RN
Thank you for getting back to me and answering my questions. Before I get back to some of the questions. if its ok with you would you mind if i asked you some questions about yourself ?
I was just wanting to know;
i. how long have you been trading for ?
ii. how long did it take you as a trader before your bank account was moving in an upward direction consistently ?
iii. Do you know what the obvious is Mr Nysestocks talks about ?
iv. Besides being a discretionary trader, what type of trader would you classify yourself as (swing, long term, breakout, all rounder i understand these are all expert terms ?)
1-3; There are traders who trade with purposeful intent â then there is everyone else
Subsets of the above include, but are not limited to; big money, dumb money, smart money, institutions, day and swing traders, mom & pops, addicts⦠junkies, egomaniacs.. ad infinitum
1a. Does the obvious require me to know the difference between these people ?
Both type reside in all mkts
1b. Are the odds placed more in my favour by trading certain markets over others? like stocks over forex or forex over options or are they just all the same ?
4; imo trend lines, S/R, and an ema are quite adequate (However I fully acknowledge there are more way to trade successfully than I can count â so I would never disparage another trader, or their chosen tools)
4a. Is the obvious combined with support/resistance and trend lines ?
4b. Is an ema a great tool to use to tell when price may be moving in one direction over another ?
5; Absolutely â and itâs obvious â but its not the obvious discussed in this thread
5a. The obvious discussed in this thread, if i found out what it is today could it be put into action immediately ?
5b. Could it start turning my bank account instantly or would it take awhile to put into action ?
6; Yes it is available to all â unfortunately oneâs filter(s) make it near impossible to see/ As for $PREM being of assistance â I donât know
It's available to us all:
what do do you mean by filters:
6a. Psychological filters ?
6b. Indicator type filters ?
6c. Chart filters like bar graphs, candles, point and figure charts etc.
6d. Another type ?
7; Yes Sir â max profit of any move â is always entering nearest to the beginning â of that move as possibly
7a. Is it more beneficial to BLASH and SHABL than to BHASH/SLABL
8; No clue if thatâs has anything to do w/ the 10% (or whatever %) of people trading successfully â it has to do with seeing a trend⦠trusting it⦠then hopping on board
8a. Are you putting the odds more in your favour by BHASH and or SLABL
9. A widely used setup used by S&P pit traders use OTF is it a necessity to fully understand how and when this is happening?
9; imo absolutely (but my trading is also as simple as shit)
9a. Do you watch for how price is moving to figure this out or do you use some other way of figuring out when OTF is happening?
10; Its going to sound as if Iâm talking out of both sides of my mouth â but Iâm really not
Yes â the mky is uncertain
Yes â each tradeâs outcome is uncertain
Yes â we donât know what is going to happen next
Yes we never know what is high or low
And I proved trading is unlike gambling â to NY
Above are all Irrefutable facts
a) Yes
a.i Can i learn to see this ?
a.ii What can I do to help me learn what i need to see to be able to put the odds greatly in my favour ?
b) Price and time are inseparable, as is volume â but all 3 occur on their own accord
b.i If forex is a derivative and i'm guessing the volume shown to me is solely based on the ECN i trade through, could that be helpful to making a trading decision in ny way ?
I do not believe time is part of the obvious referenced in this thread â but it could be
b.ii It could be in what way ?
c) Yes
c.i When you say yes do you mean you look for a set up on lets say a month or week chart then use lets say a 15 min chart to enter the trade ? or
c.ii DO you recognise a buy set up on a month or week and only look to buy through a smaller timeframe like a 15 min ?
d) I assume you are referring to a bracket order â if so then I canât answer because I donât use them
Yes I was Sir.
e) Both side of my mouth again â The mkt is uncertain â so all odds is 50/50 at best / having said that yes you can tell when the you are on the correct side of the mkt â then the odds become almost 100 (baring shocks to the system)
e.i Besides the obvious of me maybe thinking differently and going down the path of testing different systems, watching price, looking at MTFA. If those are even a way to find out. How did you come across this method or way of knowning the odds become almost 100 in a market that is completly random. If we have no idea what is high or low and the odds are 50/50. Is it just as simple as just buying at one point of the chart with a short stop and not being greedy making sure you take profit more than you loose ?
f) How much you are risking is ALWAYS number 1 â and no one ever knows how much profit is available for any given trade
f.i I've been told and guess 1% is a good place to start, honestly thats also how im still in this game
.
g) For this response Iâll define back testing as; reviewing historical charts in order to become adept at identifying patters/ PA as it develops⦠Also I donât use the term patterns to mean pattern(s) commonly found in a book⦠Iâm referring to the pattern created by the mkt itself
The market creates patterns experts write about and put labels on them. The pattern you see that the market has created;
g.i Theres allot of books out there could this pattern not have already been mentioned in a book by an expert ?
g.ii Is this pattern shown on every chart wether its a bar chart, candle stick, point or figure ?
g.iii Is this pattern seen on forex charts, stock charts, option charts all types of markets ?
g.iv Does this pattern signal to you wether you should be buying it or just selling it ?
g.v Does the pattern signal to you when it is time to get out of the market?
g.vi If and when the pattern occurs and you take the trade and it fails, do you take the trade again at the exact same point of entry ?
g.vii Do you use any other markets to help with correlation of taking a trade or not ?
g.viii Is this pattern part of the obvious Mr Nysestocks talks about ?
Yes â it is necessary â and I often refer to past history to get a read/ reference/ bearing on current trading
g.ix Does this pattern change and constantly need to be recognised through knowing where a current market is ?
g.x You mentioned bearing on a current market ? what do you mean by that ?
g.xi Has this pattern always been visible in the markets? through history ?
h) Not to my knowledge â but then I can only speak referencing how I trade
h.i I understand Sir.
i) If youâre asking if we need to be in the mkt 100% of the time â no way in hell⦠always pick and choose your battles carefullyâ¦
i.i Pick and choose, what happens if all the trades you pick when lets say you're awake are failures and when you're sleeping all the trade setups which present themselves are successful. how ever you're not there to take the trades. How do you go about this?
i.ii Just like you mention in the answer below every trade is seperate and independent of every other trade. If you take 5 trades and they all fail and you're not able to take the next 5 which in turn could be winners how do you work around this opportunity cost?
if youâre asking if we should stop trading after a windfall / or significant loss â every trade is separate and independent of every other trade⦠The real question to ask is; are you (mr/mrs trader) clearheaded and dispassionate enough to continue
j) Have a set up (the actual set up doesnât matter â it only needs to be reasonable â then
Every time your set up materializes â trade it
Every loser â keep it small (and obviously each stop should be placed at a point (price) where that trade fails â as setting it any place else is simply wasting money)
Every winner â let it run till its time to exit (and as no one ever knows how far price will run - for every given trade â you'll need to figure out a way to identify when it is time to exit that winner)
j.i Cut your losses short and let your winners run. Is it really just that simple as having a simple set up even a fib set up and taking the setup every time no matter what ? I've been told that thats how we need to trade however the reason why so many fail is due to the fact that they dont stick to their system ? but this is what the experts have said like Dr Van Tharp, Richard Dennis, Dan Gramza, Ed Seycota etc etc.
11;
a) idk
b) idk
c) idk
d) directly â no
Indirectly may of be some use ?
btw â I will never divulge someone elseâs stuff â need to ask NY⦠or possibly TO
I respect that, I'll keep looking for the hint Sir.
12; I trade discretionary⦠and Iâm pretty sure NY does to
13; idk â NY had some stuff he was willing to share.., other stuff he was not (understandably)
I understand Sir.
Any question I did not answer to your satisfaction Sir â just let me know
Do I need to know what others are thinking and where they are trading to be able to understand the obvious more or is the obvious as simple as a PA pattern that occurs and i need to be there ready to take advantage of it?
Thank you for your time.
Kind Regards
DT01
