The Only Thread I Will Ever Create - page 5
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I would consider myself in step 4 which would be conscious competence. By no means would I consider myself a step 5. ( I'm assuming this is what you mean )
I'm taking a break after talking to several other traders in regards to their strategy, and I did have I believe a step 3? Eureka moment where I realized my skills and strategies were too narrow minded, even though they were effective in their sole job to give me reasonable entries. I think the difference between me and Step 2 is the fact that I'm not looking for a holy grail, nor am I looking for an easy solution. By no means is my studying of books an easy task, especially some of the theories I'm attempting to memorize and utilize in a strategy within a short period of time. I already understand the limitations of trading, and that there really is no holy grail (per say to my own perspective of a holy grail) to trading, and that there is no easy way to trade.
I've tried 30 indicators, and i have tried 0 indicators, and I'm leaning towards 0 to produce better results. My belief is, since trading with no indicators, what better of a system to be adaptable by the means of price, not some index of volatility, or some calculations of average true range.
Many people ask me, "well if your system works well, why are you changing it?"
My entry strategy works well- that's about it. My money management takes care of my exit.
So I use other theories, strategies, ideas, and technical analysis to further my strategy to more than just a simple entry. I want my strategy to be more than that.
There will always be ways to reduce risk, I find reading as a way of doing such
Why do you need a Gann theory then? Are you making money NOW?
I just do not understand you, I do not see any logic.
I'd disagree that indicators are of no use at all - MA are going to paint you a much better trendline than you'll ever draw yourself - but that's that, right.
I think you are stage 3.
How can you be stage 4 beleiving in studying the Gann's theory?
A humble moving average is SUFFICIENT to make money. All the added indies are obstacles!
That was my Eureca, when I started - hardly, but still - making some dough out of the market.
Happy New Year
and again, sorry, I sometimes fail to see the point in written in Eglish - sorry if I did it this time.
I would have to completely disagree with that moving averages paint a good trend line. Moving averages do not account for the true movement, nonetheless lag incredibly considering different calculations of the values.
Using price as an indication to create your own trendline, in my own belief, is much better than anything else.
I'm reading Gann's theory because I have no right to discredit other people's theories, for all I know I could accidentally be already using someone elses' theory. If you're actually familiar with Gann theories then you might understand why I'd bother reading it- reading the true works of Gann. You will not find all the information about Gann simply through an internet search. It took me a week to find these courses, nonetheless the actual books the dictate the actual Gann method, not the random methods that have been pieced together that aren't accurate.
You're right, moving averages do a very simple job of creating a trading strategy. You will also have to meet several weeks of ranging moments where you will get chopped out, and hopefully run a long trend to cove the losses. There are >many< simple methods that suffice, but their DD and ROI ratios greatly differ from what I'm trying to achieve.
And yes, I was making money before- the difference is now, I'm trying to make a strategy to make money with less inherent risk, dd, and accuracy per trade.
The one thing that I'm not very fond of from your comments is the personality that you seemingly believe once you find a profitable strategy, why look for other sources? I do not believe in that, I do not believe in that a single strategy will live forever. My actual career is in strategic development, and business planning- through that I alraedy have a firm understanding the difference between running something that is profitable for awhile, and forgetting that things change through time. Knowing other strategies should never be a waste of time, and is a part of personal development. The goal is to be sustainable in all markets at all times, to understand adaptions. My methods to my madness is driven by my thirst for knowledge. I will never be satisfied only knowing one strategy, one way of looking at the market, and if you think its a good idea, I would argue at the fact that such a mind set is very narrow minded- and like many businesses, becomes the downfall in the long-run.
Cheers,
Why do you need a Gann theory then? Are you making money NOW?
I just do not understand you, I do not see any logic.
I'd disagree that indicators are of no use at all - MA are going to paint you a much better trendline than you'll ever draw yourself - but that's that, right.
I think you are stage 3.
How can you be stage 4 beleiving in studying the Gann's theory?
A humble moving average is SUFFICIENT to make money. All the added indies are obstacles!
That was my Eureca, when I started - hardly, but still - making some dough out of the market.
Happy New Year
and again, sorry, I sometimes fail to see the point in written in Eglish - sorry if I did it this time.All have a nice new year, and feck the crisis anyway!
Crisis, what crisis?
Excellent post Walander, I have to say the most frustrating thing I see both traders and system pushers touting nowadays is compounding. On the pitch pages of EA and manual trading systems, saying how with only 5% and every work day in the year you can turn 100$ into 16,314,267.21$. But worse than that is seeing newbies, I've been there and done it myself, open up a spreadsheet and plan all your 5% daily compounded gains out to the day and pressure yourself into making that 5% and make yourself completely unable to accept a loss, fear stop losses and snap out orders using over 50% of your margin and tell yourself, I can catch this rally and just "scalp" 15 pips only to see it fall by 20 and close out the trade then and there.
Hello,
What I understood from the very first posts in this thread is that it is not indicators or trading system, it is the trader who's making money. So it does not matter if you are using Fibonacci or Gann or Eliott or DiNapoli - it is all about if you CAN trade or not. That was the whole point of my remark. You HAVE TO UNDERSTAND WHAT THE MARKET IS, HOW IT WORKS - after that any strategy will do.
Took me 1.5 years and 45 hundred dollars (well, not so much!) to understand and get it into my blood.
So when I say why Gann, I don't mean Gann is of no use, I'm just saying if you are making money one way, why run for another method? My understanding is that Gann is VERY complicated, just as Elliot waves are.
Honestly, I don't beleive there's anything to it at all...
But I am not negative in any way, don't get me wrong. Just if I had time I could explain that a complicated system has much fewer chances of survival compared to a simple one.
So I Stick to MA's :-)
I wish you good Ney Year and highest profits, sir
... once you find a profitable strategy, why look for other sources? - I do not believe in that, I do not believe in that a single strategy will live forever. [...]
Knowing other strategies should never be a waste of time, and is a part of personal development. The goal is to be sustainable in all markets at all times, to understand adaptions. My methods to my madness is driven by my thirst for knowledge. I will never be satisfied only knowing one strategy, one way of looking at the market...
Cheers,yaa, wonderfully sayed - completely agree
p.s. History - newer repeats itself
well, it rhymes very well (M.Twain)
I'm glad you agree with my FXBS,
I will, periodically, but not frequently produce long written reports on my findings and beliefs in trading that I believe are generally overlooked.
These posts will generally be very detailed, and will contain major shortcuts to my findings in my research.
I will say though, GANN analysis is indeed very complex and complicated- but everything is when you first learn it
I agree somewhat with father j. Your spending time on gann like its gonna give you money to buy the great pyramid of kyfu. If you have position trading in your blood than its probably okay. Gann fans and the ew patterns can have some value. 300 - 400 pip stop stuff-----But you get down to 15 mn-1 hour charts thats a whole different ball of wax. ITs a lot faster and moves are different. IF your gonna do the ew stuff; I think youl be dissappointed .. too many fibs and too many patters. The markets are not like that - fear, greed and pushing the market come into play.
ps I have the gan hi lo activator indicator if you want me to post.
Could you post it...if it would be alright with walander?
I am interested...
ES
I agree somewhat with father j. Your spending time on gann like its gonna give you money to buy the great pyramid of kyfu. If you have position trading in your blood than its probably okay. Gann fans and the ew patterns can have some value. 300 - 400 pip stop stuff-----But you get down to 15 mn-1 hour charts thats a whole different ball of wax. ITs a lot faster and moves are different. IF your gonna do the ew stuff; I think youl be dissappointed .. too many fibs and too many patters. The markets are not like that - fear, greed and pushing the market come into play. ps I have the gan hi lo activator indicator if you want me to post.