Munchie "the noob" dude's Virgin Trading journal

This is a discussion on Munchie "the noob" dude's Virgin Trading journal within the Trading Journals forums, part of the Reception category; Originally Posted by munchiedude how is saying its shyte and drop the rubbish constructive, rathbone?its just criticism, i may be ...

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Old Aug 17, 2011, 12:47pm   #85
Joined Nov 2001
Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by munchiedude View Post
how is saying its shyte and drop the rubbish constructive, rathbone?its just criticism, i may be a noob at trading but dont take me for a fool.

there are ppl here which can be constructive and then theres you. theres a line rathbone, i dont need to sit here and take point blank rudeness from you.
There are those of us who do not know how to express ourselves unless it is in a forceful manner. When they talk in a forceful manner the **** flies! I am trying to cure myself, although, I would never have put myself on the same level of sheer filth of which others are capable.

My advice to you is:

a) do not try to compete. I can't, I start shuddering and erasing before posting..

b) remember that others, not so impolite, are reading your post and that they are interested in what you have to say. The uncouth ones want you to stop posting.
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Old Aug 17, 2011, 12:49pm   #86
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Re: Munchie "the noob" dude's Virgin Trading journal

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Originally Posted by munchiedude View Post

so what do ppl use to generate their buy/sell signals if they dont use indicators? chart patterns? price action? candlestick formations? eeny meeny miney mo?
Probably.

Well, I can only speak for myself, but I use a combination of levels and price action - sort of. It's really more of a case of trying to interpret the action of the market, and visually this is expressed in a way that most people would think of as price action (sorry, I know that sounds like pretentious boll0cks).

Where I started from along this road was identifying a level that looked significant - for sake of argument a big round number that was also a flip in support and resistance. I then look for a price action trigger at that area. Like I say, that isn't really what I do now, but it kind of gives you an idea.

But like I say, whatever works. I mean, there are guys in the Wizards books that use indicators.
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Old Aug 17, 2011, 1:03pm   #87
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread
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Originally Posted by Pazienza View Post
Probably.

Well, I can only speak for myself, but I use a combination of levels and price action - sort of. It's really more of a case of trying to interpret the action of the market, and visually this is expressed in a way that most people would think of as price action (sorry, I know that sounds like pretentious boll0cks).

Where I started from along this road was identifying a level that looked significant - for sake of argument a big round number that was also a flip in support and resistance. I then look for a price action trigger at that area. Like I say, that isn't really what I do now, but it kind of gives you an idea.

But like I say, whatever works. I mean, there are guys in the Wizards books that use indicators.
everyone's approach is different i suppose. my understanding is that once traders become experienced, price action/naked trading without indicators is easier as individuals know what they are looking at.

i also feel that interpreting price action and what the market is telling is and really getting into the minds of the mass psychology is the winning approach.

whilst i appreciate that indicators are at best unreliable and at worse totally useless, why are they so looked down on? after all, the MACD is just a visual representation of convergence/divergence of the moving average? and since MA crossovers is a viable yet simplistic approach, why would MACD not be a good place to start? (apart from the fact that it is a lagging indicator)

thoughts welcome here!
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Old Aug 17, 2011, 1:06pm   #88
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread breakout pending order eur/usd (rising converging channel)
entry:1.4510
s/l:1.4495
t/p:1.45475
risk: 15pips
reward: 45pips
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Old Aug 17, 2011, 1:09pm   #89
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread chart
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Old Aug 17, 2011, 1:10pm   #90
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Re: Munchie "the noob" dude's Virgin Trading journal

munchiedude started this thread sorry, reward = 37.5pips. 2:5RR
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Old Aug 17, 2011, 1:17pm   #91
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Re: Munchie "the noob" dude's Virgin Trading journal

Quote:
Originally Posted by munchiedude View Post
everyone's approach is different i suppose. my understanding is that once traders become experienced, price action/naked trading without indicators is easier as individuals know what they are looking at.

i also feel that interpreting price action and what the market is telling is and really getting into the minds of the mass psychology is the winning approach.

whilst i appreciate that indicators are at best unreliable and at worse totally useless, why are they so looked down on? after all, the MACD is just a visual representation of convergence/divergence of the moving average? and since MA crossovers is a viable yet simplistic approach, why would MACD not be a good place to start? (apart from the fact that it is a lagging indicator)

thoughts welcome here!
Why are they looked down on? I suppose everyone has their own reasons but I don't like them for one because I don't see that they add anything.

For example, MACD divergence. I have no problem with divergence, but the fact is you don't need MACD to see it. I mean you can eyeball it. Same with fib retracements (I don't use those either) - if you like to know that a move has retraced 50% or so, fine. But you can just see that.

I guess a major problem comes where people think the market is doing something because the indicator is doing something. That to me is just crazy.

The main reason that I don't like them is I think they obscure what is going on, they prevent you from focussing on what is important, which is what is really driving the market.

I suppose also that they tend to encourage the belief that there is something that has predictive power, if only you get it right, which is boll0cks.

Maybe another reason is scam vendors seem to love indicator systems. Indicators are pretty severely lagging, another reason. I don't know really, lots of things I suppose.
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