M&W-Trading

Excellent post Neo. I have spent a lot of frustrating hours trying to find the levels. Sometimes they are totally obvious and work a treat. Other times they just aren't. That's trading. As Kim said, the thing to look for is the Market Makers activity, which I take to simply mean Volatile Consolidation which often results in a reversal. Then, as Kim also said, just take the "Safe Trades" out of level 1 (the subsequent consolidation). Now they are talking about Gann! Sounds like SM is following me on my journey rather than the other way around...... When I first came across SM I was VERY impressed. Now I realise all the information is already out there for free from Martin Coles and many, many others. AND there are Skype rooms and FF threads which provide much better follow up than SM and most other educators provide. The SM's of this world remind me of those expensive electronic tooth brushes. The thing costs a good bit to buy, but the replacements heads are outrageously expensive.......

What do you think of the idea that you stop trading yourself? What do you think if you let other traders do the trading while you manage the portfolio through trade copiers or trade mirroring? Here is a guy who invested his own money on "better" traders than himself, and now spend his time monitoring rather than trading.
http://www.myfxbook.com/members/NickMcDonald
(these are REAL accounts)


This site http://www.nocturnal-fx.com/ explains how trade copier or trade mirroring works, and the author TPOTrader has a thread here too,
The Trader Behind the Trade™

Nothing to sell or promote here, the above are just ideas about letting "better" traders do the trading for us. Instead of paying $5,150 to Steve Mauro, $3,495 to Kevin Lowry, $1,595 to Zen Alldredge, $1,997 to Kim Krompass, $497 to Sterling Suhr, and $297 at various times to Dean Malone (TDI 3-days, D.O.T.S), one could pool these "educational expenses" into a sum of money that can be invested through trade copier or trade mirror services, and let other traders trade our money. As Nick showed in his video, it can be a combination of robots and human traders. I personally know of many MMFx/BTMM students who took two or more of the above courses, and some of Steve's so-called best students are now in Kevin's live chatroom, people like Rick T and David M. Most people don't mention about their previous histories with S.T.A.R, MAX Trading System, OnlineTradingAcademy, Vladimir Ribakov, Russ Horn, Bill Poulos, Karl Dittmann, ForexMentor, and who knows what else they paid for.

Thanks mmaker. I have had a look at eToro a while ago but wasn't too happy with the posted results. Will take another look. I do have a couple of guys who are just starting to trade for me but i really want to do it myself too. Just bloody minded I guess. Also in the past I have had people and brokers, funds etc who have all lost money for me so am very averse to trusting other people. Still, it is worth another look at least.

I'm in the state of confusion and I don't think I'm alone. I've read and seen a lot of stuff. But the more I know now, the more I realize how little I do know.

I started out as a "classical" self-educated trader:

 

1. Study TA & FA. Price discounts everything. Fundamentals news affect both short term and long term.
2. There are bad and good indicators, you have to keep searching for the best one(s) for you.
3. There are hundreds of trading strategies with endless amount of indicators combinations and settings
4. Price tends to bounce/break through certain S&R levels.
5. Your exit is more important than your entry.
6. Your mindset and MM are more important than your trading system.
7. Find at least 51% winning rate system and apply strict MM and you'll be fine in the long term. Don't look for the Holy Grail, it doesn't exit.
8. Simplify, simplify, simplify.
9. Once you find your mechanical trading system you can turn it into an EA which requires minimal monitoring and gives you a passive income. By this stage, you have conquered forex.
10. Don't worry about what causes the trend, just follow it, you don't have to find out what or who moves the price. Random walk theory holds and you cannot predict, you can only follow trend. When the herd moves, ride them.
11. Take comfort in forex for it is too big to be manipulated compared to equity market. There is no insider trading in forex.
12. Currency pairs move in correlation manner that you can take advantage of.
13. There are such things as supply and demand levels where people "think" a currency pair is either overbought or oversold. And therefore there is always a constant battle between the bull and bear as bias is subjective and everyone has their own bias.
14. 90% of traders are losing money. You have to have an edge and discipline to be in the 10%.
15. There is no BS, there is no right or wrong, you trade your own way and everyone else in their own way.
16. And any other commonly accepted teaching on forex trading.

And then came Steve Mauro and Martin Cole who basically say that everything I have learned about forex is all BULLSHIT!... And they are right.

I have an open mind. When someone makes such bold of a claim, I listen. I don't mock them like most people do. Geniuses are often criticized and mocked by timid souls who cannot match them until such a time when their brilliant ideas are silently accepted as truth.

Ok, so I have to undo all my learning all these years. I have to scrap all my courses. I have to accept that the money, sweat, and time I've put on learning forex is totally wasted. It hurts... Oh well, better late than never. Besides I'm a losing trader. Using old ways will only give you old results.

My new chapter in forex begins with the introduction of a market maker. The existence and significant impact of manipulative market makers are undeniable on both global and local scales. Global MMs are the ones who are doing the global consolidation, stop hunt, and trend/profit release. The local MMs are your local brokers who can balloon the spread, give requote, do slippage and margin call hunt. This is clearly evident in their chart. I once compared 5 broker's demo and found 1 bearish bar on one demo and 4 bullish bar of the exact same timing on other brokers. The explanation becomes clear.

The period of Mid December to Mid January indeed seem to be different than the rest of the year. The absence of MM makes forex market looks like it is controlled purely by herd of sellers and buyers. There are price patterns I can find there that I couldn't find anywhere else.

And then, here comes the twist. Steve Mauro teaching is becoming less and less accurate as we can see here in this thread. Level counting, the main teaching of Steve Mauro, is becoming obsolete. Something that he claimed existed in the very beginning of stock and forex market and will never change is now changing. Asian false breakout becoming much less frequent. 123 stop hunt are becoming almost non existent. Steve himself is now still trying to find a way to outsmart the MM. How can I not be confused?

I'm not sure about Martin Cole because I never have access to his PAT software. His explanation is done through his software so MT4 users are clueless to what he is saying. His videos are only telling us about general theory of MM and not specific trading setups and systems unless you have a deep pocket to pay his initial and regular fee for access to his PAT software.

Here is the bedrock truth I came to realize:

Forex is a game, performed in an online gambling house with MM having the house advantage. They are smart and very powerful people with deep pocket. The best we can do is to outsmart them. This is the only possible way to trade forex for living. The Holy Grail lies on knowing and following their moves.

The second best way to profit from forex market is to teach what you pretend to know or really know. Either way people will pay you. Teaching gives you a significantly better R:R ratio than trading.

So here I am. Stranded in the highway of forex. Trying to hitchhike my way back home.

Steve always mentioned that he had at least 3 multi-million dollar fund managers taking his course. Well one of them, Mark Coe, will be teaching this Sunday for $499. Do you see a pattern? They all come out to teach eventually. It's good business.

http://dockets.justia.com/docket/ida...cv00027/31034/

this isn't far from me--will watch to see where it goes--if it goes to court think I"ll go just to see who squirms

His former partner Clint must have seen your calculations, now he wants a cut from it. Steve and Zen used to say that Clint didn't think the business was right for him so he left, he must have changed his mind after seeing your $5.9million number.
http://idahobusinessreview.com/tag/clint-robertson/
http://dockets.justia.com/docket/ida...cv00027/31034/

He still has a lawsuit with ex-partner Zen,
http://dockets.justia.com/docket/flo...v01333/275342/

Here's the Q&A recording for Mark Coe's $499 course starting Sunday,
http://bryanrich2012.enterthemeeting.com/e/mtg?TOS8PK

Before that we have James Weegen trying to fleece Steve's struggling students, then Zen left to offer a "better" service than DMR, and now we have former students coming out to teach, like Kim Krompass and Mark Coe. I guess everyone found the Holy Grail ...... TEACH.

Our Story

Over 10 years ago, Steve Mauro, working as a fireman, started his FOREX journey. He learned to trade the Foreign Exchange Spot Currency Market in his off-time. He had moments of trading genius, but his results were inconsistent. In the end, he gave the market his money more than he took money out of the market.

Steve’s neighbor, working as a private pilot at the time, had the opportunity to fly a prominent banker from over-seas. During the flight, the pilot learned this banker was a Market Maker and was looking for 5 apprentices to teach the “Market Maker Method”. The pilot, unable to take advantage of this apprenticeship, shared this information with Steve.

Having to come up with $25,000.00 USD, Steve second-mortgaged his house, maxed-out his credit cards, and borrowed money from his parents. After much turmoil, Steve was able to purchase this year mentorship. For months he worked hard to master the market, but continually failed. Nearing the mid-point of his apprenticeship, he had a breakthrough. In his own words, he said:

“I was about six months into my mentorship, and I had just wrapped up a long night of trading, only to have given my hard earned money to the market maker one more time. I knew something had to change. I could no longer spend my nights just handing them money. I was making it too easy for them, and I knew there had to be something that I wasn’t understanding. I had the opportunity to change my life, and there I was, just letting it slip through my fingers. While I was showering, I continued to think about what I had learned about the market, and something came over me. The light bulb went off, and that was all it took. “Not another dime!” I cried through the running water. I was transformed! I realized that every day the market makers will make a new high and a new low, and that opportunity will always present itself. It was up to me to master my emotions, and the setups, which in turn, gave me mastery of my life. It was the realization that I needed to step back and view the bigger picture that I had been presented.”

Shortly after this breakthrough, the Market Maker retired, and Steve’s apprenticeship came to an end. With the help of his mentor, Steve became a Master FOREX Trader. Unfortunately, due to the terms of his apprenticeship, bound in a legal agreement, Steve was unable to share this information with others.

During this time, Zen Alldredge had been working as a salesman and a real estate/business investor. After having much success, the economic recession of 2006 caused him to look for another venue to make money. Seeing the Foreign Exchange Market go from a multi-billion dollar business to a multi-trillion dollar business in the midst of this severe recession, Zen sought out education, knowledge, and a mentor in the FOREX business.

As Zen searched out his mentor, Steve’s mentor passed away nullifying his legal agreement to not share the “Market Maker Method”. Knowing that he could never pay back the information he had learned, he made a decision to do his best to pay it forward; to help as many as he could to become profitable traders.

As Steve went forward trying to share his knowledge, he found himself bound by the limits of the people he was teaching for. Simply hearing this info once was not enough, people needed to be immersed in this knowledge. He needed to change the way FOREX education was taught, but he could not do it alone.

While attending a FOREX education course, Zen sat in the back and observed. He found another teacher, Steve, sitting in the back of the room and figured he would talk to him and see if he could get some one on one time. Over the next few months, Zen and Steve developed a friendship and Steve agreed to mentor Zen in the Foreign Exchange Market.

After learning of Zen’s background in sales and business, the mentorship came with a price attached. Not the $25,000.00 USD Steve paid for the course, or even the $5,150.00 USD that students now pay. But an agreement to help bring this knowledge to people. Market Maker’s FOREX was born.

For the first year, Steve and Zen traveled around the country picking up few apprentices. They were able to help these people understand the market and become consistently profitable traders. As word spread about Steve, Zen, and Market Maker’s FOREX, many people wished to learn this method. With the success of his first apprentices, Steve was able to change the way FOREX was taught.

He built a community for the people who desired to learn from him. Just over a year after Market Maker’s FOREX was born, Steve opened his private forum. This was a place for MMfx students to share with each other their struggles and successes. Steve, Zen, and his successful apprentices (The MMfx Team) have been able to reach and help many every day with this tool. Instead of hearing an education just once, this allowed for people to be immersed in this knowledge. Everyday people share what they are seeing in the market, asking what they missed, and receiving answers from the MMfx Team.

About 6 months after the forum was built, another tool was added to help people master this knowledge. Weekly reviews were added. Every Sunday, the MMfx team gets together and reviews what has happened over the last week and makes projected moves for the upcoming week. Along with this review, every other week, a guest speaker is brought in to share his/her FOREX story. This allowed for Steve’s community to see other traders’ stories. Each guest speaker shares their “light bulb moment”, how they overcame their struggles with the method, how they learned and mastered this knowledge, recent successful and unsuccessful trades, and any other information they feel would be beneficial to the community.

With the success of these weekly reviews, The MMfx Team wanted to do more. So after another 4 months, the Daily Market Review (DMR) was created. Instead of weekly reviews, these reviews became a 5 days per week event. With the DMR came more success. But with the success, came something unexpected. With the daily contact between traders, and the help provided by each and every member, the community started to become something greater… A Family! Everybody hopes and desires the success of each trader. The entire group provides what they can for one another. Whether it’s knowledge of a certain platform, writing custom scripts for the group, or paying the airfare and hotel costs for another member to attend a live event, EVERY student (from newbie to master trader) offers what they have to share.

With the amazing family Market Maker’s FOREX has become, we do not know what is in store for us next, but we look forward to the next page in our story!

How come so many of SM family friends recently started their own trading classes. Is it that they now have learned so much from the Master that they feel they can teach others to do even better? I always thought that it is a skill teaching others, so in my opinion not everybody is good at it.!
Myself (a retired Dutch 67 guy) at my present traders level (live micro trading and still learning by experimenting) unfortunately cannot spend money on a $ 5k course but would love to spend it on Steve's course if only I could.
Maybe in the future when I become more profitable than I have been over the last 3 years of learning by myself, I hopefully gain enough cash to become a SM family member trader. From The Netherlands whishing all of the SM family of traders all the best for the future.

Great post that hits the nail directly on the head.

What a beautiful story. It sounds so similar to many others we all heave heard. Is there any truth to it? Why would a market maker, probably making mid- to high- six figure income devulge everything for $25,000 to a friend of a friend? Does it make sense? The reality of this business becomes clear when we stop seeing only what we want to believe.

JohnW,
Interesting that you said that. Mark Coe in his latest message said one of his students have gone on to earn $1million in salary at a top hedge fund. So why is Mark willing to teach new students for ONLY $499 (over 3 months)? Why didn't the hedge fund hire him as well?

Forget about asking for his Myfxbook statistics. He managed funds in "clips of $75millions".

You just have to accept the fact they are some genuine people who want to help the wee guy and money is not an agenda at the same time the person paying has to judge if he/she is a crook just after money with systems that don't work. Take all the info in but filter it according to your own understanding just like life you don't believe or take as bible what everyone tells you you work it out for yourself.

Brevity is the soul of wit.
therefore all I have to say is

Total hogwash.

Hello Joe12s,
How are you doing in trading this method? Have you followed Steve's Bootcamp and new DMR? Are the results good with ZUP indicator and Gartleys? Would you recommend this course to your friends?

If there is a student of Steve's out there who is well versed in level counting and willing to share your wisdom, can you please help me with just one simple question that's been nagging me like crazy.

Steve ALWAYS mentions a 3-level rise. What happens if there are 1 or 2 level rises then price reverses? Does the reversal become the new level 1 and the the old counting is now scrapped?

Thank you so much in advance. I hope I can get back to my peaceful sleep at night soon.

been using levels for over 1 year and they have great tendencies to fail but the setups do not and a great insight to perfect setups. Your best bet is to learn accumulation and distribution well. a clear understanding of the mentioned and then look on your hourly charts 1hr -4hr you will start to see them. could keep on writing but would change the objectivity of this thread. I have mastered a technique using accumulation zones with SM and it works without a doubt.

Let's change the objectivity! Sooner or later, we need to do it. Why not now? Some people may get hurt (maybe they are from 95% group). lol

Could suggest is go to Skype room there are many good traders there different styles and there I'm very positive you will find what you like or something that matches with your style of trading. I've seen day after day 3 different styles used and most of the time we have the same entries and exits. This is definitely an awakening in Forex its all comes down how one learns to read the market and the charts.

Just exactly where is this Skype room? I've seen it mentioned couple of times, but I don't know where it is.