You’re a harsh man. Bet the words “community service” didn’t even cross your mind LOL.
Anyway, since I have your attention, I’m trying to post a link to a site I’ve found that has a 4 part documentary called “The Ascent Of Money.” It charts the [I][B]invention[/B][/I] of money and notes the earliest forms of currency traders and banks.
If you’ve seen it already all well and good. Thought you might be interested, I’ve watched the first 3 parts. If you see the link appear then disappear it’s cos I’m testing to see if it works. If it disappears you’ll know I’ve done it wrong
I know the hot thing just now seems to be trading “Pure Price Action”, (Look out for a post soon entitled "Are any of us [I]REALLY[/I] naked?) and how everyone and their granny seems to be claiming to trade that and that alone, but I’ve just made my last two trades based on Chris Lori’s small Support and Resistance range ideas with a confluence of MACD divergences.
I,m +43 for both trades. Just thought I’d add that
My God man, the holy trinity!! I’m with you on all counts, by a margin. We were clearly separated at birth. I always knew you to be a man of exquisite taste, this simply confirms it.
There is nothing wrong trading with indicators, divergences are good for spot price exhaustion… but you said it… “small [B]Support and Resistance [/B]range ideas with a confluence of MACD divergences.” That thing in bold comes first… So, once you understand fully how price behaves, then you can add your favorites indis and you won’t be distracted by them…
Inevitably I entirely agree with this, Yunny. On my own charts, when scanning for a setup I have just the candlesticks and any levels I have drawn on on there. I mask my EMAs etc. Then when I have seen a setup that looks promising, I recheck the boxes for my EMAs and RSI, and look for confluence. That way, I know that I have not been drawn in by, say, a simply overbought RSI or an EMA touch. I know that I am looking at proper levels, then if I see that it is also a rejection of an EMA, with RSI divergence, and maybe a Fib level in there too, then I am good to go. I’m with you, the order of analysis makes a difference. A big difference.
To be honest with you yunny, and I hate to keep throwing this name up, but since watching the Lori DVD set (or some of it at least) I have started to see how price moves more than at any other time since I started trading. I’m seeing it right now in fact on the EU 1 hour chart where price fell and has taken a little bounce from 1-2969/70, which was a minor support level I had previously marked on my chart (from a smaller timeframe)
Not saying for a second that I see how price moves now, just saying I see it better than I did, and yes it is all mostly centred around support and resistance.
Did in fact have an EU short heading in the wrong direction yesterday until House Speaker John Boehner stepped up to the plate and caused the EU to take a dive into a small profit for me which I closed out immediately.
The point though of mentioning the other indicators (in this case the MACD) is that recently I feel as though all indicators have been demonized in favour of naked price action, which I think may be somewhat confusing to new traders.
I thought it was worth remembering that there are decades worth of successful traders out there who did quite nicely using indicators, though who also, without question, worked them hand in had with S&R / swing highs / lows.
Right then, since the trading week is all but over, I shall indulge a little in this non-contest.
So what you’re ACTUALLY saying Iya, is that you are in denial of what you loved as a child, but now can only dream of having as a man as you perceive it to be for children.
You’re also saying, that Pepsi (choirs of Angels singing) has been PROVEN to taste better than Coke (the bottle wearing the black cowboy hat), but regardless of this all important fact, you prefer Coke.
I’m struggling to get my head around that concept mate to be honest. It’s a wee bit like the whole suicide bomber thing if you ask me.
Apparently (or allegedly) if you volunteer to become a suicide bomber ( by “volunteer” your free to read “brainwashed relentlessly for a number of years since birth”), but apparently your family is rewarded handsomely financially and you yourself, as the guy who is actually blown to a bazillion pieces, will enjoy the attentions of an endless stream of virgins in the afterlife.
Hhhhmmmmmm…
Now just like the “Pepsi tastes better therefore I prefer Coke” idea, that just doesn’t make sense to me.
Surely to God, if you do decide to become a suicide bomber, you’re gonna negotiate the virgins upfront and they can pay your family in installments for the next 20 years no??
Take it from me, if I have to go out with a bang, then given the choice, I’d much prefer to go out with more than one !!
PS: What else would you discuss on a FX forum but Pepsi, Coke, Suicide bombers and virgins ???
Maybe that is the real truth behind the statistic that 95% of people fail in this business. Maybe 95% of traders, probably myself included, simply just don’t take it seriously enough. Maybe there is, and should be, a lot of soul searching to be done.
No getting this party started with out me. I will be off of work in 45 minutes. Then its home to close my trade thats up a whopping 6 pips on the day. Good thing yesterday was a decent day. Great way to end my week (trading anyway)
HoG I think you’re dead on this is something I’ve been pondering. People don’t want to put in the time and dedication this takes. They want money now. Think how long you’ve spent on this. How many hours and you’re what maybe halfway there? I’m behind you lol. People have families and kids and priorities and some people even have worse. The stability of a career. Now think what you have to do in forex. Know what kind of trader you are. Know your risk appetite. Find a system you are comfortable with and that is profitable. Be consistent. That’s a lot of time soul searching. If they were serious about being traders they’d put in the effort and time. One of the hardest things I think I will ever have to do is leave my decent paying steady job and transition into forex full time. What if I have a losing month and my kid has a fundraiser or wants to go to a theme park. How do I explain? Sorry kid I wasnt good enough this month :D. Maybe a little over dramatized but I hope you get the point I’m trying to make. There needs to be a big confluence of events in your life to become a trader. Lol talk about probabilities.
I’ve only ever had this drink twice (full bottles). Both occasions were like something out of the hangover films!! Great adventures…
It’s funny how I can manage to remember both occasions well while I forget huge chunks of each night.
I do know it was fun. I think this drink is a Galway only phenomenon in Ireland because everyone else I’ve ever mentioned it to in this country thinks I am making it up.
Off topic for sure but I can’t help it. The name pushes me down half memory lane
Another good aspect of this thread is the involvement-to-the-point-of-dedication of the participants. Time to get back on this bus.
Not sure how to include quotes from previous posts at this point so I’ll just have to do it as follows for now.
HoG - Looking forward to receiving the Chris Lori material. Tried to download it from somewhere on the Internet and then spent a couple of hours yesterday getting monitor screens and settings back the way I prefer and removing unwanted crapware. Have flagged the “Ascent of Money” videos for viewing in the near future. Prefer your expectation of what Monica could/should be - a blonde Amazon-type - much better than the “Friends” character.
Iya - I think you are absolutely correct that the serious investment of time is needed. Add to that consistent application of a trading plan with money and risk management can lead to ultimate success.
Yunny1 and ST - I think that your strategy of looking at PA first and then looking for confluence of indicators/MAs/whatever you want to use is a good way to proceed. Not that it’s the only way, but it’s how I’m starting out to see if it will work for me.
Hope all are enjoying their Buckfast. Looks like pretty serious stuff.
To be honest, ive been drifting in and out of the forums every so often and trying my best to keep up with what i can, but honestly, final year of uni has kept me away from keeping in touch with everyone on here like i had hoped…
I have been a lot busier than expected and even slacked with updating my own thread. My reason for posting here is to simply give thanks to the whole gang here - you know who you are…
There have been many posts here which have helped my development as an aspiring trader in a huge way…
Why the soppy thank you’s?
November just gone was my ‘one year anniversary’ in learning to master the markets, felt i had to come back and thank anybody who has given me a helping hand a long the way…
As i said, havent had the chance to follow along with my threads here as i like, but will defo make more effort into this coming year. I have seen some of the knowledge being passed around on the second floor and it looks priceless…
Glad to see the Chris Lori work that i sent to HoG a while ago being passed around, there is some great info in there and some real eye openers…
Anyway, dont want to ramble on and de-rail the thread from its main purpose, just wanted to thank everybody here for their contributions… Im currently running a small live account which i hope to really make a go of this year…
That said, weekly analysis done, see you all on the battlefield this week
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