Turning a new leaf from a life of failure to success.

[Prestige]

hoodoo,
I dont understand how I am Gambling? Of coarse its money I can afford to loose of I wouldn't be trading with it. Sure it would suck if I lost it but I still have other money for food, rent and my education. I am attempting to use money management with stops set accordingly and only risking a certain amount of my account per day as advised. Perhaps actual trading advice would be nice even such as feedback on how I could be trading better or how to improve my money management other then just saying don't do it because as right as i'm sure you are in my shoes would you have honestly suddenly stopped everything?

I didn't go this far just to suddenly quit based on what people told me I can't do because in life I get told I can't do things all the time.

regards,

Michael

 

[JahDave]

hoodoo,
I dont understand how I am Gambling? Of coarse its money I can afford to loose of I wouldn't be trading with it. Sure it would suck if I lost it but I still have other money for food, rent and my education. I am attempting to use money management with stops set accordingly and only risking a certain amount of my account per day as advised. Perhaps actual trading advice would be nice even such as feedback on how I could be trading better or how to improve my money management other then just saying don't do it because as right as i'm sure you are in my shoes would you have honestly suddenly stopped everything?

I didn't go this far just to suddenly quit based on what people told me I can't do because in life I get told I can't do things all the time.

regards,

Michael

Hi Michael,
Are you looking at different indicators and deciding what you may want to use for a trading system? My system evolved for several years before I nailed down what I wanted to use. I tried trading discretionary like Travis when I first started trading and I wiped my account out multiple times. I have been trading now for almost six years and have been consistently profitable now for over 2 years..........I understand your statement about not quitting based on what people tell you, because if I believed that then I would have already quit,,,,,,,,,,,,but the bottom line is that you just can't be long term successful trading on your gut feeling.........I am posting up a EUR_USD 1 hour chart...........Look at the Stochastic I have placed in a separate window under the candlestick chart.........It is set on the slow at 34 and the fast at 21..........If you only followed this one indicator and made a trade in the direction of the fast indicator when it crossed the slow indicator in both directions, then you would have made all profitable trades..............This indicator does lag, but it is a very good indicator.........

Good Trading,
Dave

 

[JahDave]

Here is the same chart with a fractal indicator applied to the stochastic indicator..........The red and green dots are the fractal and if they line up with my wave counts and a few other things then I take the trade............green means buy and red means sell..............If you notice, the fractal usually gives a signal before the fast stochastic crosses the slow stochastic, so the lag is a lot less.........

 

[Prestige]

wow that's really helpful JahDave thanks a lot I can't say I have everr used that indicator before but I will try it on a demo account tonight!

Than you very much

 

[Prestige]

Thanks Hoodoo man,

I understand your points and am currently working on a trading system at the moment however you are right in the decision to not use a live account and from now on I will be using a demo account to test out its performance. Thank you also for your feedback on money management. I think that I will also attempt to find a mentor to continue to check up my accounts performance and review my strategy as well as helping me in general as advised.

kind regards,

Michael

 

[Prestige]

btw I decided not to reply to peoples posts directly because in the past people have trolled me on everything I have said and I didn't really want to go back to that.

 

[Prestige]

For those of you still interested I have been trying to learn the Elliot Wave from JahDave and am following his excellent blog at http://www.jahdave.blogspot.com/ where last night I saw an opportunity to buy the EURO/USD at 1.425, I set the stop loss -50 pips and put the take profit at 1.4380.

I managed to score 130 pips which I was very pleased about, also after looking through some other people journals I stumbled across a video on Madcows page about million dollar traders where noobies who know nothing about trading are given real money and expected to make a profit. Its awesome to see how other people cope or rather don't cope with the pressure and how they are managed. Cleo is one of the girls and oh boy she is so funny, I mean she actually cries over the smallest of things its hilarious.

Anyway everyone else had a good day's trading and I wish you all the best.

Kind regards,

Michael

 

[Pi3141]

Ah! Million Dollar Traders, I loved that show. It actually sparked my interest in trading (everyone's got to start from somewhere). If you go to Lex Van Dam's website, you can sign up (use fake details of course) to see the unseen footage about some of the training the contestants went through. More importantly, you will see that the material that the lecturers/speakers taught the contestants (Elliot Wave Theory was one of them, money management, risk/reward etc) is exactly the same material that can be found on this forum and the internet in general (and it's all FREE).

 

[JahDave]

Ah! Million Dollar Traders, I loved that show. It actually sparked my interest in trading (everyone's got to start from somewhere). If you go to Lex Van Dam's website, you can sign up (use fake details of course) to see the unseen footage about some of the training the contestants went through. More importantly, you will see that the material that the lecturers/speakers taught the contestants (Elliot Wave Theory was one of them, money management, risk/reward etc) is exactly the same material that can be found on this forum and the internet in general (and it's all FREE).

Everything I post here is free.................And my blog is also free.............I have never charged for anything here or anywhere else..............I have worked hard for the last 5 years and I only want help other traders...........I, AM SELLING NOTHING................I love to learn, so if you have something good to offer for free then I will be glad to read it..............

 

[Pi3141]

Whoa whoa whoa!!... You've misunderstood me completely. I'm saying that Lex Van Dam hired lecturers/speakers to teach his contestants the very same things that people on here (like yourself) give away for free. And that if the OP is interested he can register on LVD's website and watch the training himself. The contestants were even taught the basics of Elliot Wave Theory as well, which just goes to show that EW theory has *some* validity to it. That's all I was saying. I wasn't in anyway, accusing you of selling anything at all. Read my post again, if anything, I'm suggesting NOT to sign up for these training courses that LVD offers at his website, and instead get all the info free from this forum. Peace.

 

[JahDave]

I wasn't blasting you here. I just wanted everyone to know that I wasn't selling anything . It seems on this forum that people are always very cautious about someone selling them something........

Peace to you to,
JahDave

 

[safvan]

For those of you still interested I have been trying to learn the Elliot Wave from JahDave and am following his excellent blog at http://www.jahdave.blogspot.com/ where last night I saw an opportunity to buy the EURO/USD at 1.425, I set the stop loss -50 pips and put the take profit at 1.4380.

I managed to score 130 pips which I was very pleased about, also after looking through some other people journals I stumbled across a video on Madcows page about million dollar traders where noobies who know nothing about trading are given real money and expected to make a profit. Its awesome to see how other people cope or rather don't cope with the pressure and how they are managed. Cleo is one of the girls and oh boy she is so funny, I mean she actually cries over the smallest of things its hilarious.

Anyway everyone else had a good day's trading and I wish you all the best.

Kind regards,

Michael

Stop day trading. You will lose the 130 pips you have made in the series of next couple of day trades as eur/usd pushes side ways to down. If you were just to short it when it shows a clear downtrend and keep it for 4 to 6 months you can earn a couple of thousand pips. Then wait for a couple of months for it to build up another direction and then trade it, you would be making more money than anyone posting here on these forums.

There is not even one profitable day trader here, use whatever ghann or elliot a s s theories.

I have tested them all.

Larry Williams, Ken Roberts, elliot, ghann etc are probably good traders but can you compare them to say paulson or bruce kovner or michael marcus or ed sedkoya or warren or william o niel or john bogle or peter lynch or fisher or graham or soros or james slater or rowe price or john templeton or stienhardt etc. These are the names that are visible so much.

Larry Williams is not a billionaire. A good money management teacher yes! Ken Roberts, Jake Bernstien and the magical wizard who discovered all these theories and indicators NONE of them are billionaires or even for that matter multi millionaires. Larry williams was arrested for tax evasion and was unable to come up with a $1 million dollars for the bail. You would think he would at least have that amount available to him? His partner gave in $500k and another $500k was given by an industry colleague. Having said all that he has some brilliant insights and has good contribution to the trading world. Why is that a brilliant guy like that was unable to match the financial success of others in the same business?


There is a difference between teaching someone how to trade and making millions of trading or investing.

This task cannot be achieved consistently when day trading. The sooner you realise this, the better you would get.

There is no billionaire or for that matter multi millionaire independent retail currency dealer (dealers make 100s of trades per day) unless he or she owns a brokerage or currency exchange company.

Even large hedge funds and banks that have speculative day trading departments using complex daily updated algorithms that move around tens of billions of dollars to earn a few million here and there.

Anyone on this forum who has actually made quality money is going to tell you he or she did not make it scraping for pips here and there day trading consistently.

 

[Prestige]

Fair point,

So what you are saying is to short the euro usd right now for a few months and make a few thousand pips? Imagine the stop loss on that you would have to use a very small lot size so you would not use all of your margin if it went in the opposite direction a few hundread pips before turning in your favour?

It does seem like an interesting way of trading however and long term I am very keen. Im currently doing more education then actually trading. Tried making some money on the aud/jpy but it didnt really work out barely breaking even on 5 pips.

 

[safvan]

Fair point,

So what you are saying is to short the euro usd right now for a few months and make a few thousand pips? Imagine the stop loss on that you would have to use a very small lot size so you would not use all of your margin if it went in the opposite direction a few hundread pips before turning in your favour?

It does seem like an interesting way of trading however and long term I am very keen. Im currently doing more education then actually trading. Tried making some money on the aud/jpy but it didnt really work out barely breaking even on 5 pips.

I am not specifically saying that you short or long euro or jpy or cad etc. Do your own research as to which direction you want to take in a trade.

My main point is what I hope you get is that no one on this forum no matter what they claim make consistent money day trading. This theory and that theory, it is all b u ll s h i t.

In currency markets its the currency dealers that day trade but that is for commercial reasons and they get paid for every transaction and they do make lot of profits.

If anything you should start learning how to swing trade but even then you would be making average money at best doing that.

Any decent money (100ks or millions) can only be made by taking decent size positions in long term trend trading.

You try it on your own. Come back here in a few months or a year or two and then share your findings.

 

[timsk]

My main point is what I hope you get is that no one on this forum no matter what they claim make consistent money day trading. This theory and that theory, it is all b u ll s h i t.
[/B]

No doubt there are many members who would agree with safvan but, equally, there will be quite a few who don't. For the benefit of any new or inexperienced traders reading this, safvan's opinion quoted above - is just that - an opinion. It's not something that's easy to prove one way or the other, as any trader who does make consistent profits day trading is unlikely to post their private trading accounts for public scrutiny on a forum like T2W. The fact that few - if any - are willing to provide such proof of earnings doesn't mean that they aren't being made! That said, it's probably true to say that the majority of traders who make consistent profits are likely to be swing or position traders - rather than day traders. But this is most likely just a reflection of the popularity of those trading styles. Inevitably, there will be more swing and position traders, as these styles can be done on a part-time hobby basis in addition to a full time job and other commitments. In line with safvan's assertions, it's my understanding that the really massive fortunes have - for the most part - been accumulated via medium to long term speculation as opposed to day trading. However, I've not done a comparative study, so I can't be sure. More to the point, I suspect most T2W members would be more than happy with a relatively modest income of, say, tens or hundreds of thousands of $$$s p/a - as some members claim is entirely achievable via day trading.

Tim.
PS Apologies to Prestige for the cul-de-sac post!

 

[ffsear]

Prestige... One bit of advice! PRICE ACTION... Learn as much as you can about it!

 

[safvan]

Prestige... One bit of advice! PRICE ACTION... Learn as much as you can about it!

Good Advice. Start from there. Cut the indicators and theories.

 

[Pat494]

Just to remind you of those famous words of er..well someone


From a Dick to a King
From loneliness to a weddi

etc.

Keep trying

:whistling

 

[JahDave]

Good Advice. Start from there. Cut the indicators and theories.

Indicators work for me very well because i have studied very hard to learn what their capabilities are I know when the conditions are right to use them and when they will give false signals. Also I have been studying Elliott Wave Theory now for more than five years and I have been profitable now for over 2 years running. I think you don't know enough about what you are putting down to make the kinds of blanket statements you are making. The only week I have entered the t2w trading contest was week #7 and I won that week. I also posted on my Elliott Wave thread here why I thought that was a good trade. Also on my thread here I posted Monday night that the Euro was getting ready to get killed in the next several days. I never trash anyone else's trading system. I always tell everyone that asks my opinion that they should study different ways to trade the markets and decide what works best for them. I never trade from price action or the news or any other fundamental indicator, but if that works for you then great.

Good Trading,
JahDave

 

[Prestige]

Hey everyone, I am currently stuyding a number of different systems and I will take a look at price action as well. However at the moment I am favouring Elliott Wave just because for me its an in depth analysis that so far has worked for me. Again I am new to it and dont understand most of it but from using what I do understand I really enjoy using it.

In fact yesterday I decided to sell the euro/usd at around 1.44 but was in down town tokyo for the day and was maddly trying to find a wifi hot spot that was unlocked. I ended up in a fish market and eventually gave up only to later return to my hotel room finding it had dropped below 1.30 which really made me face palm but hey.

Anyway today I brought it back at 1.4330 long and if it can stay ablove this level I think it will consolidate to around 1.40

Good Trading

Michael