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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF
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TEN-THOUSAND IN EDUCATION, FINALLY PAYING OFF

  #151 (permalink)
Membership Revoked
new york
 
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Cloudy View Post
Sounds like you're doing good with your system at this point. But I wonder, that 20 page handout cost $1200?? I've seen systems like that for free on various MT4 sites. The system I mentioned cost less than $150. But I've been there too. I've wasted $2k on a charting software for Fibonacci that could easily be duplicated with custom indicators on NT today. It did not even draw the waves for me. I had to pick the points. Not saying your system is bunk, on the contrary, I personally find it looks effective. CCI coupled with Stoch is a good momentum indicating combo, plus the bounce off a kelter line. Just amazed the vendor could sell that for over $1k on relatively common indicators..

About my previous post. I kept hearing you asking for a mechanical system that works, that "20,000" other people would be interested, and that even "VOODOO" would be acceptable. (Not that I would recommend; I'd stay far clear of voodoo, ouiji boards and like as they open the gates to demonic influences imo.) I'm still new on this forum(a week) so forgive me BM and others, if I was just trying to be helpful and felt compelled to reply to those pleading posts. Now I understand the tone of this forum gives a lot of weight to trading psychology as well and I agree that's a good thing. Anyways, it seems like you already had a good mechanical system working for you already and that you are in the process of learning to trust it. (I'm still curious about what happened with master Reza's market profile btw.)

For backtesting on NT, I'm probably not alone in saying that you need to implement the rules in an NT7 strategy. The NT7 help guide has tutorials on setting up a strategy step by step which you can then backtest. Good luck.

Actually the Stoch AND OR CCI are only there for 'timing" however I do wait until the Stoch has reached the 80% level before accepting any HOOK & CROSS signals, this way I take into account the MOMENTUM AS WELL.

Yes, there are courses out there for thousand$$$ that consist of nothing more that a re-combination of your standard chart indicators. I have bought many, how do you think I spent $10,000 in education.
The best explanation/analogy I got from a vendor when I tried to return some of this stuff was; Pizza only has two basic ingredients, sauce and cheese, however in the right proportions, it can be converted into a GREAT PIZZA receipe or it can turn out lousy- STill only two ingredients!

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  #152 (permalink)
Trading Apprentice
Nashville, TN
 
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Platform: Ensign 10
Favorite Futures: TF, 6E, CL
 
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bobbyacim: I read this thread because of the title and I seen you mention how Market Profile is your new proven method to add to your system, and then you are talking hidden divergence. And then that doesn't work for you.

IMHO I think you need to look within yourself for improvements first. You said MP works but it only has one setup daily and it takes 4 or 5 hours of waiting for the setup. This sounds like you have no patience to wait for a setup to happen completely, length of time has nothing to do with setups. You should work on you patience, discipline and focus. You may not be taking the correct approach to successful trading for YOU. You must build your system around your strengths and WEAKNESSES. If you are someone who needs to be in the market regularly and are unable to wait an hour or so, then maybe u need to be a scalper.

You are spending all this money buying methods that worked for others and their personality traits, that is where you are going wrong, its not the indicators and setups of choice. If you are anxious to get into the market when the bell rings then you need to design a scalping system that lets you trade 10-20 times a day, more or less.

I think your frustration comes from within due to not understanding yourself FULLY and your lack of confidence in a system you develop. I noticed you mentioned that MP requires an 8 Ticks stop and you wanted to move it to 5 Ticks so at that moment I knew MP was not for you. If you are scared to loose money in this game then you have failed before you begin.

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  #153 (permalink)
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iTrade2golf View Post
bobbyacim: I read this thread because of the title and I seen you mention how Market Profile is your new proven method to add to your system, and then you are talking hidden divergence. And then that doesn't work for you.

IMHO I think you need to look within yourself for improvements first. You said MP works but it only has one setup daily and it takes 4 or 5 hours of waiting for the setup. This sounds like you have no patience to wait for a setup to happen completely, length of time has nothing to do with setups. You should work on you patience, discipline and focus. You may not be taking the correct approach to successful trading for YOU. You must build your system around your strengths and WEAKNESSES. If you are someone who needs to be in the market regularly and are unable to wait an hour or so, then maybe u need to be a scalper.

You are spending all this money buying methods that worked for others and their personality traits, that is where you are going wrong, its not the indicators and setups of choice. If you are anxious to get into the market when the bell rings then you need to design a scalping system that lets you trade 10-20 times a day, more or less.

I think your frustration comes from within due to not understanding yourself FULLY and your lack of confidence in a system you develop. I noticed you mentioned that MP requires an 8 Ticks stop and you wanted to move it to 5 Ticks so at that moment I knew MP was not for you. If you are scared to loose money in this game then you have failed before you begin.

Thank you for the obervations, really really appreciated it!!
its ironic, you speak of my need to cultivate patience

PLEASE "PATIENTLY" RE-READ MY PRIOR POSTING. The system I was refering to was this one, NOT M.P.

This is the system that only has maybe 1-2 trades in 4-5 hours of the day, and this is the system that requires 8 tick stop minimum as per the author.

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  #154 (permalink)
Trading Apprentice
Nashville, TN
 
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bobbyacim View Post
Thank you for the obervations, really really appreciated it!!
its ironic, you speak of my need to cultivate patience

PLEASE "PATIENTLY" RE-READ MY PRIOR POSTING. The system I was refering to was this one, NOT M.P.

This is the system that only has maybe 1-2 trades in 4-5 hours of the day, and this is the system that requires 8 tick stop minimum as per the author.

Which ever method you were referring to was not the point, you are missing the point which is to work more on you self and less on other peoples method or systems and you will get to where you want to be quicker and with less expense.

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  #155 (permalink)
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bobbyacim View Post
Thank you for the obervations, really really appreciated it!!
its ironic, you speak of my need to cultivate patience

PLEASE "PATIENTLY" RE-READ MY PRIOR POSTING. The system I was refering to was this one, NOT M.P.

This is the system that only has maybe 1-2 trades in 4-5 hours of the day, and this is the system that requires 8 tick stop minimum as per the author.


I have probably spent as much as you have if not more but what I know now is priceless. I did a MP course with Dalton and to be honest sometimes he did lose me but sometimes I got it. One thing he said to me was place a pin on your chart where you took your trades, more often than not I had terrible trade location. I sold the low when the smart money was buying, I bought the high when others were selling. Why, because I felt comfortable entering when the selling was under way not realizing you have to do the uncomfortable things in trading to make money and succeed. It is a journey, for some you have to try every single indicator and system to prove one thing, that they don't work and there is know easy ride but what you do gain is an education that is priceless and soon you will have the edge, your personal casino. You will gain a skill others will pay a fortune for.

He also said bad trades keep you of good trades - so true!

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  #156 (permalink)
Banned: Previously banned account re-banned
Coloado
 
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iTrade2golf View Post
Which ever method you were referring to was not the point, you are missing the point which is to work more on you self and less on other peoples method or systems and you will get to where you want to be quicker and with less expense.


Nobody ever want s talk about this. Working on yourself is more important than any method that sells for thousands of dollars. I have spent far more $$ and time than Bobby, and it wasn't until I realized that I was the problem that I could begin to move forward. I used to be a raging drunk, did rehab, meetings, and all that fun stuff. Everything I learned about patience and CONTROLLING myself I learned in those two environments.

I am firmly convinced that there is not an educator, magic indicator, or trading room out there that can cure people of fear of loss. I was once told that trading cannot be taught, it must be caught; either you get it or you don't. I didn't get it for a long time, I went from method to method to method with no success. I stumbled onto this site and read where mike said about the Psycology & Money Management section "
This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader". I find this statement to be very true.

Bobby, you asked me on the phone yesterday if I see myself as one of those people being profitable year after year; I can't answer that question because I can't see into the future. I don't care how it all shakes out, we are all just a few trades away from humility. If it blows up tomorrow I could care less, all I have to work with is what I have to work with and the current day in which I choose to live. Worse comes to worse I can always go back to work; the last two years has been painful, but it gave me more time with my family that I lost as a miserable drunk. I will say this, the more ANYONE worries about what they cannot control the worse things will get, I didn't figure this out until I dried out.

Just my two-cent rantings

Ray

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  #157 (permalink)
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Rayzor View Post
Nobody ever want s talk about this. Working on yourself is more important than any method that sells for thousands of dollars. I have spent far more $$ and time than Bobby, and it wasn't until I realized that I was the problem that I could begin to move forward. I used to be a raging drunk, did rehab, meetings, and all that fun stuff. Everything I learned about patience and CONTROLLING myself I learned in those two environments.

I am firmly convinced that there is not an educator, magic indicator, or trading room out there that can cure people of fear of loss. I was once told that trading cannot be taught, it must be caught; either you get it or you don't. I didn't get it for a long time, I went from method to method to method with no success. I stumbled onto this site and read where mike said about the Psycology & Money Management section "
This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader". I find this statement to be very true.

Bobby, you asked me on the phone yesterday if I see myself as one of those people being profitable year after year; I can't answer that question because I can't see into the future. I don't care how it all shakes out, we are all just a few trades away from humility. If it blows up tomorrow I could care less, all I have to work with is what I have to work with and the current day in which I choose to live. Worse comes to worse I can always go back to work; the last two years has been painful, but it gave me more time with my family that I lost as a miserable drunk. I will say this, the more ANYONE worries about what they cannot control the worse things will get, I didn't figure this out until I dried out.

Just my two-cent rantings

Ray

Hi RAY!

GREAT piece of advice, VERY inspiring.
I need inspiration right now.

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  #158 (permalink)
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Coloado
 
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bobbyacim View Post
Hi RAY!

GREAT piece of advice, VERY inspiring.
I need inspiration right now.

When's the last time you took a break from trading? I find it helps to periodically take time off without even thinking about trading. Try one week off without looking or talking about trading, it may help you clear your head, it does wonders for me.

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  #159 (permalink)
Membership Revoked
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iTrade2golf View Post
Which ever method you were referring to was not the point, you are missing the point which is to work more on you self and less on other peoples method or systems and you will get to where you want to be quicker and with less expense.

Yes, I see your larger point!

I have sometimes waited from 5:30 A.M. til 12:00 noon for one very precise trade. but its a real killer to wait so long, afterwards I notice I can not focus my eyes very well until I re-group
Since I am now in recovery mode, I guess those waiting days are back!

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  #160 (permalink)
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bobbyacim View Post
Hi RAY!

GREAT piece of advice, VERY inspiring.
I need inspiration right now.

There has been 17 people in the last 5 post that have said "Work on Yourself". I guess that means, go to the gym 3 times a week, hire a personal trainer, buy some Tony Robbins tapes, eat more fiber, drink 8 glasses of water a day, and don't have unprotected sex. If that is not what these guys mean, then maybe they can elaborate.

You don't need inspiration right now. Inspiration + $1.25 will buy you a nice cup of coffe. Here are some tangible suggestions. I think you need 2 things:

1. Find a method you have confidence in.
2. Trade it with risk capital.

You achieve the 1st one by verifying the method works historically. It seems your history has been to buy a system, get excited, throw real money in the market with that system based on the vendor's word that the system works. You need to look historically for yourself to verify that the vendor was telling you the truth. Once you have verified that, then trade it sim for a while to internalize that method. This is the process that will bring you the proper 'confidence' in the method, rather then trusting the advertising hype.

The 2nd point may be the difficult part. Trade with risk capital. If you are trading scared money, you will have a hard time succeeding, because that is the number one psychological barrier a trader can face, making trading decisions based on fear of losing any money that will adversely affect your life. It is not all lost though, because if you have achieved point #1, confidence in your system, then point #2 becomes less of an issue, as you will have less of the 'fear' psychological barrier.

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