A sad testament to how poisonous the environment at ET has become when someone can go from this: AND THIS To this in less than 2 1/2 months. From clear and independent thinker to a marketsurfer/B1S2/KP capo so quickly it makes your jaw drop and your head spin. Even more sad that I then I see this. I have to say I am surprised to see you become another enabler of this behavior, bh_prop. I thought you were farther along than I now presume you to be: "The obvious answer = "hindsight", but if that is not the case then please elaborate." Elaborate? DbPhoenix has written and shared a 73 page pdf explaining his interpretation of SL & AMT. There is not one objection or question that has been asked or an explanation demanded that would not be answered by studying his booklet. Can the man not now keep his own journal as any other ET member might do without having it become someone else's cry for therapy? And I don't need to hear yet another "I did read the material and blah blah blah ..." because everyone who bashes DbPhoenix claims to have studied it (with the one honest exception being romik, who admits he found it too complicated ["too many variables"] and boring to read all the way through; good for him - while he and I do not agree on many things, I give him credit for standing up to Buy1Sell2 by stating that he himself finds S/R useful and he also stands and faces the world and says "I for one have not studied DbPhoenix's material completely and thoroughly.") We will no doubt hear from several that they have read the material and that it is incomplete, archaic, too complex, too simple, etc. But if one claims to have studied the material and still manages to work themselves into a lather over its alleged "incompleteness" I can honestly assume only one of three things: Either the person is lying and they have not thoroughly studied the material (most likely) or that that person has an emotional impediment to understanding the material (next most likely) or that person lacks even the small intelligence required to learn and apply the material (least likely, as I think a child could learn this). There is no way anyone could give that material a serious study and still have to ask these same questions day after day, much less formulating them as personal attacks (even DbPhoenix's detractors understand these "questions" are in fact attacks and are personal in nature - that is why he has no end of enablers - the longer they keep him around the less dirty they need to make their own hands). But that is what this place has become: Marketsurfer making accusations of multi-aliases and stealth vendoring while he himself is posting to solicit 100K "investments" in private companies. Otherwise respectable and supposed price action traders enabling and supporting this individual in his continued attacks on another advocate of trading by price (I suspect some of these respected "traders" are not nearly as successful as some would think - it is just not behavior a successful person engages in) make me question whether they themselves actually trade at all. If they do, it is likely a mere hobby. Those who I believe to be successful day traders (very, very, very few) have given up on this individual. My advice to the new trader who stumbles across this material is this: Read it and study it and then set about the task of watching price action with the goal of being able to process and interpret the information as it is coming in so as to enable you to judge the market's current state. Only once you develop that skill should you then attempt to learn the additional skill of being able to use that information and your interpretation of the market's current state to make trading decisions. 99.9% of those trying to learn to trade treat this all as one and the same skill. It is not. The only people I know who have succeeded in trading are those who at some point realized that thjis is two separate skills, and set about learning the first and putting the second (looking for trade opportunities) on hold. It is the only way to learn to trade by price quickly. The. Only. Way.
I should point out that all the trolls are on my Ignore list. I have absolutely no desire to read anything they write. If they want to talk amongst themselves, they are welcome to do so. If nothing else, it's good publicity. As for being defended, I really don't need it. It should be obvious to even the rankest beginner that a self-proclaimed "experienced" trader who doesn't know what a range is, much less be able to recognize one, or understand how to trade a breakout, may not be the experienced trader he claims to be. And given all of the anger, bitterness, and hostility that is displayed by so many ET posters, however much experience they claim to have, they can't be putting much money, if any, in their pockets. Ignoring all these people and keeping them that way is an excellent exercise in discipline. Not only does it improve my state of mind; it also improves my trading results. As for bh_prop, or anyone else who has a question, I'll be happy to answer sincere questions asked courteously by those who have at least read the material. Otherwise they will likely go on the Ignore list as well.
It's just an illustration of price action leading up to the 0830 reports. I haven't traded at all this morning. P.S. I see you've been advised to stay away from charts and technical analysis (the study of price movement) and appear to have taken that advice to heart. If so, the SLA would be of no interest to you whatsoever.
Thanks. Yes, true. I've been told this a few times already. But since i'm unable to work out what the alternative is (it's only ever aluded too, and things are ruled OUT like charts and Time+sales etc, but no advice yet as to what should replace it) i'm left to carry on as I was and hope that them people are wrong!
I suggest you investigate the link I provided in that newbie thread. Given that your brother has been losing for six years, I assume he has no trading plan. If he does, it clearly is inadequate.
THIS: set about the task of watching price action with the goal of being able to process and interpret the information as it is coming in so as to enable you to judge the market's current state. Only once you develop that skill should you then attempt to learn the additional skill of being able to use that information and your interpretation of the market's current state to make trading decisions. 99.9% of those trying to learn to trade treat this all as one and the same skill. It is not. The only people I know who have succeeded in trading are those who at some point realized that thjis is two separate skills, and set about learning the first and putting the second (looking for trade opportunities) on hold. It is the only way to learn to trade by price quickly. The. Only. Way. And welcome back 40. I enjoy reading your posts.
That took me by surprise. I forgot I mentioned my brothers trading! Wondered for a second how on Earth you knew! Yes, he's been at it for ages. Tried every technical method under the sun and spend lots on various seminars and coaching etc etc. He is in a very good financial situation, but the money he's lost would make me cry! I'm yet to see someone demonstrate in realtime any talent for picking profitable trades and the statistics for losing traders (90 per cent??) are concerning! Watching my brother's charts etc just piqued my interest hence i'm here to see how others are getting on. Slightly dissapointed in what i've seen in terms of things to encourage me that anybody is actually able to do this, but i'm not done looking around just yet
From memory, they've changed a lot of the years. They used to look like spaghetti with squiggly price derivatives everywhere. They're clean now, I think. No indicators. But no matter what his charts look like, and what his method is, I can't think of a time where he's been consistenly profitable. (I can think of days where he's made most of my yearly wage, but over time, he loses money)