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Daytrading What IS

  • #21
  • Aug 13, 2011 8:41am Aug 13, 2011 8:41am
These two examples are fairly easy and obvious but I purposely choose them to make my point.

If I can get you to start looking at the market for what it really is a LIVE AUCTION that is global in buyers and sellers that can change at any moment then you will begin to see that all is required is to EXPLOIT the current context and stay alert to when the context is changing and then wait till you see something exploitable again and rinse and repeat.

You have to be constantly READING the unfolding price behavior.

You want to always take the context of WHAT IS happening into effect.

When, Where and How can I exploit what is current.
  • #22
  • Edited 10:05am Aug 13, 2011 8:56am | Edited 10:05am
Poker and Trading:

Some of you maybe wondering why I choose the name pokerfxtrade (I actually wanted pokerfxtrader but it was too big lol)

The reason is that a year ago when I took a break from trading I decided to try my hand at online poker.

I am a strong believer in having a mentor so I found a professional online poker player that I exchanged education with.

I taught him to trade and he taught me poker.


As a poker player we look to get a read on our villains tendencies.

Is he a loose player or is he tight.
Is he Aggressive or is he Passive.

Once we have the correct read, we can then assume he will remain that way and exploit him it BUT if at any time he changes his behavior we can either, one adapt or two just choose to stand aside and wait till we find an easier exploitable player.

The markets are the exact same:

If there is a condition I can exploit I will. If the conditions are too crazy I will just wait till they become readable and thus exploitable.

THIS IS A KEY !!! ALL TRADERS MUST POSSESS DISCIPLINE.

IF YOU CAN NOT DO THIS, I SUGGEST YOU SIMPLY FIND ANOTHER CAREER NOW AND STOP WASTING YOUR TIME.

I HAVE YET TO MEET A SINGLE PROFESSIONAL POKER PLAYER OR PROFESSIONAL TRADER (AND I HAVE MEET MANY) THAT DOES NOT HAVE SELF CONTROL WHEN IT COMES TO THIS CONCEPT.
  • #23
  • Aug 13, 2011 10:01am Aug 13, 2011 10:01am
Pokerfxtrade, you say that you thought to trade a few people. Do you think trading can be thought like any other profession (assuming the student has some capabilities, not necessary talents)? Or you just showed them how to trade?
  • #24
  • Aug 13, 2011 10:23am Aug 13, 2011 10:23am
Oh man I love this
  • #25
  • Aug 14, 2011 8:55am Aug 14, 2011 8:55am
Quoting andrew93
Pokerfxtrade, you say that you thought to trade a few people. Do you think trading can be thought like any other profession (assuming the student has some capabilities, not necessary talents)? Or you just showed them how to trade?

This is an excellent question!

I know for me personally trading is an ongoing process of learning, adapting and growth.

I still to this day (15yrs later) make errors and struggle with psychological and emotional battles.

My tendencies and patterns are to be a little to anxious and get into trades too soon and exit too soon.

Every single day I have to keep that in check and some days I am excellent at it while other days I struggle.

Interestingly enough after teaching several professional poker players to trade I have found that they are far better at dealing with certain psychological issues way better then I do because they understand variance and they have trained themselves to be unemotional at a young age.

So to answer your question I think that certain people are going to be more natural at the skill sets required to trade where other people are going to have to work harder to make it as a trader.

Like I said earlier, I am a big believer in Mentors because they can show you how they deal with the problems that they encountered but they still wont do the work for you to correct your leaks and it really depends how bad you want to become successful that will ultimately determine whether or not you can make it in this business.

That being said, I do think that if you are a highly emotional person you may want to just try another career.
  • #26
  • Aug 14, 2011 10:20am Aug 14, 2011 10:20am
Quoting Pokerfxtrade
This is an excellent question!

I know for me personally trading is an ongoing process of learning, adapting and growth.

I still to this day (15yrs later) make errors and struggle with psychological and emotional battles.

My tendencies and patterns are to be a little to anxious and get into trades too soon and exit too soon.

Every single day I have to keep that in check and some days I am excellent at it while other days I struggle.

Interestingly enough after teaching several professional poker players to trade I have found that they...
I like what you write here ,good luck with your thread ,looking for more charts ,maybe life trades )
  • #27
  • Aug 14, 2011 11:45am Aug 14, 2011 11:45am

I like your thread Pokerfxtrade!
Thanks for sharing your knowledge with us!

  • #28
  • Aug 15, 2011 8:06am Aug 15, 2011 8:06am
I love the correlation between poker opponent and markets, it is exactly like that, you wait for the moment when you are sure you can read the opponent/markets or you stop traiding untill you understand it fully again.

Ty very much for the thread, expecting many more from you!
  • #29
  • Aug 15, 2011 8:30am Aug 15, 2011 8:30am
Subscribed
  • #30
  • Aug 15, 2011 9:09am Aug 15, 2011 9:09am
Quoting CindyXXXX
Just on your logic...

Tell me why the big bullish bar in this post before your short entry didn't change your "selling pressure bias"

All ears
For a couple of reasons.

1. Because it did not negate the previous selling pressure levels.

2. because based on the previous selling pressure it was sort of expected.

I have studied wycoff and VSA and I think they are both decent and a great place to start your education on how to read price action but I think once you get based all the labeling its far easier to just trade WHAT IS.


As far as your comments about a scam, I'm not sure what you would like me to say or do.?
  • #31
  • Aug 15, 2011 9:14am Aug 15, 2011 9:14am
Tell me what you see?

1. Strong buying pressure with whip like pullbacks.
2. Average controlled buying with no pullbacks.
3. Weak buying with equal selling.
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  • #32
  • Aug 15, 2011 9:15am Aug 15, 2011 9:15am
The answer is obviously number 1.

So what should I have looked at to get into a trade this a.m. ?
  • #33
  • Aug 15, 2011 9:23am Aug 15, 2011 9:23am
The read was to find a long I watched all morning and you could not have found a way in because the price action did not allow for a safe entry that could have controlled risk while still exploiting WHAT IS.

This was a frustrating day to say the least but if you have the discipline to not trade until you have a good spot then it's ok to just go and golf or do something else because you have done your job.
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  • #34
  • Aug 15, 2011 9:30am Aug 15, 2011 9:30am
Quoting Pokerfxtrade
Lets do this by example:

Tell me what do you see.

1. Average selling pressure with formed pull backs
2. Strong selling pressure one directional
3. Weak selling pressure with equal demand.
Hi, So you are only looking for conditions as in 1. Above, from your earlier post? How many markets do you monitor?
  • #35
  • Aug 15, 2011 9:34am Aug 15, 2011 9:34am
Today brings up and interesting point.

What exactly is our job as a trader.?

It's to find situations in price and time that we are in flow with the WHAT IS and when we are able to read the price action, we then look for spots to exploit.

To use another poker analogy.

Let's say I'm on a table with a guy that I know I can exploit but I just dont get the right cards to exploit him or the right opportunities. I have to just wait patiently until I do or I have to leave the table and find another exploitable situation.

I would love to have told you guys that I am a super smart guy and found away into this monster move today but I did not and for a short time there my read was actually a counter trend trade (based off the London sessions price action) and I took a few short trades and ended the day in a loss.

So Cindy, I'm no guru or genius thats for sure but I do have a lot of years of experience and I think that if people know that someone like me struggles just as they do then it takes the pressure off them and they can have a better understanding of what this job is really all about.
  • #36
  • Aug 15, 2011 9:41am Aug 15, 2011 9:41am
Quoting stricky1967
Hi, So you are only looking for conditions as in 1. Above, from your earlier post? How many markets do you monitor?

Another very very good question. !

The question is, do I only trade ONE type of market condition like Average Selling pressure with measured pull backs.

The answer is, that you could actually do that if you wanted too.

You could decide that all you want to trade is a specific type of price action and just wait patiently till you got the conditions that you liked and exploit away.

I prefer to trade all market conditions and ADAPT to it as best I can AS its unfolding.
  • #37
  • Aug 15, 2011 3:54pm Aug 15, 2011 3:54pm
Quoting Pokerfxtrade
Another very very good question. !

The question is, do I only trade ONE type of market condition like Average Selling pressure with measured pull backs.

The answer is, that you could actually do that if you wanted too.

You could decide that all you want to trade is a specific type of price action and just wait patiently till you got the conditions that you liked and exploit away.

I prefer to trade all market conditions and ADAPT to it as best I can AS its unfolding.
Ok, I see, I think, looking forward to a few more examples to reinforce your style(s) of trading, thankyou
  • #38
  • Aug 18, 2011 6:30pm Aug 18, 2011 6:30pm
Just wanted to let you know there is still interest in your method! I would love to see more examples of different market types and how you would personally trade them.

Thanks again.

Cory
  • #39
  • Aug 18, 2011 8:21pm Aug 18, 2011 8:21pm
Quoting Pokerfxtrade
Example number 2

What do you see?

1. Strong frantic selling pressure.
2. Average steady selling pressure.
3. Weak selling pressure followed with equal demand.

where are the facts,
/

the oil have fallen 2 dollars,or silver could have fallen,or some other events,correlating to usd
  • #40
  • Aug 18, 2011 8:24pm Aug 18, 2011 8:24pm
Quoting smittens4212
Very simple and to the point. Hope to see more discussion, thanks.
i didnt find it simple ,i found it very confusing actually,since prices only move for reasons,sentiment,news,inventory

btw pokerguy u sound a bit like like jacko,come on man,bring on the reasons,not just the average logic of an ff local
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