smash yourself against the wall,do a favor
I think I figured out why trading can never work for so many people
- Thread starter ChkitOut
- Start date
Haha......
I also thought that Woody guy seemed too good to be true.... lol
would be cool if he was real, and was really trading from his yacht, but I wouldn't be surprised if he has had other identities on ET in the past.
I have been browsing thru old posts on ET, and even here in the present..... it strikes me that ET seems to have always had an extremely high percentage of successful at-home TA-based traders...
I wonder how many of them are unique individuals?
I remember that popular thread 'simple price action approach' where one guy was running 5 or 6 different aliases. He sign in under one and sing the praises of one of the others, etc, and they'd all post these great hindsight trendline charts. but all the same guy.
then there was another similar thread with some similarly suspicious activity going on in it. what really took the cake is the lead expert guy claimed once that he called the low of the day to the tick in his private chat room, and everyone caught a 100 pip rally in the euro. and then he says sorry it's a private room you can't come into it. LOL!
I also thought that Woody guy seemed too good to be true.... lol
would be cool if he was real, and was really trading from his yacht, but I wouldn't be surprised if he has had other identities on ET in the past.
I have been browsing thru old posts on ET, and even here in the present..... it strikes me that ET seems to have always had an extremely high percentage of successful at-home TA-based traders...
I wonder how many of them are unique individuals?
I remember that popular thread 'simple price action approach' where one guy was running 5 or 6 different aliases. He sign in under one and sing the praises of one of the others, etc, and they'd all post these great hindsight trendline charts. but all the same guy.
then there was another similar thread with some similarly suspicious activity going on in it. what really took the cake is the lead expert guy claimed once that he called the low of the day to the tick in his private chat room, and everyone caught a 100 pip rally in the euro. and then he says sorry it's a private room you can't come into it. LOL!
Nice observation, ol yella. Funnier still is the fact that the successful price action ta, at home traders ALL only exist on elite trader-- you may be on to something about it being only several folks who have conspired to send biz to one person or another in a stealth manner-- build the hype then close the deal.
As a journalist, I have tried to track several of these hyper success price action TA traders down for interviews--- they either hide, actually do trade, but have wealth, business, or wealthy spouse, other income, I HAVE NEVER met one that started from nothing and makes a living trading in real life. surf
Surf, Even NoDoji?
No, I never tried her--- my efforts were 5 years ago-- so any new folks-- I have not tried to interview-- if anyone is interested and willing to do a full expose' with tough questions, let me know. thanks, surf
Thanks Piezoe for your kind words. My 9th grade English teacher was awesome and one of the teachers who had a major impact on me 
The way I add a new idea to my trading plan pretty much follows this route:
First, I notice a certain price action pattern that seems to repeat. (This doesn't necessarily mean a fixed chart pattern like a 1-2-3 pattern; it could be something more nebulous like trading a range.)
Next, I "eyeball" previous occurrences of the pattern and think to myself, "There seems to be positive expectancy in this."
Then, if the "eyeball" analysis is enticing, I then come up with a rough plan based on that informal analysis and I put the plan to the test by logging the result of every appearance of the pattern on a spreadsheet. Since I'm an intraday scalper, I like to compile 3-4 weeks worth of data. This step is important because I have a tendency to see all the instances where an idea worked and perhaps I overlook the instances where it fails - confirmation bias. Hard stats give you a clearer picture.
Finally, if the stats are positive with an even R:R, I write up a set of rules and then "paper" trade the setup for a while. This helps me determine how confident I feel with it in real time at the hard right edge. I usually compare an even R:R to a positive R:R during this phase to help me decide whether to scalp for smaller profits or hold for larger ones.
There's a range tactic I tested this weekend and am now paper trading. In the past it's taken me at least a couple weeks to get comfortable enough with a new tested idea to take it live.
The way I add a new idea to my trading plan pretty much follows this route:
First, I notice a certain price action pattern that seems to repeat. (This doesn't necessarily mean a fixed chart pattern like a 1-2-3 pattern; it could be something more nebulous like trading a range.)
Next, I "eyeball" previous occurrences of the pattern and think to myself, "There seems to be positive expectancy in this."
Then, if the "eyeball" analysis is enticing, I then come up with a rough plan based on that informal analysis and I put the plan to the test by logging the result of every appearance of the pattern on a spreadsheet. Since I'm an intraday scalper, I like to compile 3-4 weeks worth of data. This step is important because I have a tendency to see all the instances where an idea worked and perhaps I overlook the instances where it fails - confirmation bias. Hard stats give you a clearer picture.
Finally, if the stats are positive with an even R:R, I write up a set of rules and then "paper" trade the setup for a while. This helps me determine how confident I feel with it in real time at the hard right edge. I usually compare an even R:R to a positive R:R during this phase to help me decide whether to scalp for smaller profits or hold for larger ones.
There's a range tactic I tested this weekend and am now paper trading. In the past it's taken me at least a couple weeks to get comfortable enough with a new tested idea to take it live.
Quote from NoDoji:
Thanks Piezoe for your kind words. My 9th grade English teacher was awesome and one of the teachers who had a major impact on me
The way I add a new idea to my trading plan pretty much follows this route:
First, I notice a certain price action pattern that seems to repeat. (This doesn't necessarily mean a fixed chart pattern like a 1-2-3 pattern; it could be something more nebulous like trading a range.)
Next, I "eyeball" previous occurrences of the pattern and think to myself, "There seems to be positive expectancy in this."
Then, if the "eyeball" analysis is enticing, I then come up with a rough plan based on that informal analysis and I put the plan to the test by logging the result of every appearance of the pattern on a spreadsheet. Since I'm an intraday scalper, I like to compile 3-4 weeks worth of data. This step is important because I have a tendency to see all the instances where an idea worked and perhaps I overlook the instances where it fails - confirmation bias. Hard stats give you a clearer picture.
Finally, if the stats are positive with an even R:R, I write up a set of rules and then "paper" trade the setup for a while. This helps me determine how confident I feel with it in real time at the hard right edge. I usually compare an even R:R to a positive R:R during this phase to help me decide whether to scalp for smaller profits or hold for larger ones.
There's a range tactic I tested this weekend and am now paper trading. In the past it's taken me at least a couple weeks to get comfortable enough with a new tested idea to take it live.
thanks, i always found it hard to test ideas because unless the entry and exit rule are simple, like (buy pivot low for failed breakout, exit at 2 points) its hard because the setups are never really the same, but similar and so id say, well would i take that or not? is it close enough? what about the context? how do you even begin to define it? so for me, its hard to test ideas..
like i might say, take this trade in a trading range.. well, define trading range. thats hard to do, most days are somewhere in between. stuff like that..
