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We are taught wrong!

Discussion in 'Piggypips - Trading with a fund manager' started by piggypips, May 12, 2015.

  1. piggypips

    piggypips Private

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    I am just going to throw this article together as it has been a while since I wrote something. I am no writer or blogger or marketer who sells the dream and dominates the internet fleecing the naive. I am a professional FX trader, fund manager and soon will be offering Forex Coaching for those who really want to make money in this business if they can bring acceptance to what it really takes otherwise I will decline teaching want to be traders.

    I've had a really challenging time of it in recent months however I always find a way to make profit to which I will publish my live results here this time next week when my video is completed. Unlike most others I am doing a live performance test here at the FPA. I really would question the validity of any coaching or mentoring service if there is no 3rd party verification evidence of trading results.

    So what brings me back to finding the money. What is scarce information and of utmost importance is that the top 10 banks in the world control as much as 85% of the foreign exchange daily turnover. So this begs the question, do banks use any type of indicator for making trading decisions? Well some would argue that they use a 200 EMA or SMA however I doubt they use any others than perhaps Fibs. But in saying all of that I believe indicators will more likely stop you from making profits than anything else. Remember the less distraction the better.

    From when we are young and from what we are taught in the financial markets is often plain wrong on how we need to be trading the markets. Most of us are essentially programmed to do the wrong thing, then we are given the wrong information. So let me get you on track. First off I suggest trading naked with no indicators so you "learn to read the market" not the indicator/s. Secondly train your brain to buy into selling and sell into buying rather than buying after a rally and selling after a decline. I traded breakouts for years with limited success with major inconsistencies in performance. This does not mean top or bottom picking which I will explain moving forward so be looking out here next week
     
    Eirik Kaasa Eliassen, pzr and zendo like this.
  2. RahmanSL

    RahmanSL Major

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    I look forward to your forex coaching here :cool:

    I watch an interesting TV program entitled "How to win"....and one of the most interesting part is the guessing game.....i.e they asked a numbers of people to guess how many jelly beans are in a jar......some guesses were too high and some way too low but, somehow, these error guesses cancelled out each other and when they averaged out the guesses, the numbers came out to be just one single jelly bean off from the correct numbers. This happened too with other experiments that they have conducted....e.g the hits TV series "Who wants to be a millionaire?" where crowd/audience knowledge came in more than 91% correct.

    The lesson learned here is never to listen to any one single "expert" opinion because the crowd consensus/knowledge is always more correct.
     
  3. Copper

    Copper Private

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    Thanks for your info and look forward to see how your coaching goes.
     
  4. Eirik Kaasa Eliassen

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    Hello piggypips!
    Please write more posts here, I am very interested in learning about institutional order flow trading. Is this a topic you could write something about? I find it very difficult to determine levels of supply and demand and for how long they can be considered valid. Also, could you elaborate on the concept of buying into selling and selling into buying? Thanks!
     
  5. Haridas

    Haridas Recruit

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    Yes, this is what try to train. Feel the current sentiment and sell after PB and breaking the low/high. It is hard to rewire the mind. Still fighting fear of missing out.
     

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