Gold

Quoting Zebi

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{quote} its basically a biography of jesse livermore, one of the greatest traders of all time...he made and lost 3 fortunes at a time people had to draw charts by themselves on their kitchen tables using a pencil and graph paper the greatest trader was a japanese named munehisa homma who invented candlesticks and was richer than buffett,soros or livermore from trading you wont find any setup or charts or pictures for that matter LOL....its full of trading psychology tho since thats 90% of trading...he did create pivot points livermore,wyckoff,...

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Quoting Raventine

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{quote} yeah, it is so call tape reading, and the one who make this really famous is Rollo tape, Richard Wychoff. I didnot read many recently release book. The book that change my style is Studies in Tape Reading by Wychoff himself release at 1910. It seems to be 100+years passby but all trading basic still stays same. The only thing that change is people who learn the method, then give it a new name. The book show some chart like this i just wonder how the hell he could trade at that ancient time {image}

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Quoting Hulkisbck

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Gold - new week level update {image}

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Quoting Raventine

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{quote} yeah, it is so call tape reading, and the one who make this really famous is Rollo tape, Richard Wychoff. I didnot read many recently release book. The book that change my style is Studies in Tape Reading by Wychoff himself release at 1910. It seems to be 100+years passby but all trading basic still stays same. The only thing that change is people who learn the method, then give it a new name. The book show some chart like this i just wonder how the hell he could trade at that ancient time {image}

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Quoting T721

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{quote} {image}

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Quoting Zebi

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{quote} they mostly traded daily charts and from where all their insights came from they had to draw and update their own charts at home or office until they made some money and could buy charts from a professional company so there wasnt enough time in the day to hand draw 5 min charts all day long LOL...and besides retailers like us had to wait a day for the stock prices to be printed in the newspapers the next day( yes boys....stock prices used to be printed in newspapers up to about 10 years ago before they all went online)...so schmuks like...

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Quoting Zebi

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{quote} ICT stole almost all of wyckoff and just renamed it and makin money off utube views since i heard hes a shit trader since he cant control his emotions reading those old timers books may be a struggle for many that have short attention spans from watching too many tiktok videos LOL

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Quoting Raventine

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{quote} you got a good amount of historical data in your head lol. I love that.

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Quoting Zebi

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changing the subject cause that shit was boring as hell earlier LOL its always been my contention that computers and the incredible abundance of stupid indicators used by lazy ass traders to develope EA's so they can sit around and jerk off all day while the computer trades for them is the main reason why the failure rate among beginners is as high as 95%...the old timers a 100 years ago made fortunes drawing their charts at home on the kitchen tables using just a pencil and graph paper with the previous days stock prices printed in the newspapers....yes you gen z'ers...newspapers used to print stock prices LOL so ive been researching and have stumbled on to some stuff LOL This is a brief study done during the first internet bubble, when online brokerages gained popularity and day trading first because a viable option for regular people. The intent of the study was to determine the overall profitability of day trading in light of its contemporary rising popularity. The researchers were able to study the trades of 324 day traders from February 1998 to October 1999. Note that this was a time period where the S&P500 gained 30%, and the Nasdaq was up over 100%. Findings and highlights: Of the 324 traders for whom they had data, 36% made a profit over the period of the study, while 64% made a loss. Only 20% of the traders in the study made more than $5,000 over the time period. Total commissions for each round-trip trade were $30. Researchers determined that on average (across all investors) day trades were profitable gross (pre-fees), but were negative net (after fees). Researchers found a statistically significant correlation between the performance of day traders and the price movement of the Nasdaq exchange, indicating that traders had a preference to trade long positions in tech stocks. Again, the study was during a period where the Nasdaq more than doubled - so the result that only ~1/3rd of day traders made any profit at all makes that result seem quite a bit worse. The study concludes: The day trading industry, and numerous books and advertisements about day trading, actively promote the idea that day trading is an easy route to wealth and early retirement. This idea has led to widespread interest in day trading and the entry of many novice day traders. The fact that at least 64% of the day traders in this study lost money suggests that it is more difficult to be a profitable day trader than the industry maintains. In 2011 the SEC was seeking industry comment on whether/if/how they should further impose regulation of firms and processes that allow retail investors to day trade FX securities. The comments received by the SEC can be found here. Included in the comments was the linked report above by Philadelphia Financial Management of San Francisco, compiled from the available disclosures made by retail FX trading firms. The report is especially damning of the retail FX trading firms of the era, which were flagrantly taking advantage of their customers - but much of the data and lessons is applicable to day traders in other markets. Some of the highlights are below. Note that this refers to retail FX traders from around 2008-2011. Around 70% of retail FX day traders lost money each quarter. This number was highly consistent across the 12 FX brokers studied. The average retail FX day trader had an account balance of less than $5,000, and traded twice per day. These day trader accounts were often funded via credit cards (e.g., 81% of new accounts at FXCM, 41% of new accounts at Gain Capital). Day trading clients of Gain Capital saw quarterly results ranging from negative 34% (worst quarter) to negative 27% (best quarter) in 2009-10. Comparatively, clients of Charles Schwab (not a day trading firm) saw performance of negative 7% to positive 9% in the same period. Retail FX trading costs were very substantially higher than that of buy-and-hold investors at other firms. When executing trades, some retail FX firms inform the market maker of the client's level of sophistication, which then directly affects the quote received. I.e. ("this person will be too dumb to know you're giving them an awful price on this trade.") Quoting from the report: "In the retail FX market, different investors are given different quotes and institutional investors receive far superior quotes than retail. For example the revenue per value executed at Gain Capital is 10x higher for retail clients than for institutional clients." seems like the failure rate increases as computer use does in trading LOL now its up to 95% mainly cause of the prop firm explosion the last few years and a new kind of sucker being born by using even more crazy ass indicators and the fact the props try to fleece their pigeons out of their 100 dollar challenges

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Quoting Zebi

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heres some more shit i found https://www.tandfonline.com/doi/abs/...aj.v59.n6.2578 A 2011 study of Taiwanese day traders over a 15-year period, from 1992 to 2006, showed only slightly better results. Day trading is popular in Taiwan. In an average year, about 360,000 Taiwanese individuals engage in day trading, according to the authors. Their conclusion: "Consistent with prior work on the performance of individual investors, the vast majority of day traders lose money." They do note that a small group (about 15%) do earn higher returns net of fees, but that "some outperformance would be expected by sheer luck." A later version of the paper published in 2013 concluded: "Less than 1% of the day trader population is able to predictably and reliably earn positive abnormal returns net of fees." https://www.cnbc.com/2020/11/20/atte...ose-money.html

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Quoting Zebi

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{quote} we're the exception raven...maybe just one guy out of the hundreds that visit he room daily will take the time and make an effort to educate himself by learing how the old timers made fortunes since 95% of people lose their accounts now days ....the rest will stay to youtube and tiktok to learn and get fleeced by ICT and all the rest i made a couple of posts year or two ago how the failure rate keeps increasing the more indicators people put on their charts using computers and trade underfunded like all these propkids This is a brief study...

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Quoting Milenafx555

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{quote} Not to mention he was literally caught photoshopping his "profits".. Do you consider him a trader? He was on demo like, 95% of the time lol.

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Quoting Zebi

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{quote}the greatest trader was a japanese named munehisa homma who invented candlesticks and was richer than buffett,soros or livermore from trading

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Quoting zola

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{quote} Inflation Adjusted:- Warren Buffett: $160.2 billion George Soros: $32 billion (peak) Munehisa Homma: ~$10–100 billion (speculative) Jesse Livermore: $1.9 billion+ (peak in 1929) That's all I can find on Munehisa Homma's wealth. These figures are highly speculative, as no primary records confirm Homma’s exact wealth.

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Quoting zola

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{quote} Inflation Adjusted:- Warren Buffett: $160.2 billion George Soros: $32 billion (peak) Munehisa Homma: ~$10–100 billion (speculative) Jesse Livermore: $1.9 billion+ (peak in 1929) That's all I can find on Munehisa Homma's wealth. These figures are highly speculative, as no primary records confirm Homma’s exact wealth.

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Quoting Raventine

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{quote} warrent isn't a trader, he is an investor, real investor, believe in company and people. No chart, just simple mathematics and financial report, holding for years, that why he have no faith in BTC even consider it as scam. So i guess Japanese guy still richest trader btw.

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Quoting T721

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{quote} {image}

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Quoting dartboardio

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Trump reached a deal with EU..just announced! Do we think gold will go to 3290 zone?

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Quoting Ravenfeeder

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{quote} No, only about 3310 That COT report is interesting though... Why the longs... buyers will step in hard after a brief fall

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