There is the similar to this post thread on ET,named ''Why is the obvious not so obvious?'',where the OP was trying to encourage the noobs without getting involved in specs.But it IS the specifics that make all the difference,once and for all! I think it is a good idea to set yourself for a certain type of trade and stay with it.Whether it be triangles,BOes,crossovers or whatever.There are plenty of them.
Then he is a looser. Anyone who gives advice but do not share source of a method is a BIG LOOSER in my book. By source I mean a reference like a book, a paper etc.. Just saying I developed method on my own is BS. However, Real Thing makes some good points in his post.
Who gives a fart what PTJ wrote.You`ll never be another Mark Fisher,will you? Everyone on his own.Find your pattern and exploit it,that`s all what she said. Check the mindozas post in the ''Why is the obvious not so obvious''.
make your money now, another 30 years "BO's from an ascending triangle" will be the joke of your kids and trader grandkids. we got 20 tops maybe (less)30 more good years to make OUR $ off our BS price action (if lucky) getting worse each year after this we will be as antiquated and useless as the IBM 8086
Matt, if you have a picture of your equity curve in your research, I can tell you within 3 seconds if it's worth putting dollars on versus buy and hold diversified portfolios. Don't have a backtested equity curve? Better come up with one, or your situation is more hopeless than you know. I don't agree with the criticism people have saying you cannot go to Institutional Wealth Management positions at your age. Anybody can. Profits before you start are usually a pre-requisite, though, and any kind of real money track record will just make that much more marketable.
This is the problem. Why should it sting? The truth will set you free. Why are we so attached to our beliefs and preconceptions that it is painful to listen to a contrary argument? Eckhart Tolle writes about this in his books. Being attached to our opinions and confusing our beliefs with our identity. Then we look to make ourselves right by proving others wrong. If we are proved wrong, we are personally affronted and feel suffering rather than being pleased to have gained knowledge and understanding. Making excuses for not doing our own thinking, or ignoring reason when it comes along because we don't like the way the facts are presented to us ... just kidding ourselves. How can self deceit help in trading or in life generally? This is an opportunity for us all to learn a lot - if we are willing to. Ultimately it appears that this and similar opportunities are passed over by the many on ET: this is yet another thread with the usual replies to the usual beginner fantasy: -posts about "trading psychology" as if this were a panacea...check -recommendations for a particular strategy, technique, website or guru...check -statements that the OP just needs more practice, patience, discipline, or "an edge"...check -suggestions to change instrument, timeframe, analysis technique, leverage, etc...check -suggestion to keep taking more trades until the problem micraculously resolves itself...check -suggestions to perform backtesting, references to statistics and odds...check -at least one sensible poster remarking that the OP doesn't know enough to be successful...check -various posters condemning the frank poster as 'rude', 'unhelpful', 'mean spirited', 'discouraging', etc...check Now we're debating the relative merits of various posts telling the hopeless to pack it in before they lose more money. Unfortunately, some are so thick skinned that no amount of discouragement will penetrate. Dream crushing for them? Bankruptcy? Divorce? At least the OP isn't quitting his job!
Thanks for recommending " Why is the obvious not so obvious". It has good points. I trade Crude Oil futures. Mark fisher firm clears 1/3 rd of daily volume of crude oil futures. I do not want to ignore methods of a trading GENIUS like Mark Fisher. I will bet he knows a thing or two about trading futures. His book guides one in right direction. A trader still has to find his set ups, patterns etc..
"Then he is a "looser". Anyone who gives advice but do not share source of a method is a BIG "LOOSER" in my book." This always makes me laugh. Presumably then he is a de-tightener?