I also want to help newbies get more technical knowledge and 2 basic trading system which I implement very well. I post them on my 2 blogs : here and here
Wrong again as usual.
Math has nothing to do with trading.
If you hold onto this erroneous mindset,
one day, you will lose and lose big.
All math oriented people lose huge
eventually. You can come in here
and put up false bravado all you want
to. People who think trading has a
lot to do with math, probabilities, and
statistics will one day lose big or
lose it all. All those indicators are
modeled mathematically, yes. But
pure technical analysis also leads to
eventual huge losses. And add your
smugness ot it, and I know you will
lose huge one day.
Math has nothing to do with trading.
If you hold onto this erroneous mindset,
one day, you will lose and lose big.
All math oriented people lose huge
eventually. You can come in here
and put up false bravado all you want
to. People who think trading has a
lot to do with math, probabilities, and
statistics will one day lose big or
lose it all. All those indicators are
modeled mathematically, yes. But
pure technical analysis also leads to
eventual huge losses.
I didn’t want to sound arrogant, but you’re being naive if you think maths has NOTHING to do with trading. If you really do, you should avoid using technical analysis altogether.
That said, I think you’re misunderstanding me: never said I use technical analysis and maths ONLY, it would be suicidal. On the contrary, I start my trading day looking at the news and always trade with the market, not against it.
And add your
smugness ot it, and I know you will
lose huge one day.
Good luck with your trading.
No, actually, most are hillbillies that have been buying lottery tickets all their life with no luck and seen an ad on tv to become instantly rich. Unfortunately I think that is the major draw to the forex market. It’s a shame.
I will say, on Babypips, you will find many intelligent collective minds that will be quick to debunk any get rich quick stuff.
Why do you write such obvious nonsense?
The whole concept of risk is derived from the rich and varied history of mathematics. To inform yourself why not read [B]Against the Gods [/B]instead of peddling your uninformed tripe. There are many newly beginning traders on this forum and ensuring they are not misled is one of the top priorities surely. Behavioural finance is probably one of the most fascinating developing areas of interest which takes in maths and psychology. Incidentally there is anecdotal evidence that engineers make excellent traders
Why do you write such obvious nonsense?
The whole concept of risk is derived from the rich and varied history of mathematics. To inform yourself why not read Against the Gods instead of peddling your uninformed tripe. There are many newly beginning traders on this forum and ensuring they are not misled is one of the top priorities surely. Behavioural finance is probably one of the most fascinating developing areas of interest which takes in maths and psychology. Incidentally there is anecdotal evidence that engineers make excellent traders
Well said Tony!!!
to say math has nothing to do with forex or to imply that “logical” people fail at forex. Logical is my word. Im no mathmatician but I can recognize the value of “if then” thinking as it pertains to forex. Frankly I can’t imagine trading forex without any math thats just insane to me. Even raw price action has a number I mean how can you buy or sell if you don’t count?
Outspan I have a suggestion. Im certain you are trying to do a nice thing and Im a firm believer that teaching helps us to learn, but I would humbly suggest that maybe you are not ready to teach yet. Share your ideas here. I had a guy I worked with when I was an apprentice and he used to always say something that I never forget. “two heads are better than one.” When I run into some problem or something new to me or I want to expand some ideas I bounce them off of people and start a dialogue. Through this dialogue we all can learn I hope I haven’t offended you in my remarks its only my honest opinion.
thanks, john
Sorry to disappoint the people who
think trading is some mathematical
science, but it is not! OK?
This proves to me again that
most people in here are not
successful traders making
decent amount of money otherwise,
they won’t say pure nonsense like
trading is related with math, related
with logic, and related to economic
finance. Sorry, but it is not.
If it was that simple and that
logical, any EA would outperform
a professional trader any damn day.
But I see most of you spitting on the
idea of EAs so please… care to stay
consistent with your lame arguments?
Clearly, most of you aren’t making
serious income yet from trading.
Painfully obvious.
Thank you for your input Johnny. I definitely think I’ll hang around here for a while, this looks like a great place to share ideas and I surely know I still have a lot to learn :).
don’t mind ecn hes our new resident troll. To say math has 0 to do with trading is idiotic. Pure math no that is why ea’s fail when market conditions change, but how do you gauge those changes, just guess? Toss a coin? even that is probability, its annoying really. Im an electrician and I use math and logic all the time wether it is balancing my books or figureing voltage drop. When I got into trading at first I used alot of indicators and tried all sorts of “math” if you will but I have matured into a trading style that is how I like to call discretionary but honestly all trading is discretionary. Im not a ridged system trader like ecn must think I don’t use stops but that is even calculated in my mind and factored into my style. There are so many ways of doing things and only a newbie trader would be so STUPID as to think his way is the only way. (im refering to ecn). Do your thing and learn and grow remeber to be dynamic coz 3 months from now the market your in will be different than today.
I’ll only answer this other message of yours and then ignore your other messages because this is getting a little tedious and you’re just presenting facts without an argument.
I think the wrong assumption some make when they’re told that trading has to do with maths is to infer that this would mean there is some “magical formula” yet to be discovered that would make you earn from every single trade you make.
Mathematics isn’t just 2 + 2 = 4, it doesn’t always give you exact results. That doesn’t mean it’s useless. I once almost fell off my chair when I heard two medical students protesting having to learn probability in their first year, which they though was “useless”. I hope they’ll never have to use Bayes for the probability of a false positive in a series of test results.
Beautifully put. As a medic myself it is frightening to see the research that shows that doctors cannot put into effect a knowledge of likelihood of a person having a disease when given the test result, prevalence in a population and level of false positives within a test. They overestimate by a factor of about 10. My point. Most people, even those well educated cannot handle the statistics necessary when performing tasks in which they consider themselves specialised
I agree with your other general comments that its essentially best to leave the unhelpful troll alone though I doubt he/she wil crawl back under their stone
Trading is based on probability, behavior and confidence. Thats what systems say it has a 70% success rate. Computer cannot judge confidence in a currency. It cant rate Trinchet speech or Ben Bernake. Or rumors. EA’s go purely on behavior and probability. People whom do correlation trading go off numbers. Not any of the above.
Abner, is that you?
Keep it up, you’ll be banned soon.
No, it’s not Abner. Abner came back as another username of mustang??? but was quickly made and I guess gave up.
ECN and JonnyFX are the same person obvious from many similarities already noticed. But one that was forgot to be pointed out is the line that comes up over and over again of “Cleary, you are not a winning trader”.
hi outspan, actually i wouldn,t mind a bit of help with fibonacci!!! i’m trying to use it as a guide for taking profits- suffer big time from taking them too soon!
problem is, i cant even get them set up on my charts. i’m on mt4 alpari and when i try to set them up like they do in pip school, i just end up with a load of lines and cant see jack!!
also if you could expand on principles of using them as take profit targets, would be very grateful.
by the way, some of the best coaches/ instructors/teachers around aren’t exactly superstars in their own right in the field they coach in.- just a thought
anyway thanks if you can help
Luckily these guys here made me realize I’m not exactly a “super expert” in the topic so I may not be the go-to guy you’re looking for, but I’ll see what I can do to help :).
By the way, like with any other topic I’ve written about and regardless of what I do and don’t know, writing articles on forex is [B]really[/B] helping me out organizing my thoughts and putting order in my mind, so I can only recommend it :).
cheers outspan, anything would be cool, but if you’ve been put off the whole idea by all the comments then no stress:
No, not at all, on the contrary I have about another 10 articles saved that I’ll publish gradually on the site, one per day, and I’m writing some more today. If you want to subscribe to my RSS feed and read them that way, that’d be cool :-P.
Outspan I think its great that you are willing to devote your time to help others. You have found a great place to do it. Many people here are helpful and friendly to the new comers of the group. What I like most about this group is the enthusiasm that comes with the posts. When I first started coming here just to read I was drowned with information, on overload at one point (lol). I like it that there are people like you, and many others here that bounce ideas off in a way where we can understand and learn from each other. We all can go read a 10,000 page book about forex trading (I am sure one exists) But without the enthusiasm and support many of us would still be just… “reading”. Anyways I hope you understand what I am saying and I look forward to seeing you around here. Raven