Let's cut the BS, no-one here has a magic system

[oildaytrader]

Using 4xpipcounters thread as an example, whilst I would want to ignore the idea of adding to a losing trade, I may learn something useful about his method of analysis for entries. I could choose to adapt it to use stop-losses, and backtest it. And create a variation that suits me.

Adding to a losing position is often very clever.A trader will have taken a position based on specific conditions, if the entry price becomes more favourable why not add to the first position?

 

[wackypete2]

Who's creates the orderflow:?::?::?::?::?::?::?::?:

Now where getting somewhere:idea::idea::idea::idea::idea:

err...getting nowhere. Only the aforementioned institutions see collective orderflow directly. I only see my humble 100 shares or 2 lots.

Peter

 

[FX Bandit]

err...getting nowhere. Only the aforementioned institutions see collective orderflow directly. I only see my humble 100 shares or 2 lots.

Peter

You don't need to see what they see, the orderflow is reflected in (or rather creates) your chart.

Their orderflow is what makes you your money.

 

[wackypete2]

I think you've missed the point entirely, part of which concerns the practicalities of trading, and the difference between a small trader and a huge institution in the market.

perhaps I have, in which case forgive me. But I contend that the retail trader does not have an informational edge over larger traders...which WAS part of the point being made by the OP.

Peter

 

[wackypete2]

You don't need to see what they see, the orderflow is reflected in (or rather creates) your chart.

Their orderflow is what makes you your money.

But it doesn't give you and "edge" over them. You are seeing the results of the orderflow, NOT the actual orderflow. Thats was the point of this thread, no? AM I seriously missing the point?

Peter

 

[robster970]

You're just talking about price action really aren't you boys? S&R levels being places where there is liquidity.

 

[FX Bandit]

But it doesn't give you and "edge" over them. Thats was the point of this thread, no? AM I seriously missing the point?

Peter

You don't need an "edge" in the sense that I think you are meaning. You can however learn to read the market to enter a move early. If you have developed this skill, the institutions do the rest for you.

You do have an advantage in that you and your orders are small, while they and theirs are huge.

 

[FX Bandit]

You're just talking about price action really aren't you boys? S&R levels being places where there is liquidity.

No. Read my long post. PA, S/R etc are all fine tools, and I use them to make money. There are of course many others that I do not use. But once you are comfortable with them you can begin to move beyond them. The other thing is that in the traditional sense in which they are used they are to some degree "lagging". What I am talking about is reading the way that price is moving if you like, not seeing it once it has moved.

 

[wackypete2]

You do have an advantage in that you and your orders are small, while they and theirs are huge.

This I do agree with.

Peter

 

[trendie]

Re: Let's cut the BS, no-one here has a magic system

erm, has MR actually defined a "magic" system?

If I really think about it, I do have an actual, bona-fide, fairy-dust-powered magic system.

I dispute MRs assertion that "no-one" has a magic system.

 

[wallstreetwarrior87]

ok, this thread has gone beyond talking about a magical system, which is good.

I dont get a few of the responses (I know im slow at times), but what is your objective with trading? (Not aimed at anyone in particular)

Lots of people going on about insitutions, hedge funds etc, and then individuals only being able to see 100 lots on their screen.

Does no-one see how vital this information (price development) is?

Or are traders only concerened about price hitting a support level before deciding what to do?

 

[FX Bandit]

Or are traders only concerened about price hitting a support level before deciding what to do?

That on its own is better than 90% of the trading "systems" you see out there.

 

[robster970]

No. Read my long post. PA, S/R etc are all fine tools, and I use them to make money. There are of course many others that I do not use. But once you are comfortable with them you can begin to move beyond them. The other thing is that in the traditional sense in which they are used they are to some degree "lagging". What I am talking about is reading the way that price is moving if you like, not seeing it once it has moved.

If you're talking about my reading skills of the price movement in real time and seeing when the buyers or sellers are coming in, right then, and knowing this is the time to enter or exit in conjunction with watching the M5 flapping around, then yes I have that a bit - but I need to zone into it.

 

[robster970]

Or are traders only concerened about price hitting a support level before deciding what to do?

No - how it gets there informs me of what I should do, in conjunction with lots of other things I know.

 

[wallstreetwarrior87]

That on its own is better than 90% of the trading "systems" you see out there.

Well I'll give you that:cheesy:

 

[wallstreetwarrior87]

No - how it gets there informs me of what I should do, in conjunction with lots of other things I know.

Exactly, this is the part that those want an all in one package fail to grasp.

It is a methodology, along with time, past mistakes and experience.

 

[wackypete2]

ok, this thread has gone beyond talking about a magical system, which is good.

I dont get a few of the responses (I know im slow at times), but what is your objective with trading? (Not aimed at anyone in particular)

Lots of people going on about insitutions, hedge funds etc, and then individuals only being able to see 100 lots on their screen.

Does no-one see how vital this information (price development) is?

Or are traders only concerened about price hitting a support level before deciding what to do?

Well, we're not all newbie traders here, are we. A trader doesn't need to know everything about every everything to trade well. However you get your information, for retail traders it's 2nd hand and watered down...still very useful, but not necessarily any better edge over anyone else. Experienced traders make money trading simply because there are legions of those who can't and continually lose (no offense to newer traders, we've all been there). Knowing how they trade is just as valuable as orderflow.

Just my opinion

Peter

 

[wackypete2]

It is a methodology, along with time, past mistakes and experience.

We can come to an agreement here!

Peter

 

[wallstreetwarrior87]

We can come to an agreement here!

Peter

Good stuff:cheesy:

In all fairness I was just trying to suggest different ways others may want to consider with their trading. If anything comes of it great, if not, no harm done.

After all, different styles and participants are what makes the market what it is.

All the best.

 

[robster970]

Exactly, this is the part that those want an all in one package fail to grasp.

It is a methodology, along with time, past mistakes and experience.

It doesn't exist and most of us realised that some time ago which then allowed us to move on.

I think this is where most people give in. You got to be masochistic to carry on and not be doing it for money. The you stop caring about money. Then you start trading successfully.

You take your static method(s) and you realise that you don't have to be so static because you know stuff. Then you incorporate that stuff into your method and you become more successful. The cycle continues. You never stop learning as there is always something to wrong-foot you. Over time, the landscape reveals itself but only because you wanted to find out more about it. It becomes a self fulfilling prophesy. Ironically you realise that the more you know, the less you know.

It's great.