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10-26-2007, 03:52 AM
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Okay, noticed a mistake I made on my chart.
that bit at entry 2 probably wouldn't have happened and if it did, it would've been a loss. i put the entry at the candle where the cross happened. If you entered there at that open, yea you would've made a small profit... but I would've waited till the next candle on the next day anyway if I would've gone in looking at the cross. I like to wait till the next days candle after a cross for that specific reason... to see whats going on. Well, you get the picture, I hope. 
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10-26-2007, 06:17 AM
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Been away for ages
Good day everyone,
I've been away for a few weeks with work and on holidays and I'm still not back yet. It seem I've missed so much action on the thread and I've just spent the last 5 hours ot so skimming over 50 pages of posts. I like the look of the EMA etc but I'm still not ready to give up on the old system yet, which I was using with PSAR and MACD. As I'm away I've been unable to attend as much time to trade but I did mange to open up some more positions. Although my last 3 or 4 got stopped out for a loss, overall I am still sitting on nice profit. As soon as I get the chance I will post the latest positions. Dale, Are you giving up on FOREX now and just going on Commodities and Indicies? Cheers all
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10-26-2007, 06:23 AM
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Quote:
I've signed up with Oanda now as well and my account is active. Hoping to have funding completed soon then I'll be live as well. Happy trading. Best Regards Scott
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10-26-2007, 03:46 PM
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Hi folks, remember me???
OK - well - you should all know by now that when I'm not posting - I'm losing money - and getting 'pis*sed off' with the whole thing. On the other hand - that's pretty 'wrong' of me seeing that I was the one that started this thread in the first place. Well - for what it's worth - I have managed to wipe out pretty much BOTH my trading accounts (again)!!! So - there you have it - that's why 'the low profile' at the moment!!! To put it mildly - I am now in EXTREME financial 'sh*t' and I'm not sure 'where to from here'. It's the strangest thing - I seem to be able to write about these things and see things and post them here and everybody else seems to be doing alright (well at least I hope so) with their 'own versions' of some of the ideas that I've put forward and yet I don't seem to be able to 'cut it' with the same ideas. Anyway - there it is - that's it - that's the situation - and I now no longer have the luxury of being able to 'plow' another couple of thousand USD into this business. Well - I don't think I can help with advice on HOW to trade i.e. I don't think that would be 'prudent' coming from me at this stage. I can, however, give you the reasons WHY I'm sitting in this situation right now - maybe that's worth more!!! Well first - the obvious - overtrading my account. While I felt I had good reason to do this i.e. month end coming up again and needed money to pay (already behind) bills - took WAY too many 'chances' - did not follow even the most basic of any 'system' I've come up with to date - and - well - here we are!!! Broke!!! (By the way - I have to say this now because if some piece of sh*t posts a post here saying that they don't feel sorry for me and my plight - I WILL find out where they are and make it a personal mission to hunt them down and kill them. I AM NOT LOOKING FOR SYMPATHY OR HELP OR ANYTHING ELSE - I am posting this so that once again I may be able to help someone else with the same 'character traits' as me to not repeat my mistakes and land up in the same place - THAT'S THE ONLY REASON - NOTHING MORE - NOTHING LESS - SO BEWARE)!!! In keeping with my 'true style' and sheer desperation yesterday I was down to the 1 minute chart on the Nasdaq (ironically using 'pure' Parabolic SAR but on the 1 minute timeframe). NOT A GOOD IDEA!!! While the Nasdaq pays well per point move it has the tendency to 'fu*k you up' very quickly if the trade goes against you on this timeframe EVEN WITH NO DEALING DESK INSTANT EXECUTION!!! At first things went well UNTIL it became range bound on the 1 minute timeframe. This then started eating margin and eating margin and eating margin 'like there was no tomorrow' and when I looked again these little 'nibbles' had taken their toll on my account. Put it this way - if you or I were EVER in any doubt as to whether or not Parabolic SAR works in a range bound market - I think I've now cleared that up once and for all - IT DOES NOT WORK AND IT WILL FACILITATE THE FU*KING UP OF YOUR ACCOUNT IF YOU'RE NOT CAREFUL!!! My 50 EMA 'plan' did not seem to work either. The biggest problem that I noticed yesterday (which is something I did not take into account or actually did not think of) is the fact the 50 EMA is not 'static' i.e. it does not stay in the same position once it's been plotted and displayed. In other words: when you look at a chart historically and see where the bar has crossed the 50 EMA very nicely and 'cleanly' the chances are that the 50 EMA was not at the same point that you are seeing a couple of days or weeks down the line i.e. it moves with the current bar so you need a 'very sure' crossing of the 50 EMA to be able to say 'the price is now above' or 'the price is now below' the 50 EMA for an entry and the problem is 'how sure is sure'??? I hope that makes sense. Also - if anybody IS foolish or mad enough to want to try the 1 minute timeframe (on any instrument) - trust me when I say that there is not a single indicator that means 'jack sh*t' on this timeframe - they just cannot and do not react fast enough. Sure - when you are sitting and looking at historical 1 minute data there does not seem to be a problem - but believe you me - when you're trying to trade this timeframe - it's a whole different ball game!!! Lessons from this: Do not overtrade your account - NOT FOR ANY REASON. If you're under financial pressure then you probably should not be doing this for a living in the first place. If, on the other hand, it's the only choice you have - then DO NOT succumb to the pressures that your creditors will put on you. If they can't wait - then they must 'do what they have to do' - and in the meantime - you just keep 'plodding along' slowly but surely. Put it this way - if there is one thing that I am at least sure of - they cannot take the money in your accounts - it's 'offshore' (which is where I'm thinking I should be right now - 'offshore')!!! Do not 'fu*k around' with the shorter timeframes - the only one that counts is the daily - and I have spent a whole lot of money in proving this fact. Sure you may get lucky and do the odd 'fantasmic' trade on the 15 minute timeframe or whatever - but it won't last - just trust me on this one. Stick to a system - any system - just stick to something - no matter what. Now - if you don't hear from me for a while - it's not because I'm too embarrased to be posting here or avoiding the subject. If the truth be told my Internet (ADSL) connection is going to be suspended very shortly (and as much as I love you guys) I cannot afford to be connecting to the Internet via my mobile phone to post. What am I going to do now? Well - two things: right now I have one last position open i.e. short on EUR/USD (yes - who would have thought I'd be trading a forex pair again)!!! The reason (going against EVERYTHING I've said above again already): it's consolidating right now on the 30 minute timeframe (I don't have anything to lose at this point so I'm 'going for broker' - get it - 'going for broker') as I type and it will either 'shoot up' or 'shoot down'. If it's down - you'll hear from me - if it's up - well then maybe we can 'shoot the breeze' in another lifetime!!! Also - I WILL sell something to get some money together to go short on Gold, Silver, and Oil at some point. Why? NOTHING (and I don't care who says any differently) goes up this high and this fast and then does not 'correct majestically'. When will that be? No idea. I've been wrong on all of these every time but when I look at the charts today - well - I don't see how I can be wrong this time around. The good thing about these three instruments is the fact that you don't need a whole lot of margin to be able to make 'big bucks' if the trades go in your favour. What indicator am I going to use to 'get in' on this 'action' - I have no idea at this point (although it will probably be 'good 'ol Parabolic SAR'). Good 'luck' with this business and remember one thing: it has the ability to 'feed you your ar*e on a plate' if you're not careful. It can make you and it can break you - there is no 'middle of the road'. It's not 'gambling' like everybody around me tells me it is - but it sure can have the same catastrophic effect on your life and well being as compulsive gambling. It's something I've noticed: it (the market) will feed you just enough to keep you interested until you start running low on margin and it will then 'close in for the kill' if you let it. Don't let it. Catch you all 'on the flipside'!!! Regards, Dale. Edit: Bocajunior: if I still had the money - I'd still stick to the indices and the like - even although the Nasdaq just about single handedly has 'fu*ked me sideways) it's still more controlled and 'refined' in it's movements than forex pairs. jguy3348: The reason this thread took a turn away from 'pure' Parabolic SAR is because I started thowing in EMA's and SMA's and 'pink elephants' and lost money and tried something else and then tried something else and . . . and . . . and . . . If you have the money, the time, and, above all, the patience and self control then Parabolic SAR is the way to go (just be careful of range bound market conditions is all). Rob: I may very well start gigging at some local pubs again. Who knows - maybe this is the 'turning point' for me. Watch out - if I put as much effort into my music as I have into this - you may see me playing 'at a local arena near you' some day. Everybody that has put up with my 'sh*t' on this thread will be entitled to complimentary tickets (Golden Circle of course), VIP treatment, backstage passes, and anything else your heart (or loins) desire on the night!!! Last edited by dpaterso; 10-29-2007 at 03:09 AM.
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10-26-2007, 06:41 PM
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Depaterso..
the thread was a good read...thanks for the insight and honesty..hope all works out for you.... If we could figure this out we could have everything you ever wanted. You or I might be able to make it happen. Very hard to get away from, too much upside potential.. I'll be looking for your future posts. good luck. generalz
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10-26-2007, 07:25 PM
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Hi Dale.
I'm not sure what to say that doesn't come across wrong on the internet. I hope to see you back, you've been an entertaining host on this thread. Have you been trying to trade as your primary income stream? I guess this explains your emotional ties to the trades. I can't imagine depending on the results of this weeks trades in order to pay my bills! (Down 30% because I forgot to set a stop loss or take profit and didn't check my account for two days. Recovered 8% of that so now I'm only 22% down!). I agree with you that it seems like Gold and Oil have to come down, but predicting the top is so hard. A lot of people are looking for $100 Oil. I would never have thought CAD could exceed USD - imagine if I had bet on that one! Please take a step back, do some TA, and trade on the daily candle based on weekly and monthly trends. It's hard to make a living that way, but you are more likely to be on the positive side of the transaction. Best of luck, I hope to hear from you again.
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10-27-2007, 01:29 AM
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Dale,
I know you're not looking for sympathy or anything, but I honestly am sorry to hear that you got into your current position. I feel for you man! Not that any of it is a good thing, but we can all learn a lesson from your mistakes here. Thanks for sacrificing yourself Dale! Just kidding man!  Thanks for all the information, support, and good times. Also, thanks for the life lessons for a trading life. I hope you're able to get into a good position again. Hell, you're Dale, I know you can. You're strong and can bring yourself back up! I wish I could offer some advice or anything, but all I can say is, never give up. And especially, never give up on playing music. You should take some time and jam. Do you have recording software/hardware or any means of recording? You could just throw some stuff together and record something... that always helps me. Putting my mind into creating music gets me away from the things going on in life. A nice escape that keeps your mind working. Keep on rockin' man! See you on the stage! And hopefully back here soon. peace
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10-27-2007, 04:12 AM
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Broke - not dead!!!
Good morning, good morning, good morning!!!
Hey - listen - I'm broke - not dead!!! Reading those posts - it felt like I was reading my own obituary!!! (Actually now there's a book title: 'Death Of A Trader' - the movie rights are 'up for grabs')!!! Anyway - only kidding!!! You have no idea how much I appreciate them (your posts) I can tell you. I was actually just saying to Joanne the other day - it's strange - I've never met any of you people - but you all seem to give more of a 'sh*t' than the people around me (needless to say I'm not 'too popular' in my house at the moment)!!! Anyway - I'll keep posting until my Internet connection is suspended!!! Anyway - I'm glad that I can still post this morning - because I wanted to 'add' to my earlier post. As you know I subscribe to many newsletters and get 'junk mail' from various brokers etc. etc. and they always have some or the other disclaimer attached but it usually goes (something) like this: Quote:
Anyway - I still have my 'pelican picture' in my office - for what it's worth. No Rob - I'll never stop playing - did that once before and regretted it for years afterward. Yes - I've got all the gear for that (recording) - mixing desks, keyboards, MIDI controllers, PA's (I'm one of those people that NEVER does things in small measures - remember 'EXTREME'!!! You'll laugh at this: many years ago (when South Africa was still subject to sanctions) I 'moved heaven and earth' to bring in (not one but two) Crate Concert Stack's (Marshall would not supply South Africa at the time) to use in my garage to practice with!!! I'd only had my first guitar then for about a month - couldn't play a note - but man - I had the sound!!! (Actually - come to think of it - as I typed the above - I perceived a 'strange similarity' between the above scenario and my trading)!!! Maybe that's the problem!!! Anyway - listen ladies and gentlemen - boys and girls - as long as you have money - don't give up!!! I do still believe that you can 'cut it' in this business (strange as that may sound coming from me). I think you need a lot of money to start with IF it's what you're going to do for a living i.e. if it's your sole source of income. I DID have a lot of money and put it all into trading BUT in 'small increments' which was a very big mistake in retrospect. Had I just taken the $70K or $80K and put it in my account 'one time' I don't think I'd be having this 'discussion' right now. Why do I say that? Strangely enough I was reading the one lesson on the babypips school last night about 'the number one reason that traders fail' (or something like that). It's true. If you don't have a lot of money what you tend to do is try and turn a profit of $50 000 off of a $50 or $500 lot whereas it's a lot easier to turn a $500 profit off of a $5 000 lot (if that makes sense). I mean - all I needed to be able to make was $500 per trading day and I'd have been fine financially. So - trading with 'smaller' lots - instead of just having to make a few pips to reach your goal - you now have to 'chase' and instead of 'getting out' when you've reached your goal - you tend to let the trades 'run' in the hope that they will turn 'gazillions' in profit. It never happens. Actually - now that I think about it - that REALLY IS the 'number one reason that traders fail' - and I never realised it up until now - it really only 'hit home' as I type the above and put it into my own words. OK then - the solution is simple - I'm off to rob my local bank this morning (well not rob - just 'borrow' the ZAR equivalent of about $100K USD (or maybe I should make that 100K GBP just to be on the safe side) - and then 'watch me rock')!!! Only kidding Interpol - only kidding!!! I can just imagine the look on the dealers faces at GCI and Delta if a deposit like that 'hit my account'!!! They (especially GCI) would be saying 'My God - does this guy never know when enough is enough' or 'Oh no - he's at it again - and this time he's serious)!!! Anyway - stay in touch - I'll keep posting as long as I can. (I just read this post again as I had to AGAIN edit spelling mistakes. Why do I use the word 'Anyway' so liberally)??? Last edited by dpaterso; 10-27-2007 at 04:19 AM.
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10-27-2007, 04:38 AM
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Dale,
Helo my freind (my china) i am not just going to encourage u through with this post i am just trying to tell u something buddy that u are all here think that u do have a very nice way of thinking and u really helped us alot i my self u helped me alot and hey as Rob said u r Dale U WILL COME BACK SHORTLY and u will kick the indicies butt very soon!!. Please Dale think and rethink again when u have the money take time my freind just evalutaie things befor doing any thing i know u have the feelings now of revenge and if i am in your postion i will do the same thing and i will never listen to any one but as we r friends i will try my best to make u just have a think for 1 min before doing any thing.Please evaluate your experiance with all the systems just for 1 time and stick to 1 system that is all i need u (me) to do All the best but i a sure u will come up again coz u r that sort of people who never give up and i am honestly sure u will make it my friend. Akram
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