{quote} Is this a serious post hilmy?
Working towards CME membership
- Joined Jun 2006 | Status: Do NOT tilt | 5,708 Posts
- Joined Oct 2010 | Status: Member | 5,441 Posts
{quote} yea it's a serious post you crazy bastard cat! what should i do..i'm waiting.. Capture.JPG;2134005 {image}
b. do 3 lines of crack
c. go on FF to find support
d. jump off a 5ft ledge
e. just keep trading and lose more money
haha..okay, I wish it was a joke though. First off, forget a, ( unless it's the wife driving you to jump off a 5 foot ledge
), b, d ( although you're unlikely to achieve anything except a broken ankle ) and definitely e.Once you have dealt with that, we ( meaning me and others ) need to have a chat. What the fuck is going wrong for starters, and when we know that, we can , hopefully, set about fixing it. How does that sound?
- Joined May 2012 | Status: ... | 1,939 Posts
{quote} I think unless you are professing to teach your method of trading there is really no need tp post charts, unless you do it in the trading journals to keep a record of your past trades good & bad. A trading log to learn from & remove errors from your trading and hone your skills. I don't think anybody owes anyone here free lessons on how to trade, unless of course you are promoting your motives to become commercial later. Trading is an art form in many cases, and we are dealing in probabilities in every scenario of what could happen next....
1. I used to - but now I truly don't - believe that posting charts is a free lesson
2. Posting charts can actually really help oneself in terms of ongoing development
There is a third point but I've forgotten it
- Joined May 2012 | Status: ... | 1,939 Posts
Simonds chart that he posted is a complete method with proper MM/ risk control.
Just want to clarify the risk element on the chart I posted previously:
Risk for me is calculated after the reaction; in other words, I won't be taking touches with stops (risk) beyond the green zones. I'll wait for price to hit the green zones and then (if it's demand for example) wait for buyers to return to the market taking the form of bullish PA that I recognise then place the stop/risk underneath the pattern. If price just goes straight through those zones I won't trade. Hope that makes sense
- Joined May 2012 | Status: ... | 1,939 Posts
{quote} I'd like to illustrate this post with a live chart: GBPJPY M15.
I wouldn't have touch shorted that supply zone, instead I always wait for PA confirmation. The fact that price breached the supply zone on test (little x mark) would have kept me out altogether at that point.
I hope that anyone following this sequence of posts won't be left in any doubt at all in terms of how price and profit flowed through this phase of the market. Moreover by observing contemporaneously how price set up their brain should be in a much clearer mode in terms of being able to pick up some of these tools and apply them to their own learning. I've often mentioned a guy who went by the moniker "Doctor". He offered me this same type of contemporaneous stuff quite a few years ago and I have to say he's the only trader I've ever corresponded with who presented his charts in this way. I'll never be able to think him enough for it.
Too many of the FF people in trouble with their trading that I've spoken to over the years share one commonality - their brain is scrambled by attempting to emulate traders/"teachers" that've garnered a following by presenting wild looking results but never ever discuss in any meaningful way the setups beforehand. I do realise I've taken the long way round to say this but as abdunbar alluded, if a trader is in trouble, the very first thing he should be checking is his own BS meter. Is it fully charged? Is it fully functioning? The inner-voice never lies. I would go deeper into this but I sense becoming loquacious
- Joined Oct 2010 | Status: Member | 5,441 Posts
As a concluding remark on this thread, as it seems like it has run its course, I'd just like to say that I've been contacted by a number of people who are experiencing difficulties, and with one or two exceptions, the one thing that is most apparent to me is that traders who are losing a lot of money are in denial. To continue trading when one is losing, without properly addressing the reasons why this is happening is simply suicidal. There are numerous reasons why traders lose, from simply not having enough knowledge and experience of the markets to deeper, more personal/psychological reasons, but whatever they are , they have to be identified and addressed, as merely hoping one can somehow trade through them whilst continuing to risk money is like a drug addict looking for a cure by taking more drugs - it will not work.
If you are losing because you don't know what you're doing, it's easy - stop trading a live account unless it's a micro-account, and go and do some more learning on demo. If a trader has not doubled a demo account twice over using proper money-management, then he'she shouldn't be risking any money that can not be afforded to lose. It's that simple.
If the reason is something else, say psychological - lack of discipline; emotional trading, fear of pulling the trigger/missing out, and any number of emotionally based mistakes we all make, then sort those out before you risk any more money you cannot afford to lose.
If you are in trouble, DO NOT live in denial - identify where it is you're going wrong, and do everything you possibly can to rectify these weaknesses, because the markets really don't care - they will take your money, your self-respect, your loved ones, even your own life in extreme cases if you let it, and move on as if you didn't exist.
If you're in trouble, face up to it, and do not bury your head in the sand, because if you do, your problems will only become far far worse.
Thanks to all who contributed to this thread - I hope it helped one or two people, and I wish you all the very best.
Cat
If you are losing because you don't know what you're doing, it's easy - stop trading a live account unless it's a micro-account, and go and do some more learning on demo. If a trader has not doubled a demo account twice over using proper money-management, then he'she shouldn't be risking any money that can not be afforded to lose. It's that simple.
If the reason is something else, say psychological - lack of discipline; emotional trading, fear of pulling the trigger/missing out, and any number of emotionally based mistakes we all make, then sort those out before you risk any more money you cannot afford to lose.
If you are in trouble, DO NOT live in denial - identify where it is you're going wrong, and do everything you possibly can to rectify these weaknesses, because the markets really don't care - they will take your money, your self-respect, your loved ones, even your own life in extreme cases if you let it, and move on as if you didn't exist.
If you're in trouble, face up to it, and do not bury your head in the sand, because if you do, your problems will only become far far worse.
Thanks to all who contributed to this thread - I hope it helped one or two people, and I wish you all the very best.
Cat