THOUGHT FOR THE DAY: DEVELOPING AS A TRADER Long time ago I used to be a professional gambler. Well thatâs what they call it but no self-respecting pro thinks of himself as a gambler. He has his edge and statistics prove he is a shrewd a speculator. It all began by accident â over an argument really. I friend pressurised me into placing a small bet and I succumbed. I enjoyed the feeling of urging a horse on to win with my small stake riding on the outcome and I found out to my surprise that I had a natural talent. After a lengthy period of time I had never ever had a winner⦠not even close. I thought I might accidentally pick a winner one day, but no, I had this remarkable talent for picking losers with the utmost reliability. Then it happened. I told my friend I was convinced there must be a mathematical approach that would beat the house and what was an innocuous throw away comment turned into quite a row culminating in me betting that I could make a profit from betting on horses. Looking at my track record there was more than just my friend who thought this was a banker bet against me. Not being one to reinvent the wheel I bought a book written by a pro gambler and copied his system to the letter. Armed with my new killer system I went into my local bar on a Saturday and announced I was ready for the challenge, much to everyoneâs amusement. My 1st bet was a £5 5-timer accumulator where the winnings of each horse goes on to the next, unless thereâs a looser that busts the bet. Well before I handed this over to Sean who ran the âbookâ I looked at it and thought, Iâve never had a winner in my life and now I expect 5 in a row⦠Iâll just score the last one off the list. The odds were between 6/1 and 14/1 â no favourites involved. Long story short: when the 4th consecutive winner came in Sean had his forehead on the bar â he never placed the bet as he had been pocketing my bets for ages because I had become his banker⦠and now Hehe I had bet on a 4-timer⦠he might as well just pretend to ring the bet through. Sean came over and said, âThatâs just won £664 but I donât have it on me now â will Monday do?â The 5th horse that I scored out also won at 14/1! My next bet won around £800 and from that bank I quickly became known as a big gambler. That was over 20 years back and I was betting easily £500 p.w. and doing quite well thanks. I began to study other pro speculators and develop my own methods but here is the interesting thing. Each of the top 5 pros all did something the other 4 said wouldnât work and was the sure way to the poor house. Each had a highly developed edge based on what the rest had failed at so badly it was a rule no one could break and survive. Trading is exactly like that. Someone tries indicator trading and goes about it all wrong so the rule is⦠it is impossible to make a profit using indicators. I can trade well without indicators â even without price â but Iâd never want to trade without indicators because they provide so much information that PA alone cannot. So the moral of the story is, ignore everyone who says you canât do this or make that work and take whatever you can from whoever you will and use it as it suits you until you develop your edge. This is a time of unlimited knowledge â search it out and continue to develop as a trader. Today Iâll study another pro trader to see if I they can spark off an idea I can work on. Enjoy your trading
1H and 4H are in sync both showing 2B top along with CCI hooking (from above +100 on 4H and a bit worse, +80, but still on 1H)... This makes me think we can have a selloff today... Or if pattern fails and works as a continuation box (chance of it exists when looking at 4H) then we will see top of 4H channel almost surely...
morning, loss my SOD this morning, and blow pasted my stop.. -45pts, ooch. still couldn't bring myself to reversal on da wrong, fine that PA signals are really two sided, either you so right, or you are so wrong that, a fail (or mis read) signal often do mean a good signal on the other side, and just before the move..