I've only glanced over the last two pages so this post might be redundant but I want to take the time and point out that Adam DOES NOT say that s/r levels are completely without merit. In fact he spends a lot of time in his book explaining s/r and how price acts around these levels. He just says that s/r levels should always be seen only as "potential s/r" and that he fact that price reversed at a level at an earlier time does not on it's own say anything about what the price is going to do at that level in the future. "It's obvious, just look at how price respects it" simply is not an acceptable reason in his opinion.
Adam also does not only trade pullbacks. He constantly reminds the reader that a trader should at least have a basic knowledge of ever kind of trade, even if it is just so that one is not blinded by a too narrow focus.
The following 2 users say Thank You to skoa for this post:
Have the book winners received their autographed books?
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
If you want to support our community, become an Elite Member.
Mike, I have mentioned in one of my posts that you evolved as a trader and a writer(moderator).
I too regret saying some things here, BUT above all I have learned over the years on futures.io (formerly BMT), that FAILURE hates Practical and Pragmatical. To stay practical and pragmatical, one requires change, modesty, objective acknowledgment and flexibility. This is why dumping the old ways, is hard for many people and many times impossible for some.
Your battle in trading, business, and life is against yourself, and changing the way you think constantly.
This is the true meaning of unbiased, the battle against your own thoughts and beliefs.
What you went through is a natural cycle including setbacks, failures and dumping old ways.
"My games with the 9th world champion (Tigran Petrosian)broadened my understanding of chess. Had it not been for these two defeats, I would possibly not have reached the top in chess" Gary Kasparov
There is a risk of loss in futures trading. Past performance is not indicative of future results.
PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
The following 6 users say Thank You to mattz for this post:
Still wondering about what Futures he used for the statistical analysis he presented ... making conclusions on just Futures is as valid as finding the cure for cancer ... all cancers, without differentiating between types
This thread went a bit off topic from the initial title, and there is heaps of knowledge over here. A bit funny how there was some misunderstanding not about the conclusion but about the it's delivery. In the end of the day, a buyer has to have a seller and vice versa - markets move and change, if one has been consistently profitable throughout years using moon phases then kudos to them - it's a statement it works for them. Trying to put some statistics on my discretionary entries I found it very difficult to script/program otherwise I would create a nice automated strategy. I have to agree with @Big Mike on what moves the markets, longer timeframes but it's waaaay over my current understanding of the market and I think I'm following my path to get there, understand A -> D but on a smaller, noisier scale for now.
Being over here for roughly 6 months I've really see I've evolved, it's sad to see @jlwade123 with a noble aim to come and learn leave the thread after being slightly challenged on a small misunderstanding (in my eyes) but the harsh reality is that it's not only about learning but also about changing, constantly being challenged by market - one can have a discussion but in the end the market will yield the results. I do agree that sometimes people who would like to learn are brushed aside a bit while "the gurus" are trading - but yet again, it's not a primary school, I'm happy to read/follow what they do as I can learn it from that. It's not learn to trade lessons by Big Mike, it's a forum and it's solely one's responsibility to use it as a great educational resource. I used to be frustrated with it as well until I realised that it's their good will to help - and they do, I always research to try find the answer myself (usually it's here on the forum) but none of my questions has ever been left unanswered or dismissed by the big guys (I'm not listing as I don't want to miss anybody) and I think it's quite freaking amazing because what is stopping them from pulling money from the market and then go watch TV, play golf, eat dinner etc. Again, sad to se her leave but if it was me I would lure them to review my journal for what it's worth and be happy if they bashed it, the more the better as it's not bashing, it's a great feedback on how I can improve.