Dude, Are you still trying to trade trends?

[Mtrader]

You, on the other hand are clearly at or near the top of the Forbes 400

No, I am not, and I never will be, as I am not American. Why do some people always think that Americans are the only people on earth?

At the Forbes 400 there are several people who never achieved anything,they were just lucky to be born as son/daughter of... and appeared in that way on this list.

It would be interesting to compete as a daytrader against Soros. Especially because Soros is no daytrader at all. I would accept the challenge to a daytrade competition with him.

 

[Trading Education Buyer]

No, I am not, and I never will be, as I am not American. Why do some people always think that Americans are the only people on earth?

At the Forbes 400 there are several people who never achieved anything,they were just lucky to be born as son/daughter of... and appeared in that way on this list.

It would be interesting to compete as a daytrader against Soros. Especially because Soros is no daytrader at all. I would accept the challenge to a daytrade competition with him.

I like your posts and learn by your responses , so please keep them up.

 

[Mtrader]

I like your posts and learn by your responses , so please keep them up.

Logic and knowledge are basic and needed parts of trading.

But sometimes my postings can hurt the ego of some people. Then you get non relevant reactions like "Soros... Forbes 400...", in which people try to deviate the discussion away from the real problem to nonsense like Forbes 400. In daytrading I am better than the majority (50%) of Forbes 400 celebrities, so what's the relevance of this Forbes 400 list? Most of these people even don't know what daytrading is.
If your ego is hurt by a posting, it is clear that you will never become a good trader, as good traders have no ego. Ego will destroy your performance.

So this posting apparently damaged somebody's ego, but to me the posting was correct. And what is more important: instead of being busy with your ego, you should read and think about what was posted. Maybe then it is possible to take advantage of it and maybe learn new things.
When I started (paper) trading I had no clue what I was doing, but I tried to gether all information possible and examined it. After some attempts I believed people who said that it is imposisble to be consistent profitable, but at the same time I never gave up. I had to change my initial opinion: you can trade consistent profitable. With the emphasis on CAN.


"It has nothing to do with hindsight. If it does, it means that you are not able to trade that way because you have no clue. It is not because a blind cannot see, that it does not exist.

You can find areas where a trend change can happen. If you backtest this you can know with high probability what the chances are that the signal will be a good one, you can also know with high probability what the chances are that it will be a real trend, and you can even know with high probability what the chances are that a trend change is occurring as you will get a new signal. It is an eternal recurring cycle.
Looking at past data can help you to find these cycles. So past data can indeed help you. You should only know how to do that. So you are the problem."

 

[lovethetrade]

Logic and knowledge are basic and needed parts of trading.

But sometimes my postings can hurt the ego of some people.

Not really hurt, maybe bewildered as to your assumptions re what other people actually know. It would not surprise me if you lectured Einstein about relativity.

Continue...

 

[Mtrader]

Not really hurt, maybe bewildered as to your assumptions re what other people actually know. It would not surprise me if you lectured Einstein about relativity.

Continue...

I must admit that maybe the way I post might look arrogant. That's not my intention.
I try to post out of my personal experience and conviction. But English is only the third language I speak, so maybe that explains why it can look like arrogant. I do not always completely understand the finesse of the language and the way sentences are formulated.

I am profitable for many years now, so that means that ego is not important for me. My ego was completely destroyed the first years of my attempt to become a good trader. I made many mistakes, even very stupid ones, and I don't consider myself as very smart.

But what I post is what I firmly believe in, and maybe that is interpreted as arrogant. Firm can be close to arrogant.

About "your assumptions re what other people actually know.". If people speak about "hindsight" it is clear what they know, or rather what they don't know. No reason to be bewildered. I reacted on the knowledge they showed themselve. I don't make asumptions like "Forbes 400 or Soros...", I just react on what is posted.

 

[comagnum]

It would be interesting to compete as a day trader against Soros.
_______________________________________________________

Maybe when you come down from the crack, you could write a book about how you are the ultimate trader of all times, not Soro's.

Soro's would consider 'day trading' completely ridiculous anywy.

 

[Buy1Sell2]

Let me get this out of the way.. There's nothing wrong with trading trends, but when you make that your primary weapon, then you will most likely never become a full time trader.. Why? Because trends are just one way the market behaves.. It doesn't make any sense if you only do good with trends and don't do good when the market ranges.. All of your profits will disappear when the market is choppy..

If you want to day trade (not long term investing) then trends are not the only thing you should be focused on.. For all the guys that aren't successful, here is your homework for today.. Study consolidation (tight range), reversals, breakouts, and Wide ranges. Once you get a little good at that, then start drawing levels on your chart.. Your levels will be at the breakouts, and where price recently reversed at.. You can even draw levels at the previous low/high from yesterday (I use the 5 min chart to day trade)..

Then I want you to wait until price hit those levels.. And then I want you to study how price reacts to the levels.. Write down the patterns that you see at those levels and then do some backtesting.. If you keep on doing this for months and months, then I don't see why your trading shouldn't improve..

I'm a full time trader.. Nothing else.. For all of you guys that don't think trading full time isn't possible, well I'm here to tell you it is.. I actually met another full time trader the other day at the basketball court (trading for 20 years) and he trades millions of dollars.. So i don't understand why people think that trading full time a myth...

When I became a level trader, that's when everything change.. It's to the point when I see a key level that I like, I just put a limit order at that level.. And levels could be either horizontal or trend lines.. Please study key levels on your chart..

Here's a quote from nodoji that i like:

"A pure price action trader trades off key price levels. Nothing else is needed other than the ability to look at a chart and see prior levels that will be defended. The defense will either succeed or fail. Statistical analysis is the tool for determining how far to let price run against you before the odds of price reaching a particular profit target diminish into negative expectancy.

Only support and resistance levels are needed by a pure price action trader to determine risk:reward parameters for trades and these levels can be found on a chart that displays nothing but price bars."

Trend trading is still in vogue and is the proper strategy for the retail trader. The market is always trending on some time frame. Find that fractal and trade it. Reminder--in order to profit, prices must trend --

 

[Mtrader]

It would be interesting to compete as a day trader against Soros.
_______________________________________________________

Maybe when you come down from the crack, you could write a book about how you are the ultimate trader of all times, not Soro's.

Soro's would consider 'day trading' completely ridiculous anywy.

Maybe you should first learn to read and write correctly. Your writing reflects the quality of your posting...

I am surely not the ultimate trader and never wrote that.
I don't care what Soros thinks about intraday trading, whether he likes it or not will not change my profits. I make a multiple of what the average American makes in salary so the rest I am not interested in. Neither am I interested in what jealous people like you write.
Apparently you asked Soros what the thinks about daytrading as you already know for sure his answer. You sound like Marketsurfer, he also knows all important people.

 

[lovethetrade]

I make a multiple of what the average American makes in salary so the rest I am not interested in. Neither am I interested in what jealous people like you write.

What's your style of trading?

Apparently you asked Soros what the thinks about daytrading as you already know for sure his answer. You sound like Marketsurfer, he also knows all important people.

Soros is too busy managing his portfolios worth billions, why is he part of the discussion?

 

[Mtrader]

What's your style of trading?

According to some here, I am a loser, a pretender, a faker,a papertrader, an idiot, a seller... You name it I am it. So not worth to tell here anything anymore.

Soros is too busy managing his portfolios worth billions, why is he part of the discussion?

Killshottrader mentioned Soros, not me. By lack of arguments bashers post nonsense. I only responded.