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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
So I have at 1493. Will be stopped out at 1546. Hoping to tp at 1450.
Cleared both my NZD positions, one at 7950 and the other at 7880 to enable my maiden venture into gold.
Yea Steve Hochberg complete waste of space, the main Prechter arse lic*er if you like. I emailed him on 3 occasions once about his gold count over a 4 month period during which time I was making in excess of 100K while he and his followers must have been losing money. I never received any replies, prob due to ego impediment. EWI are a complete joke amongst all the old traders I hang out with and known for many years. They have a very proftable biz there on the back of inexperienced novice would-be trader subscribers.
Timing is everything for trading (or investing). I been perma bear myself large picture fundamentals & stock mkts since 98 but that doesn't mean I only trade short. Indeed the whole bag of tricks is heavily manipulated so that is what I trade. I trade what the charts are telling me. If Prechter or his side kick were actually trading themselves they would be burnt out 100 times over. They make money from watching their followers gettin burnt on their calls but with average 3 month turnover for futures traders their biz is secure. Many in the "educational" industry are themselves failed traders but make money from becoming self appointed "experts".
By all means read Prechter's socio economic stuff & cycle gurus of all varieties inc astro. Its all very interesting stuff but it aint gonna make you money in the shorter term and it could lose you a lotta money in the longer term.
"Dammit Sir, when will your cycles start to behave" (Wealthy Aristocrat to trading FA). The poor chap was eventually bankrupted.
What really got me into Prechter was his piece on pop culture and the stock markets, being a big fan of all kinds of music myself.
The every other day forex commentary which I receive is from Steven Hochberg who does the major US indices, T-bonds and precious metals as well. Prechter sends his monthly commentaries. At $59 per month I considered it cheap.
I cant help but suspect that their head honcho has both his eyes on the big picture, so much so that the others and he preempt the longer term trend moves way too early. Talk about impatience.
Another guy's approach I am interested in picking up on is Merriman who incorporates astrological cycles in his studies. Call me superstitious but I really believe in that. Ahh just too many things to explore with so little time.
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.