Ideas for increasing trader performance

This is a discussion on Ideas for increasing trader performance within the First Steps forums, part of the Reception category; Originally Posted by swedendenmark Dear Tom, I have been paper trading using the methods you suggested on MMT. Many a ...

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Old Feb 25, 2010, 7:23pm   #91
 
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Re: Ideas for increasing trader performance

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Originally Posted by swedendenmark View Post
Dear Tom,
I have been paper trading using the methods you suggested on MMT. Many a times, you have commented that your charts were a bit different from some of those commenthing on the MMT thread. There the charts you were posting were primarily from 'MetaTrader'.
Currently, I am also using the same platform. I noticed that on 19th Feb, 2010 that there was a pin bar formation on GBPUSD. Since, it was in confluence with trendline and fibonacii levels, so I played it in the same manner you taught on MMT. Strangely, there was NO corresponding pinbar formation for GBPUSD on Oanda and dailyfx.com for the said date. I have attached the pictures of charts. On last Sunday night, Stockholm time, when markets opened, oanda charts started moving, but MetaTrader ones did not.
The question I want to ask you -> Which chart is the standard one? ofcourse it is not a good idea that different people see different charts. Is it that demo accounts are not real time?
Kindly suggest, which trading platfrom should be used for paper trading and real time? Here different platforms are showing different charts.
Thanks
Hi Swedendenmark,

I've got two points to make.

1. The problem usually occurs because different brokers use different opening and closing times for each day. I was always taught to just play what you see. With this in mind, just try to look at one chart program and use that exclusively. I use FXPRO for charting. I also saw a pin.

2. You are not the only person that was caught out in that pin you marked on GBP/USD. But remember: mark your problem areas before you are in a trade.

You need to do as much due diligence in planning how you are going to manage the trade as you are going to put into nailing the entry.

The aim of the game is not to let the market catch you off guard.

Look at the blue box on the first chart below. There is a minor swing low that has confluence with the 38% fib.

As J16 would say: price went exactly where you would think it would.

Did we know it would stall and turn down? No. But you can't be scratching your head wondering what happened if you take a loser here. Price was almost always going to struggle here. This is not rocket science. It happens time and time again.

Now look at the second chart. I've circled all the points that jump out at me. As soon as I open a chart I see these now. I usually connect a line throught he middle of them and use this median level as my "problem zone"

With all this in mind, should one have even taken the trade? Well, I certainly wouldn't. As you may already know from my journal, Cash FX, I was short throughout this period and didn't consider cutting and reversing here.

At any rate, regarding the loss you took, remember that J16 and I use very different exit strategies.

I can't really speak directly for him of course but from what I know of his personal trading this is my rudimentary conclusion:

If you're a J16'er

You shouldn't have taken a loss there. You should have got half out and moved the stop up to breakeven minimum.

In short (and excuse my French) one should not f*ck about going against the trend into a level like that.

If you used the exit management technique I outlined in MMT

You would have held onto your balls and....taken a loss. Price didn't close through any overhead level so there was nowhere to move your stop. It would have been a loss IF one had taken it in the first place.

You have to decide what you are comfortable doing.

Back when I wrote that thread, presuming I would have taken the trade in the first place, I would have taken a loss there.

Now I would probably just get out of everything as we traded into the blue box.

But that's a different story for another day
Attached Thumbnails
gbp.gif   gbp2.gif  
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Old Feb 25, 2010, 7:55pm   #92
 
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Re: Ideas for increasing trader performance

imo technical analysis is pointless. you need to know why and where markets are going long before a chart tells you.

most amateur traders use tech analysis, most amateur traders lose money

imo if you just trade off charts and pin bars and what not its not different to gambling..your taking a trade in the hope it works out
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Old Feb 25, 2010, 7:58pm   #93
 
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Re: Ideas for increasing trader performance

so you need to be a fortune teller Rothschild ? I remember before Christmas you said Oil was going to $60....
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Old Feb 25, 2010, 8:00pm   #94
 
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Re: Ideas for increasing trader performance

Quote:
Originally Posted by advfntrader View Post
so you need to be a fortune teller Rothschild ? I remember before Christmas you said Oil was going to $60....
no you dont need to be a fortune teller.

yes i did, and yes i was wrong. cant get it right every time lol

in my defense i did stray from my usual strat and i paid for it.

i also know the exact reason i was wrong, how many of you can say they know exactly why there random TA pin bar punt didnt work?
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Bullsh!t, Bearsh!t all smells the same to me!

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Old Feb 25, 2010, 8:43pm   #95
 
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Re: Ideas for increasing trader performance

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Quote:
Originally Posted by N Rothschild View Post
imo technical analysis is pointless. you need to know why and where markets are going long before a chart tells you.

most amateur traders use tech analysis, most amateur traders lose money

imo if you just trade off charts and pin bars and what not its not different to gambling..your taking a trade in the hope it works out
I appreciate your point, I just totally and utterly disagree.

Is TA pointless? Probably the way most people use it is all I can really say.

But to insinuate that most amateur traders lose money because they use TA is horsh*t in my opinion.

Most amateur traders lose money because they have no idea what they are doing and to go along with that they are ill prepared mentally for what is the hardest game on earth.

What most don't realise is that whilst rading markets is relatively easy, trading money is extremely hard.

There's a difference between the two and it goes over the heads of most.

Ultimately, I don't believe you need to know why markets are going anywhere. That's for people that need an explanation for everything because it makes them feel comfortable.

What happend to make the S&P rally in the last five hours? I haven't got a f*cking clue but if you don't realise by now that getting long at 1085 is going to make you money nine times out of ten (unless you have no management skills whatsoever) then God help you. You really are better off being a fundemantalist!

The chart tells me exactly where the market is going and Thank God I can make money consistently reading it.

If I had to read the paper or use a pen and paper I wouldn't have time to get through eight seasons of 24.

Now don't get me wrong. A cup and saucer is what I drink tea from. MACD is lunch most days and a head and shoulders neckline break lands you in casualty not in the money.

But TA, at least to me, is knowing what levels the market will react to. It's knowing what people will see and how they are likely to act when they see it. It's knowing who is likely to have bought here and who is likely to have sold. It's knowing who is caught with their pants down.

When you stare at the markets for ten hours or more per day for several years and (here's the important part) you know what to look for, you just begin to see the patterns and the probabilities they have of playing out in a certain way.

To me it comes down to one thing and one thing only:

If you can't make money using just a chart, you're not reading it right
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Old Feb 25, 2010, 8:44pm   #96
 
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Re: Ideas for increasing trader performance

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Originally Posted by N Rothschild View Post
i also know the exact reason i was wrong, how many of you can say they know exactly why there random TA pin bar punt didnt work?
Most people after they read my answer to Sweden above
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Old Feb 25, 2010, 9:37pm   #97
 
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Re: Ideas for increasing trader performance

after all these years tho ur running profits of 100's of quid in on ur trades, no 1,000s?
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Bullsh!t, Bearsh!t all smells the same to me!

"It is not cheap to develop automated systems , mine already cost over $1m. " oildaytrader
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Old Feb 25, 2010, 9:44pm   #98
 
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Re: Ideas for increasing trader performance

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Originally Posted by N Rothschild View Post
after all these years tho ur running profits of 100's of quid in on ur trades, no 1,000s?
All those years? Dude I've been proifitable for about three years.

I spent seven making every mistake in the book.

What can I say? I'm a slow learner!
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Old Feb 25, 2010, 9:46pm   #99
 
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Re: Ideas for increasing trader performance

yeh thats what i mean, 3 years of being proftible and uve got a tenner a point etc on? ive traded over 100 corn contracts before and 50 crude contracts..

these attacks are nothing personal and i think you know that! but i think you need to hold your hands up and admit your not quite the trader you like to think you are and make out you are..
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"Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild

Bullsh!t, Bearsh!t all smells the same to me!

"It is not cheap to develop automated systems , mine already cost over $1m. " oildaytrader
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Old Feb 25, 2010, 9:54pm   #100
 
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Re: Ideas for increasing trader performance

in regards to your rep comment.

it wasnt gold, his most famous move was after the battle of Waterloo hs riders set out before anyone elses and reached england with the news napoleon was defeated, he leaked that Britain had lost the war and as the markets crashed he quietly bought everything in site and when the news hit that britain actually won, well he became the richest man on earth (aparantly) we will never know the truth..

and your right these kind of edges dont exist anymore..but would have they existed to us mere mortals back then either? all we can do now is get as close to the inner circle as possible. I have contacts in ALL the pits and can really find out what the markets are up to, its all about who you know...
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"Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild

Bullsh!t, Bearsh!t all smells the same to me!

"It is not cheap to develop automated systems , mine already cost over $1m. " oildaytrader
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Old Feb 25, 2010, 9:59pm   #101
 
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Re: Ideas for increasing trader performance

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Originally Posted by N Rothschild View Post
yeh thats what i mean, 3 years of being proftible and uve got a tenner a point etc on? ive traded over 100 corn contracts before and 50 crude contracts..
You trade corn?

Respect.
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Old Feb 25, 2010, 10:02pm   #102
 
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Re: Ideas for increasing trader performance

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Quote:
Originally Posted by N Rothschild View Post
yeh thats what i mean, 3 years of being proftible and uve got a tenner a point etc on? ive traded over 100 corn contracts before and 50 crude contracts..

these attacks are nothing personal and i think you know that! but i think you need to hold your hands up and admit your not quite the trader you like to think you are and make out you are..
With all due respect, if I was making myself out to be something bigger than I am, you think I'd let you all know I'm trading that size?

Regardless of what I come across like, I'm tiny in the great scheme of things and happy to admit it.

I think some people on this site have a massive chip on their shoulder.

All I wanted to do on here was show people how I made a living trading.

Have I earnt the right to say "listen to me and try it like this?".

If you consider most people lose money and I make it, I'd say I have.

I'm not earning Ronaldos wages but I don't do too badly for someone in my situation!
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Old Feb 25, 2010, 10:10pm   #103
 
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Re: Ideas for increasing trader performance

i do indeed trade corn i love it, you can unleash massive size on it! so you know im not blowing hot air. 1000 odd contracxts traded on 8th january (prolly biggest day ive had to be fair, not every day is 1000 contracts lol)

(those 1,2, 1 contracts above etc are just split order matches, there is pages of them lol)
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"Let me issue and control a nation's money and I care not who writes the laws." Mayer Amschel Rothschild

Bullsh!t, Bearsh!t all smells the same to me!

"It is not cheap to develop automated systems , mine already cost over $1m. " oildaytrader

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Old Feb 26, 2010, 7:01pm   #104
 
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Re: Ideas for increasing trader performance

£10pp is big in my book and for many many on here. I for one enjoy reading TD's posts and they have helped me and others immensely
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Old Feb 27, 2010, 8:30pm   #105
 
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Re: Ideas for increasing trader performance

Irrespective of some needling comments at this forum on how good trader you are, Tom, there are hundreds of faceless people who you will never know and who have benefitted from you. To them it matters a lot that you have shown them a direction in this whirlpool. They all quietly thank you in silence.

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