Did you ever doubt yourself?

[fxquantitative]

How about mathemathical self adapting models with discrete money management?

 

[jackolan]

don't need to ask 'how'...do you see?

If you actually read the thread, I don't think ANYONE has asked HOW. They simply asked if their results could be luck.

you say a 'system' needs to change as the markets change into something else

So, yes, that's the nub of the issue... From the very limited description you've given (i.e. almost none) you don't seem to believe that a market has "personality"... you seem to think that the same old "system" (and here I'm talking about YOUR system) that was used in 1909 will work just as well in 1929, 1943, 1987, 2001 and 2009. Rather than learning as you progress and modifying YOUR system, you simply ignore your mistakes and bumble on hoping for the best.

Or do I have it wrong? Perhaps you'd care to explain your system and point out why it is so superior?

 

[new_trader]

How many more months of profitable trading would you say TraderDante for example has left, with trading price action at support/resistance zones? Just curious.....

I read somewhere that the FSA and SEC is considering a ban on support and resistance zones until more stability returns to the markets. It's over for Trader Dante.

 

[candles]

I read somewhere that the FSA and SEC is considering a ban on support and resistance zones until more stability returns to the markets. It's over for Trader Dante.

I'll be honest....if they ban support and resistance ill be in a mess too
Fingers crossed I guess....

 

[new_trader]

If you actually read the thread, I don't think ANYONE has asked HOW. They simply asked if their results could be luck.

YOU asked me how I determine entries and exits.

So, yes, that's the nub of the issue... From the very limited description you've given (i.e. almost none) you don't seem to believe that a market has "personality"... you seem to think that the same old "system" (and here I'm talking about YOUR system) that was used in 1909 will work just as well in 1929, 1943, 1987, 2001 and 2009. Rather than learning as you progress and modifying YOUR system, you simply ignore your mistakes and bumble on hoping for the best.

Or do I have it wrong? Perhaps you'd care to explain your system and point out why it is so superior?

Is that what you really want? My methodology? I didn't say one should ignore their mistakes, I have EMPHASISED the need to STUDY and PRACTICE and learn and evolve a proper methodology.

 

[jackolan]

YOU asked me how I determine entries and exits.

I did... because I wanted to make sure that you understood the idiocy of your original post.

You said:

Traders who develop a proper methodology have a skill that WILL last forever. Markets only 'change' for system traders.

Implying that somehow you were not a "system trader" and that people who use a system are somehow below your exalted level. Your post therefore was not only incorrect and misleading (since you are indeed a system trader) it was also disrepectful to my reply and the original poster's question.

Should you wish to comment on the poster's actual remarks please feel free to do so... otherwise shut up and keep your snide remarks to yourself.

 

[new_trader]

I did... because I wanted to make sure that you understood the idiocy of your original post.

You said:



Implying that somehow you were not a "system trader" and that people who use a system are somehow below your exalted level. Your post therefore was not only incorrect and misleading (since you are indeed a system trader) it was also disrepectful to my reply and the original poster's question.

Should you wish to comment on the poster's actual remarks please feel free to do so... otherwise shut up and keep your snide remarks to yourself.

Right, let's go back to the start, you said, and I quote

"If you're winning 10 trades out of 11, and you're prepared to acknowledge that your system works "for now" and may (will) need to change when the market changes personality... then run with it until you need to change... no system will last you for years (or even months)... just make money with what you have while you can.

I said that markets only change for system traders. Do you see? Then you proceeded to tell everyone about your impressive trading as if this was proof you were right. So, all I can say is that you are either bluffing or fluking your way through trading. People who know what is what don't say what you said above, they simply don't. I'm sorry if you consider that a snide remark.

 

[Technically Fundamental]

Are you two aware that this arguement is really about the definition of the word "system" when used in the context of active trading?

 

[jackolan]

Are you two aware that this arguement is really about the definition of the word "system" when used in the context of active trading?

I am... I don't think NT is

 

[jackolan]

People who know what is what don't say what you said above, they simply don't.

Your ability to conduct a discourse is barely above the schoolyard level. "I'm right, you're wrong... and everyone else who's right knows I'm right".

Come on man... stick a few intelligent words together and explain yourself.

WHY don't they say what I said?

 

[Jaydee]

when you finally found the strategy for you, and you started winning, did you ever start to worry that it was all luck, and that it would all come to an end one day and you'd be back to square one??

I never doubted myself once I found a method, style, strategy, whateveryouwanttocallit that worked for me. However, initially (4 years in fact), I did doubt that I would ever find anything that worked for me.

 

[jackolan]

Then you proceeded to tell everyone about your impressive trading

FYI... I finished down on the day unfortunately. My trade hoping for a bounce off the middle Bollinger (which is not a strategy in my system and I'm kicking myself for having done it) failed miserably, and my subsequent belief that the market would recover by the end of the day was patently wrong.

This losing trade cost me 18.3% of my capital. Fortunately, it's at least partly offset by the five successful 2% trades before this one and a further successful scalp for another 2% afterwards leaving me 5.7% down on the day.

I should have done what my girl said, and quit when I hit 4% at 10.30 this morning

However, I fully expect to be back where I was by the end of the week. Discipline... must learn discipline.

Jack

 

[new_trader]

FYI... I finished down on the day unfortunately. My trade hoping for a bounce off the middle Bollinger (which is not a strategy in my system and I'm kicking myself for having done it) failed miserably, and my subsequent belief that the market would recover by the end of the day was patently wrong.

This losing trade cost me 18.3% of my capital. Fortunately, it's at least partly offset by the five successful 2% trades before this one and a further successful scalp for another 2% afterwards leaving me 5.7% down on the day.

I should have done what my girl said, and quit when I hit 4% at 10.30 this morning

However, I fully expect to be back where I was by the end of the week. Discipline... must learn discipline.

Jack

This says it all. Your definition of 'system' is exactly what I thought it is. I didn't doubt for a second that you are a hit-and-miss trader without a clue. Yes, that is a snide remark because you talk absolute rubbish and you ought to keep your mouth shut. As HAL9000 would say, this conversation can serve no purpose anymore.

 

[blancspa]

I never doubted myself once I found a method, style, strategy, whateveryouwanttocallit that worked for me. However, initially (4 years in fact), I did doubt that I would ever find anything that worked for me.

Hi, I know what you `re saying...How did you go about it? ... And how did you find it?

 

[squall321]

I never doubted myself once I found a method, style, strategy, whateveryouwanttocallit that worked for me. However, initially (4 years in fact), I did doubt that I would ever find anything that worked for me.

hi jaydee, i know what you are saying, but i think two weeks ago i also finally found my "sweet spot" which works for me, but now i keep worrying its a fluke, you know what i'm saying?

i'm probably being irrational, but like you i tried for 6 months about a 100 different things, ended up going forwards then backwards again, so now i'm at the point where i'm totally mistrustful of everything i guess

 

[Technically Fundamental]

Dont worry jackolan, NT just likes to remind himself that there will never be a "system" out there (available to the public anyways) that could nullify and devoid all the hard work he put into learning what he knows today. Unfortunaltely all that hard work also turned him into a cynical callous tw@.

 

[new_trader]

Dont worry jackolan, NT just likes to remind himself that there will never be a "system" out there (available to the public anyways) that could nullify and devoid all the hard work he put into learning what he knows today. Unfortunaltely all that hard work also turned him into a cynical callous tw@.

Yes, and what is your excuse? I suppose you should tell jack that maybe he was using Bollinger band code that was written 18 months ago when the markets were different

Perhaps he should go to Bollingerupdate.com and get the latest patch, which I think is Market V3.2.7 for Windows Vista, they have added a new colour!

 

[Jaydee]

Hi, I know what you `re saying...How did you go about it? ... And how did you find it?

I was one of those folks who was obsessed with technical indicators - they cost me 2-3 years of time believing that I could find a way to 'predict' the market. After going round in circles, I eventually went back to the drawing board.

I knocked all indicators on the head, except for a bit of ATR (for trying to position size by volatility) and volume (it's laggy but I like to have it). I then started to figure out what trading really was.

I learnt that I could only make money from people who were losing it - so I set about trying to find areas where stops would be triggered.

The most important thing I learnt is that I cannot predict what the market will do. All I can trade is the very moment. If I'm right, I will try to hold the trade for all it is worth - if I'm wrong I stop out. I have no idea how far a trade will go, if at all, so I just move my stops up/down (long/short) after every correction or rally and, sometimes set targets if I feel a barrier has been reached in the price.

I learnt that once I make a trade, I am in the hands of the trading gods - the only power I have is to close the trade or add to it - I don't have the gift of foresight (I can't see the future). Once I learnt that, things started to change for me.

I think most people struggle in the early stages because they don't really know what trading really is. Also, they don't try out things consistently - they trade too many different ways for too short a space of time. Consequently, they have no benchmark to measure their success or failure by and, therefore, end up too confused to know what to do to improve. This paragraph really sums me up when I first started.

 

[Jaydee]

but now i keep worrying its a fluke, you know what i'm saying?

It may be a fluke but you must keep applying the same idea to the market until you prove beyond reasonable doubt to yourself that it is or isn't. Keep a record of all your trades and make sure you look at them after the market move has finished. Then analyse what you did relative to what actually happened. Keep doing this and you'll figure out something that works.

 

[new_trader]

It may be a fluke but you must keep applying the same idea to the market until you prove beyond reasonable doubt to yourself that it is or isn't. Keep a record of all your trades and make sure you look at them after the market move has finished. Then analyse what you did relative to what actually happened. Keep doing this and you'll figure out something that works.

So refreshing to read intelligent advice! So rare in this forum nowadays. Keep stops tight as well as this will ensure that you won't lose too much during the learning process.