Nothing works consistently

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Old Jul 11, 2008, 8:52pm   #22
Joined Feb 2007
On a serious note. S/R prices work, even on a 'blind' basis you can put the odds in your favour, but they are main decision points. Some can see the decision in a candle chart or a line chart, some cannot.

What's on offer, what's the going rate, what's the going sentiment?

Consistently profitable trading is a reality, but can you get everything right?

Should the business of buying and selling anything, wether it be financial instrument contracts or second hand sports cars, be 100% guaranteed profit on every deal?

I suppose it depends.



PS. Just because you can't do something....doesn't mean it can't be done.

Last edited by Paul71; Jul 11, 2008 at 8:58pm.
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Old Jul 11, 2008, 9:45pm   #23
 
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Paul is right.

The core stuff does work consistently. Although evaluation of the situations may change so blindly applied patterns etc are likely to come and go with the ebb and flow of market memes.

I recently read the Trend Dynamics "book" that came from the course. A beautiful thing based on what has worked in the past which works today and because of the way it's taught will still work 30 or 100 years into the future.

Market profile concepts work. Although Dalton's and what's his names original setups probably faded and many people have failed to use it after a brief infatuation. Frank's simple approach to it will stand the test of time assuming the US can provide him with reliable electricity: My.WallSt.net - Blogs

So the core works. You just have to learn how to make it work for you today. Cheers
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Old Jul 11, 2008, 11:55pm   #24
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Originally Posted by mehow View Post
I've been trading for approximately six months now. What am having a hard time grasping is what worked yesterday doesn't work the following day.

For instance on one day I was scalping NASDAQ stock anddoing well well, and then using the same method the next day or a week later and I have devastating results. When trying to trade breakouts and momentum trades, majority of the breakout turn out to be false. Sometimes prices bounce off the EMA, sometimes they go straight through.

My point is nothing seems to work on a consistent basis. Anyone have any thoughts on this?

You've been given advice on how to put the odds in your favour. The hourlies are great for you,.....apparently. Time frames don't reduce risk,....remember that!

You'll just have to rework your capital to make a living,....so it's all relative.

So you can throw the darts, just make sure you throw them at a target you know, and not somebody elses target,......they may be wrong.
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Old Jul 23, 2008, 10:15pm   #25
Joined Jun 2008
I think one of the problems is the question. nothing works consistently. what is that? consistency is winning month after winning month. not winning trade after winning trade. one of the toughest mental skills to aquire is being indifferent to losing. its part of winning, after all. why work out what works only to be discouraged when your looking at negative p&l. i guess its all down to fear and greed management.
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Old Jul 23, 2008, 10:27pm   #26
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seeing as this thread has gone this way...slightly off topic... was talking with a long term successful trader today, we were talking about time and effort. We both think that the time and effort we have put in to knowing when not to do the thing that looks like the right thing to do is the key to keeping what we get lucky and make all the other times!!!!
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Old Jul 23, 2008, 10:28pm   #27
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for time and effort read money! lol
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Old Jul 24, 2008, 8:00am   #28
 
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Thumbs up Re: Nothing works consistently

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Originally Posted by Paul71 View Post
PS. Just because you can't do something....doesn't mean it can't be done.
"It always seems impossible until its done."
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