Keep this in mind. If u make money consistently (by the standard you set) you are justified. Other peoples opinions don't count for shit. Opinions are like assho.. well, you know. This game is not about winning an argument.. its more like finding something that works and then having the good sense to keep it to yourself. If others are wrong, let them be. I use price data every day and so do most traders i know. The issue i have noticed is the claim "price action" works or not. The problem is no data inherently works - opportunity is a function of creativity, intelligence and diligence and it can't be taken for granted. U are here for a finite period of time, so your job is to maximize your opportunities, hopefully enjoy life, leave something worthwhile behind. The last thing a trader needs to consider is the opinion of amateurs and dabblers.
After re-reading the OPs original post, I agree. His Hillary-esque trading was based solely on visuals. And my original statement "The "argument" about TA is just ridiculous." still stands. Of note however, the OPs trading plan, has since taken a fast and sharp u-turn. http://www.elitetrader.com/et/index.php?threads/best-way-to-deal-with-a-large-drawdown.291414/ @Fundlord, my apologies for misspeaking regarding usage of macro/micro analysis. Success on the journey
I found this thread this morning - the guys here are claiming to make about 300 ticks per DAY on the forex market. Forexmospherian is the 'teacher' and his 'best student' is called 'majormagnum'. They use things called 'time windows' (only taking trades at certain minutes past each hour from what I can make of it.) Don't know why that would make any sense, but... Also 'price action' and price structures. here's what the charts look like: http://www.trade2win.com/boards/att...ert-retail-forex-trader-eu-8-51-am-190515.png Anyone seen read that thread?
Folks, Always keep mind that despite the massive amount of verbiage from DBPhoenix--there is not one shred of evidence of success. Read the words carefully, and u will discover, a All the pro traders you list are from 30 plus years ago. Its like looking at the civil war and saying muskets are a fine weapon. Markets have changed radically since then despite what the naive' pretenders want you to believe. Why not follow professionals trading today?
Care to tell me what they do ? All I hear about is they have an information edge which is something I doubt I can get my hands on and that they trade DOM and the ladder. I know you mention price drivers a lot ? Can you give me an example of this method ? My interpretation of price driver trading is: GBP/USD started noticeably falling an 1.5 hours before a disappointing CPI outcome. Would seeing a large shift before a news release predict that someone knows something and is doing X because of a change in Y price driver (CPI, GDP, NFM, FOMC) that nobody else knows about ? Its falling because the price driver is causing a shift in buyer/seller sentiment of people in the know ? I am going through a 40% DD trading a price action method that I thought gave me a real edge. I could use any advice right now PM me if you don't feel comfortable replying on the thread. Thanks Surf
Keep in mind also that after all these years ms has nothing better than Guess&Hope. So do you want to make money or do you want to follow somebody who can't even come up with a consistently-profitable trading plan?
Lots of people claim many things. What's their trading plan? Without that, it's nothing but pretty pictures which don't make a lot of sense.
I'm sorry but I've concluded you shouldn't get involved in trading...you're all over the place in a very bad way in your short visit to online trading forums. I'm just trying to keep you from wasting your time and losing money because this profession is not for you. I say the above based upon only on your discussion so far at this forum.
Please! It's very obvious this barcadia is a shill for whatever he is talking about. Don't fall for it. surf