very sad..

[TomTom]

This site has many great traders and many newbies with the middile of the road traders too.
One very important lesson for us all this is we are all human and do make mistakes when our ego gets the better of us.
Even the more consistent traders make mistakes and loose money it is art of the course.
I have a simple plan for genaral days where I buy/sell intra days highs/lows based on yesterdays prices. I only aim to gain 5-10 pts but my risk is slightly more than 5% as this type of stratogy is more consistent.
On monthly patterns I adopt different stratogys, but I do loose cash even then.
Many lossed cash last week and that was due to a decline that was planned as this type of movement happends most years at this time of year. ( See my posts in wallstreets forum )
To get back to trading we will see FTSE 100 trade above 5000 then above 5050 to 5100 before friday next week.
I can not go into this in any more detail, but watch as see what happends.
Have a great weekend. Chill out and relax.
Regards
Tom

 

[bbmac]

...To get back to trading we will see FTSE 100 trade above 5000 then above 5050 to 5100 before friday next week. I can not go into this in any more detail, but watch as see what happens.

It's nonsense predictions like this which are probably behind a lot of the reasons people lose money in trading, they kid themselves and even worse others that they know what will happen next with price. I got news for you, YOU DON'T, and nor do I or does anybody else.

What you have is a trading edge beit technical, fundamental or whatever, but this is not predictice it is simply a set-up/pattern/event whatever that occurs that hiostorically when combined with good money management has produced an overall gain over a sample of times it set-up.

For newbies reading this post or any other, the author does not have a crystal ball or magical powers he is as clueless as to price's direction as we all are, and whether it indeed fulfills his prediction or not, please understand the point that you do not need to know where price will go next to make money in trading, which is just as well because with any degree of certainty none of us do. How can we? short of market moving/following/manipulating volume to trade we have no idea of other market participant's trading plan, all we have is our trading egde, ( I appreciate level 2 may be part of that in this market.)

This is a good post in which to remins trader's of the excellent Mark Douglas's;

The 5 Fundamental Truths of Trading:
1. Anything can happen.

2. You don’t need to know what is going to happen next to make money.

3. There is a random distribution between wins and losses for any given set of
variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.

5. Every moment in the market is unique.

The 7 Principles of Consistency:
1. I objectively identify my edges.

2. I predefine the risk of every trade.

3. I completely accept the risk or I am willing to let go of the trade.

4. I act on my edges without reservation or hesitation.

5. I pay myself as the market makes money available to me.

6. I continually monitor my susceptibility for making errors.

7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.

G/L

 

[Black Swan]

I have a simple plan for genaral days where I buy/sell intra days highs/lows based on yesterdays prices. I only aim to gain 5-10 pts but my risk is slightly more than 5% as this type of stratogy is more consistent

Sorry to say this bud but that is a total waste of yours and others fooking time...

 

[Rossini]

Is it only me that had a rather good week?

 

[Black Swan]

Technicallymental/aaronmalins is the only one of the 190,000 t2w members I have on ignore (unsurprisingly in view of the unsurpassed sheer trashiness of his posts and his professed wish to see me dead LOL) so I have no idea what he says, but there seems to be a reference to him having stated he's lost 100%.
I'm sorry to hear that, no-one should get wiped out.
Oh to hell with it, he's brought it on himself.
What goes around, comes around.
I wouldn't want anyone to think I'm getting soft :cheesy:

He could represent your biggest challenge yet?

 

[Mr. Charts]

He could represent your biggest challenge yet?

I used to think there was hope for everyone - a modicum of maturity, learning, hard work, perseverance, open-mindedness, humility, unlearn all the junk they've absorbed about trading on web sites and learn from price action and what works and what doesn't. above all LEARN SELF-DISCIPLINE AND SELF- CONTROL and so on - but I was wrong.
For some there is no hope.
They are the empty vessels who make the loudest noise.
They are what the ignore facility was made for.

 

[Black Swan]

I used to think there was hope for everyone - a modicum of maturity, learning, hard work, perseverance, open-mindedness, humility, unlearn all the junk they've absorbed about trading on web sites and learn from price action and what works and what doesn't. above all LEARN SELF-DISCIPLINE AND SELF- CONTROL and so on - but I was wrong.
For some there is no hope.
They are the empty vessels who make the loudest noise.
They are what the ignore facility was made for.

Hmph, so you're shirking the challenge..? :whistling

 

[Mr. Charts]

Hmph, so you're shirking the challenge..? :whistling

Remember what Jonathan Swift (not Linda Ronstadt !) said about a silk purse.....?

 

[Bloodhound]

It's nonsense predictions like this which are probably behind a lot of the reasons people lose money in trading, they kid themselves and even worse others that they know what will happen next with price. I got news for you, YOU DON'T, and nor do I or does anybody else.

This is one of the best things I have read in a long time. Not that I profess to being anything other than a beginner at trading I would say the defining moment when I started to turn the corner and make some cash was when I finally understood this. Anyone who makes market calls, says things like xyz is going to tank, 'thinks' price is going to go somewhere, and (God forbid) analyses a chart and then expects the analysis to tell them where price will go next is a danger to themselves and anyone who bothers to read what they say.

 

[amit1986]

- i gambled on demo and this is very dangerous because it is giving you fake confident in making money. DONT EVER GAMBLE doesnt matter youre on demo or live, it WONT HELP YOU to BECOME BETTER TRADER!!!
- with the fake confident, i assumed it could do the same with real account, so i was literally being dishonest with myself and break my own trading rules then enter the market with live account

This cannot be emphasized enough! Paper trading / demo trading is an absolute waste of time. Its only useful for those who are totally new to trading and have no experience in watching live markets. It gives a false sense of confidence when you start making consistent profits in your paper trading account and only when you start trading with real money is when you realize it's an entirely different ball game...

 

[Technically Fundamental]

A 100% well that is a lot worse.


Paul

I'm not down 100% :S

 

[Technically Fundamental]

I used to think there was hope for everyone - a modicum of maturity, learning, hard work, perseverance, open-mindedness, humility, unlearn all the junk they've absorbed about trading on web sites and learn from price action and what works and what doesn't. above all LEARN SELF-DISCIPLINE AND SELF- CONTROL and so on - but I was wrong.
For some there is no hope.
They are the empty vessels who make the loudest noise.
They are what the ignore facility was made for.

Don't worry charts I have nor will I ever ask for your help or encouragement. I'd rather the swerve the middle-man snake oil pitch and go direct to a web page that sells John Carter books. When I PM'ed you months ago to bury the hatchet as it were and apologised for being a bit of an idiot towards you so we could stop filling the site with tripe it fell on deaf ears and now here you are again with nonsense posts showing off all of the time you spend alone in your study reading the thesaurus. But you're mature right?

I think anyone else on here who I respect and will ask for help or opinions -as they don't have their heads stuck so far up their own a55 they can sniff their own gullet *cough* - will tell you that I am humble. Also, if you know a way of gaining the knowledge, disciple and self control required to become a successful professional trader overnight I'm all ears. This is the last time I'll post you. I wish you a happy couple of years before you pass on but as I said last time I'll keep my fingers crossed in the hope that that day comes sooner rather than later.

Goodbye Charts. All the best in the future. Personal/family life and trading alike. Hope I'm as confident as you one day.

 

[glyder]

This cannot be emphasized enough! Paper trading / demo trading is an absolute waste of time. Its only useful for those who are totally new to trading and have no experience in watching live markets. It gives a false sense of confidence when you start making consistent profits in your paper trading account and only when you start trading with real money is when you realize it's an entirely different ball game...

amit, I must disagree, for me at least demo worked well. I used to think the way you do about demo but the fear and greed and impatience got the better of me when real money was on the table. Going demo for a period taught to me to trust my methods in a safe environmnt, after which trading cash was far easier, I had established my edge and learnt to trust it for free. I felt relaxed when taking trades cos I'd seen what works and what doesn't work for me on demo I learnt how I'd react, and how to avoid many mistakes in the first place.
I'd recommend it to anyone, it don't cost anything so why not.

 

[Mr. Charts]

Succeeding at paper trading is no guarantee of success trading for real - far from it.
But, hey, if you fail at paper trading there is no way you will succeed with real money.
Richard

 

[amit1986]

I guess I wasn't as clear as I should have been - my apologies for that.

What I meant to say was that paper trading is a double-edged sword. It's excellent for practicing strategies and knowing they work in a simulated environment where your emotions can never a hold of you, but on the other edge, it can also give you a false sense of security. That false sense of security can take you into real money trading thinking that the profits/losses will be similar to the paper trading version.

I also paper traded for quite a while until I started to see consistent profits. I then expected my real account to mimic my paper account, only to be humbled by the markets. The point you make glyder is excellent (that paper trading assures you that your system works). But what I mean to say is for those who have never traded with real money and are currently trading with a demo account, don't underestimate the impact of emotions in trading. I find that managing one's emotions is as important as any strategy.

Once again Mr Charts, I'd have to agree with you!

My apologies for the misunderstanding in my previous post.

 

[glyder]

What I meant to say was that paper trading is a double-edged sword.
.

I agree, I found I sometimes gave in to the temptation to take risks on demo taking less high grade set up trades . And that can be disaster on a real account.Probably more so if they get lucky on the demo trades.
Also to be clear when I say 'demo' I don't mean backtesting for a couple of hours, or even forward testing for a week or two, I demo'd real time markets for months, exactly as I would live trade, actually getting my method
hardwired into me, during that time the p/l on my demo became a matter of importance to me almost equalling real money (?well, ok, not to overstate it... you know it meant a lot to me to see it grow anyway?). The switchover was less traumatic after that. And I keep a demo for new methods, or in case I manage to catch myself about to have what is effectively a little flutter, I move to the demo to get it out of my system

 

[amit1986]

Very true.

I also was referring to demo trading real time markets. Well with my strategy, I can only practice in real time as eSignal does not allow me to replay the tape after market hours.

After real time demo trading for a long time and having finally achieved consistent profits, I also reached a stage where I decided to treat my demo account as I would any real account. Fact of the matter is that when I made the switch, the feeling I used to get putting on trades with real money could never match how I felt paper trading, irrespective of how much I convinced myself to treat paper trading as I was trading with real money. I thought I was ready to become a "trader" only to discover there was an entirely new aspect of trading I had not come across and could "safely practice" - controlling your emotions.

Now when I test methods, I am aware of this issue and always take it into account while practicing.

Anyhow, I get the point of your post and totally agree with you.

What I meant to say was that paper trading is a double-edged sword.
.

I agree, I found I sometimes gave in to the temptation to take risks on demo taking less high grade set up trades . And that can be disaster on a real account.Probably more so if they get lucky on the demo trades.
Also to be clear when I say 'demo' I don't mean backtesting for a couple of hours, or even forward testing for a week or two, I demo'd real time markets for months, exactly as I would live trade, actually getting my method
hardwired into me, during that time the p/l on my demo became a matter of importance to me almost equalling real money (?well, ok, not to overstate it... you know it meant a lot to me to see it grow anyway?). The switchover was less traumatic after that. And I keep a demo for new methods, or in case I manage to catch myself about to have what is effectively a little flutter, I move to the demo to get it out of my system

 

[The Alchimix]

I also completly agree with you. Often we are less conservative on demo account and the risk happen when we have risky winning trades on it. Then we just think ok, i am ready....and then crash the real account... As you said it is very important to treat as much as possible the demo account like the real account, to do the same daily analyse on trades, stratégies we used, and ask each time if we would have done those trades with real money. But real account is still completly different. I try to never focus on P/L only on pips (FX), and look at $ only at the end of each week.

 

[Paul71]

It's nonsense predictions like this which are probably behind a lot of the reasons people lose money in trading, they kid themselves and even worse others that they know what will happen next with price. I got news for you, YOU DON'T, and nor do I or does anybody else.



Very true. It's easy to come on here and talk a good game, and some are better at talking about the game than others. But the fact is, nobody can be 100% about thier next trade. Don't get me wrong, there are people with mighty fine expectancies and w/l ratios. Eod, the game is played in a ceratain way because of 'unknowing', otherwise we would all learn, do one trade, and walk away millionaires. That's not the case in general though.

 

[Paul71]

The other thing i find funny is that some people seem to have 'chatforum phobias', like the phobia of certain words, 'predicting' is one of them...


"...Oh no, no no, i don't predict, i anticipate and go with the flow..." Whatever...!


You see this more on say ET, but i find it funny non-the-less, that some people do find it hard comming to terms with thier inabilty to see into the future.