The Only Thread I Will Ever Create - page 7
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If you don't feel Gann's work is complicated, then I'm sure you'll be using his methods to extract millions from the market fairly soon. Enlighten us on how to use it to make money. I'm all ears.
It's almost like someone who finds Elliot Wave Analysis complicated..., I would say either or, if followed properly (which many don't) is not as complex as they assume it to be- its just the matter of finding the right material that provides the proper guidelines to the method.
A lot of people who post examples of Elliot Wave analysis are incredibly wrong- same goes with the people who attempt Gann. The problem is with these two very common theories is that many commercial garbage, including mql4 do not properly explain the use of such tools. The Gann Fan is only meant to be placed at certain times, and at certain points- not every pivot point.
*shrugs*
And to the poster above- go read my argument with the Priest- I'm not searching for something new, I'm being humble and understanding that there are additional modification that can be made to limit my inherent risk.
If you don't feel Gann's work is complicated, then I'm sure you'll be using his methods to extract millions from the market fairly soon. Enlighten us on how to use it to make money. I'm all ears.
don't modify something that works....
remember ? one of the best and true argument on page 1...people try to change rules with no logical reason, may be just because of the human nature; actually that is way we can't be perfect traders, because we're human. I'm a little mad because I fight myself with the same problem, after 4 years I did build my own trading system that proves me day in an day out that is a winner but :
1. I always try to improve it, so to change it... wrong, if I introduce even a little extra rule it is something else, it'll never be the same tested winner system
2. I get distracted because a can't be "in the zone all times", having a full time job as well; so I sometimes cheat my system just to be in the market and I get lost.
3. I don't accept a losing day easily, getting angry, reenter the market and lose more, you know the story.
Now about risk, you can't reduce it, it'll always be there, big as it gets, don't be afraid to deal with it. A break is always good, specially after you blow an account, I should do the same but I can't, it's in my blood. If I think well I should never go to trade real money, first 3.9 years I should just trade demo, to save at least 20 K US
PS: Is anybody here that is trading ONE set of rules every day and is getting an increased positive balance to the end of the month ? Someone that is so bored but making money ? I promise I won't ask for any other details but at least I want to know that such a person exist, so that IT IS POSIBLE to get over our human nature ? Val
^ There are many traders who are net positive after each month. They are professional traders that trade to make a living for themselves and their family. So if they are not net positive each month, they would soon be in a new profession. And there are traders out there who have been in trading for many many years, and have made a lot of money. Of course, these are the 10%-20% of profitable traders out there. For someone to lose, someone else must profit.
Do I need to see a statement to know it is true? No, I'm not that skeptical.
It is OK to change the rules of your system as long as you know what you are doing, and if your edge is robust enough to take on the change without effecting the results. System rules are arbitrary, the traders create those rules. There is not one set of golden rules that is only profitable. All the successful traders trade different rules, and different systems. So it is up to you.
Enough chit chat for me, I gotta get back to my little cave and tweak some rules.
I think your definition of inherent risk and mine differ. Risk can be changed, but that term is referencing on the method you trade on- for my method, and what I am developing- I am reducing inherent risk.
You continue to propose the idea that I am naturally changing my idea to find a perfect system, or I'm subconsciously changing my method because of some natural law that supposes the human psych will continue to manifest a reality of perfection.
For the last time,
I am changing my method based on very particular objectives, most of which do not relate to profit whatsoever- I have taken steps further in Tech Analysis to define such trivial patterns with proper reasoning- consolidation to me is no longer just consolidation- a chart that seems to diverge at an apex.
Am I willing to go further into detail on what I have created with my own due diligence, and research? Probably not, aside from the few privileged individuals who I consider personal colleagues in the matter of Technical Analysis, and Forex Trading.
People can continue as much as they would like to continue discussing the possibilities of their supposed assumption on my abilities to analyze my own current psychological condition, but I will let everyone know that most my actions are well-planned in an advance and are far from being reactive. (Igor's apology thread lived a short-life) I will say though, that yes, I was once that level 2, step 2- that is when you have no objective, and perfection is your only goal.
BTW- your comment on, if it works don't fix it, is a urban myth fueled by ignorance. Name a single company that hasn't changed their product progressively to meet consumer demand.
Name a single crossover method with MA's curve fitted for 1999-2000 work from 2000-2008
Name a single method that continues to last the act of time and change- the word of evolution comes to mind.
We once fought wars with sticks and stones, we evolved to metal objects during the Bronze Age, then we involved into the industrial age where the idea of bombs became a commercial being-
Say you came running at me with stick and stones- and I had a gun? Are you still going to say, "if it still works don't fix it."
Forex isn't a static environment- do me a favor and take a look at the charts from the inception of the Dow Jones Industrial Index- you will notice through time the index continue to move more and more towards ranging periods than trending periods- is that a fact of a very static environment? No, its a fact that continuing influences of technology broadens the exposure of public participation.
A stone can still kill you- but the environment of technology changes- so why would you continue using something that doesn't move?
remember ? one of the best and true argument on page 1...people try to change rules with no logical reason, may be just because of the human nature; actually that is way we can't be perfect traders, because we're human. I'm a little mad because I fight myself with the same problem, after 4 years I did build my own trading system that proves me day in an day out that is a winner but :
1. I always try to improve it, so to change it... wrong, if I introduce even a little extra rule it is something else, it'll never be the same tested winner system
2. I get distracted because a can't be "in the zone all times", having a full time job as well; so I sometimes cheat my system just to be in the market and I get lost.
3. I don't accept a losing day easily, getting angry, reenter the market and lose more, you know the story.
Now about risk, you can't reduce it, it'll always be there, big as it gets, don't be afraid to deal with it. A break is always good, specially after you blow an account, I should do the same but I can't, it's in my blood. If I think well I should never go to trade real money, first 3.9 years I should just trade demo, to save at least 20 K US
PS: Is anybody here that is trading ONE set of rules every day and is getting an increased positive balance to the end of the month ? Someone that is so bored but making money ? I promise I won't ask for any other details but at least I want to know that such a person exist, so that IT IS POSIBLE to get over our human nature ? ValKenny & Walander, thank you for taking the time to answer, I wish you the best.
Kenny, yes, I need to see a statement to believe it...:). Val
Stage whatever - - spending money to find out
very interesting thread - - here is my limited experience:
most of what I have thought would be an excellent system turned out to be junk. For example, having a math background, fibonacci was appealing and already have formulas to examine - - "hey, I could automate a fibonacci and pivots system within a multiple timeframe system" - - guess what, someone already has (nexgenT3) and it is only marginally successful and it is still very subjective as to whether a trade is worthwhile. So if I had found it three or four years ago, I would have been their sucker and plopped down $16K for the system and mentoring. Why? Because I simply did not have more than book knowlege, reasoned I was saving myself programming time, and their confident demeanor, market knowlege, and tech savvy was above average at that time.
Since then (2005), I have sat in on hundreds of online seminars for stocks, bonds, options, futures, forex, real estate, and I have found that systematically looking for opportunity in one specific area is the most realistic in terms of being able to manage what meager amounts I have. I have lost money since 2007 because I did not research well and tried to do more than one thing at a time.
As far as doing things as inexpensively as possible with the best quality, try getting independent sources of software, data, strategies, and clearing. For example, I used statestreet initially because they gave me the feed, the software, and the clearing all in one BIG mistake - - when they were bought out by Citi, I was stuck with multiple softwares, multiple logins, and unreliable service. Now I use esignal for data (so I can get an aggregate feed which I can segment out and derive volume data), Top Gun (leveragefx dot com guys) for short term strategies, and ensign for long-term analysis. Metatrader is for my tiny $4K experimental stuff. Hope that helps, Richard
Interesting,
I am surprised someone actually posted in this thread, I wasn't going to bother hosting my thoughts here anymore.
Many people do waste their time with seminars / products / books. Some are useful, but many are not.
Learning to trade is already an art on its own- it's called Time and Money Management. If you can master those, trading should come along smoothly soon enough.
very interesting thread - - here is my limited experience:
most of what I have thought would be an excellent system turned out to be junk. For example, having a math background, fibonacci was appealing and already have formulas to examine - - "hey, I could automate a fibonacci and pivots system within a multiple timeframe system" - - guess what, someone already has (nexgenT3) and it is only marginally successful and it is still very subjective as to whether a trade is worthwhile. So if I had found it three or four years ago, I would have been their sucker and plopped down $16K for the system and mentoring. Why? Because I simply did not have more than book knowlege, reasoned I was saving myself programming time, and their confident demeanor, market knowlege, and tech savvy was above average at that time.
Since then (2005), I have sat in on hundreds of online seminars for stocks, bonds, options, futures, forex, real estate, and I have found that systematically looking for opportunity in one specific area is the most realistic in terms of being able to manage what meager amounts I have. I have lost money since 2007 because I did not research well and tried to do more than one thing at a time.
As far as doing things as inexpensively as possible with the best quality, try getting independent sources of software, data, strategies, and clearing. For example, I used statestreet initially because they gave me the feed, the software, and the clearing all in one BIG mistake - - when they were bought out by Citi, I was stuck with multiple softwares, multiple logins, and unreliable service. Now I use esignal for data (so I can get an aggregate feed which I can segment out and derive volume data), Top Gun (leveragefx dot com guys) for short term strategies, and ensign for long-term analysis. Metatrader is for my tiny $4K experimental stuff. Hope that helps, Richardjust don't go far - that's cool when you around
I'll try not to fxbs,
Still many people I enjoy talking to are here.