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Flying Dutchman

  • #1,841
  • Edited 7:06pm Jun 18, 2022 6:40pm | Edited 7:06pm
Quoting whitesta
Hi All, Anyone here knows about trader Tom @Thetradingforexx. His has a channel on Telegram.

Hi W.

Not me, sorry.

Kev mentioned a Tom the other day that does some good work, but whether they are the same I do not know.

I always advise new traders to listen to everyone as each might have a piece of the puzzle for them.

I also advise NOT to engage anyone who requires money, crowdfunds or charges for any such pieces of info (in advance) ... (double edit: sorry lol).
(edit: well there are some very good folk who do train others for a fee, my point being how will you know going in, and how many trainer-fees will you expend first before finding the one or two who give you real value - just be wary, is all)

all the best
Pete
  • #1,842
  • Jun 18, 2022 7:00pm Jun 18, 2022 7:00pm
Great Picture this one.... blank chart.
Time frame... immaterial.

Shows Scalp trading through momentum.
Shows Target trading. Pete.
Shows Swing trading. Mine.
Shows probability. Kev.

Shows where stops are most likely to be sitting.
Shows when traders passing a candy store are enticed in to order a tooth decaying treat ..... avoid the tooth decaying treats!

Or buy a subscription to obtain data that shows the visual image represented on this chart.
Attached Image (click to enlarge)
Click to Enlarge Name: GJ.png Size: 24 KB
  • #1,843
  • Edited 8:06pm Jun 18, 2022 7:50pm | Edited 8:06pm
Quoting TimeTells
Hi Jason, Myself, I do not predict either the start of a momentum or even really its continuation. I will use my template understanding to provide a certain probability. Not an exact maths representation like Kev/Bluesteele does (see his 95% post earlier). But maybe it's the word prediction that is the issue not the (our) methods of trading.
Hi Pete, based on what I read on this thread I don't think anyone of us on this thread practise EW style prediction. That is to predict where price would go to in the future.

Like OliveTwist wrote it's a big advantage if we can do such prediction. Instead of predicting we can identify potential future targets on our template that's relevant during our trading session. Cheers.
Quoting Oliver.Twist
.... In essence, prediction BEFORE momentum is not my approach, quite the opposite actually. In which case, I can't comment much on that, appart from my experience that predicting it before an actual move is much more difficult, and absolutely not necessary. If someone is good at it, then it can grant spectacular entries.
Edit - examples of identifying future relevant price target.
https://www.forexfactory.com/thread/...0#post14037400
https://www.forexfactory.com/thread/...8#post14037408
https://www.forexfactory.com/thread/...6#post14033466
https://www.forexfactory.com/thread/...3#post14031133
Know what you trade
  • #1,844
  • Jun 18, 2022 8:02pm Jun 18, 2022 8:02pm
Quoting BWilliam
{quote} Hi Pete, based on what I read on this thread I don't think anyone of us on this thread practise EW style prediction. That is to predict where price would go to in the future. Like OliveTwist wrote it's a big advantage if we can do such prediction. Instead of predicting we can identify potential future targets on our template that's relevant during our trading session. Cheers. {quote} Edit - example of identifying future intraday price target. https://www.forexfactory.com/thread/...0#post14037400

Yep, that’s about how it is.
  • #1,845
  • Jun 18, 2022 8:10pm Jun 18, 2022 8:10pm
Quoting BWilliam
{quote} Hi Ihlas, some traders aim for high win rate, low loss rate. Some trade for a living traders aim for a a wage. Some aim for a 2nd income. Some hope for a replacement income. Some investor traders aim for a % return. Some traders aim to make lots of money. Traders trade for different reasons. That's why we trade differently. It comes down to how much money.
Hello BWilliam, quick question, what's the reason you trade?

I think @Ihlas gets it, although I am just basing that off one statement. Aim to make money

Traders may think they trade for different reason or try to set there sights on a particular reason to trade to satisfy there internal voice on why they are trading but in the end this is there downfall, there is only one reason:
(I want to note that this response is really for the ones that are not consistently profitable year after year, or struggling to make money)

The "reason" should be focused on making money because the reality of it is, you are either loosing money, or you are making money and I dont think you want to be focused on loosing right?

In my opinion, all the "reasons" are just a show of a weak mindset (Not saying you have one). When traders have "this reason" other than making money, they will get beat down.

Aiming for a high win rate and a low loss rate

Trading for a living/aim for a wage

Trade for a 2nd income or replacement income

Aim for a % return

Each one of those is better off just saying I am here to make money or you will get your ass handed to you, and its obvious right....of course we all do this to make money but your mindset is shifted to all these reasons, and they are focused on the wrong thing.

Now, I am not saying you have to go out and make millions of dollars, on that front everyone is different, but the reason should be to make money which you may have eluded to at the end and with that, yes we can still all trade in a different way.

All the other reasons to: Oh I just trade as a hobby or I just do this in my spare time....this sets the mindset one is in when they are trying to find a reason to trade other than just kill this market and be the best you can be at doing it. The weak/confused mindset coincides with and is part of the failure for most traders, stuck in a shitty mindset:

I have to win the next two trades to hit my win rate
I have to get 35 pips to hit my % return

Forget all that...Make money and onto the next trade. Loose money and onto the next trade.

I dont care if you are a hobby trader, trading for a living, trading to make car payment, trading to put some food on the table, trading to make some vacation money, trading to ...... your mindset should be, you are a trader/investor and your here to kill this market and make money. Plain and simple.

For the serious: Consistently profitable, focused and kill it mindset year after year is what you want.... and the reason remains: Make money!
Swing the AXE..HARD w/ Effort, Consistency and Patience
  • #1,846
  • Jun 18, 2022 8:23pm Jun 18, 2022 8:23pm
Quoting HTG
{quote} Hello BWilliam, quick question, what's the reason you trade?

...... your mindset should be, you are a trader/investor and your here to kill this market and make money. Plain and simple. For the serious: Consistently profitable, focused and kill it mindset year after year is what you want.... and the reason remains: Make money!
Hi HTG, good post.

I had a clear goal when I started as a rookie. I reckon trading Forex and other instruments will remain for generations to come. So I decided to invest time and other resources to do research into how to trade this financial markets. To me, my goal goes beyond what you wrote. My goal is to pass on this knowledge and skill set to my posterity for their financial security. So it has more requirements than just make money today, this week, this month, this year...

I understand about weak mindset. That's why I wrote many times don't trade for a living. For the reason you mentioned. Cheers
Know what you trade
  • #1,847
  • Jun 18, 2022 8:34pm Jun 18, 2022 8:34pm
Quoting BWilliam
{quote} Hi HTG, I had a clear goal when I started as a rookie. I reckon trading Forex and other instruments will remain for generations to come. So I decided to invest time and other resources to do research into how to trade this financial markets. To me, my goal goes beyond what you wrote. My goal is to pass on this knowledge and skill set to my posterity for their financial security. So it has more requirements than just make money. Cheers
As well it should. It all starts there though and my post is not meant to stop at just "making money". Having big goals is a must in my opinion.

Thats a fantastic goal, good to see!
Swing the AXE..HARD w/ Effort, Consistency and Patience
  • #1,848
  • Jun 18, 2022 8:39pm Jun 18, 2022 8:39pm
Quoting HTG
... your mindset should be, you are a trader/investor and your here to kill this market and make money. Plain and simple. For the serious: Consistently profitable, focused and kill it mindset year after year is what you want.... and the reason remains: Make money!
Hi HTG, if the trader decides to trade with a kill it mindset, then besides mindset, he must also trade with a kill it strategy, kill it risk tolerance and kill it money management.

I wrote about big balls trading strategy last year. Similar to professional poker players. Cheers

Edit - George Soros betted billions against the bank of England in one trade.

(This is the reason why I don't scalp.)
Know what you trade
  • #1,849
  • Jun 18, 2022 9:02pm Jun 18, 2022 9:02pm
Quoting BWilliam
{quote} Hi HTG, if the trader decides to trade with a kill it mindset, then besides mindset, he must also trade with a kill it strategy, kill it risk tolerance and kill it money management. I wrote about big balls trading strategy last year. Similar to professional poker players. Cheers Edit - George Soros betted billions against the bank of England in one trade. (This is the reason why I don't scalp.)
Yeah, everything should be on point for sure.

When I say kill it mindset. One is focused, dedicated, your trading decisions are unyielding, your money management is supreme and yea your strategy or what have you has to be making money. All part of your mindset/psychology.
Swing the AXE..HARD w/ Effort, Consistency and Patience
  • #1,850
  • Jun 18, 2022 9:14pm Jun 18, 2022 9:14pm
Quoting Oliver.Twist
{quote} Yes, so the tldr of your post is: trade with the current momentum (or, as others would say, trade with the trend). Not a groundbreaking realization, but at least it's true.
Would just like to welcome you to the thread.

There are a host of contributors who post on this thread and although it can get heated, mostly it’s in good will and the information offered can be of the highest level.

Having read your comments in response to an individual in another thread, I would say you know how to antagonise without starting an all out war.

Perfect attribute for Dutchy.

Andy
  • #1,851
  • Jun 18, 2022 9:27pm Jun 18, 2022 9:27pm
Quoting HTG
{quote}
Yeah, everything should be on point for sure.
When I say kill it mindset.
One is focused, dedicated, your trading decisions are unyielding, your money management is supreme and yea your strategy or what have you has to be making money.
All part of your mindset/psychology.

Hi HTG.

Yes. And I believe it is most likely the order that a trader does their study/work in their initial trading process, that makes for the end result imho.

For example, many traders start Forex thinking to make money. So they read a system thread, adjust the system template a little to suit their desired colour configuration etc etc, and off they go, to make money.

Then reality sinks in.

So.

The order of the process for any new trader, and just in my opinion, would best be

to understand, comprehend and then fully integrate

the Market Mechanics first.


Once that is achieved then (again just imho) ANY indicator or template etc can aid in the view of what the market mechanics are now doing,
the best time to trade, how long to stay in that trade etc.

New traders could be well advised to first understand the operation of currency markets
(all markets in fact).

Then, the making money part may well follow, just as night follows day.
  • #1,852
  • Jun 18, 2022 9:38pm Jun 18, 2022 9:38pm
Quoting TimeTells
Hi HTG. Yes. And I believe it is most likely the order that a trader does their study/work in their initial trading process, that makes for the end result imho. For example, many traders start Forex thinking to make money. So they read a system thread, adjust the system template a little to suit their desired colour configuration etc etc, and off they go, to make money. Then reality sinks in. So. The order of the process for any new trader, and just in my opinion, would best be to understand, comprehend and then fully integrate the Market...
Hi Pete, volume traders trade their trusted delta indicator, in out in micro seconds. They don't believe in market mechanics which is magic to them. Cheers
Know what you trade
  • #1,853
  • Jun 18, 2022 9:41pm Jun 18, 2022 9:41pm
Quoting TimeTells
{quote} Hi HTG. Yes. And I believe it is most likely the order that a trader does their study/work in their initial trading process, that makes for the end result imho. For example, many traders start Forex thinking to make money. So they read a system thread, adjust the system template a little to suit their desired colour configuration etc etc, and off they go, to make money. Then reality sinks in. So. The order of the process for any new trader, and just in my opinion, would best be to understand, comprehend and then fully integrate the Market...
The order of the process is huge. Well said!
Swing the AXE..HARD w/ Effort, Consistency and Patience
  • #1,854
  • Jun 18, 2022 9:47pm Jun 18, 2022 9:47pm
Quoting BWilliam
{quote}
Hi Pete, volume traders trade their trusted delta indicator, in out in micro seconds. They don't believe in market mechanics which is magic to them. Cheers

Hi Jason,

Yes volume traders trust their devices, and we have never questioned their ability on that, in fact we have complemented such personal endeavours.

But as you have alluded to before, that style of trader is often stuck in a phone box of sorts with such trading, and have therefore no scalability.

Again, nothing wrong with that.

(But to then run around other threads, even this one, suggesting to new & impressionable traders that there is no way to trade Forex without volume or delta is quite misleading imo.)

all the best
Pete
  • #1,855
  • Jun 18, 2022 9:57pm Jun 18, 2022 9:57pm
Quoting TimeTells
{quote} Hi Jason, Yes volume traders trust their devices, and we have never questioned their ability on that, in fact we have complemented such personal endeavours. But as you have alluded to before, that style of trader is often stuck in a phone box of sorts with such trading, and have therefore no scalability. Again, nothing wrong with that. (But to then run around other threads, even this one, suggesting to new & impressionable traders that there is no way to trade Forex without volume or delta is quite misleading imo.) all the best Pete
Hi Pete, there's no such thing as only one way. There's no such thing as the best strategy. There are successful traders who trade different kinds of strategies.

Trading is not a competition. Like HTG wrote, it's about making money. Trade whatever strategy that suit our goal. That's the best strategy for us. Cheers
Know what you trade
  • #1,856
  • Jun 18, 2022 10:24pm Jun 18, 2022 10:24pm
Quoting TimeTells
Hi HTG. Yes. And I believe it is most likely the order that a trader does their study/work in their initial trading process, that makes for the end result imho. For example, many traders start Forex thinking to make money. So they read a system thread, adjust the system template a little to suit their desired colour configuration etc etc, and off they go, to make money. Then reality sinks in. So. The order of the process for any new trader, and just in my opinion, would best be to understand, comprehend and then fully integrate the Market...
Hi Pete, I have a confession to make. I spent years creating thousands of indicators, hoping to create the holy grail indicator just like the volume delta indicator. I was an indicator junkie. Until I realised that I got the order wrong. I wish I read your post back then. Cheers
Know what you trade
  • #1,857
  • Jun 18, 2022 11:18pm Jun 18, 2022 11:18pm
Quoting BWilliam
{quote}
Hi Pete, I have a confession to make. I spent years creating thousands of indicators, hoping to create the holy grail indicator just like the volume delta indicator. I was an indicator junkie. Until I realised that I got the order wrong. I wish I read your post back then. Cheers

Hi Jason,

We all went through a style of this, which is why many wish to pass on something helpful, hopefully, for new traders.

What we can't say (with honesty) is where to exactly put your trade on each & every time so that each trade never goes against us immediately.
(hell, even the vol-delta guys posted they have DD plans, as any sensible trader would).
  • #1,858
  • Jun 18, 2022 11:57pm Jun 18, 2022 11:57pm
Quoting TimeTells
{quote} Hi Jason, Yes volume traders trust their devices, and we have never questioned their ability on that, in fact we have complemented such personal endeavours. But as you have alluded to before, that style of trader is often stuck in a phone box of sorts with such trading, and have therefore no scalability. Again, nothing wrong with that. (But to then run around other threads, even this one, suggesting to new & impressionable traders that there is no way to trade Forex without volume or delta is quite misleading imo.) all the best Pete

From a top down approach the most important aspect coming from the information provided was that Crypto was, by far and away the best medium to benefit from the data.
The next part of the puzzle was to be able to actually obtain, (subscription) … collate and make use of the data ready to trade.
The market has to be initially long so as to short the market which was found to be most productive entry according to the originator of the method.
We have all seen Crypto tank recently so all concerned should have made a killing. But that’s not how the data works. The data provides a recommended entry for those skilled enough to read it, and for those lucky enough to have the indicator.
It cannot show how long to hold the trade for hence high number of scalp trades but due to liquidity issues volume is limited.
It’s a specialised form of trading, finely tuned for Crypto, which may or may not be around in 6 months and any advantage/edge may be lost at any time.

Those details were worked out over a period of a few weeks of digging into the thread and were not made readily available to those studying the information or to the traders who may have had an interest in joining the private group, unless they were told via personal message.
  • #1,859
  • Jun 19, 2022 12:09am Jun 19, 2022 12:09am
Quoting moodybot
{quote} From a top down approach the most important aspect coming from the information provided was that Crypto was, by far and away the best medium to benefit from the data. The next part of the puzzle was to be able to actually obtain, (subscription) … collate and make use of the data ready to trade. The market has to be initially long so as to short the market which was found to be most productive entry according to the originator of the method. We have all seen Crypto tank recently so all concerned should have made a killing. But that’s not...
Hi Andy,

Yes. Good analysis/conclusion; except for one thing: much before Cryptos existed, that has been very profitably done for two decades within the Futures (derivatives) markets, where you have centralized exchanges with all the extra data needed (volume, liquidity and time&sales), for the most profitable and sustainable scalping method ever, still usable nowadays: the "market making style", being either manual or automated (with much faster and better infrastructure, programing languages, tools and platforms than those provided by MetaQuotes).

Cheers!
  • #1,860
  • Jun 19, 2022 12:20am Jun 19, 2022 12:20am
Quoting Viktory
{quote} Hi Andy, Yes. Good analysis/conclusion; except for one thing: much before Cryptos existed, that has been very profitably done for two decades within the Futures (derivatives) markets, where you have centralized exchanges with all the extra data needed (volume, liquidity and time&sales), for the most profitable and sustainable scalping method ever, still usable nowadays: the "market making style", being either manual or automated (with much faster and better infrastructure, programing languages, tools and platforms than those provided by...

Hi Vik, I’m in no position to argue with you so will take on board your point no problem.
Im basing my understanding from the interactions that have occurred elsewhere when information had to be prized out rather than freely given.

Andy
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