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I keep hearing system is the problem. EVER SINCE I STARTED MY JOURNAL.
However, I have yet to see a single system be 100% consistent for any trader. I hear that you SHOULD be profitable within so long, you SHOULD be this, or that...
Well, I have yet to meet a trader who makes 1M or more a year and is consistent and can PROVE IT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
(That means broker statements, bank accounts... Oh, well, I couldn't do that, because... because.. oh yes, ex-wife, IRS, because I don't need to... etc.. etc..)
Nothing wrong with a system. I have built dozens if not 200 of them. They all start to fail because they are too rigid OR they require a good amount of discretionary abilities. Those abilities take time to Master your emotions.
I have yet to meet a Master trader who has less than 5 years trading. Not saying it can't be done.
I realize people try to help by chiming in on the journals. Hey, "Your system sucks, but everything else is OK!"... huh??
Ok, show me. Show me your brokerage statement. Show me your system. You show me you make 20K per day PLUS, then I will gladly switch over to your system. And that you did it in a short amount of time. I WANT TO SEE A LIVE DOM!!! WITH LIVE REAL STATEMENTS... Not, oh, I would have taken that one, or oops, I thought I told you I entered there.. haha...
Vovan's issue along with my own is our emotions in my opinion. Yes, the system has its issues and I personally can't stand the thought of Henry the person who merged it from Nexgen.
Any system can work.
Please don't take this as my mind is made up, because it isn't, but I have been on too many forums to see the same story over and over and over again. Poster #1 says, "Hey, I don't like your system, you should be making money". OP thinks "Man, I need to change my system again..." over and over and over again..... You will never please the masses.
All I can say is how do you think people were trading before computers existed.
I am not saying markets have not evolved but basically same unwritten rules are applied only difference is that markets are moving more and faster intraday because of PC's.
That is all I have to say as I am not here to sell you a system (specially mine) as it took me years of hard work and research to develop it.
If you are convinced what you use is the right system for you then I wish you good luck on your quest of daytrading I hope you will succeed.
Bluemele and Vovan, I'm an NTF fan and use the method...as best I can. We should consider Larry's comments thoughtfully, I think. I have met with a 10 lot trader, ES only...here in Houston. He uses only Fibs and $TICK. It's tempting to try and jump over to that method. He uses the Fib overlay with 38, 50, 68, 138, and 168 only. He measures prices action every which-a-way. He has a boku of little rules, however. Don't trade between this time and that time. Go ahead and trade on Fridays...and on and on. I met another successful trader here, 6e and ES only. He trades, low and behold, using Fibs and $TICK only. His method is very conservative and sometimes doesn't setup the entire day.
BTW, doesn't the NFT method advocate trading at the edge? If we are waiting for confirmation, have we left the method?
I got 3.3 points today, but in reality it would be 1.6 points.
My PC turned off because of the windows update and it took me out when I restarted my NT 1.7 points below my target. I wish it would do that all the time and take me out in the best spot. Haha...
Henry's trading on the edge was a marketing scheme in my opinion.
Any system will work. To me, successful trading is probably 10% system and 90% YOU.
Whether you are trading pullbacks for continuations, S&R, Fibs w/ $TICK or whatever. It is your ability to understand what is happening with the 'patterns' or price.
It takes YEARS to get comfortable with those patterns, YOU and your money management.
I believe there are successful traders from about any method on the planet. Larry is probably just seeing pain and being a nice guy he is wanting to alleviate some pain. Unfortunately, in my opinion those types of pain only confuse and challenge the emotional fortitude of a trader. It really needs to be up to the trader to decide if that system is good enough.
The people you know where you are at have been doing what they do and have created the rules that they have over YEARS of watching the charts and evaluating those patterns from THEIR eyes. Their eyes interpret information completely different than others. Our brains all fire differently, they all interpret data differently. You like green charts, and that makes it hard to focus on the chart...
No GURU will successfully teach others to trade their exact system and that person will not keep that system if left on their own. Darwin I think wrote a few things about mutations...
What I interpret as trading on the edge (again, marketing) another would call counter-trend trading or 'catching a falling knife' which to some would be suicide.
I have evaluated hundreds of systems. I have created dozens............ I always come back to this method using price action (Good job Vovan) because I believe the indicators tell me when price gets out of motion.
No matter what method you use.... It will cost you time, energy and much frustration. There are no shortcuts.
But, you as the trader must find the system that sings to you.
Don't marry a system because she's hot! Marry her because she will make you rich....
You are absolutely right it was painful for me to see you having so much a hard time making money with TF while it was so obvious to me but again I have years of experience behind me and using a different system.
Anyway it is up to you to make your own judgement and decide what suits you best.
I will stop here as these are your trading journals and I think it should stay that way.
I wish you all the best in your daytrading research.