Trade with 60

any chance to provide that link you mention in the video?

http://www.forbes.com/sites/brettste.../#798c7bd229e2

thankyou

60 minute/4 hour & daily returns 2016

What distinguishes successful individual participants from the others? Having worked at multiple trading firms and interacted at a close level with many traders for over a decade, I've identified two factors that seem to be responsible for success.

The first distinguishing factor is uniqueness of perception, which is related to creativity. If a developing trader isn't seeing something unique in markets, it's unlikely they will generate unique results. The successful trader looks at different market data, different market strategies, different markets and relationships among markets. There is not much "plain vanilla" in what they do. In an important sense, they are playing a different game from consensus traders.

It is because of this uniqueness of perception that successful traders find unique edges in markets. They cultivate the uniqueness by talking with successful market participants in different strategies and markets; reading out of the box market-related research; and trying out lots of new ideas in modest size. They love innovation; they love tinkering; they are intellectually curious--and they have the practical bent to put new perspectives into practice. Many times, the quantitative study of markets--searching for reliable patterns in markets--provides fuel for these fresh ideas.

The second distinguishing factor is self-awareness and self-understanding. The traders successful in today's markets know their strengths, recognize their vulnerabilities, and craft strategies that play to their cognitive, as well as personality, strengths. Per Kahneman's distinction of thinking fast vs. slow, the truly excellent traders are either deep thinkers or fast thinkers. They either analyze markets in greater depth than others and see detail and nuance that others miss or they view markets broadly, seeing patterns emerge in real time. The successful trader is distinctive in one of those forms of information processing--and they make the most out of that.

It is this self-awareness and self-understanding that helps the successful trader take a good amount of risk when opportunities are present and stand aside when they are not. It is also this self-awareness that helps the great traders hire assistants and build out teams that expand their skill sets and trading scope. Very, very often, the successful traders have benefited from formal mentoring from a more senior, skilled trader. Very often, the successful traders eventually become mentors themselves. Success starts with raw materials (drive, persistence, curiosity) and develops through real-time mentoring and experience, just as it does for physicians and plumbers.

The bottom line is that at every firm where I work, I do see successful traders who achieve success consistently. The opportunity sets may have changed over the years (more on that in an upcoming post), but the talent and skills to capitalize on those new opportunities are alive and well. A new generation of traders is emerging, doing new things to exploit those new opportunities

Brett Steenbarger, Ph.D.

can follow some live trades on my twitter feed https://twitter.com/tradewith60

lots of truth in here.. listen to it all if you're serious about trading

Thanks for posting the video Darren.
Enjoyed it..

welcome, great stuff in there....

Truly successful and consistent traders will have a unique and personal approach to trading - you will find very few traders in Market Wizards talking about SR, trendlines, candle patterns.... the dominant stories in forex are where the 95% reside...you have to develop a unique view of markets, make your own gameboard based on some simple logic.

The most productive idea I ever had was the realisation that simple candlestick patterns such as pin bars etc have absolutely no more of an edge that a bar closing up or down. If you don't believe it then just look at "perfect" pin bars on a different timeframe... logically thinking what is really going on? - price was going down, now it's going up.... all candle patterns say just that, going further all entries are essentially saying that.

Next is the notion that it is location that makes all the difference - this is just a visual illusion playing on our cognitive biasses. The top and bottom of a trend look significant, but within that trend there are many many more entries within that high and low that have just as much potential and much greater frequency.

so as an example - in chart 1 we have a perfect pin bar on the right but not on the left - so we're supposed to wait for the entry on the right because it's a better entry signal?

now jump to the same chart on the lower timeframe - they're essentially the same - if you cut the movement of price into timed sections and represent it in candle form the same movement will appear significant sometimes and at other times not - Do you want to base your beliefs on that???

Target for the week hit - looking like another positive month even in the notoriously tricky summer period...

4 hour trading has evolved into the preferred timeframe to trade - not going to try and explain it but my best guess would be purely the slower pace and number of losses is less taxing... You have to be prepared to evolve your trading over time as long as your core logic remains - should add that there seems to be a lot less trader error on the higher timeframe and reducing mistakes is certainly a key element of any approach in the long run

Is this win rate with the 200 pip weekly target?

Hi Chekz, this is my H1 and H4 trades this year to date excluding GOLD and DAILY tf trades. Yearly target is 5k pips a year - on target for around 5-8k...The weekly target is purely a means to hit a consistent income and spend as much time at the beach as possible, no way I'm sitting in a room staring at 6 monitors 5 days a week - not why I started trading for sure

Hi 60,

As usual, some awesome content. Took me a while to get my head around the concepts here (especially around buying/selling the LOD/HOD), but this is a really excellent way of trading (or gambling, to be honest - there is nothing wrong with that word)

I've been pushing a small account around for the last week or so playing with the concepts. It's all clicked on the last few days, so I'm based on H4 (or maybe H6/H8 depending on the day) and for now E/U only. The account is in "green pips" overall.

Currently hedged - short from the high of the week (15 pips up) / long from the low of the week (32 pips up). Took some profit off the table after being long from Monday. Lets' see how the hedge plays out!

Posting a screenshot of my activities, I'm with Oanda - just using their native platform for now and have MT4 on my other machine for backtesting.

Once you are able to get rid of the fallacy of the predictive abilities of human mind, it's a surprisingly easy way to trade.