Sunday, October 19, 2008

FBT day four

Well, it doesn't matter what anyone says, today it was a LOSER, the reason I point this out is simple. When you take risk and that is what you do when you enter any trade or whatever reason, using whatever indicator or set of take on risk.

So now we have to consider something else, if the range of the first bar or the range of the first two bars is greater then "X" do we still take the setup? A fair and simple question that only you as an individual can answer. Why, you ask...why doesn't he just give me the damn rules so I can become rich....WHY?

Just because someone can take a setup and just lean into it, doesn't mean you should, first you should have done your own research or study. Maybe put your own secret sauce on those charts to see if that helps filter out the loser or risk. This I believe is a mistake all newbies make. They tune into a chat room, like the WoodiesCCIClub and listen, why...because it's free. Soon they are listening to someone that they never met, don't know anything about their actual trading but because they believe in the concept.....instead of doing their own research and back studies they just listen and when moderator "RICKY" says he is going long...the newbie leans into it as well.

It amazes me that newbies even think, for a moment, that they can just follow the Pied Piper in some chat room and make millions. This might seem a little harsh, but in the end, they deserve what they get. As Americans, the one thing we don't like is having people tell us what to do, what to think, how to act, but when it comes to trading.....give me a free chat room or give me a margin call.

Take these ideas and make them your own, do a back study, do some research and mix it up and see if you can find the's out there...BUT you have to find it.

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