Institutional Equivalent Education?

Ian I took the time to reply to this thread because I'm trying to help you but it seems like you are beyond help. You want to believe something so bad in spite of all the evidence in front of you that your blinded. All failed traders believe that if they can just control themselves they can make it thats why all the institutions keep getting richer. I really hope you see the light and stop blaming yourself before you lose all that you have left.

Did you read what I said ?

I have many more tools available to me and a bloomberg terminal is the one I use the least but its still way more powerful and useful then anything you have for free but you go on believing that and I will go on taking your money.


"
Royal Bank of Canada said fiscal fourth–quarter profit rose 11 per cent as a jump in trading revenue and a lower tax rate helped counter slowing earnings growth from Canadian banking and declines across other key businesses.
Net income for the period ended Oct. 31 rose to a record $2.59-billion "

2.59 Billion in a quarter

What do you think the average retail trader without my algorithms, research teams and all the other tools I have makes ? ....... Zero that's right Zero vs 2.59 billion per quarter

what advantages bloomberg terminal provides ?

What are you still doing here. You're not offering any help.

And what's the relationship between the quaterly revenue of a bank (!) with a retail trader.
That's like saying: Google made 4 billion, but how much did the average google user make?

I am getting less and less convinced you're actually a profitable trader.

Best of luck,

Snow

INFORMATION, Faster and more accurately it costs $2500 a month for a very good reason.

Heres the help I offer you QUIT now while you have anything left if you haven't already lost it.

It always gives me a laugh when you get these ego guys bowling into various threads believing how wonderful they are saying they work for big banks etc etc, and then they say something really stupid, implying that somehow, they do not realise that institutional traders trade with much bigger size than the average retail trader. Institutional traders will, in most part, use different tactics to enter their trades and be privy to other information not necessary useful to the retail trader.

That's not to say that some tools used by the bigger players cannot be adapted for retail traders, which is exactly what Ray's course teaches. Such a misunderstanding however, does seem to suggest that the ego big bank trader has no place advising retail traders in Forex Factory. They should be using their valuable time spent finding more sustainable ways of investing, instead of losing and needing to be bailed out by tax payers money every few years.

Since Patterson left Compass, Ray's course has never been better, and as a bonus we don't have to listen to Patterson's banal, low emotionally intelligent, ramblings.

This post confirms your complete and utter ignorance.

The real estate bubble happened because the market was allowed to run rampant with speculators the banks just gave them the money. Just like you and your little Forex margin account at 100 to 1 will blow you out soon enough and then I guess you will blame the Forex Broker for giving you the money ?

As far as Steve is concerned I'm sure he really doesn't care about the compass room either way anymore. When we meet downtown he was sporting a new Jaguar and a super hot brunette on his arm. Didn't look like he was suffering at all. lol

Lol, exactly what I mean Steve, you shouldn't have let that one slip, now you've just blown your cover...doh!


I am ignorant, and you come out with the market is random nonsense! Lol. Honestly, just because you have worked institutional does not mean much at all. The knowledge I have gained over the last few months would easily put you and many other institutional traders to shame. Please, go back to your thread, there's a good chap.

Globe and Mail Report


"Royal Bank of Canada said fiscal fourth quarter profit rose 11 per cent as a jump in trading revenue and a lower tax rate helped counter slowing earnings growth from Canadian banking and declines across other key businesses.
Net income for the period ended Oct. 31 rose to a record $2.59-billion,"

2,6 billion this quarter obviously not all trading profits but a large percentage is. Thats my teams performance how much did you say you made this quarter ?

Theres the facts so put up or shut up.


I will repeat you can not win a race vs a Ferrari driving a Volvo you are simply out gunned and even if this Ray guy is legit (Steve told me he was legit) you still don't have my tools or money or power to move a market.

You watch the market, I AM the market.

I replied to this thread because the title caught my eye and Ian seemed like a nice enough chap and I wish him all the best I am not here to start any fights but to simply illuminate your minds and give you something to think about. I wish Ian well and hope he turns his trading career around. I just find it funny that after all this time he has not but no one is asking why. He just simply blames himself and his psychology issues. That doesn't make any sense at all. I believe its because you will never be able to do what Institutions do because you are not an Institution. There is no way that I could duplicate my performance at the bank if I didn't have all the tools I have. It's that simple.

You make me laugh, Steven. You can't move one single tick.

So you work for the RBC or have them clear your trades? Either way, I still do not understand why you're wasting your time meddling in a tiny thread on FF. You are so important and successful you must have better/more fun/more interesting things to do. Now do us all a favour and go away. Thanks!

I repeat, I would really love to hear that Steven Patterson is successful at last - not just in his own delusional ego world. That would mean that there was more hope that I too may defeat my trading psych problems- because if Steven can, then really its a no-brainer that anyone can!

At various times he has claimed:
A). That nobody is successful in trading unless they have a long track record, so unless they have a long track record then they should give up.
B). That the most successful traders lose 100% in a month, but it doesn't matter because they can make 250% the next month. Unfortunately I think that the last time I checked 250% of zero is still zero!
C). That I (who have an Honours degree in Mathematics and Statistics) do not understand probability or Quantum Mechanics as well as he does - he of course has had NO training in any of those and finds it difficulty to divide or multiply. While I did Theoretical Physics as a minor as part of my degree.
D). That I could never be successful following Ray's training and should follow his training instead. While I admit that Ray can't cure my psych problems, why should I think that somebody who has even worse problems than I have could do so?

The one thing you can count on with Steven Patterson is entertainment and controversy. If Gobigfx isn't Steven, then he has a twin.
He has been quite amusing at times, but I have a serious thread here, so I feel it is time to ignore further histrionics.

Hi Vladutz, A Bloomberg terminal is just an expensive way of keeping 99% up to date with all the breaking news and quotes.
Retail traders don't really need them since there are lots of free resources which are almost as good - as Ray has shown his students there are actually more free resources and information than an average retail trader can find time to use.
Fortunately Ray has also shown us which ones are the most important - so we still have some time left to actually trade - LOL !

Note that I have now set my parameters to ignore Gobigfx, as Paul Simon said : 'I don't find that stuff amusing any more!'.

Breaking News: Boris Schlossberg talks sense (for once). Here is his latest missive:
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The Three Dumbest Words in Trading

News Doesn't Matter.

If I had a dollar for every time I heard a retail trader say those words I could start my own FX brokerage.

It always amazes me when I meet many otherwise intelligent people who are convinced that the only thing they need to make money in the market is an algo and a chart. Like the oracles of ancients who tried to divine the future by looking at the poop of emperors they think that looking at the squiggles on the chart -- eh I mean "trend lines" -- they too will be able to unlock the wealth that awaits them.
Now you may think I am just another snotty fundamental analyst who looks at technicians the way New Yorkers look at Sarah Palin. But not so. I actually trade technically first and foremost, And I will be the first to admit that fundamental trading is fraught with peril (which is why I leave those trades to Kathy) but that doesn't mean that I don't respect the single most important driver of price -- NEWS.

I know that technicians like to talk about supply and demand, support and resistance -- but let me ask you -- what do you think creates demand and supply? It's not a Fib line -- it's NEWS mostly.

Perhaps the biggest irony of all is that technicians are actually right, news doesn't matter over the long term horizon. The bigger trends are driven by long term monetary or political themes and in the grander scheme of things the market couldn't care less about that January NFP. But most technical traders don't hold multi-month positions. 90% of retail traders day trade. And if you are trading the 5 minute chart well then you damn well better know who Mario Draghi is or Glenn Stevens for that matter or the price of crude or the movement in the S&P or the German Flash PMI data.

Because guess what? If you don't pay any attention to that stuff you will always get stopped out and you will always have that pathetic look of surprise on your face that screams "Lord -- why me? Why am I such a loser? Why can't I get this right?"
Learning about the various G-10 economic releases and the cross market correlations takes time -- but it isn't rocket science. At this point even the most hardened Gartley traders in my room can tell the difference between the Tankan, the IFO and the U of M and they are all much better for it, even if they couldn't give a damn about Eurostat projections or the debates of the Monetary Policy Committee of the BoE.

Understanding NEWS doesn't require you to have an opinion on the news -- in fact of the worst thing that retail traders often do is chase a good release higher or sell a bad one lower. The primary function of knowing NEWS is to minimize risk rather than maximize reward by staying out of the way of the event. I know algo traders will tell me that they don't care about event risk. Tell me how well that went for you at the December ECB meeting when euro verticalized by 400 points in less than 24 hours.

But those massive one way moves are not even the biggest reason for dumb retail trader losses. The much more common, every day mistake I see is something like this. "I am shorting USDCAD on 15 minute chart -looks like RSI/MACD/name-your-indicator is rolling over."

Really?

Did you look at the price of oil before you made that brilliant trade? Did crude show any signs of bottoming?

Of course not. You didn't bother to check the basic cross market correlation and of course the trade went against you -- worse this was done at 1.4100 and USDCAD ultimately topped at 1.4700 and if your were dumb enough to add to the position -- well there goes your account.

I see this type of technical trading all the time and it's lazy and destructive.
Bottom line, NEWS matters -- get used to it.
**************************************************************************************************************************************
My (ianf0ster) view is: since he admits he is deficient at the Fundamentals and News, why would anybody want Boris to teach them trading? Instead they should learn from somebody like Ray, who is a master of Fundamentals, Statistical Arbitrage, Sentiment and Technical trading! Doing anything else is like asking somebody to teach you to drive just using the steering wheel, but not the accelerator (Gas pedal - for you Americans), brakes, mirrors, indicators etc.

On a personal note, and just so people don't get a false impression about how bad my trading problems are. My tally for the week is that I made trades on only 4 days, one day a net loss, two days small net gains and I made a good profit on Thursday due to Mario Draghi and the Crude Oil Inventory release. A total of +13.9% profit on my account (6% on the Crude Oil Inventory trades). I know that I can't match the best of Ray's students, but when I have my psych problems under control I do OK. ​

Good riddance!

I think 95% of all retailers (and perhaps even most institutionals and money managers) can't even get close to such a return. Congrats.
Add consistency and you're in the top 0.1%.

Bravo!

So I was told by my friend Thomas my name was being thrown around FF and I resisted the urge to get involved in this thread but since the internet is such a small place I felt I should defend some of these accusations, so I joined FF today.

1. I have never once said anything slanderous about Ray and his education. As a matter of fact I endorsed the hell out of it and promoted it for over a year while I worked with Compassfx (to all my students as well as several sales webinars).

2. I believe Ray is one of the best traders in the world hands down bar none ! He is the real deal and his knowledge of markets is legendary and in a league of his own. No one in this business can touch the man, he is a genius trader and thinker.

3. Ray and I talk every week on skype and we share trade ideas all the time. In December and January we both destroyed the markets I personally broke records at my prop firm with my SPY short trades and had one of the best months ever in my 30 year career. I do attribute Rays help in filling in some of the gaps I had in my understanding of Institutions to Ray and am forever grateful to him and value his friendship.

That all being said there are some facts that traders want to be aware. While I was moderating the Compass room many many traders would reach out to me with complaints because they where losing a lot of money being in the room. Since I left the Compass room a year ago I have joined a very large and successful Prop Firm and it has given me a lot of time to reflect why so many traders where losing money in the room despite the highest levels of education. I want to stress (I do not know the facts as to who is and is not making money in the room anymore) but other friends I have in the room tell me that the vast majority of people are still struggling with inconsistency and I only know of one person trading professionally other then myself since being in the room.

So why are so many people struggling ?

​Well my friend Gobig (Thomas) has already told you his opinion of this and although I do not completely agree I do think it is somewhat true.

At my prop firm I can never have a a bad day why ? well because we have a multi million dollar algo that monitors risk metrics and will simply exit my trades if things go bad and it will exit them in nano seconds. It monitors market pressures so much more efficiently and faster then any retail trader ever could.

I can never over leverage trades because we have million dollar algo's that monitor all conditions and adjust in nano seconds real time to changing volatility. The algo will simply reduce the risk or increase the risk as volatility changes. No retail trader can do that at least not as fast or effectively.

I have unlimited capital that means that if I get into a short term situation with a trade (and my bosses agree) we can always place a hedge on the position and wait out the storm.
As an example on this point In early December my models showed that the SnP was at a top and I entered a huge trade the trade worked early in the month but towards the end of the month it went against me but the trade was still good and all the algo's and my risk mangers agreed we should hedge and add in January rather then just close it. It cost the firm extra money but we netted out with record performance.

These are just some examples of the advantages I have working at a very good prop firm not to mention the fact that my commissions are 1/8th retail traders.


Theres one other point I wish to make before Ian probably bans me from this thread because hes so afraid of the truth lol

Ray and guys like Thomas and (myself now) get salaries we can survive a few bad months of drawdowns before we get profitable or till it takes time for our trade ideas to pan out. How many of you can not pay your bills for 3 to 4 months while your waiting for a trade to work.?


I am not telling anyone anything new here Ray himself has told everyone that working at a professional firm he has tremendous advantages and anyone with half a brain can figure that out.

So is it still worth learning from a professional trader ? Abso frekking lutly because at least you know what your up against. I have no clue why I have been so demonized for just trying to help traders learn the truth of this business. Probably because the powers of the service side, the brokers and sales companies don't really want you to know it and they fear loss of income. I guess thats a good reason but I don't care, I rather you know reality and if it means I'm the bad guy for telling it to you then so be it.

"Know your enemy and know yourself and you need not fear the outcome of a thousand battles" Sun Tzu