Please Help: Which system to trade? - Page 2
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Thread: Please Help: Which system to trade?

  1. #11
    Quote Originally Posted by ;
    I know I left a thread earlier, but I'm really at my wits end... I have persevered so much, yet no matter what I do, I keep failing. Even when I use price action which individuals say to be the very best method to trade, candlestick patterns only work 10 percent of the time, and even though I trade with the trend, the transactions consistently go in the opposite direction. I don't know what to do anymore... Is there any method that I can research that would make me profitable with the suitable work put in? Since I am so fed up with price action and how inaccurate it's....
    Firstly, let me caveat this article by saying this is just my opinion. Opinions are like assholes, everybody's got one. So take it or leave it.

    I don't know what research you've done to reveal candlesticks only work 10 percent of this time. That is bs. Emperical evidence was accumulated and supplied by many academics, that indies price action and candlestick patters are 75% effective as a predictive instrument. (don't quote me on that figure, it is from memory, but it is way over 50% I know that much )

    As for all these fine books folks are suggesting, by all means, read them if you have the time and inclination, they surely can't do any further harm. I suggest Street Smarts: High Probability Short Term Trading Strategies by Laurence A. Connors and Linda Bradford Raschke Day Trading with Short Term Price Patterns and Opening Range Breakout by Tony Crabel (if you can Contact a copy and afford it) Last, get exercise and screen time. You have to become competent.
    To do that you need to execute many, many transactions. Trade/Train just like a prop trader. (on a demo account)
    Close your charts and just look at price (market view or whatever it is called on your chosen platform)
    Spread 70-100 transactions a day, carrying two pips and exiting. (regardless of profit possible. This is implementation practice recall )
    Input 70-100 transactions a day randomly and manage them.
    Do this in sessions, everyday, for as long as possible concentrate/focus (generally 1-2hrs at a time)
    Do this for a min of 6 months, then begin taking a look at your charts for another 6 months, but follow the same routine on a brief time-frame (tick 1min charts, 5 min max)
    Attempt to see setups on these brief time frames and execute, execute, execute and execute more.

    From here it is possible to begin looking for a system or anything you want and begin looking at more term trading or whatever style suits you. Your implementation will be way.

    After all that, the only thing that could fuck this up, is that you.

    All of the best.

  2. #12
    Quote Originally Posted by ;
    quote What do you think of Seneca Pilot's thread, Ramblings of a Forex Junkie? Would you recommend it?
    I just take counsel from traders who were and are successful.Books are good especially when writers were/are traders and not merely book traders
    I can't talk for Tok.This is the attractiveness of trading everyone brings what they got between their ears as well as when items are layered out clearly one still has to take care of trading plogy.
    traders were chosen from thousands appliions and just 40 were selected.Richard Dennis explained exactly what needs to be carried out with his own money 500k each.
    Guess what within short time most failed despite pro trader teaching and not risking their own money.
    Moral of the story is One must search and stumble till they find what works for them.
    I found what works for me and on my 2nd year of trading that I average 8-10% a month.I do not follow system I follow exactly what works for me.
    To me personally key fact for my success is understanding.

  3. #13
    Quote Originally Posted by ;
    quote Execute 70-100 trades every day, taking 2 pips and exiting. (regardless of profit potential. This is execution practice remember)
    I respectfully disagree.
    It's harder to unlearn bad habits then studying good habits.Doing 70-100 trades for 2pips is useless unless one needs to become short term hyper scalper.
    If I was planning to teach someone chess I wouldn't wish to instruct them 1min match....
    regards

  4. #14
    Occasionally best thing to do would be to have a break.Clear the head and focus on knowledge.
    By doing that you permit yourself to think fresh out of your limitations.
    Please see this article.Its very profound to me.It captures the essence of trading.

    http://www.learntotradethemarket.com...-forex-trading

  5. #15
    Quote Originally Posted by ;
    quote I respectfully disagree. It's more difficult to unlearn bad habits then learning good habits.Doing 70-100 transactions for 2pips is futile unless one wants to develop into short term hyper scalper. If I was planning to teach someone chess I wouldn't want to instruct them 1min game.... Regards
    Personally I can not see why practicing execution is a terrible habit. I really don't see why learning price action (as in no chart price action) is a terrible habit.
    As I pointed out, this is not about earning money initially. It is about learning how to trade. (it was for me anyhow )

    Price patterns replie on long and short timeframes.
    If you're able to spot them and exchange themyou can make money on any timeframe. Learning how to handle unique timeframes is.

    As for chess, what could be better, 1x100m game every day or 100x1min matches every day? If I was learning chess, I would prefer to be aware of the rules of the game and opt for the latter.
    The more chess you perform, the better you get at it.
    The more driving classes you take, the better you get at it.
    The longer you do laps into your F1 car around the track, the better you get at it.

    The further you execute transactions, the better you get at it.

    But, to each his own, as they say.
    Keep well all.

  6. #16
    Trading is tough..and that is an understatement. So Tok? Any updates?

  7. #17
    I don't even understand what happened....

    It just all of a sudden, seemed. All of it. Right there.


    I just had a thought.

    And one after another, it occurred. Every time it occurred. Without fail, E V E R Y T H I N G Which I predicted only occurred.

    If price did so, then that will happen 100% of their time.



    Each and every time without fail.

    I can't believe it. In only a matter of an hour of thought, It only all clicked.


    I'm actually in awe at what I'm able to do today, from only a single technical analysis realisation.

  8. #18
    Its all on 1 chart.

    No need to switch anymore. The trend, is there. But there are trends. And you can identify. Failed to break during that high, makes new reduced high, surpasses past HIgh.


    Now price has free reign. Everyone hops on board. Momentum reaches high levels.


    Economy at second S/R.


    Multi time frame analysis is complete bs.

    ITS ALL THERE ON THE MAIN CHART I WAS USING. It IS SO SIMPLE.

    IF IT FAILS TO BREAK THROUGH, IT WILL TURN AROUND, AND IF IT MANAGES TO BREAK THROUGH THE PAST HIGH, NOW ITS A DOWNTREND, REGARDLESS OF WHAT THE HIGHER TIME FRAMES SAY.

    ITS ALL THERE.

    How did this happen to me? I really don't understand.




    It does not even NEED A RETEST! When it breaks through the prior one and shuts, The momentum is so strong, we wont see a retest.

    Retest is only for additional S/R breakouts. The creation of new highs/lows in a newly formed fashion, breaking through the past ones, wont give you a retest.



    Every single time without fail it has happened.




    And what happens if by some chance, the 5M candle closes over the newly broken high/low in the opposite direction? For 1 pip? CLOSE THE TRADE. TRADE INVALIDATED.




    Hahahahahahaha I can't believe it. I believed everyone was full of SH** when they stated it just ticks in their head daily.




    The one thing I regret, is that it's Friday, which I must wait until Monday to begin making profits. I know it today. I understand how it works. Every part of it.

  9. #19
    Quote Originally Posted by ;
    I don't even know what happened.... It seemed. All of it. Right there. I just had a idea. And one after the other, it occurred. Each and every time it occurred. Without fail, E V E R Y T H I N G that I predicted only occurred. If price did this, then that will happen 100% of the time. Each and every time without fail. I can't believe it. In only a matter of an hour of consideration, It clicked. I'm actually in awe at what I'm able to do today, from only a single technical analysis realisation....
    Oh dear, you're doing so well but according to your post in only 28 hours you've gone from total loser to total master....

    WTF Seems like a scam in the making now

  10. #20
    Quote Originally Posted by ;
    quote oh dear, you're doing so well but according to a post in just 28 hours you have gone from complete loser to complete master.... WTF sounds like a scam in the making now
    LOOK IT JUST HAPPENED AGAIN NOW.



    IT JUST BROKE THROUGH WHERE I MARKED IT. DOESNT EVEN HAVE TIME TO STOP AND LET ANYONE IN HAHAHAHAHAHAHAH.

    WAiting to your near above red line today.

    If it does, then Its on its way TILL THE NEXT S/R I am 99% sure OF IT.

    And if it does not, and closes below red line by some small chance? OH WELL, I CLOSE FOR EXTREMELY SMALL LOSS BECAUSE TRADE IS 100 percent INVALIDATED ANYWAY HAHAHAHAH.

    Nobodies taking my money anymore gentleman. NO ONE. I SEE IT ALL

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