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Reaver
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Everything posted by Reaver
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I agree, The market is too random to be mechanical. Anything can happen at any time. I feel alot more comfortable when I know I have made an educated and rational decision to enter or exit a trade, but that's just me. I am 100% discretionary.
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I'm just getting into learning tape reading. Common snese dictates it would be the best way to trade, at least in my opinion. I am currently taking the Cisco course, and feel like my market knowledge has increased exponentially. It really really helps to actually know what you are trading and how the market works. I have been and am currently trading forex, I plan on papertrading futures a year or so before jumping in. Unfortunately you can't accurately do any tape reading on forex. No way to gauge it.
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ha ha I agree ez, maybe we can get James to get the market to cooperate a little more....we'll all be set.
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Nice idea, I am going to look into it. The method I currently use is just as simple...Looking forward to getting a visual on this one.
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Studio, there are alot of great minds here that are more than willing to help out if you have any questions. Just start a thread and ask away! Great to have you!
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Welcome aboard brother! Enjoy your stay!
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Great to have you Albert. I definitely like your site and will be checking it out frequently! I am a complete neanderthal with computers. Thanks and welcome aboard!
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Robert, Enjoy your stay man. Tell your friends!
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Graeme, welcome to the forums! Glad to have you! Lots to learn here!
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Welcome to the forums Jay. I found this site by accident too, and I love it.
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Yep, Soul, I am buying the book. I like the guy already. Thanks for the quick insight. I just got my Mind Over Markets in the mail tonight when I got home. So Wyckoff is next...
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It's just like in the military, when you are trained, you are trained using very simple methodologies. In close quarters combat for instance, what you learn is basically to strike a target such as the nose throat or groin instead of some fancy spin kick cartwheel maneuver. Why? Because when the {crap} hits the fan, you have to be able to react and not let your mind get delayed from thinking what to do. -Slow is smooth, smooth is fast- Everything is has to be as hardwired as possible, meaning keep movement efficient and smooth and not too fancy (unless you're on a movie set). I think the same thing applies in trading. You don't want to have to reference 30 indicators or try to pick apart 20 different fibonacci lines,etc You may get confused, even if you know what you're doing...sometimes you have what we used to call a brain fart, or experience what Marty Scwartz used to call "The Sunspot Factor" which means you willjust completely do something irrational even though you otherwise wouldn't have.
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I think that more and more people are simply falling victim to the new wave of marketing in the "get rich quick and easy" series. I don't think people are necessarily becoming more knowledgable about the markets, etc. (especially when even the ones that go obtain "knowledge" before entering the arena are being filled with a bunch of bs marketing garbage). I currently work in the revenue department of a large financial institution, and I have noticed alot of new attention being drawn to personal finance from large companies. For instance, the big rave right now is "check your FICO" or your "Beacon Score" from Equifax. It's just a big thing to get people to increase their debt and increase revenue for the banks, etc. I think this is very similar. The focus on trading and everything I believe is a way to generate income for hucksters peddling their snake oil, etc and brokers to increase commissions. This is all just my opinion of course, but I don't neccessarily think the quality of market knowledge is being increased per se. Back in the good old days, at least people had to do alot of legwork to really research and learn (not that I would know that from personal experience or anything) but nowadays it seems the sheer volume of knowledge and availability can increase the chances of "analysis paralysis" if anything. Sorry to ramble. I hope what I said made at least some sense. ha ha
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This book covers all the bases. I really think one of the best parts is where he explains some of the setups that play against the psychology of weaker traders. This book even has a section on physical well-being. John Carter is an excellent trader and very good teacher. He also offers free lessons via his website as well. This book is definitely worth a read or two.
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I know what you mean. It's hard to let what seems like a potentially good idea go and continue to concentrate on what you are currently trading. I have a nice simple method that is working well for me and is simple enough for my simple brain to comprehend, so I will keep an open mind, but I'm with TinGull I'm sticking with what I've got right now.
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I use discretion to gauge when I'm out. I keep a hard stop at my bottom line just in case anything goes awry and I miss my discretionary stop (two is one, one is none-always have a backup). I don't always let a trade play itself all the way to my stop, if I see something obvious I get out. As far as profits, that is strictly discretionary. I just watch the tape and act accordingly.
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ha ha ha I actually spit some of my Pepsi out when I read that.
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OUTSTANDING POST FEB! Wow, like Soultrader said, you definitely stepped the thread up a notch or two. Excellent advice.
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Personally, I do not think a degree really means too much of anything, especially when dealing with something like trading. It's kind of like this car mechanic in the town I grew up in. He couldn't tell you what the hubble telescope was, or probably even spell it, but that guy could rebuild a transmission blindfolded. (hint: rebuilding transmissions is much more profitable than spelling well). I think the markets are just something you learn from exposure, and I don't mean go out and start trading with real money to learn, I mean get amongst it and just learn it, and it will become intuitive to you over time. I have met some very intelligent people that have degrees, and I have met some very unintelligent people that have degrees. I think the ability to participate well in the markets is a learned trait that is completely separate from formal "book" knowledge. I personally went into the military while my friends were heading to college and I am playing catch up now, but I know for a fact that I learned more from actually travelling the world than my buddies did in college. Long, rambling post I know: The point I'm making is, learning the markets and becoming a profitable trader is something you can acheive with or without formal education.
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I agree...Chaos theory is some pretty heavy stuff, and I think to properly apply it would require a very, very large amount of commitment and mental resources that would go far beyond the scope of practicality for trading. That is assuming chaos theory would even truly have an application in the markets. Bear in mind, I'm just an old boy from Mississippi, but chaos theory seems like a very deep subject, and in my opinion I don't think one could truly grasp it from reading a book. This is all strictly my opinion of course.
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I'm doing some looking around myself, if I see anything I'll let you know.
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I'm not a huge fan of indicators, even though alot of times you can mess around with one and find a use for it, I find that they distract me from what's happening for the most part. My setup uses a 60 period wma and a parabolic sar (just for back up s/l plotting and confirmation) on standard settings. I'd say get amongst it and find what works for you....just watch the charts, try MT4 out and go through a few years of data and see what the indicators do if you'd like to see them in action. I did, and came to realize I like my simple set up the best. Best of luck man.
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I agree, I personally use Oanda, and it's good enough to do what I use it for, but like Torero mentioned, I would be leaning more towards calling them the lesser of the evils rather than the best thing since sliced bread. Not knocking them or any other broker, but my advice is to check a few out with a small deposit and see what fits you the best. Just watch out for the widened spreads around news time with oanda, it can trigger a stop. Hope that helped.
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Thanks ant, I can definitely look past the presentation as well. The information is very enlightening. He just has so much to present, that is really the only way to go about it...just lay it all out there. I spoke with Don Jones, the owner, for about an hour the other day and we were discussing it all, and he readily admits there is a ton of info, and alot of people can't handle the barrage, but if you stick with it, it will make a big difference. I agree. I'll keep anyone posted that is interested. Thanks.
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I agree ant, He covers all the bases. I am very impressed with what I have read the past week or so. Alot of people say it's too much information crammed together, but it's just that HE COVERS SO MANY NECESSARY DETAILS. I read the material and then reread it, and slowly assimilate it until it makes sense. I am on the long course right now...so plenty of time to learn. :p