The DIBS Method... No Free Lunch continues

Quoting Vfforexlee

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Wow...great analysis. My jaw still wouldn't come up after that reading. Love your style and disclipine. Besides, we're way over 10:00GMT and that's the limit where we would not trade that Peter Crowns has spoken about in his teachings.

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Quoting Trumpcard

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lol, maybe we'll all get there someday - I worked a double shift today!

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Quoting Archiphage

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I don't see a short here as high-probability. I am short this pair, but from 107.84. I do see the previous 1hr bar as a bearish engulfing bar... but this pair has come so far, so fast, and we're 30 mins from London close on a Friday. I'd skip it. If I couldn't help myself, I'd put on a really small position... but then I'd ask myself why I couldn't just wait for a nicer pitch instead of swinging at every piece of junk the market threw at me, and I'd probably still end up skipping it and going to do some reading about the psychology of overtrading.

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Quoting Archiphage

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I don't see a short here as high-probability. I am short this pair, but from 107.84. I do see the previous 1hr bar as a bearish engulfing bar... but this pair has come so far, so fast, and we're 30 mins from London close on a Friday. I'd skip it. If I couldn't help myself, I'd put on a really small position... but then I'd ask myself why I couldn't just wait for a nicer pitch instead of swinging at every piece of junk the market threw at me, and I'd probably still end up skipping it and going to do some reading about the psychology of overtrading.

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Quoting jarroo

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Hey Trump.

S/R levels on higher time frames are good locations to take profits.

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Quoting Vfforexlee

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Wow...great analysis. My jaw still wouldn't come up after that reading. Love your style and disclipine. Besides, we're way over 10:00GMT and that's the limit where we would not trade that Peter Crowns has spoken about in his teachings.

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Quoting PeterCrowns

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Quoting Vfforexlee

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Quoting PeterCrowns

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Quoting Vfforexlee

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Hi Peter,

I know you had enough being flattered by a lot of people in this board but I really want to thank you and let you know how much I have changed since you came.

I was wondering, where have you studied and what kind of degree you have studied in order to become a good trader and trade on the CME floor. I'm thinking Mathematics and Finance might be good but do you have any brief suggestions?

I'm quite honored to post you a private message and I hope someday your legacy will have an impact on all of us fellow traders who are aspiring to become a great trader.

Franklin

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--Franklin--

I'm glad you asked.

Do not be put off by my response. It is absolutely the truth!

There is no degree that prepares you for trading.

It is always good to understand mathematics of course. If you need to learn a bit more about it there are always short courses you can take, to understand statistics and significance of results versus randomness.....

There are no schools or college courses to accomplish what I and other traders do. And never will be. This profession is about making money from price movement.

It is a profession that is taught to others by those who already learned how it is accomplished.

It is possible to become a self-taught trader. (But not guaranteed to be successful either.)

I don't recommend it. Why spend 20+ years (18 years of it is wasted) and lose $500,000 making every mistake before figuring it out, when you can learn from someone who has made the mistakes. Maybe you have to pay them $50,000 or $100,000 for the training. It is insignificant when you can make a $1,000,000 a year after you get your feet under you.

Spend the 20 years making money that you would have spent learning how to make money. Slam dunk.

If you want to be a trader, don't go to college, become a trader.

You can always hire a friend who went to college.

-PeterCrowns-

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Peter,

I'm actually quite flattered by your post. Very well spoken and it feels like I want to post this PM in the thread, "No Free Lunch...Dibs method" since it is so meaningful.

Before the rise of computer technology and forum boards, where would you have learned these informations if you have not gone to college? Did you learn from a friend of your who has been a successful trader? Where have you learned about price movements?

I really want to be a trader and a good one. Is the Dibs method all I need to know?

Franklin

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-Franklin-

First of all, feel free to post the above PM.

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Before the rise of computer technology and forum boards, where would you have learned these informations if you have not gone to college? Did you learn from a friend of your who has been a successful trader? Where have you learned about price movements?

Where there is a will there is a way. Old saying. Never has there been a better one when you are talking about trading.

People do a Google search about trading and think, wow! I've really searched all there is.... Its a joke. There is a lot of truth on the internet, but more lies and the best stuff about trading will never be available on the internet. So if people think they're going to learn there, they will be food for the real traders who KNOW what is going on.

If you were intrigued with the idea of trading years ago, you studied about trading in books. Where were the greatest hoards of trading books? In Chicago and New York.

I travelled to both, borrowed and read every reasonable book available about trading and trading methods. And even most of the unreasonable ones.

I went to plenty of trading seminars @ $3000 apiece. I found people who others said were fantastic traders and found out they were just lucky, not skilled.

Then I found someone like I am-- now. Someone who KNEW how profits were extracted and the ways you could get the markets to pay you over and over again. Best day of my life.

I didn't try anything pathetic with him like asking him to give me help without corresponding compensation.

There is a "law of compensation" that works whether aspiring traders want to believe it or not. The reason I can trade at the level I do today is because of the extreme willingness I had many years ago to compensate those who taught me.

(read this paragraph carefully)
By comparison to my own willingness "to do" then and especially now; only 3 aspiring traders I have come across in the last 15 years approach the same determination that I have.

If you want, you can post this too if you think anyone will care.

-PeterCrowns-

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Quoting Trumpcard

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Cheers Jim, I realised the hourly counter IB occured just after price shot through last week's low but couldn't sustain the move and went straight back up.

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Quoting Vfforexlee

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Give another round of applause to Peter Crowns!

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Quoting jarroo

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Wow, Thanks for that.

Any idea on how he feels about this thread? I have never PMed Peter. Maybe I'll just do that.

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Quoting Trumpcard

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Jim - clearly different feeds! IBFX doesn't have the 4hr IB, but the IB is clear on the 1 hr chart for a reversal.

VvforexLee - thanks for posting those nuggest of wisdom from PC. Most interesting.

Euro - move your ass

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Quoting Vfforexlee

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He has very high respect right now because of his godly trading status. Although, we mistake him for not being a normal person who has a heart and soul for helping other people. That's why he is here...

I believe he is very proud of the legacy he created in this forum and hope someday he will meet some of the traders here in one of the highest financial trading centers in the world. That's success for him. The ability to improve a person's lifestyle.

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Quoting jarroo

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Yeah, good point about the IBFX. So Pin Bar off the S/R to exit and enter. LOL

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Quoting Vfforexlee

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Ahh, the classic Pinocchio reversal trade. You don't see many of that, do you?

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Quoting Archiphage

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If I recall correctly, those are all reversal trades where you're entering on retraces. The DIBS trade is a trend following breakout idea, where the best trades offer no retracement at all. Those other patterns are great to keep an eye on though. Not all inside bars are created equal.

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