lol…stop encouraging him. Some of his posts could actually hurt a noob, seriously.
ps, on the other hand if we are just having some fun with him count me in…Im kinda bored right now.
I noticed this when I first started trading.
While each broker has their own volume data, the sample is large enough to be statistically representative of the whole. Volume is predictable and it has an effect on price so there are predictable price patterns.
If that is true, then why do most traders, including professional money managers, lose? The empirical evidence says predictive price patterns, no matter what indicator or methodology, are not working for the majority of traders. This evidence suggests one look elsewhere if they want to succeed in trading.
No post could “actually hurt a noob”. It doesn’t matter how bad or good the advice is - the decision to act upon what is read is up to the individual. The most harmful trading advice comes from those who are revered here and on other forums. They are usually the first ones to cry “foul” when someone starts to share the real “truth” about trading because their reputations are at stake.
I have to disagree here. Bad info presented in a convincing manner without being challenged by forum members with actual knowledge and experience is/can be hurtful to newbies.
Of course everything is up to each and everyone in the end, but it does facilitate learning to not be exposed to well disguised bad info/advice.
From my own profession I can only imagine what it would have been like to learn dentistry if more than half of the literature contained bad info and half the teachers had no clue but presented themselves as professionals.
Weeding out the clowns and liars is beneficial to newbies, if the weeding is done in a respectful and correct manner.
As I mentioned elsewhere, I don’t partake in that process much anymore as it steals too much time and energy that I simply don’t have available.
Would you mind elaborating on the two last sentences of the quoted post? Perhaps give some examples?
Hello xtraction-
I am sorry but this thread is to post trades with entries, profits and losses- I am afraid we are generalizing bit too much here now. If you read my first post again, I stated clearly that I use very simple setups, that include volume analysis info. That is not to say that I am using any “predictive patterns”.
Also, most “professional” traders do not lose money over a very long period of time. They would not be professionals else, no?
Having said that, and re-iterating, this is in no way a volume analysis, system or method thread, volume is a privileged piece of info that you can get. Especially so in forex. The banks and market makers account for more than 3 quarters of the global fx trade. They have orders that run into billions of dollars that they have to execute, and they use all maneuvers possible to dispose that off. Ordinarily a retail trader with a small broker’s MT4 platform has no idea of what is going on- all indicators are nothing but derivatives of price and time, so dont count on them- However, if you could get a hint of activity in the back ground (via count of ticks in this case) you already have an edge.
No amount theory is complete without an practical example, so going back to my original trade on Aussie dollar, pull up a daily chart and volume. You should see this is a very high probability set up in terms of price placement and activity that has gone around it. :).
PS- This is really not to disparage you in any way- everyone of us have heard cliches that we like to repeat over and over without knowing the complete picture behind it. Validly, you have an entitlement to your opinion, so dont use volume, it is useless 
Thanks
Hello -
Yes that is an accurate statement. Some samples are more representative than others, for charts I use IBFX and they “state” that they use interbank feed, so their volume sample is very good and cheap (in fact free). FxCM same way as these brokers really us ECN feed versus and dont quote you their own prices.
Thanks
Isn’t that what is happening in most of the threads on this and other forums? Most of the systems presented really should have “FOR AMUSEMENT PURPOSES ONLY” prominently placed throughout the threads.
Medicine had plenty of bad info in the early stages. Perhaps that’s where trading is - in the early stages.
It is nearly impossible to weed out the “clowns and liars” when the “clowns and liars” are in control or have good standing with the forum owners. They instead weed out those who have something to offer that is actually beneficial to traders.
Do you really want Pandora’s Box to be opened?
Where are their clients’ yachts?
True, very true. (and amusing they can indeed be)
Touche.
Still, when the obvious scammer appears, he/she needs to be confronted as a help to newbies who would otherwise have their wallets vacuumed. This has happened a couple of times since I’ve been here and it’s sad to see everytime. Yes, it’s people’s own fault if they’re fooled, but I prefer to intervene if I can. I have no doubt that I have saved some newbies some money and tears - maybe they just proceeded to lose it some other way, but still.
No, this forum has enough eruptions as it is.
However, you will find that there are a few of us around here who are in the 5% or at least have what it takes. Some of these have come and gone as it’s frustrating to be exposed to the constant flow of zombies here. I’ve reduced my activity as well for that same reason.
Half out at .9120. Stop moved to B/E at .9050
completely out of this position now at .9250. No open position at this time but looking to short GBP-USD and GBP-JPY Will update later if I enter that position
sold g/yen at 143.95, very tight stop at 144.35, no target as of now. Sold it off my 15 minute and hourlies. though that 15 min sma may spoil the party. charts and other fancy stuff later.
stopped out.
I have taken a long position on the EUR-USD @ 1.4830.
I took half here and will enter the rest at another point. There is some chance it may drop to 1.4790 at asia and europe open tomorrow.
Stop for this trade is at 1.4750. Take profit as always floating. But I will take partial proft at 4900 and move up the stop to b/e
now how cool is that. closed half position at 4890 and moved the stop to b/e.