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The Big secret to trading success

  • #521
  • May 8, 2016 12:33pm May 8, 2016 12:33pm
Quoting cat
I'm leaving this thread in the hands of others now, as although it has generated some excellent discussion, and all points of view are equally valid, I feel personally that I have contributed everything I can without running over old ground. Is there though a secret to trading success? I think there is, and for me it applies to all areas in life, namely desire. Provided trading is approached with the right attitude and expectations, the path to success will always be open. If it takes 10 years to become a fully qualified doctor, why should these...
Nothing more. Nothing less.
Per aspera ad astra
  • #522
  • May 8, 2016 1:38pm May 8, 2016 1:38pm
Quoting cat
I'm leaving this thread in the hands of others now, as although it has generated some excellent discussion, and all points of view are equally valid, I feel personally that I have contributed everything I can without running over old ground. Is there though a secret to trading success? I think there is, and for me it applies to all areas in life, namely desire. Provided trading is approached with the right attitude and expectations, the path to success will always be open. If it takes 10 years to become a fully qualified doctor, why should these...
Clear and complete, this is the core of trading and everything else; hopefully at least a few will understand....
  • #523
  • Edited 4:06pm May 8, 2016 3:32pm | Edited 4:06pm
Quoting HiddenGap
{quote} {quote} If you are a retail trader, the existence of trends and the ability to follow them are partially(and in no small part) related to any edge you can have. I do not want to get too deep into particular techniques and methods, but the chart below is an excellent example of many of the things that have been previously spoken about in this thread. Focus on the right side of the chart, where we have an UP TREND and a low volume (No Supply) down bar for entry into the market. A "quick" trend trade on a 5 minute USD/JPY chart. The word quick...


There is an Addon at the same time at the same pair

those who have eyes will have seen

The main feature you should take a note is that PVP (magenta line) is changing its level at the same time as the trend is changing.

Best
D.P.
Attached Image (click to enlarge)
Click to Enlarge Name: PVP.jpg Size: 297 KB
Attached File(s)
File Type: mq4 Market_Statistics_v4_2.mq4   11 KB | 602 downloads
Hunting High and Low
  • #524
  • May 8, 2016 4:05pm May 8, 2016 4:05pm
P.S.

Quoting cat
Belief in ourselves is the most powerful weapon we have, in life, and in trading.{image}
This is the most power sentence.

those who have ears will have heard
Hunting High and Low
  • #525
  • May 8, 2016 4:09pm May 8, 2016 4:09pm
Quoting Dr.Phoenix
{quote} There is an Addon at the same time at the same pair those who have eyes will have seen The main feature you should take a note is that PVP (magenta line) is changing its level at the same time as the trend is changing. Best D.P. {image} {file}
Nice one!
  • #526
  • May 8, 2016 4:15pm May 8, 2016 4:15pm
I like discussing the "trend" topic very much, since im also a "trend-follower".
However over the past years I noticed a few things:

1) We can always look one or two TFs higher and say that the trend there is counter to the lower TF trend. (Typical example is when the noob posts a picture here at FF and asks what was wrong and then the pro replies that "it was against the higher TF trend...")
So bearing that in mind this whole trend thing comes down to combination of timeframes. We usually have a higher timeframe (where the desired trade direction or "bias" comes from) and we have the lower TF, where we want to execute the entry.

2) Funny thing that I realized about the "trend" in the past year is that many people think it is the holy grail and use an arsenal of technical indicators just to get it right. (Thus they kind of think that if they overcomplicate they will get the trend more often "right" and thus have less losses?!) Meanwhile I think the entry relative to the trend is way more important than the trend itself. As an example we got Alice and Bob. Alice is bullish, Bob is bearish. They are both trend followers however identified the direction in a different way. Who will be right? Well we don't know, and we don't care. What I found is that they both can be "right" in a sense that they can both make money...

3) However generally speaking for me the word "trend" means "higher reward expectancy". (Note that this is not the same as "edge" or "higher winrate", as I don't really care whether the next trade is a winner or a loser...) So I want to catch the "trend direction" in order to hold the trade longer with good odds. (10-20RR+ etc.)

Just my 2 cents.
Tom
  • #527
  • May 8, 2016 4:26pm May 8, 2016 4:26pm
Quoting Ph03n1x
I like discussing the "trend" topic very much, since im also a "trend-follower". However over the past years I noticed a few things: 1) We can always look one or two TFs higher and say that the trend there is counter to the lower TF trend. (Typical example is when the noob posts a picture here at FF and asks what was wrong and then the pro replies that "it was against the higher TF trend...") So bearing that in mind this whole trend thing comes down to combination of timeframes. We usually have a higher timeframe (where the desired trade direction...
Moreover, Alice and Bob both ARE right and they are both making money .
They are both - two surfaces of one medal.

D.P.
Hunting High and Low
  • #528
  • May 8, 2016 4:42pm May 8, 2016 4:42pm
Quoting Dr.Phoenix
{quote} Moreover, Alice and Bob both ARE right and they are both making money . They are both - two surfaces of one medal. D.P.
more over they can be both right and losing money,more over they can be both wrong and making money
  • #529
  • May 8, 2016 4:50pm May 8, 2016 4:50pm
for retail traders,trading equals to life.experienced traders will understand what I mean,new traders will understand after years that they wish to understand what ı say here years ago but 99% will not and have to wait and live what should be lived.ı always give sample from child to adult.you cant axpect from a child to be like adult and you cant give control of company to a child,child need experience to become adult to lead company same for beginer and experienced trader.time needed.trend take too much time in this thread,trend is a slope where it give you advantage with time.up or down.this or that time frame.ignore the rest.rigged markets...!?if any one dont need euro and buying eurusd for selling it soon to make profit is a manıpulator.every trader is a manipulator.so market is rigged and its what it is.dont fall in love with it dont hate it
green pips

the big secret is:if you dont know what you are doing dont do it.and you cant expect it from a kid
  • #530
  • May 8, 2016 9:40pm May 8, 2016 9:40pm
Quoting Copernicus
{quote} Cheers H. Me too......which if I recall correctly means probably the 80's when there popular editions came out. I remember purchasing them from an ASX bookshop for crying out loud. Who now buys books from bookshops?...... After getting into Elder, the penny dropped that Darryl must have been trained under him. The good ol' days when Lotus 123 used to kick MS Excel out of the ball park.....*sobs*.....memories. I sold my soul to the devil after realizing that the chicks just luv'd Excel fly boys. {image}
You're older than I thought Nick! My very first programming languages were PASCAL and FORTRAN. The screens were still green back then.
If you are good at something, never do it for free--Joker
  • #531
  • May 8, 2016 10:33pm May 8, 2016 10:33pm
Quoting jmn5611
{quote} You're older than I thought Nick! My very first programming languages were PASCAL and FORTRAN. The screens were still green back then.
Sounds like we are of a similar ilk J. I cut my spreadsheet teeth in the corporate world with Visicalc while you were obviously working in Pascal and Fortran. Those green screens were par for the coarse. We were both witnesses of the dawning of the infant stages of the computer industry where IBM ruled the planet before that bounder Microsoft came in to disturb the peace. :-)
  • #532
  • May 9, 2016 4:07am May 9, 2016 4:07am
[quote=Ph03n1x;8915391]................this whole trend thing comes down to combination of timeframes........This is what matters
  • #533
  • May 9, 2016 4:28am May 9, 2016 4:28am
Quoting hanover
{quote} Some happy memories for me, as three of the earliest books I read, when I first became interested in the markets, were by Daryl Guppy, Dr Elder and Van Tharp. Anyway, attached are the latest versions of a couple of Guppy indicators that I wrote some time ago (for MT4), in case they are useful to anybody. The GMMA allows up to 8 MAs to be plotted, and is an alternative to simply stacking multiple MAs on your chart, and saving the end result as a template. More info in posts #7 and #8 here....
Well you got off to the right start! My first trading book was from Wade Cook, remember that guy???!!!
If you are good at something, never do it for free--Joker
  • #534
  • May 9, 2016 7:28am May 9, 2016 7:28am
Here it is London GBPUSD, trend trading with momentum.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD m1 (05-09-2016 1405).png Size: 29 KB


Alex
  • #535
  • May 9, 2016 8:24am May 9, 2016 8:24am
"Traders are right more than 50% of the time, but lose more money on losing trades than they win on winning trades. Traders should use stops and limits to enforce a risk/reward ratio of 1:1 or higher."

https://www.dailyfx.com/forex/educat...ders_Make.html
  • #536
  • May 9, 2016 8:48am May 9, 2016 8:48am
Quoting alexx90
Here it is London GBPUSD, trend trading with momentum. {image} Alex
Well done Alex, do you use MA to define your trend?
  • #537
  • May 9, 2016 2:35pm May 9, 2016 2:35pm
Quoting seahorse
"Traders are right more than 50% of the time, but lose more money on losing trades than they win on winning trades. Traders should use stops and limits to enforce a risk/reward ratio of 1:1 or higher." https://www.dailyfx.com/forex/educat...ders_Make.html
Golden words.....Trading is like pure arithmetic....
Trade fearless not careless...
Syed Mohsin Ali Profit This Month: -760
  • #538
  • May 9, 2016 6:03pm May 9, 2016 6:03pm
Quoting seahorse
"Traders are right more than 50% of the time, but lose more money on losing trades than they win on winning trades. Traders should use stops and limits to enforce a risk/reward ratio of 1:1 or higher." https://www.dailyfx.com/forex/educat...ders_Make.html
Risk/reward ratios are bullshit. It's made up nonsense that gets passed around over and over. In my opinion traders lose because they dont know how to manage their positions properly.
  • #539
  • May 9, 2016 7:43pm May 9, 2016 7:43pm
Hey guys,

I've been trading for about 5 years now. I was losing my butt pretty hardcore this entire time. The reason i lost mostly is because of fear. I take a position and try to sit on it and soon as i get some pressure against my trade i get nervous and close a winner or close a loser before the entire move is played out. I started trading on the daily TF and noticed a massive change to my trading. There are many reasons people lose. But for me it's mostly fear of losing what i just made, or losing before i get started. Sometimes you get in too early and you have no choice but to ride it out until price moves in your favor. After sitting on the daily TF for the past few weeks, i've noticed a massive change in my trading. It takes longer for the entire move to play out but on a daily TF there are very few " corrections " in the market.

Hope that might help some people
  • #540
  • Edited 8:08pm May 9, 2016 7:56pm | Edited 8:08pm
Quoting allisonmagic
Hey guys, I've been trading for about 5 years now. I was losing my butt pretty hardcore this entire time. The reason i lost mostly is because of fear. I take a position and try to sit on it and soon as i get some pressure against my trade i get nervous and close a winner or close a loser before the entire move is played out. I started trading on the daily TF and noticed a massive change to my trading. There are many reasons people lose. But for me it's mostly fear of losing what i just made, or losing before i get started. Sometimes you get in too...

It's certainly a more friendly timeframe than intraday that tends to avoid the flash crashes and flurry of algo activity around news events such as NFP last Friday. You might actually find you have another life as well instead of suffering heart palpitations at the screen all day. :-)

Imagine life in a productive office as an algo. All those important decisions made in a nanosecond.

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