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Originally Posted by MainPIP
Thank you very much for your compliment and your endorsement.
There are plenty of excelent threads related to ew teaching and learning in tsd (jonnydenver69), moneytec, strategybuilder, forex factory. There is no need for me to open another one nor am I as good of mentor as others.
The problem/trap most beginners will fall to that they need to have immediate results and simple system. Thetrefore, naturally they spent all their toime looking for a good and simple entry system rather than spending time with becomming a good trader and learning all required aspects such as psychology, momey management, trade management. Understanding that trading is a serious business is a beginning step. The beginners will never take the conmsistent money form the market for a very simple reason that market is not a charity and does not feed the needy and greedy.
EW will provide a very good overview of the structure of the market and the psychology of the participants. It will not do much for the accurate signals, you will need to develop other techniques but the confidence of the stucture it surely will give.
Since you endorsed Robert Miner, I will include to the link of his book that I uploaded. This is an excelent trading book and does not treat ew as holy grail, it does instead provide the accurate way to have ew as part of your own system. There are other great topics covered as well. So for any of you interested to become traders, that can be holy grail of becomming a consistent trader. No matter what you will follow.
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Hi,
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The problem/trap most beginners will fall to that they need to have immediate results and simple system. Thetrefore, naturally they spent all their toime looking for a good and simple entry system rather than spending time with becomming a good trader and learning all required aspects such as psychology, momey management, trade management. Understanding that trading is a serious business is a beginning step. The beginners will never take the conmsistent money form the market for a very simple reason that market is not a charity and does not feed the needy and greedy.
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I couldn't agree most.
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EW will provide a very good overview of the structure of the market and the psychology of the participants. It will not do much for the accurate signals, you will need to develop other techniques but the confidence of the stucture it surely will give.
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I do not agree. If you make a wrong counting, you are dead. If you make a wrong counting and you are not a EW fanatic, you will change your mind as quickly as you see price is doing the opposite of what you thought because of your counting. In that case, EW is another tool as good or as bad as many others. Precther's boys and followers do not change their minds: they are right; market is wrong. Miner's boys and followers do change. For instance, Miner stress that when a "retracement" goes beyond 72% we could see new highs or lows if it is the case. The commentaries-views I posted didn't allow a change of gear: they saw a top, they shorted. They were kicked out. They then kept waiting to sell and lost that gorgeous movement up. Are all EW followers doing the same? I do not think so. They all will be broken already if they did.
About structure: I'm a journalist. As a journalist I went some months ago to a big and well known car maker. As I know the CEO, I asked them to meet with their currency people. Got the OK and went to see them.
I just saw naked charts. I asked them: "Don't you use any TA strategy or system, I only see an EURUSD UBS naked chart here?" They replied: "That's all we need to see and of course we know our NEEDS". 10 minutes afterwards, I saw what they wanted to say with that: they sold millions of EURUSD and price went down 38 pips and that day the pair closed 74 pips below the level they sold it.
Of course they did not make the pair go down those 74 pips alone. But they ignited the move or I think they did.
Their NEEDS were to have EURO cheaper or they did not want eurusd break certain levels or they were protecting their options or whatsoever.
So, to the point, trading is a matter of probabilities. Any big shark can smash your EW thoughts or TA indicators in 5 seconds. Therefore, I tend to say: the less, the better. That means I only trade what I see and I do not enter the market with a pre-thought (I'm a short time trader). If I see a pair, cable for instance, that has gone up 1,012 pips in 10 days, I think: "damn, damn, damn, it is going to retrace. It is dangerous to buy up here. I must be very careful; but I will buy it if I see it going up and up and up specially if we have news and if CatFX50 allows me to do so. That is, if it gives me a affordable stop loss.
Please, don't see in what I say I'm better or I know better or I can do better than EW followers. You and me all we want is to make money in this business. As we can choose (thanks God) what we think it is better for our NEEDS, we do it.
Thank you for your link.
Nina