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Donald reacted to zdo in Which indicators you like and why
PAn said "Indicators are absolutely worthless"
To be more accurate, PAn should have posted "Indicators are absolutely worthless to me."
Indicators are like any other measure or representation - worthless if you don’t know how to use them. When I first started trading I studied indicators in depth then moved on... it was not until many years later when I got into automation that indicators and learning how and WHEN to use them became not “absolutely worthless” but extremely valuable.
PAn, somewhere a noob is in a Price Action thread trying to integrate new material. Someone like you pops up and says “Price action trading is absolutely worthless. Indicators are all I need” . Helpful? No. To really be accurate PAn should have posted nothing at all in this thread...
Donald got a reaction from nahamya in Which indicators you like and why
So I've been messing with the indicators and learning about them. Made me curious what does the majority use here and why?
Currently I'm using Bollinger Bands, Awesome Oscillator, Moving Average, Belkhayate Timing and Parabolic SAR.
From all these Belkhayate is my favourite so far, it almost only made me win trades. While Parabolic is almost like MA, I still can read it more clearly on how the market moves.
Donald reacted to LindsayBev in Best Candlestick Book / PDF??
Donald, here is the pdf version of the book, if you are interested. While a bit "salesman-like" in its approach (all of what he claims cannot possibly be true or it would be the Holy Grail), it was packed full with pictures, commentary and helpful information. Enjoy.
Donald reacted to BBBBrian_1 in Brian's investment record
3 samples from record:
AXP First acquired 1 or 2 years ago, for about $ 77.74. A Warren Buffet favorite, with good financials. Sold June 29 2018 after putting a sellstop order on it, an idea from day trading, and Wyckoff, which I learned about on this forum. Profit $ 1822.97, cost of $ 6770.5 or 26.92%
CNK- a questionable acquisition, made after selling WFM, just prior to the Amazon announcement ( doink!), which announcement jacked the price to $ 42. Profits were to be had, but, riding the escalator, as it were, I simply watched it go up and down. " But theatre attendance is increasing!" Good luck with that one.
XHE healthcare etf, health equipment, I don't know when I originally purchased this, but mI just sold it, again after hitting a sells top, for a $ 3,149.45 profit, or 50.32%
All non taxable since this is an IRA account.
I am now siting in 90% cash waiting out d.t. Rump hysterics and phony trade wars; using simulators to see how it might go with " active " trading", where I wake up enough to smell the roses when a stock gets to a high point. While I feel fortunate to have a gain, it took a long time and a lot of heartache, watching values tumble and dip, especially UNP and AXP. I left a lot of profit on the table. I am reading Wyckoff now, and dB, trying to learn and follow these ideas.
Donald reacted to CrazyCzarina in How long does it take to become a successful trader?
Learning is the only way you can be successful in this business. There is no other way or system which can make you rich within a few days.
Donald reacted to Jason Solomon in 10 Rules to Successfully Read Stock.
What I've learned so far that you really should have a record of what you've done on the market. Not necessary every position and detail, but the outcome, mindset and the triggers of your actions. This way you can examine your motivation behind following a plan or a gut feeling etc. This way you won't only have numbers, but the documentation of what was going on in your mind while you made a given trade.
Donald reacted to Eavoldisely in 10 Rules to Successfully Read Stock.
Stock trading is less risky than the forex trading but it has slow returns due to less liquidity. If you are a patient and long-term trader then stocks are the best option for you to trade in. Am I right in this regard? Stay blessed stock lovers!
Donald reacted to Jason Solomon in Why Buy Trading Education?
The idea of cutting your learning time many hours is valuable for me. I like saving time so I can spend it with family, relaxing, etc. Also like learning from less source and not seeking among hundreds of answers but using a reliable source. Maybe one doesn't have to invent every rule on his/her own but use the knowledge of others. I mean maybe you are not da Vinci, but you can still make a living by doing what he does.
Donald got a reaction from Jason Solomon in How long does it take to become a successful trader?
Oh you have! Glad you liked it, and good luck to us then. I have learned a lot from them so far. Be patient and keep learning!
Donald reacted to minoo in Futures Day Trading Tutorial Videos
These three videos remain very popular ones from Jeff Quinto on CME site and many have requested me to re-post the expired links in the first thread of this Post
Please check below the new links for the Videos
The Main Page at CME where the Booklet & Videos are
Jeff Quinto's Theory of Futures Trading - CME Group
Three Futures Day Trading Tutorial Videos by Jeff Quinto & CMEGroup
Essential straight talk by an Veteran Trader & Mentor
Developing Your Trading Strategy
Theory of futures trading and provide a guide that will help you get started.
Developing Your Trading Strategy - CME Group
Building Your Trading Plan
Insight into the way professional traders set realistic goals and track performance.
Building Your Trading Plan - CME Group
The Importance of Simulated Trading
Simulated trading can be the key to your trading success.
The Importance Of Simulated Trading - CME Group
Thanks for all the appreciation and keeping this Thread Alive
Donald reacted to Ulino in How long does it take to become a successful trader?
The answer to this question is relative. I mean, it depends upon you. It depends how quickly you understand the market and the company in which you invest. If you study the life of successful traders, it is analyzed that it took them years.
Donald reacted to Ingot54 in Joke of The Day!
Young John had just completed high school in the bush, and was off to the city to college. He had a faithful cattle dog, 'Bluey', and insisted on taking the dog with him.
Of course, the attractions of city life were quite new to John, and during his out-of-college time, he spent-up rather big on enjoying it all.
Eventually, the money ran a bit low, and John was a bit short. He decided to ring his father for a little advance.
"Hello ... Dad? You will not believe what is happening here - Bluey is learning to play the piano."
"Go on, son. You're kidding me!"
"No, Dad, honestly - you should hear him. But the dog teacher had to be paid, and I am a bit short"
"No worries, John. The cheque's in the mail."
Well time went by, and John again got a bit short of money, and he decided to ring dad again for some money.
"Hi Dad. Bluey is so advanced that he is now playing the piano and dancing at the same time. He is a big hit down here. But the extra lessons are not cheap."
"Don't worry son, the cheque's in the mail. It's a good thing you got going there with Bluey."
John was happy until the day came for him to go home. He knew he had to face the family with a dog that could neither dance nor play the piano.
The day he got off the train, Dad was waiting there to meet him.
"Where's Bluey?" said Dad, "I was hoping to watch a performance."
"Well Dad, Bluey became so advanced, that he began to talk. We used to have long conversations about the things we've seen and done. One night he told me about you and that little red-haired sheila down at the pub, and he told me what you and her ..."
"Crikey, John," interrupted Dad, "I hope you shot him!"
"Yes, Dad, I did. I sure did. "
Donald reacted to Cory2679 in Joke of The Day!
The CIA had an opening for an assassin. After all of the background checks, interviews, and testing were done there were three finalists — two men and one woman. For the final test, the CIA agents took one of the men to a large metal door and handed him a gun.
"We must know that you will follow your instructions, no matter what the circumstances. Inside this room you will find your wife sitting in a chair. You have to kill her.”
The first man said, “You can’t be serious. I could never shoot my wife."
The agent replies, “Then you’re not the right man for this job."
The second man was given the same instructions. He took the gun and went into the room. All was quiet for about five minutes. Then the agent came out with tears in his eyes. “I tried, but I can’t kill my wife.”
The agent replies, “You don’t have what it takes. Take your wife and go home.”
Finally, it was the woman’s turn. Only she was told to kill her husband. She took the gun and went into the room. Shots were heard, one shot after another. They heard screaming, crashing, banging on the walls. After a few minutes, all was quiet. The door opened slowly and there stood the woman. She wiped the sweat from her brow and said, “You guys didn’t tell me the gun was loaded with blanks. I had to beat him to death with the chair.”
Donald reacted to Mysticforex in 38 Steps to Becoming a Trader
You don't mention what type of trader you are, or plan to become.
There are many good books out there. For technical analysis, I keep a copy of
"Technical Analysis of Stock Trends" by Edwards and Magee on my desk. It's not a read thru kind of book, but a great reference book. Although the word "Stock" is in the tittle, TA is TA, and can be applied to anything you can put on a chart. From there you can look for something more subject specific, VSA, Candlesticks, etc.
For Motivation and Psychology, I like, "Market Wizards", "Trading in The Zone", and Millionaire Traders". Surely others will chime in with their thoughts.
Donald reacted to Mysticforex in 38 Steps to Becoming a Trader
I didn't see this posted here anywhere so I thought I would. The " I Look Back Now " thread inspired me. I read this several years ago in a commodities magazine, I have also seen it around on the web:
38 steps to becoming a trader
They are as follows:
1. We accumulate information - buying books, going to seminars and researching.
2. We begin to trade with our 'new' knowledge.
3. We consistently 'donate' and then realise we may need more knowledge or information.
4. We accumulate more information.
5. We switch the commodities we are currently following.
6. We go back into the market and trade with our 'updated' knowledge.
7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.
8. We start to listen to 'outside news' and to other traders.
9. We go back into the market and continue to 'donate'.
10. We switch commodities again.
11. We search for more information.
12. We go back into the market and start to see a little progress.
13. We get 'over-confident' and the market humbles us.
14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated.
MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED.
15. We get serious and start concentrating on learning a 'real' methodology.
16. We trade our methodology with some success, but realise that something is missing.
17. We begin to understand the need for having rules to apply our methodology.
18. We take a sabbatical from trading to develop and research our trading rules.
19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute.
20. We add, subtract and modify rules as we see a need to be more proficient with our rules.
21. We feel we are very close to crossing that threshold of successful trading.
22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with our methodology and our rules.
24. As we trade we still have a tendency to violate our rules and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into the market and trade.
28. Our trading results are getting better, but we are still hesitating in executing our rules.
29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules.
30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more and more about ourselves.
32. We master our methodology and our trading rules.
33. We begin to consistently make money.
34. We get a little over-confident and the market humbles us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account
continues to grow as we increase our contract size.
37. We are making more money than we ever dreamed possible.
38. We go on with our lives and accomplish many of the goals we had always dreamed of.
Most traders will identify with this list and should be able to place themselves within these steps. Keep in mind that very few people progress through these steps in an orderly fashion. Developing your trading skills is an iterative process. For example, you may reach Step 13., find that although you were making money, your basic premise for trading was flawed (you might have been benefiting from the bull market, rather than your own trading prowess and then have been rudely awakened when the market entered a bear phase) and you may drop back to Step 4. and start 'climbing' the steps again. Having the proper mindset, attitude and psychological makeup becomes increasingly important as you progress through the steps. The focus
of the earlier steps is on external issues, i.e. developing proficiency in the mechanics of trading while the focus of the latter steps (particularly from Step 30, on) is on internal issues, i.e. improving ourselves mentally and psychologically, maturing as