[dpaterso]

Hey Mustang - thanks for that input.

Funny thing - that is EXACTLY what my thoughts were last week - bored with trading forex pairs i.e. not enough 'excitement' for want of a better description - had a couple of $$$ lying around in two other accounts that did not really amount to much - so just opened all the Daily charts - checked for PSAR dots - and opened as many positions as possible (different pairs) (although leaving enough margin to get stopped out without having wipe out the whole account) - and - 'whammo' - these profits just appeared!!!

I'm glad to hear that you did make some $$$ but I'm curious - did you lose the 25k while sticking to PSAR - or did you get 'complacent' and stop maintaining the system on a daily basis? Sorry - please know - I hope that statement or question does not come across as me being derogatory - the purpose of the statement or question is to find out if PSAR was the sole cause of the eventual loss or not - because - if it was - then this is something to be aware of - and maybe I'm giving bad advice.

As far as Bill Williams is concerned - no I'm not related to him or his family in any way (although I wish I was - I'd borrow some money from him / them). It is just that I have bought all of his books and those books have helped me turn sustained losses over a six month period into sustained profits (although I do still have a very long way to go to make up what I've lost). Needless to say I only bought the books about six weeks ago out of sheer desperation. His advice and encouragement has also helped me to be able to live with those losses and I guess has helped me as a person as well. Put it this way - I - like most people that will start trading forex tomorrow and the next day and the next - went into trading six months ago because I had a bit of cash (it certainly was not spare cash) - and thought that it was easy and quick money. I also thought that I could buck the system - scalp $$$ on a daily basis sort of 'movie style' - and I would never have to worry about money again. I was (still am) a very impatient person i.e. when I opened positions - I expected to see a $500 profit within the hour for an initial layout of $50 and the moment a loss appeared - I'd close the position - thus eating away at my margin. I've lost count of the number of accounts that I've wiped out. Anyway - the point is - thanks to Bill Williams and his insights (not to mention his indicators) I now for the first time don't feel 'dirty' and like a 'gambler' because of the money that I have lost - and after six months - I'm still here - finally turning things around. One thing that REALLY impressed me was that I had some questions about the system and contacted his organisation. Within a day or two I got a reply from his daughter (co-author) of the last book - and this has happened on one or two other occasions since then - and that to me is wonderful - I mean - these people REALLY don't have to be bothered with the likes of me or anyone else - they have made their millions over and over again - and they are still there trying to help out wherever they can - and their systems work. That's good enough for me. Put it this way - I'm pretty sure that selling books they've written is not their main source of income. Hell - they were on holiday with their children when she replied to me. Also - like I said - I'm an 'old fashioned' kind of guy - and I just figure that if people like Bill Williams or J. Welles Wilder were able to develop these indicators - and they are still applicable and in use today - then why try and devise or develop your own 'signature' indicator or system? I mean - no offense to either of them - but these are old guys that have been around for while - so I figure that they should 'know their oats' as it were.

One other book I did buy was 'Mastering The Trade' by John F. Carter. The sections on the actual psychology of trading are absolutely out of this world and the explanations as to who makes money in the market, who loses money, and why this happens are 'brutally' honest (to the point where I was embarrased while reading the words on the pages - it was like he knew who I was). He details various methods of trading in his book and the main reason I have not been able to try or use any of them is because he relies a lot on data that I do not have at my disposal like the TRIX, TRAN, NYSE Tick Charts, etc. etc. and I need to build up a bit of capital again and be sure that I am making a sustained living out of trading before I can commit myself to some or the other data provider for this information (this type of information does not come cheap).

And while I'm on the subject - this website has also helped me 'stay in for the long haul' as it were. There are many great people on this site - and - although in the beginning - I pretty much ignored a lot of what I was told by certain 'mentors' on this website and it cost me big time - I thank them from the bottom of my heart for always answering my sometimes 'dumb' or 'repetitive' questions - and - as long as I am able to offer insight of any kind that may be of value - it is because of them that I am happy to give back to the site.

Another 'quote' or 'anecdote' comes to mind at this point: When you are 16 or 17 years of age - you cannot undertand how 'dumb' your parents are. By the time you reach 21 though - you are surprised at just how much THEY have been able to learn in such a short space of time! Get the picture?

The market has humbled me and made me see and realise things about myself as a person - and I know that if I can manage to stay in here - I will make a good living - and feel more satisfied about making that money - than I have ever felt about the money that I have made in previous endeavours. People think because you don't have to 'get up' in the morning - be at an office at a certain time - and answer to a 'boss' or your own clients - that you are not working and don't have a real job (John F. Carter actually delves into this subject at length and how trading as an occupation can take its toll on a family or a relationship). Let me tell you - even with my losses (although maybe that's why) - I feel like I've done an honest day's work when the NYSE closes. Having said that though - another thing that Bill Williams has taught me - is that trading should NOT be a stressful and a costly personal endeavour - he actually encourages you to enjoy life - and let the trades take care of themselves (or at least that is my interpretation). Put it this way - the best trades I have made have been the ones where I have checked out the indicators - opened a position - set a stop loss (although it took me a very long time to use stop losses because I just could not 'stomach' taking a loss and would invariably hold on to a position until the account was 'dead' because I was 'so sure' that the losing position would 'eventually' turn to a profit) - and gone and done something else for the day. The worst trades I have done have been the ones where I have sat staring at the screen for hours and hours on end and tried to squeeze very last PIP out of the deal. The strange thing for me is (being brutally open here) is that the better I get - the more resentment I get from my immediate family and friends i.e. because I have changed from trying to 'scalp' every last $ out of a trade on a minute by minute basis to trading the daily charts - it appears to them that I am not working and not being responsible because I have time to do other things like practice my music etc. etc. and this 'grinds' them (I've just turned 42 this year so you must know how 'degrading' this is and the amount of self doubt it can instil in a person). I know that once I am in a position to start settling 'big' debts then it will be another story entirely but for now is something I have to live with. The reason I am getting so personal here is because I know that there are other people who are not quite as open as I am and certainly would not make a public statement like that on something like the Internet and are carrying the burden themselves. All I can say is - if this is what you have decided to do for a living - hang in there - rely on yourself and don't expect a 'pat on the back' from those around you just yet - don't get smart and think you know better than those that have been doing this all their life - you don't. Don't 'force' a trade i.e. see a trade when there really was not one - to quote from one of my books (roughly) - not being in a trade or taking a position is actually taking a position in itself.

Wow - would you believe that I started this thread to detail a 'simple' yet reliable and effective way of making some $$$!

Regards,

Dale.