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Posts by "daveo"
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512 Posts by Anonymous "daveo":
Although you talk about 6 month timeframe for typical trade I would advocate working on smaller timeframes than daily chart for your initial learning curve. You need to get lots of practice managing trades so the daily chart will not really facilitate this. Working the smaller timeframes will teach all about risk control and money management using very tight stops whereas the daily timeframe means much fewer trades with wider stops and therefor potentially much larger losses when they occur.
Regarding the EWI reports their analysts are under the influence of boss's stance imho. Having said that the forex analyst is the best of the bunch if its the same guy I used to watch.
Read some books on trading psychology, plenty of choice. Dr Bill Williams early edition of Trading Chaos first read ! The point about a mentor is for 24/7 support to your every problem and frustration. Trading curve cannot be shortened, we all go through the same hurdles and challenges. It's an evolving process and you should be thinking 3 yr period with a mentor of value. Do your reading first though, be well read or too much time will be wasted on basics. The mentor must be experienced profitable trader and at every stage you experience he will be able to relate and sort your mind.
EWA is completely fascinating but its only one methodology in many. There are not so many traders who managed to make it profitable. For me its just one of 5 bullets in my clip. I started studying it in late 90's and grew to hate and despise it, too many losses, too much frustration. I took a 3 year break studying other things and then returned to EW with a completely different attitude. Then I was able to integrate it into my trading.
Try the services you have already lined up and come back to me with your observations.
Toronto, Canada
April 15, 2011 01:12 GMT
Member since Feb 2010 Sir Ignore and DaveO, I don't post here and you can make what you like of that, but something needs to be said.
Why do you guys use this forum like your personal twitter and chatty patty channel? How many people do you think actually want to know you are going to get some food, or that you have had a sherry? Isn't that the excruciating mundaneness that twitter can be used for? Why subject forum visitors to pages of this ridiculous content?
If you have any trading and forecasting ability, it's certainly getting lost among the quantity of silliness that you seem to post. Doesn't it make sense there should be forex related content here? You've just subject likely dozens to pages of this drivel. I'd think there are throngs who agree with me that you guys need to get a room and/or channel, but regardless, please stop it. I'd think Ashraf wouldn't want the desecration of his forums either. Thanks.
Well gentlemen, Osijek and Jacek,
I note neither of you have made a single contribution to this forum except your critique today. Sorry we do not meet with your approval.
Yes the banter can get very silly I admit, especially when the mkts are in limbo. I am probably more guilty than most and will make an effort to reduce irritation to you secret anonymous morsels.
You obviously did no research whatsoever before opening ignorant mouths. There are no more than 10 regular contributors on this forum and inevitably in such a small community one makes friends. Comradeship can develop into kiddin around. Try it sometime and you might even make a trading friend !!!
Again, had you done your research before opening ignorant mouths you would discover that both your targets along with a mere handful of other traders account for all RT tech analysis on this platform.
If the forum grows and more secret anonymous morsels start to participate then the banter will naturally become more moderate. Without the 10 or so current participants there is no forum. Come join us and let us have the benefit of your wisdom in exchange for our wisdom. Hiding behind the curtains like frightened children is no use to man nor beast.
Not sure I would recommend EWA studies at an early stage, best to grasp traditional chart analysis first. I don't like Prechter as he bends his counts to suit his perma bear stance for which he is very well known and widely ridiculed. Also his rewrite of RN Elliott's works is unnecessarily overly complicated whereas someone like Robert Miner has updated the work in a logical and simple form so that you have everything you need for actual trading, as apposed to academia.
You might like to look at what stockcharts.com have to offer for broad education in tech chart analysis. Murphy whom you know is very sound well known analyst who makes contributions there. Also a guy called Arthur Hill does excellent work on their subscriber level with I think 3 vids per week. I may be out of date on this but take a look see. Analysing forex charts is no different to any other instruments incidentally so what works for stocks will work for currencies as far as traditional analysis is concerned.
If I knew what timeframes you like to trade I could probably match you to a suitable futures RT Trading room where you would receive a real time education which may or may not suit your everyday commitments. Typical sub for that would be c.$150/month but they work hard unlike static forums which are almost useless for teaching how to trade. I dont know any particular Forex RT rooms but futures rooms normally include some currencies. Most things Forex are scams as you are probably aware.
I have no knowledge of Chloe's mentor referral but bear in mind that any serious teacher who also trades him/herself aint gonna have time to post stream of conciousness on twitter all day long. Most forex students are wanting everything for free and there are many failed traders out there running ego trips or providing so-called education for fee payers. They may know the theory but never managed to profit from trading which is 80% psychological challenge. A large part of the role of any mentor is to help with the psychy issues.
Hope this is a better response than my last one. Its not easy to make specific recommendations without knowing someone quite well, matching is important.