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B.S. Trading with Kenneth Lee

  • #3,641
  • May 24, 2012 12:09am May 24, 2012 12:09am
Quoting toadkelly200
I too recently attended one of the OTL free workshops. I got a nice lunch out of it and a 2gb usb thumbdrive with some mostly sales oriented stuff on it promoting OTL. What I learned from the "class" was that I was probably far ahead, knowledge-wise, of the others who were attending and probably ahead of most of those who where presenting. Had I signed up for their least expensive class at about $7000, I suspect that at least half of the class time would have been going over information that they have to provide to new students to get them up...
Well folks... I have attended 6 OTA forex classes. Not that I did not learn enough from the first but because of the quality of the instructors. One used to trade for a very large bank and was the guy often responsible for taking all your money, running stops or traps.etc. Another had a method of trading a 1m chart that would blow your mind. Another was a clinical psychologist who now trades full time. Another was in the special forces in the US military and has a remarkable understanding of the institutions and banks and how each trades. Another set pending orders all over the charts and pairs from S/D classic style to zones being broken. All make their living trading. (I understand that they need to clear 6 figures to be considered to teach) I know the tuition is expensive, but I would bet that there are a lot of traders here that have lost far more then the cost of one class. By the way all the repeats I have taken are free.

So in short before you throw the baby out with the bathwater. This is a viable option for a lot of traders.

Ah well, trade safe all
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,642
  • May 24, 2012 1:47am May 24, 2012 1:47am
Rufus,

Actually, I am envious of anyone who is able to afford the OTL classes. My comments were a result of the "workshop" and the people involved, of which none were claiming to be instructors. I fully realize that the class instructors are at the top of the game and in order to have them they have to charge large amounts for the classes. Some day I might get to the point of being able to justify the hefty costs, but I am not there yet, and , I am not sure their classes will be warranted in my case. Knowing what I do now, I wish I would have taken one of their classes a couple of years ago rather than stumbling around wasting so much time going through this journey alone and often on the wrong road. Also, it appears the local OTL training center is set up as franchise, so the way they market to people here might be different from elsewhere. The hard sell they were doing put me off, but I do not really consider that a reflection of the quality of OTL and the professional instructors they bring in for the classes or the classes themselves.

TK
  • #3,643
  • May 24, 2012 8:16am May 24, 2012 8:16am
Quoting toadkelly200
Rufus,

Actually, I am envious of anyone who is able to afford the OTL classes. My comments were a result of the "workshop" and the people involved, of which none were claiming to be instructors. I fully realize that the class instructors are at the top of the game and in order to have them they have to charge large amounts for the classes. Some day I might get to the point of being able to justify the hefty costs, but I am not there yet, and , I am not sure their classes will be warranted in my case. Knowing what I do now, I wish I would have...

I think they all do a pretty hard sell, it is a turn off to me as well. I am thankful for the original guy who I spoke with. He was easy going and a forex guy. May have rebelled as well if he hard sold to me . I am not that type of individual.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,644
  • May 24, 2012 10:20am May 24, 2012 10:20am
chart
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Good Trading To All ; Ken Lee
  • #3,645
  • May 24, 2012 11:52am May 24, 2012 11:52am
Hi Ken,
Is it two Demand levels I see on M30? What do you think?

Thank you.
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  • #3,646
  • May 24, 2012 12:23pm May 24, 2012 12:23pm
Quoting vitall
Hi Ken,
Is it two Demand levels I see on M30? What do you think?

Thank you.

yes, lower will be better as it will take some to get thru 1st but CT against trend.
Good Trading To All ; Ken Lee
  • #3,647
  • May 24, 2012 12:35pm May 24, 2012 12:35pm
hope everyone can see that oz short hit target .9730
Good Trading To All ; Ken Lee
  • #3,648
  • May 24, 2012 2:19pm May 24, 2012 2:19pm
Hey Ken, do you think it is a good idea to go long from lower Demand? The first one can cause some problems...
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  • #3,649
  • May 24, 2012 2:47pm May 24, 2012 2:47pm
Look! The Demand 1 did it! I was getting my lunch - lol
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  • #3,650
  • May 24, 2012 2:55pm May 24, 2012 2:55pm
It is going to be perfect!
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  • #3,651
  • May 24, 2012 9:12pm May 24, 2012 9:12pm
Quoting vitall
It is going to be perfect!

I don't trade PO's so if I was watching would have tried to enter that long as low as possible and combine the levels. You have to adjust or accept the risk doing that though. I love entering close to where a stop would be ..
Good Trading To All ; Ken Lee
  • #3,652
  • May 25, 2012 12:23am May 25, 2012 12:23am
Quoting Kenneth Lee
I don't trade PO's so if I was watching would have tried to enter that long as low as possible and combine the levels. You have to adjust or accept the risk doing that though. I love entering close to where a stop would be ..
It was possible to use M15, do you think it is good idea to enter closer to the stop?
  • #3,653
  • May 25, 2012 1:17am May 25, 2012 1:17am
Quoting vitall
It was possible to use M15, do you think it is good idea to enter closer to the stop?
I think I can answer this for Ken. For me it will reduce the risk if you do not increase position size.

With a 20 pip zone risking we will say 2%. If we are able to enter closer to the stop by 10 pips we essentially cut the risk in half for the same position.
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #3,654
  • May 25, 2012 7:34am May 25, 2012 7:34am
Here's my 4 screen set up-zoom in on it so you can see what I mean.
The long large charts are 10mins-smaller charts are 30 min-broker is Oanda.

Am posting as elongating the 10 min charts across the entire screen ( not across but heightwise) has has really helped me pick out Ken's SR levels.
Flatter charts means it's harder (for me at least) to pick out Ken's levels.
But with this set up, price moves are stretched and almost appear exaggerated when charts are set up like this, and you can't help but mark them out as they're so damn easy!
I prefer 10 min for intraday-5 mins too much noise-15-30 min not exact enough for entries but hey that's just me. Try elongating your charts and see if that helps?
Obviously just had big news so any levels I've marked wouldn't actually be taken!
Happy trading everyone.
Attached File(s)
File Type: doc my screen set up.doc   993 KB | 911 downloads
  • #3,655
  • May 25, 2012 7:44am May 25, 2012 7:44am
Quoting bootsyjam
Here's my 4 screen set up-zoom in on it so you can see what I mean.
The long large charts are 10mins-smaller charts are 30 min-broker is Oanda.

Am posting as elongating the 10 min charts across the entire screen ( not across but heightwise) has has really helped me pick out Ken's SR levels.
Flatter charts means it's harder (for me at least) to pick out Ken's levels.
But with this set up, price moves are stretched and almost appear exaggerated when charts are set up like this, and you can't help but mark them out as they're so damn easy!
I prefer...
could you re-post your charts as a pdf or jpg.. can't open it.
Good Trading To All ; Ken Lee
  • #3,656
  • Edited 8:05am May 25, 2012 7:51am | Edited 8:05am
argh dammit am using openoffice-tried to export as pdf and file can't be written for some reason-don't have option to save as jpeg. Argh tried so many different uploads am being blocked
  • #3,657
  • May 27, 2012 11:09am May 27, 2012 11:09am
Subscribed.
Just found this thread few day ago. Thanks for the PDF Ken, it helps me to understand the S/D concept. Need sometimes to go through still.
  • #3,658
  • May 28, 2012 3:17am May 28, 2012 3:17am
Quoting bootsyjam
argh dammit am using openoffice-tried to export as pdf and file can't be written for some reason-don't have option to save as jpeg. Argh tried so many different uploads am being blocked
you can try install Jing - it's free
here is the link : http://www.techsmith.com/download/jing/default.asp

here is my eu setup
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  • #3,659
  • May 28, 2012 3:24am May 28, 2012 3:24am
Sorry just can't export my screenshot as pdf. Use OpenOffice software and have saved in Word format but sadly doesn't seem to work-not sure how I can post in jpeg using Ctrl/PrintScreen.

My advice is to set 2 to 3 charts on your screen, (15 mins is better than 5 mins for intraday trading) and elongate them from top of screen to the bottom. So they're going to be long and (sort of) thin. I find that this exaggeration of price makes levels extremely easy to pick out rather than using flatter/more compressed charts where price moves are dampened by the flatter price scale.
I should also say that I have a small 30 min chart up for each pair as well (have 4 screens so it fits), which i use to flick through longer t/fs as it's important to see where you are in the bigger trend. For me, just having 1 chart in 1t/f doesn't work too well for me, I need to have another one on screen in a longer t/f all the time as I find I can forget the big picture.
  • #3,660
  • May 28, 2012 6:13am May 28, 2012 6:13am
Had a nice start to a holiday week 152 pips. 75 on oz and 77 e/u they were opened on Friday closed last night after work. Oz could have made a few more but would have lost that on e/u so all good.
Good Trading To All ; Ken Lee
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