Baruch's Forex System Journal
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This is a great thread, but one thing I've noticed is people's tendency to assume or "think" something particular will happen. Whereas, the best attitude to assume in the markets is that of "anything can, and probably will happen". As soon as you have a particular directional bias, you may be denying information to the contrary, and that's dangerous. Never forget that really ANYTHING can happen. I quoted a popular story on this in my DAX thread once:
Now you might say: "If I can't have a bias, how can I trade?" Well, you can always trade, by taking an "educated guess". If the R:R (and possibly even hit rate) is in your favor, there is no question you will do well, and that without having any bias whatsoever.
Anyone and anything can change the course of the market, anytime! Never forget that!Quote from Scientist:
This large but typical ES event reminded me of Mark Douglas' story of the retired chairman. You know that story, where a firm's new TA expert proudly shows the retired chairman (and many-decade veteran floor trader) support on the soy bean futures, saying the market will definitely stop or even reverse there. And the chairman says "Oh really? That's bullshit!", rings the floor boy and tells him to sell 3 million bushels at the market - Straight after that, the market (logically) falls right through the support and keeps going down. Then he turns around to the terrified-looking TA analyst and says: "Where did you just say price was going to stop? If I can do that, anyone can."
Now you might say: "If I can't have a bias, how can I trade?" Well, you can always trade, by taking an "educated guess". If the R:R (and possibly even hit rate) is in your favor, there is no question you will do well, and that without having any bias whatsoever.
Quote from Scientist:
Hey Steve! Many thanks for the words. I see you're doing some very decent calls these days...
Here's a quote summing up the major reasons for my cutting back on the boards:
All the best to you,
Sci.
Hopefully, the calls will last....
Thanks. Perfectly understandable why you're cutting back. Really no point in working hard to be successful if you can't enjoy it.
Take care,
Steve
Quote from Scientist:
Hey Steve! Many thanks for the words. I see you're doing some very decent calls these days...
Here's a quote summing up the major reasons for my cutting back on the boards:
All the best to you,
Sci.
And all the best to you, Sci.
P.S. I hope you one day will write that trading book.
There is something about forex that just won't let you switch off at times.
I have an LCD monitor on my bedside table now, which I can use for music, music videos (or so the excuse to my better half) and of course checking quotes at night. Thanks to extended monitor cable and amazing bluetooth technology (10 metres / 30 ft range, goes through walls etc), I can use my keyboard and mouse without having to have a noisy PC next to my bed. I can really recommend it!
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