The problem with taking advice from others is that different people give different advice. That's why I generally prefer not to give specific advice about a specific trade. My way is not necessarily the best way for anyone else. However, when a person continues with a course of action even after his scenario or premise has been proven false, then something is amiss.
The Surf Report
- Thread starter marketsurfer
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Unlike most traders who only show up when they are up on there trades, surfer was here, taking the heat, and didn't run and hide in the corner. That is to be commended. Many on here, only show up when your positions are in the green!
As for mistakes.....I wasn't aware that there are any absolutes in trading, please share them with us!
Last I checked.....you were using a %R to make your trading decisions.....do you really expect someone to take advice on trades from you? Get real!
As for surf......he's still alive and well....still trading...he's down, but not out, and for better or worse, his trading style works for him, it might not be right for you or anyone else...BUT IT WORKS FOR HIM, in the end, making $ is all that matters in this game, until recently, surfer had some excellent trades. One or two trades, does not a trader make!
I figured that's the few you'd cover, and I'm glad you did. While I'm a fairly consistent and profitable trader, though admit there are a few much better traders out there. In the end, I make my living from trading. As such, I consider my take on these issues a qualified opinion.
Out of the three rules you quoted, only one holds true and is an absolute truth in trading. That is, the mkt is always right. I would add to that money/risk management.
As for the others, I trade against the trend all the time..I trade pairs, so mean reversion is the norm, and I average down, in fact...add to my losers every day. Both strategies work very well, but one has to recognize that in the end, the mkt is right, and once in a while....a very rare occurance, you need to exit your trade.
One more thought comes to mind about trend, the legendary JH has had trouble Identifying trend, do you really think that you are better Identifying the trend then him? I'm not!
Averaging down, nothing wrong with that, as long as one incorporates risk management into your averaging in strategy. For me, it just means that I am not able to pick absolute reversal points on the instruments I trade. Therefore, by averaging in, and spreading risk around, leads to profits. It works for me, so am I wrong?
Then I must be a genius, because I am able to evaluate an advice and to decide if it is worthy to follow or not...
Last time I checked, my journal was up 140 ES YTD.
Man, you are a bigger idiot than I thought. (just stating the fact) Like using %R would discredit me.
Here is a challenge for you: Go ahead, read all my advices for Surf and point out the bad ones. Please!!!
P.S.: Before you start crying about namecalling, I never do. With your %R remark you qualified yourself as an idiot...
Yes, I'm sure that's it.
Quote from Pekelo:
Then I must be a genius, because I am able to evaluate an advice and to decide if it is worthy to follow or not...
Last time I checked, my journal was up 140 ES YTD.
Man, you are a bigger idiot than I thought. (just stating the fact) Like using %R would discredit me.
Here is a challenge for you: Go ahead, read all my advices for Surf and point out the bad ones. Please!!!
P.S.: Before you start crying about namecalling, I never do. With your %R remark you qualified yourself as an idiot...
You have done a remarkable job papertrading, when do you plan on converting those to real $?
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