Good morning my dear Friends.
Here is another preparation Video for next Week.
What do I want to improve on next Week:
Stick to the Plan
Prepare better for the 2nd half of the Week
I said that I wanted to be done with this challenge by the end of today so i dont have to pay another subcription fee. It was do or die today, after loosing my first Trade I had to put on more Risk and after loosing that one i had to put on even more Risk and gamble a little more to reach the goal. unfortunately i wasnt able to finish the Day in the green altohugh had a nice winner in crude at the end of the day for almost 1k
I feel a litte ashamed since i almost promised I would easily win the challenge but could not come up with the Deal. I took 2 weeks off so with a little more time i might have reached it. Could´ve should´ve would´ve but its all on me to blame! Somehow I found it hard to focus with no real money on the line and took way too many trades outside my plan the whole challenge.
This just proves the point that you can only be consistent:
Trading real Money and got rewarded +1k for the first two Days
Crude broke out of tight consolidation in morning – looking long
Gold broke important resistance in the morning looking for longs into the 1785 Area
Afternoon NFP: Gold sold off into ydLow – big Players bought on the way down – looking for a bounce back into ydRange – then Long into 1785
Bought almost the Top but valid Setup – Maybe bad Area to do it -20
Got in on perfect price but was afraid to loose beacause stop had to be too wide on A+ Setup: Tradingmistake +2
We pushed above important market Area got best Entry possible (lucky)
A+ but somehow was hesitant to pull the trigger on the pullback +60 – BAD TRADE!
ONLY A+ Setup
Great Mindset today:
· Accepted my limited time on the screen
· It’s a privilege to be able to Trade and have a life like me
· Your Job is to follow the Plan and perfectly execute your Setups
· Your Job is not to make Money today as a Trader
· Making Money is the Result of that perfection
· Enjoyed trading because so relaxed!
Develop a habit to get into that Mindset of today for every Tradingday!
This will boost my performance and be the next step to becoming a bigger Trader!
This might sound silly but maybe ill get into meditation and visualization 15min before I start the Computer
Maybe try ALL IN ALL OUT ON 2 Contracts – I am too hesitant otherwise!
Maybe it will help if I just can’t make a decision anymore – therefore I need to accept the Risk and also the Reward (IF I SCALE OUT IT IS A TRADINGMISTAKE AND I NEED TO PAUSE)
BE LESS GREADY: IF I THINK STOP TO BE – TAKE PROFIT! DON’T HOPE YOU ARE USUALLY AND END UP AT BE!
Missed some clear Setups in Crude while busy in Gold! Maybe get in on limit/stoporders at bestprice and manage if triggerd by following same process as if I would just have that entry on pullback
Predefine Areas where you want to be on the otherside of the market. Where do you expect the bigger moves?
If pDay Balance – be initiative above High below Low on a Breakout
If pDay normal Day/Trendday – think to be responsive above pHigh/pLow
Need to have the bigger Picture more on the Radar again!
Hello, I have been studying volume analysis for quite a while now and I understand a bit about order flow, but I'm not very adept with the concept yet it's still new to me. To be honest I haven't yet read your thread in its entirety and haven't read any of the books that you recommended in your other thread because I'm still studying traditional volume analysis as taught by Wyckoff, however I will definitely be studying order fow and its concepts afterwards.
I would like to know your thoughts about traditional volume analysis if you're familiar with it and if you are fimiliar I would appreciate if you take a bit of your time and explain the similarities between the order flow approach and traditional volume analysis. I would also appreciate if you could recommend me good courses related to order flow.
Thanks for your time and best regards,
VbT = Only shows you the Volume of the (lets say) 15min Candle but it does not show you if it is aggressive buying or selling nor on what price the market Traded alot (acceptance) or almost nothing (declining) - a 15min Candle can be very extended so if you buy it after it closes you might have a bad price!
VbP = Lets you look inside the Candle and shows you important Pricelevels and how many contracts where Traded on each Price (this would be on a footprint chart) if you relate to Orderflow
Volume by Price is even more important to identifiy important Market Areas because it can show you the clear "breakingpoint/turningpoint" Prices within a candle so you might manage to get better entries.
Personally I only use classical Volume at the beginning of my Tradingday to see what Products I want to trade in the Morning (London Session) - I tend to only Trade Products that have 100+ % of their avg 5Day Volume on the overnight Session or when the Market is in a Range for a couple of Days and Volume decreases from Day to Day then I expect the Market to move away from that Area soon and I am also observing that Product then.
I hope this helped. Regarding Courses: I cant give you any recommendation here since i never took a course - you will find plenty of explainations on youtube if you search for bookmap or jigsaw or heatmap and learn the basics for free. Nobody can teach you orderflow/tapereading in 1 week it is just hours of screentime and observation.
I was doing the evaluation process next to my real trading and got lucky enough to get it in on a couple of good days while (honestly) not trading super great.
But hopefully it still proves that my approach is a profitable one and everybody who is serious about learning it can reach out to me and join the thread for tradingdiscussions! LETS GET BETTER TODAY!
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