Thanks to Dave, he has found me hiding on another forum or two.
I’ll be brutally honest with you all and with myself:
A couple of friends of mine were successfully trading Indices and Gold and Oil over the past 15 months or so, and my greed caused me to go after the quick profits. I did make AUD$11k in one session, and instantly my head went off and on went a pumpkin!
Pumpkinheads don’t think!
It wasn’t long after that, I lost that $11k and another $8k, and more. I allowed a trade in Oil and another in Gold to go against me, thinking like a greedy fool - thinking I knew where the trend was! But both trades went against me right through support, and when I logged in next morning, I had nothing left in my account.
I was disillusioned with trading, depressed, and my confidence destroyed. My wife was angry with me - five years of work … gone! I have held my ground in the sense that I still believe in the method I have proposed here, but I feel like a true Prodigal - beaten down, but not quite out.
I am so glad I started this thread all those months ago. It is here to remind me that there IS a method to trade the financial markets. And there CAN be success if only we/I stick to strict rules and discipline.
Right now - to be candid - I am still very much depressed. I have not rebuilt my account, nor even traded for over 8 months. I lost the plot.
Now that I have come down from the pedestal, and you know I am human, we can get on with working together and complete this method.
I am very grateful to those of you who continued the thread, seeking answers and evolving where you could. I think a couple of things need to be defined yet - EXITS and profit-taking to name one area.
There are so many ways to do this - we can talk about them soon. But I want to reaffirm that this method - like many other Long-Term methods - is the best and easiest way to go.
I have a bit to deal with right now - aging parents who are at turning points in their health - and my own backyard needs attention.
But let’s keep the thread going in a very honest and open way - no agenda and no rubbish. I know we will have a world’s best method by continuing from here, with your help.
In the meantime - here is something different from trading, but very poignant for us all in these times:
Let’s briefly move away from markets to people. Many of you will know of John Steinbeck, who wrote the Pulitzer Prize-winning book: “The Grapes of Wrath” (he wrote many other works - incl : East of Eden, The Pearl, Of Mice and Men, Cannery Row etc).
Steinbech had a unique style and an ability to reach out and touch our hearts and minds.
But his book: “The Grapes of Wrath” had a profound effect on me - so much so that I see his characters to this day in many of the folk I see around me. I see their struggles in the midst of injustice, and the love and warmth in their families despite their poverty and hardship. The authorities can NOT take away family love, or the loyalty of a mate.
Keep in mind (and this is for me as well) that we have a better vantage point than those in authority over us.
THEY are slaves to their own masters, often going against the basic principles of compassion and kindness in their evil and grasping attempts to turn us into slaves for their own enrichment.
THEY are under an illusion that the one who ends with all the toys is the winner. And there are regulations and laws enacted that go against the principles of decency and a fair go for all - and many of them are acting against their own remaining consciences.
But despite this, people are STILL unbeaten.
People STILL retain the spirit to overcome and improve their lot in life.
I bring you this rant because in these difficult times - I know you folk in the USA and UK are really hurting much more than we are here in Oz - you need to be reminded of the bigger picture, and that we do have a greater destiny than just existing to make money. Money is only as good as it is useful for one day … in a nutshell.
Can I encourage you to go to your library, or bookstore, and grab a copy of “The Grapes of Wrath” or even “The Pearl” and begin to get in touch with some of the deeper things, that Steinbeck brought up to the level of human consciousness through that great novel 70 years ago?
Rather than bore you with my own fav quotes - have a look here - if admin permit it - and have a prelude to the book:
Shortly I’ll be back and begin a fresh assault on completing this method. I have indeed been looking at Price Action bars (and Candles) imagining where they can be used to advantage - if at all. I think there is a place for this - but we’ll see. There is an interesting exit strategy from the WPS system, but it too has its little problems (repainting etc).
More later …
Thank you to Dave for resuscitating me!