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  • #768,661
  • Aug 20, 2023 4:31am Aug 20, 2023 4:31am
Quoting tiborf71
{quote} I fish in both directions because I don't know the right direction.
As someone suggested, EUR/GBP, price is at the bottom, however The System told me to Short despite price being at the bottom. We'll see...

For Resistance and Support traders, this is probably good trade to take with 1:2, 1:3 loss to win ratio with SL somewhat below Support.
  • #768,662
  • Aug 20, 2023 4:36am Aug 20, 2023 4:36am
Hi friends

Can u plz suggest a good book to refer for learning SMC concepts

Or if you can share a pdf or link where I can learn the SMC concepts

Thanks in advance
  • #768,663
  • Aug 20, 2023 4:36am Aug 20, 2023 4:36am
Quoting TheWraith
There's 250 disappointed viewers currently on Cable Update waiting with popcorns and coke for update on weekly drama, yet nothing's going on. Sorry people! Next time you have tickets in half a price! Also, free popcorns!
320 as we speak lol
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #768,664
  • Aug 20, 2023 4:41am Aug 20, 2023 4:41am
Quoting TheWraith
{quote} As someone suggested, EUR/GBP, price is at the bottom, however The System told me to Short despite price being at the bottom. We'll see... For Resistance and Support traders, this is probably good trade to take with 1:2, 1:3 loss to win ratio with SL somewhat below Support.
this is good in the grid. 50/50.
and it is indeed so.
the algo was scammed.
IF YOU HAVE TIME, BOTH DIRECTIONS MAY BE GOOD
  • #768,665
  • Aug 20, 2023 4:47am Aug 20, 2023 4:47am
Quoting cablekingdom
Hi friends Can u plz suggest a good book to refer for learning SMC concepts Or if you can share a pdf or link where I can learn the SMC concepts Thanks in advance
PSYCHOLOGY

Best Loser Wins: Why Normal Thinking Never Wins the Trading Game – written by a high-stake day trader by Tom Hougaard

Amazon Review By Some Verified Customer:

I have been trading for decades. Until recently, mostly unsuccessfully. When I read this book, it became very clear my issues were the same ones everyone (70-80% of everyone who tries trading flames out more or less completely) who fails experiences. I had mostly turned my trading around in the last two years but this book spoke to me at a time when I backslid badly.

If you have not traded before, don't waste your time with this book. Until you have been bloodied up some, it won't be very easy to understand. Once you HAVE been bloodied up some, it will prove invaluable. You need to have matured to a certain point in your own trading before this book can really help you get to the next level.

What this book isn't: a primer on technique. The author and I share a pretty cynical view of charting. He has no patience for fundamentals, and I share that even though I swing trade while he day trades. There is no "here is how to make a huge pile of cash in two days" material here. While he shares what he trades, he encourages the reader to find their own trading space, and this is very wise. While most books on trading claim they can teach you to trade (mostly by following some technique that doesn't work outside the back-testing world), this author completely avoids that. Trading is completely individual, in my experience, so what you need is what you get from this book: an understanding of HOW to think, not a primer on WHAT to think.

This is why I say you have to trade first before you read this book. Until you have faced the cold, hard reality of a position collapsing (and the euphoria of a position shooting up in value), you won't understand what the author is telling you. It literally will make no sense.

In just the several weeks since I read this, my trading has improved quite noticeably. I sent the author a thank you note to the email he shares. I never heard back but I also never expected I would. This book will really help you if you have traded and lost, like most of us. If you have only traded and won (there must be at least one of you out there somewhere), keep going until you have experienced that first good hard butt kicking. Then read this and go back and do better. You will.

Quote from Tom:

Tom Hougaard says, “People don’t fail because they don’t know enough about technical analysis. They fail because they don’t understand what the markets are doing to their minds.”
  • #768,666
  • Aug 20, 2023 5:03am Aug 20, 2023 5:03am
Quoting cablekingdom
Hi friends Can u plz suggest a good book to refer for learning SMC concepts Or if you can share a pdf or link where I can learn the SMC concepts Thanks in advance
PRICE ACTION

Supply and Demand Trading: How To Master The Trading Zones by Frank Miller.

Below is the glimpse of what you'll learn:

 

  1. Why supply and demand are a perfect supplement to the traditional support/resistance levels;
  2. What are the trading zones and how to find them on the chart;
  3. The art of drawing supply and demand zones under different approaches;
  4. A super-powerful way to identify a reliable trading zone;
  5. How to combine candlestick patterns with supply and demand trading;
  6. What is a flip zone and how to make the best use of this market formation?
  7. How to trade reversal and continuation patterns using supply and demand theories;
  8. Two ways of trading gaps in combination with the trading zones

Amazon Review By Some Verified Customer:

Understanding how to chart & trade supply & demand zones is to learn how to successfully trade reversals. Trading zones can be very profitable. Frank Miller has put together a quick study to help you hit the ground running, especially if you follow his rule sets.

Miller defines & charts areas of consolidation (balance) to identify major support & resistance levels giving you a better chance of entering a trade as close to the stop loss as possible, whether on pullbacks or bounces. The tighter you enter to your stop loss, the greater the opportunity to profit from as much of the price moves as possible, exiting close to those support/resistance levels; good money is made on good entries. Good entries also enable the trader to preserve capital on trades that fail by making the risk amount the smallest amount possible. On the topic of risk: the table at the top of page 140 is very helpful for small account traders. If you adhere to that or a similar table, you can limit losses while growing your account slowly. Preserving capital is paramount in trading and requires discipline. Following Frank's rule sets for trading will help a trader succeed.

  • #768,667
  • Aug 20, 2023 5:12am Aug 20, 2023 5:12am
I'll start by reading Best Loser Wins. No, I didn't read any of these books I just mentioned, however these are the books that got by far the best feedback.

I couldn't find any other book on SMC that had this much of a praise, so it's probably among the best if not the best by Frank Miller.

I read the Art of Currency Trading by Brent only. Was a good book.

However, I am very, very interested in Best Loser Wins, because it dives right into the psychology and the way we think and our downfalls and why they happen.

I'll post a review after I'm done reading it. Then S&D Trading by Frank is next.
  • #768,668
  • Aug 20, 2023 5:55am Aug 20, 2023 5:55am
Attached Image (click to enlarge)
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Trade at your own risk.
  • #768,669
  • Aug 20, 2023 6:12am Aug 20, 2023 6:12am
Quoting Cgpips
{quote} I never learnt Confucius had said that It's a funny joke I think. Some young generations don't like his philosophy.
Yep it's just a joke. I like philosophy tho and i like his btw
You have to have an IQ higher than 90 to interact with this user.
  • #768,670
  • Aug 20, 2023 6:14am Aug 20, 2023 6:14am
Quoting axecap
Quoting Nordling
Guys, i have a serious question. All answers are welcome. So i am trading for almost 5 years now. I have system and i think i have an edge. I am a position trader who trades based fundamentals, so i do around 1 or 2 trades per month. I should let my trade breathe, since my trades take a long time and price ranges are big. Yet i still have to put a stop loss, coz i am thinking about trading with a prop firm. My drawdown should remain low. Based on years of testing, my win Scale in and scale out. Smaller postion sizes but
...
This! Maybe this will be better than using hard stops. Thanks a lot man!
You have to have an IQ higher than 90 to interact with this user.
  • #768,671
  • Aug 20, 2023 6:18am Aug 20, 2023 6:18am
Quoting TheWraith
I'll start by reading Best Loser Wins. No, I didn't read any of these books I just mentioned, however these are the books that got by far the best feedback. I couldn't find any other book on SMC that had this much of a praise, so it's probably among the best if not the best by Frank Miller. I read the Art of Currency Trading by Brent only. Was a good book. However, I am very, very interested in Best Loser Wins, because it dives right into the psychology and the way we think and our downfalls and why they happen. I'll post a review after I'm done...
Hi man. I bought this book last year, cause Bluesteele on another thread made all the time reference to Tom Hougaard. I knew Tom for a long time (ofc not personally) and I thought and still think that he is the most legit trader among those who claim that are making money from trading e.g. ICT etc. etc. He has a telegram channel where he trades live announcing all trades in advance with entry, reason, sl etc. and also how he is managing the trade. Once in a trade, he never moves away the SL and he doesnt add to losing positions. Instead he moves his SL in the direction of his trade once he is in profit and he adds to winning positions. Pretty amazing and unique I'd say. And everything is absolutely free, no hidden costs, nothing.

Anyway, I'm not here to promote Tom or his book. I just wanted to share with you that you dont even need to read the book. I guess it is enough to only read the title and think what is it really meaning. Best Loser Wins. It is so true. Once you understand that you need to cut your losses short, take losses when you are wrong and if possible add when the market goes in your favor, you are on the way to making profits. Of course, this is just my subjective opinion, but we are here to exchange different views, right?

Cheers,
B
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #768,672
  • Aug 20, 2023 6:32am Aug 20, 2023 6:32am
Quoting bfx17
{quote} Hi man. I bought this book last year, cause Bluesteele on another thread made all the time reference to Tom Hougaard. I knew Tom for a long time (ofc not personally) and I thought and still think that he is the most legit trader among those who claim that are making money from trading e.g. ICT etc. etc. He has a telegram channel where he trades live announcing all trades in advance with entry, reason, sl etc. and also how he is managing the trade. Once in a trade, he never moves away the SL and he doesnt add to losing positions. Instead...

You mentioned yesterday that you observe 1 minute chart and you will close position immediately if price turns against you. Do you mind sharing some visual/example of how do you do it exactly. What are you looking for? When you close?

thanks
How to succeed in zero sum game?
  • #768,673
  • Aug 20, 2023 6:39am Aug 20, 2023 6:39am
Quoting Waveskierrob
Mornings all... {image}
Actually you live every day you die once
average dude treading water
  • #768,674
  • Aug 20, 2023 6:58am Aug 20, 2023 6:58am
Quoting dempire1
{quote} You mentioned yesterday that you observe 1 minute chart and you will close position immediately if price turns against you. Do you mind sharing some visual/example of how do you do it exactly. What are you looking for? When you close? thanks
I didnt say that I close the position immediately the price turns against me. Or at least I didnt mean that. If I wrote that, I apologize. I wanted to say if the price is clearly going against my position I'll close it. It is a big difference between these 2 statements, because there are spikes or the algo is going to take some stop losses and then returns to my direction. That's why I keep my position opened until I notice the fight is lost and most probably the price is going against my direction toward its next target. When I look at 1 min chart, I "feel" if the price pressure is going against me, because I saw it so many times before. So it is based on experience and observation, not mechanical.

I enter when I notice the price is going to a target or better said when I am convinced that the MM is targeting the liquidity of a certain level. I never aim the full distance toward this target, because many times the motherfuckers are going 1-3 pips to the target and then they make a sudden move in the opposite direction in order to take out the weak holders. So sometimes I aim to 10 pips, sometimes 20 pips, it depends on the market conditions or better said how I perceive the market conditions. And I adjust my position size accordingly. Also, when I have some space, like 20-30 pips, I try to add to my winning positions toward the target, but I dont add when I am like 5 pips to the target, it makes no sense.

I also want to make it clear that I am not a millionaire from forex.

Cheers,
B
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #768,675
  • Aug 20, 2023 7:18am Aug 20, 2023 7:18am
Quoting Whale
{quote} you are right as always. I am.. have a nice trading week, hope the money will come to you at the end of the road.
Have a nice trading week as well. Hope money goes to you at the end as well.
  • #768,676
  • Aug 20, 2023 7:35am Aug 20, 2023 7:35am
Quoting bfx17
{quote} I didnt say that I close the position immediately the price turns against me. Or at least I didnt mean that. If I wrote that, I apologize. I wanted to say if the price is clearly going against my position I'll close it. It is a big difference between these 2 statements, because there are spikes or the algo is going to take some stop losses and then returns to my direction. That's why I keep my position opened until I notice the fight is lost and most probably the price is going against my direction toward its next target. When I look at...
yes, the M1 is a very tricky time frame, you have to be very smart.
  • #768,677
  • Aug 20, 2023 7:49am Aug 20, 2023 7:49am
Quoting tiborf71
{quote} yes, the M1 is a very tricky time frame, you have to be very smart.
I would say not very smart, rather you have to have a lot of observations time under your belt. believe it or not I consider 1 hour TF trickier than 1 min or 5 min, because I simply do not understand what the hell is going on. Of course I have a look on higher time frames, but on 1 min I feel like I understand better what the price is trying to do. For other traders 1 min is a nightmare and they are comfortable with 1h, 4h, daily etc.
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #768,678
  • Aug 20, 2023 7:52am Aug 20, 2023 7:52am
Quoting bfx17
{quote} I would say not very smart, rather you have to have a lot of observations time under your belt. believe it or not I consider 1 hour TF trickier than 1 min or 5 min, because I simply do not understand what the hell is going on. Of course I have a look on higher time frames, but on 1 min I feel like I understand better what the price is trying to do. For other traders 1 min is a nightmare and they are comfortable with 1h, 4h, daily etc.
since M1 is almost only worth trading with a large lot size, the possibility of error can be painful.
  • #768,679
  • Aug 20, 2023 7:56am Aug 20, 2023 7:56am
Quoting TheWraith
I'll start by reading Best Loser Wins. No, I didn't read any of these books I just mentioned, however these are the books that got by far the best feedback. I couldn't find any other book on SMC that had this much of a praise, so it's probably among the best if not the best by Frank Miller. I read the Art of Currency Trading by Brent only. Was a good book. However, I am very, very interested in Best Loser Wins, because it dives right into the psychology and the way we think and our downfalls and why they happen. I'll post a review after I'm done...
Mr Clemmo's The Finance Book club thread is a great place to have access to these books.

Give it a try, very helpful and have access to many books under one roof.

His finance book club is my Sunday's morning routine, i love to read from his thread.
More time in the market, does not mean you trade better!
  • #768,680
  • Aug 20, 2023 8:02am Aug 20, 2023 8:02am
Quoting Fardeen1209
{quote} Mr Clemmo's The Finance Book club thread is a great place to have access to these books. Give it a try, very helpful and have access to many books under one roof. His finance book club is my Sunday's morning routine, i love to read from his thread.
if you read a lot, you already know for sure that what is written in the books does not work in real life.
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