N Rothschild
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2008.12.08 NO BRAINER IN THE MAKING
How much higher before it drops like a rock?
how can this chart go back so far for a currency that started in 1999?
NEVER LOSE AGAIN!! TheRumpledOne
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how can this chart go back so far for a currency that started in 1999?
TheRumpledOne
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TheRumpledOne
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IT'S ALL ABOUT THE ENTRY
The majority of trading gurus say that the EXIT is more important than the entry.
I DISAGREE!
I focus on finding entries that STATISTICALLY give me a better than 50/50 chance of having an opportunity to take profit. Notice how I worded that last sentence. It was written that way on purpose.
I get asked about SL and TP all the time. Some people get downright nasty and harshly criticize me because I don't conform to what they believe to be proper. To me, SL and TP are part of the individual trader's money management and risk management strategies and have NOTHING to do with my entry triggers.
It does not matter why you entered a trade once you are in it. Nor does it matter what your indicators say. PRICE is the ONLY thing that matters once you enter a trade. And after you enter a trade is when your money management scheme kicks in. You will either exit the trade with a profit or a loss. How much of a profit is determined by the market and your greed. How much of a loss is determined by you. It is up to the individual trader to decide when to say "when".
The majority of trading gurus say that the EXIT is more important than the entry.
I DISAGREE!
I focus on finding entries that STATISTICALLY give me a better than 50/50 chance of having an opportunity to take profit. Notice how I worded that last sentence. It was written that way on purpose.
I get asked about SL and TP all the time. Some people get downright nasty and harshly criticize me because I don't conform to what they believe to be proper. To me, SL and TP are part of the individual trader's money management and risk management strategies and have NOTHING to do with my entry triggers.
It does not matter why you entered a trade once you are in it. Nor does it matter what your indicators say. PRICE is the ONLY thing that matters once you enter a trade. And after you enter a trade is when your money management scheme kicks in. You will either exit the trade with a profit or a loss. How much of a profit is determined by the market and your greed. How much of a loss is determined by you. It is up to the individual trader to decide when to say "when".
TheRumpledOne
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Slapfish
"My best understanding of the basic premise of TRO's methods is that I am supposed to trade based on what the price is doing right now, not what I think it might do next. His indicators give me various points to enter a current movement and be statistically confident I will gain 5+ pips.
I thought I was doing it right when last week i had an epiphany. I was sitting there waiting for the price to drop back down so I could get in on a retrace because I had missed the original entry. I was waiting, waiting, waiting..... the next think I knew, I'd missed THREE buy zone entries that could have netted me 20+ pips. What was I doing? I had my mind locked on the trade I wanted (on the past) and I missed the ones right in front of me!
That's why he boils it down to "seeing". You see what is in front of you instead of predicting (or trying to). If you look outside and SEE that it's raining, do you grab an umbrella on your way out? or do you think "it will be sunny later I better use sunblock"?"
===============================================
That is the BEST post I have seen regarding SEEING PRICE.
Way to go, SLAPFISH!
A++
"My best understanding of the basic premise of TRO's methods is that I am supposed to trade based on what the price is doing right now, not what I think it might do next. His indicators give me various points to enter a current movement and be statistically confident I will gain 5+ pips.
I thought I was doing it right when last week i had an epiphany. I was sitting there waiting for the price to drop back down so I could get in on a retrace because I had missed the original entry. I was waiting, waiting, waiting..... the next think I knew, I'd missed THREE buy zone entries that could have netted me 20+ pips. What was I doing? I had my mind locked on the trade I wanted (on the past) and I missed the ones right in front of me!
That's why he boils it down to "seeing". You see what is in front of you instead of predicting (or trying to). If you look outside and SEE that it's raining, do you grab an umbrella on your way out? or do you think "it will be sunny later I better use sunblock"?"
===============================================
That is the BEST post I have seen regarding SEEING PRICE.
Way to go, SLAPFISH!
A++
UKtradergirl
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because it makes him look more sophisticated than just saying to everyone "enter at random in the direction of the hourly candle" - when selling an ebook or indicators you don't want to come across too simple.
Very, very good point JTrader! IF price is going up, then why not get long right now instead of waiting for price to hit some level?
TheRumpledOne
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You DONT have to enter at those levels.... There have been posts on other forums where Tro plots a few RANDOM lines and trades from them profitably.. But it has already been discussed that 00 25 50 75 are those levels where you may, more than normally, see more price action. I can't remember where I read it.. Not sure if it was somewhere in this thread or another.
TheRumpledOne
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If you can SEE what PRICE is doing then you DO NOT have to wait.
Watching price at the PSYCHOLOGICAL LEVELS is just one way of learning to SEE.
TheRumpledOne
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Give it a rest, Donna, PLEASE!! Stop the "spin".
You know the main point that I make about trading is that TRADING IS SIMPLE!
TheRumpledOne
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You can switch over to D1 to check the daily ranges.
Comes in handy!!
UKtradergirl
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If you hunt around you will find some of my ideas on this forum- but i don't have a thread as such because i don't feel the need to boost my ego, nor have hoardes of newbies criticising my every move, which has worked for me and continues to work since i trade full time. There is one thread i started where i posted a live trade, before i took it, saying my entry points, etc, then showing the exit.. all live... just to prove that i do actually trade too
(and used a really basic simple strategy too so everyone could understand!)- but i am not intending to start a whole debate/journal on every trade. Saying that, i do share my knowledge with people, though usually through a more private medium such as emails/chat programs. I don't have an agenda- there is nothing for offer on sale, i don't accept donations, i don't have to prove myself- my bank statement is the only measure i use to judge myself.
Whatever method is working for you, i say go for it. Great if TRO's way works- keep it up- don't mind people like me- i'm just here out of boredom, hehe. :innocent:
TheRumpledOne
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2008.12.11 FIBS ARE HORIZONTAL LINES
Same rules of thumb apply.
Same rules of thumb apply.
If you hunt around you will find some of my ideas on this forum- but i don't have a thread as such because i don't feel the need to boost my ego, nor have hoardes of newbies criticising my every move, which has worked for me and continues to work since i trade full time. There is one thread i started where i posted a live trade, before i took it, saying my entry points, etc, then showing the exit.. all live... just to prove that i do actually trade too
Saying that, i do share my knowledge with people, though usually through a more private medium such as emails/chat programs. I don't have an agenda- there is nothing for offer on sale, i don't accept donations, i don't have to prove myself- my bank statement is the only measure i use to judge myself.
Whatever method is working for you, i say go for it. Great if TRO's way works- keep it up- don't mind people like me- i'm just here out of boredom, hehe. :innocent:
At the risk of feeding the trolls I feel I need to speak up. I don't often post here (most of my posts are at Kreslik.com). And no I am not Avery. But I do know him.
Uktradergirl - you don't have a thread and you don't scalp but you don't mind bashing someone else's ideas that you don't comprehend. Brilliant :smart: Your compatriot troll JT is by his own admission a failed trader who doesn't believe that anyone can trade successfully. :whistling
For those of you in this thread who still have an open mind regarding Avery's ideas, I have a couple of insights that I picked up while watching him trade live a few years ago. The first and most important is that to really maximize whatever setup you decide upon, you need to understand the market context.
I liken this to the 400 lb gorilla golf joke. A man had a pet gorilla and he taught him how to play golf - specifically how to hit crushing drives. This man goes to his men's club and tells the men on the team that he bets that his pet gorilla can outplay any man there. One bold chap steps up and takes the challenge. He drives it out there 250 yards a very nice hit. The gorilla steps up to the tee and smashes a drive 350 yards straight down the middle of the fairway. The man who took the bet tells the man with the pet gorilla that he concedes and is no match for the pet gorilla. Afterwards another man comes up to the man with the pet gorilla and complements him on the gorilla's drive. The man with the gorilla smiles and says - it's a good thing that he conceded the match. The gorilla hits every shot that far - including the putts.
So what does all this mean to your trading? You can have the best trading setup/driver shot in the world, but if you don't know when to apply it you may not be trading/golfing your best. For those of you who haven't read it I strongly suggest reading the first 10 pages of the DayTrading 2.0 thread by JJRVAT on elite trader. This thread condenses my thoughts about trading with the flow of the market better than I can even say.
Often during the time I observed Avery's trades he would be getting out of a trade just as I was thinking about getting in. When I asked him why, he would say that the flow of the trade had changed. Also, he would pass on setups that I thought were perfectly valid. When I asked him why he would tell me to look at what price action had already done or was setting up to do - in other words he would read the market context. Avery calls this "going with the flow", or "trading the waves". It took me a long time to discover this "reading" of the market because I was intent on taking every setup like a robot (I thought this made me a good disciplined trader). In fact nothing was further from the truth. Failing to understand or act on the current market flow is akin to pulling out your driver on a 120 yard par 3. That isn't disciplined - it's foolhardy.
Lastly, some of this thread's trolls have called into question Avery's trading results. In response Avery has posted trades (before and after) in as close to real time as possible. Many of these have been winners, some have not. In response the trolls have cherry picked losing trades to post. This is really missing the point IMHO. Market context is a key aspect that cannot be ignored.
Also, the real question you should ask yourself isn't whether Avery needs to prove something to you - it is whether you can prove to yourself that you are (or are not) a successful trader.
In my observation, Avery is attempting to help other beginning traders "SEE" the market. Each indicator he creates is a twist or variation on how he "SEES" the market. They are not strategies to be taken by a robot, but golf clubs to be selected by a master golfer/trader. You are the TRADER, not a robot, not an indicator - YOU. If these indicators/setups help you become familiar with reading the market flow - great. If not, that's great too. However, just because you don't "get" something doesn't mean that others won't.
As far as my own trading is concerned, I have come a long way since that week I spent with him several years ago. It has taken me thousands of hours of blood, sweat and tears, and tens of thousands of dollars of blown trading accounts. But I am going with the flow, I am trading simple setups, I am watching the tape, I am making consistent money nearly everyday like a freaking ATM. :clap:
In the marketplace there is only what a man can do and what he cannot do. Now can YOU SEE the MARKET, select the setup, and hit the trade? Or can you NOT?
Edward
TheRumpledOne
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TheRumpledOne
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ISeenTheLight
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super
I could not understand any of this but after losing all of my account I can finally now SEE and am confident I can lose even more. Here is the post I am understanding this right now???
I could not understand any of this but after losing all of my account I can finally now SEE and am confident I can lose even more. Here is the post I am understanding this right now???
