hmm.no edges in the markets

trilogic · Jul 17, 2013

Quote from NoDoji:

I forged (not found) my personal holy grail of trading between the summer of 2009 and summer of 2010. It required an unbelievable amount of work (thousands of hours). It's based on simple price action concepts - support and resistance and how price reacts to those levels. It's worked consistently for 3 years now.

Nodoji where should one begin the journey of learning PA in the retail space of trading?

U don't do PM's?

Redneck · Jul 17, 2013

Quote from NoDoji:

I'd take the small loss upon violation of the thesis for the trade. I think there's misunderstanding. If there's a defined uptrend and I need to get 50 lots of oil positioned long, I would average down during the pullback phase. As a small retail trader I have no reason to average down; I simply let price sweep me into the resumption of the trend as the pullback ends and price turns. Trading small size, the slippage is minimal. Either way, if the trend throws a reversal signal I'd take the small loss.

I gladly stand corrected

RN

Grandluxe · Jul 17, 2013

Quite hard for me these last 2 weeks. Volume has dropped off precipitously in the spoos.

wrbtrader · Jul 17, 2013

Quote from trilogic:

Nodoji where should one begin the journey of learning PA in the retail space of trading?

U don't do PM's?

1) There exist many price action strategy threads here at ET.

http://www.elitetrader.com/vb/search.php?s=

Recent thread @ http://www.elitetrader.com/vb/showthread.php?threadid=276076

Other PA threads @ http://www.elitetrader.com/vb/forumdisplay.php?s=&forumid=33

2) Put charts on your monitor of your favorite trading instruments with NO indicators. Study your charts carefully, take notes of swing points and strong continuation price actions every trading day until you start to see something repetitive about the price action. Do not be trading during this learning period that should take many months at the minimum.

Be aware that the best price action traders are NOT using only technical analysis. They are extremely aware of "what" impacts the price action they're trading and its got nothing to do with TA. Instead, it helps them better make use of TA.

3) Use google to research price action trading about your trading instrument.

http://www.google.com

NoDoji · Jul 17, 2013

Quote from trilogic:

Nodoji where should one begin the journey of learning PA in the retail space of trading?

U don't do PM's?

I recommend Bob Volman's Forex Price Action Scalping for a introduction to price action concepts.

Also this thread: http://www.elitetrader.com/vb/showthread.php?threadid=276076

And this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=220303

Both have good stuff.

And someone on ET recently posted a link to dbphoenix's thread from 2008, a real gem:

http://www.traderslaboratory.com/forums/wyckoff-forum/15535-developing-plan-trading-journal.html

Al Brooks' Reading Price Charts Bar By Bar is really comprehensive, but it's way more than anyone needs in the beginning and it's confusing to read.

tickmagnet · Jul 17, 2013

You only average down in a bull market , averaging down in a bear market will kill you.

nakachalet · Jul 18, 2013

JUST like to let you know that i found my holy grail at long last....

price action patterns that you eluded to, were also parts of the holy grail for sure....

hope you'll find yours soon.... so trading for a living would be much less stressful indeed....

warm regards

nakachalet@gmail.com

Quote from NoDoji:

I forged (not found) my personal holy grail of trading between the summer of 2009 and summer of 2010. It required an unbelievable amount of work (thousands of hours). It's based on simple price action concepts - support and resistance and how price reacts to those levels. It's worked consistently for 3 years now.

trilogic · Jul 18, 2013

Quote from NoDoji:

I recommend Bob Volman's Forex Price Action Scalping for a introduction to price action concepts.

Also this thread: http://www.elitetrader.com/vb/showthread.php?threadid=276076

And this thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=220303

Both have good stuff.

And someone on ET recently posted a link to dbphoenix's thread from 2008, a real gem:

http://www.traderslaboratory.com/forums/wyckoff-forum/15535-developing-plan-trading-journal.html

Al Brooks' Reading Price Charts Bar By Bar is really comprehensive, but it's way more than anyone needs in the beginning and it's confusing to read.

Thanks will take alook

NoDoji · Jul 18, 2013

Quote from nakachalet:

JUST like to let you know that i found my holy grail at long last....

price action patterns that you eluded to, were also parts of the holy grail for sure....

hope you'll find yours soon.... so trading for a living would be much less stressful indeed....

warm regards

nakachalet@gmail.com

That's a good feeling, when the plan is complete, thoroughly tested and it works.

I believe stress comes from confusion. If you're not absolutely sure what you should be doing (buying, selling, or waiting) at any given moment, and if you aren't absolutely sure how to manage a position once it's on, you'll have to think while trading (TWT) and may experience stress.

Then this confusion often leads to poor decision-making, which often leads to frustration or possibly even anger, which can then lead to gambling (trading outside the plan), which generally leads to losses, which create additional stress.

Many traders can trade by the seat of their pants, but I never had that talent. I had to grind out a plan with rules so specific there's no confusion at any point.

Bob111 · Jul 18, 2013

Quote from NoDoji:

That's a good feeling, when the plan is complete, thoroughly tested and it works.

I believe stress comes from confusion. If you're not absolutely sure what you should be doing (buying, selling, or waiting) at any given moment, and if you aren't absolutely sure how to manage a position once it's on, you'll have to think while trading (TWT) and may experience stress.

Then this confusion often leads to poor decision-making, which often leads to frustration or possibly even anger, which can then lead to gambling (trading outside the plan), which generally leads to losses, which create additional stress.

Many traders can trade by the seat of their pants, but I never had that talent. I had to grind out a plan with rules so specific there's no confusion at any point.

+1. i would add any variables that can be changed(well technically-it's same confusion.just called differently). i have 2 variables that i can change on the fly and EVERY TIME i go against verified,back tested results-every time i was wrong. EVERY TIME