Trader_Dante
I changed my name to post this .. Im not interested in a flame war but ...
I have been following your thread for a while and your MMT thread. I took the bund pin this morning because you said that you had been "waiting weeks for this" and "that thing is going to do its cheeks". Followed up by "This should be the easiest money you've ever made."
I realise that set-ups are only setups but when you make calls like that but I take the advice of more experienced traders on this thread. I even moved my stop out past 55 to avoid being taken out as you recommended.
I know trades don't always work and I'm not blaming anyone but myself, but it is really annoying for you then to say you did not even take the trade, even though both pins triggered.
Can you explain to me why you decided not to take the trade yet, and why you did not post the reason here?
Frustrated ...
Hello mate,
OK, yet another person losing money by an "opinion" of mine. I think I have said this before but I always have opinions and for the most part I don't always follow them - the key sentence to watch for if you want to follow me is "I'm in from..." or "I've got an order in at..." etc. Otherwise it's just a viewpoint. Personally, I don't think anyone should follow me - but if you do, at least make sure I am in! I will be the first to broadcast it when I am, believe me.
To answer some of the your comments.
Firstly you say "both pins triggered". There has only been 1 pin. (see chart). Secondly I must have said several times over that
the key level is 121.55. The only pin that appeared (which is circled in the chart below) came just ABOVE this level. Therefore you are selling into potential support. Never a good idea.
I know it's hard for some people to realise this but often I have an absolutely firm conviction on where the market is going but I don't trade it unless I see what I consider to be the perfect setup. Pelzar mentioned a 2hr pin bar. I don't trade the 2hr "merged pin". It's not one of my strict setups. So although, I had been waiting weeks for this AND I really did feel it was going to do its cheeks, I would rather miss what I have been waiting for then take what I consider to be an imperfect setup.
Someone also showed a 4hr pin. It was a beauty. But I dont trade the 4hr TF either as I have repeated many times.
I really did feel it was going to be the easiest money to be made but it didn't meet my criteria. I have to have rules and stick to them otherwise I am a trader that trades on gut feel and I am then susceptible to emotions (i.e. is my gut feel that I should exit a trade caused by skill or fear etc?)
From time to time I do trade this way. And usually I end up making some mistake and it costs me.
So, I really do apologise if I have misled anyone. Just because I am a teacher on here and I have ten stars next to my name, doesn't really mean jack sh*t.
Even the best traders get it wrong and while I am consistently profitable I wouldn't put myself in the category of "the best traders out there". Not yet anyway
Seriously: You have to take responsibility for your own actions.
I think I already mentioned this story on here before but a while back when I was at my prop firm I went long the Bund. The position was nicely in profit and then I found out that the biggest trader at the firm - someone I deeply respect and that has mentored many extremely skilled traders - had a bearish bias and was short the market. So, I looked for an excuse to come out.
And once I was out, I found a reason to get short and soon did so.
The market then proceeded to go parabolic as I had originally anticipated.
The benefit of a thread like this and MMT is that you can learn more about the market or others can help you spot things that you have not seen before but the dangers are thay you can be led to do things that you wouldn't normally do if you are prone to weaknesses (and we are, after all, only human).
The other day, I saw a 1hr pin on USD/CAD to go long. It was a great looking pin but I had no level on my chart where the pin appeared so for me it was NOT a setup.
But I was on MSN and spoke to 2 people about the pin that post regularly on here and that I trust know their stuff. (no names mentioned though).
They
both told me that they had a level at the bottom of that pin. A big level. Yet I didn't.
So then I started doubting myself and wondering whether I had overlooked something. So I basically looked over my chart and although I really could not see anything clear where their levels were, I drew one there anyway because my eye created one.
Was this because I wanted to look for a reason to take that pin? Was it because I was unsure why two people could see something I couldn't? Who knows. But I "found" a level and I took the trade.
Suffice to say I was stopped out very quickly.
That doesn't mean the people that told me that are full of sh*t. It means that TA is a subjective art - opinions are subjective and above all, a trader should rely on themselves and take responsibility for everything they do.
