Have you used dbphoenix's teachings to become a successful trader?

k p said:
You know... I actually liked the section on energies (not in the voodoo sense though). Where he talks about being afraid of the dog,
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Oh I like the concept as well, just not how he formulates it with pseudoscience while actual science can properly describe it. "Emotion" or "emotional memory" or "experience" would've been just as effective; it's true that the sum of our experiences depends on their relative strengths (i.e. lots of positive reinforcement can finally counterbalance a hugely negative experience). It's more toned down in the Zone, but it was way out of hand in his previous book (which I read, but didn't keep). I don't remember the specifics anymore, but it was very bad. :)

k p said:
instead of focusing on not doing it, focus on doing things right.
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You've nailed how the brain works, and it's most evident in sports ("be the ball") and most common in everyday life in driving: when you're under-steering straight into that big immovable utility pole, look where you want to go and your hand-eye coordination will automatically steer you to safety. How many times do you run straight in say a pothole because you just couldn't look away from it? Happens to everyone.

As a sidebar, that's why I enjoyed a crash avoidance course years ago; shows you first-hand just how much better we can be at something if we just focus on the objective rather than the scary obstacle. Takes practice. I've killed poor defenseless Cardboard Julie the first time... :eek:
 
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marketsurfer said:
The bottom line is, if you do not have a quantifiable edge, use money management to stay in the game long enough for LUCK to smile upon you. This can work! just realize what it is rather than making up stuff to make yourself feel better about your wins/losses. surf
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The only true edge in trading is capital and the prudent use thereof. Learn to be wrong and be ok with it.
 
Money Trust said:
I was introduced to trading by a 21 year old trader who'd made nearly two million dollars (liquid) in a single year...which happened to be the year we met. He attributed his method to simple trend channels and support/resistance plays. He used complicated math for position sizing and risk management but his analysis for anticipating trends was that simple. He told me that there were four books that were the basis of his analytical system. 1) Stikky Charts 2) The Technical Analysis Course 3) Trend Following (Michael Covel) and 4) Tape Reading & Market Tactics. There were some other books that dealt with psychology and macroeconomics that he recommended to me but those listed were the main ones.

I began to read the Technical Analysis Course and asked him about some of the indicators and to my surprise, he told me that he didn't use those because he didn't think they were necessary. I thought he was BS'ing me until I studied Wyckoff. The guy was making 5 figures a month yet I thought surely it had to be more difficult. After reading Wyckoff, I saw that he wasn't misleading me at all.

I know another guy who made close to $5 Million last year and he trades pure price action.

All of that being said, I don't know DBPhoenix's record but I've met some incredibly successful people who use the same methods and since I took on the same approach, I've done much better.
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Great, thanks for sharing, you are right on track, but most wannabe traders that read this still want get in, but they want to watch some pro traders all day, really not to learn how to trade, but to follow him/her so they can make money for the day. Control of emotions at all times is the only thing I would add.
 
smileypete said:
Hey k p, if you want to make profitable short term trades with minimal risk, the #1 Rule (in my opinion :) ) is:

Wait for clarity.

Now here's a tip, when drawing trendlines, don't draw ones that are easier to break. Draw ones that are *hard* to break, because when they're finally broken it _means_ _something_.

Have another look at your charts if you like.... hope this helps.
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Rule # 2: Keep tight stops. :)
 
VPhantom said:
There are several sources, including where you were at http://www.median-line-study.com/free-download/ where the result is a 4.0mb PDF. It's also freely available in other first-page Google results in various forms. I'll post the file right here if that's allowed.

(And no doubt about it, that web site looks absolutely HORRIBLE. Wouldn't be the first one though, to still contain useful information. What's that saying about books... and covers...) Anyway he studied a controlled implementation of median lines in the grains markets between 1990 and 2005 with results which confirm previous stats by Timothy Morge, himself having confirmed those of Alan Andrews in his own publication which I don't have on hand.

The age of this method isn't the issue here, so I won't debate your prejudice against the 1960's. ;) I'm just showing you a specific example of a statistically significant use of price alone, which conflicts directly with claims that price is purely random. To dismiss those would dismiss as coincidental the proven concepts of trend lines and mean reversion which is why I have yet to reconcile what I read from other credible sources and from random proponents including yourself.

(You might also encounter a book on median lines by Patrick Mikula - that one is just detailing his comprehension of the Andrews course, no useful empirical study there.)


Back to your other point: how would you characterize a "successful prop firm"? The term seems to have a very broad definition (from overseas high-leverage small-game predators to full hedge funds) and I was never able to find anything compelling for me, except maybe Bright but their web site (talk about books with bad covers!) talks about future events in "March 2013" and "October 2014", so I wonder if they're still even active. One or two closer to where I live, with barely a web site at all, not inspiring for what's now a high-tech game.

Edit: typos
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Please do your due diligence, regarding Timothy Morge:
https://www.elitetrader.com/et/threads/tim-morge-and-the-well-chosen-example.305061/page-3
 
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