If you lost money trading in 2016 here is my xmas gift to you

DurElite said:
I hate to be negative but although this strategy looks really good on paper, I have tried a similar strategy before and I just couldn't make it work in the long run. Maybe I was doing it wrong but I found it very difficult to get the entries right and take profit right.
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It is difficult. But I have followed these concepts in principle and they work for me.

I have two thoughts... for years now I get on track and have weeks to months of consistency in myself and being profitable. But I have health issues that when active... I make errors. So once one is able to 'not make any mistakes'... that part of the skill can be lost or misplaced (temporarily). I'm progressively learning to compensate for this. Some version of this may affect others also. My point is that finding your way to being able to do this may require time and self knowledge. Don't just give up if it doesn't seem to work right away. There is a simplicity to it, but our lives are not all simple.

Another thing has to do with bumping up size. That is my bigger bugaboo now. Every time I increase my size- my win rate drops about 20%. I am making progress with this by consciously working through a process similar to all the steps in this thread all over again. But I know I can do it, so it is worth it.

I guess the tinkering never ends.

Thank you for your thoughts PropWarrior.
 
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why do all old timer classic traders reference Wycoff? this is 21st century not the 19th. times have changed in this era of HFT, algos & computers.

gotta change with it, or perish
 
Greetings BigMac, and please listen well,

The young have never been old, but the old have all been young, and those that are still around and kicking, have through experience, learned their lessons well. So the question I have for you is this:

Question: Do you know the difference between education and experience?

Answer: Education is when you read and study the fine print from those who came before you; but experience, oftimes painful experience, is what you get when you fail to study and learn the lessons of the past, and what they had to say.

The principles of market action haven’t change that much since the days of General Sokya Munehisa Homma, and his Rice Traders in the 1750’s, and they are still as relevant today as ever. I have seen some of those same Rice Charts from the 1750's, and they look very much the same as charts of today. You would be well advised to study some, if not all of the works of Wyckoff, and the others of his ilk from the past, so that you don’t unknowingly subject yourself to repeating some of these old classic lessons learned from the past.

Now,…choose your lessons of today wisely,…youthful traveler.

"An Old Timer"

KDASFTG
 
big mac said:
why do all old timer classic traders reference Wycoff? this is 21st century not the 19th. times have changed in this era of HFT, algos & computers.

gotta change with it, or perish
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thats cool whatever works for you, I am glad you profitable using your own material. If you are profitable then of course you shouldn't be reading this thread as you are already making money. I only use one small piece of Wyckoff, nothing else. Similar with Dow Theory where I find only one concept useful.
 
Post 7/10 Bringing it all together

I have outlined what I believe are the key areas a losing trader needs to improve on to make it to the consistently profitable stage. No fluff, no filler, no BS. The below has been created from my experience working alongside other traders in a professional trading environment. The real question though is if you want to change how are you going to do it? What is the solution? I have left the 3rd column for suggested solutions blank. If you are interested in changing have a think about what your solutions would be. Post 8/10 will cover my suggested solutions. GL. [pdf attached for ease of viewing]

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propwarrior said:
Post 7/10 Bringing it all together

I have outlined what I believe are the key areas a losing trader needs to improve on to make it to the consistently profitable stage. No fluff, no filler, no BS. The below has been created from my experience working alongside other traders in a professional trading environment. The real question though is if you want to change how are you going to do it? What is the solution? I have left the 3rd column for suggested solutions blank. If you are interested in changing have a think about what your solutions would be. Post 8/10 will cover my suggested solutions. GL. [pdf attached for ease of viewing]

View attachment 169386
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Post 8 to 10?
 
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