Hello Everyone !
A little background about myself first.
I've been a professional trader since 1988 and I've traded everything from stocks to hockey cards lol.
When I first started trading, I thought that the markets where some sort of static machine that repeated themselves over and over again and all I had to do was find the code of the machine and I could print money on a consistent basis. This lead me down the path of searching for some sort of simple way of finding that code. I was lucky enough to study the works of Richard Wyckoff and Jessie Livermore so I developed a sound understanding of what most people now refer to as Price Action. This was wonderful and I had some success with it but not to the degree that I thought I should and I wasn't as profitable as I wanted to be so I continued to search. I then mentored under a man you was a certified Technical Analyst who worked for all the big banks. This two was wonderful and again I found some success but not nearly as much as I wanted. I continued my search and found Sentiment, so I studied that for a few years and again found limited success.
In the early years I was told and believed that trading was Simple Up, Down or Sideways so just find that simple code and stick to it with discipline and self control and the money will come in like a paycheck each month. Little did I know how silly that thinking was.
Then one day I had that moment of brilliance that all traders eventually find.
The market is a LIVING, BREATHING entity !!!
It is a Live auction process and it is unlimited in its participants and it can CHANGE in a moments notice.
So how in the world could something "simple" and static possibly work in a chaotic environment.?
Now I know some of the quants (quantitative analysis) out there will argue with me that their black box methods computer systems are successful but remember I've been around for a looooooong time and I've seen many traders come and go. I do not concider success to be anything less then 7 years consistent success and I have yet to see a quant fund do that and the ones that do well all change and rewrite there codes to adapt.
In my years of trading the one thing that I've learned is those traders that are extremely adaptable and have an open mind and are willing to consider everything and LEARN form everyone seem to have stuck around the longest.
History has proven it's not the Smartest nor is it the Strongest that survive and prosper ... It is actually, the most Adaptable !!!!
In that light I would like to share some of my trades with this forum in hopes of dispelling some of the myths that trading is easy and simple.
I now use what I call a Triple Threat approach to my trades.
It all starts with
1. Price Action.
As defined by the use of a basic candle stick chart and easily recognized patterns of Supply and Demand.
2. Technical Analysis.
I will use several off the shelf indicators some of which many others in these forums use and I have even borrowed from.
3. Sentiment.
I use to only trade stock sentiment but recently I found a thread on this very forum by a great guy by the name shahab8b http://www.forexfactory.com/showthread.php?t=216247
I knew about the cot many many years ago but never truly understood it's power and how it could be utilized so effectively for sentiment in the fx markets.
Once I realized it's power, I decided to make the switch from Stocks to Forex.
So the goal for this thread is to share what I believe is the most IMPORTANT factor that I believe all long term career traders must possess.
Sincerely
Standard Oil
A little background about myself first.
I've been a professional trader since 1988 and I've traded everything from stocks to hockey cards lol.
When I first started trading, I thought that the markets where some sort of static machine that repeated themselves over and over again and all I had to do was find the code of the machine and I could print money on a consistent basis. This lead me down the path of searching for some sort of simple way of finding that code. I was lucky enough to study the works of Richard Wyckoff and Jessie Livermore so I developed a sound understanding of what most people now refer to as Price Action. This was wonderful and I had some success with it but not to the degree that I thought I should and I wasn't as profitable as I wanted to be so I continued to search. I then mentored under a man you was a certified Technical Analyst who worked for all the big banks. This two was wonderful and again I found some success but not nearly as much as I wanted. I continued my search and found Sentiment, so I studied that for a few years and again found limited success.
In the early years I was told and believed that trading was Simple Up, Down or Sideways so just find that simple code and stick to it with discipline and self control and the money will come in like a paycheck each month. Little did I know how silly that thinking was.
Then one day I had that moment of brilliance that all traders eventually find.
The market is a LIVING, BREATHING entity !!!
It is a Live auction process and it is unlimited in its participants and it can CHANGE in a moments notice.
So how in the world could something "simple" and static possibly work in a chaotic environment.?
Now I know some of the quants (quantitative analysis) out there will argue with me that their black box methods computer systems are successful but remember I've been around for a looooooong time and I've seen many traders come and go. I do not concider success to be anything less then 7 years consistent success and I have yet to see a quant fund do that and the ones that do well all change and rewrite there codes to adapt.
In my years of trading the one thing that I've learned is those traders that are extremely adaptable and have an open mind and are willing to consider everything and LEARN form everyone seem to have stuck around the longest.
History has proven it's not the Smartest nor is it the Strongest that survive and prosper ... It is actually, the most Adaptable !!!!
In that light I would like to share some of my trades with this forum in hopes of dispelling some of the myths that trading is easy and simple.
I now use what I call a Triple Threat approach to my trades.
It all starts with
1. Price Action.
As defined by the use of a basic candle stick chart and easily recognized patterns of Supply and Demand.
2. Technical Analysis.
I will use several off the shelf indicators some of which many others in these forums use and I have even borrowed from.
3. Sentiment.
I use to only trade stock sentiment but recently I found a thread on this very forum by a great guy by the name shahab8b http://www.forexfactory.com/showthread.php?t=216247
I knew about the cot many many years ago but never truly understood it's power and how it could be utilized so effectively for sentiment in the fx markets.
Once I realized it's power, I decided to make the switch from Stocks to Forex.
So the goal for this thread is to share what I believe is the most IMPORTANT factor that I believe all long term career traders must possess.
ADAPTABILITY and CONTEXT
Each week I will develop a Game Plan.
I will find the CONTEXT that is applicable in each situation and I will EXPLOIT that edge. To me this is what long term success in trading is all about 
I will start this Sunday with my analysis for the upcoming week and then I will post my trades as I take them.
I hope you all enjoy the thread and more importantly, I hope you all can LEARN a little from my years of experience.
Sincerely
Standard Oil
