Just HOW do you make money in the markets?

This is a discussion on Just HOW do you make money in the markets? within the Trading Systems forums, part of the Methods category; Originally Posted by ccclarette658 Please Croupier, you do no good by spouting these fraudulent generalities. It all sounds good from ...

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Old Jan 3, 2010, 9:43pm   #25
 
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Re: Just HOW do you make money in the markets?

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Originally Posted by ccclarette658 View Post
Please Croupier, you do no good by spouting these fraudulent generalities. It all sounds good from the perspective of a newbie. However, from an informed perspective you are saying nothing. This is irresponsible and potentially damaging.

From the Trade2Win Posting Guidelines:

7.6 Please don't pretend to be an expert if you aren't one. Humility is better than arrogance. It is fine to not know something or to be a beginner. Beginners masquerading as experts or who repeatedly give advice to others hurt the forum as learning traders may not yet be able to tell who is actually an expert, and who merely thinks he is one.
Do you think the number of posts in a forum reflects the real experience?
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Old Jan 3, 2010, 10:31pm   #26
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Re: Just HOW do you make money in the markets?

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Originally Posted by ccclarette658 View Post
You overlook the significance of the obvious. I will give you the benefit of the doubt that you are not doing this on purpose.

I am sorry to tell you that your view is not relevant. As you are not a truly expert trader you are not qualified to give advice on where to find the correct trading knowledge.

The more advanced traders on this thread were simply trying to point out that the majority of information a casual observer is likely to find on the Internet is so misleading as to be damaging. Before you know it they could be believing in indicators, systems, expert advisers, 10p spreadbetting and such. Then they will spend year after year on Trade2Win not learning anything and forming knitting circles...

Putting your attention on the issue, you will immediately realise that information which would allow an individual to take profits from other market participants and presented in a form which anyone could read, understand, and apply cannot possibly exist on the public Internet. You are encouraging a fools errand, not "utilising a source".
unfortunately for you, stupidity is not a virtue.
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Old Jan 3, 2010, 10:49pm   #27
 
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Re: Just HOW do you make money in the markets?

I'm going to give you the one piece of advice that has helped me: Test Everything!

. . . A very smart fellow once pointed out that this is the only business in the world you can practice at as many times as you like! I have no idea why people always want to blow their hard earned money before they know anything about trading. Instead, take your time. If something works figure out why it works and replicate it; if something doesn't work throw it out.

If you take this attitude you should be fine.
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Old Jan 4, 2010, 1:15am   #28
 
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Re: Just HOW do you make money in the markets?

Time is finite, therefore you cannot test every idea on the internet.

Anyone giving advice on here should back it up with Trading statements. Quantity would go down (perhaps to zero) but quality would improve.
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Old Jan 4, 2010, 3:47am   #29
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Re: Just HOW do you make money in the markets?

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Originally Posted by DionysusToast View Post
Time is finite, therefore you cannot test every idea on the internet.

Anyone giving advice on here should back it up with Trading statements. Quantity would go down (perhaps to zero) but quality would improve.
No but you do need to test any idea that you believe for whatever reason may have merit. If you sit on your **** and wait for trading statements to point you in the right direction you will get absolutely nowhere.
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Old Jan 4, 2010, 4:01am   #30
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Re: Just HOW do you make money in the markets?

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I think that that is a harsh criticism of the internet.
I dunno. Never in human history has there been such an opportunity for so many to publish so much garbage and in the process expend so little effort.

I'm certainly not a technophobe, I've spent most of more working life as a software developer. But it's not only a one way superhighway to progress.

If one wants to be honest about it you can find just about everything (with a couple of notable exceptions) on TW2 in a handful of books and read far less dross in the process. This is particularly true of futures and FX trading.
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Old Jan 4, 2010, 4:07am   #31
 
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Re: Just HOW do you make money in the markets?

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Originally Posted by dcraig1 View Post
No but you do need to test any idea that you believe for whatever reason may have merit. If you sit on your **** and wait for trading statements to point you in the right direction you will get absolutely nowhere.
They say that 90% of people that attempt to trade fail. I'd say the percentage on forums like this is much, much higher. Certainly higher than 99.9%.

I see little merit in testing things that sound good written by people that are more than likely losing money.

I think the time would be much better spent sitting on your **** than following the advice from 99.9% of the people touting trading advice on the internet. That includes this site.
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Old Jan 4, 2010, 4:24am   #32
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Re: Just HOW do you make money in the markets?

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Originally Posted by DionysusToast View Post
I see little merit in testing things that sound good written by people that are more than likely losing money.
That is why you need to develop a critical capacity to eliminate most of the garbage. And that requires some knowledge. People lose money for all sorts of reasons, but doesn't mean that everything they say is of no value at all. You need a critical attitude and understanding and reading trading statements is no route to that. I'm all in favour of demanding trading statements from "gurus" touting their services.

For my part, I take absolutely no notice whatsoever of most of the trading advice on here or any other site. That includes things like pin bars, fib ratios, harmonic thingies, magic numbers in general, candlestick patterns and general hand waving about price action when it cannot be nailed down to something specific. It's taken some time to reach that point. Any many of the things I reject I have tested and found to be of no value.

If I do see something out of the ordinary and I feel has some plausibility I will look into it a bit further.

Last edited by dcraig1; Jan 4, 2010 at 4:32am.
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