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Technical Analysis Fallacy
- #54,203
- Edited 10:16am Mar 19, 2016 9:59am | Edited 10:16am
- Joined Nov 2007 | Status: Trader | 19,782 Posts
My thoughts after a week of this. Need to lower scout bunch more. Newbies must not consider p/l in dollars. Need to make pips based on scout size. Must think of a 4 unit rescue of 20 pips as an 80 pip rescue. If one can make pips one can make money, eventually.
welcome ant.ants work, efficient bucket.and drop the ego.
will work.
as you skill sets improve you can carry heavier load buckets, but never believe that you immortal.
always prepare escape route.
stay profitable is only test, consistency is key.
remember greed and complacency of risk is killer.
Know self and know you enemy and the terrain.
remember negetive book days that you turn profitable.
those are the best days.
good fortune.
regards
PS:don't think make it eventually.
every battle you must try wiln.
$1 profit is better than $1 loss.
That is the mindset rquired to make 365 mio per annum.
to start make 365 mio, you need learn make $365 first.
- #54,204
- Mar 19, 2016 10:24am Mar 19, 2016 10:24am
{quote}
Edit: I wish FF would not reformat everything I type into one paragraph always....
- #54,205
- Mar 20, 2016 9:02am Mar 20, 2016 9:02am
- | Joined Dec 2013 | Status: Trader | 1,062 Posts
THE ALL is MIND; The Universe is Mental
- #54,206
- Mar 21, 2016 6:06am Mar 21, 2016 6:06am
- Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts
{quote} Definitely not immortal. But learned people say my generation will live to 125. Means have 101 years left. Not sure what do between 100-125. Hopefully many great great grandchildren. Haha. 1 dollar profit is better than 1 dollar loss. This must be internalized within me. I have strong urges to quit for the day after a loss. Need great resolve and to strengthen stamina. Thanks FTI. Regards Edit: I wish FF would not reformat everything I type into one paragraph always....
You also need to be non rigid and this approach allows you to listen to the market and follow....... some days I set out going short say but PA does not want to do it so I need to change as PA is always right not me... if in m5 trend then a bigger trend can come in and kick you so need to be ready for this ........ it is slow hard journey but nothing good comes without much effort. Also more and more I am calculating and recalculating lots of stuff so I have plans for possible rescue and I am learning how to do same in attack now (they are actually a similar ethos I think) but I need to adapt as PA can do sth quite different as it doesn't know my plans. Any stuff I pass on that is useful I have learned from FTI.
I did not give example of PA momentum as I liked Phil's.... but I am always reviewing terrain I find ... not responding to a single push or shove or wave (although sometimes I sort of do) but lots of clues.... FTI says she tells us and tells us and will get angry if we ignore her... she will show us alright. Been enjoying my long eurusd.
Alex
.
check out the terrain - follow never lead
- #54,207
- Mar 21, 2016 7:29am Mar 21, 2016 7:29am
- | Joined Dec 2013 | Status: Trader | 1,062 Posts
THE ALL is MIND; The Universe is Mental
- #54,209
- Edited 8:36am Mar 21, 2016 8:00am | Edited 8:36am
{quote} Watch your mind though... poor mindset is bad for trading... that is what I find............so after loss if mind bad then not good place to trade ........ need to recompose yourself. Remember the monk story. Take what is good and what you can learn from everything and drop the rest else baggage affects mindset. You also need to be non rigid and this approach allows you to listen to the market and follow....... some days I set out going short say but PA does not want to do it so I need to change as PA is always right not me......
To flip or not to flip is very tough question, I have been reminding myself that FTI says the market is ranging for 70% of the time, this has helped me with the patience.
Nicely done with eur long
Regards
- #54,210
- Mar 21, 2016 8:34am Mar 21, 2016 8:34am
- Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts
{quote} hihi fren, agreed with you. infact, poor mindset is bad for everything.. and is take a long time to escape unless one has attain master monk status...
..... still learnin....Alex
check out the terrain - follow never lead
- #54,213
- Mar 22, 2016 4:15am Mar 22, 2016 4:15am
- Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts
{quote} Thanks Alex, I think my mindset is not too bad to trade right now even after a loss, such miniscule amounts I am trading so there is no desire to "chase". I need to maximize chart time. To flip or not to flip is very tough question, I have been reminding myself that FTI says the market is ranging for 70% of the time, this has helped me with the patience. Nicely done with eur long
I just try to follow for a bit..... try to remember to "follow my lead".... used to try to predict.
Thanks for your charts.... yeh the short PA was a bit bobbly ....After my nice run up I used the last candle in the run up as a selling zone once I got a PB that was bigger than any other in the run up in price and time which I tested for longs (just thinking I do look at price + time now) and also taking account of H1/D1 PA. When price approached my selling zone demand fell away... it formed stepping down tops.... the last HH candle in those tops also can form a selling zone ... price can peak above those tops but demand should fall away (may not of course could keep going long). This is just how I see it I think... never sure if what I think is correct FTI way or not just try to follow the lead.
check out the terrain - follow never lead
- #54,214
- Mar 22, 2016 4:17am Mar 22, 2016 4:17am
- Joined Nov 2010 | Status: Just playing follow my leader | 1,545 Posts
{quote} I just try to follow for a bit..... try to remember to "follow my lead".... used to try to predict.
Sad news from Brussels today..... hate these peeps who want to kill others... life is hard enough without imposing yourself and your views on others.
check out the terrain - follow never lead
- #54,215
- Mar 24, 2016 12:08am Mar 24, 2016 12:08am
- | Joined Dec 2013 | Status: Trader | 1,062 Posts
THE ALL is MIND; The Universe is Mental
- #54,218
- Mar 27, 2016 10:04am Mar 27, 2016 10:04am
- Joined Nov 2007 | Status: Trader | 19,782 Posts
Dear FTI, for years , I have been reading your thread , Following your posts on daily basis. I would like to thank you for all the info you shared,you showed the average guys and the public the true gates to the kingdom. I'm indebted to you and your generous will to share your invaluable knowledge. Thank you FTI for everything you shared with us here. This is the golden thread in Forexfactory.
Thank You.Inserted Video
regards
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- #54,220
- Mar 27, 2016 11:16am Mar 27, 2016 11:16am
- Joined Nov 2007 | Status: Trader | 19,782 Posts
Hi fti, Can I ask what you think abt hedging - do you ever use it in your trading?
hedging aka arbitrage is the ultimate win all game.Is like betting football strategically to win no matter the outcome.
But the problem is the term has been hijacked by brokers who teach their dead in the water customers to practise loss locks.
which they deem hedged.Anyway if you know the art of hedging and arbitrage, then you are cream of the crops traders.
regards
By the way hedging is for big boys, small boys have nothing to hedge, to hedge you need have big enough risk that needs to be hedged.
small books need create risk, to justify opportunity cost of activity.