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Are Fibonacci retracements and projections useful?
Started: by Big Mike Views / Replies:27,615 / 434
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Are Fibonacci retracements and projections useful?

  #61 (permalink)
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TheShrike View Post
I wasn't referring to you.

Ok. My mistake

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  #62 (permalink)
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tturner86 View Post

LMFAO

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  #63 (permalink)
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Divisive Leadership - The Obama way


Last I checked it appears to be a 60-40 split with the no's in the small majority.

Trading to me is about finding an edge and then having a strong belief and conviction
about being able to trade that edge with consistency and focus.

The premise of this site is to have traders help traders - But really let's take a look deeper.

The original poster of this thread often discusses the importance of psychology and it's importance
to trading and will often lament on how his plea to this go ignored. So let's dig deeper.

A person may use fibs have a definable edge and use it - He works his edge and does not let his emotions or
feelings get in the way and he may even post this information to this site in the spirit of helping.

Then a thread like this comes on and the grand master of psychology basically says
" Prove it" You are wrong- I am right. If you are new this may seem anecdotal- But if you spend anytime here
you will see this strong pattern as displayed by these examples:

https://futures.io/traders-hideout/34726-pats-mack-style-price-action-trading-ym...-futures-contract-3.html

https://futures.io/elite-trading-journals/35415-thoughts-professional-price-action-daytrader-13.html#post489216

Each time this happens another site forms and a small group of birds of a feather traders leave this site while
the remaining folks here think 'Oh they must have failed because they did not listen to our grand master'.
When in reality they are happy doing their own thing - keeping their beliefs and their heads clear of all the
drama.

Trading is all about the psychology of belief and having mental toughness to hold to those beliefs when times are tough because that is all you have. When posts like this happen they serve only 1 purpose which leads me to the final link.

Nifty Nirvana: Trading Cults

Everyone needs to believe in themself and their method - If you think your best interest is being served by anyone else you are mistaken.

I posted this in the psychology section earlier:
Paul Tudor Jones Failure Speech Ė June 2009

Everyone fails in trading in the beginning. I was a dismal failure for two years as I went through the beginning and chartist trading cycles. Made every mistake in the book. Over trading, over leveraging, system hopping, poor money management, poor discipline, unseriousness. Suffered from information overload. I was clueless as to the best trading questions to ask. I was searching for the holy grail tweaking moving averages and stochastic combinations. The holy grail does exist, it just isnít found with technical indicators.

Which is my point it's how we utilize what we internalize - Why would someone want to externally question
and attack what someone else has internalized and uses as an edge?? If this site is for the benefit of traders
helping traders then something is very wrong

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  #64 (permalink)
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Hi @welly192,

It seems quite clear from your posts that you do not want to be here and your efforts are the opposite of being helpful. In addition, you not only have no respect for me or the community, but active disdain.

So, you are now banned because most of us here have no time for such games. I realize some are here only for entertainment, but the rest of us take the community seriously and there is no place for you here.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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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.
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  #65 (permalink)
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welly192 View Post

The premise of this site is to have traders help traders - But really let's take a look deeper.

The original poster of this thread often discusses the importance of psychology and it's importance
to trading and will often lament on how his plea to this go ignored. So let's dig deeper.

A person may use fibs have a definable edge and use it - He works his edge and does not let his emotions or
feelings get in the way and he may even post this information to this site in the spirit of helping.

Then a thread like this comes on and the grand master of psychology basically says
" Prove it" You are wrong- I am right.

That's the whole point of this site... Nothing is sugar coated. @Big Mike opened this thread for the purpose of "Prove It" and made a point to say he was not "attacking". I write several posts per day to share my opinions. In fact I share every ounce of knowledge I can. I like to think that I do this to help others but I also get a huge benefit when people say- "hold on- you are wrong because..." Truth be told, if I discover the Holy Grail I will trade 1 day longer because that's all it will take. The next day I'll share it with everyone here. There will be discussions and differences of opinions and this will not make me feel "wrong" in any way.

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  #66 (permalink)
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To me, they are no better than Random Lines. But birds like them.
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  #67 (permalink)
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If the poll results end with 61.8% voting "no", what happens? We all die a painful death by Pigeon?

Mike

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.

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  #68 (permalink)
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Big Mike View Post
If the poll results end with 61.8% voting "no", what happens? We all die a painful death by Pigeon?

Mike

mike you should have just fixed the results without telling us and see if anyone noticed. This is why I can't run a forum, too much temptation...

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  #69 (permalink)
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Itchymoku View Post
mike you should have just fixed the results without telling us and see if anyone noticed

I know you meant it to be a joke, but I don't think it is funny... no need to give ammo/ideas to people who have it out for me.

My bad for starting it with my last post, also meant as a joke. I was trying to lighten the mood and move us forward to continue the discussion. I am still hopeful that someone out there that believes in Fibs could post some of their research.

Mike

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.

Reply With Quote
 
  #70 (permalink)
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Big Mike View Post
.... I am still hopeful that someone out there that believes in Fibs could post some of their research.

Mike

me too...and I can see how it can work for some people, but I think it should be categorized more as confirmation bias..if one reaches their fib retracement or extension targets...and likely keeps on going

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