everyone. Oppss... forgot to mention, another good trader here who is best at keeping things simple
Risk / Trade Management is the name of the Game
If I were to start a thread entitled "As simple as possible: MA crossover," where you buy when x crosses y and sell when y crosses x and when traffic lights are the green or red respectively. I wonder how many would be interested. Probably not many. I understand the gripe that some have with Udine's system, because it isn't simple at all - there are a lot of rules, which lead many to wish / believe there can't possibly be much else. There are thousands of systems out there making huge claims, so why the anger at this particular one? Really, it has no better or worse chance of working than my MA crossovers.

It has been said countless number of times by many, myself included, that a system is only a set of tools and you use it as you see fit. To make any system work, you need an understanding of how and why the market moves and to be able to see the bigger picture. Now if you can do that, why on earth would you need someone else's system in the first place?
Quoting hanover
{quote} This is complete nonsense. Unless you can find a biased (physically defective) wheel, roulette is unbeatable in the long term. The house edge remains constant no matter what gameplay and/or betting strategy you use. As Einstein once said "You can't beat a roulette table unless you steal money from it" (source). If you doubt Einstein, check out the mathematically based material presented by sites like wikipedia...
Udine does not provide any math or proof. Post some trades is not the same as posting all trades. Posting trades after the exit is not the same as posting trades after the entry and following up with the exit.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Quoting TooSlow
Udine does not provide any math or proof. Post some trades is not the same as posting all trades. Posting trades after the exit is not the same as posting trades after the entry and following up with the exit.
Perhaps you replied to the wrong post by mistake.

Otherwise, your attempt to debunk roulette math is the strangest that I've ever seen.
Go ahead and provide proof of this mysterious mechanical system. Provide the rules and screenshots with a few trades images and we may believe what you say, or would you like me to do a photoshop copy of yor image too?


Quoting trader34
{quote} There is no brainwashing my friend...if you look, i have not posted more than twice on that thread, and for good reason. Frankly i don't care for the ins and outs of every traders experience with this idea, i only care how i can apply it. The on going thread is of little concern to me. I will selfishly pursue my own gains. The thread has not been alive for 6 months, so i have not traded it that long, but as i stated, i AM profitable so far, Not as much as others, nor as much as i would like, but i can see value in the idea. That's my opinion....
Quoting directxxx
Go ahead and provide proof of this mysterious mechanical system. Provide the rules and screenshots with a few trades images and we may believe what you say, or would you like me to do a photoshop copy of yor image too? {quote}
What are you talking about??
I am one who has ALWAYS said in this thread that I don't believe ANY purely mechanical system is long term profitable. Nowhere in the post of mine you are quoting did i say anything like what you are saying, nor in any others. This is what i said exactly:

"I have developed many systems in my trading career, and found that absolute adherence to mechanical rules only ends up in losses, or unacceptable draw downs. I believe a discretionary approach is the way forward...for me."

So please, show me where i have said that i have some "mysterious mechanical system?"

If you would have cared to read the post, or the extract i quoted here, then you would not have posted this meaningless rambling. But clearly you have come onto this, half reading it's content and decided to pick on someone....not the best mindset for a trader don't you think?!
How about think before you speak...or in this case post.

Frankly I don't care to prove anything to you. In my post i clearly said that my current systems are under performing. I also stated my exact % results from MY INTERPRETATION of Udine's method, in a subsequent post. As you can find out if you read, it is far from impressive, but it IS positive.

I am not one to come onto FF to run threads, or constantly upload screenshots.
Nor do i demand to see the screenshots of others, because aside from seeing the overall CHART setup, seeing other peoples trades doesn't help my account balance one bit.
Once i see the rules, i analyse them and apply them in the way that SUITS ME. Something i have also said before. I don't blame anyone or any system they provide for my net result...the decision and RESPONSIBILITY to try or not try anything is absolutely my own. And that, if you has bothered to read, has been my point throughout this whole thread.

I am fairly selfish in that way, and I am not about to start posting my methods, nor show screenshots of all my trades. I care about me, my balance, my results.... but i do appreciate it when others take the time, FOR FREE to do so. And that, again is why i have taken issue with this thread.

And frankly, as others have pointed out here, there are plenty of useless threads in this forum...why pick on this one specifically, unless it is just personal sour grapes? After seeing the levels of vitriol aimed at Udine for simply offering an idea, please tell me what incentive there is for any of us to start sharing our ideas?
Wealth comes from what you keep, not what you earn
I am surprised by the flipping coins argument , as i said in another thread , coins flipping yes will give you 50/50 chance of tails or heads , but that doesn't mean that if you based your trading decisions on it it will be right 50% of the time ! I don't see the relation ! One thing has nothing to do with the other ! Trading has many variables involved . OK lets flip a coin to bet if its going to snow tomorrow i am sure that way i will be right 50% of the time !!!
Don't get your panties in a twist. I was trying to 'REPLY' to some genius on page one FXmasterguru... who posted a graphic of some system which he chose not to put up for scrutiny, in the knowledge that others here would do exactly as he has done by pulling apart his ideas.

There is no 'REPLY' button and I simply made a mistake.

Quoting trader34
{quote} What are you talking about?? I am one who has ALWAYS said in this thread that I don't believe ANY purely mechanical system is long term profitable. Nowhere in the post of mine you are quoting did i say anything like what you are saying, nor in any others. This is what i said exactly: "I have developed many systems in my trading career, and found that absolute adherence to mechanical rules only ends up in losses, or unacceptable draw downs. I believe a discretionary approach is the way forward...for me." So please, show me where i have said...
Quoting directxxx
Don't get your panties in a twist. I was trying to 'REPLY' to some genius on page one FXmasterguru... who posted a graphic of some system which he chose not to put up for scrutiny, in the knowledge that others here would do exactly as he has done by pulling apart his ideas. There is no 'REPLY' button and I simply made a mistake. {quote}

Ah, fair enough.
Yeah, that has also been debated in this thread.
He offers a service, and hence won't divulge the method behind his seemingly astronomical results...Make of that what you will.
Wealth comes from what you keep, not what you earn
Quoting hanover
{quote} Perhaps you replied to the wrong post by mistake. Otherwise, your attempt to debunk roulette math is the strangest that I've ever seen.
No, didn't reply to wrong post by mistake. No, didn't attempt to debunk roulette math. Hanover, I have no quarrel with you at all. Udine is the one who failed to provide proof either with math, statistics or profit/loss statement showing all trades, let alone give credit to the person who coded indicators and taught the H1/D1 bias years ago.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Quoting trader34
{quote} ...why pick on this one specifically, unless it is just personal sour grapes? After seeing the levels of vitriol aimed at Udine for simply offering an idea, please tell me what incentive there is for any of us to start sharing our ideas?
Why not? Udine is the one who failed to give credit where credit is due.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
Followed the Rules "to the letter" and failed with the strategy... So I am thinking about Reverse Trading it, as logically I should be profitable if I follow the Rules but entering in reverse direction.

Good luck to all others who can exercise the "appropriate discretion" to make it succesful.
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