ftse trading system advice

This is a discussion on ftse trading system advice within the General Trading Chat forums, part of the Reception category; What confuses me is this.. what on earth would make someone think that they can just take a generic mechanical ...

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Old Aug 27, 2009, 12:36pm   #16
 
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What confuses me is this.. what on earth would make someone think that they can just take a generic mechanical system like this that takes no effort to trade or put together, and make a profit from it? If something like this actually worked why would there be such a failure rate? No amount of tinkering will make this work because the fact is it's a pile of poop, it will work in some market conditions, and will fail spectacularly in others. At best this kind of thing will breakeven in the long term, and even that would be an amazing achievement.

Whereas a trader who puts years of effort into reading the flow of the market will be able to trade in all conditions and has the EDGE that is necessary to come out with a positive expectancy.

How about someone actually learns to trade for once!

Sorry
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Old Aug 28, 2009, 11:53pm   #17
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virtuos0:

There is information overload when it comes to learning about trading. MA Crossovers, Camarillas / PDC pivots, True value range, Fibs, trend, EOD or intraday or both, etc, etc, etc.

Is there a library of approaches to trading. Most of the books I have read are too high level and over longer horizon about investment or are the ones who suggest huge drawdowns temporary losses before your call comes in positive territory.

I really appreciate your stance. Would be helpful if you could give at least some directions ? Which books to read? which courses to attend? which indicator/method to focus on for which markets/etc?

Btw, am interested in FTSE100 index trading and FX.

Thanks
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Old Aug 29, 2009, 12:04am   #18
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Well, firstly, FTSE is for gays, it's a fact - no getting around it.

Crossovers are for paedos.

Camarillas can work, but most new traders expect price to touch a pivot and turn around and go back the other way 100 ticks - look for the ES tonight thread to read about trading around pivots.

Everything has its place; if you try to trade everything all at the same time you'll never learn anything.
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Old Aug 29, 2009, 12:17am   #19
 
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Quote:
Originally Posted by london_lad View Post
virtuos0:

There is information overload when it comes to learning about trading. MA Crossovers, Camarillas / PDC pivots, True value range, Fibs, trend, EOD or intraday or both, etc, etc, etc.

Is there a library of approaches to trading. Most of the books I have read are too high level and over longer horizon about investment or are the ones who suggest huge drawdowns temporary losses before your call comes in positive territory.

I really appreciate your stance. Would be helpful if you could give at least some directions ? Which books to read? which courses to attend? which indicator/method to focus on for which markets/etc?

Btw, am interested in FTSE100 index trading and FX.

Thanks
I would start by reading the thread 'making money trading' by Trader_Dante, not necessarily for the method, but more for his attitude towards the market, discipline, clear plan, and what he has gone through to become successful.

It's a frickin' long thread but I read every last word of it, opened every chart posted, and took the time to make notes and think it all over. If you aren't prepared to make that effort then you're doomed to be a loser, DOOMED I TELLS YA!

Treat it like a business.
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Old Sep 2, 2009, 4:27pm   #20
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Originally Posted by rawrschach View Post
Well, firstly, FTSE is for gays, it's a fact - no getting around it.

Crossovers are for paedos.

Camarillas can work, but most new traders expect price to touch a pivot and turn around and go back the other way 100 ticks - look for the ES tonight thread to read about trading around pivots.

Everything has its place; if you try to trade everything all at the same time you'll never learn anything.
Can you post the link for ES about trading around pivots? Also, will appreciate what would you recommend as a starting point?
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Old Sep 2, 2009, 6:58pm   #21
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Quote:
Also, will appreciate what would you recommend as a starting point?
Read the thread started by Rathcoole_Exile.


Paul
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Old Sep 3, 2009, 11:29am   #22
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First of all you are in the right direction that you working with a plan. Your plan is not the best for the long run because of the ratio but I am sure you can tweak it.

8 wins in a row is great but don't carry a way. I had once 20 wins in a row and then came one big loss that wiped everything. And have you thought how you will handle 5 losses strike? or 8? or 10?
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