I had no difficulty reading what his set up was. He uses MACD and RSI I had no difficulty getting the charts he uses to apply the momentum indicator (MACD) and the oscillator RSI set at 14) to the two time periods he uses: 15 minute and 4 hours. I Had no difficulty undertanding that he keys off the London open. And he follows a multifractal procedure (15min and 4hours) that locates price and its movement relative to a pivot, support/resistance, his indicators and waiting an hour for confirmation of the price movement as he sees it. It is clear to me he worked with some other locals that are trading the same market at the same times using the same technique which they handed off to him. So he uses a target after entry of a fixed amount (20 pips) and he uses a stop (no greater than 25 pips) that varies according to a consideration of the market condition as measured continually by the histogram of the MACD (a momentum indicator he uses). He worked into the target by starting at 5 then 10 then 15 pips and finally coming to a final limit at 20, though he knows more is there on occassion. He then went through the adding of amounts of contracts per trade after settling on the target of 20 pips. certainly he is doing a lot of contracts per cycle nowadays and he is an amateur trader who trades as a hobby. He is also able, when there is news, to be sensitive to making the profits the market is offering. He has a win ratio of 8 out of 10 and others have calculated the results under worst conditions. The long term average is a little over 10 pips. Then there is the other BS that was contributed on the thread by others than Africa. Champion, it is important that you take cognisance of if and when I am posting. I make a lot more money (money velocity) in at least three markets all other than the one Africa is trading. You can also take the trouble to find out what is what on ET. by counting hits on threads that you are presently ID'ing me with, you find out simply and clearly what the membership at large thinks of me and how trading works. When I make a comment on how someone is doing or what their quality is, get it straight that I am reporting to the membership something that is in their interest to regard and act upon. You are not worth responding to but I did to just assure that what you are saying, substantively speaking is properly valued. And on the otherhand, regarding me, there is no other person's views in ET that have more hits. It is my concern that I return to posting with my original name, Jack Hershey, for the convenience of ET members. I think that it can be arranged as I resume posting.
Africa makes a point about talent, as well. Talent is not a requirement for trading. What is required for trading is work. Work to carry out a single purpose process. The process is to learn to be able to trade. You can pick a thread that contains the facts. You can "work" your way through it until you can recognize the information, the views of posters, and the two groups of people participating. One group is making money the other group is not. You can place the names of each individual in one or the other of the two groups. As has been said, repeatedly, all other characteristics of the two groups totally overlap one another. Totally overlap. People who go through the process of learning make money, they can read threads and understand the players, their comments and the group in which they fit. Money makers and people who do not make money. They say of people who do not make money: "I can see exactly why this person doesn't get it" "I can see why this person is posting his misunderstood viewpoints" "I can see why this person is asking questions that have been asked before many times and that he still hasn't done any work on the process of learning to know the answers to those questions." There is a standard of not being able to understand in ET. It comes from some notion by most that there is only one genral way of thinking about something. Further, those people apply this mistaken idea that there is just one general way of thinking..... To a set of ideas that are foreign to their way of thinking. tThen, they conclude, erroneously, that what they examined is incorrect simply because it fails to fit their erroneous single minded viewpoint. There are many many successful ways to make money. Some are better than others. The two main paradigms under which they fall are different and separate and do not overlap. I do not use a paradigm that is related to the mathematics of gambling (Pascal and Fermat, et al). In 1957, I chose a paradigm that is related to the potential of the market to deliver money to the trader. When this paradigm is used, then the concerns for improvement center on one's effectiveness and efficiency of being on the right side of the market. Africa is trading by staying on the right side of the market. His advisaries, largely speaking, are not able to see that they are judging him from the vantage point of the wrong paradigm (The only one they belive works) or as in the case of many, those who have not done the work to be able to make money under any circumstances (see ripley, coolweb, and crowley types et al).
Certainly, I do not know what "pizdabolz" means or whom you are referring to. They must be a group who feel that talent is a proviso for trading. For me talent or having a particular talent is a consideration that means something is not available to everyone per se. Trading is available to everyone at the time that they give it initial consideration. Trading is something that becomes less and less available and then no longer available at some point for persons who follow various paths and, as they do, accumulate "stoppers". An untalented person, Smilingsynic, on page 12, is an example of a person who is accumulating stuff that will ultimately eliminate him from trading. If a person is putting in the work to go through the process and they have talent, then they will be on a fast track to some level of performance. In the spectrum of performance, most people draw a line as to what is believable or unbelievable and it is relative to the paradigm they favor, then adopt. The longer a person is able to still see the potential that the markets holds and offers, the greater the chance he has of utilizing any personal talent he may have. At some point most persons go in the direction of dropping a view learning to exact the potential and they focus on learning to deal with what they see as opportunity in a context of probabilities. At this point they usually have moved away from knowledge considerations to more of a focus on skills. Talent and skills seem to go together for them and having practical or applied maths skills can become a serious focus. This is how the line between believable and unbelievable expectations gets lowered more and more as time goes by. See the equity curves that are posted by these people. They are almost always linear representations of failure to backtest. There are no linear representations of backtesting markets with available applied capital even when such tests do not employ compounding for various reasons they have. The series of improvements that come in effectiveness and efficiency to realize the potential the market offers amount to about 8 doublings of money velocity. Talent would do what to the curve? There are few places to look and the work process of learning for knowledge and skills tends to be the overwelming ingredient. Talent is not a key factor in preventing a person from detouring away from the potential of the markets and verring towards the elements associated with what in ET is conventional wisdom.
PIZDABOL is a person that talks mostly BS, in this case these are the ones that can not read between the lines of Africa's initial post, I haven't got a clue whether he is for real, but I see sense in his amateurish definition of a successful trader. edit: now if you take Maestro's Star Trek Enterprise camp followers, you would say Africa is FOS for sure. But I am sure Maestro is a very brainy dude, being Jewish and all LOL, but how many of us can match Maestro's IQ. Maestro, I expect some dough in my Paypal account from yourself, thanks in advance.
I used to think that 100 million monkeys on 100 million keyboards could eventually reproduce the entire works of Shakespeare but now thanks to the internet and seeing posts of trading to be easy I know this not to be true Pushing a buy or sell button is easy, no doubt about that, even a 4 year old can do that. But creating a system, monitoring & adjusting it for optimum returns in real time ain't (contrary to the drivel that many here spew). Holmes
Let me take a stab at it. I am a big fan of Grob. When you papertrade, you tend to write down your entries and exits on a paper. Well, take that paper and make a paper rocket. We'll call these ROCKETS.. Grob's ROCKETS. Then you can shoot those ROCKETS up in the air and they will go about "8 doublings".. which means, they will go 16 meters up and high in the air. Of course, it is very rare for a paper rocket to go that high.. but, it is a very special rocket. Not to mention it is also a SECRET.