Forex vs Poker - page 3
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mp6140.....You corrected me for saying that you had been trading for 15 years by telling me that you never said it was that long
This is from your first post on this thread..."having been trading for 30 and trading specifically forex for 7 years,"
mp6140.....You corrected me for saying that you had been trading for 15 years by telling me that you never said it was that long This is from your first post on this thread..."having been trading for 30 and trading specifically forex for 7 years,"
A LIAR AND A CHEAT WILL ALWAYS BE FOUND OUT
Here is a post from another forum where in October last year he clearly states that he discovered forex 2 years ago.
So which is it 7 or 2 .
Forex Peace Army Forum - View Single Post - Trading the News V.s Technical Movements
mp6140
Recruit Posts: 2
Join Date: Oct 2007
MP -- technical vs. news - 10-14-2007, 08:34 PM
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Quote:
Originally Posted by GallantFX
Fundamentals Vs. Technicals....as each trade entered by an experienced trader is done after both the technicals and fundamentals are looked at, each trade swings its focus more to one of the two; for example during a news release its more fundamental, and during session openings it's more on technical.
Felix provides excellent fundamentals for new releases......Has anyone had good experiences with technical resources? (FXbootcamp, Rob Booker, etc.)
GFX
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as an ex-equities technical trader for 20 years,I "discovered" Forex 2 years ago,and aside from long term investments in the normal commodities for my childrens trusts, Ive never looked back.
Using the LRC and a touch of experience, one finds Forex to be phenominally technical, even during news when it will reach reasonably easily established resistance (or support) points. But what becomes even more fun is that given a short amount of time, the currency will RETURN TO ITS ORIGINAL TREND, ALMOST TO THE PIP it was at when it diverged.
If that aint technical trading at its best, I dont know what is !
and in full agreement, Felix doesnt tell you HOW to trade, but what to look for in a trade, and while some newbs may want it handed to them on a silver platter, it sure is enough for me -- Kuddos to an experienced trader !
enjoy and trade well
mp
Within the great hall at Elfinore stands a wondrous coffer, precisely four cubits square and securely latched against the outside world. Inside that repository, shut away from impertinent eyes, abides many an intriquing trading secret garnered from around the world and over the ages !
As a child, i used to watch from the darkness as the secrets were debated and annotated by the elders. No one there held a single thought of my presence -- BUT I KNOW WHERE THEY HID THE KEY !!
An ex equities trader who missed the biggest small cap IPO this side of hell...
Sorry ex "technical" trader of 20 years.....Funny that seeing how equities are traded purley on fundamentals...
Divendends, P/E Ratios, Market Cap, Revenues, sales,....the list goes on...
Poker is the same as trading. Both require learning a particular skill; why do you think it's always the same guys who end up at the final table of the world poker tour; or the same guys who end up running the biggest trading floors/hedge funds.
The idea that markets are efficient is incorrect, this has been proven time and time again. Which means that short term currency moves are based on sentiment and momentum and not on fundamental price parity. Sentiment and momentum can then be calculated via indicators, and I don't mean MACD and RSI which are essentially useless now. So it is possible to gain an edge by being able to have a probability of correctness of greater then 50%. It is possible to increase your odds to greater then a random coin toss. Just like knowing someones "tell" in Poker can give you the same edge.
It's all about reading individual people in Poker, while trading markets is about reading whole mobs of people, that may be the greatest difference if there is any.
An ex equities trader who missed the biggest small cap IPO this side of hell...
Sorry ex "technical" trader of 20 years.....Funny that seeing how equities are traded purley on fundamentals...
Divendends, P/E Ratios, Market Cap, Revenues, sales,....the list goes on...Equities are not always traded by fundamentals, there is a place for "technical analysis" to some degree.. Day traders read "Tape" they know nothing of fundamental data nor do they care. Fundamentals are great for mid to long term trading, while the short term moves are purely about sentiment and momentum. Intra-day moves do not always move in line of the fundamentals.
mp6140.....You corrected me for saying that you had been trading for 15 years by telling me that you never said it was that long This is from your first post on this thread..."having been trading for 30 and trading specifically forex for 7 years,"
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PLEASE philt, you are never going to get anyplace by dealing with attacks on me, but if you choose to discuss trading, and i feel like answering you, then we might get somewhere.
If you bother to reread my answer that you once again misquote, you will read that i said "double that 15 years" and thru the marvel of multiplication, one arrives at 30 years.
If you then choose to bring up something that was probably a simple typo, then shame on you for how much you must really hate me !
Your anger is spilling out like an overstuffed chair that should be thrown away
I HAVE NEVER ASKED THAT ANYONE DO ANYTHING BUT LOOK AT A CHART and see if what I say makes sense or not --- YOU'RE trying to defend what cannot be assaulted or defended --- SIMPLY LOOK AT ANYTHING I SAY, AND SEE WHETHER IT WORKS OR NOT and then stop wasting words !
and in the meantime, give the rest a break, cause you will never prove the truth to be a lie !
Youre obviously upset, but show me where anything concerning trading is wrong, and ill dump a few people on top of this thread to show you the flip side of a really dumb arguement !
lets us both stop filling peoples mailboxes with clutter and on your side, outright dishonesty and hatred !
mp
Equities are not always traded by fundamentals, there is a place for "technical analysis" to some degree.. Day traders read "Tape" they know nothing of fundamental data nor do they care. Fundamentals are great for mid to long term trading, while the short term moves are purely about sentiment and momentum. Intra-day moves do not always move in line of the fundamentals.
Sorry maybe i wasnt clear... Fundamentals are the driving force behind Stocks..When you are a broker/trader buying on behalf of your client on exchange wether its open pit or ECN you do not use any form of TA at all...You are simply carrying out orders to but on behalf of whoever has look at the stocks through fundamentals for one reason or another...
You don buy x amount of shares because its at the top of a channel ....lol of course you can use TA but i was refering to mp's comment that he was a TA equities trader, obviously implying institutional, but this is not the case..
And mp, you still havent answered my question...and stop making out your'e being victamised, its rediculous
Sorry maybe i wasnt clear... Fundamentals are the driving force behind Stocks..When you are a broker/trader buying on behalf of your client on exchange wether its open pit or ECN you do not use any form of TA at all...You are simply carrying out orders to but on behalf of whoever has look at the stocks through fundamentals for one reason or another...
You don buy x amount of shares because its at the top of a channel ....lol of course you can use TA but i was refering to mp's comment that he was a TA equities trader, obviously implying institutional, but this is not the case..
And mp, you still havent answered my question...and stop making out your'e being victamised, its rediculousTotally agree with you in regards to institutional investors.. However there's a difference between an investor who is putting on a trade that is going to be lasting a few weeks to months to years.. Yes definitely the data used to make that decision is inherently fundamental. However there are quite a few traders out there who trade short term time horizons, (minutes, hours). These traders do not often use Fundamental data to be the basis of the reason why they make the trade. They use technical analysis data to do so or some form of mathematical algorithms etc. I'm really referring to day traders, and those who hold stocks/bonds/forex for less then a day or two.
Sorry maybe i wasnt clear... Fundamentals are the driving force behind Stocks..When you are a broker/trader buying on behalf of your client on exchange wether its open pit or ECN you do not use any form of TA at all...You are simply carrying out orders to but on behalf of whoever has look at the stocks through fundamentals for one reason or another...
As stated, this is a correct assesment, BUT floor traders use pivot points and support and resistance areas constantly, and their INSTITUTIONS use TA constantly to predict what the next days action will be (which can be altered by news and such, but normally not)
You can so easily look at the DOW, see if its overbought or oversold, and judge immediately what the next day will bring, and forex is one of those that follows TA rules even more strongly --- take a look at an LRC of a currency, then the news that comes out, and WATCH what happens.
If the currency was driven up during the week or even the asian/euro markets, invariably it will fall once that top LRC point is hit, no matter the news is good or not, so tell me about fundamentals some more please !
You don buy x amount of shares because its at the top of a channel ....lol of course you can use TA but i was refering to mp's comment that he was a TA equities trader, obviously implying institutional, but this is not the case..
If you receive a reputable buy signal with confirmations AND the price is at the top of the channel, you would be kinda foolish NOT to buy, but i think thats what started this whole discussion !
I was, and still am, a TA trader and NO WHERE IN THOSE WORDS does it say I worked for any institution nor have i ever intimated or stated such !
And mp, you still havent answered my question...and stop making out your'e being victamised, its rediculous
while you continue to be silly, go google it yourself and save the world this conversation !
of what interest is that to whether or not forex is like poker or not ??enjoy and trade well
mp
Totally agree with you in regards to institutional investors.. . . . . . . . . I'm really referring to day traders, and those who hold stocks/bonds/forex for less then a day or two.
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fortunately drgood, you can see the forest for the trees and are not looking for a fight --- many differences between people buying and selling -- many for longer term holds, which are invariably tech based and watch overbought and oversold levels, many because the company is undervalued and looks very good for the future, many because daytraders can see where the top resistance is and many pit traders (a rapidly dwindling breed) who are the best day traders in the business ---- remember well --- above the pivot point and below the pivot point, as the floor traders DONT forget it ever, or better still (in all forms of trading) ABOVE or BELOW yesterdays closing price !
thank you for your understanding and judgement, which can see both sides of the situation !
but still, what has this all got to do with forex and gambling ???
mp