Can YOU make money as a trader? | Page 19 | Metals Mine

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  • #361
  • Edited 9:17am Feb 16, 2018 8:57am | Edited 9:17am
This one sparked my curiosity too,lol. As a mortal, I can only trade what I see as it's happening, and see what previously occurred to arrive at my trading decisions. Come to think of it, consistent entry, stoploss and target in advance does it for me too! Where do I sign up?? Do they give points for aeroplan, starwoods?
  • #362
  • Edited 10:00am Feb 16, 2018 9:30am | Edited 10:00am
I interpreted the "IN ADVANCE" thing as having a plan. I agree with having a trading plan for the pairs that I select each day. It's part of my trading process. It includes targets, entry strategies (not actual entry points) and stops (which when coupled with the actual entry is a huge part of my trading approach). My heirarchy of trade selection goes something like this: if the TA and structure of the pair match, it's on the list; if the advanced TA ad PA shows solid development together, it's on the shorter list; if a trade set up appears, it gets considered, and if there is good reason to take the trade (it meets all the remaining rules), it gets traded. As PA unfolds, I analyze the advanced analysis, and if necessary make adjustments, but as long as PA unfolds within the confines of my TA, I'll add entries as things move along. That's how a position is built. I know you guys know all that, but just wanted to share it with everyone for consideration.
  • #364
  • Feb 16, 2018 9:40am Feb 16, 2018 9:40am
You said it better than my verbage. My trades are pretty automatic in my mind, so my thought process is simplified. In a similar way, I know the zone where I want to participate, and I know where my stop will be placed when the trigger is pulled. I have loose targets identified, but these are the only parts of the plan, that for me, are the more speculative pieces. Sometimes they'll just miss, sometimes overshoot to varying degrees, but in the end what price does as it's approaching these areas is what determines my exits..
  • #365
  • Feb 16, 2018 9:53am Feb 16, 2018 9:53am
Quoting dkrock
I think you meant to say interpret? I understand your approach. I just don't like the one where you pick all of next Tuesday's entries, take profits, and stop losses on Thursday. That doesn't make any sense, but that is how I interpret what they said. In their opinion, if you do not know what is going to happen at some future point in time, then you do not know how to trade. I not only disagree, but find that logic seriously flawed.

I like your posts drock.

Do you trade for a living ? If so how long ?

Kind regards,

Gosse4.....
  • #366
  • Feb 16, 2018 9:54am Feb 16, 2018 9:54am
On a serious level, no one can speculate tomorrow's trades before todays action completes...What I think the poster was saying is he wants you to call out the trade you are about to take at the moment and give him the call!! He doesn't want me to show him a trade I've already taken. He simply wants the more experienced traders to call out their trades so he can benefit!! For him, he doesn't care about learning how to trade, he just wants you to hold his hand through the profit! A signal service...
  • #367
  • Feb 16, 2018 10:02am Feb 16, 2018 10:02am
Quoting dkrock
I think you meant to say interpret? .
I did, and I made the change...thanks!
  • #368
  • Feb 16, 2018 10:08am Feb 16, 2018 10:08am
Quoting dkrock
I think you meant to say interpret? I understand your approach. I just don't like the one where you pick all of next Tuesday's entries, take profits, and stop losses on Thursday. That doesn't make any sense, but that is how I interpret what they said. In their opinion, if you do not know what is going to happen at some future point in time, then you do not know how to trade. I not only disagree, but find that logic seriously flawed. 95% of traders lose because 95% of traders are using previous trades and expecting the same results. They use the...
Your comment on a journal is a very important element in trading. I journal every trade, and at the end of the day, I analyze how my advanced analysis matched with actual PA. But, the advanced work is always compared to the contemporaneous TA that I use as PA unfolds. I'm a geek in that way, but I have my reasons. Good to see you again dkrock!
  • #369
  • Feb 16, 2018 10:09am Feb 16, 2018 10:09am
Quoting jmn5611
C'mon fellas, I think what he wants is hard right edge trading. Any good trader can do this, right?
I did it live on tradingview forex chat almost every day, until moderaters there, DanV and Nico Muselle banned me permanently, they simply couldn't take a trader that was commentating live market action as its happening, the only way to trade for me, prove it to me, while market is moving, that you can predict every possible move, I was simply too much for those idiots (moderators) on that chat, and reason is always cause they are too frustrated in their trading to bear with another trader's success. And also, it's amazing how frustrated was for them to listen to someone with a lot more knowledge. Instead of learning something more they banned me. And they also have a giant ego. For me explaining what is happening in the market live is a challenge where you prove your thought process of live price action. Simply impossible on the forum.

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  • #370
  • Feb 16, 2018 10:27am Feb 16, 2018 10:27am
trading live in front of others is the only way to prove that you know what you are doing. The risk however is that those watching just want to use you as a trade service. They will blame you if they lose. And every successful trader loses. I trade live in front of a few people at times but would NEVER do it here or in a public access area since there are too many trolls that simply do not want to put in the work to be a profitable trader.
  • #371
  • Feb 16, 2018 10:29am Feb 16, 2018 10:29am
Nealpek, that was almost the identical area I was watching. I almost took a 5M long based on a bullish outside bar, but passed on it due to going against the long term trend and the area was not consumed. I didn't see a sign to sell though. Where did you enter your short, or did you just go short once price reached the box area?
  • #372
  • Feb 16, 2018 10:51am Feb 16, 2018 10:51am
unlv, the short was a confluence of factors, and the box was definitiely one of the factors along with market structure at the time! I can't really discuss the others....
  • #373
  • Feb 16, 2018 11:01am Feb 16, 2018 11:01am
Quoting nealpek
unlv, the short was a confluence of factors, and the box was definitiely one of the factors along with market structure at the time! I can't really discuss the others....
I'll share what I saw, in case anyone cares, LOL. The box on my chart is this gray box (30M). Yesterdays buyers and held as the overnight sellers. I would need to see this consumed before I considered going long, though as I said previous, I was tempted due to a 5M Bearish Outside Bar.

On my 5M chart I see strong sellers. I would want the red line consumed by the sellers before entering (last of the buyers). It was consumed strongly, but it didn't offer me enough time to get into the trade. I probably should have just entered after the red line was consumed knowing sellers were strong but I don't know where I would have placed my stop loss.
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  • #374
  • Feb 16, 2018 11:08am Feb 16, 2018 11:08am
Quoting dkrock
{quote} I think trading live might cause some people unnecessary stress, or fear. We all know that fear can destroy rational thought. I do not think trading in front of others is the only way to prove you know what you are doing. In front of others, or alone, the real proof is profit. If you are not profiting, you need to keep working on your plan.

Profit of course are required but profit reports can be faked. Trade pictures in hindsight are easy to show and say you did them. I am just jaded after years of trading and meeting many that just can never show real proof of profitable activity.

I appreciate you have traded 11yr. No sane person would still be here if not profitable.

Showing an entry as it is made and profit taken for me is what I want to see from traders. Showing that consistently is proof the trader knows what she/he is doing. But yes doing so live is stressful for the trader. And far too many times I have been asked by others to do so just because they wanted to have easy direction on entries. A person is not a successful trader if they need someone to tell them when to open and close a trade.
  • #375
  • Feb 16, 2018 11:42am Feb 16, 2018 11:42am
I can understand the frustration that some traders must feel when reading any thread, because I experienced it too! So many traders sharing hints and telling you of their success. I got down on myself very hard at times with the notion that other traders are profiting and I'm not! I think it's a necessary evil which improves your abilities. As each persons success is a culmination of many different ways of looking at the markets and trying to understand them from many perspectives, 2 traders can be profitable and yet trade vastly different methods. I think the take away from this and the prime relevance is that each traders style and personality is attached to the methods they've honed, and truly "belongs" to them. Although some methods may be similar in nature, each traders reason to pull the trigger will be slightly different! I could show you exactly what I do to arrive and pull the trigger, but each trader will adapt and tweak whatever I show them to make it fit their own character and personality. Screen time, not accepting the status quo, and continually pushing yourself to improve your abilities is the only way I've discovered to be profitable on a consistent basis. I'm also humble enough to continuously keep my eyes open and experiment with new and different concepts to improve whatever it is I've accomplished so far, as you can never escape the fact that you don't know what you don't know!
  • #376
  • Feb 16, 2018 11:49am Feb 16, 2018 11:49am
Quoting nealpek
I can understand the frustration that some traders must feel when reading any thread, because I experienced it too! So many traders sharing hints and telling you of their success. I got down on myself very hard at times with the notion that other traders are profiting and I'm not! I think it's a necessary evil which improves your abilities. As each persons success is a culmination of many different ways of looking at the markets and trying to understand them from many perspectives, 2 traders can be profitable and yet trade vastly different methods....
This is very true. I was in a group with 5 other traders. They were trading 4H and 1H zone set-ups on 12+ pairs. I just can't trade that way. I think I have slight ADHD and I either need to be 100% into it or 0%. I couldn't wait for a 4H zone to get hit, then scramble to the chart and take a trade on a pair I didn't understand on a fundamental level at all. So while they found success and could pinpoint how, I couldn't repeat it. Then I would change things to fit how I wanted to trade and find success and they wouldn't like it because it was not their style. I can't blame them.

Everyone is different and this is really a path each person must follow and learn on their own.
  • #377
  • Feb 16, 2018 12:05pm Feb 16, 2018 12:05pm
I think a line chart is the most overlooked piece of equipment in any traders tool box. As most are accustomed to candles or bars, a line chart delivers a more "pure" form of price, without all the mind bending and psychologically confusing wicks on your chosen time frame. This is what price actually did, instead of a candle chart showing you what it tried but failed to do, or tricked your psyche into believing was going to happen. It was with the aid of a line chart that I discovered other perspectives on price, what it's doing, and likely direction. For the record, precise entry points are not required to be profitable. Think about it! Is it more important to have the exact entry, or be more confident in the intended DIRECTION. I try to refine my entries as best as I can, but in the end, I would give up precision every time in favor of getting the direction correct, and thus don't care about taking entries further from the "top or bottom"
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  • #378
  • Feb 16, 2018 12:18pm Feb 16, 2018 12:18pm
Quoting dkrock
{quote} I once considered whether or not to trade other people's money, as in a hedge fund. I determined it was stupid. If I can make money, why would I give it away? There is no difference in writing them a check vs giving them trading profits, except a check is a bit more final, lol. If I were you, I would consider getting banned as a blessing. Now, no one is in your way, and no one is pirating you. Good Luck.
yeah I did it for a while, cause while giving my thought process it kept me 100% focus on the market, and yeah you are right, it's a blessing in a way hehe, thanks for a nice comment mate

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  • #379
  • Feb 16, 2018 12:35pm Feb 16, 2018 12:35pm
Quoting dkrock
{quote} It is my number one reason for trading. Complete FREEDOM!! Pretend I yelled that like Braveheart, lol. No boss, no customers, no selling, no employees, no hidden agendas, no one to stop me. FREEDOM

Yeah totally.

Work is like being a slave,mostly. Very few people truly love there job.

The demands are getting higher and higher for the workforce.

Here in England there are people who commute 4 hours each day for work.
  • #380
  • Feb 16, 2018 1:15pm Feb 16, 2018 1:15pm
Quoting goose4
{quote} Yeah totally. Work is like being a slave,mostly. Very few people truly love there job. The demands are getting higher and higher for the workforce. Here in England there are people who commute 4 hours each day for work.
The day may come back were we commute 8 hours to eat
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