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30 minutes ago, dmedin said:

More money lost using hopelessly unreliable day-trading 'signals'

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Look at the structure, the only real clue your indicators were giving was the R1 level of interest saw a reversal of direction near the end but before that yesterday there was a run down that gave a couple of breakout shorts, box off sideways movement and wait for price to break which ever way then small breakouts on the way back up and then after the reverse at R1 look for a break going down. Again just short stop losses and a set target of stop loss x 2.

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4 minutes ago, dmedin said:

This is better!  Trying to bounce off the third line of defence.

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It may turn out that way but until you see the bulls retake control you just don't know so wait for the candle reversal or a pullback on the way back up, there are hundreds of maybes there is no point in trying to jump on them but rather wait for momentum to destroy the opposition. 

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5 hours ago, dmedin said:

It's beginning to look like I just don't know what I'm doing and it might be time to call it quits. 

Its simple😉

Always buy bad news, bad news for the economy = good news for the stock market

Bad news = more free money from the central banksters 

Take this last thing the coronavirus could mean at least 10% rally in stocks?

and when they find a cure the markets will open with a gap up and rise 5% more

rinse and repeat🤑

https://www.youtube.com/watch?v=GD8k1CnVeAQ&t=64s

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6 hours ago, dmedin said:

It's beginning to look like I just don't know what I'm doing and it might be time to call it quits. 

As I've tried to point out often it looks like you were lured into thinking you could go into full time trading without a viable plan or tested strategy and learn on the fly. That may be because you were listening to people who are constantly giving out professional sounding advise but even after years of trying can't themselves make a living trading but instead rely on other income. On forums and on SM these ego driven guys are by far the majority, be careful who's advice you follow. 

Not necessarily a question of quitting but more a case of needing to rethink your whole approach.

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1 hour ago, Kodiak said:

Its simple😉

Always buy bad news, bad news for the economy = good news for the stock market

Bad news = more free money from the central banksters 

Take this last thing the coronavirus could mean at least 10% rally in stocks?

and when they find a cure the markets will open with a gap up and rise 5% more

rinse and repeat🤑

https://www.youtube.com/watch?v=GD8k1CnVeAQ&t=64s

vid blocked in UK?

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2 hours ago, Caseynotes said:

Rule of thumb is to expect continuation til the chart says otherwise though as ever the general wave pattern of the incoming tide means timing those entries.

I'll put off the prospect of trading for a living for another few years and just focus on trying to win more than I lose until then.  :P

 

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8 minutes ago, dmedin said:

I'll put off the prospect of trading for a living for another few years and just focus on trying to win more than I lose until then.  :P

 

btw, that unnamed chart with trend indicator and drawn on pullback and breakout entries was H4 Gold.

Have a plan, keep it simple;

1/ A trend indicator dictates entry direction, never go against it.

2/ Entries in a trend can only be either at pullback failure or a breakout, nothing else (if neither is clear just don't)

3/ For simplicity have a set target order to exit (risk 1: reward 2). Don't try to be clever and look to run every entry up to the moon.

4/ Don't break any rules, ever.

Eyeball backtest the strategy then trial on demo then trail live on an average market for pennies to begin with (mt4).

Once you learn a platform learning others is relatively easy. Once you learn a market learning others is relatively easy.

Confidence to enter a trade can only come from statistics so keep a journal of every trade that keeps a running total of win rate and risk/reward (R) 1:2 is 2 R so the win rate needs to be 35% or higher.

Keep practicing the above til you get it right. 👍

When you can do all that then maybe look at other strategies such as the more difficult trading reversals, but then why bother?

 

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11 hours ago, dmedin said:

It's beginning to look like I just don't know what I'm doing and it might be time to call it quits. 

I think Caseynotes is right to say time to re-think strategy.  (If you want/can keep trading).  

Look at what you want from trading (other than pure money),,, If its just giving you stress and grief....stop.   

If on the other hand it is giving you mental stimulation and interest and some money great....and you 'enjoy' it.... The challenges etc etc....staying in touch with financial markets etc....

There are many many styles of trading....I think i ve seen them all...day scalping to trading twice a year......

I d suggest (if you want to keep trading),  Put aside a small pot of money,  choose a market that trades and moves , BUT you have no fixed idea about and no personal opinion of..... use a black box approach.  Use signals generated over an appropriate time frame from a good signal system you feel confident to use.  Then follow blindly its signals.  DONT PUT YOUR OWN VIEWS INTO IT.............

EG  MACD and spot gold....????   MACD and $ yen ??     Trade one market and act like a robot.  See how you do over a month ????  Then take it from there....

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Yes it is stressful ... I don't know how anyone can find pleasure in only 'analysing' markets, there's only pleasure if there's a feedback response in the form of some kind of reward or success.  All TA basically boils down to, 'If it goes here, it might go there; and if it goes there, it might go here.'   Totally pointless unless you put some money on the table.

Edited by dmedin
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13 minutes ago, dmedin said:

Yes it is stressful ... I don't know how anyone can find pleasure in only 'analysing' markets, there's only pleasure if there's a feedback response in the form of some kind of reward or success.  All TA basically boils down to, 'If it goes here, it might go there; and if it goes there, it might go here.'   Totally pointless unless you put some money on the table.

Yes....TA is  a signal to act against price......

If you ever feel the need to trade C$ , SWFr or write options....You know you ve lost the plot....Go straight to your nearest nut house and check yourself in....

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55 minutes ago, dmedin said:

Yes it is stressful ... I don't know how anyone can find pleasure in only 'analysing' markets, there's only pleasure if there's a feedback response in the form of some kind of reward or success.  All TA basically boils down to, 'If it goes here, it might go there; and if it goes there, it might go here.'   Totally pointless unless you put some money on the table.

I think you are waiting for surety before having the confidence to enter a trade. Have you ever stopped and thought about this for a moment? The masses are doing exactly this. When a direction is so obvious to everybody, they start to enter thinking they will strike gold. This is the perfect time to take their money.

 

It would help you to go and read and learn some human psychology. Find the application of the theories and it would help you to think differently than the masses.

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Fattening the goose for the chop/drop pointto note sense does not drive markets and those in priveliged position know whats coming and how to long or short markets before anyone else, i dont beleive that people close to trump dont go to market before he annouces something out of the blue i know some time ago when an expert i followed was suggesting a 300 point stop loss i went 2000 and in no time it was wiped out in a crazy drop that lasted no time and shot back up and oif that wasnt an algoritham on a mission i will eat my hat.Algorithams are a blight as far as im concerened trading isnt really about stock its who can write the best codes.

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10 minutes ago, bluebird4211 said:

Fattening the goose for the chop/drop pointto note sense does not drive markets and those in priveliged position know whats coming and how to long or short markets before anyone else, i dont beleive that people close to trump dont go to market before he annouces something out of the blue i know some time ago when an expert i followed was suggesting a 300 point stop loss i went 2000 and in no time it was wiped out in a crazy drop that lasted no time and shot back up and oif that wasnt an algoritham on a mission i will eat my hat.Algorithams are a blight as far as im concerened trading isnt really about stock its who can write the best codes.

Visible stop losses exists for the whales to know exactly how many points to advance or drop to stop traders out even if they are on the correct side of the trade. I have never met successful traders in real life making consistent gains would choose to gamble with an open hand for everyone to see.

 

Algorithmic trading is not as profitable as you think it is. Only the biggest players can afford to make money that way. I'm talking about players like Renaissance Technologies.

Edited by HPbrand
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33 minutes ago, bluebird4211 said:

Fattening the goose for the chop/drop pointto note sense does not drive markets and those in priveliged position know whats coming and how to long or short markets before anyone else, i dont beleive that people close to trump dont go to market before he annouces something out of the blue i know some time ago when an expert i followed was suggesting a 300 point stop loss i went 2000 and in no time it was wiped out in a crazy drop that lasted no time and shot back up and oif that wasnt an algoritham on a mission i will eat my hat.Algorithams are a blight as far as im concerened trading isnt really about stock its who can write the best codes.

 

Of course they do.  One simple example.  Lots of people within a company know what the quarterly results will be before the public does, and the senior people will be having dinners with their brokers, big clients and 'mentioning the state of business'.  Plenty of inside information to trade on.  Where do those gaps high and low come from?  You know, the trading that goes on before the exchanges open ...

This is what trickle-down means.  We are supposed to be fighting for the leftover crumbs.

Edited by dmedin
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S&P, Dow and Dax just backing off their respective all time highs, Ftse remains the laggard. US CPI data today not expecting much change to the low figures of recent years. What ever happened to Paul Krugman and all the other Nobel prize winning economists who predicted imminent financial meltdown (especially if Trump got in)  5 -6 years ago, oh well.

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