Ray's amnesty page

[Tomi]

Can't recall any discussion but I have seen this indicator in some journals. Maybe those traders can share ideas?

[acceleratum]

Steve trades very simple, Uses the ewaves and trendlines plus s/r levels, you have a post about it in the advanced techniques called in the box trading (ITB), you can also find some tips on his blog on his webpage.

ewavesH does all that, draws trendlines, support and resistances, fibnoacci expansions and retracements, harmonics for whoever uses them,etc.. Its a convenient package of several indicators in a single one, it also has alerts for the trendlines breaks, the P5 and others, you can use all kinds of alerts and color configurations, etc.. Its a mega package.

[wiseambitions]

Thanks, the man is clearly a genius at coding things, although I have not given this strategy adequate consideration yet.

I guess as with all these things we need a lot of educating and we would like to see how often it's right and what results it gives with the default settings which he has chosen, which hopefully would then be good enough to put to work.

In the box trading is great but I have often found it is the aims box which keeps us out of trouble, particularly when it tells us the waves are high and wait for calmer waters!

[wiseambitions]

I have enjoyed this video several times, but in the past it has frequently been removed from Youtube due to copyright issues.

I recommend everyone should spend the hour it takes as it is epic material:



One of the messages is that good trading should be effortless. When I realise I am getting het up by it I know that I'm over-trading, my head is choosing to disbelieve the indicators and I'm going to lose money.

Effortless means waiting for a valid signal, getting the lot size right, setting the stop losses, letting the trade do what it wants to do, and taking a profit, hopefully, when the price action is right, accepting the losses, waiting for the next valid signal, entering the market again, rinse and repeat...........And stopping before fatigue sets in. Tomorrow will be another day.

[immy]

My message from this awesome presentation will be as follow...

All successful traders know they have won before they started....

It takes a while get the above.

And

Monkey will do better than human

[wiseambitions]

hi Immy
Happy New Year!

Yes that video ought to be compulsory watching for every member of the forum! Or at least compulsory for anyone who is serious about his trading.


Speakers like him command fees of £5000+ to make presentations like that,and people will pay £500 each to attend, and I haven't been to anything quite as good even if someone else was paying. I cannot rate that one too highly. The joke at the end always makes me chuckle too.

[baldeagle]

Hi Ray,

Once again your post has me thinking about my approach to trading. For some reason I have been at odds with my trading approach/plan and I have been rudderless about which way to go. Maybe that was due to us being "snowed in" all last week just getting out for some grocery shopping yesterday.

I think I watched this video or one like it a few months ago. This time what struck me was that in order for your trading to be easy your method must match your personality. Now I am trying to find my trading personality. I think this means the good and bad aspects of our approach to taking trades. I am sure Immy must have a discussion about this somewhere on the AIMS site as he has usually already explored any "new" topic that I come across!

I think my next approach will be looking for setups while listening to Bach's Goldberg Variations.

Thanks again,

Ed

[wiseambitions]

Hi Ed
Trading to match our personality. I think we learn a lot about ourselves when we trade! And perhaps that would be a good theme for the month/year.

I like listening to music too when trading. A good friend of mine in Scotland has a son Michael Foyle who is absolutely gifted and talented in music, mainly with the violin, and a piece I have shared with a few people who also trade and find it amazing is


Here's my quote for the day: "If I have seen a little further it is by standing on the shoulders of Giants." Attributed to Isaac Newton, but found to originate earlier from : ""We are like dwarfs sitting on the shoulders of giants. We see more, and things that are more distant, than they did, not because our sight is superior or because we are taller than they, but because they raise us up, and by their great stature add to ours."
We have a lot of advice to draw from.

[kiravon]

Brilliant Video Ray!

This should be part of everyone's permanent collection although you only need the MP3. I use this online downloader which downloads either MP3 or MP4 and unlike most downloaders it doesn't infect you with viruses. http://www.youtubeinmp3.com/

There were just so many gems!

the whole concept of effortlessness is so important which is why I had already made the decision to trade smaller Lot sizes so that I really don't care if I lose. Trading has to be stress free fun - it isn't an option.

and the analogy of only trading when the money is there begging to be picked up, and never looking to trade

and more recently I've come around to the idea of 'sitting' on trades that have the potential to really run which is exactly what he recommends

Why following anyone else, even other's systems can be fatal - I had never really thought of it quite like that before

Likewise I never really thought about the snare of loyalty before - of course you've got to be ready to turncoat.

It needs to be played regularly there is so much insight in it

[wiseambitions]

MACD histogram indi as enquired by a couple members:

MACD_Histogram.ex4

I use 6 50 50 but there is no science to it whatsoever, being an oscillator the indicator is like AO RSI QQE CCI and many others and would not normally be used as the starting gun.

Never under estimate the power of S1 in giving us a good entry point especially when a break out of the box would be a double aims break eg on m1 and m5 or on m5 and m15 at the same time. Those levels of course are resistance and support, which as per their name, can be strong because price action tends to respect them, and in my observations can take take two or three touches over a spread of bars to break through.