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Consistent Loser Looking for Trading Buddy to Reverse my Trades
i have look at lines but dismissed it as b.s. when they started to get in to the time cycles,and the one our pivots. i agree with the no counter-trend unless it is a false brake out or down of a major pivot.
It could work because if you are consistently losing, you are staying in your losing trades to long and cutting short your winners. That would force your buddy who does the reverse of everything you do to stay in his winners and cut his losers. So he would make money. If you lose on a simulator and he wins with real money, it would be a net win and you could split the profits. The problem is that when real money is involved, will you buddy stick to the system? So it doesn't get around the psychological difficulty. If he has the discipline to stay in the trade, he could win with any system that gives reasonable signals.
Another possibility: I once had a six figure trader tell me that when he was learning he would switch the colors on his P&L - green for loss and red for profit. That way, when you see green you become greedy and take your profit. But what you have actually done is cut your losses. When you see red you stay in the trade hoping it will come back. But what you actually did was stay in a winning trade. Or you may double down. What you actually did was add to a winner. You could become a profitable trader if someone switched the colors on your P&L without you knowing it.
no matter what line you are looking at there is a little zone around it that is a test mode. when price reacts to that mode he can tell how hard or soft it is in real time. he looks at home much volume an how fast that volume is coming in to support the trading idea. kind of like fishing he can tell by the tempo if there is a fish on and how big it is. i have to wait until my stop is hit... he can cut his trade when the order book has flipped be for price moves sharply through your stop. or if the trade goes the wright way he can tell if it has legs and add on to a winner. what i was trying to say it was the trade management that made them profitable. it was not a hard fixed set of rules and i could not copy . that does not mean there is another method. i like the way the lines map the market so to speck. i going to take another look at them. big mike likes them too...there is information and software out there but it is limited. the inventor says the key to making money with them is having the guts to take the reversals from the exstrems . thanks for sharing your experence
The Murrey Math Indicator is just that, an indicator.
The premise:
IF YOU ARE BUYING [GOING LONG]
You place your BUY order at the 0/8 line with a STOP LOSS at the -2/8 line
IF YOU ARE SELLING [GOING SHORT]
You place your SELL order at the 8/8 line with a STOP LOSS at the +2/8 line
As the market travels the ladder then you move your STOP LOSS to the next level ...
What this means is:
If you are BUYING then as the market moves UPWARD you step accordingly ...
EXAMPLE:
The market moves to 2/8 line and you move your STOP LOSS to the 0/8 line ....
The market moves to the 4/8 line and you move your STOP LOSS to the 1/8 line ....
THE MORAL OF THIS INDICATOR:
You don't want to be TOO CLOSE because the market does retrace to test the prior level ... ALWAYS!!!
Based on what I read concerning Mr. Murrey he is using octaves to trade the market.
AN INDICATOR IS ONLY AS GOOD AS IT'S USER, YOUR WIFI SPEED AND THE WHAT KNOTS.
The MAIN AND MOST IMPORTANT ASPECT IS: ALWAYS, ALWAYS insert a STOP LOSS!!
ANOTHER TIDBIT: Depending on your capital the GOLDEN RULE IS: Only use 2 percent of your capital.
This way if one trade goes bad you have an opportunity to make it back ... on the next trade.
When I started, I used one contract per $5,000.00 account. When I doubled it I used 2 contracts ... etc.
I would be willing to try this out with you Jeremy. What do you think is the best way to go about it? I would be willing to discuss some ideas with you over the phone. I'm in a similar situation with my trading, think there is alot of money to be made doing the opposite lol
