The Only Thread I Will Ever Create - page 4

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Let's not forget the 2/20 rule =)

Beno:
commision sales it's a beautiful thing. that's how they make money and stuff the client ie I have sold you a fund you place a set dollar amount into that fund that is then split between several "conpanies" divisions. and what are you given Bloody points or units or some other loyalty card style crap. as for performance take abit of this and that from china, japan, india, some smaller companies and there you have it an asian fund. that will be $135.00 per month thanks, would you like insurance with that sir. LOL

then again I could be wrong but i don't think so.

cheers

Beno
 
fxbs:

"Learn to trade with your personality- you dress with style, you walk and talk with a certain style, your trading style should be the same"

but i don't like this:

"The Only Thread I Will Ever Create"

Hi fxbs

You have my curiosity aroused, please tell me why it is that you don't like "The Only Thread I Will Ever Create" initiated by Walander?

Cheers

Wayne

 
KaMpeR:
Hi fxbs

You have my curiosity aroused, please tell me why it is that you don't like "The Only Thread I Will Ever Create" initiated by Walander?

Cheers

Wayne

Wayne,

Sorry to intrude...probably because Walander can create more than 1 thread,what he posts is helpful,so ,it is a pity that he will only do so once...my 2 cents..and Happy New Year to you and everybody at TB

Santi

 

OR!

I have created this thread to centralize some of my most cynical, yet helpful, critical comments on my journey to understand and develop a profitable, yet highly probable, trading technique by reading, learning, and being humble with one's knowledge to a beast that is known as Forex.

 

Elliot Waves and My 2cents

There are many people who use Elliot Wave Analysis to aid their trading strategy, some believe in the theory so much that they trade as a "Elliotician," a coined term by Prechter.

Now if you're new to Elliot Waves, I suggest taking a read through in some brief articles that you can find easily throughout the internet, my goal in this post is to make sure you don't waste your time.

I have read a majority of books that run through Tech. Analy that also touch on Elliot Waves. I will say this right now-

Precther's Elliot Wave Book is a P.O.S.

I refuse to retract that statement, because after reading Precthers "Elliot Wave Principle" book, I am dumb founded by the lack of concrete and objective standards that are based on these "W-X-Y-Z" Waves. Yes, you heard me correct, there are such things. There are also these wonderful "X" waves that tend to fill up the pattern by really no objective standard.

Save your money reading Elliot Waves and Don't buy Prechter's book (this of course is my opinion)

Elliot Waves are >PatternsFoundation< of market movement. - The foundation of market movement is Supply / Demand which evolve into Patterns, so Precther believes regardless of the market situation, you can and always will be able to define Elliot Waves (He basically means place X waves everywhere until you figure it out).

Cheers,

 

I always find that something which is very subjective such as Elliott Waves and even Fibs at times cannot be used as a real trading tool. Of course when we look back in time, one can draw the lines any which way they want to make it fit or even justify a move. Personally, I do use Fibs but only on the prior day charts and nothing further back to get a feel for today's potential targets.

I hope no one will come and say that its because I not know how to use EW and FIBs that I find it not useful. I do not care to learn EW or Fibs if I can accomplish the same thing just using indicators. I think sometimes people make trading much harder than what it is. Why have one's chart loaded with all these lines and ton of indicators to make trading much more harder than what it is? One's charts should be simple and not an overload on one's brain that one cannot decide when to take a trade....

 

Want to know how to make your own Fibonacci Absolute Bullshit Framework?

http://www.forexfactory.com/attachment.php?attachmentid=173034&d=1227284345

http://www.forexfactory.com/attachment.php?attachmentid=154939&d=1223320807

Create an indicator that bases its vertical lines (a grid indicator) by certain ranges. Add a code to put in the Fibonacci ratios below this. Hence, Price = 120. Your Indicator is put for ranges of 10. First Vertical line at 130 down to 120 using ratio numbers- Repeat and rinse to get a full chart of vertical lines.

How to produce amazing results like Lewis does in his pictures?? Fiddle with the numbers until significant support and resistance are "Coincidentally" met in each time frame- then after the fact, post your amazing system.

Create a fancy name, mine will be "Golden Bullshit of the Ratio Spirals"

Post pictures on various Forex Forums after fiddling with different ratios to meet key lows and highs- post pictures and comment that you took the trade out perfectly

Make a website, and sell garbage!

Sorry I forgot- http://www.youtube.com/watch?v=0HS9XXFXvQU - Fiddle with ALL your indicators to find a perfect fit. Wtf kind of system is this. What a joke- fiddle with your periods until they fit? Where's my rofl emoticon.

PS. I will be creating an indicator for everyone to use. Enjoy

Enjoy.

 

Tin Medal!

Surprising enough, I received a metal, regardless of its material matter, i will honour it as my own.

As per the comments on the blog, I will "un-contradict" my thread by stating my mistakes and more or less how I dealt with them.

1. When I first began trading, I was naive- and believed that indicators were the best choice possible.

2. I believed at one point in time having 30 indicators was the best possible setup there is to finding an accurate entry strategy.

3. I did not believe in stop losses (MiniMe can have a good laugh at this one, maybe even Kenny)

4. I did not believe in Elliot Wave Analysis

5. I believed that EA's that traded more like a machine gun (Thank You ES for this) was the best way to go, I did waste my money on commercial garbage.

6. I once believed that RSI was the key to success- I also believed that I could modify indicators without having a single piece of knowledge of an indicator and how it created its values.

7. I didn't believe in MM and the after-math of not using a system

8. A one point in time, I did not have any knowledge of Fibo's, SR lines, Elliot Wave Analysis, Volume Analysis, Cycle and Channel Analysis.

What I did not do

1. I did not post anything regarding the information above as if I knew them until I personally learned them, I did not beg for information, nor did I bother needing to be hand held learning them. I took my own initiative in learning my own systems, and understanding my own mistakes- I did not wait, or ask someone to fix them for me. Nor did I attempt to waste people's time by asking them redundant questions on things that can easily be resourced from the internet.

I provide knowledgeable discussions between fellow traders, and I "try" not to waste their time by creating a mutually beneficial relationship. For people who do ask for help, I provide anything within my own limitations to advance on their questions and or inquiries.

My "self-made" authority is mistaken for my uncanny ability to attack commercial garbage. My background as a marketing specialist and running my own business as such makes it easy to pick out people who market garbage, and to understand the value of research behind their intentions to understand if they're here to help or they're here to sell.

There =)

And no- anyone who challenges me to a competition in trading will receive a big fat no. I am currently >not trading< I am taking a 1-2 month break to read and understand as much written resources as possible- such as my new found collection of ORIGINAL Gann Courses. When I am finished my humbling break, I will be developing my own "prop" strategy to trade that is an advancement on my current, not original, trendline trading.

Cheers,

 

Best of luck Nathan, shout if I can help with anything. I sent you a PM.

 

So Walander who are you?

You started the thread with a bunch of wonderful sobering words... which is nice

And there you go 2009 :

I am currently >not trading< I am taking a 1-2 month break to read and understand as much written resources as possible- such as my new found collection of ORIGINAL Gann Courses. When I am finished my humbling break, I will be developing my own "prop" strategy to trade that is an advancement on my current, not original, trendline trading.

which makes methink you are still within Stage 2 of trader development history that you posted. Or am I falling wrong with my bad understanding of English? (Well, I may be falling allright, but it's New Year, our best holiday in my country) :-)

Anyway, posts 1-to 6 are pure gold. Thanks for them.

I would add Joe Ross as an authority for young - not the trading technique, but attitude, that's what's important.

...and dump those indicators! :-)

All have a nice new year, and feck the crisis anyway!

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