The Market Makers Learning Hub

looking to short gbpcad

nice!
watching EJ

EJ zone cancelled

NZDUSD Dayli zone

How are you doing guys?
very quiet here...
I hade a good trading week with nice profits

Looking at your trade list bigwal, it appears your biggest problem has been trying to trade lower time frame on gbpusd.. Your first week went well, you traded a few different pairs and made profit. After that perhaps some overconfidence and buzz kicked in and you started trading mostly gbpusd on I'm guessing 5 and 1 min charts. Personally I cannot trade 1 min and 5 min charts. It always starts off well but then i get excited and the the demon of wanting to be in the market all the time pops on my shoulder and before you know it I am not planning trades and i'm acting on impulse and losing pips left right and centre. Then I throw away all rationality as I try to recover losses. My focus goes totally out the window and its not me in front of the screen its a gambler. I suspect this happened to you. Anyways, after the second week you should have consulted your demon finder and become aware of what you were doing.. If you had done this I believe you would be in profit now.

A suggestion. Stop the 5 or more trades a day and only take 1 to 3 and plan them the night before. Draw on your levels where you want to enter, sl and tp, and if price doesn't get there the next day then you simply do not trade that day. This will also teach you discipline. Also stay away from trading just one pair. You need ultra discipline for this and I don't think you have this yet. Scan all pairs and pick only the cleanest and easy, A+ setups. Oh and never resort to over leveraging. Instead, address the problem (demon finder) and recover the account patiently.

Just some friendly advice.

I think your advice is spot on Johnramb0

I'd like to acknowledge the courage shown by bigwal in kicking this thread off. It was possibly born of the frustrations felt by many people about a perceived lack of solid evidence from those who would imply they have the secrets to 'trading success'.

Personally, I would not part with any hard earned cash to anyone who didn't have the courage to post as bigwal has demonstrated.

Keep at it mate. You deserve success!

Johnrambo,

Thank you for your words. You are quite correct in what you say, it was a week or so of profits, then some silly mistakes! These were very costly and on my mind is just get back to break even on the account and start fresh. Chasing loses puts everything logical out of the window.

I have missed obvious setups and fumbled them when i was in profit.

I knew this would be hard being open, it does throw another dimension laying good, bad and ugly open for the world to see. But that is what this is thread is all about. At least i can say hand on heart good or bad what's here is real, it is very easy to give justification to a chart after the fact, i can see it most days and i kick myself.

There is no hiding from the truth and to be honest i prefer it that way. Trading is like Facebook posts, everyone seems to be doing great!

Thanks for the friendly advice

Bigwal

Absolutely agree with both posts, I can be guilty of the points Johnrambo makes but thankfully these days i'm aware of the Demon and log off and enjoy a long walk when I start to ignore the plan.
I would also like to acknowledge my respect for Warren for putting himself out there when others stole material packaged it as their own and then sold it without doing this.

Full respect Warren take a breathe Wim Hof style if necessary and keep going.

I missed this but thought I'd share how I see it. Comments welcome.

The Original GY from above.



Where it turned.


Why it turned. Reacted off old resistance (became support)


Where it is going.


Possible further targets.

[quote=aus1way;9709232]I missed this but thought I'd share how I see it.

Good eyes aus1way.

indeed it has reacted where you thought it would. In my mind the path of less resistance is North. What decision points have been touched already on the way down. The lower of the QM has already had its right shoulder filled before it fell. We should look at the immediate decision points above there is nothing strong and all have been taken. So question what is the next bit of traffic (decision point) above and what decision points underneath price are going to hold. Look at where price pierces. Then you have a pullback into the decision point and a break through fresh air to the next decision point. Fresh air is either a straight candle, compression.

piphop,

thank you for your input. This is exactly why this thread was started, it seems that the rar rar club want to show how this touches this and that then package it like it's their own. These patterns go back years and nobody owns them. They have been copied from someone else.

sure you can give something a neat little name. Package it up and sell it to all the desperate souls that have a dream.

any real outfit would show some history, problem is screenshots of charts or historical data can be manipulated. And it happens more often than not. Truth is they can not conistantly grow an account, the income comes from courses.

Now I am deep in drawdown for a number of reasons and this example has not gone as planned so far. But you know what, at least I started with my cards on the table and have the balls to show.

I have spent this weekend looking at others on social media and YouTube. There is more money being made in eduction and courses then trading itself. To really turn the industry upside down, why doesn't just one of these educators put up a my fx book or trade explorer and show the world.

Ah, I guess they can't, not won't!

Excuse the coarse posts using mobile phone.

bigwal

bigwal,

Nice summary of what appears to be going on.

My thoughts are also that we humans want to be led by someone authoritative who talks as if they know the direction for us to take to get to the 'holy grail'. We want a guru who only has our best interest at heart.

What I really think is happening most of the time is that when someone is in search of success in trading, they find or apply patterns, methods and techniques that do in fact work.......sometimes. But the real art of trading is to be able to filter out all the emotions that come when these signals arrive and to be able to develop the discipline to only take those signals when they appear in the right locations and after confirmation that the original signal is valid. Not an easy task!! A very difficult task for most!!

This is why the unscrupulous take a much easier path. They package up a program that demonstrates in hindsight, all the successful applications of their method. If you lack a conscience and have a few years experience in the market and on forums then this is not a difficult thing to do. You then talk as if you know what you are talking about and wallah!!! You have the ingredients for success!!

So the picture I paint is not a pretty one. Not only are there market sharks out there to bight your tail when you enter the water but there are plenty who would lead you, at a price, to the edge.

Now I am not accusing any particular person, group or organization of doing this. But I am saying to those who want to believe in someone who wants to partake of your hard earned cash that it's probably not a bad idea to apply the 'scientific method' to claims or inferences that are being made. In other words, request or look for evidence. If there is none or they are not forthcoming, then the choice is pretty obvious.

As frustrating as I have found RTM and the way IF's gone about it, I'm grateful at the same time for what I've learned and would recommend it to any new trader. You can't really argue when the price bounces to the pip from a point I learned to find from RTM.

aus1way

I reckon you are absolutely right. Lots of really valuable stuff.

My guess is though, that those who pay what is for some quite a considerable amount of money for these courses, they would generally expect to get their money back with interest once they go back to the real world of trading. We can see how the system works on a chart, what stops it working in the real world?

If it is really much more difficult to trade live, then why give the perception that trading is easy. All you need to do is to pay a substantial fee to learn about the method. That I guess is my beef! But maybe I am wrong. So 'aus1way' if you have done any of these courses then I respectfully ask (and I mean respectfully I really don't mean to offend) would you be prepared to do what 'bigwal' has done here and demonstrate that money really can be made 'live, trading this system?

I really didn't want to turn my posts into some great controversy. My main aim was to thank 'bigwal' for having the courage to give it a go here. He has done what I am yet to see anyone else do from any of the above mentioned sites or any other educators or individuals. I just wanted to alert everyone that is struggling that sometimes its not a good idea to fork out more money to try to get back to break-even.

For those who don't have the financial capacity to pay for these courses then it is probably timely to remind people that most of the content originated in the thread 'Price is everything' which was initiated by Redsworth11. It'll just take a lot of effort to plough through a lot of posts.

Cheers

piphop

What was wonderful was to be a part of that thread from the beginning. Red truly is one of a kind when it came to trading.

I wanted to add here, since I'm posting anyway. The psychological part of trading is the hardest for most to get through. It doesn't matter how much you spend or don't spend on a course. If your head ain't on straight for trading, trading will be difficult. I had to quit posting trades, found myself trading to post. I believe that aspect of things has been handled.

One more thing that was running through my brain cell. Another thing I've seen traders do is start comparing themselves to other traders. "Why can't I trade like Red" . This too is a dangerous game. I dare say there are no two traders alike.

So before you open your own "Trade Explorer" or get in the habit of posting every trade, think how it may or may not change your mindset for trading.

By the way piphop.... All this was not directed at you. Get me started on psychology and I don't know when to stop.

Trade well all

Rufus