Day Trading - page 4
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frantacech, What's that script for? Is that what you're using to close the orders?
Yes. This close order if i have feeling mistake
frantacech,
What's that script for? Is that what you're using to close the orders?
P.S.
I see from your charts that you are using this technique... and it looks like you're picking up on it!!!! Good man, keep at it.
Very sharp...something tells me you're going to do well with this system.
hi
Yes. This close order if i have feeling mistake
thanks , does it close automatically ?
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Forex Indicators Collection
thanks , does it close automatically ?
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Forex Indicators CollectionNo, only if press button Alt+C
Bare bones and it works
MrMarketz
I applaud your 'pull no punches' stance towards slackers who can't be bothered putting in a little work. I was just saying at another thread, "I'm not sure where all the work ethic went during the past 20 years".
This industry is a cruel mistress and if anybody thinks you can walk in without doing the apprenticeship by picking up many a book, educating yourself, spending years becoming intimate with price, mastering discipline and then decide to knuckle under, they should seek other employment (if not too lazy).
I can vouch that this system is a good one and based on rigid technical rules which are extropolated from the dynamic mechanics of 'the herd'.
Pull your finger out, stop looking for magic indicators and follow MrMarketz system. You will get your 20 pips a day which acrues beautifully.
Pilot
MrMarketz
I applaud your 'pull no punches' stance towards slackers who can't be bothered putting in a little work. I was just saying at another thread, "I'm not sure where all the work ethic went during the past 20 years".
This industry is a cruel mistress and if anybody thinks you can walk in without doing the apprenticeship by picking up many a book, educating yourself, spending years becoming intimate with price, mastering discipline and then decide to knuckle under, they should seek other employment (if not too lazy).
I can vouch that this system is a good one and based on rigid technical rules which are extropolated from the dynamic mechanics of 'the herd'.
Pull your finger out, stop looking for magic indicators and follow MrMarketz system. You will get your 20 pips a day which acrues beautifully.
PilotSounds about right, Pilot. However, I wouldn't exactly call this "my" system. I just added a few things here and there to make it more personalized. However, the market flow theory discussed in this thread has been around for thousands of years... you heard me right....thousands.
As far as the work ethic comments... you're pretty much dead-on. In my opinion, the greatest task is self-discipline. I have a lousy inability to control myself. I have come up with many profitable concepts that exploit market dynamics, only to lose small fortunes - repeatedly.
Military guys do well in this business for one simple reason... they know how to follow rules. Obviously, I never served in the armed forces.
I posted this a while back, but think that it deserves another look at this time:
______________________________________
THE NEW MARKET WIZARDS (CONVERSATIONS WITH AMERICA'S TOP TRADERS)
By: JACK D. SCHWAGER
.
Interview with Victor Sperandeo:
Schwager – “You almost seem to be implying that intelligence is an impediment to successful trading. How would you explain that?”
Sperandeo – “Assume that you're a brilliant student who graduates Harvard summa cum laude. You get a job with a top investment house, and within one year, they hand you a $5 million portfolio to manage. What would you believe about yourself? Most likely, you would assume that you're very bright and do everything right. Now, assume you find yourself in a situation where the market is going against your position. What is your reaction likely to be? "I'm right." Why? Because everything you've done in life is right. You'll tend to place your IQ above the market action.
To be a successful trader, you have to be able to admit mistakes. People who are very bright don't make very many mistakes. In a sense, they generally are correct. In trading, however, the person who can easily admit to being wrong is the one who walks away a winner.
Besides trading, there is probably no other profession where you have to admit when you're wrong. Think about it. For example, consider a lawyer who, right before a big case, goes out with his girlfriend and stays up half the night. The next day, he's drowsy and inadequately prepared. He ends up losing the case. Do you think he's going to tell the client, "I'm sorry, I went out last night and stayed up too long. If I were sharper, I would have won the case. Here's your money back." It will never happen. He can always find some excuse.
He would probably say something like, "I did the best I could, but the jury was biased." He will never have to admit he was wrong. No one will ever know the truth except him. In fact, he'll probably push the truth so far into his subconscious that he'll never admit to himself that his own actions caused the loss of the case.
In trading, you can't hide your failures. Your equity provides a daily reflection of your performance. The trader who tries to blame his losses on external events will never learn from his mistakes. For a trader, rationalization is a guaranteed road to ultimate failure.”
Mr Marketz
I believe the system you're working with is the familier 1,2,3 pivot breakout where, in a long situation, point 1 is the lowest point then 2 retaces up, then 3 comes back down, but not as low as point 1, you then go long on the breakout of the pivot (point 2). The problem for me is identifying a valid pivot as there are allot of false pivots. You would then stay long for the duration of the move up as long as the pivots formed on the way up are not violated. I suppose you could say the same for determining high and low touch points for a trendline.
Nice thread!
Nice work Marketz