Hi
Today after watching a video on http://2ndskiesforex.com/trade-signa...-retail-entry/
and asked him
Isnt entering a trade after confirmation gives higher probability of success than this method? both entry techniques have pros and cons. But you only talked about pros.
And the answer was
Hello Jung,
No, it doesnt give higher probability of success. Please share with me where you or any of its proponents can demonstrate with actual stats from a live acct that this type of entry increases accuracy?
Im happy to have the best students of such confirmation setups compare their stats with my best students and see who has the far greater edge. Ill take that bet any day.
The bottom line is entering after confirmation doesnt give you a higher probability of success. Even those who use it claim only 30-50% accuracy in their own trading. Thats not an increase in accuracy or probability. Thats the same at best.
Because of that, its edge is lower.
On top of this, youll miss hitting certain targets because the entry is much worse, which means a losing trade, and thus decreasing accuracy.
So not only does it reduce your edge in terms of profits, but it lowers your accuracy.
Hence there are no real pros to the confirmation myth. Only cons.
If you really believe in confirmation giving you a higher probability try the litmus test:
Walk into 3 prop firms, hedge funds and banks and ask them the following two questions:
#1: Do you not take this trade because there is no confirmation pin bar?
#2: Are you going to load up more because there is a confirmation daily pin bar?
Im quite confident youll get a big NO for an answer, let alone people laughing at you.
But go ahead and take the litmus test. Im guessing it will be 3 lifetimes before you get anyone who says yes to both.
That should answer your question for you.
Kind Regards,
Chris Capre
Is anyone experimented and on both entry technique and found out which one gives better probability of success?
Is confirmation entry (like entering at break of a low of prior pin bar) a myth like what he says?
Today after watching a video on http://2ndskiesforex.com/trade-signa...-retail-entry/
and asked him
Isnt entering a trade after confirmation gives higher probability of success than this method? both entry techniques have pros and cons. But you only talked about pros.
And the answer was
Hello Jung,
No, it doesnt give higher probability of success. Please share with me where you or any of its proponents can demonstrate with actual stats from a live acct that this type of entry increases accuracy?
Im happy to have the best students of such confirmation setups compare their stats with my best students and see who has the far greater edge. Ill take that bet any day.
The bottom line is entering after confirmation doesnt give you a higher probability of success. Even those who use it claim only 30-50% accuracy in their own trading. Thats not an increase in accuracy or probability. Thats the same at best.
Because of that, its edge is lower.
On top of this, youll miss hitting certain targets because the entry is much worse, which means a losing trade, and thus decreasing accuracy.
So not only does it reduce your edge in terms of profits, but it lowers your accuracy.
Hence there are no real pros to the confirmation myth. Only cons.
If you really believe in confirmation giving you a higher probability try the litmus test:
Walk into 3 prop firms, hedge funds and banks and ask them the following two questions:
#1: Do you not take this trade because there is no confirmation pin bar?
#2: Are you going to load up more because there is a confirmation daily pin bar?
Im quite confident youll get a big NO for an answer, let alone people laughing at you.
But go ahead and take the litmus test. Im guessing it will be 3 lifetimes before you get anyone who says yes to both.
That should answer your question for you.
Kind Regards,
Chris Capre
Is anyone experimented and on both entry technique and found out which one gives better probability of success?
Is confirmation entry (like entering at break of a low of prior pin bar) a myth like what he says?