2 things, who stole my nuggets and get in there Virtuoso is back...

[FX Bandit]

What about a two day lag on posting. I'd find the methodology and thought process very interesting.
Presently, in my mind, "long pin bar with stochastic confirmation at previous turning point" is akin to "she's studded from a real winner and her trainer is a beast".
I've realised I know so little about how these things actually operate on the professional (market moving) level I honestly can't even form an trade-able opinion on a market any more, although that's probably a blessing.

Scose,

Simple really is (in my opinion) the best approach for a small trader. My approach is:

Location first, then a trigger, top it off with a quick look round to make sure you're not running straight into parity or something similar. Chuck in trend lines, divergence, whatever, if it makes you feel better, although personally I wouldn't bother.

The key for me is to identify where I think there might be significant order flow and wait till you get a signal as to which way it's likely to move. Both of these can be done very quickly and very simply.

Most people do not, and never will, understand that the method is the easiest part of trading. The ability to pick a good entry really is nothing to shout about.

Conquering impatience, fear and greed is the hard part. Impatience leads you trade when you shouldn't. Fear and greed prevent you from cutting your losses and profiting properly from your winners.

The other main obstacle that new traders face is the inability to understand that no-one can give you a "system" or a method. You must design it yourself, test it yourself, and ensure that it suits your personality. That will give you the confidence to trade your method successfully.

Now on that basis, if anyone wishes to say what I wrote is nonsense, all well and good. If they believe it to be so it certainly will be, at least for them.

If somebody needs 10 indicators and 6 MAs, that is absolutely fine. All things are derived from price after all and what matters is that your method works in your hands.

I like to look at the market for what it really is - people buying and selling. Buying and selling is what gives you your profits and losses, and all one must do is to position oneself on the right side of it. This will never change, and never can change. Hence my focus on the most basic tools - they have a tendency to reveal, where more complex ones often serve only to confuse.

That is why I prefer simple charts - it allows me to focus on what is significant, not what is incidental.

If you want a tip (or even if you don't) study support and resistance. Boring, old-fashioned, known by everyone. It is the single most powerful tool you have.

 

[scose-no-doubt]

thanks

 

[FX Bandit]

thanks

LOL what do you want? Everything on a plate? Doesn't work like that I'm afraid.

 

[masnachu]

He's thinking more FA not TA, erm I think.

 

[FX Bandit]

He's thinking more FA not TA, erm I think.

That's hardly my fault is it? And how is FA working out for him? Trading based on fundies is hard, complicated and overall very tricky for retail punters. Trading from a chart is at least simple. That allows time to work on the important stuff, like not grabbing quick profits and not hanging onto to losers with your fingers crossed.

 

[arabianights]

Dave do you even do intra-day trades with fixed stops and targets?

That's my point... 95% of employed traders just don't do that.

If you want me to tell you about the EURGBP trades I'm doing with my spread betting account, fine, but there's no reason to think I have any expertise with that

(basically I keep trying to sell it at the top then stopping out)

 

[arabianights]

If anyone wants to get a futures trading account with decently cheap round trips (don't ask for recommendations cause I don't know) I'll show you how to market make STIR front months in week before expiry...

October euribor is coming off the board in not too long. If ECB don't do anything unexpected tomorrow it should be pretty easy to trade until it comes off.

 

[FX Bandit]

If anyone wants to get a futures trading account with decently cheap round trips (don't ask for recommendations cause I don't know) I'll show you how to market make STIR front months in week before expiry...

I wouldn't be interested in that, but do you think you could show me how to make 100% a month?

I don't like working or learning, so ideally you'd just trade the account for me and send me the profits.

Oh, one other thing. I haven't bothered to get properly capitalised, so do you think you could use your own money to start? I'll pay you back out of my profits.

 

[meanreversion]

Do beginners really want someone to give them live trading calls, seriously?

There are 3 parts to a trade, the entry, the position size and the exit. So how does the trading room work? The guru says "now stake 4% of your account buying EUR/USD spot here with a stop 20 pips lower" - if this is what the guru tells you, it's everything you need to know to make the trade. Furthermore, if spot then rallies 100 pips and the guru tells you to update your trailing stop to +80 pips, you now have everything you need to trade (entry, size, exit - I know some people have more or less said that position sizing is irrelevant, but you're wrong and you'll find this out to your cost)

But wait a minute. At what point were you required to use your brain? What happens when the guru is away, can you trade? What if he dies? What if he decides to charge you £500 a month - still interested?

Gurus focus mainly on the entry, because that is what people want to hear about. When a beginner says "I don't care about the money management, I only want to hear the prediction", it betrays an almost complete lack of understanding of how to trade. You can't have one without the other.

Whatever, everyone believes what they want to.

I'm happy to post my trend system trades if anyone is interested, but as there are about 10 trades a month, you will get bored. Also, I really can't be bothered to then tell you everyday where to update the stops, so it will be close to useless information.

Do the beginners see what a waste of time gurus are? They only give you a fraction of what you need to trade, and also prevent independent thought.

 

[arabianights]

There are no gurus.

 

[FX Bandit]

There are no gurus.

This is very true. Now, take this Wirral Traders bellend.



































Just don't bring him back .

Thank you, thank you, I'm here all week.

 

[scose-no-doubt]

LOL what do you want? Everything on a plate? Doesn't work like that I'm afraid.

Wrong

He's thinking more FA not TA, erm I think.

Wrong

That's hardly my fault is it? And how is FA working out for him? Trading based on fundies is hard, complicated and overall very tricky for retail punters. Trading from a chart is at least simple. That allows time to work on the important stuff, like not grabbing quick profits and not hanging onto to losers with your fingers crossed.

The first two were wrong so this post is based on wrongness.

I'm not going to even bother arguing my position any further than this as it will just result in another long winded thread.

 

[FX Bandit]

Wrong

Wrong

The first two were wrong so this post is based on wrongness.

I'm not going to even bother arguing my position any further than this as it will just result in another long winded thread.

OK, serious question.

What are your goals, and what do you think would help you to achieve them?

 

[meanreversion]

Goals - a yacht, a dozen young chickies who like to sunbathe/dance/get jiggy widdit

What will help me achieve this - a ten year winning streak at the casino, sorry I mean in the markets

 

[FX Bandit]

Goals - a yacht, a dozen young chickies who like to sunbathe/dance/get jiggy widdit

What will help me achieve this - a ten year winning streak at the casino, sorry I mean in the markets

Please try to keep your replies serious and on topic, like I always do :cheesy:.

 

[meanreversion]

Please try to keep your replies serious and on topic, like I always do :cheesy:.

Actually, I am being serious.

(any chance of that J. Alba pic again, you know, the one where.. well..)

 

[FX Bandit]

Actually, I am being serious.

(any chance of that J. Alba pic again, you know, the one where.. well..)

Sorry, I must apologise. Your goals are excellent.

Mean, google is your friend. Search images, and set it so it doesn't moderate the search results. "Moderate" in this context means "take the good stuff out".

 

[Splitlink]

The irony is there is very good advice on t2w, the problem is it's buried under mounds of dog poo. But even so, don't underestimate the ability of people to hear what they want to. If a "guru" advocates risking up to 20% of capital (total madness) in order to make 100%, when someone sensible says "that's far too much risk", the beginner replies "I don't care about his money management, I want to hear his prediction".

Do you see how this works?

That's general human nature, though, similar to credit card debt. They think that they can pay it back but sink deeper and deeper.

I don't think that the majority can be helped, which is why the percentage of losing traders is as high as it is.

The few traders who do not have that mentality are not likely to lose all. If they see that they can't do it, they get out of trading.

 

[meanreversion]

I think some of them don't actually want to be helped either. There are two books I always recommend to beginners but I doubt any of them read them, it's too much like hard work, and what's the point when you know it all anyway?

 

[Shakone]

I think some of them don't actually want to be helped either. There are two books I always recommend to beginners but I doubt any of them read them, it's too much like hard work, and what's the point when you know it all anyway?

Which two?