Yeah thanks Oldareg, I know about OTA, attended one of the free workshops a couple of years back. I'm OK with R:R on the first 50% of the position, but it's hanging in with the remainder that's problematic. That said, I just closed out a trade that I managed to stay in for a while with a decent return this afternoon, although I still came out a bit early. I should add that I've been practising this week on a very fast moving, liquid currency pair so a decent profit can turn into a loss pretty darn quickly. I've decided it's a matter of holding my nerve. Will have a new broker account up and running (hopefully) next week, then I'll be moving on to Naz and S&P stocks.
Alas, there are none as blind as those who will not see. Or take a LOOK http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=look&sid=&o_symb=&x=0&y=0
Hi MO, I also have my own software that I use to help me see short term supply vs. demand changes, but, to be honest, if you are letting guys trade without charts, then, you lot really know very little about trading, and as such, maybe a more fitting title is TB for what you do, as in Trading Blind No doubt you see the funny side To say you can trade without charts is very true, in fact, you can trade without looking at anything once you have an account and adequate cash in it for margin, but to trade without charts is silly, stupid and ridiculous :eek: It reminds a bit about Woodie ans his CCI, the magic indicator that can reveal very short term changes in price when certain things cross over:eek: You see, what most do not realize, is that, you might well be making money trading with what ever approach you have, and yes, that is all that matters, but, since Time = Money, then, one should strive to maximize the amount of Money made in the shortest Time possible, and, to do this efficiently, one HAS to use charts, as charts allow one to see what the big players are doing, and, the big players are not concerned (extreme panic days excluded) about short term price movements BTW, how much do you charge to show others what you have, just curious, as if I ever decide to sell my own software configuration, I want to make sure I do not SELL myself SHORT TE
MK, it is very simple, if I get fed up I move on! Remember, you owe nobody anything, and nobody owes you anything. When you trade the markets it is gambling, very hard gambling, as you are up against the biggest load of legal crooks and robbers that operate anywhere in the world, so, best to get hard as fast as you can, for, the markets are no place for weak minded individuals, as, they will be eaten up in a very short period, which is what happens to most. TA really means Trading Attitude, and, the better your attitude to the realities of the markets, the better you will become, and the better you become, the more money you will make. No one gives a s.h.i.t about YOU, really, YOU are all on your OWN, and, if you think that even one person is out to help YOU, then you are an idiot and a fool:eek: If you get better as a result of reading some of what I write, then, know this, it is not because of me, but it is because of YOU, as, YOU are the only one that can make things happen for YOU, not me, or any other half wit idiot on the internet That said, TE is the only coach / trainer that does not charge a fee, ever, so in that respect, he is really the KING OF ALL IDIOTS TE
OK MN, you have asked a very logical and very good question, so here is an honest reply. Chart reading skills are a prerequisite to making money, but, the secret is CORRECT chart reading skills, which, very few know about, and even fewer practice. E.G. how many know what a BOB is? I know that those who have been trading for years know what a BOB is, and I also know that very few actually use BOB's effectively, but, BOB's are a very valuable tool in the daytraders toolbox, and, also makes good money for a lot of daytraders that use them CORRECTLY. Can a BOB be called TA, well yes, of course, but it is not the regular TA that is pure and utter rubbish, and, the fact that you will find very little info about BOB's in the rubbish that is peddled to the general public, well, speaks for itself. There are one or two books that mention BOB's, but, again, I have not yet seen one that explains the use correctly, in order to use BOB's effectively to make some good money daytrading. TE
To clarify, regular TA, or RTA as has been mentioned at the site we can not mention is nothing short of pure and utter rubbish, and, if any would be trader decides to embark on the journey to find a cocktail of stupid and silly wiggly lines stacked one on top of each other, that will make good money trading, then, that person will get exactly what they deserve, as, that is exactly how it works. A wise man learns from the mistakes of others, not his own
Hey TE back on the plot... Very true, you can take a horse to water, but you can't make it drink. I think I've said it many times, I use a predominantly technical approach, but by the same token, I'll freely admit it's really just an EDGE-ucated guess. Just because a technical set-up worked last time doesn't necessarily mean it will work this time, every single moment in the market is unique, all we do in this business is quantify probabilities. You're totally right TE, it's all about the attitude, attitude to money management and to getting the f*** out when the market is telling you that you're wrong. Being wrong goes with the territory and you need to learn to deal with it or the market will teach you the hard way. PS. you see wiggly lines, I see a high probability cycle top or bottom and MA's providing potential dynamic support and resistance, like I said it's not correct all the time, but a 70% to an 80% edge is something I can use. If I'm going to war then I want all the weapons in my arsenal.
Yes FA, there are many ways to skin a cat, and, for most, the end result is mediocre ways that yield very small results. If one is serious about trading, and one is committed to spending a lot of time, but not a lot of money , to learn what is required, then one should be always striving for the quickest and easiest way to pull the most amount of money out of the market in the shortest time possible. I have rubbed shoulders with many GOOD traders over the years, and, some of them know more about the markets that I will ever know, but, most of these traders had one thing in common, and that was, and probably still is, that, they are unable to hold on to their money:eek: IT IS NO GOOD MAKING MONEY TRADING IF YOU DON'T HOLD ON TO IT:eek: This is where the real TA helps TE