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bam · 12-05-2003, 16:55

I place my stops above or below support/resistance levels to protect them.GBP/JPY is very whippy and 142 points is only .75%
when the daily range is around 1%.
A poster called mongoose posted this not so long ago and I thought was pretty much bang on.

The penny drops!!

When a trader discovers that indicators are not predictive in any way, he/she is one step further along the road of success. The market presents limitless opportunities, but indicators restrict your view of the market (blinkers) and take you out of the "flow" of the market.

Someone showed me the best uptrend I have ever seen in my life, then said that they were going to sell short because the RSI was overbought!!

Price... that's the next step. The market will always display recurring patterns that present LOW RISK OPPORTUNITIES.

Your comments are right on the nail, these indicators are "complex", "predictive" and the market is unpredictable

The damaging thing is that most people think "the more I learn about indicators, the better my results will be. BEING A BETTER ANALYST WILL NOT MAKE YOU A BETTER TRADER. This seems like a harsh comment, but years of live trading and backtesting has proven this to me time after time after time.

The market is the ultimate freedom, make sure that when you "rely on my intuition" you have RULES that you SHALL NOT BREAK pretaining particularly to money management.

If you are consistent in your approach, then you will soon find out what works, and what doesn't... maybe even improve on some systems, but in the end, money management, and consistency will make the lion share of your profits.

I say, congratulations, you have moved on to a place that very few traders reach, and you discovered it by yourself.

As a general guide there are 5 steps in the traders evolution.

1. Novice
2. Realise that indicators cannot be the edge and the market can't be predicted.
3. Mechanical or consistent simple system trading and Mechanical or consistent money mangement trading
4. Money mangement advancement for exponential returns OR discretionary element
5. The Zone

Believe it or not, most of us were closer to the Zone when we first started trading.

You will click when you reach each of these steps. One can't stay in the Zone all the time, but you find it easier with 24markets than others because of the flow without the train and carrages effect of the open and close. The live calls I made today were 2 mechanical and 1 from intuition or the Zone as it is called.

12-05-2003, 16:55	#5 (permalink)
bam level 1 Join Date: May 2003 Posts: 15 Rep Power: 0	I place my stops above or below support/resistance levels to protect them.GBP/JPY is very whippy and 142 points is only .75% when the daily range is around 1%. A poster called mongoose posted this not so long ago and I thought was pretty much bang on. The penny drops!! When a trader discovers that indicators are not predictive in any way, he/she is one step further along the road of success. The market presents limitless opportunities, but indicators restrict your view of the market (blinkers) and take you out of the "flow" of the market. Someone showed me the best uptrend I have ever seen in my life, then said that they were going to sell short because the RSI was overbought!! Price... that's the next step. The market will always display recurring patterns that present LOW RISK OPPORTUNITIES. Your comments are right on the nail, these indicators are "complex", "predictive" and the market is unpredictable The damaging thing is that most people think "the more I learn about indicators, the better my results will be. BEING A BETTER ANALYST WILL NOT MAKE YOU A BETTER TRADER. This seems like a harsh comment, but years of live trading and backtesting has proven this to me time after time after time. The market is the ultimate freedom, make sure that when you "rely on my intuition" you have RULES that you SHALL NOT BREAK pretaining particularly to money management. If you are consistent in your approach, then you will soon find out what works, and what doesn't... maybe even improve on some systems, but in the end, money management, and consistency will make the lion share of your profits. I say, congratulations, you have moved on to a place that very few traders reach, and you discovered it by yourself. As a general guide there are 5 steps in the traders evolution. 1. Novice 2. Realise that indicators cannot be the edge and the market can't be predicted. 3. Mechanical or consistent simple system trading and Mechanical or consistent money mangement trading 4. Money mangement advancement for exponential returns OR discretionary element 5. The Zone Believe it or not, most of us were closer to the Zone when we first started trading. You will click when you reach each of these steps. One can't stay in the Zone all the time, but you find it easier with 24markets than others because of the flow without the train and carrages effect of the open and close. The live calls I made today were 2 mechanical and 1 from intuition or the Zone as it is called.