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Flying Dutchman

  • #8,401
  • Jun 16, 2023 5:51pm Jun 16, 2023 5:51pm
Was a big stage appearance yesterday for the new BoJ Gov, Mr U, and the Yen rate discussion.

The market in New York (while I was asleep as is usual lol) decided a second Grinder for the week was in order to celebrate
Station to Station up the Stairway to higher ground and through three Big Round Numbers.
End result = Business As Usual
All the best to all.

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  • #8,402
  • Jun 19, 2023 5:35pm Jun 19, 2023 5:35pm
By Thursday what will it all look like I wonder

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  • #8,403
  • Edited 11:41am Jun 21, 2023 10:27am | Edited 11:41am
Quoting Shabs19
{quote} Apparently you can only listen to this file if you are a subscriber to the Live Trading Channel. Joined Telegram group way back in January, still not received any Link to join the Live Trading Channel. I thought maybe it is not running atm. {image}
Quoting bluesteele
Tom Hougaard "Flipping the Switch" QUESTION OF THE DAY (and the answer after - in audio format) Hi Tom, how is it going. I am currently reading your book and (although I started trading only a couple of months ago) it is a great eye opener! A really amazing book and I am happy to have read it before I made some of the mistakes you wrote about. Yesterday I did read something that I don’t quite understand though: „I assume I am wrong - until proven otherwise “. If it’s not too much to ask, can you elaborate on that? If you assume to be wrong in the first place, why even do the trade? Best, Christian ANSWER FOLLWS IN AUDIO FORMAT https://t.me/c/1238535538/51613

Got the Link to join the Live Trading Channel this morning, the file you posted now opens at the right place.

The essence of the Best Loser Wins comes from a 25+ year old discussion between 2 traders in a what is known as "The Phantom of The Pit".

What you need to do when you are right and your trade is winning when you are wrong and you have a losing trade on your hands.

Having the correct mindset during both outcomes.
It never gets easier, you just get better
  • #8,404
  • Jun 21, 2023 10:29am Jun 21, 2023 10:29am
Quoting Shabs19
{quote} Got the Link to join the Live Trading Channel this morning, the file you posted now opens at the right place. The essence of the Best Loser Wins comes from a 25+ year old discussion between 2 traders in a what is known as "The Phantom of The Pits". What you need to do when you are right and your trade is winning when you are wrong and you have a losing tarde on your hands. Having the correct mindset during both outcomes.
and what is that? get ready and move on to the next trade

If you can meet with Triumph and Disaster
And treat those two impostors just the same;
rudyard Kipling
without patience how can you be a trader?
  • #8,405
  • Jun 21, 2023 10:40am Jun 21, 2023 10:40am
Quoting Steverino832
{quote} and what is that? get ready and move on to the next trade
There are 2 possible outcomes of your trade.

One, is it works out as planned and you are now winning and you add to your winning position.

Two, it goes the wrong way to your plan and you cut your losses short quickly and flip the trade to the other side. If you were long then to short vice versa.

"Flipping the Switch".

Having the mindset to follow a strict trade management plan. Wins & Losses are all part of the plan

Edit: The Rudyard Kipling quote was my guess at what the discussion might have been on the audio Bluesteele attached in his post before I could open the link
It never gets easier, you just get better
  • #8,406
  • Jun 21, 2023 10:41am Jun 21, 2023 10:41am
Quoting Shabs19
{quote} There are 2 possible outcomes of your trade. One, is it works out as planned and you are now winning and you add to your winning position. Two, it goes the wrong way to your plan and you cut your losses short quickly and flip the trade to the other side. If you were long then to short vice versa. "Flipping the Switch". Having the mindset to follow a strict trade management plan. Wins & Losses are all part of the plan
thank you!
without patience how can you be a trader?
  • #8,407
  • Jun 21, 2023 11:18am Jun 21, 2023 11:18am
Quoting Steverino832
{quote} thank you!
You can google for "The phantom of the pit" and you will see the Trader Tom abridged version pdf also. ( condensed).
It never gets easier, you just get better
  • #8,408
  • Jun 21, 2023 8:06pm Jun 21, 2023 8:06pm
Quoting TimeTells
{quote} Cheers FWR, an interesting read. Especially the part about the treaty being signed under a threat of force. The Shogun was not initially so keen to sign, however the situation changed rapidly. "In 1853, United States Navy Commodore Matthew C. Perry was sent with a fleet of warships by U.S. President Millard Fillmore to force the opening of Japanese ports to American...
Yes TT and you picked up the part of being forced. Who owns who?

Anyway the war that followed - Boshin war - says a lot.
  • #8,409
  • Jun 22, 2023 12:29am Jun 22, 2023 12:29am
Quoting TimeTells
By Thursday what will it all look like I wonder . {image}

A quick update, with 5½ hrs to go till the British Pound Official Bank Rate News.

Market is Poised

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  • #8,410
  • Jun 23, 2023 2:35pm Jun 23, 2023 2:35pm
Quoting bluesteele
Tom Hougaard "Flipping the Switch"
I was following Toms Trades today on Telegram he was having a stinker.

Flipping the Switch can be a bad thing not done right.

I see no-one can reply to his posts ? How do you contact him during Live Broadcast or even after ?
It never gets easier, you just get better
  • #8,411
  • Jun 23, 2023 4:34pm Jun 23, 2023 4:34pm
Quoting Shabs19
{quote} I was following Toms Trades today on Telegram he was having a stinker. Flipping the Switch can be a bad thing not done right. I see no-one can reply to his posts ? How do you contact him during Live Broadcast or even after ?
Flipping the Switch can be a bad thing not done right.
it just sounds like 2 losing trades waiting to happen.
to me
without patience how can you be a trader?
  • #8,412
  • Jun 23, 2023 11:06pm Jun 23, 2023 11:06pm
Quoting Shabs19
{quote} I was following Toms Trades today on Telegram he was having a stinker. Flipping the Switch can be a bad thing not done right. I see no-one can reply to his posts ? How do you contact him during Live Broadcast or even after ?
Hey Shabs..Ya not sure what his loss was today a 5 figure loss around £25k or so ? a losing week to boot..Life of a trader DD...
Rest assured he will pull it right side...I watched him quite religiously every day for 2.5 years and often found myself with much better results
on the US30...Yet he makes a ton more money than I do...Yet he has these days and weeks..which just suck lol..

And thats why I have always followed...Ive told Tom privately I am not there for the calls...as I do well on my own... Im there for the psychology lessons.
And he totally repsects that...Hes not so fond tho when others critique his trades tho..can be quite colorful lol. !!!

Im there to watch a real true pro fall on his face in front of 20+k subscribers ..Im there to watch those days when he starts stacking the lots and adding to his
"profitable" positions .. NO averaging down...Adding on to winners...ive seen 1000 2000 3000 lots being traded in the past ..Big balls stuff....

Fascinating to me....

I have his personal contact on Telegram.. I honestly cant recall how I have it...perhaps he personally sent me the room invitation I really dont recall ?
So I would just email him and ask him...He used to be much more active replying to personal TG messages but he has cut back on that I know due to sheer volume of messages...So email him I guess is best ??

As for flipping the switch...I find it very difficult..as It plays on my head space...a few weeks back I had a day with 5 or 6 straight losses in first hour of US session...so I shut it down for the day...I had thought I was flipping the switch...But the truth is I let myself get shook out of my trades from not following my setups.
Just one of those F'd up days...

Flipping the switch can be a long signal gets stopped and then you get a short signal and it gets stopped...It also can be Ive read the market wrong...Ive read my setup wrong and jumped in early ...and now my setup shows the opposite,,, so now your flipping the switch on the setup and as well on your psychology in that you have screwed up and need to change direction...perhaps had the confidence shaken and need to jump on the horse and ride the other way.... Truly in all honesty my biggest struggle.

So with all this Friday night jibber jabber...as Im enjoying a Friday night beer I hope my ramblings make sense LOL...

Flipping the switch...and shitty days ...Flipping the switch and good days all comes down to the old You vs You... gotta love this game ! The best there is
I ususally preview my posts but tonight nah lol...let er ride as Ive already forgotten what Ive wrote Im a cheap date and made more this week than Tom lol.
Gotta et the licks in when I can lol

Cheers
Blue
Master your Mind,,,Master the Market
  • #8,413
  • Edited 7:08am Jun 24, 2023 5:27am | Edited 7:08am
Quoting bluesteele
{quote} Hey Shabs..Ya not sure what his loss was today a 5 figure loss around £25k or so ? a losing week to boot..Life of a trader DD...
I am also not there for the signals, I don't look at indices that much anyways, only started looking at the DAX & Sp500 as some on this thread & another thread, trade them. Just curious to see if they behaved in the same way as Forex.

In my mind at least, it all boils down to pre- session preparation and having a clear plan of how you are going to engage the market.

It's all well "Flipping the Switch" but as long as you are not ditching your pre-session plan and now trading on the fly. (without a plan, seat of the pants stuff ).

"Flipping the switch can be a long signal gets stopped and then you get a short signal and it gets stopped...It also can be I've read the market wrong...I've read my setup wrong and jumped in early ...and now my setup shows the opposite,,, so now your flipping the switch on the setup and as well on your psychology in that you have screwed up and need to change direction...perhaps had the confidence shaken and need to jump on the horse and ride the other way.... Truly in all honesty my biggest struggle." - Bluesteele

Edit: From my own experience, entering / modifying trades around that time of day and also a Friday, when EU/GB traders are leaving the market is going to be the worst timing, as you simply have no idea if they are going to dump their positions / add or Hold. Avoid sailing into a storm.
It never gets easier, you just get better
  • #8,414
  • Jun 25, 2023 11:49pm Jun 25, 2023 11:49pm
Hi All,

Decent Monday setup. Lots of confluences. Once again, a little late on the entry as the 200MA was in the way.

Trade Well.
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  • #8,415
  • Jun 26, 2023 4:41pm Jun 26, 2023 4:41pm
A day in the life (of)

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  • #8,416
  • Jun 26, 2023 5:20pm Jun 26, 2023 5:20pm
Quoting TimeTells
A day in the life (of) . {image}
These kind of days are more akin to ships stranded in the Saragossa Sea

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Mark ... Everything you have been told is a LIE
  • #8,417
  • Jun 26, 2023 5:38pm Jun 26, 2023 5:38pm
Quoting spzd
{quote}
These kind of days are more akin to ships stranded in the Saragossa Sea {image}

Can be Mark, hahaa

The times (of day, session, TF) we are sailing (trading in) are important imo.

The markets clearly appear to be chasing Liquidity
(volume is just incidental imo and mostly irrelevant [well, to me]).

We will ask where is liquidity likely to be sitting (hiding), and if trading around there who will be joining in to take the opposite side to all our trades.

It's all a type of chess game in the end I reckon, but they play their game the same way, day in day out, with their own variations on a theme.
(the larger market that is, ie not us in retail)

Traders are best to always throw down a depth-finder and to keep a sharp eye out for any wood & rocks just waiting to scuttle our ship .

In the end a bit of fun though

all the best pal

trade safe, trade well all
  • #8,418
  • Jun 26, 2023 5:45pm Jun 26, 2023 5:45pm
Quoting TimeTells
{quote} Can be Mark, hahaa The times (of day, session, TF) we are sailing (trading in) are important imo. The markets clearly appear to be chasing Liquidity (volume is just incidental imo and mostly irrelevant [well, to me]). We will ask where is liquidity likely to be sitting (hiding), and if trading around there who will be joining in to take the opposite side to all our trades. It's all a type of chess game in the end I reckon, but they play their game the same way, day in day out, with their own...
Right there is the key.
Mark ... Everything you have been told is a LIE
  • #8,419
  • Edited 4:15am Jun 27, 2023 3:58am | Edited 4:15am
Been having a look at the
MATHS
Behind the
Futuristic Looking
Colonoscopy & Polypectomy CF-EZ1500DL-2302732-X1
Indicator
IMO it seam's to deal reasonable well with all the Crap that they give us to deal with
Using the rules given to us at least
But alas still not the
Holy Grail
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  • #8,420
  • Jun 27, 2023 4:13am Jun 27, 2023 4:13am
Quoting OAPDave
Been having a look at the MATHS Behind the Futuristic Looking Colonoscopy & Polypectomy CF-EZ1500DL-2302732-X1 Indicator IMO it seam's to deal reasonable well with all the Crap that they give us to deal with Using the rules given to us But alas still not the Holy Grail {image}
Looking for it in the wrong place, it's found between your ears.

It never gets easier, you just get better
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