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MadMarketScientist
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Everything posted by MadMarketScientist
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Good suggestion on the top news being on the frontpage. I'll look into it -- and then I'll actually need to look at it :crap: Kiwi, you nailed it on the revenge trade. It is a battle -- it has taken me years to not do that 'most' of the time -- let's say 95%+. However sometimes all the training and discipline in the world gets thrown out the window. And, I can't tell you how many times that approach fails. But human nature reaches for and holds onto the few times it works. If it never worked it would be easy - the pain would always be there. Unfortunately it works on occasion. Like going to Vegas and winning a bunch on one sitdown at the tables -- and suddenly you think you can earn a living because you're such a card shark. Holy crap moment comes thereafter. Tomorrow starts day 1 of the recovery. Just gotta check the news AND avoid temptation to "expedite" my recovery. MMS
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I'm not really seeing anything new to the discussion so while I won't yet close the thread, let's try to keep the conversation either constructive without the name calling or it's probably best not to continue to post if it's going to degrade the tone. Obviously there are some very different opinions here - which is fine. But I'd prefer not to see the tone degrade much further. It's always a tough debate because yes, I'd be the first to say that many services/training may not be worth it, but there are plenty of good ones. However, most individuals still do not succeed and the blame game goes into overdrive. Sorry, it's not always the vendor if you fail to succeed. Trading is really difficult even with the best training. Hold yourself accountable -- if you purchase training/strategy do your due diligence first. Make sure there's a guarantee. A trial. Or whatever -- it's like any marketing -- it gives the rosiest scenario. But that's not just with trading courses -- look around -- all marketing is like that. Selling the dream. Be accountable for your decisions. MMS
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Yes, it's confession time. I normally pride myself on being a pretty good trader. I don't make many errors, and have learned to stick to my trade plan - thick or thin. And it has rewarded me nicely. Today I really swung - and missed. Idiotic. For some reason I had it in my skull that the FOMC meeting announcement was yesterday. Why? I actually have a good reason why my brain farted that thought out -- trust me in there is a reason. However, how dumb for me to be cavalier and not check the economic calendar: http://www.traderslaboratory.com/forums/calendar/ Duh. Right there in just a few seconds I would have corrected my idiocy. But, no, instead I ended up trading THROUGH the announcement. Something I would never in my right mind do. Well, was trading Crude Oil and going about my business having a pretty good day so I was pressing my luck anyway trading in the afternoon (I thought I said I follow my trade plan and I was long and then the announcement hit and it dropped like a rock through my stop. Which happened to be a reversal I set up -- which happened to have slippage of epic proportions. By the time I realized what happened I was down significantly - as in wiping out a weeks worth of profits. Thousands gone bye bye in seconds. Then, my idiocy continued. I was mad. So I figured I'm going to be a bigger idiot and start trading it actively while the market was still freaking out because maybe I'd get lucky and catch a big runner. Let's see, within another 90 seconds I was down about two weeks worth of profits. So by the time the dust settled I was down big on the day. Probably my single worst one day loss certainly since I became an experienced trader. Do I know I'll comeback? Yes. My earnings are somewhat reliable but I know it will take me 2 weeks without forcing things with bigger position size. And, hopefully I'm over my idiot disease and won't do that. Lesson? Check the damn news - you've heard it a million times I know. But, check the damn news. MMS
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I'm curious what people think are the best forex pairs to day trade. Swing trading is a different story, when you have wider spreads it's less of a big deal, but you pay 8 pips of spread and try to daytrade and it's likely not to end well. There's clearly some like: EURUSD GBPUSD USDJPY EURJPY That all tend to have workable spreads - 1 to 3 pips seems like at most brokers right? Are these all or do you like to consider other pairs when you daytrade? MMS
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I guess this year it might have worked since we declined through mid summer -- of course when to get back onboard is another question -- would have been quite difficult to know that heading into early August the market would rally like it has especially after a rocky first half of the summer. The more things change, the more they.......sometimes? stay the same.
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Nice thread until our "Office Rat" stopped posting. Seems like a lot of people were viewing the weekly forex analysis. Mr. Office Rat if you're still amongst us I'm sure you have some fans who wouldn't mind seeing your analysis resume MMS
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AKM, can you update us how your trading has progressed with OTA? A couple of months ago I know you mentioned you were still not yet seeing the results you were looking for -- wondering if any change here over last 2-3 months? -
In reviewing this thread I see a lot of great pearls of trading wisdom. Sometimes people look at the date of a thread and think "it's old, that doesn't apply" but much of what is discussed here is very universal. What I'm most curious about is if the original poster, now a year later is still involved in trading? With such a high attrition rate, there was some great initial advice here but there's definitely curiosity on my part so if you're out there - let us know Regardless, the thread is worth of a review for Beginner traders for certain. MMS
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Are you looking for streaming stock charting? Or options symbol charting?
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Today I caught a good runner on the GBPUSD see attached. Better than yesterday when my buy attempt faltered and had to exit at my stop -- so able to redeem today.
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This is a forum, and it is a place people can go to express their opinions. Clearly you've made your point that you disagree and there's been a very open dialogue between everyone/anyone who has wanted to weigh in. This is the internet and if you've spent any time on it, it is clearly a place where people are free to express themselves. You don't have to like the critiques/opinions, and people are free to refute them but as long as it stays on topic, it's a fair discussion. Personally I cannot see what is self serving about it - and if you've spent any time in forums, in particular trading forums it certainly is common to have very critical opinions of virtually any service, strategy, broker, etc... and there are just as many supporters. That's the way it goes. People are free to speak their mind - including on TL. MMS
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Tonysalta, Thanks for the post. As you can understand, the last thing we can do is police every opinion on the site. Without a doubt nobody wants statements that aren't accurate but people are also entitled to opinions. SInce it's November 2nd, the day of the elections we have hundreds of examples of very different, very polar opinions out there. One side will always feel the other side are idiots and they are right. What is important is what's happened here, and it's a great defense of the room/strategy -- that's better than any advertising. Genuine, clear testimonials and support. It's why we actually kept it 'live' since it has given people a chance to counter that one opinion which is all part of the debate. If someone makes a false statement or an incorrect one than you'd expect there to be a strong counter opinion. Hope that makes some sense. MMS
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Phil.....good points. I do think traders get analysis paralysis quite often. And, clearly end up using approaches that are either way too complicated, or try to muddle and mix multiple different approaches in a one size fits all. Sometimes simple is best -- or at the very least gives you very similar odds than completely ridiculously complex approaches do - and it's easier to read. It reminds me of some training I took 10+ years ago. It actually wasn't bad despite the $6K price tag but it was so darn complex. 3 charts, different timeframes, let's say 3 or 4 indicators on each chart, all had to be analyzed in real-time to get your signal. Let's just say a lot of room to make a mistake. Sure, the odds were in your favor - maybe gave a 65% - 75% edge. However, it was nearly impossible in real-time since it was so difficult to do all the analysis fast enough and not make an error -- whereas I've done approaches with 1 chart, and 1 or 2 indicators with the same edge. Which do I prefer? MMS
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Do Moon Phases Influence Financial Markets?
MadMarketScientist replied to Dharmik Team's topic in General Discussion
As I mentioned earlier -- as much as I have some of my own resistance to taking the leap to thinking there can be patterns influenced this way, I will standby the fact that one of the better macro predictors I've ever seen of the markets said he used astrology, etc... to make his predictions. As much as I'm a skeptic I haven't seen anyone have that level of accuracy so it's made me keep an open mind. As mentioned, just because something might be ancient doesn't mean it can't be good or even better. I was very surprised reading a review of a new book talking about how many generations ago, despite all of the world class training we have now, that it was very common for some people to run faster than Usain Bolt, or jump well beyond our current world records, or for example to have Roman soldiers run 1.5 marathon distances in a day burdened with full equipment. I know, crazy connection to astro and the markets -- just a point that maybe "you never know" Does that make me a believer? Not really since I still don't get the connection personally but I won't close my mind to it. As long as it isn't being sold as another get rich quick approach, etc... MMS -
Blowfish I can't really argue with you on your point. You're right. However, I think 99% of the people who trade have a heck of a time with any tracking, stats, discipline, plan, etc... that sometimes an over-simplified rule like the 2% at least gets them started and thinking down the right path. For that it's valuable. Though you're right on. MMS
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A Question for Active Day Traders
MadMarketScientist replied to youngsequan's topic in Day Trading and Scalping
If many are like me maybe they weren't even that aware of weekly options. Thought I like the sounds of it! Something that has to go on my "to-do" list for sure. MMS -
Do Moon Phases Influence Financial Markets?
MadMarketScientist replied to Dharmik Team's topic in General Discussion
I suppose you could be right. Then again you have to buy into the belief that moon phases influence people before you can buy into the markets MMS -
Tradewinds, That would be a really nice idea. It is something we can look into though I'm not 100% sure how many would actually use it on a regular basis. Having worked with traders for many years it's really hard to get people to be disciplined about logging. Usually lasts a few days or a couple weeks and that's it. MMS
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Hmmm - interesting. I do agree that it is thought of in some ways as "revenue" but I haven't met many traders who don't quote percent returns.
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All good advice - in particular the 2% risk - or less rule. Always seems basic to people and I think traders who are learning get sick of hearing it - mostly since they never abide by it - since 2% or less risk per trade is no path to get rich quick. Which is exactly the point. MMS
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Introduce Yourself Here - Don't Be Shy!!
MadMarketScientist replied to trading4life's topic in Beginners Forum
While I feel there's a place for day trading - -- after all I spend a lot of time doing it - I think it's easier initially to learn how to swing trade. There's less chance of mistakes, usually you can control your trades better with the additional time and stress tends to be lower. All good things. I'd stay on that track for now especially since you've seen some positive success that way. You can always look into day trading down the road - right now stay with what you are learning and know. -
Introduce Yourself Here - Don't Be Shy!!
MadMarketScientist replied to trading4life's topic in Beginners Forum
WealthFluctuations (I like your TL name) - welcome to the forum as well. Starting just like you are is a good place -- at some point you'll probably start looking at technical analysis and see if there's a place for it. You can even combine the two to help you pinpoint better entry/exit points from what your fundamental analysis is telling you. For example you might be focusing on a certain sector, and selecting undervalued high yield stocks from your research -- you can then use some technical analysis to really help you hone in on an ideal place to enter -- or help you manage an open long-term trade, etc... Good success to you! MMS -
Recommended Broker for Futures Day Trading
MadMarketScientist replied to Pocoyo's topic in E-mini Futures
Over the years I've used so many brokers but in recent years have stayed with Interactive Brokers. The universal account is what sold me - that and I literally cannot remember the last time I had a real issue with the connectivity/system or had any need to call them. It's not going to give you the warm and fuzzies working with IB, but you'll be confident with an account there. On the forums besides the two you mention just above others that seem to be mentioned favorably include Mirus, AMP Futures and PFG. -
I'm with you on determining what type of trader you are. I'd argue that the majority of the people trading are totally mismatched -- meaning what they've chosen to trade does not fit their personality, the time they really have, the expectations, personality or even capitalization. It's why so many seem to blindly trade forex - not saying forex isn't a great choice for some but it's that crowd mentality that's wrong. Get this part right, match yourself to really the style and market that fits you best and you infinitely raise your chances for success. MMS