Its a bit like depression!
Posted 10-23-2008 at 02:55 PM by wasp
Its all made up bollocks....
I can't even read forums anymore as they are full of people regurgitating crap saying people lose because of whats written everyhwere, yet they are just regurgitating more new lies, doing the same...
From ATR based stops, widened to allow for volatility and pinpointing entries is bad math... to... YOU are the holy grail... TOSH! skills are the grail...!
Trading has many a word written about it. It has many guru's and experts and many, many people with opinions.
It is a tough old game due to the fact there is no 'one way' and so unlike everything else you can think of, from bartending to surgery, there is no university nor correct route, or guarantee in success.
I am one of the few as far as I am aware, that has never read a trading book.. Not followed anyone in particular or believed what others say for fact. I have on the other hand, read a lot on forums for my sins.
For those unaware, I have been trading on and off since 1992. When I started, it was in a backstreet brokers in Hong Kong and orders were telephone only and I was shown half a dozen charts with triangles and the like on them, told what time news releases came out and told to get on with it.
Anyhow, where was I, the point, right...
So on these forums, newbies faults are blamed on alot of circulating literature and it being false, well, yes and no... See, I think my approach and thoughts on the subject are so different and that helps me....
For example;
Weak hands and strong hands - bollocks
It's all YOU - again, bollocks
Forget me, Soros, books and websites, the answers to everything are in that chart over there... just to the left on the next monitor... they ARE ALL THERE.
Took me a long time to realise all this but no one will change my views but I hope I can wake up a few people to read the charts better....
IMVHO...
The markets are made up of institutional, bank and hedge fund traders all trying to make money... and failing...... Let alone trying to screw you!
Everything happens for a reason - understand that and you have one hell of a grasp on your trading
UNDERSTAND the charts and why its doing what its doing - once you have, you won't need to worry about 'being in the zone' or having the right mindset nor caring about the man in the mirror.
__________________
Knowledge = understanding = ease = profit
_________
rant over!
I can't even read forums anymore as they are full of people regurgitating crap saying people lose because of whats written everyhwere, yet they are just regurgitating more new lies, doing the same...
From ATR based stops, widened to allow for volatility and pinpointing entries is bad math... to... YOU are the holy grail... TOSH! skills are the grail...!
Trading has many a word written about it. It has many guru's and experts and many, many people with opinions.
It is a tough old game due to the fact there is no 'one way' and so unlike everything else you can think of, from bartending to surgery, there is no university nor correct route, or guarantee in success.
I am one of the few as far as I am aware, that has never read a trading book.. Not followed anyone in particular or believed what others say for fact. I have on the other hand, read a lot on forums for my sins.
For those unaware, I have been trading on and off since 1992. When I started, it was in a backstreet brokers in Hong Kong and orders were telephone only and I was shown half a dozen charts with triangles and the like on them, told what time news releases came out and told to get on with it.
Anyhow, where was I, the point, right...
So on these forums, newbies faults are blamed on alot of circulating literature and it being false, well, yes and no... See, I think my approach and thoughts on the subject are so different and that helps me....
For example;
Weak hands and strong hands - bollocks
It's all YOU - again, bollocks
Forget me, Soros, books and websites, the answers to everything are in that chart over there... just to the left on the next monitor... they ARE ALL THERE.
Took me a long time to realise all this but no one will change my views but I hope I can wake up a few people to read the charts better....
IMVHO...
The markets are made up of institutional, bank and hedge fund traders all trying to make money... and failing...... Let alone trying to screw you!
Everything happens for a reason - understand that and you have one hell of a grasp on your trading
UNDERSTAND the charts and why its doing what its doing - once you have, you won't need to worry about 'being in the zone' or having the right mindset nor caring about the man in the mirror.
__________________
Knowledge = understanding = ease = profit
_________
rant over!
Total Comments 2
Comments
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In fact, there has been one person who has given me one sound bit of advice along the way which, having read, I am all the richer (no pun intended) for...
DBpheonix always advocated that a good solid plan, with solid price based reasoning conquers all the problems and once you have that proven, there is nothing else to think about.
I did all this in my t2w journal but for those who listen to anything I say?! (waits for echo to die down), THIS is the key and like I am about to do... stop reading forums!!!
Now I am off to buy lots of novels to keep me occupied between trades!Posted 10-23-2008 at 03:12 PM by wasp
- You have a lot of wisdom in your post. I've learned a lot from you in these past weeks, but I never accepted anything you've written as gospel. I'm one of the people out there who needed some guidance from someone with a good deal of experience like yourself. What you've written in past posts rang true to me in many ways. I've incorporated some of your trading concepts and they've improved my trading immensely.
I completely agree with you that 99% of all FX related forums are complete bulls&*t. That being said, I've been fortunate enough to find your postings and the postings of Anna-Maria, Tess, Jocelyn, Mark(all who work for the same hedge fund) which are similar in some ways in how price is analyzed and acted upon. As you've said, there are multiple levels of players in the market, each with their own agenda where price is the one true common denominator between them. Skills are the grail, but who holds, develops and uses the skills? YOU, the trader!
I've read several trading books. The technical ones about how to trade are complete rubbish. A few of the trader psychology books like Trading in The Zone and Exceptional Trading: The Mind Game, I found to be pretty good. I've gone through phases in my trading as I've learned the truth about the market. That truth is: keep it simple. As the complexity of trying to use multiple indicators to determine price direction fell away, my knowledge and understanding of the charts increased. My confidence blossomed. I'm now in control of my trading decisions, not some holy grail indicator or 5-min scalping chart. I now find it amazing(and a bit humorous) how most traders believe trading must be a complex and complicated process requiring expensive indicators and "systems". After all, how else do you explain successful traders? They MUST have something you don't, right?
I tend to read, watch movies and play sudoku while waiting for predetermined s/r levels to be engaged or waiting for trades to hit predetermined profit levels.Posted 10-25-2008 at 02:43 AM by pipMonster
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