If you want to fail as a trader, study TA

[Bolimomo]

Quote from wrbtrader:

I don't think it's cool for you to intentionally remove other information from my quote to alter that statement.

Therefore, I'll repost only the important part from my quote that I intentionally put at the top so that someone that has average reading comprehension skills would understand that TA isn't the only thing in a profitable trader's trading plan. I'm a little shocked you would intentionally ignore those critical variables in your re-quote of me in an effort to alter the content of the last statement...your actions is not cool.

With that said, you're trying to convince me that you have none of the following or believe it's not important and that you only use TA and nothing else to be a consistent profitable trader:

* money management

* market experience

* discipline

* et cetera (e.g. proper trader workstation, proper broker execution platform, high speed connection, proper trading environment and so on).

I really don't know what else to say to someone like you after I specifically named important components of a trading plan especially after reviewing your posting history here at ET to see all the things you talk about that's important to you as a trader (you ain't only talking about TA in your past posts...that's a fact). However, I'll part from this thread with the following analogy along with saying I'm very proud that TA is not the only thing that's important in my trading plan...it's main the reason why backtesters and TA bashers think guys like you are so annoying when they see you imply it's all about TA and nothing else matters.

Sports Analogy: Pretend you're a good quarterback (a.k.a. technical analysis)...you will lose all your football games if your teammates (market experience, discipline, money management, proper capitalization, position size management, stress management, proper broker platform, proper trade workstation, proper trade environment, team collaboration et cetera) don't do their job (a.k.a. trading plan). Therefore, it's impossible for a good quarterback to overcome or compensate for the poor performance of those on his offense or defensive unit in order to consistently win football games.

I apologize, Mark. Now I went back and re-read your earlier post.

The edition of quote was for the intent of saving bandwidth. Not for cherry-picking to illustrate a point. I have seen many, many quotes of an entire earlier passage just to say "yes" or "I agree" or other one liner responses.

I agree with you that Technical Analysis, with or without indicators, alone is not enough to trade successfully. What you stated: money management, experience, discipline plus others... I have.

I guess what stood out and caught my eyes - as much as red color dancing in sea of green - was those one-liner verdict-like statements.

But I would not agree with the OP's statement "If you want to FAIL as a trader, study TA".

 

[Fibbin-Archie]

Quote from Blotto:





Rubbish. Nobody rational puts on a trade with an expectation that it will be a loser. Self doubt and resigning yourself to the inevitability of making incorrect decisions is not the answer. This also has nothing to do with money management. Money management means making sure that you are not wiped in the unlikely event you get it wrong. It does not mean you expect to get it wrong, or you accept that you are potentially wrong before entering a trade. If you have unresolved doubts before putting on a position, and you put it on anyway then you are gambling.

Notice the CAPITALIZATION of the word potential?

"resigning yourself to the inevitability of making incorrect decisions is not the answer..."

I propose that what you're saying is UTTER RUBBISH and promotes a very dangerous attitude that is highly likely to result in the obliteration of your trading account.

 

[Blotto]

Quote from HiF trader:

Instead of calls and analysis you said nothing here

Quote from HiF trader:

Nothing here

Where are your calls, Are you preparing live examples for Monday

You said nothing here

Quote from El Guapo:

Hey Expert

Make a call.

Prove why anyone should bother following.

Should be easy for you since your an expert.

No call. No value. Simple.

Why do you think you are entitled to be given calls?

The other week I was "challenged" to give calls to prove to others I knew what I was talking about. Ironically I had already given several correct live calls in another thread on another market, because I can, however this was not enough. The individual in question wanted calls on the market he likes to trade. You really can't please everyone.

I could post twenty correct trades in a row, with entries and targets posted in advance, on ES or CL or anything else. People would still give the same crap. It would achieve nothing. At the end I would be "challenged" to do another twenty, to prove it was not a fluke and so on.

What is funny is that you people think that truly expert traders are somehow required to demonstrate to you their proficiency. Actually it is you lot who have not shown any capacity for independent thought who are required to prove to us that you are worthy to be shown anything of value.

Give not that which is holy unto the dogs, neither cast
ye your pearls before swine, lest they trample them
under their feet, and turn again and rend you.
-- Matthew 7:6

 

[Fibbin-Archie]

Mr High & Mighty has found the "Holy Grail" then clearly (biblical quotes n'all).

He can't envisage any circumstance in which his analysis could be fallible.

What a load of old **** ****

 

[Blotto]

Quote from Fibbin-Archie:

Notice the CAPITALIZATION of the word potential?

"resigning yourself to the inevitability of making incorrect decisions is not the answer..."

I propose that what you're saying is UTTER RUBBISH and promotes a very dangerous attitude that is highly likely to result in the obliteration of your trading account.

Please tell me which sentence, phase, or concept in the above quoted is either incorrect or dangerous, complete with reasoning - else I cannot possibly be expected to understand the point you are making.

There are two things which will wipe out a trading account:
1) Incompetent operator with no edge (including excessive leverage and running losers*)
2) Exigent circumstances: fat finger, exchange crash, order entry glitch, unexpected event

Two can be planned for as far as possible, but can still affect the best of us.

* - I have read from people on trading websites that they have wiped their account on one trade - they got married to an opinion, and either averaged down or moved /cancelled the stop and let the trade run until they were out of equity.

Quote from Fibbin-Archie:

Mr High & Mighty has found the "Holy Grail" then clearly (biblical quotes n'all).

He can't envisage any circumstance in which his analysis could be fallible.

Biblical quotes: I am not religious, but I always found several quotations to be very apt. Pearls before swine indeed.

Yes, sometimes I get things wrong. Sometimes I make errors with my market analysis. Very seldom do these errors make it through into actual trades.

I do have losing trades. However I can correctly expect to have losing trades around 5% of the time, with the losses being very cheap in comparison to my average profit on the correct trades.

For these reasons I enter every trade with the expectation of being correct. If something unexpected develops, or I was incorrect, I always have a tight stop in place to take care of it. Further, if the market does not begin to behave exactly as anticipated when I entered my position, I am alerted to this almost immediately and in the majority of cases I can take remedial action if I find myself wrong, closing the trade at a scratch or slightly better.

You clearly cannot do this as you refer to it as a lot of old nonsense, or whatever you said which was less polite.

 

[Fibbin-Archie]

Quote from Blotto:

Please tell me which sentence, phase, or concept in the above quoted is either incorrect or dangerous, complete with reasoning - else I cannot possibly be expected to understand the point you are making.

There are two things which will wipe out a trading account:
1) Incompetent operator with no edge (including excessive leverage and running losers*)
2) Exigent circumstances: fat finger, exchange crash, order entry glitch, unexpected event

Two can be planned for as far as possible, but can still affect the best of us.

* - I have read from people on trading websites that they have wiped their account on one trade - they got married to an opinion, and either averaged down or moved /cancelled the stop and let the trade run until they were out of equity.

You predict 20 correct trades on the bounce Sunshine and I'll tell you.

 

[Fibbin-Archie]

Quote from Blotto:

Please tell me which sentence, phase, or concept in the above quoted is either incorrect or dangerous, complete with reasoning - else I cannot possibly be expected to understand the point you are making.

There are two things which will wipe out a trading account:
1) Incompetent operator with no edge (including excessive leverage and running losers*)
2) Exigent circumstances: fat finger, exchange crash, order entry glitch, unexpected event

Two can be planned for as far as possible, but can still affect the best of us.

* - I have read from people on trading websites that they have wiped their account on one trade - they got married to an opinion, and either averaged down or moved /cancelled the stop and let the trade run until they were out of equity.




Biblical quotes: I am not religious, but I always found several quotations to be very apt. Pearls before swine indeed.

Yes, sometimes I get things wrong. Sometimes I make errors with my market analysis. Very seldom do these errors make it through into actual trades.

I do have losing trades. However I can correctly expect to have losing trades around 5% of the time, with the losses being very cheap in comparison to my average profit on the correct trades.

For these reasons I enter every trade with the expectation of being correct. If something unexpected develops, or I was incorrect, I always have a tight stop in place to take care of it. Further, if the market does not begin to behave exactly as anticipated when I entered my position, I am alerted to this almost immediately and in the majority of cases I can take remedial action if I find myself wrong, closing the trade at a scratch or slightly better.

You clearly cannot do this as you refer to it as a lot of old nonsense, or whatever you said which was less polite.

No no no, you're changing your tune now vicar, now you've an expectation of potential developments that may invalidate your analysis. SO WHICH IS IT?

And make your mind up in future before you start accusing people of talking rubbish.

 

[Blotto]

Quote from Fibbin-Archie:

You predict 20 correct trades on the bounce Sunshine and I'll tell you.

Quote from Blotto:

Why do you think you are entitled to be given calls?

It looks like you've missed my point. In any event you clearly demonstrate the level you are at with the following delicious examples of pikerthink, flavoured with tasty cliches and a soupcon of contradiction:

Quote from Fibbin-Archie:

If you think like a pro, then it doesn't matter that you're wrong because you've accepted and controled your risk BEFORE you've put the trade on.

Quote from Fibbin-Archie:

Agree with whoever said, you cannot predict the whims of large institutional players.

However, if you know how to read what you're looking at then playing the C reversal can be a high probability and potentially very lucrative trade, because you are following the large players.

Quote from Fibbin-Archie:

Money management and an edge, I don't need to be right all the time and I won't be, that's trading.

It takes a certain level of mental discipline to use TA effectively and admittedly if you lack that discipline then it won't work for you.

Quote from Fibbin-Archie:

I think the best advise to a newb is to not think that they can predict price action.

With regard to trading style, pick one which suits you, your discipline, your risk tolerance, patience threshold, personality type (we're all different), and then go about learning that particular style and strategy, get to know it inside out (including it's draw backs and limitations, also get to know your own limitations, the markets are a great place to really get to know yourself).

Perhaps as an exercise, aspiring traders could point out what is wrong with each of the above quotes. However this thread belongs to The Expert so we shall see if he thinks it is an interesting idea. In any event I do not wish to interrupt further.

 

[Fibbin-Archie]

Quote from Blotto:

It looks like you've missed my point. In any event you clearly demonstrate the level you are at with the following delicious examples of pikerthink, flavoured with tasty cliches and a soupcon of contradiction:









Perhaps as an exercise, aspiring traders could point out what is wrong with each of the above quotes. However this thread belongs to The Expert so we shall see if he thinks it is an interesting idea. In any event I do not wish to interrupt further.

I wouldn't trust your calls as far as I could spit.

Maybe where I have said predict, I should have said, "predict with 100% accuracy" not surprising tho' that you've taken my quotes then read and used them out of context.

And yeah maybe you shouldn't interrupt any further, I'm not sure there's enough room here for your ego.

Peace be with you.

PS. clichés become so through common use, usually because they pertain to truth.

 

[TheMan]

i am amazed that this thread is this long with what is contained inside it